China TV Media (600088) first coverage report: The company is expected to seize the potential of ultra-high-definition video to usher in leapfrog development

China TV Media (600088) first coverage report: The company is expected to seize the potential of ultra-high-definition video to usher in leapfrog development

Backed by CCTV’s conventional integrated audiovisual cultural travel service company, the company’s performance continues to improve, backed by CCTV, the main film and television shooting, TV program production and sales, film and television shooting base development and operation, film and television equipment rental and technical services, media advertising agencyAnd other businesses.

The company has first-class technical strength, a full set of advanced film and television production equipment and a professional production team. It is the first company to enter the field of high-definition television production internally, and has successfully cooperated with CCTV to complete the channel revision production task, and has been a major replacement andCoverage missions provide equipment support and technical services.

The subsidiary, CCTV North, has strong technical strength, and the company has obvious early advantages in the field of ultra-high-definition video. The subsidiary, CCTV North 4K production base, currently has the most advanced 4K technology equipment and large storage systems, as well as a senior and professional production team.The sound quality and artistic colors are created with high quality, which fully meets the full business needs of high-end 4K programs from pre-shooting to post-editing, color correction, transcoding, backup, and output.

Based on the advantages of post-production, the company is working hard to improve the comprehensive capabilities of 4K programs from planning, shooting to packaging and production, and to create comprehensive services for 4K program shooting and production.

The UHD video action plan directly benefits the target. One of the key tasks of the CCTV Central Media Exploration Platform plan is to enrich the provision of UHD TV programs. CCTV is an important supporting unit for the development of the UHD industry.The high-definition video industry is in a leading position. As an important organizer of the TV station of the main station and an important base of film and television shooting, the company will directly benefit from the plan and rely on the resources of the main station to achieve leapfrog development.

The company’s positioning is to serve as an investment and financing platform for the development of the total station scale. The pilot and experimental platform and the media fusion capital platform are responsible for ultra-high-definition video.With pure ultra-high-definition video, the company has a clear leading edge in the field of ultra-high-definition video, and can achieve leapfrog development through the national 南京夜生活网 ultra-high-definition video planning company.

It is initially estimated that the company’s net profit attributable to the parent from 2018 to 2020 will be 1.



40,000 yuan, the corresponding EPS is 0.



76 yuan, currently expected to correspond to PE of 47, 28 and 16 times from 2018 to 2020.

Covered for the first time and given a “Recommended” rating.

Risk Warning: The progress of the ultra-high-definition video plan has fallen short of expectations, the company’s strategic layout in the main station has been adjusted, and the company’s performance has fallen short of expectations.

Wan Liyang (002434): CVT volume promotes the company to face the turning point in performance

Wan Liyang (002434): CVT volume promotes the company to face the turning point in performance

Guide to this report: Benefiting from the ramp-up of CVT product capacity, the company achieved revenue of 12 in Q3.

07 million yuan (ten years + 13.

2%, +8.

3%), net profit attributable to mother 1.

160,000 yuan (ten years +30.

8%, the same quarter as the second quarter).

Investment Highlights: Maintain “Overweight” rating and raise TP to 9.

8 yuan (originally 8 yuan).

Company Q3 attributed net profit to mother 1.

160,000 yuan, EPS is 0.

09 yuan, in line with market expectations.

The company’s customers are mainly independent brands. Due to the breakdown of the growth rate of the independent brand market, the company’s EPS forecast for 2019/20/21 is reduced to 0.



66 yuan (originally 0.



(68 yuan), because the CVT production 厦门夜网 capacity climbing progress exceeded expectations, the company expected to forecast repair, given the company 20 times the 2020 estimate, we raised the company’s target price to 9.

8 yuan.

In Q3 2019, the company’s operating income was 12.

07 thousand yuan, ten years +13.

2%, +8.


The Q3 revenue increase was originally that the CVT25 began to be installed on Geely in May 2019. Some Chery models were launched. Until the 100,000th CVT25 of Wanliyang has been offline, this CVT product is a pure increase compared to Q3 2018.

In the third quarter of 2019, the company’s net profit attributable to its parent was 1.

16 trillion, +30 a year.

8%, unchanged from Q2.

The company’s gross profit margin in the third quarter was 19.

62%, a decline of 0 every year.

33 points, down 4 from the previous month.

83pct, basically CVT is still in the climbing period, the gross profit margin will rise as the production capacity increases; Q3 development expense ratio 2.

99%, a decrease of 0 every year.

99pct, down 1 from the previous month.

95pct is basically the end of the development of new CVT products, and the growth rate of R & D investment in the future will become a leader.

Commercial vehicle speed change is the company’s stable income, and the CVT business and Geely’s deep binding bring increase.

The commercial vehicle business is stable in profit. After the G-series products are put on the market, it will help increase gross profit margins. Pickups and heavy trucks will be important future increases in the commercial vehicle business.350,000 units.

Risk warning: CVT production capacity climbs less than expected, and Geely’s sales are lower than expected.

No spring will not come: the first day of spring, A shares stabilized and bought funds

No spring will not come: the first day of spring, A shares stabilized and bought funds

A stock rebounded!

A new investment direction has emerged?

Investing without looking at policies is like blindfolding. Come to Sina Finance University, listen to Miss Dong read the news and understand the market.

Free for a limited time until February 9!

  No winter is insurmountable, and no spring will not come.

Today is the beginning of spring, and the warmer sun is covering up the breeze blowing onward, and spring is coming.

  After experiencing the cold yesterday, the A-share market picked up markedly on the day of the spring. The two cities opened lower and higher and staged a rebound. The technology and consumer sectors led the market to rebound.

  Analysts said that yesterday’s plunge is a trend of continued development of the epidemic, but in general it is only an event shock that will not change the basic trend of long-term slow A-share bulls.

  Today’s Lichun market is picking up at 17: 3 on February 4, Beijing time. We will usher in the first solar term in the twenty-four solar terms in the lunar calendar-Lichun.

The beginning of spring is the head of spring.

Although it is only a prelude to spring, its arrival means that ice and snow have disappeared, spring water is born, and the weather will begin to gradually warm.

  At the 苏州夜网论坛 beginning of the spring day, today’s market also said goodbye to the cold winter, and it was significantly warmer.

Yesterday, the total market value of A shares per day decreased by 4.

82 trillion, with a limit of more than 3,200 stocks.

Today’s opening, the two cities continued yesterday’s decline, the three major indexes all opened lower, the Shanghai Composite Index opened down 2.

23% reported at 2685.

27 points, fell below 2700 points; SZSE Component Index opened down 2.

05%, reported 9578.

87 points; GEM refers to the opening drop of 0.

54% to 1786.

16 o’clock.

But just one minute after the opening, at 9:31, the Shenzhen Stock Exchange Index rose to popularity and the GEM Index rose more than 1%.

  At noon, the Shanghai Composite Index increased by 0.

21%, SZSE Component Index rose 1.

74%, GEM Index rose 3.


  The transaction volume of the two cities has been significantly enlarged, exceeding 600 billion yuan, of which the half-day turnover of the Shanghai Stock Exchange was 2,437.

9 billion yuan, Shenzhen half-day turnover was 3612.

2.1 billion yuan.

  From the perspective of the disk, the important driving force for the market rebound comes from the technology and consumer sectors.

Tongdaxin software shows that among the stocks that have contributed the most to the Shanghai Stock Index, the Shenzhen Stock Index has a large number of technology stocks and consumer stocks.

  Source: In the industry sector of Tongdaxin, the pharmaceutical and biological, household appliances, and electrical equipment industries have the highest growth rates, increasing by 3 respectively.

05%, 2.

90%, 1.


  Source: Wind. When the A-shares stabilized and rebounded, the Hong Kong stock market, which had stabilized yesterday, also rebounded significantly today. Until the midday closing, the Hang Seng Index rose.

16%, the medical equipment and technology sector increased significantly.
  Source: Wind maximized, the biggest gain in the FTSE China A50 index futures was close to 4%.
  Source: Wind dips funds continue to purchase substantially. From the perspective of turnover, the two cities closed at noon for a continuous period of time, and the turnover of the two cities exceeded 600 billion yuan, a significant increase from yesterday.

It was 181 yesterday.

Northbound funds with a 8.9 billion counter-trend bottom were active again today and continued to buy.

At the end of the afternoon, Oriental Fortune Network data showed that the net inflow of northbound funds exceeded 6 billion.

One and a half trading days, the net inflow of northbound funds exceeded 24 billion.

  Source: Oriental Fortune. From yesterday’s Shanghai Stock Connect and Shenzhen Stock Connect’s top ten active stocks, Wind data shows that Ping An of China, Maotai, Guizhou, and Gree Electric each received northbound funds23.

2.5 billion, 12.

8.2 billion, 9.

Net purchases of USD 2.0 billion; Northbound funds are expected to have a net purchase of Ningde Times, Yanghe shares, and China National Travel Service yesterday, exceeding 500 million.

Among the top ten active stocks of the Shanghai Stock Connect and the Shenzhen Stock Connect, Northbound funds only carried out lightening operations on Lixun Precision, Tiger Pharmaceuticals, Vanke A, and Ping An Bank, each selling 3 net.

4.7 billion yuan, 2.

9.5 billion yuan, 1.

3.9 billion, 0.

3.1 billion yuan.

  On February 3, the top ten active shares of Shanghai Stock Connect and Shenzhen Stock Connect: Wind From yesterday’s Shanghai Stock Connect and the top ten active stocks of Shenzhen Stock Connect, we can see that Northbound funds have increased their positions in consumer stocks and financials yesterday.All the stocks have carried out obvious positions increase.

  At the same time, in addition to the continued bottoming of northbound funds, yesterday’s private placement for many years has carried out a position increase operation.

For example, a well-known private equity investor, Shenzhen Oriental Harbor Investment Chairman Dan Bin publicly stated that he gave instructions to traders, new funds to buy leading liquor, leading battery companies, leading Internet companies (Hong Kong shares), leading online education companies (Hong Kong shares), bulletsRun out!

  In terms of public offering funds, on February 3, the official website of Xingquan Fund released the “Announcement on the use of inherent funds to buy public equity funds under the banner of the company (Jin Qilin analyst)”, the announcement shows that Xingquan Fund has been in 2020On February 3, the inherent funds were used to purchase approximately 37 million yuan of public equity funds, and on February 4, 2020, an additional 23 million yuan was purchased. In total, the company’s partial equity public funds will be purchased approximately 60 million yuan.
  Source: Xingquan Fund’s official website, the long-term trend of A-shares does not change. Yesterday, the A-share market exceeded the limit of 3,200 stocks. Some stocks face liquidity pressure. On the day of the spring, the index ‘s liquidity is basically stable.The number is over 120.

  For the current market, analysts agree that the long-term trend of A-shares will not change.

Guosheng Securities said that the recent supervision continues to release warmth and clearly protects the real economy and the capital market.

The huge return of foreign countries to the bottom-up layout has supported the market.

Because the implementation of comprehensive epidemic prevention and control measures is earlier and more timely, and the intensity is stronger, the duration of this epidemic may occur.

The epidemic situation subsequently occurred, panic gradually eased, and the market will usher in repairs again.

After the short-term market adjustment, the market risk premium has once again returned to a high level, and the index is entering a “golden pit.”

In the medium and long term, the impact of the epidemic is only a disturbance. After the epidemic has calmed down, the market will still return to logic. Policies continue to be relaxed + counter-cyclical regulation strengthened + medium and long-term funds continue to enter the market. It is optimistic that the market will continue to move upward.

  Guosheng Securities believes that when the epidemic enters the mitigation period, the repair of risk appetite will also lead to the growth of technology to obtain significant excess returns.

  Everbright Securities chief economist Peng Wensheng said that the epidemic has impacted the capital market, but the fundamental factors that determine the market trend are policy orientation and economic data.

In the period of 1-2 weeks, the spread of the epidemic has disturbed the operation of the market through emotions; in a quarter or so, it is necessary to pay attention to economic data, and the impact of changes due to the epidemic on the market; from a year or so,The impact of the outbreak is negligible.

  Wang Hanfeng, chief strategy analyst of CICC, said that the epidemic may continue to affect short-term mood and rhythm, but does not change the direction of the medium-term market.

At present, the estimated attractiveness of A-shares and Hong Kong stocks has increased, and they still hold a positive view of market development trends. Substitutions under the influence of short-term sentiment provide opportunities to undervalue high-quality standards.

Investors in the short-term can pay attention to the progress of the epidemic, and look at the time when the subsequent epidemic is potentially stable according to the situation to participate in the short-term rebound of the plate affected by the epidemic.

Consumption upgrading and industrial upgrading are the main trends that are optimistic in the medium term.

  Qin Peijing, chief strategy analyst at CITIC Securities, said that the epidemic shock brought an end to the rehearsal of the “well-off bull” that began last December, but at the same time provided a rare allocation opportunity.

As the economy returns to the right track in the second quarter, the “well-off bull” will most likely reopen.

Huaxia Happiness (600340): 30% increase in profit and sales of foreign ports

Huaxia Happiness (600340): 30% increase in profit and sales of foreign ports

Diluted earnings in the first quarter of 19 (0).

97 yuan, an annual growth of 31%, in line with expectations of China Happiness’s 1Q19 results: operating income of 10.3 billion US dollars, an increase of 9%; net profit attributable to mothers, 3 billion US dollars, an increase of more than 30%, in line with expectations.

Revenue increased slightly, and the decline in taxes and fees led to a 30% increase in profits.

In the first quarter, the company’s gross profit increased by 12% to $ 6.3 billion per year, and the gross profit margin increased by two times to 61% over the same period last year; the three expense ratios fell by 7% to 18% (reduction in management expenses and reduction in financial expenses decreased by 37% and1%), the effective tax rate fell by 5 units, leading to a 30% increase in net profit attributable to mothers, and a net profit margin attributable to mothers increased by 5 to 29%.

The start of the year has markedly accelerated, and financing channels have been diversified and unblocked.

In the first quarter, the company’s supplementary land area increased by 64% annually to 970,000 square meters, which was higher than the average level in each quarter of last year, corresponding to a total cost of US $ 3.9 billion, resulting in an earlier increase in net debt ratio (excluding bills) of 45 to 257%.; Due to the increase in project payments, net operating cash repeatedly reached US $ 15.5 billion, a year-on-year increase of 61%.

YTD company to 5.

5% of the coupon rate issued an ultra short-term financing and a company debt financing of 3.5 billion, and 6.


6% of the cost of issuing 4 US dollar debt financing16.

$ 300 million.

The company intends to issue no more than US $ 5 billion of medium-term notes to repay the remaining and replenish liquidity.

Development Trend The proportion of foreign port sales continues to increase, with a target of 180 billion yuan.

In the first quarter, the company achieved a budget / sale area of 3.05 million / 3.06 million square meters, a decrease of 32% and 11%, of which the sales area of foreign ports increased by 108% to 2.08 million square meters, accounting for 68% (the first quarter of 2017, 15% and 56% in the first quarter of 2018).

We expect that the sales of foreign ports will continue to be strong during the year. The company is expected to achieve this $ 180 billion in 2019, which is equivalent to an 11% increase in 重庆耍耍网 growth.

Ping An increased holdings and star managers joined to help long-term development.

Currently Ping An Asset Management holds 25.

25% equity, will carry out long-term cooperation in project and financing in the future; the company hired Wu Xiangdong as CEO in February this year to be responsible for commercial office and related businesses, and will enter the commercial real estate and related mid- to high-end residential business in the future, and explore newReal estate.

Earnings forecast We maintain our 2019e / 2020e earnings forecast unchanged.

Estimates and recommendations The company is currently sustainable trading at 6.


0x 2019 / 2020e PE ratio.

Maintain recommended level and target price of 38.

10 yuan, the target price corresponds to 8.


2x 2019 / 2020e target P / E ratio and 25% upside.

The risk adjustment city’s adjustment policy was less positive than expected, and the financing environment tightened more than expected.

Tielong Logistics (600125): According to the performance forecast, the special box business will continue to grow rapidly, but the high estimate is still to be digested

Tielong Logistics (600125): According to the performance forecast, the special box business will continue to grow rapidly, but the high estimate is still to be digested
Results review 2018 results in line with the forecast Tielong Logistics announced 2018 results: operating income 156.400 million, an increase of 34% in ten years; net profit attributable to mother 5.1 ‰, an annual increase of 55%, corresponding to a profit of 0.39 yuan; deducting non-net profit increases 51% every year.4Q operating income 36.0 million yuan, an increase of 15% in ten years; net profit attributable to mother 1.0 billion, a year-on-year increase of 96%.The initial growth mainly came from: railway special container business: 130 shipments.20,000 TEU, a 39% increase over ten years; revenue 14.1 ‰, 15% growth in ten years; gross profit 2.8 ‰, a year-on-year increase of 21%; every 1ppt increase in gross profit 青岛夜网 margin.  Rail freight and port logistics business: 5,440 arrivals and departures each year, a continuous growth of 8%; revenue 24.4 ‰, an increase of 117% in ten years; gross profit 4.4 ‰, a year-on-year increase of 93%; affected by the new settlement method of non-operating scale, the gross profit margin decreased by 2 percentage points.  Entrusted processing trade business: Sales of entrusted processed steel 166.4 Initially, the annual growth rate was 11%; benefiting from the increase in steel prices and the increase in production and sales, the income was 112.80,000 yuan, an increase of 27% in ten years; gross profit 1.7 ‰, an increase of 37% in ten years, the gross profit margin is basically flat.  Real estate business: income was increased due to accelerated marketing to accelerate dechemicalization3.7 ‰, an increase of 9 in ten years.6%; realized gross profit of 0.700 million, an increase of 60% in ten years.  Development Trends The policy environment (multimodal transport, transit to railways, railway clearing) is favorable for special container business and railway freight business on the Sakai Line.In the three-year freight incremental action target, the average annual growth in container transport volume will be more than 20%, and the average multimodal container transport growth rate will be more than 30%. In 2020, the proportion of container railway distribution ports in coastal ports will increase to 5%.The company’s large-scale spin-off and acquisition of containers in advance is expected to continue to release economic benefits in recent years.  The profit forecast takes into account that the performance of the company’s special case business is better than expected, we will forecast EPS in 2019 to 0.The 41 yuan is raised 3% to 0.42 yuan (+ 8% year-on-year), EPS forecast for 2020 is 0.46 yuan (+ 9% YoY).  Estimates and recommendations currently correspond to a 20x 2019 P / E ratio, 1.8 times P / B.The estimate is still high and we maintain our neutral rating and target price for the time being.77 yuan, corresponding to 21 times the 2019 price-earnings ratio, currently reaches 2% space.  The development of risky special container business fell short of expectations.

Jinshi Resources (603505): Plan to repurchase shares and implement equity incentives. The company’s interests will be consistent to ensure high future growth.

Jinshi Resources (603505): Plan to repurchase shares and implement equity incentives. The company’s interests will be consistent to ensure high future growth.
1.The event company issued a centralized bidding transaction repurchase program announcement, as well as a stock supplement and additional stock incentive plan draft.  2.Our analysis and judgment (I) Equity incentive plan shows the company’s confidence in the future development of the company The company intends to repurchase 4.32 million shares for no less than 55 million yuan and no more than 108 million yuan, but no more than 25 yuan.Implementation of equity incentive plans.At the same time, the company launched the stock budget and budget stock incentive plan budget. It plans to grant a total of 4.32 million shares of incentive objects, accounting for 1 of the total share capital.80% of the incentives cover the company’s directors, executives, and core 夜来香体验网 technical personnel totaling 77 people.The stock budget in this equity incentive is 181.80,000 copies, of which 1.64 million were awarded for the first time, replacing 17.80,000 shares, the first exercise price is 20.66 yuan / share.And the median equity incentive stock is 250.20,000 shares, of which 235 were granted for the first time.20,000 shares, with a budget of 150,000 shares, the initial grant price is 10.33 yuan / share.The performance evaluation target of the stock budget / budget granted for the first time is based on the 2018 net profit, and the net profit conversion in 2020-2022 is not less than 125%, 170%, 210%; the supplementary stock expenditure / budget stock performance evaluation targetNet profit in 2018 is a base, and the growth rate of net profit in 2021-2022 is not less than 170% and 210%.The company estimates that the total amortized expenses will be 2842.760,000 yuan, of which in 2020-2023 were 1602.69, 877.65, 337.76, 24.650,000 yuan.The company intends to implement equity incentives on the occasion of industry integration and expansion of its own strength, which binds the company and personal interests, is conducive to the company’s long-term development, and demonstrates the company’s confidence in future development.  (2) The industry is booming, the company’s endogenous extension potential is enhanced, and the strategic minerals on fluorite selected by leading companies are consolidated, which has been transformed into the domestic emphasis on environmental protection and safe production in recent years, and the Ministry of Industry and Information Technology has issued a protective policy on fluorite resources.The local government has tightened the fluorite mines. Small mines that do not meet environmental protection and safety standards have been shut down. Industry consolidation has intensified and supply has begun to shrink. The output of domestic acid-grade fluorite fines has continued to increase.import country.On the demand side, fluorite is mainly blended into the fields of fluoride, steel, electrolytic aluminum, and building materials. Benefiting from refrigerant conversion and downstream air conditioning, the future growth rate of automobile production will accelerate, and the consumption of hydrofluoric acid is expected to increase.There are 44 kinds of free-radical hydrofluoric acid to increase production capacity, indirectly driving demand for fluorite.In addition, the output of steel, electrolytic aluminum, and building materials will increase significantly in 2020, which will lead to increased demand for fluorite.  The supply contract of the fluorite industry is clear, the demand is expanding comprehensively, the industry supply and demand margin is improving, and the price center of fluorite is increasing.Under the general trend of industry consolidation, the company continues to acquire mines to increase market share, further consolidating the position of the industry leader and enhancing its own future development potential.  3.Investment suggestion: As a leader in the fluorite industry, through endogenous extension, it will transform into the layout of industry integration and transformation, transform Lanxi Jinchang 20 alternative mineral processing project construction and gradually supplement production, as well as the technology of Xiangzhen Mining and newly acquired Ningguo Zhuangcun Mining.After the completion of the reform, the company’s fluorite production will continue to increase in the future, and expand the prosperity of the fluorite industry, the price of fluorite will increase, and the company’s future performance is expected to continue to grow rapidly.The company plans to implement equity incentives, which can fully mobilize the enthusiasm of the company’s leaders and core technical personnel to ensure the company’s future growth.We expect the company’s EPS to be zero in 2019-2021.98/1.33/1.63 yuan, corresponding to the PE of 21x / 15x / 13x in 2019-2021, maintaining the “recommended” level.  4.Risk warnings 1) The price of fluorite has fallen sharply; 2) The company’s technological improvement level and increase in production progress are gradually expected; 3) The company has a safety production accident; 4) The fluorite industry’s integration progress is less than expected; 5) The demand for refrigerants such as air conditionersexpected.

China Boulder (600176): Cost-side competitive advantage continues to strengthen

China Boulder (600176): Cost-side competitive advantage continues to strengthen

Matters: The company recently released its 2018 annual report, reporting and achieving an operating income of 100.

32 ppm, an increase of 15 in ten years.

96%, net profit attributable to mothers23.

74 ppm, a 10-year increase of 10.

43%, basic profit income is 0.

68 yuan / share, an increase of 10 in ten years.


In addition, the company intends to send 2 out of 10.

25 yuan (including tax).

Comment: Alkaline fiberglass yarns and products have achieved rapid growth, demonstrating strong competitiveness at the cost side again. In 2018, the company’s fiberglass yarns and products achieved 95 revenue.

40,000 yuan, an increase of 13 in ten years.

7%, operating cost 50.

50,000 yuan, an increase of 12 in ten years.

3%, revenue growth is slightly faster than cost.

The gross profit margin of the fiberglass and products business was 47 in 2018.

05%, rising by 0 every year.

41 units.

The company’s sales growth in 2018 is relatively obvious. Considering that the price of glass fiber has dropped significantly in the second half of 2018, but the company’s gross profit margin has increased, our calculations show that the cost decline is stronger than the product price decline, showing the company’s extremely excellent competitiveness.

The negative 杭州桑拿网 growth of Q4 single quarter profit was mainly dragged down by three reasons. From the perspective of Q4 single quarter, the company’s revenue was 24.

30,000 yuan, an annual increase of 8.

63 units; gross profit margin 22.

28%, more than ten years.

33 units; net profit attributable to mother 4.

61 ppm, a decrease of 22 per year.

There are 86 reasons for the decrease in Q4 net profit. There are four main reasons for our judgment: First, the price of products has fallen, second, foreign products have been affected by exchange rate changes, and third, the company has withdrawn about 92 million assets in the quarter.

Affected by the decline in financial expenses, the period expense ratio decreased significantly during the reporting period.

49%, a decrease from the same period last year.

39 single ones, of which sales, management (including R & D) and financial expense ratios are 3 respectively.

84%, 8.

24% and 3.

4%, rising by 0 each year.

13, -0.

07 and -1.

For 45 shares per share, the decrease in financial expense ratio was due to the decrease in expenses and increase in exchange income during the period.

The company is still in the period of rising production capacity. The company that has increased capital expenditure in the next two years will be at the peak of capital expenditure in the past three years. At present, the five major projects are fighting at the same time.With a production capacity of 35 tons, the central region has completed a 35-ton capacity layout. The intelligent manufacturing base at Tongxiang headquarters has a 16-year annual production line for roving and a 6-year annual production line for spinning. The production line is ignited as scheduled.The 25-year-old production line will be constructed at the new site; the supporting projects of the Egyptian production base are completed and put into operation in turn, and 20 production bases are announced to be fully completed; the US project is entering the sprint stage and the ignition is imminent.

By optimizing the product and customer structure, the high-end market share was further increased.

In the future, the product structure will continue to be optimized, and the proportion of high-end products will be improved to stabilize the industry’s cycle changes. The company ‘s E8 formula market has been increasing in recognition, with huge potential for expansion. The high-modulus E9 formula has completed laboratory-level formula confirmation.With the direction of higher strength and modulus, more reasonable, greener, more environmentally friendly, and more secure, the direction is continuously improved, providing continuous support and guidance for new areas, new market expansion, quality improvement, cost reduction and efficiency improvement.

The company has first-class R & D strength in the industry and world-class technology level. The proportion of high-end products continues to increase, pushing forward to overcome industry progress, and to stabilize changes in prices and gross profit margins. The intelligent manufacturing base of the Tongxiang headquarters is based on the “deep integration of the two industries” and the construction of smart factories. In the future, the company will have better development in structure, cost, technology and efficiency.

Maintaining the “overweight” rating, we expect the company’s revenue for 2019-2021 to be 112.

7, 124.

7 and 136.

800 million, an increase of 12 each year.

3%, 10.

7% and 9.

7%, net profit is 25.

9, 28.

8 and 32.

800 million, an increase of 9 each year.

0%, 11.

3% and 13.

8%, EPS is 0.

74, 0.

82 and 0.

94 yuan, corresponding to 19/13 PE of 15/13 / 12x.

The company is currently actively expanding its production capacity and transforming it into an intelligent production and product structure that increases the proportion of high-end glass fiber products.

In the short term, fluctuations in the price of fiberglass products may weigh on the company ‘s performance, but in the long term, the company ‘s competitiveness will be further strengthened and small businesses eliminated. The company ‘s market share and voice will continue to increase, maintaining its “overweight” rating.

Risks indicate risks of changes in related financial policies; risks of RMB exchange rate and loan interest rate; risks of changes in raw material and fuel prices;

Hualan Biological (002007) Annual Report 2018 Comment: Net Profit Growth 38.

8% tetravalent flu vaccine is the biggest highlight

Hualan Biological (002007) Annual Report 2018 Comment: Net Profit Growth 38.

8% tetravalent flu vaccine is the biggest highlight

Event: On March 28, 2019, the company released its 2018 annual report.

The company achieved operating income of 32 in 2018.

170,000 yuan, an increase of 35 in ten years.

8%; net profit attributable to mother 11.

400,000 yuan, an increase of 38 in ten years.

8%; net profit deducted from non-mother 10.

20,000 yuan, an increase of 31 in ten years.


Net operating cash flow 12.

930,000 yuan, an increase of 628 in ten years.


In 2018, the company intends to distribute a cash dividend of 4 per 10 shares.

00 yuan (including tax), 5 bonus shares (including tax).

Opinion: Realize increase in net profit attributable to mother 38.

8%, the tetravalent influenza vaccine is the biggest highlight of 2018.

In 2018, the company’s blood products business realized revenue24.

08 million yuan, an increase of 15 in ten years.

89%, of which albumin income was 10.

25 billion, an increase of 11.

45%, static C income 6.

04 billion, interest rate 10.

77%, income from other blood products7.

7.9 billion, an increase of 61.


The three major categories of blood products were in line with expectations, albumin was stable, small products broke out, and static prophylaxis was still under pressure.

In 2018, the country’s pulp extraction volume reached more than 8,600 tons, a year-on-year increase of nearly 7%, which basically entered a stable period.

Revenue from vaccine business7.

9.8 billion, an increase of 183 in ten years.

92%, mainly due to the revenue from the listing of the exclusive quadrivalent 杭州桑拿网 influenza vaccine.

The proportion of vaccine business increased rapidly to nearly 25% in 2018, achieving net profit2.

7 ppm, an increase of 451.


In terms of quarters, the construction of the sales team has gradually started and the dealers have gradually stabilized, and the blood products business has gradually picked up.

In the third and fourth quarters, supplemental influenza vaccine products were launched for sale, and revenue and profits increased significantly in the two quarters.

The overall performance showed a steady climb.

In 2018, the sales expense ratio continued to rise, and the overall gross profit margin increased by two.In 2018, the company’s overall gross profit margin increased by more than two quantities, mainly due to the vaccine business (gross profit margin 83.

(66%) ‘s revenue accounted for more than 20%, and the gross profit margin of the blood products business was 58.

84% (only a slight decrease of 2.

7%), which improved the overall gross profit level.

The company’s selling expenses reached 5 in 2018.

380,000 yuan, a significant increase of 100 from last year.

91%, there are two main reasons: (1) after the one-ticket system for vaccine products, the sales expense rate is high; (2) blood products continue to promote the construction of sales teams and hospital expansion, sales costs have increased.

Merge overhead and R & D expense ratios 1.

8.1 billion, accounting for 10% of revenue.

2%, and 12 last year.

The proportion of 18 decreased slightly.

The company’s blood products issued in 2018: human blood albumin (accounting for 13.3% of domestic white batches issued.

4%), Jing Cing (accounting for 10 of the batch issued).

5%) and other major blood products are issued in the forefront of the industry, eight factors accounted for 41 of the domestic approval.

PCC accounts for 46% of the domestic approvals.

2%, human immunoglobulin accounted for 37 of the domestic approvals.

3%, accounting for 26% of domestic approvals.

8%, B exemption accounts for 18 of the domestic approvals.

9%, ranking first in the domestic industry.

Profit forecast and investment advice: Considering that Miao Miao is expected to be listed in 2019, we expect the company’s operating income to be 42 in 2019-2021.

07, 46.

93, 53.

54 ppm, an increase of 30 in ten years.

77%, 11.

57%, 14.

08%, net profit attributable to parent company 14.

07, 16.

43, 19.

00 ppm, an increase of 23 in ten years.

49%, 16.

75%, 15.

64%, corresponding EPS is 1.

51, 1.

77, 2.

04 yuan.

The company is one of the richest product line leaders in blood products enterprises. The volume of pulp extraction can maintain a large and stable growth for a long time. At present, it has established a blood product sales team and actively promoted sales. At the same time, the four major monoclonal antibodies entered clinical phase III.To build a foundation for long-term performance development, the quadrivalent influenza vaccine was officially launched for sale, providing new profit growth points, and maintaining a “buy” rating.

Risk reminder: The risk of the reform of the sales channel of the blood product business is less than expected, the risk of fluctuations in the price of blood products, the risk of less-than-expected plasma extraction, the single risk of multiple varieties of vaccine business, and the development of monoclonal antibody business is not as expected.

Longji shares (601012): single crystal leading is expected to continue high growth

Longji shares (601012): single crystal leading is expected to continue high growth
Investment Highlights: Events.The company released its 2019 semi-annual report on August 29, and achieved operating income of 141 in the first half of the year.1.1 billion, an annual increase of 41.09%; net profit attributable to mother 20.100,000 yuan, an increase of 53 in ten years.76%.Divided by single quarter, it achieved operating income of 84 in 19Q2.10,000 yuan, an increase of 28 in ten years.62%; net profit attributable to mother 13.980,000 yuan, an increase of 83 in ten years.07%.  Wafer: Gross profit margin is expected to continue to increase, and production capacity will accelerate.In the first half of the year, the company’s silicon wafers were exported21.4.8 billion wafers, an increase of 183% in ten years; according to PV InfoLink statistics, the price of single crystal silicon wafers has remained at 3 since the end of March.12 yuan / piece, the price is stable, and according to the company’s semi-annual report, the non-silicon cost has dropped by 31 in the first half.75%, price stability and cost continue to decline. We believe that the company’s gross profit margin is in a rising chain in 19 years. In addition, the company is accelerating the construction of wafer capacity. The wafer capacity is expected to reach 65GW by the end of 2020.It is believed that the accelerated construction of production capacity is expected to help the company grab a larger market share.  Components: Overseas sales surged, management optimization + technological progress helped growth.Module sales in the first half of the year 3.19GW, an annual increase of 21%; overseas module sales2.42GW, an annual increase of 252%, and component sales 夜来香体验网 accounted for 76%; the company also promoted management system construction and process system optimization in all aspects of production, operation, research and development. In 18 days in 2019, the receivables turnover days decreased month-on-month19 days; in terms of technological progress, the company has always developed the third-generation PERC battery around the overall idea of improving quality and efficiency, and the conversion efficiency of single / double-sided batteries has been improved.Above 3%, new products of M6 silicon wafers and Hi-Mo4 modules released by other companies continue to meet the market demand for high-efficiency products. We believe that the new products will help further enhance the competitiveness of the company’s components, inject momentum for subsequent continued growth, and promote 2020.年 年业绩增长。  Domestic demand led the release in the second half of the year.Under Energy Bureau 7.The “Overall Situation of State Subsidy Bidding Work for Photovoltaic Power Projects in 2019” released on 11 was divided by the 19-year bidding subsidy to reach 22 installed capacity.79GW, the Energy Bureau estimates that the installed capacity for grid connection within the year will be 40-45GW; we believe that bidding is the most important component of domestic demand in 19 years, combined with the first batch of affordable projects introduced, domestic demand is expected to increase rapidly in the second half of the yearGlobal demand has reached a new level. We expect that global installed demand in 19 years is expected to reach 125-130GW.  Profit forecast and investment rating.We believe that the company is the leader in domestic monocrystalline products, with obvious advantages of technology + cost + brand, parity is coming, and the trend of monocrystalline is clear; we expect the company’s net profit in 2019-2021 to be 51.49, 67.51, 79.49 trillion, corresponding EPS is 1.42,1.86, 2.19 yuan; with reference to comparable estimates in the same industry, according to 20-25 times PE in 2019, corresponding to a reasonable value range of 28.40-35.50 yuan, given a “preliminary market” rating.  risk warning.Policy fluctuations; increased competition; replacement of new technologies; product price fluctuations.

Hailan House (600398): Major Brands Accelerate to Profit and Short-term Fluctuations Improve

Hailan House (600398): Major Brands Accelerate to Profit and Short-term Fluctuations Improve

[Event]On the evening of October 30, 2019, the company released the third quarter report for 2019. In Q1-Q3 2019, the company achieved revenue, net profit attributable to mothers, and net profit attributable to non-mothers 146.

89, 26.

16, 24.

18 ppm with a 12-year growth rate.

63%, -0.

45%, -3.

63%, the company’s revenue in Q3 2019, net profit 无锡桑拿网 attributable to mothers, net profit attributable to non-mothers reached 39, respectively.

6.8 billion, 4.

9.1 billion, net of non-attributed net profit4.

28 ppm, an increase of 31 in ten years.

00%, -12.

64%, -8.


  [Comment]The main brands are accelerating, and the online Q3 is accelerating. (1) In terms of channels: ① In terms of overall segmentation, Q1-Q3 companies’ online and offline revenues in 2019 reached 8 respectively.

52 ppm, 135.

2.5 billion, an increase of 9 each year.

98%, 13.

01%, offline growth is slightly faster than online.

Online Q1 and Q3 2019 accounted for 5 of online and offline revenue respectively.

93%, 94.

07%, the main offline share, online share fell slightly.

15 marks.

  ② In terms of offline channel breakthroughs, the company will directly operate in Q1-Q3 2019, with franchise and other revenue reaching 8 respectively.

5.9 billion, 120.

10,000 yuan, an increase of 243 each year.

80%, 5.

86%, direct-operated stores grew rapidly.

③On the Internet, the growth rate of online income in Q1, Q2, and Q3 in 2019 was -5.

9%, 5.

9%, 38.

9%, online Q3 speed up.

④ In terms of the number of channels, the company will no longer divide statistics in September due to the love of the rabbit business. In the third quarter of 2019, the total number of stores fell from the beginning of the period by 469 to 7076, of which the number of main brand stores reached 5,517, a net increase of 220, othersBrands (Hailan Preferred, AXE, OVV, boys and girls, Yingshi) had 1,559 stores, a net increase of 592.

  (2) By brand: ①The main brand of Hailan House, the revenue of 2019Q1-Q3 reached 115.

320,000 yuan (+7.

26%), the number of stores reached 5,517, an increase of 420 (+7 from the end of 2018).

61%), of which 116 directly operated stores increased to 291, mall stores accounted for nearly 20%, it is expected that the proportion of mall stores will reach 30-40% in the future, franchise and associates will increase 304 to 5226, gross profit margin over the previous yearDown 1.

89pct to 43.

14%.  ② San Keno, the revenue of Q1 to Q3 2019 reached 15.

180,000 yuan (+31.

18%), the single quarter in the third quarter reached 5.

82 ppm (+ 77%), gross margin increased by 0 compared to the previous year.

05pct to 51.

08% ③ For other brands, 2019Q1-Q3 revenue reached 6.

30 trillion (+1085.

90%), of which children’s clothing Yingshi, boys and girls contributed about 2.

300 million income.

The number of stores increased by 1264 to 1,264, of which direct-operated stores increased by 170 to 254, and franchise and affiliate decreased by 1,094 to 1,305. The gross profit margin decreased by 8 from the previous year due to the decrease in the gross profit margin of boys and girls.

53pct to -34.


  Profitability: Gross profit margin has decreased.

In Q1-Q3, the company’s gross profit margin decreased by 1.

65pct to 41.

77%, Q3 gross profit margin decreased due to the improvement of the markup rate (in the first half of the troubled Tiangong series markup rate was only about 2 times), the decrease in buyout products and the decline in the gross profit rate of boys and girls business is obvious, it is expected that the gross profit rate of boys and girls will be in the future and HailanThe home brand is close to about 40%.

In terms of different channels, in Q1-Q3 2019, due to the expansion of the new platform online, the gross profit margin decreased by 6pct to 50.

21%, offline gross margin reached 42.

31%, down 2 each year.


  Expense ratio: The improvement is obvious.

During Q1-Q3 2019, the company’s expense ratio reached 17.

34% (+2.


Excluding children’s clothing Yingshi, boys and girls are affected by the consolidation. Due to the rapid growth in the number of employees, the rental fee of direct-operated stores has increased rapidly, and the sales expense ratio in Q1 to Q3 2019 increased to 10.

17% (+1.

07pct); 2019Q1-Q3 The management expense ratio (including research and development expenses) increased by 1 due to the increase in employee compensation and depreciation booths during the period.

33pct to 7.

19%, of which the R & D expense rate remained stable at 0.

28%; 2019Q1-Q3 financial expense ratio increased to -0 due to the increase in amortized bond income in the current period.

02% (+0.


  ROE: Slightly lower every year.

2019Q1-Q3 company ROE reached 20.

01% (-2.

31pct), net interest rate, asset turnover rate, and equity multiplier reached 17, respectively.

66% (-2.

49 points), 0.

52 (+0.

04), 2.18 (-0.

10) The main influencing factor is the decrease in net interest rate.

  Operators: Inventory turnover has improved and liquidity has stabilized.

①In operation: In terms of inventory, due to the consolidation of the two major children’s clothing brands, the newly opened stores replaced the Ijutu inventory at the end of August. As a result, the company’s inventory decreased in Q1 to Q3 2019.

69% to 89.

9.6 billion, of which approximately 3.2 billion are in stock, and approximately 5.6 billion are in channel inventory. Due to the warehousing of products in 2020, the inventory of the main brand in the third quarter was basically the same as that of the same period last year. The overall turnover days decreased by 34 days to 299 days.Turnover level improved.

In terms of accounts receivable, due to the direct management model and the division of franchisees and suppliers, the company’s turnover account turnover days are relatively small. The Q1 to Q3 accounts receivable turnover days are sometimes slightly downgraded by 2 days.Up to 14 days.

② In terms of liquidity, the company’s net operating cash flow increased due to the cash received from the sale of goods and labor services during the period, an increase of 47 over the same period.

60% up to 2.

01 billion, good cash flow.

  [Investment suggestion]It is estimated that the company’s net profit attributable to the parent in 2019/2020/2021 will be 35.



6.6 billion, the previous growth rate was 3.

16% / 9.

37% / 9.

42%, corresponding to a P / E of 9.



32. Maintain the “recommended” level.

  [Risk Tips](1) The economic downturn exceeded expectations, and terminal consumption declined; (2) The main brand sales fell short of expectations; (3) The development of new brands fell short of expectations.