Three science and technology funds announce three quarterly reports

Three science and technology funds announce three quarterly reports

Original title: Awkward . Three science and technology innovation funds published three quarterly reports. There is no science and technology innovation board in heavy stocks. Recently, the fund company began to disclose three quarterly reports.

Some federal funds raised billions of dollars to open the proportion placement, the placement ratio of less than 5% of the science and technology board funds, its true position also revealed its true capacity.

  However, these terrorist science and technology board funds are very busy, and the science and technology board’s quality may be extremely insufficient.

  The three science and technology funds that have released three quarterly reports have no heavy positions in the science and technology board, and even the heavy positions in the GEM and small and medium-sized boards.

The three science and technology funds collectively hold the highest stock market value, and Hengrui Medicine.

  The scale has shrunk, and the net worth has increased on the evening of October 22, the scientific and technological innovation mix of China Science and Technology Fund, Huaxia technology innovation mix and Huitianfu technology innovation mix, all show three quarterly reports.

  The average value of the three fund stock positions is relatively high. At the end of the third quarter, Huaxia Technological Innovation and Huitianfu Technological Innovation had an average value of more than 90% (A allocation is consistent with C), while Castrol Technological Innovation stock positions also reached 74.


  From the perspective of scale, the earlier issuance shares of the three funds have shrunk to a certain extent. For example, Jiashi Technology Innovation Mix has an issue share of 9.

8.8 billion shares, and the latest fund share is 8.

75 billion copies.

  But since the establishment on May 6, as of October 22, the three funds have grown to a certain extent.

Castrol Technology Innovation, Huaxia Technology Innovation A and Huitianfu Technology Innovation A have increased by 10 since their establishment.

66%, 17.

06% and 15.


  Among the heavy stocks, there is no science and technology board. However, it is unexpected that the three science and technology funds, not only the stocks of heavy stocks, but also the stocks of heavy stocks are not high.

  Castrol’s technological innovation, the largest stock market value is Hikvision. At the end of the third quarter, the stock market accounted for more than 5% of the net value. Therefore, holding Hong Kong stocks Shunyu Optical Technology, Gree Electric, Hengrui Medicine, and China UnicomThe fund’s net worth ratio is 4%.

Among the holdings, the only GEM stock is Xinwanda, which accounts for 3 of the fund’s net worth.


  Huaxia Technology Innovation Hybrid A, holding Tonghua Dongbao and Zhuo Shengwei, accounted for more than 6% of the fund’s net worth.

In addition, the fund holds 2 Hong Kong stocks of Kingdee International and Sunny Optical Technology.

The fund has reduced the number of GEM funds. In addition to the above-mentioned Zhuo Shengwei as GEM stocks, it also holds Xinwanda and Zhongying Electronics. Leading Intelligence is the currently listed science and technology fund.The largest number.

  Huitianfu Technology Innovation holds almost all large-cap stocks in its A shares.

Only Jerry shares a small and medium board stock.

The fund’s largest heavy stock is Hengrui Pharmaceutical, which holds over 5% of the outstanding shares.

  Although there are no heavyweight stocks and there are no science and technology board stocks, because the three quarterly reports only released the top ten heavyweight stocks data, it can only be explained that the science and technology fund was “put on the heavy soldiers” by the science and technology fund, and other light warehouses in science and technology fundIt is still unknown whether there are stocks of science and technology board in the stock.

  Hengrui Pharmaceutical became the favorite stock of science and technology fund From the above position data, it can be seen that the heavy stocks of science and technology fund have a certain overlap.

  A total of 24 stocks of science and technology fund holders, of which 6 stocks have more than two science and technology fund positions.

  Among them, Science and Technology Fund holds Hengrui Medicine, and Lixun Precision has a market value of more than 90 million yuan, and holds Hong Kong stocks Shunyu Optical Technology, more than 80 million yuan.

  Science and technology fund strategy: optimistic about 5G, stock selection “represents the future development direction of Chinese science and technology innovation” From the quarterly investment strategy of the three science and technology funds, we can see that the managers of the three funds are looking at 5G and choosing to actively deploy medicine, And strive to “represent the future development direction of China’s scientific and technological innovation.”

  Huaxia Technology Innovation Fund Manager stated in the investment strategy that the market rebounded sharply in the third quarter, especially the 5G technology industry, which experienced a rapid rebound, and a large number of stocks hit new highs.

  The fund continues to hold the main line of the 5G innovation cycle in operation, actively deploys the 5G communications industry chain, and prospectively configures the bottom-reversed consumer electronics industry chain and excellent chip design companies.

The fund manager believes that in the next 3 years, a new round of technology cycles represented by 5G infrastructure, terminals, and 南京夜生活网 applications will become one of the main lines of the market, and the fund will continue to tap on this main line.

  Huitianfu Technology Innovation Fund Manager stated in the third quarterly investment strategy that in the third quarter of 2019, the A-share market was generally stable and growth stocks had structural opportunities.

  The fund seeks the main channel representing the direction of technology development and selects leading companies with significant competitive advantages.

The sub-sectors and leading companies selected by the fund believe that they can represent the development direction of China’s scientific and technological innovation in the future, and have a certain growth rate in the third quarter.

Looking ahead, the fund believes that these companies will3 years have better growth, is a company that can continue to grow, and can bring continuous returns to investors.
  According to the investment strategy of the three quarterly report of Harvest Scientific Technology Innovation Fund Manager, the report changes, and the A-share market as a whole shows a trend of first decline and then rise, but the structure is obviously differentiated.

  From the perspective of the large technology cycle, Castrol Scientific Innovation believes that it is still in the process of finding a new large-scale new hardware platform after driving the mobile Internet wave from smart phones. Smart cars, VR, and the Internet of Things are all potential directions.Intelligence will gradually play an important role in this round of technology. In this process, new technological innovations are mainly driven by hardware. The three characteristics of large scale, low latency, and high speed caused by 5G will accelerate the innovation of the entire hardware.
The deepening of industrial chain transfer will provide investment opportunities in upstream semiconductors, new materials and equipment.

In the third quarter, the fund was in the period of building warehouses. We selected leading companies that could fulfill long-term growth expectations in accordance with strict standards, and guided the bias toward 5G, semiconductors, cloud computing, the Internet of Things, artificial intelligence, and so on.

  Our reporter Hou Xiaoxi and Chen Peng edit Xu Chao to proofread Fan Jinchun

Xingwang Yuda (002829) dynamic comment: rapid growth of emerging businesses

Xingwang Yuda (002829) dynamic comment: rapid growth of emerging businesses

The rapid growth of emerging businesses, the development of strategic development, and the initial development of the company. The company’s business was mainly focused on navigation, measurement, and stability control. At present, it has gradually expanded to form an intelligent unmanned system industry chain, which forms intelligent sensing, intelligent communication, and intelligent unmanned.Three major business sectors.

In 2019, although the offshore equipment business, which accounts for a relatively large proportion of revenue, has fallen sharply, emerging businesses such as photoelectric radar detection and satellite communications have achieved rapid growth, supporting the company’s development, and emerging businesses have become an important engine of the company’s growth.

The unmanned system is rapidly advancing, and orders are expected to land in succession. Based on the company’s technology accumulation in navigation, detection, communication and other fields, the company vigorously promotes the intelligent unmanned system business.

At present, products such as drones and unmanned combat vehicles have been formed.

In terms of drones, the company has formed a number of products such as long-hour fixed-wing and medium-high-speed unmanned aerial vehicles, and has begun to promote and produce them. In terms of unmanned vehicles, the company’s crews are accompanied by transport-type unmanned vehicles and reconnaissance and unmannedThe car has achieved great results in the army competition, and it is expected to obtain orders one after another.

Under the background of the unmanned development of military equipment and the continuous advancement of the company’s product models, the intelligent unmanned system business has advanced rapidly.

The rapid development of Satcom’s business, the constellation Internet is expected to bring industrial dividends. Satcom is used to connect mobile vehicles, ships, aircrafts, etc. with satellites, and is the core equipment of satellite application services.

The company’s Xingwang Weitong is a leading domestic supplier of mobile communication, and its products are used in the military and civilian fields.

Breakthroughs, breakthroughs in the company’s technological breakthroughs and market development, the company’s satellite communications business has developed rapidly, and new business contracts signed in 2019H1 have exceeded the annual revenue in 2018.

At the same time, the low-orbit satellite Internet will greatly promote the application of satellites and the demand for broadband mobile communications, and China Mobile will promote the industrial development dividend.

Earnings forecast and investment rating: The performance of the company’s strategic development has gradually changed, and emerging businesses have achieved rapid growth and become the company’s performance support. With the company’s vigorous promotion of intelligent unmanned systems, a number of products already have mass production capabilities and are expected to achieveRapid growth; satellite communications business has achieved rapid growth due to technological and market breakthroughs, and the construction of low-orbit satellite Internet has further increased demand.

With the release of goodwill impairment pressure, the company’s performance will be back on track. It is expected that the net profit attributable to mothers will be zero in 2019-2021.

1.1 billion, 1.

1.8 billion and 1.

43苏州桑拿网 trillion, corresponding to EPS are 0.

07 yuan, 0.

74 yuan and 0.

89 yuan, corresponding to the current expected PE of 327 times, 32 times and 26 times, respectively, covering for the first time, give a buy rating.

Risk reminders: 1) The order of the intelligent unmanned system is less than expected; 2) The development of satellite Internet is less than expected; 3) The risk of offshore engineering equipment shift; 4) Systemic risk.

Tsingtao Brewery (600,600): Price increase and structural improvement drive ton price increase, closing of factories to continue production

Tsingtao Brewery (600,600): Price increase and structural improvement drive ton price increase, closing of factories to continue production
The 18-year performance was in line with expectations, and revenue growth under comparable calibers was satisfactory.The company achieved revenue of 265 in 18 years.75 trillion, the same increase by 1.13%, revenue of 276 under comparable caliber.300 million, an increase of 5.15%; Realize net profit after deducting non-return to mother 10.5.4 billion, an increase of 8.05%.Basic EPS 1.05 yuan / share, 4 shares are planned for 10 shares.8 yuan.Revenue in the fourth quarter alone was 29.34 ppm, an increase of ten years.46%, with revenue of 30 under comparable caliber.2 ‰; 10 years growth 4.42%; net profit after deducting non-return to mother -7.48 ppm, a decrease of 4 per year.82%. The core point of view price increase and structural improvement helped the ton price increase, Shandong North China performed well, and South China realized losses.In terms of different products, Qingdao brand and other brands of beer achieved revenue of 161 in 18 years.1.9 billion (+2.67%), 101.1.5 billion (-1.66%), the proportion of revenue of major brands has further increased.Looking at the component prices, the company’s beer sales also increased by 0.76% reached 803.520,000 kiloliters, of which the sales of Qingdao brand and other brands increased by +3.97%, -2.12%, Qingdao brand Zhongguote, Fortune led, classic 1903, pure draft beer and other high-end products achieved sales of 173.30,000 kiloliters, an increase of 5 in ten years.98%; benefiting from price increases and further upgrading of product mix to the mid-to-high end, the average ton price increased by 0.2% (reduced to a comparable caliber to extend the overall ton price by 4.2%), of which the Qingdao brand ton price fell by 1.25%, the ton price of other brands increased by 0.47%.In terms of regions, Shandong, the base camp, has obvious advantages, and price increases drive revenue growth of 8%.04%, the highest in the region; North China further seized the share of competing products, with a revenue growth rate of 6.35%; the share of South China affected by Budweiser has been lost, and revenue has decreased by 13.73%, achieving a net profit of 76.02 million yuan. The rising cost of raw materials and packaging materials led to a slight decrease in gross profit margin, and the increase in the control of sales expense ratio.Affected by rising costs of glass bottles and malt, the company’s gross profit margin for the 18 years under comparable caliber has dropped by 0.53pct to 40.02%.Affected by the accounting adjustment of marketing assistance expenses, the company’s sales expense ratio for the 18 years dropped by 3%.63% to 18.32%; the management expense ratio (including R & D expenses) exceeds 0.56 points is 5.29%.The decline in the selling expense ratio 佛山桑拿网 helped to gradually increase the net interest rate.61pct up to 5.87%, back to 2015 levels. The closure of factories continued to advance, and industry competition eased.In 18 years, the company closed down Yangpu and Wuhu to further optimize production capacity and increase efficiency.We believe that the beer industry is currently in the stage of stable value-added value-added structure upgrade. Leading manufacturers have strengthened their profit appeals, abandoned price wars, and upgraded their products to high-end.Expected initial recovery. Financial Forecast and Investment Recommendations Considering that the company’s beer sales volume has recovered, we slightly increase our revenue forecast; through the company’s ability to control expenses, we have reduced our sales expense ratio forecast.Adjust the company’s EPS forecast for 19-21 to 1.34, 1.63, 1.95 (previously 19 and 20 years forecast was 1.22, 1.41).Combined with the evaluation of comparable companies, the company is given a 19-year 43 times price-earnings ratio, corresponding to a target price of 57.62 yuan, maintaining the overweight level. Risks suggest that sales volume growth is lower than expected, ton price rise is lower than expected, raw material prices continue to increase, and industry competition is intensifying.

Sanhua Intelligent Control (002050) 2018 Annual Report Comments: Refrigeration Business Under Pressure in New Energy

Sanhua Intelligent Control (002050) 2018 Annual Report Comments: Refrigeration Business Under Pressure in New Energy

Event: Sanhua Zhikong announced the 2018 annual report, and the company achieved 108 operating income in 2018.

400 million (+13.

1%), net profit attributable to mother 12.

900 million (+4.


At the same time, the company announced the dividend distribution plan, and paid 2 for every 10 shares.

5 yuan, 3 shares for every 10 shares.

Comments: In the fourth quarter of 2018, revenue growth increased, and the growth rate of profitability narrowed and narrowed, in line with market expectations. Sanhua Smart Control achieved operating income of 108 in 2018.

400 million (+13.

1%), net profit attributable to mother 12.

900 million (+4.

6%), EPS 0.

61 yuan.

4Q18 achieved operating income of 25.

700 million (+7.

5%), net profit attributable to mother 2.

700 million (+4.

7%), 18Q4 revenue growth has improved compared with the first three quarters, but the profitability has expanded slightly, because the early results have been released, annual reports are in line with market expectations.

The company released the 2018 dividend distribution plan, and plans to formulate a cash distribution of 0.

25 yuan (including tax), and at the same time 3 additional shares for every 10 shares, the cash dividend plus the interim report cash dividend, so that the cash dividend rate reached 57.

35%, in line with expectations.

In addition, the company transferred 3 shares for every 10 shares.

Revenue analysis: 18Q4 traditional refrigeration and steam-free growth slowed down, and micro-channels resumed growth. Refrigeration business: 18 years of traditional refrigeration business / micro-channel / Yaweike revenue were 59.

6 ppm / 12.

2 ‰ / 10.

US $ 900 million, +21% /-3% /-9%, especially the traditional refrigeration business in 18H1 grew by 26%, but due to weak demand in the air-conditioning industry, the growth rate of 18H2 has improved.Acquisition and consolidation (1.

5.6 billion), the overall performance is not bad.

Micro-channels were mainly affected by the destocking of JCI, a major customer, which resulted in a 9% decrease in 18H1 revenue, but a 4% increase in 18H2.

Due to weak price competition in overseas supply chains, Yaweike has limited incremental orders, and its revenue in 18H2 has decreased.

Auto zero business: Auto zero revenue of 18 years14.

3 ‰, +18 a year.

3%, mainly due to the pull of new energy steam zero order volume, especially the rapid volume of Tesla Model 3.

We expect that the growth rate of single-quarter revenue growth in 18Q4 is mainly due to the impact of increased sales of traditional vehicles on related parts revenue. Zero energy revenue growth of new energy vehicles has grown rapidly.

In 18 years, the total output of Tesla Model 3 reached 15.

The revenue contribution of a single model 3 aircraft is expected to exceed US $ 200 million, and domestic new energy vehicle orders have also grown well. The company’s continuous development of new energy auto zero revenue accounted 无锡桑拿网 for about 35% of the zero auto revenue.

Profit analysis: Price competition lowers order profitability. In 18Q4, the decline was narrowed and narrowed. The company’s profitability was under pressure and the change in net interest rate fell by nearly 1 pct, mainly due to the increase in gross profit margin.

6pct, the total sales / management / R & D expense ratio is basically the same. Benefiting from the depreciation of the RMB exchange rate, the exchange rate income generated in 18 years totaled 87.79 million yuan, which significantly reduced the financial expense ratio.
8pct, part of hedging downward pressure on gross margin.
The supply and demand pattern is still loose, and gross profit margins continue to be under pressure.

From 2018Q2 to 2018Q4, the company’s single quarter gross profit margin was twice.

6pct 武汉夜网论坛 / -6.

0pct / -1.

8pct, of which the capillary increment of the refrigeration business and the micro-channel business is the largest. The main reason for the continuous change in gross profit margin is the increase in the scale of downstream supply and demand, which has led to fierce competition in parts orders and decreased order profitability.

18Q4 expenses are well controlled, and the net interest rate in a single quarter is only slightly.

4Q18 sales / management / R & D / financial expense ratio for half a year-1.

7pct / + 0.

7pct / + 0.

4 points / -0.

6pct, the cost is well controlled, and the net interest rate in the single quarter decreased slightly.

3 points to 10.


Just looking at the profitability of Microchannel, Yaweike and Auto Zero, Yaweike is still decreasing, and the net profit margin of Micro Channel is basically flat in 2018. As the proportion of new energy orders with better profitability increased, the auto zero business netInterest rates have increased significantly 3.

3pct to 18.


Performance outlook: 19 years is expected to achieve double-digit growth, long-term growth path clear revenue outlook: traditional refrigeration business is still facing the test of weak downstream air-conditioning demand, but because the company’s operating efficiency and ability to obtain orders is stronger than the industry, conservative estimates for 19 yearsRealized a large number of growth, the trend of 18H2 microchannel revenue growth trend continued in 19 years, Yaweike revenue has not seen a warming income for the time being.

In terms of the auto zero business, the Model 3 is likely to continue its heavy volume in 2019, driving the auto zero revenue to grow by more than 20%.

Taken together, it is expected that the revenue growth rate in 19 years is expected to reach about 10%.

Net profit outlook: Before the improvement in the supply and demand structure is realized, the company’s gross profit margin is still expected to be more or less pressured. Based on the feedback from the industry chain, the domestic air-conditioning leader began to produce more actively in March 19 than in the previous period.Realize a marginal improvement in the gross profit margin of refrigeration orders.

In terms of auto zero, new energy orders are still in the rapid volume phase, the size of supply and demand is better, the company has a large number of high-quality customers, and its profitability is expected to remain at a high level.

The company’s profitability is expected to improve quarter by quarter. It is expected that the growth rate of net profit is expected to be flat with revenue.

There is absolutely vast space for refrigeration and steam zero, and the growth path is clear.

In the context of frequent global extreme weather, the demand for temperature control will continue to increase, and the company has huge room for growth in domestic refrigeration, commercial refrigeration, and micro-channels.

In addition, the new energy vehicle industry is about to break out. The company has cut into the supplier system of most OEMs and is committed to becoming a systematic development and supporting capability, transforming from thermal management components to overall and general control suppliers to achieve the level of the industrial chain.The upgrade will further increase the passenger unit price and profitability.

Investment suggestion As the downstream demand of the refrigeration business and the traditional auto zero business enters a weak cycle, and the short-term adjustments of businesses such as micro-channels, the company’s revenue growth and profitability in 2018 are affected to some extent.

Looking ahead, it is expected that the overall revenue growth rate in 19 years is expected to reach about 10%, profitability is expected to improve quarter by quarter, and long-term net profit growth is expected to be flat with revenue.

As the price competition for refrigeration orders is expected to continue, lowering 2019?
The EPS forecast for 20 years is zero.


80 yuan (previous forecast was 0.


96 yuan), plus EPS forecast for 2021 is 0.

91 yuan, corresponding to PE is 25/21/18 times, the company’s refrigeration and auto zero business expansion has a broad space, a clear growth path, maintaining the “overweight” level.

Core risks: 1. The escalation of Sino-US trade disputes; 2. The appreciation of the RMB exchange rate; 3. The price of raw materials that have not been priced in linkage increases.

Huatian Technology (002185): The growth rate of 1H19 performance exceeded expectations but the signal of recovery has already appeared

Huatian Technology (002185): The growth rate of 1H19 performance exceeded expectations but the signal of recovery has already appeared

1H19 results were lower than our expected Huatian Technology announced 1H19 results with operating income of 38.

4 ppm, an increase of ten years.

4%, an increase of 15 from the previous month.

0%; gross profit margin 13.

2%, 10-year average of 3.

1 average, 3 than the average value.

0 shares per share; net profit attributable to the parent is 85.61 million yuan, an annual extension of 59.

3%, compared to epoxy 52.

2%, affected by the gradual fluctuation of the industry, the overall performance 都市夜网 exceeded our previous expectations.

Development Trend The overall capacity utilization rate was low in the first quarter, and the rising expense ratio dragged down 1H19 performance.

Affected by the increasing fluctuations, the terminal demand of the semiconductor industry continues to weaken after entering 2019, affecting the company’s capacity utilization and eroding the gross profit margin.

In 1H19, Huatian Tianshui’s income can replace at least 11%, Xi’an’s income can be repeatedly inserted into 38%, and Kunshan’s income can replace 20%.

The parent company’s financial expenses are estimated to have increased by an average of about 5,000 million last year, mainly due to interest on M & A loans.

But overall, the company’s profitability is still higher than its peers.

Since the second quarter, the company’s performance has shown signs of recovery, and it is expected 杭州桑拿 to achieve a significant increase in the second half of the year.

Through our industry chain survey, the traditional packaging and testing capacity maximization began to pick up in April, and continued to improve in the second quarter.

At present, the company’s Tianshui plant has a good capacity utilization rate. The company has established a preliminary framework-related material production base in Baoji to cooperate with the Tianshui plant business.

Orders at the Xi’an plant also improved.

In the second quarter, the company’s revenue increased by 24% month-on-month, and gross profit margin increased by 2%.

8 units.

We believe that terminal demand is gradually picking up. The expansion of Xi’an and Kunshan plants will further promote revenue growth.

In addition, the company’s rights issue has been listed on July 22, and we believe that the 1.6 billion raised funds will be in place to reduce financial costs.

The company’s second-half performance is expected to increase significantly from the previous quarter.

We continue to be optimistic about the company’s growth through outbound mergers and acquisitions.

The company successfully acquired Unisem 58, a Malaysian packaging and testing company.

With 94% equity, Unisem completed the consolidation in February this year, and still contributed 8 to the company during the 1H19 down cycle.

With a revenue of 55 trillion and a net profit of 20.67 million, the operation is stable.

In the future, 5G investment will gradually accelerate. Unisem will continue to benefit from the increase in orders from large RF customers such as Skyworks and Qorvo, which will increase the company’s performance.

Earnings forecasts and estimates have taken into account the scope of consolidated statements from February and have made a significant contribution to the company’s revenue. We raised our 2019/2020 revenue forecast by 14% / 7%, but taking into account the company’s overall average utilization rate, Profit margin exceeded expectations, we lowered our 2019 net profit forecast by 31% to 2.

7 trillion, maintaining the 2020 profit forecast basically unchanged.

At present the company corresponds to 1.

8 times the 2020 P / B ratio, we raised the target city’s P / B ratio to 2.

1 time to reflect the profitability of Huatian Technology’s leading peers.

Maintain Outperform rating and 6.

Target price of 10 yuan (11% growth space).

Risks Macro uncertainties are dragging down the recovery of the semiconductor industry.

Suning Tesco (002024): Consolidating Smart Retail Win-Win Accelerating Sink

Suning Tesco (002024): Consolidating Smart Retail Win-Win Accelerating Sink
The main points of investment range from home appliance chain to smart retail, China’s private retail leader.① After three decades of re-examination, the company transformed from an air-conditioning franchise to a home appliance chain to a technology transformation, forming a “two big / two small / multi-special” storefront ethnic group and an easy-to-buy APP; the actual controller, Mr. Zhang Jindong, directly and indirectly holds 33% of the shares, The company has implemented three phases of employee stock ownership plan, full of incentives; Suning Holdings has rich resources, covering home ownership / technology / cultural / creative / sports / investment, etc.② In 2018, the total channel GMV 336.8 billion increased 38%, revenue 2450 billion increased 30%, and online GMV 208.4 billion increased 65%, accounting for 62%; the company’s home appliance omnichannel market share in 2018 was 22%, ranking first. Channel: Two majors / two smalls / multi-specialists, retail cloud wins more and sinks.① Super 1 for self-operated and franchised stores.10,000: As of the end of 2018, there were 8,881 self-operated stores, including 2105 household appliances 3C, 2368 direct-sale stores, 4177 small stores, 157 red children, and 8 Sun Xiansheng; 16 Suning Tesco Plaza, 厦门夜网 retailThere are 2071 companies in the cloud; the warehouse area is 9.5 million square meters, and 50 logistics bases and 46 cold chain warehouses are operated. ② High-end market: optimize storefronts and expand cloud stores.Expansion and encryption before 2011, store density from 1 in 2003.8 homes / cities increased to 6 in 2011.6 stores / city; Overlapping stores will be closed in 2012-16, and will start to open in 2017. Store density will be the lowest point in 2016-20175.0 homes / cities rebounded to 5 in 2018.5 stores / city; In 2018, 3C same-store appliances increased by 2.4%, of which the primary market increased by 7.9%. ③Low-line market: Retail cloud empowers brand increase, franchisees have higher ROIC.One. Multi-win model: the brand has increased exposure, has strategically cooperated with Midea / Skyworth, etc .; empowered franchisees, more standardized, changed turnover, higher ROIC; Suning quickly sinks, expanding independent products.B. Why is 2018 accelerating?2032 new stores opened in 2018, and 2,000 are expected to open in 2019, from: the release of low-line demand, the accumulation of experience of Tesco directly operated stores (Pingxiao 1).830,000 yuan / square meter, only slightly lower than 3C appliances), logistics construction is perfect.C. Financial estimation: We expect that GMV will be 30 billion yuan and 100 billion yuan in 2018-19, which will be flat in 2018; the long-term store opening space will exceed 1.50,000 stores, GMV exceeding 45 billion; it is estimated that under the retail cloud sampling model, the ROIC of franchisees may exceed 50%, and the payback period shall not exceed 2 years. Category: Consolidation of 3C appliances, fast-moving consumer goods in 2019.① Strengthen its own brands in 2019; the gross profit margin of air conditioners and ice washing is higher than that of Gome, and it will increase significantly in 2017-18, reflecting the advantages of strengthening the supply chain through omni-channels.② FMCG perfects the omni-channel layout and strengthens the traffic entrances: from Suning stores, Red Kids, Wanda Department Store, etc. After benchmarking, what are Suning’s advantages after drawing a long board?From the perspective of financial indicators, Suning (vs. Jingdong) in smart retail transformation has presented in 2018: growth growth (GMV increase 38% vs 30%), higher gross profit (15%, etc.), cost (13.7% versus 14.8%), shortened turnover (35 days vs. 40 days of inventory) and more sustainable improvement in EBIT (2 billion vs. 2.6 billion), but it is difficult to take into account operating cash flow in the short term (-13.9 billion vs. 20.9 billion). We understand that Suning’s reconstruction is consolidating smart retail and building stronger and stronger core barriers. The trend of rising against the trend has become: ① omnichannel advantage: under the new retail industry trend, the company is the only dual-line channel with deep integration and excellent operationsCapable platform companies; ② Improved competitive landscape and increased market share: Online and Ali strategic cooperation continued to grow faster than JD. Offline same-store and open stores significantly faster than Gome; ③ Abundant resources and strengthened core capabilities:The three major business units of the company’s retail, finance, and logistics have fully developed synergistically, with technology empowerment and efficiency, and space for independent financing capabilities. The Group has rich resources in industries such as home ownership, cultural and creative, science and technology, and sports;Bargaining power: Take the e-commerce direct store and retail cloud as the carrier, win-win and accelerate the sinking. At the same time, it will strive to enhance its bargaining power, drive the value redistribution of the industry chain, and its opportunities in the middle. Profit forecast and estimation.We estimate that the company’s omni-channel GMV will be 431.4 billion / 526.4 billion / 622.9 billion in 2019-21, an increase of 28% / 22% / 16%; revenue 300.7 billion / 368.9 billion / 426.2 billion, an increase of 25% / 20% / 16%; Net profit of 13.5 billion / 2.2 billion / 3.2 billion.According to the online PGMV, offline PE and considering the equity value, the segment evaluates the company’s comprehensive reasonable market value of 1529-1826 Euros, with a reasonable value range of 16.4-19.6 yuan, maintaining the investment rating of “permanent market”. Risk warning: poor cooperation with Ali; lower-than-expected improvement in offline and online loss reduction; increased competition; investment returns of Suning Jinfu’s financial statements and other issues not meeting expectations.

Wuliangye (000858): The eighth-generation products performed well and the overall gross profit margin continued to increase

Wuliangye (000858): The eighth-generation products performed well and the overall gross profit margin continued to increase

Event: The company announced its 2019 Interim Report with 271 revenue in 2019H1.

500 million, an increase of 26.

8%, net profit attributable to mother is 93.

4 trillion, the same increase of 31.


Q2 income was 95.

6 trillion, the same increase of 27.

1%, net profit attributable to mother is 28.

600 million, an increase of 33.


The eighth-generation product market performed well and overall profitability continued to increase.

2019H1 company revenue increased 26.

8% quarterly, Q1 / Q2 revenues increased by 26.

6% / 27.

1%, net profit increased by 30.

3% / 33.

7%, benefiting from the increase in the ex-factory price of the eighth-generation products and the reduction in the expected rate, Q2 revenue and profit growth increased sequentially.

The eighth-generation products performed well in the market. The market acceptance has been higher since the listing for more than two months. The bundling price and terminal transaction price have steadily increased. The revenue price has stood at 960 yuan, and the terminal price is above 1,000 yuan.

Through the application of the code scanning system, the company has realized the refined management of the eighth generation of products. By giving rebates and points, it encourages dealers, terminal stores and 上海夜网论坛 consumers to scan the code of the products, so that the company understands the actual flow of goods.The problem of channeling goods and low-priced goods is well solved, meanwhile, the market price of Puwu is also raised, dealer profits are increased, and a win-win situation for manufacturers and dealers is achieved.

In terms of series wine, in April the company issued a document to remove 22 series of wine products, cleaning up OEM products to maintain Wuliangye brand value.

Benefiting from the optimization of product structure, the gross profit margin of the company in 2019H1 increased by 0.

93 points to 73.

81%, a new high in 15 years.

During the period, the expense ratio dropped, the net interest rate continued to rise, and cash flow was eye-catching.

2019H1 Corporate Tax Bribes14.

05%, 0 per year.

08 天津夜网 points.

During 2019H1, the overall expense ratio dropped by 1.

11pct, of which 19H1 sells for 9 expenses.

76%, a decrease of 0 every year.

30pct, market development rate, brand promotion rate and other major increases decreased with the effect of scale.

2019H1 Management Fee Expense 4.

8%, a decline of 0 per year.

72pct, management efficiency continues to increase; 2019H1 financial expenses expense -2.

55%, a decrease of 0 every year.

09 points.

2019H1 net profit reached 34.

38%, an increase of 1 per year.19 points.

In the first half of 2019, sales receivables increased significantly by 62 each year.

5%, the operating net cash flow increased by 13 times, the cash flow is eye-catching. Considering the increase in channel profits, dealers are expected to increase payments, and cash flow is expected to remain in good condition.

Earnings forecast: The company’s EPS for 2019-2021 is expected to be 4.

17 yuan, 5.

00 yuan and 5.

84 yuan, PE is 34 times, 28 times, 24 times, maintaining the “buy” level.

Risk warning: food safety risks; increased competition in the industry

Pacific Securities-5G value is predicted to counter-cyclical infrastructure + IoT will accelerate

Pacific Securities: 5G value is predicted to counter-cyclical infrastructure + IoT will accelerate

Pacific Securities Research’s latest opinion on February 25: Politburo meeting focuses on 5G value, counter-cyclical infrastructure + IoT will accelerate Source: Pacific Securities Research Directory ◆ Major Daily Finances ◆ Latest Industry Views ◆ Listed Companies Express Daily Major Finances (1) Budget: The People’s Bank of China announced on the 24th that the current position of the liquidity of the banking system is at a reasonable and sufficient level, and no reverse repurchase operation will be carried out today.

Due to the expiration of 300 billion reverse repurchases, the open market on that day achieved a net withdrawal of 300 billion.

  (2) Budget: Nearly a thousand enterprises have obtained special re-loans, and a stable monetary policy will be more flexible and appropriate.

Since the outbreak, the People’s Bank of China has implemented a series of monetary policy measures in accordance with the principle of being flexible and appropriate in its prudent monetary policy, intensifying counter-cyclical adjustments.

In the next step, we will continue to maintain a reasonable and sufficient liquidity, make good use of structural monetary policy tools, and give full play to the role of policy finance.

  (3) Ministry of Finance: To further bring into play the effectiveness of quantitative import policies and adapt to the requirements of the laws of the market economy.

Recently, the Ministry of Finance, the General Administration of Customs, and the State Administration of Taxation issued a notice on canceling the tax-free quota management of the “13th Five-Year Plan” on the import of seed sources.

  (4) Ministry of Finance: As of February 23, a total of 99.5 billion yuan in epidemic prevention and control funds have been arranged by the government, of which a total of 255 by the central government.

200 million yuan.

  (5) Recently, the 33rd Chairman’s Meeting of the 13th National Committee of the Chinese People’s Political Consultative Conference studied issues related to merging the third session of the 13th National Committee of the Chinese People’s Political Consultative Conference, in order to implement the Central Committee of the Communist Party of China on coordinating and promoting the new crown pneumoniaThe overall deployment of epidemic prevention and control and economic and social development work, organized a CPPCC and a large number of CPPCC members to actively participate in the fight against epidemic prevention and control. It is recommended that the third session of the thirteenth session of the CPPCC originally planned to be held on March 3 is preliminary.Appropriate budget, predetermined time.

  (6) On February 24th, the People’s Bank of China officially issued the Financial Industry Standards for Financial Distributed Ledger Technical Security Standards (JR / T 0184-2020), which stipulated the security system for financial decentralized ledger technology.

  (7) On February 24th, the 5G concept and the Huawei concept set off a wave, with turnover in both cities exceeding 1.

2 trillion.

The final close, the Shanghai stock index fell 0.

28% at 3031.

23 points; Shencheng Index rose 1.

23% at 11,772.

38 points; GEM Index rose 1.

68% to 2263.

97 points.

  (8) On February 24, Northbound funds significantly replaced 87.

05 trillion, the largest net penetration in the past month.

  Latest industry perspectives[Macro]Interest rate forecasting model 2.

US and Eurozone 0: Based on global economic indicators (1) From the perspective of global markets, the relative equity market of bonds more reflects economic fundamentals. The basic idea of our interest rate prediction model is to use global economic indicators to make forward-looking predictions of interest rate changes.

  (2) Judging the trend of interest rates in the US and the euro area.

The US interest rate indicator uses US 10-year Treasury bonds, calculates the fitting degree of each indicator of the global economic indicators with the US 10-year Treasury bonds at different lags, and selects indicators with a higher degree of fit and gives different weights.

Then, according to the trend of each indicator, the exchange rate changes in the next 1-2 quarters will be judged.

The euro area chose the European 10-year public debt in the same way.

  (3) According to estimates, from February to May 2020, the probability of a decline in US interest rates is small, and the probability of decline is 49.

70%, 49.

57%, 43.

90% and 35.


From February to May 2020, the relative error in the probability of a decline in interest rates in the euro area was 52, respectively.

20%, 54.

40%, 51.

86% and 51.

56%.  (4) Using the interest rate forecasting model for backtesting, the results show that the model has better ability to predict the trend of US debt and European debt. According to the model, the long-short strategy is adopted, and the strategic net value obviously replaces the basic indicators.

  Risk reminder: Exogenous shock, policy intensity is not as expected[Communication]5G investment will be restored first, and 5G + Industrial Internet will accelerate the implementation of investment points: (1) Take advantage of the externality of 5G investment, and 5G investment will be restored first.

We are at 2.

When the thousands of stocks fell on the 3rd, it reminded the market that there was a good opportunity for 5G to increase positions.

After about 3 weeks, remote office, satellite Internet, optical module and other sectors have achieved breakthrough growth.

It fully proves that the anti-cycle value of 5G is recognized by the market.

Reviewing the development of the epidemic in 2003, operators also increased their CAPEX investment in the later period of the epidemic. This time, the Ministry of Industry and Information Technology explicitly asked operators to accelerate 5G construction steps and play a “stable investment role.” We judge that the operator’s CAPEX expenditure will increase significantlyMore than 8%, the prosperity of the entire 5G industry chain will continue.

  (2) Tendering for operators is about to start, and the infrastructure industry chain benefits first, especially recommending wireless side investment opportunities.

Operators of the Ministry of Industry and Information Technology will formulate and optimize 5G network construction plans to accelerate the pace of 5G, especially independent networking.

We judge that the operator’s investment and bidding will start as scheduled without delay due to the epidemic, and 5G base station construction will clearly benefit, including base stations, antennas, filters and optical module companies.

  (3) Typical application scenarios have been catalyzed, and the 5G + Industrial Internet is accelerating.

Communication has played an important role in epidemic prevention and control, telecommuting, remote education, and telemedicine. The typical application scenario of 5G “blessed by disaster” has been cultivated and catalyzed.

The Ministry of Industry and Information Technology requested to further deepen the integration and development of 5G with vertical industries such as industry, medical care, education, and Internet of Vehicles.

We judge that the catalyzed scenario of “5G + Industrial Internet” will accelerate the expansion, focusing on industrial Internet platform companies, module companies and companies with typical IoT applications (smart meters, connected cars, smart factories).

  Industry highlights: (1) Ministry of Industry and Information Technology: Fast 5G, especially SA network construction, highlights investment stability and leading role.

The Ministry of Industry and Information Technology accelerates the development of 5G and does a good job of video and teleconferences in the information and communications industry to resume work and resume production.

It is necessary to accelerate the pace of 5G business and promote the breakthrough development of the information and communication industry.

The local communications administrations must help enterprises solve practical problems in 5G construction, such as protection and entry, and continue to promote 5G development. Second, they must speed up the construction progress: basic telecommunications companies must formulate and optimize 5G network construction plans and accelerate 5G, especially independent groups.The pace of network construction and the effective role of 5G construction in “stabilizing investment” and driving the development of the industrial chain; Third, promoting integrated development: We need to study and issue 5G cross-industry application guidance policies and integration standards, and further deepen 5G and industrial, medical, and educationDevelopment of vertical industries such as Internet of Vehicles.

Accelerate the integration application of “5G + Industrial Internet”, and promote the digital, network, and intelligent transformation of traditional industries.

Fourth, it is necessary to enrich the application scenarios: basic telecommunication enterprises accelerate the promotion of new services, new models, and new applications.

Seize the potential of 5G’s business development in online education, online medical care, remote office, etc.

  (2) ZTE builds a “distributed, carrier-grade, intelligent” 5G telecommunications cloud network to help operators win 5G opportunities.

ZTE proposes to build a “distributed, telecommunication-grade, intelligent” 5G telecommunication cloud network.

“Three-tier distributed” 5G telecommunications cloud, inspiring edge computing.

Network elements with different functions are deployed in different levels of data centers according to the requirements of the scenario, so the network becomes more flexible.

“Carrier-grade” networking architecture provides hybrid Overlay, hardware Overlay, and software Overlay networking solutions, deploying various software and hardware devices as needed to provide the best solution.

“Intelligent” 5G telecommunication cloud network, based on the IBN essential network, is a simple, intelligent, and fast operation and maintenance solution, which reduces network operation and maintenance costs.

  (3) Global 5G smartphone expansion will reach 1 in 2020.

99 billion.

In 2020, the global 5G smart phone implantation volume will reach 1.

99 billion.

China, the United States, South Korea, Japan and Germany will account for 90% of global 5G smartphone sales in 2020.

The COVID-19 epidemic is restricting smartphone production in Asia and disrupting the supply chain; the 5G smartphone market in the first half of 2020 will be weaker than expected, and the 5G smartphone market is expected to rebound strongly in the second half of the year.

  Recommended this week: 5G resumption of construction and the direction of the Industrial Internet, the direction of the Internet of Things is recommended. Sunsea Intelligent, Guanghetong, Mobile Communications, Mobile Communications, Dongtu Technology, Dongfang Guoxin (Computer Coverage); IDC Direction: Halo New Network,Antenna RF: Shenglu Communication.

  Long-term recommendation: 5G main equipment and infrastructure: ZTE Corporation, China Tower; Antenna: Shenglu Tongyu; Filter: Dafu Technology; Optical Module: Zhongji Xuchuang, Guangxun Technology, Cambridge Technology, Bochuang Technology; Benefit Traffic Explosion: Halo New Network, Monternet Group, No. 100 Holdings, Wangsu Technology, Jiachuang Video.

  Risk reminders: (1) systemic risks caused by the unexpected decline of the market; (2) uncertainty risks that are recommended for the promotion of related matters of the company.

  [Communication]Politburo meeting highlights the value of 5G, counter-cyclical infrastructure + Internet of Things will accelerate the event: The meeting of the Political Bureau of the Central Committee of the Communist Party of China was held on February 21 to promote 5G networks and accelerate the development of the Industrial Internet.

The Ministry of Industry and Information Technology accelerated the development of 5G around February 22nd, and did a good job of the video and telephone conference on the resumption and production of the information and communications industry.

  (1) The Politburo meeting and the policy of the Ministry of Industry and Information Technology are strongly promoted, and 5G is called a new height.

Two recent events have once again raised part of 5G construction.The first is the meeting held by the Political Bureau of the CPC Central Committee on February 21.

The meeting is held to actively expand effective demand, promote consumer replenishment and potential release, give play to the key role of effective investment, increase the start of new investment projects, and accelerate the progress of projects under construction.

Promote the accelerated development of 5G networks and industrial Internet.

Secondly, the Ministry of Industry and Information Technology accelerated the development of 5G around February 22, and did a good job of the teleconference on the resumption and production of the information and communication industry.

The meeting requested that basic telecommunication companies should assess the impact of the epidemic in a timely manner, formulate and optimize 5G network construction plans, accelerate the pace of 5G, especially independent networking, and effectively bring 5G construction to a “stable investment” and drive the positive role of the development of the industrial chain.

First, comparing the strength of policies before and after, the highest guidance for 5G construction was the 2019 Central Economic Work Conference. The Prime Minister listed 5G as a priority task for economic work in 2019 and proposed to accelerate the pace of 5G business.

This is a meeting of the Political Bureau of the Central Committee of the People’s Republic of China, which has a higher level and highlights the key role of 5G in driving investment.

In fact, the Ministry of Industry and Information Technology immediately affected the central government’s instructions to accelerate the development of 5G, reflecting that behind the development of 5G is the will of the country to promote the policy. The policy is gradually replaced from the central government to the Ministry of Industry and Information Technology, and then to the operators.

Therefore, the judgment of the development speed of 5G should not only consider the investment and construction needs of operators, but should also understand the urgency of 5G development from a higher perspective and from the huge driving force for national economic development.

  (2) 5G investment will definitely increase under the epidemic situation, and it is expected to exceed expectations in 2020.

Looking back at history, when China’s economic development is likely to slow down in the face of external interference, investment in communications construction will become an economic adjustment work.

For example, during the SARS period in 2003, the actual capital expenditure of the operator increased by 23% compared with the plan at the beginning of the year. During the 2008 Wenchuan earthquake, the actual capital expenditure of the operator increased by 25% compared with the plan at the beginning of the year.

We expect that the overall capital expenditure of operators in 2020 may exceed the expected growth, and the expected growth is more than 8%.

This time, the Ministry of Industry and Information Technology clearly stated that “accelerating the pace 淡水桑拿网 of 5G, especially independent network construction, and effectively giving play to the positive role of 5G construction in” stabilizing investment “and driving the development of the industrial chain” is precisely the furious effect of 5G on the economy and industry.

Although the work was resumed in early 2020 due to the impact of the epidemic, the subsequent additional investment and acceleration of work can still achieve the goal of promoting the rapid decline of 5G, which does not need to be pessimistic for the performance of the communication industry chain companies.

  (3) 5G will not slow down under the pressure of the United States, and the “internal circulation” power is redundant. The rise of Huawei’s industrial chain is irresistible.

The U.S. Department of Commerce included Huawei and its 68 affiliates in the entity list on May 15, 2019, followed by four consecutive 上海夜网论坛 releases on May 20, August 19, and November 18, and February 13, 2020 for a period of fourA 90-day “temporary general license” allows Huawei and its subsidiaries to engage in “specific activities.”

We believe that the US sanctions on Huawei tend to restrict China’s overtaking in the field of technology.

However, the world’s largest communications market is in China. Are the world’s top four major equipment manufacturers in China? They have strong industrial chain support. Core device breakthroughs and domestic substitution are accelerating. China only has the “inner loop” strength to develop 5G.
The US sanctions conference will hurt its own industry chain and cannot stop China’s 5G process.

ZTE, Huawei and its industry chain companies are expected to gain more market share in 5G construction.

  (4) Typical application scenarios are catalyzed, and the 5G + Industrial Internet is accelerating.

Communication has played an important role in epidemic prevention and control, remote office, remote education, and telemedicine. The typical application scenario of 5G is “blessed by misfortune”, short-term demand erupts, long-term user habits change, and product penetration will gradually increase.

The cloud communications market has just started in China, and giants such as Tencent and Ali are pinpointing the track, and the market is cultivating huge development opportunities.

The Ministry of Industry and Information Technology requested to further deepen the integration and development of 5G with vertical industries such as industry, medical care, education, and Internet of Vehicles.

Industrial scenarios are a major feature that distinguishes 5G from 4G. 5G, edge computing, big data, ultra-high-definition video, AR / VR and other advanced technologies are committed to integration and development in the industrial field.

We judge that the catalyzed scenario of “5G + Industrial Internet” will accelerate expansion.

  Investment suggestion: Continue to be optimistic about the role of communication in counter-cyclical adjustments, policies catalyze the acceleration of 5G, and the wireless side remains the focus of operator construction.

Key recommendation: 5G leader: ZTE; infrastructure scarce standard: China Tower; elastic antennas with flexible resonance: Shenglu Communications, Dafu Technology, Tongyu Communications; Huawei industry chain: Ziguang State Micro, Gongjin shares, etc .; Wuhan resumed production capacityRecovery: Guangxun Technology, Huagong Technology; companies with industrial Internet platforms, modules and typical IoT applications (smart meters, connected cars, smart factories): Sunsea Intelligent, High-tech, Guanghetong, move to communication, moveFar communication.

  Risk warning: 5G construction is less than expected; the intensified epidemic affects the construction process.

  Listed company express[Pharmaceutical]Aier Ophthalmology: Liucheng Hospital successively opened consultations or emergency department, and performance is expected to recover quickly. (1) Liucheng Hospital successively opened consultations or emergency department, which promoted rapid recovery and steady growth.

After the outbreak of the new crown pneumonia epidemic, all the hospitals of the group have been completely closed from February 1st to February 9th (except for emergency and online appointments), which has a certain impact on the company’s short-term performance. With effective control of the epidemic, eye hospitals in various regions have resumed workAccording to the collection and statistics of the latest operating conditions of hospitals in various places, we estimate that, as of February 23, nearly 100 hospitals in the mainland of Aloi have opened consultations; nearly 130 hospitals can launch emergency projects.A total of nearly 230, accounting for 62% of the total number of hospitals.

Of the hospitals with full consultations, about half of all the hospitals are expected to undergo an orderly transformation. The rest of the hospitals are partially implemented. First, emergency and consultation-aligned projects, replacement of orthokeratology lenses, etc., and other projects will be carried out one after another.

We expect the company’s return to work rate to accelerate in the future.

  (2) The epidemic situation does not change the company’s core growth logic and is optimistic: 1. The demand for ophthalmic medical consumption has been reduced, and the short-term suppressed demand forecast has grown explosively after the epidemic, and the company has continued to continue a steady growth trend; 2. The epidemic has affected public hospitalsInfluencing factors of small and medium-sized private eye hospitals, it is expected that the opening time of ophthalmology in public hospitals is later than Aier, and new and old patients will be more likely to choose Aier without local diagnosis and strict control measures due to the reduction of cross infection.Conducive to the company’s market share increase; 3, Aier spared no effort in fighting the epidemic (highlighted), which is conducive to the further improvement of the company’s brand image. From a financial perspective, it will reduce Aier’s customer acquisition costs, and ultimately changeImproved performance; 4, Aier adheres to the international strategy, the company’s overseas revenue accounts for about 15%, plus the company’s gradual increase in the plan to acquire 30 ophthalmic hospitals, it is expected to remain positive after being partially hedged in the first quarterContributions; 5) Benefit from the government’s phased reduction of corporate social security premiums from February to June and the implementation of the corporate deferred housing provident fund policy.年Pressure to reduce costs.

  (3) At present, the focus of the company’s consulting hospitals is still on “scientific protection to ensure the safety of doctors and patients”. For example, Wuhan Aier will uniformly provide nucleic acid testing for emergency surgery patients and open CT green inspection channels; hospitals in all places strictly abide by the precautionary measures.Control measures, implement outpatient appointment system, separate visits.

In addition, during the epidemic prevention and control process, the frequency of non-emergency patients / consumers will still be reduced to medical institutions. Therefore, after the hospital is opened, the overall increase in the number of consultations in the first quarter is gradual, and the company’s performance recovery requires a process.
  (4) spare no effort to fight the epidemic, highlighting the role of leading ophthalmic service companies.

In the prevention and control of the pneumonia epidemic, Aier quickly responded from the group to each hospital and then to every employee, went all out, actively assumed social responsibility, took the initiative to carry out anti-epidemic training, and adopted hospital sense prevention and control measures; dispatched medical servicesThe personnel support the front line; donate medical supplies, equipment, donations and other internal anti-epidemic actions.

  Earnings forecast and rating: Maintain the Air Force’s performance expectations unchanged. It is estimated that the net profit attributable to the mother in 19-21 will be 13 respectively.55, 18.

7, 24.

500 million, corresponding to PE is 99/72/55 times, maintain “Buy” rating.

  Risk reminder: The growth of hospital performance is less than expected; the opening time of hospitals in various places must be uncertain, and it is expected that the increase in passenger flow after the opening of the consultation requires a process.

  [Chemical industry]Long Mang Baili: The reduction of holdings affects short-term suppression, does not change the company’s high-quality attributes, and maintains the “buy” event: due to the company’s director Tan Ruiqing, executives and running capital requirements, it is planned to reduce the bulk of the transaction through centralized bidding transactions.Holding no more than 89,044,034 shares (4 of the company’s total share capital).


%), Today the company can continue to adjust significantly.

  (1) Multiple factors have boosted the price of titanium dioxide.

Venator, an international titanium dioxide giant, announced that the price of titanium dioxide in the Asia-Pacific region will increase by 120 US dollars / ton from March 1.

Affected by the tight supply of titanium concentrates at home and abroad, the low cost of inventory has pushed the inventory level lower, and the price of the company’s rutile series products has increased by 500 yuan / ton.

At the same time, the company has 80-inch titanium ore, which has the advantage of titanium dioxide raw materials.

  (2) Domestic and foreign downstream demand is steadily improving.

During the epidemic period before the Spring Festival to date, the company’s major bases maintained normal production operations, including the Xiangyang base in Hubei, but the transportation of raw materials and products was short-term blocked for logistics reasons.

As the country’s adversity continues to strengthen, although real estate has expressed pressure every year, investment growth has remained stable.

At the same time, about 100 titanium dioxide exports in 2019.

3, an annual increase of 10.

62%, continued to grow.

  (3) The titanium dioxide faucet is overall stable (second in the world), and it has rapidly expanded the sponge titanium business.

The company’s chlorination method Phase II 20 / year production line has been fully commissioned and is undergoing intensive debugging.

At the same time, the newly-established June / year Chlorinated Titanium Dioxide has also resumed production recently, contributing to the main domestic new production capacity in 2020.

The production capacity of Yunnan Xinli 1 sponge titanium has been successfully resumed, and the technical transformation and expansion have been expanded to 4.

5 digits / year, increase 1 by cooperation with Jinchuan Group.

5 / year sponge titanium production capacity, totaling 6 / year.

  Earnings forecast and rating: Estimated low, maintain “buy”.

It is expected that the company’s net profit attributable to its mother in 19-21 will be 26.



200 million yuan, corresponding to EPS 1.



03 yuan, PE 13/10/8 times, maintaining “buy”.

  Risk warning: the impact of the epidemic, reduction of suppression.

Rongsheng Development (002146) Quarterly Review: High Sales Growth Considers Soil Reserve Structure Adjustment

Rongsheng Development (002146) Quarterly Review: High Sales Growth Considers Soil Reserve Structure Adjustment
Incident company announced the third quarter report of 19, the company achieved operating income of 388 in the first three quarters.390,000 yuan, an increase of 27 in ten years.12%; Realize net profit attributable to shareholders of listed companies.870,000 yuan, an increase of 30 in ten years.73%.As of the third quarter of 2019, the company’s asset-liability ratio was 83.69%, a decrease of 0 from the end of 2018.35 averages, 113 net debt ratio.24%, an increase of 12 from the end of 2018.80 units. Revenue maintained rapid growth, margins increased slightly, and abundant settlement resources were available in the first three quarters of 2019.390,000 yuan, an increase of 27 in ten years.12%; net profit attributable to mother is 48.870,000 yuan, an increase of 30 in ten years.73%.The company’s gross profit margin for the first three quarters was 17.16%, down 2 from 2018.48 units.Achieved net profit attributable to mothers 12.58%, a decrease of 0 from 2018.48 units.The best ROE, increase 0 every year.83 up to 13.87%.The termination of the third quarter, the company’s budget received in advance 883.29 ppm, a 10-year increase2.01%, advance payment / 18 years of operating income is 1.57 times, abundant carryover resources, ten-year performance lock-in. Announcing steady growth and actively adjusting the structure in the first three quarters of 2019, the company achieved a contracted area of 633.730,000 countries, 深圳spa会所 rising by 10 every year.72%; contracted amount of 678.2.8 billion, an increase of 13 every year.98%.Gradually average sales price1.07,000 yuan / square meter, maintaining stability.Affected by the cooling of the national market and the high base, the company’s sales growth rate in the first three quarters of 2019 has slowed down from last year, but it still maintains its steady growth. From January to September 2019, the company gradually increased its capacity to build 831.660,000 countries, the land sales area ratio is 1.31. Sufficient reserves.In the first three quarters, the company’s average land price was 3116.30 yuan / m3, relatively speaking, the cost of land is controlled. As of 19H1, the company’s gradual soil storage reached 4059.770,000 countries, enough sales in the next 2-3 years.The company’s land reserve layout is more balanced. While increasing the development of the Beijing-Tianjin-Hebei region, it is also focusing on researching the Yangtze River Delta and central and western central cities and surrounding areas.The company’s real estate development business has been deployed in more than 30 cities including Beijing-Tianjin-Hebei, the Bohai Rim, the Yangtze River Delta, and the central and western regions. The balanced distribution of soil reserves is conducive to the company’s ability to cope with the cycle and respond to policy uncertainty. Taking the initiative to take the land leads to an improvement in the level of leverage, increasing the pressure on short-term debt, and the continuous increase causes a slight shift in the level of leverage, which increases the pressure on actively taking short-term debt.2019Q3 company’s asset-liability ratio is 83.69%, a decrease of 0 from the end of 2018.35 averages, 113 net debt ratio.24%, an increase of 12 from the end of 2018.80 shareholders, mainly due to the additional increase due within one year.Although sales rebates are accelerating, land acquisition actively caused temporary pressure on cash flow.As of 2019Q3, the company’s operating net cash inflow was -56.430,000 yuan, mainly due to the increase in cash paid for the purchase of land and the increase in operating partners’ budgets and land tender deposits; 260 monetary funds in hand.94 million, cash / short debt coverage multiples of 0.76, compared with 1 at the end of 2018.14 times down 0.47. Investment suggestion: The company’s performance is growing steadily, and it actively seeks to bring the land bank to Beijing, Tianjin, Hebei, the Bohai Rim, and the Yangtze River Delta. The land bank is rich.We expect the company’s sales repayment momentum to be sufficient. Sales in 19 and 20 are expected to grow steadily, and it is expected to exceed 100 billion in 2019.For prudent consideration, we expect the main operating income for 2019-2021 to be 738.7.5 billion, 956.2.8 billion, 1244.0.5 billion, net profit attributable to mother 96.40 billion, 121.85 billion, 156.26 trillion, corresponding to EPS respectively 2.22, 2.80, 3.59 yuan / share, corresponding to PE 4.02, 3.18, 2.48x, maintain BUY rating. Risk warning: Sales are below expectations, policies are formulated to exceed expectations

Great Wall Motor (601633): Significant improvement in profit, optimistic about medium- and long-term performance explosion

Great Wall Motor (601633): Significant improvement in profit, optimistic about medium- and long-term performance explosion
Event Overview The company released the 2019 third quarter report, Q1 2019?Q3 achieved revenue of 625.8 ‰, a ten-year average of 6.1%; net profit attributable to mother 29.2 ‰, 25 years ago.7%; deducted non-attributed net profit 25.9 ‰, 28 years ago.7%.Among them, 2019Q3 achieved revenue of 212.0 million yuan, an increase of 18 in ten years.0%; net 佛山桑拿网 profit attributable to mother 14.0 million yuan, an increase of 507% in ten years; deducted non-attributed net profit13.500 million, an increase of 25556% in ten years.  Analysis and judgment: sales growth rate, average bicycle price increased, third quarter revenue resumed positive growth 2019Q1?Q3’s vehicle sales were 72.40,000 vehicles, an annual increase of 7.0%, which is significantly better than the passenger car industry’s replacement for ten years.7% sales performance; of which Q3 company’s vehicle sales were 23.10,000 vehicles, an increase of 12 per year.4%, returning to double-digit growth.The average bike price of the company in Q3 2019 reached 9.190,000 yuan, an increase of 0 from Q2.250,000 yuan, previously raised 0.43 million. The reasons for the rise in the average unit price include: 1) the volume of products increased 重庆耍耍网 after Q3 emissions were upgraded to National VI, and the discount was improved compared to National V tools; 2) the proportion of larger F-series sales increased.Sales volume resumed double-digit growth and the average bicycle price increased, and the company’s third-quarter revenue resumed positive growth.  The gross profit margin increased significantly compared with the previous quarter, and the expense ratio decreased. The net profit in the third quarter exceeded market expectations of the company’s gross profit margin in Q3 201918.49%, up 4 from Q2.93pct, an increase of 4 per year.At 84pct, the increase in gross profit margin was due to the increase in the scale of products and the reduction in discounts after upgrading to National Six, leading to the effect of reducing costs earlier.The company’s expense ratio declined overall during Q3 2019, among which: the sales expense ratio fell by 1.25 points to 4.16%, mainly due to the narrowing of discounts after the upgrade of emissions, reducing the rebates to dealers; the management expense rate increased slightly by zero several times.02pct to 2.14%; R & D expense ratio increased by 0 in the short term.81 points to 2.63%, mainly due to the increase in the company’s R & D expansion efforts for new energy vehicles and new platforms; the financial expense ratio decreased by 1.47pct to -0.64%, mainly due to increased exchange gains and interest income; the four expense ratios totaled 8.29%, down by 1 every year.89 points.At the same time as the gross profit rate increased, the expense ratio decreased during the period. The company’s net profit margin improved in the third quarter and gradually increased.23pct to 6.61%, Q3 returns to net profit of the mother 14.0 trillion exceeded market expectations.  Each product line has common points in the short, medium, and long-term: 1) Short-term: F-series sales climb effectively to hedge the aging problem of H-series products and support Haval’s volume and price; 2) Medium-term: follow the automotive industry segmentation and platform development trend,The company’s new platform is about to land, and the first model will be mass-produced by 2020, which is of great significance for reducing costs and increasing efficiency; 3) Long-term: At present, monthly sales of WEY have stabilized, and it is expected to form a breakthrough in the long-term and achieve brand sublimation.Other product lines: 1) New energy vehicles: The company’s transformation attitude is firm, multiple downstream vehicle lines are jointly promoted, and midstream and upstream resources and core components are actively deployed; 2) Pickup: The company is an invisible champion in the pickup industry, a domestic cityThe proportion is as high as 30%. Recently, the “Great Wall Cannon” was launched to comply with the development trend of high-end pickup and passengerization of pickup trucks. 3) Parts: 4 parts platform companies actively expand external customers, and increase third-party parts suppliersProportion of procurement, complement each other, and improve the effect of scale.In summary, we are optimistic about the outbreak of the company’s performance elasticity when the industry’s demand is warming.  Investment proposal maintains the company’s net profit attributable to mothers in 2019-2143.1/58.4/72.The 500 million profit forecast is unchanged, and the corresponding EPS is 0.47/0.64/0.79 yuan, currently the corresponding PE is 16.7/12.4/10.0x, the company is currently at a profit low, maintaining the company 2 with reference to the company’s PB level in the past 5 years.3x PB estimate, corresponding to a target price of 12.97 yuan, maintain “Buy” rating.  Risk warnings: Passenger car segment sales are lower than expected; the market share of independent brand SUVs is falling; new energy vehicle sales are lower than expected.