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products has fallen, second, foreign products have been affected by exchange rate changes, and third, the company has withdrawn about 92 million assets in the quarter.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.

Keyuan (002380): Event-driven smart chemical park informatization promotes accelerated promotion and promotes high growth of the company

Keyuan (002380): Event-driven smart chemical park informatization promotes accelerated promotion and promotes high growth of the company
Event March 27th, the State Council ‘s Security Committee Office, the Emergency Management Department further strengthened the work safety video conference to notify Jiangsu Xiangshui Tianjiayi Chemical Co., Ltd. of the “Major Explosion Incident of March 21”. The conference needs to promote the use of big data, Internet of Things and other scientific and technological means to strengthen the practitioners, real-time monitoring of the entire process of hazardous chemicals. Commenting on the use of big data, the use of Internet of Things technology to strengthen chemical management will become the top priority of national standard chemical parks in the future, in order to promote the company’s smart chemical park solutions for high growth.The Office of the Security Council of the State Council and the Emergency Management Department gradually strengthened the video conference on work safety. The meeting emphasized the need to strengthen work safety, strengthen employees, and monitor the entire process of hazardous chemicals in real time, using a smart park incorporating big data, Internet of Things and other technologies.The solution provides guarantee for safe production in the industrial park.The chemical park is large and complex in nature, involving a variety of industries.Accidents in the park are sudden and uncertain, and various unforeseen situations often occur during the course of events, so it is difficult to prevent them.Jiangsu Province has 52 centrally managed chemical parks, which previously lacked effective safety management methods. In the future, the construction of intelligent parks will upgrade the level of safety management, create an information-based application platform, and establish chemical park safety management from source management to emergency management.system. The smart chemical park will ensure daily management and emergency response by integrating real-time data from various departments in the chemical park.The Smart Chemical Park rationally integrates the basic data of each department in the park to establish a risk source management system and an emergency resource management system; collects core data such as hidden safety risks through sensors, and analyzes and manages it in real time through a monitoring and early warning system; an emergency response command systemCan receive automatic or manual alarm information from the monitoring system, emergency personnel can quickly complete coordinate positioning, start programs, scheduling resources and other tasks. The company’s smart chemical park solution is expected to usher in rapid development and promote the company’s 2019?Rapid growth will be achieved in 2020.Keyuan Smart Chemical Park integrated operation management platform uses next-generation information technology to achieve seamless connection and collaboration between people, things and regional functional systems on the basis of comprehensive information perception and interconnection, and realizes intelligent management and operation of chemical parksSelf-sensing, adaptive, and self-optimizing to achieve safe, 无锡夜网 convenient, efficient, and green effects.Through intelligent and informatized integration of information resources, a comprehensive operation and management system for chemical industry parks with integrated safety, environmental protection and emergency response has been established to improve the government’s administrative capabilities and business collaboration capabilities within the park, to achieve a comprehensive, multi-level, and intelligent management. Profit forecast and rating: As a leading domestic industrial automation and industrial Internet product and solution provider, the company has leading advantages in smart factory and smart industrial park management solutions, and is expected to achieve high growth through this round of smart industrial park upgrades.What do we expect in 2019?Net profit in 2020 is 1.4.9 billion, 1.9.7 billion, given a “buy” rating. Risk Warning: The promotion of smart park solutions is less than expected; the support policy of smart parks is less than expected.

Shiji Information (002153): The rapid growth of overseas business

Shiji Information (002153): The rapid growth of overseas business
Event: The company released the 2019 first quarter 无锡夜网 report, reporting a series of realized operating income7.10,000 yuan, an increase of 32 in ten years.05%; net profit attributable to mother 0.73 ppm, an increase of ten years8.95%; net profit after excluding non-recurring gains and losses is 0.67 ppm, an increase of 11 in ten years.20%. The overseas business has grown rapidly, and the results of the cloud-based layout are present: the merger of the report and the rapid growth of the company’s revenue were mainly due to the substantial growth of the company’s overseas subsidiaries.As of the end of 2018, the company’s overseas subsidiaries include Shiji Germany (development and sales of military-based hotel information management systems), Snapshot GmbH (to be engaged in the construction and application development of hotel data platforms, etc.), and RR Company (hotel reputation management).In addition, in 2018, the company newly acquired StayNTouch (providing cloud-based mobile hotel management solutions) and CONCEPT (golf and spa management solutions), and established overseas subsidiaries such as Shiji United States.The overall business layout of the company’s overseas subsidiaries is mainly based on hotel cloud services. The sharp increase in revenue in the first quarter indicates that overseas hotels are rapidly adopting cloud-based systems and SaaS services.In the future, once the cloud PMS is adopted by the top international hotel groups, it will promote the rapid coverage of its cloud products in the global hotel industry through the leading effect, and realize the mutual layout of the company’s internationalization and cloudification. Consolidation and other factors have led to an increase in receivables and management expenses: It is reported that the company completed the acquisition of Hisense Smart Business through a public delisting of Shiji Commercial, a wholly-owned subsidiary, based on the combination of software and hardware in the hotel, catering and retail industries.75% of the shares will gradually absorb and integrate Hisense’s main business units, such as commercial cash registers, financial equipment and other hardware businesses.The company’s accounts receivable and bills receivable increased for three years.66% and 253.84%, mainly due to the increase of corresponding projects in Hisense Smart Business in the newly consolidated consolidated statement in the first quarter.In addition, the company’s administrative expenses increased by 59.26%, in addition to the consolidated statement factors, but also because of the substantial increase in the number of employees in overseas subsidiaries, the costs have increased significantly. Investment suggestion: The company will take the hotel information system cloudification and business internationalization as its current main directions to accelerate the transformation and upgrade of its own business model.In addition, the company actively expands the new retail sector, and while deepening its own product penetration in the vertical of catering and retail, it has joined hands with Ali Qiangqiang to achieve complementary products and channels.We expect the EPS for 2019-2020 to be 0 respectively.51, 0.64 yuan, “overweight-A” investment rating, 6-month target price of 35 yuan. Risk reminder: The advancement of new services such as cloud PMS is less than expected risk; there is uncertainty risk in the progress of cooperation with Internet companies.

Aladdin (830793) semi-annual report comment: Interim report performance is in line with expectations Scientific research reagent prospects are promising

Aladdin (830793) semi-annual report comment: Interim report performance is in line with expectations Scientific research reagent prospects are promising
Event: Aladdin released its semi-annual report for 2019.Operating income for the first half of 2019 was 9555.870,000 yuan, an annual increase of 31.12%, net profit attributed to mother 3091.50,000 yuan, an increase of 38 in ten years.48%, deducting non-net profit of 3091.270,000 yuan, an increase of 38 in ten years.08%.2019Q2 operating income 5316.160,000 yuan, an increase of 32 in ten years.19%, net profit attributable to mother is 1898.260,000 yuan, an increase 上海夜网论坛 of 25 in ten years.75%. Opinion: Revenue maintains rapid growth and expenses are well controlled.By business, 2019H1 high-end chemical revenue is 5472.730,000 yuan, an annual increase of 28.94%, gross margin is 70.92%; Life Science Revenue 1775.890,000 yuan, an annual increase of 28.88%, gross margin is 74.34%; Analytical Chromatography Revenue 1033.620,000 yuan, an annual increase of 31.91%, gross margin is 77.35%; materials science revenue 651.710,000 yuan, an increase of 28 in ten years.22%, gross margin is 73.84%; experimental consumables revenue was 249.30,000 yuan, an increase of 30 in ten years.63%, gross margin is 44.86%.Overall gross profit margin decreased by 0.61pct to 71.61%.In terms of expense ratio, the sales expense ratio increased by 1.19 points to 8.39%, mainly due to the increase in sales revenue of the 无锡桑拿网 company’s products, which caused the increase in sales staff salaries and sales freight costs; the management expense ratio and research and development expense ratio decreased by 1.74pct to 24.90%; financial expense ratio decreased by 0.27pct to -0.14%, mainly due to the company’s long-term loans repaid in the same period last year, reduced interest payments, while making full use of idle funds for time deposits, resulting in increased interest income. The market for scientific research reagents is promising, and R & D will continue to build core barriers.With the rapid development of the scientific research industry, the expansion of scientific research institutions’ technology, and the continuous increase in scientific experimental activities, the demand for high-end reagent products and experimental consumables will increase significantly.The core of the company’s production technology lies in the purification of raw materials and the formulation of R & D formulas, and the strengthening of reagents for scientific research. The R & D expense in the first half of 2019 was 489.830,000 yuan, accounting for 5% of revenue.13%.The R & D project mainly focuses on the technical development of chromatographic, ultra-pure, spectral, and high-purity reagent key process methods, and patenting of research and development results. Investment strategy: We predict that the company’s net profit attributable to its parent in 2019/2020/2021 will be 0.83/1.08/1.35 trillion, an increase of 48.1% / 30.3% / 25.5%, EPS is 1.09/1.42/1.79 yuan, maintain “Buy” rating. Risk warning: the risk of safety and environmental accidents; the market is less than expected.

Huaxia Soybean Meal ETF listed on Shenzhen Stock Exchange

Huaxia Soybean Meal ETF listed on Shenzhen Stock Exchange

At 9:30 am on December 5th, accompanied by a loud ringing bell, Huaxia Feed Soybean Meal Futures ETF was listed and traded on the Shenzhen Stock Exchange, becoming the first domestic commodity futures ETF listed on the market.

Wang Yufei, deputy general manager of Dalian Commodity Exchange, Li Yimei, general manager of Huaxia Fund, Hu Gangxu, director of the clearing department of Dalian Commodity Exchange, Fang Xing, general manager of CITIC Futures, and Wang Qiang, vice president of Huatai Futures jointly ring the bell for the soy meal ETF listing.

  Data show that Huaxia Feed Soybean Meal Futures ETF is one of the 苏州夜网论坛 first approved commodity futures ETFs. It mainly holds soybean meal futures contracts on the Dalian Commodity Exchange, and then follows the soybean meal futures price index rollout of Dashang Exchange to achieve the goal of tracking the index.The value of soybean flour futures contract accounts for 90% -110% of the fund’s net asset value.

Its issuance and listing has opened the prelude to the indexed investment of public fund commodity futures, and also covered the gaps in the allocation of commodity futures in large categories of assets.

  When Tang Rui, deputy general manager of the Shenzhen Stock Exchange, resigned, the commodity futures ETF has low investment thresholds, low transaction costs, low correlation with financial assets such as stocks and bonds, and significantly higher advantages. It is a market participant’s 天津夜网 optimization of asset allocation and diversification of investment risks., An important tool for enriching the product system.

The ETF of Huaxia Feed Soybean Meal Futures was first listed on the Shenzhen Stock Exchange, marking the official connection between the exchange fund market and the commodity futures market, realizing the coordinated development of the two markets, and adding new momentum to the capital market serving the real economy.

  In his speech, Wang Yufei pointed out that soybean meal is the largest variety among the 12 types of oil and flour feed varieties and has a good spot basis.

Since its listing in 2000, Dashang’s soybean flour futures have repeatedly ranked first in the global agricultural futures trading volume.

In 2017, the soybean meal budget was successfully listed as the first domestic commodity wholesale variety; in 2018, the underlying commodity swap business including soybean meal futures and soybean meal index was launched; today the soybean meal ETF is officially listed, which is an important result of deepening reform and innovation in the capital marketIt indicates that soybean meal has become a commodity variety covering futures, budgets, swaps, and futures ETF full-chain derivatives, which is of great significance for the continuous improvement of the diversified product system in the commodity derivatives market and for better service to the growth and development of the real economy.

  Li Yimei said in his speech that due to the low correlation between commodities and traditional stocks and bonds, commodity futures ETFs can be used as a good asset allocation tool to spread risk.

Huaxia Fund, while insisting on being an “innovator” in the ETF field, is also a “deep cultivator” and an “advanced”.

After the soybean meal ETF is listed on the market, Huaxia Fund will intensively cultivate and do a good job in product investment and operation.

It is believed that after the listing of Huaxia Feed Soybean Meal Futures ETF, it can become a high-quality tool for investors’ asset allocation and corrosion resistance.

  Huaxia Fund Soybean Meal Futures ETF Fund Manager Since the launch of the first ETF in the Territory in 2004, Huaxia Fund has continued to vigorously develop ETF business for 15 years. The scale of ETF management has grown from US $ 5 billion to more than 100 billion yuan, establishing a full category., Complete product line, product range expanded from broad-based to industry and theme ETFs, from internal market development to cross-border markets, dating smart Beta strategy, transforming active investment advantages into passive investment, investment targets also expanded from traditional stock bondsTo commodity futures, investors and investors’ ETF investment needs provide investors with a full range of investment solutions.

  It is reported that the Huaxia Feed Soybean Meal Futures ETF received the Securities and Exchange Commission Fund Issuance Approval on August 27 this year. It was officially issued on September 6, the fundraising was terminated on September 17, and it was formally established on September 24.

In less than a month, the entire process from approval to establishment was completed, and the initial fundraising scale reached 2.

6.6 billion.

Shareholders in Wuhan: Don’t worry anymore, have confidence in the stock market

Shareholders in Wuhan: Don’t worry anymore, have confidence in the stock market

After the epidemic, where are the investment opportunities in 2020?

Come to Sina Finance University, 6 private equity leaders will show you the investment strategy of the post-epidemic era.

Investment expectations top the list of major cities, Wuhan stockholders: Don’t worry anymore, and have confidence in the stock market!

  Source: e company official micro original Ye Lingzhen Wuhan people to eliminate paste, stocks of anti-epidemic stock are correct!

A shareholder in Wuhan said: “I feel more and more secure, and I was a bit worried sometimes.

Now that the trend of epidemic prevention and control has improved, I also have the courage to study stocks well. Anyway, I am very confident.

On the evening of February 20th, Finance and Economics released news from the media “Qin Shuo Friends Circle”. According to Baidu index query results, since the opening of the stock market on February 3, the number of searches for “stock account opening” on Baidu has surged; it is worth mentioningWhat ‘s more, the person who searched for “stock account opening”
in Wuhan ranked first in the country in the week of February 9th to February 16th!

  Wuhan ranked No. 1 in search volume in the past week. The Baidu Index (Baidu Index) is a data analysis platform based on Baidu ‘s massive netizen behavior data. Based on the analysis of user search behavior, it outlines retrieval trends of related concepts, demand maps, crowd portraits, and geographical distribution.And other characteristics, and visually displayed in the form of charts.

  Although the data displayed by the Baidu Index cannot be said to be absolutely accurate, it can still map the user’s psychological and behavioral habits over a certain period of time.

  According to the figure, a reporter from the Securities Times e company inquired about the “stock account opening” list by week and found that the time when Wuhan jumped to the top of the list was fixed from February 12th to February 19th.

It is worth mentioning that two weeks ago, that is, January 29th to February 5th, Wuhan ranked the 8th in search rankings.

  Since February 12, Wuhan ‘s search for stock account opening has increased sharply. Before February 5, Wuhan was still ranked in the 8th vertical sign. When querying Wuhan ‘s “stock account opening” search trend separately, it was found that since February 12,Searches have been oscillating at a high level, reaching the highest peak on February 14 (Jin Qilin analyst), and this day happened to fall within the range of February 12 to February 19.

  What happened in Wuhan in the past week?

  According to public information, on February 14th, the Central Government’s steering group to Hubei proposed to take firmer confidence, more tenacious will, and more decisive measures to launch a comprehensive offensive.

On the previous day, the former deputy secretary of the Shanghai Municipal Party Committee and the mayor of the municipal government should be reassigned as a member, standing committee member, and secretary of the Hubei Provincial Party Committee.

  With the successive support of medical teams in various places, the rapid establishment of the Fangcai Hospital, the pull-out investigation, and the secret control of communities such as Baibuting, the epidemic situation in Wuhan has changed positively.

On February 17, the proportion of severe illness in Wuhan has dropped from 38% at the beginning to 18% at present.

  ”I feel more and more secure, and occasionally some people worry about it.

A Wuhan stockholder told reporters, “Now the trend of epidemic prevention and control is gradually improving, and I have the courage to study the stocks. I am very confident anyway.

Another investor told reporters that because of the need to prevent and control the epidemic, some companies in Wuhan have not yet resumed work and production, especially private companies that have cash on their books or have more free cash flow from their bosses.‘宅’在家里炒股。  A brokerage person told reporters that their sales department in Wuhan was established less than a year ago, but when the company counted “new active customers” in February, Wuhan entered the top 10.

“It seems that the epidemic has not blocked the enthusiasm of the people in Wuhan for stock speculation!

Said the person with a smile.

  According to the statistics of the Dragon Tiger Ranking, the sales department of Huatai Wuhan Xinhua Road has been listed 22 times in the past month, with a total transaction amount of 5.

34 trillion; Wuhan Wuzhi Road Sales Department on the Yangtze River made a total of 13 times, with a total purchase and sale amount of 7.

4.1 billion.

  After the holiday, the stock market made obvious money-making effects. The Baidu index showed that the search volume for “stock account opening” after the holiday showed a rising trend.

From February 3 to the present, after three small peaks, it reached the highest peak on February 17 and the search volume reached 4,995.

  The reporter learned from Shenwan Hongyuan Anhui Branch that the number of account openings has increased significantly in the near future.

“We have a business department opened 35 households after the festival, and all customers took the initiative to find us. In addition to online account opening, there are often customers who come to open accounts.

The above-mentioned person told reporters, “In addition to the increase in the number of account openings, the amount of funds has also increased, and many old customers have increased their funds.

On the second day after work, a large client added 40 million funds, and the floating profit was considerable.

Talking 北京夜网 about the reasons for the account opening and the increase in the amount of funds, the person believes that the essence is still a good market and the market has a profitable effect. Another auxiliary factor is that most people choose a “home” because of the epidemic, and have more time to research and operatestock.

  Data show that the A-share volume increased after the holiday.

On February 21, the three major A-share stock indexes closed up. The turnover of the two cities exceeded one trillion yuan for three consecutive days, and today reached 1.

At 17 trillion yuan, most earnings in the industry sector increased, and technology stocks led the gains strongly.

  The chief strategic analyst of China National Securities said that in February of the previous year, A shares had a more typical “spring agitation” 北京夜生活网 characteristic, and were mainly based on the style of technology stocks.

  A relevant person in charge of a securities firm registered in Wuhan said that in this rising market after the holiday, more professional organizations are involved in prophecy, public and private equity are the main forces, and they have a stronger sensitivity to the market.The most feasible funding volume and information advantages.Regarding the rising logic, he said that the relaxation of liquidity is the main cause.

  On February 1, it gradually stated that it would provide ample liquidity through a variety of monetary policy tools such as open market operations, standing borrowing facilities, refinancing, and discounting.

  As for the progress sector, technology stocks are sought after by the market.

“This year, the prosperity of the semiconductor industry will increase. It is very certain that the price will rise. In addition, the epidemic situation will make it difficult to resume work. The opportunity for component price increases is a deterministic event.

Said the people.

  Guosheng Securities pointed out that the implementation of the new rules of refinancing will bring high-quality small and medium-sized growth stocks an opportunity to grow bigger and stronger, and will also enhance investors’ risk appetite and increase the estimated premium.

Sinopharm (600511): Operating stable performance slightly exceeded expectations

Sinopharm (600511): Operating stable performance slightly exceeded expectations

Investment Highlights: Maintain Overweight rating.

The company’s overall operation is stable, maintaining its forecast EPS for 2019-2021.



22 yuan, with reference to the industry’s competitive PE of about 18X in 2019, raise the company’s target price to 32 yuan, and maintain an overweight rating.

  The 2019 interim results were slightly higher than expected.

The company’s 2019 interim report achieved 210 operating income.

22 ppm, 成都桑拿网 an increase of 11 years.

99%; net profit attributable to mother 7.

55 ppm, an 18-year increase.

66%, net of non-attributed net profit7.

28 ppm, an increase of 14 in ten years.

64%, net operating cash flow 6.

910,000 yuan, an increase of 34 in ten years.


The overall performance slightly exceeded expectations.

  Core business maintained steady growth.

The company’s primary distribution market share of hemp essence medicine is stable at 80%. It is estimated that the growth rate of hemp essence distribution in the first half of the year will be 15-20%. Yichang Renfu, a core equity company, will grow revenue by 24% and net profit by 22%.

The merger and integration of four companies in the Beijing region improved overall, and the total revenue of the four companies was 131.

500 million, a growth of 12 in 12 years.

5%, net profit attributable to mother equity 3.

07 billion, an annual increase of 27.


The company has achieved 100% coverage in Beijing’s second- and third-tier hospitals, and covers more than 4,500 primary medical institutions. The sales of second- and third-tier medicines have ranked first in the region.

  Actively promote strategic transformation.

The company strengthened its strategic development and layout of new business formats and new businesses. In the first half of 2019, the company introduced multiple first- and second-class psychotropic drugs to expand the field of hemp and refined drugs; it strengthened the release of imported new products. In the first half of 2019, it has approved 123 listed product regulations.42 cooperations have been achieved.

Among the 4 + 7 belt procurement projects in Beijing, the company ranked first with 35 product-specific distribution authorizations, and some of them were granted exclusive distribution rights.

In addition, the company is exploring innovative areas such as medical terminal solutions and device services, and is expected to achieve new breakthroughs.

  Risk warning: business development in new areas exceeds expectations