Science and Technology Board Purchase Strategy: Broad Specialty (688186)

Science and Technology Board Purchase Strategy: Broad Specialty (688186)
This report reads: We recommend that the reference range of the special materials is between 0% and 12%, corresponding to the price of 16.73 yuan-17.33 yuan, it is recommended to purchase the first time. Abstract: At present, small-scale accounts of less than 300 million are close to 50%. Under the quotation strategy of small-scale accounts that reduce the risk by 1 cent because of the scale elimination risk, the market enters the stage of effective information and low-price gaming among institutions.The actual quotation center of the science and technology board company Dongfang Biological on January 13 has fallen to the 11% -12% quantile. According to the institutional game and the logic of quantification decline, the majority of special materials quoted on January 1The quantile will be considered downwards at the 12% quantile. Taking into account, it is expected that the inquiry range for tomorrow’s vast special wood will be between 0% and 12%, corresponding to the price of 16.73 yuan-17.33 yuan. The company is an advanced enterprise with high-quality special alloy materials as its core business. Its products have the characteristics of “small batches, multiple varieties, and high efficiency”.The company focuses on the distribution of special alloys, special stainless steel and other products. The proportion of special steel materials revenue reached 87.24%, of which gear steel accounts for 66.88%, special steel products accounted for 12.76%; At present, it has formed a stable cooperative relationship with high-quality customers such as Yakai Group, Jiangsu Jinyuan, Jiangyin Zhenhong, 杭州桑拿洗浴会所 and the top five customers accounted for 37% of sales revenue.74%.Gear steel technology constitutes the company’s core competitive advantage.The company’s gear steel technology level has reached the domestic advanced level, the product particle size reaches 8-9, the content of inclusions is low, and the performance meets international verification standards. In 2018, the company’s global market share of wind power gear steel reached 14.50%, the national market share of rail transit gear steel and mold steel materials reached 23 respectively.69% and 10.60%; In addition, relying on core technology, the company integrates key process conversions of smelting, special alloys, special stainless steel products, major defense industries, marine petrochemical equipment, and other high-demand areas. Combining the company’s scale, 合肥夜网 product performance, market positioning and other characteristics, Fushun Special Steel, Gangyan Gaona, Yongxing Materials, Japan Datong, American Carpenter, and Tongyu Heavy Industry were selected as comparable companies for special materials.The average PE value of the company’s 2019 forecast is 21.66, it is estimated that the majority of special wood after the market is ranked 27.57-35.84 ppm, corresponding to an issue price range of 16.73-21.75 yuan, corresponding to the 18-year deduction after returning to the mother’s net profit range is 22.81-29.66 times, corresponding to the 19-year return net profit PE range is 19.98-25.97 times. Risk reminders: (1) The company is sensitive to fluctuations in the purchase prices of main raw materials scrap and alloys, and the downstream market demand is highly correlated with the macro economy.(2) The current market quotation has entered the game of information validity, and guard against 10% high price rigidity to eliminate risk.

Golden River Bio (002688) Company Comments: 19-year performance slightly exceeds expectations 20 years or usher in Davis double-click

Golden River Bio (002688) Company Comments: 19-year performance slightly exceeds expectations 20 years or usher in Davis double-click
Event: The company released a performance report, and the company achieved operating income in 201917.82 ppm, an increase of 9 in ten years.42%, net profit attributable to shareholders of listed companies.83 ppm, an increase of 12 in ten years.05%. Steady growth in overseas markets drove overall performance recovery. From a single quarter perspective, the company achieved revenue in the fourth quarter.300 million, an annual increase of about 3%, and a net profit of 0.4 billion, a year-on-year increase of 14%.In 2019, the downstream pig breeding industry was severely affected by the non-epidemic epidemic situation, and the pig inventory was transitioned to a historical low, which affected the demand for the company’s products and led to a decrease in domestic revenue of chlortetracycline and animal vaccines.However, after experiencing the limit resistance policy in the US market, the company realized the growth of chlortetracycline products in the US market by adjusting the product structure in a timely manner and changing the marketing model, coupled with the continuous development of environmental protection and other businesses.Overall performance has continued to grow. The demand for chlortetracycline is expected to pick up. The company welcomes a rise in volume and price. Chlortetracycline is cheap and effective, and it is the most commonly used veterinary antibiotic.Because downstream users have high demand elasticity and low sensitivity to chlortetracycline prices, companies can transfer part of the cost pressure to the downstream through price increases, and slender their own profit margins.Since February 成都桑拿网 this year, the company’s domestic chlortetracycline products have increased by 10%.Considering the change in use and referring to the average head usage in the United States, we estimate that the potential amount of chlortetracycline to be injected in advance will be about 15, and the domestic sales in 2018 will be about 40,000 tons, which has huge potential space.In the future, through the continuous replenishment of large-scale factories, the concentration of breeding will increase, the use of chlortetracycline will gradually open, and the tight supply side will make use of chlortetracycline to continue to increase the price. The layout of animal vaccines for many years is expected to face a situation of turning losses into profits. The company will acquire Hangzhou Youben through mergers and acquisitions, and the American Protec company quickly entered the veterinary vaccine industry, becoming a rising star in the industry.Relying on two vaccine business platforms at home and abroad, and making full use of the international advanced technology development company vaccines, the company has formed a series of technology research and development capabilities and product name resources. The company actively increases research investment and technological innovation in vaccine business, and cooperates with multiple scientific research institutes and large colleges to transform the production process and improve the company’s product quality.With the company’s increasing investment in veterinary vaccine research, the listing of new vaccines in the future will add new business growth points for the company.With the epidemic situation stabilizing and the continuous recovery of downstream fills, the company’s vaccine business tried to bottom out. Earnings forecast and investment advice We slightly adjust the company’s performance and expect to return to net profit for the mother in 19/20/211.83/2.80/3.7.5 billion (previous value was 1.74/2.80/3.7.5 billion), 12.05% / 52.51% / 34.07%, EPS are 0.29/0.44/0.59 yuan.We believe that the demand of the chlortetracycline industry is relatively rigid, the competition pattern is good, and the company’s leader is stable, with pricing power. At the same time, the company actively promotes the development of vaccine and environmental protection business, continuously enhances competitiveness, and achieves steady growth in performance.Based on this, we give 30 times PE for 20 years with a target price of 13.2 yuan, maintain “Buy” rating. Risk warning: the risk of policy changes; the risk of epidemics; the risk of new product expansion being less than expected

Inspur Information (000977): Per capita gross profit exceeds one million dimensions and expands CPU replacement

Inspur Information (000977): Per capita gross profit exceeds one million dimensions and expands CPU replacement

Focusing on customers in large industries to 上海夜网论坛 improve efficiency, the rate of increase in research and development is still low. The multi-dimensional layout seeks to break through the company for 18 years. The gross profit per capita is 1.11 million yuan, which is not weaker than its domestic and overseas counterparts and domestic first-line hard technology companies. The scale effect will make future profit growth faster than revenue.

Under the circumstance that the R & D expenditure expenses increased by about 1 billion in 2018, more than doubled, the company deducted non-attributed net profit for 18 years6.

1 ‰, deducting 3 for about 17 years.

3.4 billion increased by 84%.

In recent years, the company has maintained an expense ratio of about 8%, which enables the company to make market breakthroughs with high quality and low prices.

At the same time, the company’s downstream including domestic and foreign cloud computing, short video, operators and other companies will have better growth in the future, and channel sales should also set high goals and actively promote.

The second generation of Xeon Scalable processors is about to be upgraded. The data center investment is expected to recover in 19 years. The Intel server Cascade Lake chip 18Q4 has been converted.Upgraded versions, including: support for deep learning to accelerate DL Boost, security bug fixes, support for new Optane data center persistent memory technology.

Therefore, it is expected that the temporarily suspended data center investment is expected to begin to recover in the middle of 19 years.

The forecast for 19-21 is 0.

70 yuan / share, 0.

98 yuan / share, 1.

38 yuan / share forecast company 19?
21-year revenue was 582.

7,740.

6,933.

700 million, net profit attributable to mother is 9.

1,12.

6, 17.

8 megabytes, with resolutions of 38%, 39%, and 41%, respectively, and the corresponding PEs are 38, 28, and 20 times based on the latest closing prices.

Considering the company’s overseas, channel, and operator’s multi-dimensional development and scale effect in the next few years will bring about operational efficiency improvements. It is expected that the compound growth rate will reach about 39% in the next three years. If overseas progress exceeds expectations, revenue and profits will still have upward flexibility.space.
At the same time referring to the company’s PE band since February 2014, we 杭州桑拿 believe that the company can give the company a 40-year PE estimate for 19 years, corresponding to a reasonable value of 28.

15 yuan / share, give “Buy” rating.

Risks suggest that the growth rate of Internet customer capital expenditure may be relatively high.

The risk that Internet customers may turn to ODM vendors to purchase servers.

The expansion of overseas markets, telecommunications markets, and channel sales may be less risky than expected.

Risk of asset impairment due to large amount of accounts receivable and inventory.

Business growth and fair incentives may lead to the risk of rapid R & D expenses, financial expenses, and management expenses rising.

China Iron and Steel Association calls for reduction in production, steel companies use derivatives to fight disease

China Iron and Steel Association calls for reduction in production, steel companies use derivatives to fight disease

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

  Securities 武汉夜生活网 Times reporter Wei Shuguang’s epidemic, due to transportation control, downstream resumption of postponement and other effects, domestic steel mills are facing fewer downstream orders, backlogs of steel stocks and shortage of upstream raw materials.

At the afternoon meeting of the China Iron and Steel Association on February 22, Vice Chairman Camel Iron ranks, iron and steel enterprises grasp the production rhythm and take measures to reduce production and limit production.

  The Securities Times reporter learned that under the influence of the epidemic, some steel mills have taken measures to reduce production and equipment maintenance, and arranged to overhaul production equipment to reduce physical output and material consumption.

In the face of increasing market uncertainty risks, steel companies have significantly increased their efforts to use the derivatives market 武汉夜生活网 as a hedge.

  At present, the iron ore industry’s customer positions have increased by 28% each year, indicating that steel companies have increased demand for corporate hedging.

Transaction data show that since the beginning of this year, unilateral daily average iron ore futures have been traded and positions have been 74.

40,000 hands, 84.

40,000 hands, compared with the same period last year, the turnover decreased by 12%, and positions increased by 28%.

The data also shows that as of February 21st, iron ore futures corporate customers held 49% of positions, which had increased by 4 percentage points each year, and the proportion of hedging transactions had increased by 9 percentage points.

  In addition to increasing the strength of futures hedging, the iron ore replenishment market must fully climb.

Data show that on February 3, the proportion of rights traded and positions in the underlying futures increased significantly, respectively, to 12.

1% and 18.

0%.

On the same day, iron ore futures opened to a limit, but the budget was still tradable, which became an effective tool for managing the risk of futures positions and market price fluctuations.

As of February 21, the average daily volume of iron ore futures was 2.

50,000 lots, with an average daily position of 11.

90,000 hands, 22% and 36% higher than before the Spring Festival.

  The reporter was informed in the interview that during the epidemic prevention and control period, the combined steel companies actively used derivative tools to hedge downstream products and upstream raw materials.

A steel mill took advantage of the epidemic situation in early February and the timing of changes in the price of iron ore under the influence of the outer disk to carry out long hedging of iron ore and coke futures to lock in the price and cost of raw materials; the other company has long been involved in futures management of raw material and product price risksThis year, large-scale steel mills locked prices in advance through iron ore futures and reduced raw material costs by nearly 100 million US dollars at current prices, effectively hedged the potential impact of the epidemic.

  Jingchuan, deputy general manager of CUHK Futures believes, “Under the influence of the new crown pneumonia epidemic, steel companies are using various futures and budget strategies to ensure the stable operation of production and operations.

“With the on-site budget, when worried about rising raw material prices, companies can lock in costs by buying bullish budgets.

If the price goes up, the profit of the bullish budget can make up for the losses in spot purchases; if the price goes down, the company will not pay extra costs and still enjoy the benefits of the decline in the price of raw materials.

  Due to the full preparation of all parties, the iron ore and most domestic varieties only fell on the first day of the market, and then they stabilized, maintaining a safe and stable operating trend, and providing effective futures for companies that resume work after the holidays.Price signals and hedging instruments.

In order to ensure the stable operation of the market, the Exchange conducted early risk research and judgment and prepared a risk prevention and control plan.

  The market was opened after the Spring Festival holiday. Dashang continued to strengthen market services and supervision, and issued “warm reminders” to members three times, announcing measures to facilitate the handling of epidemic prevention and control members and customers ‘business. In response to the impact of transportation during the epidemic prevention and control phase,Dashang promotes and supports customers to adopt cash transfer, and the factory warehouse delivery mode flexibly disposes the spot to ensure smooth delivery business.

Shenzhen Rising Star (603978) Quarterly Report Comments: Q3 Single Quarter Less Than Expected Not to Change Long-Term Growth Trend

Shenzhen Rising Star (603978) Quarterly Report Comments: Q3 Single Quarter Less Than Expected Not to Change Long-Term Growth Trend

The company released the third quarter report of 2019, reporting a series of realized revenue7.

77 trillion, the same minus 0.

36%; net profit attributable to mother 0.

7.6 billion, down by 6.

92%; net profit after deduction is 0.

68 trillion, with an increase of 0.

07%.

Q3 quarter revenue 2.

55 trillion, the same minus 12.

79%; net profit attributable to mother 0.

180,000 yuan, with a decrease of 34.

22%; net profit after deduction to non-mother 0.

1.6 billion, a decrease of 41.

66%.

Q3 quarter results were slightly lower than market expectations.

The sales of refiners decreased, or the Q3 quarter was lower than expected due to the company’s Q3 quarter revenue.

55 ppm, a ten-year average of 12.

79%; operating costs 2.

8,000 yuan, the ten-year average of 11.

86%.

In the same period, China’s aluminum production was 1成都桑拿网,293.

3 Initially, there was a slight increase of 3 a year.

32%, cyclic oxide 1.

93%; the aluminum outlet 139 is inserted, inserted and 10 from the ring moving average.

32%.

In the context of the weak macro economy and the background of Sino-US trade friction, the prosperity of the aluminum processing industry has decreased. The company’s main aluminum particle size refiner, as an aluminum processing additive, has also been affected, which has led to an increase in sales of the refiner, or the company’s Q3 quarterThe main cause of poorer-than-expected performance.

The company and the electrolytic aluminum industry achieve a win-win situation. Potassium tetrafluoroaluminate promotes accelerated development. The potassium tetrafluoroaluminate developed by the company promotes the partial replacement of aluminum fluoride (electrolytic aluminum additive).

In the production of electrolytic aluminum, 20 kg / ton of aluminum fluoride is generally added. Now 10 kg / ton of aluminum fluoride + 10 kg / ton of potassium fluoroaluminate is mixed, which can be used without increasing costs (the price is equivalent to aluminum fluoride)), Save 500 degrees of electricity, according to 0 degrees of electricity.

Calculated at 31 yuan / degree, it can increase the profit for electrolytic aluminum enterprises by 155 yuan / ton.

For electrolytic aluminum enterprises, the use of potassium tetrafluoroaluminate to increase profits is considerable, so potassium tetrafluoroaluminate achieves a win-win situation between the company and the electrolytic aluminum industry, and its application in the electrolytic aluminum industry promotes accelerated promotion.

The growth space opens, and the company will usher in a new flyby. Following the initialisation of China’s 3648 in 2018, the global output of 6434 injected electrolytic aluminum is assumed. Adding 10 kg / ton injection per ton of electrolytic aluminum, the market space will reach China36.

5 announcements, 64 worldwide.

Three.

Judging from the current sales of potassium fluoroaluminate products, the promotion effect is remarkable. As a company with various barriers such as raw materials, equipment, and patents, the company will take advantage of the development of the industry and usher in a new leap forward.

Profit forecast and rating: As the leader in the aluminum particle refiner industry, the company’s continuous expansion of product scale and the accelerated promotion of by-product potassium tetrafluoroaluminate, the net profit is expected to be 2 in 2019-2021.

01/3.

50/4.

470,000 yuan, the EPS is 1.26/2.

19/2.

80 yuan / share, corresponding to the closing price of PE on October 29, 2019, 22/13 / 10X, respectively, maintaining the “overweight” level.

Risk reminder: the company ‘s product capacity release is less than expected, and the new product potassium tetrafluoroaluminate is not progressing as expected

Gulisi (603808): Baiqiu Dating Investment to Realize Investment Returns + Spin-off Listing Promotion

Gulisi (603808): Baiqiu Dating Investment to Realize Investment Returns + Spin-off Listing Promotion

Event overview: On December 15, 2019, the company announced that the board of directors passed the resolution: (1) for the purpose of incentives, the founding shareholders and their concerted parties agreed to 16.

279 million subscription of Baiqiu Network’s new registered capital, which translates into 14% equity, the exercise condition is a compound growth of 30% in the next 3 years;
.

500 million yuan to subscribe for new registered capital, corresponding to 12.

50% equity.

(3) Investors in the round shall be 3.

44.3 billion yuan to buy the shares held by Glix, which translates to 28.

69% equity.

Analysis and judgment We analyze that the significance of this transaction lies in: (1) Glix gains investment income.

2.4 billion, expected to increase profits in 2020: At present, the proportion of Gelishi holdings in Baiqiu is 75%, and it will be reduced to 27 after the issuance.

75%. In September 2016, the company purchased 75% of Baiqiu for 277.50 million yuan, corresponding to an estimated 3.

700 million.

At present, the corresponding value-added capital of round A investors is estimated to be 1.2 billion, and the company is expected to realize investment income.

2.4 billion.

(2) Baiqiu team received incentives: The founding shareholders and their concerted parties will become the actual controllers of Baiqiu Network, holding 31 shares.

06%.

(3) Dating Sequoia Capital is conducive to accelerating the pace of Baiqiu’s separate listing.

Baiqiu is one of the six-star e-commerce generation operation service providers. There are currently more than 50 generation operation brands. This year, 10 new brands have been signed to target mid-to-high-end brands in categories including apparel, luxury goods, jewelry, footwear and other big fashions.Category.

In the first three quarters of 2019, Baiqiu achieved revenue2.

2 trillion, net profit is about 0.

US $ 4.1 billion, we expect to achieve revenue growth of more than 30% this year, GMV is expected to double to US $ 6 billion, and it is expected to maintain GMV growth of more than 80% in 2020.

In the short term, we judge that the company is expected to be better next year than this year: (2) EH brand resumes growth after destocking; (3) IRO acquires the remaining equity consolidation and accelerates store opening; (4) Baiqiu Network relies on the e-commerce platformResources + IT capabilities + overall online and offline solutions + competitive advantages of overseas layout, GMV is expected to continue to grow rapidly.

In the medium term, we will pay attention to the increase in Baiqiu’s estimates after the launch of OneNet.com. In the long term, we will focus on the brand’s store space and the improvement of store efficiency. We judge that 杭州桑拿网 the main brand will have more than 500 stores in the future and EH will be more than 250., More than 200 other international brands.

Considering that EH is still destocking in the second half of the year, the recovery is beyond expectations, and for the time being, we will not consider the Baiqiu distribution to contribute the next profit, and change the 19/20 / 21EPS from 1.

21/1.

39/1.

63 yuan down to 1.

2/1.

37/1.

62 yuan, down by 0.

8% / 1.

4% / 0.

6%, maintain “overweight” rating.

Risks prompt increased competition in the generation operation industry; high inventory risks; and systemic risks.

Tongwei (600438): double leader in the field of cell and silicon materials to expand production

Tongwei (600438): double leader in the field of cell and silicon materials to expand production
Event: Tongwei Co., Ltd. announced the development plan of high-purity crystalline silicon and solar cell business from 2020 to 2023, and announced the investment and construction of 30GW high-efficiency solar cells and supporting projects. Large-scale expansion to create an absolute leader in the field of battery cells and silicon materials: 1 1) According to the plan, from 2020-2023, the cumulative production capacity of high-purity crystalline silicon will reach 8/11, respectively.5-15 / 15-22 / 22-29, single crystal materials account for more than 85%, N-type materials account for 40% -80%, production costs 3-4 million / ton, cash costs 2-3 millionYuan / ton, the current production cost is expected to further decline; battery capacity will reach 30-40 / 40-60 / 60-80 / 80-100GW respectively in 2020-2023, focusing on new product technologies such as Perc +, Topcon, HJT, etc.And compatible with all series of 210 and below, Perc non-silicon cost 0.Below 18 yuan / w, the current estimate is 0.23 yuan / w dropped further significantly.According to the 10% compound annual growth rate of global new photovoltaic installations, it is estimated that by 2023, the annual global new photovoltaic installations will reach 200GW, and the proportion of Tongwei silicon materials and batteries in cities will reach 30% -50%, becoming an industry.faucet.2 2) The company also announced that it will invest about 20 billion US dollars to build an annual output of 30 GW high-efficiency solar cells and supporting projects. The project will be implemented in four phases, of which the first and second 苏州夜网论坛 phases are planned to invest 4 billion yuan each and build 7 respectively.5GW, a total of 15GW high-efficiency solar cell projects (Perc, Perc +, Topcon); Phases 3 and 4 plan to invest 6 billion yuan each, and build 7 respectively.5GW, a total of 15GW high-efficiency solar cells and supporting projects (temporary to HJT). The overall supply and demand is tight, and it is expected that the volume and price will rise for the time being: the existing company has continuous old production capacity2, and the proportion of single crystal materials is further increased to 90%.In addition, Leshan, Baotou each 3.5 The largest output achieved by emerging manufacturing, mainly due to consumption indicators exceeding design expectations, the proportion of single crystal materials increased to 85%, and production costs replaced within 4 杭州桑拿网 million / ton (Leshan 4 million / ton, Baotou 3).5 million / ton), leading costs.Affected by the ramp-up of production capacity in 2019, the expected sales volume is expected to be around 6, and in 2020 we expect the sales volume to reach 8.5-9 every year, the annual growth rate exceeds 40%.In addition, according to foreign media BusinessKorea, OCI is about to close its Gunsan plant in South Korea5.2 The production of formaldehyde photovoltaic silicon materials is suspended and transition to electronic grade silicon materials is expected to affect 10% of global supply.In the meantime, this year is a big year for monocrystalline silicon wafer expansion. The production capacity is expected to increase from about 100GW at the end of 2019 to 170-180GW at the end of 2020. However, gradually increasing production capacity is limited and overall supply and demand are tight.In a tight situation, the price of extension materials is expected to usher in a price increase of 5% -10%. The profitability of monocrystalline PERC cells has improved: The demand brought by capacity release in the third quarter of 2019 is weak. The price of monocrystalline PERC cells has been adjusted to a certain extent. At present, the average cell price is 0.97-0.98 yuan / W, single W profit replaced 5-6 cents, the profit level is at a historical low.The overall non-silicon cost of the company’s battery chip is zero.23 yuan / w, will further replace 0 in 2020.At around 2 yuan / w, and the price of overlapping silicon wafers is reduced at the same time, it is expected that the single W profit of single crystal perc battery cells will be repaired to more than 8 cents in 2020.In addition, in the first half of this year, the overall capacity of Chengdu Phase IV and Meishan Phase I will reach 23-24GW, and according to the expansion plan, it will reach 30GW at the end of this year, which can be expanded up to 20GW, thereby increasing 66.7%, single crystal PERC cell connection will usher in volume and profit. Investment advice: We expect the company’s revenue growth from 2019 to 2021 to be 30%, 26%, and 25%, and its net profit growth to be 43%, 46%, and 31%.The 6-month target price is 19.45 yuan. Risk warning: photovoltaic installation is less than expected, replacement, and the price of cells has fallen sharply, etc.

Aerospace Development (000547): The rapid growth of the third quarter results is optimistic about the company’s endogenous and extended development

Aerospace Development (000547): The rapid growth of the third quarter results is optimistic about the company’s endogenous and extended development
Event: The company announced the third quarter report of 2019, and achieved operating income for the first three quarters23.52 ppm, an increase of 44 in ten years.07%, net profit attributable to mothers3.08 million yuan, an increase of 39 in ten years.31%, the corresponding return (decrease) is 0.19 yuan. Comments: 1. The company’s performance is growing rapidly, and it is optimistic about the company’s traditional electromagnetic technology and communications declaration business and the long-term development of new industries.(1) Reporting strength, the company realized operating income23.52 ppm, a rapid increase of 44 over the same period last year.07%, mainly due to the increase in the company’s defense equipment industry income, and the consolidated scope of the statement in this period expanded compared to the same period last year. (2) Reporting strength, the company realized net profit attributable to mother.08 million yuan, an increase of 39 in ten years.31%, the growth rate is slightly lower than operating income, mainly affected by the following factors: ① reported that the company’s overall business gross margin decreased compared to the same period last year.79pct, mainly due to the direct impact of the report, the company’s operating costs increased with the increase in revenue, and the cost of certain additional items in the current period was higher; ② Reported growth rate, the company’s sales expense ratio increased compared to the same period last year.16pct to 3.63%, mainly due to the increase in the company’s product market in the current period and the increase in the scope of consolidated statements over the same period of the previous year; ③ There were more reports and the company’s credit impairment losses increased by 86.35% is mainly due to the increase in receivables and the increase in provision for bad debts.(3) Report strength. The company’s inventory increased by 43 compared with the beginning of the period.61%, an increase of 23 over the same period last year.64%, mainly due to the company’s production tasks in progress, increase in work in progress; advance receipts of 0.84 ppm, an increase of 11 years.89%, -13 from the same period last year.14% growth rate increased by 25.04pct, the relevant indicators may indicate that the company’s business orders are in good condition and production capacity is released.(4) The reporting authority, the company’s net cash flow from operating activities is -9.38 trillion, down 44 a year.37%, mainly due to the increase in production and operation demand of the reported large-scale companies, and the corresponding increase in material procurement and labor expenses. 2. Benefiting from practical military training and national defense informatization construction, the electromagnetic technology business has broad development space.The company’s electromagnetic technology engineering business mainly includes electronic blue army, simulation applications and electromagnetic security business.Among them, the electronic blue army business with Nanjing Changfeng as the main operating body mainly includes three aspects of laboratory RF simulation test system, internal and external field active target simulation system and simulation radar system., Has won multiple military projects.The performance of the electromagnetic security industry, with its subsidiary Beijing Ou Di An as the main body, has obvious integration performance, achieved technological breakthroughs in multiple fields, and has integrated the ability to integrate integrated solutions for microwave darkroom construction systems.The military-civilian simulation business, which takes aerospace simulation as its main business body, is leading the industry in military simulation, equipment information 北京养生会所 and virtual reality.The White Paper on “China’s National Defense in the New Era” states that the entire army has been undergoing an upsurge in combat-oriented military training. Since 2012, the army has extensively carried out mission-oriented training in various strategic directions and training in various arms and services.Against the backdrop of increasing military training requirements, the company is expected to benefit in the long term as a leader in the electronic blue army field. 3. Communications announced its business as “second venture” and actively laid out a new pattern for the development of the mobile communications industry.The company’s subsidiary, Chongqing Jinmei, is a provider of domestic military tactical communication system core equipment. It focuses on the development and production of military 四川耍耍网 information systems and key equipment, and vigorously develops the new generation military service market and tactical allegation information system.The company has steadily carried out the broadband communication level of “Feiyun Engineering” and the development of major engineering projects for the construction of “Hongyun Engineering” ground gateways, which has realized the extension to the space information application industry.On August 27, 2019, the company announced that it had intervened with the Strategic Framework Agreement of the New Generation Mobile Communication Technology Research Institute Cooperation Project with the Chongqing Municipal Economic and Information Commission and the Chongqing Xiyong Comprehensive Free Trade Zone Management Committee.Relying on the construction of Chongqing’s information industry, driven by the demands of public networks, private networks, and military networks, the company strived to seize historical opportunities to promote the transformation and upgrading of the communications industry sector. 4. Accelerating the extensional development, the growth of network information security business can be expected.The company acquired Rui’an Technology 43 by issuing shares.34% equity, 100% equity of One Binary and 100% equity of Aerospace Kaiyuan, and announced that they will steadily advance the acquisition of the controlling stake in Rui’an Technology, and are committed to building a national team of network information security.Among them, Rui’an Technology mainly provides big data services for public security, network information, operators, etc .; two-way binary user data protection and business continuity management software development; Aerospace Kaiyuan applies software and hardware to the e-government industry, and the three companies belong to network information security.Different sectors of the industry.China’s network information security market is developing rapidly. According to IDC’s forecast, by 2023, the size of China’s network security market will grow to 179.0 billion US dollars, CAGR of about 25 in 2019-2023.1%.With the domestic cybersecurity law, the level of protection is 2.With the gradual implementation of relevant laws and regulations such as 0, the company’s network information security business is expected to usher in new growth points. 5. The micro-system industry has made a good start and improved the existing industrial structure.In November 2018, the company jointly established a micro-system technology company with China Aerospace Radio, Smart Shanghai, Nanjing Hangzhi Investment, Nanjing Changfeng, and Chongqing Jinmei.Since its establishment, the company has focused on the four major development directions of integrated micro-system integration design, core system-level chip development, micro-system design simulation software and micro-system key process capabilities. It has actively docked with industry user units and reached cooperation on multiple project development.Extensive aerospace equipment, 5G communications, satellite communications, Internet of Things and other fields.The company’s micro system business makes full use of industrial capital, increases the upstream and downstream integration speed of the industry, improves the existing industrial structure, and deploys new-generation weapon equipment system-level chips and complex micro-system technology development and development production, and gradually expands into the civilian field and grows in the future.Expected. 6. The mid-to-high end marine equipment system was gradually established, forming a synergy effect of the marine blue army business.In 2017, Nanjing Changfeng, a wholly-owned subsidiary, acquired 65% of the equity of Jiangsu Dayang Marine Equipment Co., Ltd. This acquisition of full-mission system target ships, high-speed target ships, large offshore ships and other marine blue army equipment development businesses has enhanced the company’s electronicsThe blue army equipment supporting level enhances the overall development strength of the industry sector.At present, the company’s marine equipment business takes green environmental protection and energy saving ship products as a breakthrough, focusing on the development of environmental protection and energy saving refueling ships, wind power installation and maintenance platforms and other marine product development.In 2019, Jiangsu Dayang officially started the construction of two 13KDWT green environmental protection chemical tanker projects for Singapore shipowners, and the first 7999DWT environmental protection tanker completed the launching ceremony in Taizhou City, Jiangsu Province.In the future, the mid-to-high end offshore equipment system will be gradually established, and the company’s offshore equipment business will still have a certain growth space. 7 As one of the listed platforms of Aerospace Science and Industry Group, it is expected to continue to inject the assets of the Group. The company is a listed company directly controlled by Aerospace Science and Industry Group. As an important military industry and capital integration platform of Aerospace Science and Industry Group, since its listing in 2015, the company has actively carried out outbound mergers and acquisitions, continuously expanded its business scope, and successively acquired computer simulation companiesIndustrial simulation, target ship research and development company Jiangsu Dayang, network information security company Rui’an Technology, Aerospace Kaiyuan and Prime, continue to improve the information business layout.In 2018, the aerospace science and industry group’s asset securitization rate gradually increased by about 30% according to the net asset caliber, which is less than the target of the asset securitization rate of 45% at the end of the “13th Five-Year Plan” period.Sex. 8. Profit forecast and investment advice: We believe that the company is expected to continue to maintain its competitive advantage in the electromagnetic and communications sectors, and actively deploy network security, microsystems, and marine information equipment sectors, which have broad prospects for future development, and give the company a “recommended” rating. Our EPS forecasts for the company in 2019/20/21 are 0.37/0.48/0.62 yuan, corresponding to 2019/20/21 PE is 27/21/16 times. Risk warning: the acquisition progress is not up to expectations; the growth of traditional advantage businesses is slow

Zhongnan Construction (000961): Significant increase in profitability and continuous optimization of financial structure

Zhongnan Construction (000961): Significant increase in profitability and continuous optimization of financial structure

The company’s first quarter 2019 results were in line with expectations, and its profitability continued to improve.

The systematic strategic adjustments carried out by the fundamental company have significantly improved operating efficiency; the existing company has sufficient land reserves, its financial structure has been continuously optimized, and its debt ratio has been significantly reduced. The high-standard distribution incentive plan promotes continuous promotion and continuous development.

The current market value is nearly 40% discounted from NAV, with a continuous margin of safety.

The 2019-2021 EPS is expected to be 1.

09, 1.

85 and 2.

39 yuan, the current sustainable corresponding PE is 7 respectively.

6,4.

5 and 3.

5 times, optimistic about the company’s future 四川耍耍网 scale expansion and profitability improvement, maintain “Highly Recommended-A” rating, target price of 13.

1 yuan / share (approximately 10% discount to NAV, or PE = 7X in 2020).

  Key investment points: (1) The first quarter of 2019’s performance was in line with expectations, and the rebound in profitability brought continuous growth in performance.

The company achieved operating income of 84 in the first quarter of 2019.

700 million, before -25.

4%; net profit attributable to mother 4.

800 million, previously +27.

1%; net profit after deduction to mother 4.

5 trillion, +20 for ten years.

8%; overall performance is in line with expectations.

The decrease in the company’s revenue in the first quarter was mainly due to the decline in the completion of the construction sector. The sustained high growth in profits was mainly due to: 1) the profitability continued to improve, and the gross profit margin for the first quarter decreased by +4.

4 points to 29.

2%, with a combined gross profit margin of 24.

3%, a new high since 2015; 2) The company’s settlement of non-consolidated projects increased, and investment income1.

2.5 billion US dollars, turn negative into positive one year; 3) Management dividends continue to be released, while the sales scale continues to grow, the company’s current sales expenses, management expenses decreased by 39%, 14%, the sales expense ratio and management expense ratio decreased by 1.

1pct and 0.

9 points to 1.

1% and 2.

0%.

As of the end of the first quarter of 2019, the company’s advance receipts amounted to 1,162 trillion, every + 49%, and its coverage ratio for operating income in 2018 reached 2.

9 times, future performance growth is guaranteed.

  (2) Sales maintained high growth, investment was cautious, and core city clusters continued to be deployed.

In the first quarter of 2019, the company achieved contracted sales of approximately 308.

700 million, previously + 25%; contracted sales area is about 250.

10,000 square meters, + 29% a year; of which, the monthly sales amount and area in March exceeded 38% and 41%, respectively, and the marginal improvement was obvious.

In the first quarter, the company replenished its soil storage capacity of 192.

80,000 Ping, previously -30.

4%; take the total price of 131.

9 trillion, ten years +12.8%.

The land acquisition / sales amount is 53.

7% a year -17.

8 points.

The newly-added projects in the Yangtze River Delta, the Pearl River Delta and the Mainland ‘s core cities account for more than 85% of the planned construction area. The company ‘s focus on the core city cluster strategy is further improved, and the optimization of soil storage layout promotes continuous acceleration of the delivery of high-quality resources.

At the end of the first quarter, the planned construction area of the company’s development projects under construction totaled 29.78 million square meters, and the planned construction area of unstarted projects totaled 15.03 million square meters, each of which totaled 4500 universal, and statically identified the current sales for about 4 years.

  (3) The financial structure has been continuously optimized, and the follow-up performance has a high degree of certainty.

At the end of the reporting period, the company’s net debt ratio was 167%, a decrease of more than 80pct, and the asset-liability ratio excluding advance receipts decreased by -1.

8pct to 43.

2%; benefiting from efficient sales rebates and current long-term prudent investment strategies, the company’s cash at hand at the end of the period was 24.4 billion, and the protection ratio of cash in hand for short-term debt was 0 compared with 0 at the end of 2018.

75 prominently increased to 1.

85.

The company’s 2018 stock budget incentive plan unlock condition is that the net profit attributable to the parent from 2018 to 2020 is not less than 20.

5, 39.

8, 69.

9 trillion, corresponding performance growth rate of 240%, 94%, 76%.

At present, the company’s financial structure is optimized, the net debt ratio is reduced to a more reasonable level, and high-standard performance indicators are expected to continue to promote the company’s development.

  Investment suggestion: The company’s first quarter 2019 results are in line with expectations, and its profitability continues to improve.

The systematic strategic adjustments carried out by the fundamental company have significantly improved operating efficiency; the existing company has sufficient land reserves, its financial structure has been continuously optimized, and its debt ratio has been significantly reduced. The high-standard distribution incentive plan promotes continuous promotion and continuous development.

The current market value is nearly 40% discounted from NAV, with a continuous margin of safety.

The 2019-2021 EPS is expected to be 1.

09, 1.

85 and 2.

39 yuan, the current sustainable corresponding PE is 7 respectively.

6,4.

5 and 3.

5 times, optimistic about the company’s future scale expansion and profitability improvement, maintain “Highly Recommended-A” rating, target price of 13.

1 yuan / share (approximately 10% discount to NAV, or PE = 7X in 2020).

  Risk warning: the third- and fourth-tier sales exceeded the expectations, and the settlement net interest rate fell short of expectations.

Ke Feiping (870447): Nuoxinkang’s sales continued to grow and the company’s net profit in 2018 reached 2.

2.3 billion

Ke Feiping (870447): Nuoxinkang’s sales continued to grow and the company’s net profit in 2018 reached 2.

2.3 billion

The company released its 2018 annual report, and profits 武汉夜生活网 continued to grow: the company’s annual report showed that the company achieved operating income7.

48 ppm, a reduction of 32 per year.

21%, net profit 2.

23 ppm, an increase of 28 in ten years.

85%.

The decrease in revenue and the increase in net profit were mainly due to changes in the income settlement model. The sales volume of the product continued to increase in this period: Since 2017, the country has gradually promoted the “two-vote system”, which has led to a decline in the company’s operating income.”Xinkang” income settlement mode, through the use of patents to the producers of cooperative varieties, sales service fees and other means of settlement.

The total sales volume of the company’s main products in the country has continued to increase compared with the same period last year. Among them, the sales of “Nuoxinkang” increased by about 11.05 million pieces compared with the same period last year, and Naomaili granules increased by 6 compared with the same period last year.

490,000 boxes, which promoted the company’s overall profit growth.

(Company Announcement) Nuoxinkang and Naomaili Granules have entered the medical insurance catalogue to help product volume: the company’s existing main cooperative variety “nuoxinkang” (tanshinone IIA sodium sulfonate injection) has an income of 6.

2.7 billion yuan, accounting for 83% of the company’s current operating income.

73%.

After years of technology accumulation, in addition to “Nuoxinkang”, the company has formed a complete own intellectual property rights and product registration system, with independent varieties “Naomaili Granules”, and “Yendino”, “Ola”Xitan injection “and many other cooperative varieties.

“Nuoxinkang” and “Naomaili Granules” have entered the “National Medical Insurance Catalog (2017 Edition)”.

Due to the implementation of the new national medical insurance catalog, Nuoxin Kang’s competition in medical institutions below the second level sharply decreased.

(Company announcement) The company’s innovative drugs and high-end generic drugs projects continue to work hard to further enhance competition: the company has focused on R & D and technological research in innovative drugs and high-end generic drugs. The R & D and intellectual property expenditure in the past five years has exceeded US $ 200 millionIndependently declare 4 new drugs of class 1 and 20 high-end imitation products.

As of the end of 2018, the company has 9 innovative drugs under development, of which 6 have obtained clinical approvals, are conducting clinical research, 3 are in the preclinical research stage, and 68 clinical approvals for generic drugs have been obtained.

As of the end of 2018, the company has gradually applied for 162 patents and authorized 48 invention patents (including 1 Japanese patent).

As of the end of 2018, the company has accumulatively obtained 4 major national science and technology special projects, including: major new drug creation companies innovative drug incubation bases, major new drug creation antibiotic research and development, major new drug creation 2014 innovative drug clinical research and 2016 innovative drug clinical research.
In 2018, the company invested about 44.06 million yuan in research and development.

(Company annual report) The company’s overall operating conditions are still good, and the net cash flow from operating activities has improved significantly: The company’s overall gross profit margin has slightly shifted: from 68 in the same period last year.

01% were 66 for this issue.

60%, due to changes in the company’s revenue settlement model, the net profit margin increased significantly.

Net cash flow from operating activities for the period 3.

90,000 yuan, a year-on-year increase of 477% over the net cash flow from operating activities of 67.59 million yuan in the same period last year.

(Company annual report) Investment advice: Due to the impact of the “two-vote system” on the company’s revenue settlement model, is it expected that the company will be in 2019?
Income in 2021 is about 7.

48 billion, 8.

2.3 billion, 9.

0.6 billion, corresponding to a growth rate of about 0%, 10%, 10%.

It is estimated that the company’s net profit for 2019-2021 will be approximately: 2 respectively.

45 billion, 2.

70 billion, 2.

9.7 billion, corresponding to a growth rate of about 10%, 9.

8%, 10%.

The company currently corresponds to a total of 19?
The 21-year PE is 15 respectively.
6X, 14.

2X, 12.
9X.

Maintain the company’s buy-A investment rating.

Risk reminder: competition risk, R & D risk, single species dependence risk