03 Apr

Xinhua shares (603867): The initial pressure is expected to be 35 yuan to 40 yuan

Xinhua shares (603867): The initial pressure is expected to be 35 yuan to 40 yuan

Company Wang Ying and Highlights Company Wang Ying Business: Production and operation of company Wang Yao military glue, organic solvents, flavor essences, hydrogen peroxide and other fine chemical products.

Company highlights: The company’s product scale and process technology have internal competitive advantages in substitution, substitution and replacement of alcohol and other products.

At present, it has gained higher recognition in domestic and foreign markets and has occupied more important market shares.

In addition, the company is located in the East China Blockchain. The downstream king of the company’s grease calendar products is used for pesticide production. Domestic glyphosate and Xiujin manufacturers are concentrated in Zhejiang and Jiangsu.

The company has significant geographical advantages.

Mozi Investment Question 1 captures the use of system funds of 140 billion for the annual output of 2 instrument electronic grade hydrogen peroxide and 8,000 tons of electronic grade chlorine water projects.

2. It is planned to use 1 million US dollars of Muji funds for Jiande Xinhua Comprehensive Service Co., Ltd. for the comprehensive utilization of waste acid, alkali,武汉夜网论坛 and organic solvents.

3. It is planned to use raised funds of 0.

USD 3.2 billion for a new 2,000-ton / year new halogen-free organic flammable fuel project.

4. Intended use of meditation funds

US $ 400 million for a 4-inch / year synthetic beard (gas unit) new coal gasification comprehensive utilization technology transformation project.

5. It is planned to use raised funds.

7.6 billion yuan for Zhejiang Xinhua New Materials Research Institute.

With the rapid development of the fine chemical industry, conventional fine chemical products basically meet the needs of national economic development, and some products also have certain international competitiveness.

The proportion of fine chemicals in the total output value of chemical industry, that is, the level of fineness is now an important indicator of the level of science and technology and the degree of economic development in some countries or regions.

At present, the overall refinement rate has risen to about 45%, but compared with the 0-70% refinement index of developed economies such as North America, Western Europe, and Japan, the current refinement rate has increased significantly.

Main potential risks: 1. Environmental protection policies and safe wind network barriers.

2. Risks of raw material price fluctuations.

02 Apr

Guolian (603613) company comment: Expected to continue to accelerate growth in the second half of the year

Guolian (603613) company comment: Expected to continue to accelerate growth in the second half of the year

The event company issued a third-quarter 2019 pre-announcement announcement. It is expected that net profit attributable to mothers will reach 95.3 million-99.3 million yuan in the first three quarters, an increase of 55.

63% -62.

16%; It is estimated that the net profit after deducting non-attribution will be 92.5 million-96.5 million yuan, an increase of 51 year by year.

18% -57.


  Opinion income, profit growth has further accelerated, and the penetration rate has continued to increase. The announcement shows that the first three quarters of revenue increased by 70 per year.

97% to 79.

52%, net profit increases by 55 each year.

63% to 62.

16%, considering that the company’s model continues to gain industry recognition and increase its listing influence. It is expected that revenue and profit growth in the first three quarters will be in the upper half of the range, and Q3 will accelerate significantly.

A conservative estimate assumes that performance is in the middle of the range, corresponding to an 83% increase in Q3 revenue and a 64% increase in net profit, both significantly faster than the H1 growth rate.

The company model has been continuously recognized and the penetration rate has continued to increase.

  The revenue growth rate exceeds the profit because the current large-scale expansion, and the multi-platform horizontal expansion exceeds expectations. The company’s revenue growth rate exceeded the profit in the first three quarters, mainly because the company has expanded the scale in the current stage.Expectations also confirm this view.

The company’s TO B Pinduoduo model has been verified and started to replicate. In addition to the expected amount of paper and fat on-line in the e-commerce festival, the amount of grain and oil on-line exceeded expectations.

We expect that Cedars and Oils will achieve 100 million transactions this year, with a target of 600 million next year. We expect that the overall contribution of several newly established Duodu platforms is expected to reach about 2 billion next year, becoming an important growth driver.

  The Double 10 E-commerce Festival transaction volume exceeded expectations. It is expected that the incremental growth rate will further accelerate the Double 10 transaction volume beyond expectations, and the total transaction volume reached 21.

500 million, which is close to 2.4 billion in the first half in absolute terms, which is equivalent to 61% of the same period last year. In terms of growth rate, the daily order value increased by 110% compared with 70% in the first half of revenue growth.

The role of listing in boosting the company’s development has just begun to manifest.

Taking into account the Double Ten e-commerce transaction volume exceeded expectations, the expected growth rate is expected to be close to 80%, which is faster than the first three quarters.

With the company’s horizontal category expansion and initial deepening of the industrial chain, the compound growth of transaction value over the next three years is more than 50杭州桑拿% is a high probability event.

  Earnings forecast: The company’s “plenty and more” e-commerce model has been implemented, and the industry growth period is still far from the ceiling, high barriers, and entering a period of sustained high-speed growth performance release.

We raise our revenue forecast and expect the company to achieve revenue of 65-20 in 2019-2021.


9 and 145.

800 million, achieving net profit1.



6.2 billion, and the compound growth rate of net profit in the next three years will exceed 50%.

As the company’s revenue growth rate exceeds our budget expectations, and at the same time it is higher than the company’s estimate, given a small estimated premium, the target price is raised to 87 yuan, corresponding to 50 times in 2020.

  Risk reminders: Macroeconomic fluctuations 南京夜网 lead to reduced downstream demand; new product categories are less developed than expected; commodity price fluctuation risks.

01 Apr

300 billion lifting of the ban strikes: A-share test before the big white horse welcomes 100 billion lifting of the ban

300 billion lifting of the ban strikes: A-share test before the big white horse welcomes 100 billion lifting of the ban

Come to Sina University of Finance and listen to Peng Daofu’s “Five Lectures on Super Long and In-depth Analysis of Leading Tactics” to reveal the best stock investment strategy for retail investors!

The total market value of 78 bans lifted this week was nearly 300 billion. In terms of market value, transportation and non-bank financial industries have the highest, with 1,107.

6.1 billion and 915.

With a market value of 3.3 billion U.S. dollars, the market value of lifting the ban is also electronics, machinery and equipment, the media industry, the market value of lifting the ban exceeds 10 billion.

  This week is the last trading week before the Spring Festival, with only 4 trading days, 北京桑拿洗浴保健 but ushering in a peak (Jin Qilin analyst) period to lift the ban.

Securities Times · Statistics show that there are 78 shares of A shares this week (Lian Long has been removed, and it promised that it will not actively reduce its holdings of these shares until July 19) 188.

5.5 billion shares will be lifted. Based on the closing price on January 17, the market value of the lifting of the ban will be nearly 300 billion, which is 23% higher than the turnover of the Shanghai Stock Exchange.

  Lifting stocks are distributed in 22 Shenwan industries, including mechanical equipment stocks and electronic stocks, with 16 and 12 respectively.

In transportation, the non-bank financial industry has the highest market value for lifting the ban, with 1,107 respectively.

6.1 billion and 915.

With a market value of 3.3 billion U.S. dollars, the market value of lifting the ban is also electronics, machinery and equipment, the media industry, the market value of lifting the ban exceeds 10 billion.

  From the market value of lifting the ban, 21 shares exceeded US $ 1 billion, of which SF Holdings was 1004.

The scale of lifting of the ban of 5.8 billion yuan ranked first, and the majority of the shareholders who lifted the ban were Shenzhen Mingde Holdings.

Shenzhen Mingde Holdings is the controlling shareholder of a listed company with a shareholding ratio of 61.

2%. According to the rules of the exchange, if Shenzhen Mingde Holdings reduces its holdings, it needs to make an announcement in advance. At present, it is gradually seen that SF Group has issued a notice of the reduction of holdings by controlling shareholders.

  Except for the controlling shareholder, other shareholders and regulators have recently carried out reduction plans and reduction plans.

Yuanhehe Shunfeng Circulation, a shareholder holding more than 5% of the shares, plans to reduce its holdings of the company’s shares through block transactions and centralized bidding transactions. The period of reductions will be from October 30, 2019 to February 29, 2020, and the number of reductions will not exceed 1.

3.2 billion shares, with a reduction of less than 3%.

The company’s supervisor Liu Jilu plans to continue to reduce the company’s shares through block transactions and centralized bidding transactions. The reduction period will be from January 2, 2020 to June 30, 2020, and the number of shares to be reduced will not exceed 17.2 million shares.

  However, a business briefing issued by SF Holdings showed that last month’s operation was very healthy.

The express service business briefing report shows that in December 2019, SF Express logistics and supply chain revenue reached 118.

4.6 billion, an annual increase of 33.

31%, mainly benefited from aging parts products, special offers and other new businesses continued to maintain rapid growth.

  In addition, the top stocks to lift the ban this week include China Galaxy, Minmetals Capital, Shiyuan Shares, and the market value of the lifting of the ban exceeded 20 billion yuan.

  Taking into account the impact of the market value of stocks, the lifting of the ban (the number of shares banned / the number of shares outstanding before the ban) is used to decompose the pressure on the stocks.

Statistics show that the lifting ratio of 26 shares exceeds 10%.

Among them Minmetals Capital lifted the ban this week.

8.2 billion shares to 629.

The lifting ratio of 91% ranked first; followed by China Galaxy, depending on the source, the lifting ratio was 424.

71%, 422.

49%; China Kechuan, Qingdao Port, Jack Co., Mingyang Intelligent, Xiongsu Science and Technology, Eddy Precision, etc. are relatively high in lifting the ban.

  The market performance of lifted ban stocks this year has again been greatly affected by the pressure to lift the ban. 61 stocks have increased, accounting for nearly 80%, and only 16 stocks have fallen.

China Micro Company’s sustainable growth during the year 112.

13%, becoming the only doubling stock among lifting stocks. Above the gains are Hongsoft Technology, Chengmai Technology, and Adir, all of which rose more than 50% during the year.

  On January 17th, the stocks of the Science and Technology Innovation Board collectively became popular. Jingchen, Hongsoft, Ruichuang Micro, China Micro, etc. ranked among the top.

As a leader in semiconductor equipment, the merger of China Micro and Microelectronics started from 65 yuan in early December, and has gradually increased by more than two times in the past month. The current market value has reached 1048.

US $ 3.8 billion, surpassing Lanqi Technology, ranking first in the market value of science and technology board.

  Tracking funds are the most favored of these stocks. On January 17th, the funds of institutions and business departments in the Dragon Tiger List sold net 7.7.5 billion, of which 21 stocks were net bought; 19 stocks were net sold.

The top three stocks of net purchases were Shun Xin Agriculture, Hualin Securities, Hangyang Stock, etc., and the net purchase amount accounted for 16 of the turnover on the day.

07%, 9.

80%, 27.


  From the perspective of the capital flow of the market, the main fund has a net inflow of over one million and a total of 13 stocks have been bought on the list. Among them, Hualin Securities, Shun Xin Agriculture, and 3D Communication have the largest net inflow of funds.

The stocks with the largest net inflow rate are Shun Xin Agriculture, Hualin Securities, and 3D Communication. The net inflow rates are 31.

44%, 29.

70%, 28.


  Daily broadcast fashion and other stocks stabilize short-term moving average cash fork Securities Times?

According to statistics, as of the close of January 17, there were 47 A-share 5-day moving averages actively crossing the 10-day moving average. Among them, the daily 5-day moving average of the stocks such as Nippon Fashion, Qingsong Co., Ltd. and Zhongyuan New Material was the largest distance from the 10-day moving average., Up to 2.

53%, 1.

70%, 0.


  It is obvious that the main inflows of main funds such as 3D Communication, Lukang Pharmaceutical, and Hangyang Co., Ltd. have the highest net inflows, reaching 2 respectively.

8.5 billion, 0.

8 billion, 0.

7.8 billion.

  23 stocks stagnate in volume Securities Times?

According to statistics, as of the close of January 17, a total of 23 A-shares in the two cities stagnate in volume. Among them, Yibin Paper, Cryogenic, Daikin Heavy Industries and other stocks have the largest volume ratios in 5 days, reaching 2 respectively.

64, 2.

19, 2.

  It may be that among the 23 heavy-strapped stocks, the main capital inflows of individual stocks such as Haili Biological, Yaoshi Technology, Zhenxin Technology, Daikin Heavy Industry, and Zhongyuan Home Furnishing.

31 Mar

Sinoma International (600970): One Belt One Road Summit Fuels Upstream and Upstream Benefits Two Materials Reorganization

Sinoma International (600970): One Belt One Road Summit Fuels Upstream and Upstream Benefits Two Materials Reorganization

This report reads: single-quarter order growth trend upwards, orders in hand are redundant; Belt and Road Summit promotes upward, estimates / positions are low; benefiting from the reorganization of two materials, the gross profit margin is expected to continue to 杭州桑拿 rise and maintain an increase in holdings.

Investment Highlights: Maintain overweight.

The growth rate of orders in the single quarter is upward, and the number of orders in hand is redundant; the Belt and Road Summit will help the upward movement, and the estimates / positions are low; benefiting from the regeneration of two materials, the gross profit margin will continue to rise, and EPS0 will be raised for 2018/19/20.



19 yuan (previously 0.



18 yuan), with a growth rate of 40% / 26% / 21%, giving 11 times PE in 2019, raising the target price to 10.

78 yuan (original 6.

84 yuan), 40% space, increase holdings.

The single-quarter order growth trend is upward, and the orders in hand are redundant.

In the new year of 2018, the annual order is 31 billion (-14%), and the order growth rate in a single quarter is upward (Q1-Q4 growth rate is -22% / 25% / 48% / 43%), of which engineering / equipment / environmental protection / production and operation managementOrder growth rate was 47% /-33% / 121% / 13%.

44.4 billion (+ 1%) orders in hand, 2 of 2017 revenue.

3 times, sufficient orders in hand.

The Belt and Road Summit fueled the upward movement, with estimates / positions low.

1) The second summit has higher specifications / larger scale / more activities, and the Belt and Road is expected to become a hot spot again.

2) Overseas orders accounted for 71% in 2018, and overseas sales accounted for 81% in 2018H1, with high theme relevance.

3) The predicted net profit growth rate for 2019 is 26%, corresponding to only 8 times the PE, and the CSI 300 growth rate is 13%, corresponding to 10 times the PE.

4) The fund’s position at the end of 2018 was only 0.

08pct, higher than the high point before the first summit (4.

39pct) space resistance.

5) The company’s highest growth rate before the first summit is 78%, and the scale and specifications of the second summit are higher, which is expected to catalyze the formation of the event.

Benefiting from the regeneration of two materials, the gross profit margin is expected to continue to rise.

1) Benefiting from the reorganization of two materials: ① Overseas: The global market share of cement engineering is the first for 10 consecutive years. After the reorganization of the two materials, it will become the group’s leader in going overseas.

②Domestic: Hope to cooperate more with the group on co-processing of cement kilns.

2) Internationalized operations / refined management / localized operations, reducing internal homogeneous competition and reducing gross margins.

3) The impact of the GOE project on the company’s cash flow tends to weaken.

4) At the end of 2017, 17.42 million shares 青岛夜网 were granted to the core team at an exercise price of 9.

27 yuan, requiring 2018/19/20 to have a CAGR of no less than 18% for 2016 and a ROE of no less than 8.

9% / 9.

6% / 10.

3% to help release performance.

5) Selected as a double-hundred enterprise, hoping to reform the beneficiary country.

Risk factors: overseas engineering risks, business synergy after the reorganization of the two materials is less than expected, etc.

30 Mar

Golden Mile Medical (603882) Annual Report 2018 and 2019 First Quarterly Comment: Performance Turning Point Turns Net Margin into Upward Channel

Golden Mile Medical (603882) Annual Report 2018 and 2019 First Quarterly Comment: Performance Turning Point Turns Net Margin into Upward Channel
Core view The company’s performance exceeded expectations.2018Q1-2019Q1 revenue growth accelerated quarter by quarter, and the proportion of special inspections further increased, which turned into a further manifestation of the laboratory turning losses into profits and scale effects. The company’s net interest rate has entered the upward channel and the performance inflection point improved.Maintain “Buy” rating. The company’s performance exceeded market expectations.In 2018, the company realized revenue, net profit, and deducted non-net profit of 45.25, 2.3.3 billion, 1.91 trillion, +19 for ten years.35%, +23.77%, +34.60%, including 2018Q4 income, net profit, deducting non-net profit for ten years +21.78%, +68.50%, +179.16%; Realized revenue, net profit, and deducted non-net profit in the first quarter of 201911.6.4 billion.4.2 billion, 0.380,000 yuan, +26 a year.47%, +349.22%, +3537.04%, performance exceeded market expectations. Revenue accelerated quarter by quarter, and the proportion of special inspections further increased.The company’s 2018Q1-2019Q1 revenue growth accelerated quarter by quarter (14.62%, 19.91%, 20.15%, 21.78%, 26.74%). We believe that this is due to the increase in industry penetration and the acceleration of integration, which has led to the company’s strategic transformation and marketing model change. The company accelerated the implementation of clinical and disease-oriented marketing models.+ 20% per year, accounting for 45%.Core subsidiary Guangzhou Jinyu’s net profit1.3.6 billion, previously +34.78%, strong growth.At the same time, IVD agency, health checkup, cold chain logistics and other businesses all maintained high growth (+63.11%, +74.64%, +76.16%), the business realized multiple blossoms. The company’s net interest rate has entered the upward channel.In 2018, the company’s financial, sales, and R & D expense ratio was 0.67%, 16.19%, 15.50% every year -0.20, -0.93, -1.27 PCTs, during which the expense ratio decreases year by year; the proportion of labor, distribution, and other expenses in operating costs decreases year by year, and the company’s scale effect advantage begins to appear.At the same time, the expected remaining weight in the company’s 37 laboratories is 40%, and with the laboratory’s reversal of profitability and the further manifestation of scale effects, the company’s net profit rate is expected to increase year by year.2018, 2019 Q1 company net profit 5.16%, 3.64%, ten years +0.18, 2.61 PCT has entered the year-by-year improvement channel, and the medium and long-term net interest rate is expected to reach 8% -10%. At the same time, the company’s operating cash flow in 20185.30 trillion, +86 a year.79%, significantly higher than the growth rate of net profit in the same period, and the operating quality is excellent. The depth of R & D layout, high-end NIPT and 深圳SPA会所 upstream layout is worth looking forward to.The company’s R & D expenses in 20182.9 billion, +13 in ten years.62%. Committed, the company continues to develop new testing items (2600 items in 2018, an increase of 100 items), and the high-end NIPT products jointly developed with Professor Lu Yuming are progressing smoothly; the company is actively developing upstream, and in IVD, artificial intelligence pathological diagnosis ((In conjunction with Huawei), the depth of the field of tumor and molecular infection. Risk factors: the risk of changes in industry policies, the control risk of inspection samples, and the risk of falling prices. Investment suggestion: The company’s performance will grow rapidly. It is expected that the new laboratory will gradually turn losses into profits, which is expected to usher in a turning point in performance.Combined with 2018 results, the company’s EPS forecast for 2019/20 is slightly raised to 0.66/0.83 yuan (previous forecast was 0.63/0.79 yuan), plus EPS forecast 1 in 2021.04 yuan, maintain “Buy” rating.

29 Mar

Antarctic E-commerce (002127): The business speed of the headquarters increased to 40% from the previous quarter + the growth of operating quality maintained improvement

Antarctic E-commerce (002127): The business speed of the headquarters increased to 40% from the previous quarter + the growth of operating quality maintained improvement

Antarctic e-commerce releases 2019 third quarter report.

In 杭州夜生活网 19Q3, the company’s operating income and net profit attributable to mother increased by 25% and 37% respectively. Among them, the company’s headquarters increased by 33% and 42%, and net profit increased by 4.

7 points to 71.

6%, mainly driven by the decrease in advertising expenditures and asset impairment, and a slight decline in the income rate; Time Connect increased by 22% and 14%.

In 19Q3, the company achieved a 55% increase in GMV, a 43% increase in brand licensing and comprehensive service fee income, and a monetization rate of 3.

99%, a decrease of 0 from the same period last year.

36pct still suffers from preferential policies of new categories, new platforms and highly competitive categories, but the amplitude is narrower than that of 19H1.

Incident Review GMV continued to grow at a high rate, and the monetization rate improved month-on-month.

In the first three quarters of 19, the company achieved GMV of 1.68 million yuan, an increase of 59%.

By brand, Antarctic people achieved GMV of 145%, an increase of 65%; sub-platforms, Ali, JD.com, social e-commerce and Vipshop increased by 51%, 36%, 132%, and 198% respectively, of which 19Q3 achieved GMVAt 580,000 yuan, the same increase of 55%, high growth continued.

The first three 19 and 19Q3 monetization rates were 3 respectively.

65% / 3.

99%, Q3 improved from the previous month.

Decrease in advertising costs drove down the expense ratio, and net profit margin continued to increase.

In 19Q3, the company’s sales, management, research and development, and financial expense ratios were 2 respectively.

63%, 2.

26, 0.

91% and 0.

04%, respectively -1.

98 / + 0.

17 / + 0.

16 / + 0.


The decrease in sales expense ratio was mainly due to the decrease in advertising expenses, which led to a decrease in sales expenses of 10.79 million yuan in the current period; the rise in management expense ratio was due to the company’s business expansion and the increase in personnel costs.

Income tax expenses in the current period 5.

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

3pct, single quarter net profit margin increased by 1.

9 points to 21.


Refined operations were strengthened, and operation quality maintained and improved.

The company’s accounts receivable at the end of the period was 9.

US $ 7.6 billion, of which brand authorization and comprehensive services, factoring and time interconnection are 4 respectively.

05, 3.

12 and 2.

470,000 yuan, a year of + 24%, -31% and -10%, maintaining steady improvement.

Net cash flow from operating activities was 2.

92 ppm, previous + 43%, of which, the company headquarters 2.

7.7 billion, compared with the same period last year 3.07 trillion fell slightly, still affected by the adjustment of the caliber, the cash flow of the headquarters improved under the unified caliber; the time operating cash flow from the same period last year -1.

03 million turned positive to 1471 million, and the quality of operations continued to improve.

Continue to be optimistic about the company’s focus on IF daily life standard products, and the brand licensing model to achieve the advanced efficiency of the industrial chain efficiency and profit improvement model.

The market share of mature categories increased, and emerging categories and channels expanded to support the 深圳桑拿按摩 company’s future growth logic.

We expect the company’s net profit attributable to mothers to be 12 in 2019-2020.

06, 15.

60 and 19.

USD 9.3 billion, an increase of 36%, 29% and 28% each year, maintaining the “Buy” rating.

  Risk Warning: 1.

Expansion of new categories and new channels is less than expected; 2. Industry competition has intensified; 3. E-commerce platform operating rules have changed; 4. Quality issues have damaged its brand image; 5. Monetization rate has fallen more than expected; 6. M & AThe target performance did not meet expectations; 7. Goodwill was impaired.

28 Mar

Qianfang Technology (002373): Performance meets expectations ETC wins large order

Qianfang Technology (002373): Performance meets expectations ETC wins large order

The company released the third quarter report for 2019 and achieved operating income of 56 in the first three quarters.

0.94 million yuan, an increase of 26 in ten years.

33%; net profit attributable to mother 5.

910,000 yuan, an increase of 20 in ten years.

54%, net of non-return to mother’s net profit 5.

23 ppm, an increase of 35 in ten years.

83%; operating income of 21 in the third quarter.

07 million yuan, an increase of 29 in ten years.

14%, net profit attributable to mother 2.

1.7 billion, an annual increase of 6.

54%; deducted non-attributed net profit 2.

100,000 yuan, an increase of 34 in ten years.


Steady growth in performance, further strengthening cooperation with Ali.

After Ali’s shareholding, at the 11th China International Road Traffic Safety Products Expo and Police Traffic Police and Police Equipment Exhibition, Alibaba Cloud, Qianfang Technology, and Gaode Map joined forces to jointly release the 武汉夜网论坛 “Qianfang Aliyun Urban BrainTraffic management joint solution. ”

This is the first time that the two sides have released a joint solution, which fully proves that it has a strong synergy effect.

The joint-stock company obtained the approval of Science and Technology Edition.

The company has 19 shares.

94% of the company’s Hangzhou Hongquan Internet of Things Technology Co., Ltd. submitted an application for an initial public offering of shares and listing on the Science and Technology Board to the Shanghai Stock Exchange, and has been approved by the Shanghai Stock Exchange and approved by the China Securities Regulatory Commission.
Hangzhou Hongquan IOT is an artificial intelligence company dedicated to advanced assisted driving.

Win the bid of Gansu ETC project.

According to the “Announcement on the Result of the Bidding of the General Contract for the Cancellation of the Expressway Provincial Boundary Station Project Design and Construction in Gansu Province” issued by Gansu Highway Construction Management Group Co., Ltd., the above-mentioned consortium won the bid and the bid amount was 162,646.

35.59 million yuan, Gansu Ziguang Intelligent Transportation and Control Technology Co., Ltd., a subsidiary of Beijing Qianfang Technology Co., Ltd., recently won the bid with Gansu Yuanshun Road Industry Co., Ltd., Beijing Jiaoke Highway Survey Design and Research Institute Co., Ltd.

Gansu Ziguang undertook mechanical and electrical engineering projects, accounting for 42 of the total project volume.

69%, about 6.

700 million.

Investment suggestion: Alibaba Cloud’s shareholding company is expected to generate in-depth cooperation and positive synergy effects, which will drive the company’s “big security” and “big transportation” business to promote the two wings to fly together and drive the company to a higher level.

We are optimistic about the company’s future development prospects in the field of security and transportation.

EPS are expected to be 0 in 2019 and 2020, respectively.

66, 0.

82 yuan, maintain Buy-A rating, 6-month target price of 25 yuan.

Risk warning: the acquisition company cannot complete performance gambling; industry competition is intensified; V2X business progress is less than expected.

27 Mar

China Coal Energy (601898) Company Express: Impairment Affects Performance, Releases Coal, Centralized Production Capacity

China Coal Energy (601898) Company Express: Impairment Affects Performance, Releases Coal, Centralized Production Capacity

Event: On March 15, 2019, the company released its 2018 annual report, which reported that the company realized operating income of 1041.

40,000 yuan, an increase of 27 in ten years.

8%; net profit attributable to mother 34.

35 ppm, an increase of 49 in ten years.

9%; budget benefit 0.

26 yuan.

Comment on the fourth quarter performance report loss: In the fourth quarter of 2018, the company achieved revenue of 270.

30,000 yuan, an increase of 0 from the previous month.

28%, an increase of 25 a year.


Achieved operating costs of 199.

7.2 billion, an increase of 2 from the previous month.

98%, an increase of 26 a year.


However, the substantial increase in management expenses and accrual of asset impairment losses led to a decrease in four quarters.

Management expenses incurred in the fourth quarter14.

19 trillion, an increase of 55.

78%, an increase of 14 a year.


In the fourth quarter, the impairment of assets was accrued10.

70 ppm, long-term gradual accrual of asset impairment losses.

0.6 billion, a decrease of 8 from 2017.

600 million.

The volume and price of coal business rose at the same time, and the increase in the volume of buyout trade coal reduced the gross profit margin: in 2018, the company achieved a 7713 increase in commercial coal production, an increase of 2.


Achieve commercial coal sales1.

5.6 billion tons, an annual increase of 21.

3%, of which 7667 are self-produced coal, which is expected to grow by 2 per year.

2%, buyout trade coal 8360 each year, an annual increase of 54.


In terms of price, in 2018, the company’s comprehensive replacement of coal assets was 508 yuan / ton, with an additional 杭州桑拿网 value of 15 yuan / ton or 3%, and the buyout of trade coal meal was 497 yuan / ton, with each increase of 2 yuan / ton or 0.


In terms of cost, the unit’s unit sales cost of self-produced commercial coal in 2018 was 217.

73 yuan / ton, a decrease of 6 from 2017.

77 yuan / ton or 3.

0%, buyout trade coal unit cost of sales 467.

45 yuan / ton, an increase of 4 over 2017.

07 yuan / ton or 0.9%.

As the cost of trade coal increased faster than the highest incremental growth and trade volume was maximized, and the gross profit margin of the coal business was 34 in 2017.

1% down 3.

6 up to 30.


Reaching a record high output and increasing raw material costs: According to the announcement, due to the commissioning of the Mengda Engineering Plastics Project and the overhaul of the Shaanxi Company during the same period last year, the replacement production and sales volume hit a record high, gradually replacing 146 in 2018.

7 Initially, it grows by 50 per year.

2%, of which polyethylene sales were 74.

4 Initially, higher than the increase of 48.

8%, polypropylene sales 72.

3 for the first time, higher than the increase of 51.


Sale of urea 192.

In September, it fell by 15 each year.

8%, selling methanol 7.

5 Initially, the annual decline is 43.


In terms of price, the price of urea rose by 26% to 1819 yuan / ton, the largest increase; the price increased by 5.

3% to 8086 yuan / ton, of which the price of polyethylene is relatively stable, increasing by only 1.

At 4%, the increase in polypropylene prices broke through, increasing by 10% annually to 7,988 Mt / t.

Methanol formaldehyde increased by 9% to 2342 yuan / ton.

Due to the substantial increase in raw material costs, the gross profit margin of the coal chemical business decreased. The gross profit margin of the coal chemical segment in 2018 was 24.

4%, a decline of 3 per year.

2 units.

25 But without reducing the increase in production and sales and the price of coal chemical products.

1% to 43.

9.3 billion.

Coal machine business rebounded and profit margin increased: Benefiting from the recovery of coal prices, the investment in fixed assets in the coal industry rebounded, and the company’s coal machine business revenue increased.

6% to 70.

US $ 5.2 billion, reporting a gross profit of 10 for the continuous coal machine business.

670,000 yuan, an increase of 26 in ten years.

6%; gross margin is 15.

1%, an increase of 0 from 2017.

4 units.

In 2019, coal and electricity production capacity will be put into operation, and profits are expected to continue to strengthen: According to the announcement, the company ‘s new coal mine parent Du Chai Deng (600 tons / year) and Nalinhe No. 2 coal mine (800 tons / year) have officially started production in November 2018., Contributing about 150 production that year, it is expected to reach production in 2019; Xiaohuigou (300 tons / year) will be put into production within the year; the company’s coal output in 2019 will increase by more than 1200, an increase of 15%.


In addition, the company expects that the production capacity of Dahaize Coal Mine, which has a capacity of 1,500 tons / year, has also been approved, and there is still room for future production.

In terms of power, Shanghai Energy 2 × 350MW Thermal Power Project Unit 1 was successfully put into operation, Pingshuo Company ‘s 2 × 660MW low-calorie coal power generation project, Xinjiang Zhundong Wucaiwan 2 × 660MW Beier Power Plant project has been steadily progressing, and is expected to be completed in 2019.Put into production.

Investment suggestion: overweight -A grade.

It is expected that the company’s net profit attributable to its mother for 2019-2021 will be 55.41/63.


10 trillion, equivalent to 0 respectively.



The company currently estimates a budget with a 6-month target price of 5.

88 yuan.

Risk warning: The macroeconomic downturn, coal prices have fallen sharply, and the company’s new production capacity has fallen short of expectations.

26 Mar

Xiang Piao Piao (603711) 2018 Annual Report Review: Cup of Milk Tea Trying to Steady Increase of Juice Tea

Xiang Piao Piao (603711) 2018 Annual Report Review: Cup of Milk Tea Trying to Steady Increase of Juice Tea
Investment Highlights: Event: The company released its 2018 annual report.Total operating income in 2018 was 32.$ 5.1 billion, an annual increase of 23.13%; net profit attributable to mother 3.1.5 billion, an annual increase of 17.53%, performance in line with expectations.The company plans to distribute 2 for every 10 shares.5 yuan (including tax). Opinion: The cup of milk 深圳spa会所 tea keeps increasing steadily, and the fruit tea continues to increase its volume.In the fourth quarter of 2018, the company’s total operating income and net profit attributable to its mother were 15 respectively.7.1 billion yuan and 2.USD 3.1 billion, each growing by 20 annually.85% and 24.07%.In terms of products, the 2018 classic series achieved revenue of 17.7.2 billion, an increase of 10 in ten years.54%; sales of 31.56 million boxes, an annual increase of 8.97%.Good material series achieved revenue of 10.3.2 billion, an annual increase of 29.9%; sales of 12.39 million boxes, an increase of 21 each year.66%.Liquid milk tea achieved revenue 2.1.8 billion, an annual increase of 0.55%; sales of 3.46 million boxes, a decline of 1 each year.36%.Juice tea achieved revenue 2.01 billion, sales of 541.560,000 cases, continuous volume.In terms of regions, the core region of East China achieved revenue of 15%.6.2 billion, an annual increase of 22.96%; Southwest and Central China regions with large performance contributions achieved revenue4.2.9 billion and 4.9.7 billion, an increase of 17 each year.94% and 25.13%. Gross profit margin has increased and net profit margin has decreased.The company’s comprehensive gross profit margin increased by an average of 0 in 2018.19 perfect to 40.39%, of which the gross margin of the classic series increased by 0 in ten years.19 perfect to 42.18%, the maximum gross profit margin of the good series increased by 1.9 perfect to 43.45%, the liquid milk tea gross margin increases by 3 each.47 good 31.53%, juice tea gross margin 23.37%; period expense rate increases by 1 each year.16 perfect to 28.58%, of which the sales expense ratio increases by 1.23 excellent to 24.61%, the management expense rate drops by 0 every year.06 exclusive to 4.27%, the financial expense rate drops by 0 every year.02 excellent to -0.31%.Affected by the increase in expense ratio, the net interest rate fell by 0.46 are good.68%. Continue to advance the production capacity layout.The liquid production base built by the company in Huzhou has been put into normal operation, the liquid production base built in Jiangmen, Guangdong has entered the equipment commissioning stage, and the liquid production base plant built in Tianjin has been basically completed.On this basis, the company has decided to build a new liquid production base in Chengdu, and the company’s strategic layout is advancing in an orderly manner. Maintain a cautious recommendation level.The company’s EPS for 2019-2020 is expected to be 0.88 yuan and 1.08 yuan, corresponding to PE is 37 times and 30 times.The company’s cup of milk tea is expected to maintain a steady increase, the volume of juice tea is imminent, and the expansion of production capacity is progressing in an orderly manner.Maintain a cautious recommendation level. Risk warning: food safety risks, etc.

25 Mar

Livzon Group (000513) Company Research: Leading Investment in New Elements Pharmaceuticals B-round Financing Investment Layout Early Innovation Projects Continue to Land

Livzon Group (000513) Company Research: Leading Investment in New Elements Pharmaceuticals B-round Financing Investment Layout Early Innovation Projects Continue to Land

Event: On January 17, 2020, Zhuhai Lizhu Pharmaceutical Equity Investment Management Co., Ltd., a wholly-owned subsidiary of Livzon Group and Jiangsu New Element Medical Technology Co., Ltd., Shi Dongfang (“Founding Shareholder”), Changzhou TongxinEquity investment companies (limited partnerships), Changzhou Xinshi Venture Investment Partnership, and Xiamen Jinyuan Kaitai Zhanhong Healthy Growth Venture Investment Partnership have gradually reached the “Capital Increase Agreement on Jiangsu New Element Pharmaceutical Technology Co., Ltd.”.

Livzon Equity Investment Co., Ltd. will invest RMB 70.09 million to subscribe to New Element Medicine for an additional registered capital of RMB 2.25 million, accounting for 7 of the registered capital of New Element Medicine after the capital increase is completed.


  Opinion: Leading the investment in New Element Medicine, the company’s innovative investment projects continue to land.

The company led the B-round financing of New Element Medicine. This round of financing will be used to promote the development of New Element Medicine.

A type 1 gout innovative drug ABP-671 is in phase 2 clinical trials in the United States and Asia, as well as preclinical research work on other drugs including non-alcoholic abnormal hepatitis (NASH).

The company’s democracy has repeatedly invested in the innovation field through early investment interventions, such as monoclonal antibodies (Shanghai Jianxin), double antibodies (AbCyte), and cell therapy (Kunzun Bio).In the field of non-alcoholic abnormal liver (NASH) and tumors, the layout is further expanded.

The company’s venture capital projects have been continuously implemented, reflecting the company’s awareness of innovation and its determination to transform and innovate.

  New Element Medicine is an innovative company specializing in the fields of “metabolism” and “tumor”, and has a core team with rich experience.

New 都市夜网 Element Medicine is a Sino-foreign joint venture established in March 2012, dedicated to the development of global commercial value and global competitiveness 1.

Class 1 innovative medicine, mainly focusing on gout, NASH.

The core team of the company mainly comes from the United States, including the company’s CEO, CMO, senior deputy general manager of business development, senior clinical executive director and deputy general manager of China Business Development, and senior domestic researchers.

The core team has extensive research and development experience in innovative drugs.

The company completed a round of financing in early 2017, which was exclusively invested by Kaitai Capital; in May 2018, it completed a round of financing A + by Preferred Capital and Zhongyu Capital.

  Overview of the new element pharmaceutical pipeline.

The pace of progress in the company’s pipeline is in the gout area.

A new class of drug ABP-671 is about to enter the global phase 2 clinical study.

Gout is the second largest metabolic disease after diabetes.

There are nearly 1 billion gout patients worldwide, and its market size is segmented.

There are about 1 patients with hyperuricemia in China.

1 billion people, conservative hypertensive gout patients should be greater than 35 million (data ranking new element medicine official website).

The company’s follow-up pipeline also includes malignant liver, non-alcoholic malignant hepatitis (NASH), and innovative anti-gastric, bowel and triple-negative prevention drugs.

  Earnings forecasts and investment advice.

Looking forward to 2019, we believe that the company’s revenue structure is continuously changing. Based on the company’s excellent leadership, sales team, monoclonal antibody platform, microsphere platform, etc., the company’s long-term investment value is prominent.

It is estimated that the net profit attributable to mothers for 2019-2021 will be 13 respectively.

04, 15.

70, 18.

8.6 billion, with growth rates of 20 respectively.

5%, 20.

4%, 20.

2%, corresponding PE is 27x, 23x, 19x.

(The actual internal growth after the replacement incentive amortization is higher, and the replacement is predicted after deducting cash).

Maintain “Buy” rating.

  Risk reminder: The sales volume of Shenqi Fuzheng is reduced, and the risk of monoclonal antibody research and development.