Large consumption is making a comeback, the oil and gas sector plunged, the market hit 3000 points

Large consumption is making a comeback, the oil and gas sector plunged, the market hit 3000 points

Source: An old Secretary. Original title: Big consumption is making a comeback, and the oil and gas sector has plummeted, hitting 3,000 points on the broader market!

-Attached September 18 fund operation strategy hotspot today: 1, attack 3000 points.

Since September, the broader market has become as powerful as a rainbow, standing on the 3,000 mark.

But yesterday, a mid-yin line made the market fall 3,000 points.

The old secretary saw that the three major indexes maintained a slight increase today, and the broader market began to attack the 3,000-point mark.

After the Shanghai Stock Index opened slightly higher, it fluctuated strongly. The large consumer sector represented by white spirits performed strongly. Moutai, Guizhou, once again approached historical highs, and blue-chip technology continued to adjust.

Looking at the market, the liquor, food and beverage, pharmaceutical and commercial sectors saw the largest gains. The mining services, disperse dyes, and CSSC sectors performed weakly.

In terms of capital going north, today maintained a state of net inflow, with a total net inflow of more than 1.6 billion in the morning.

Among them, Shanghai Stock Connect has a net inflow of 11.

45 billion, Shenzhen Stock Connect net inflow5.

07 billion.

The old Secretary felt that the major indexes have rebounded weakly today, and their strength is not enough.

The industry is paying attention to the results of the US Federal Reserve ‘s September interest rate announcement. Most of the funds on the floor have chosen to wait and see. Only foreign capital is still scanning goods. Northbound funds have a net inflow of 1.6 billion for a long time.Strong and weak characteristics.

  2, liquor sector rose sharply.

After the rest of today’s liquor sector, today’s comeback, soared.

The old secretary saw that the individual stocks in the sector were rising strongly. At the end of writing, the alcoholic alcoholic limit rose and welcomed the tribute to wine. This world is expensive, the state’s Maotai led the rise, Shanxi Fen Wine, Gold Seed Wine, Shun Xin Agriculture, etc. have followed the rise.

Recently, the liquor sector has undergone shock adjustments.

Last week, the liquor sector tumbled 4.

09%, the plate continued its downward trend on Monday, dropping 0.


The old secretary believes that the overall performance of the liquor industry is stable, showing two major characteristics: First, the certainty and stability of the industry’s growth continue to increase. Under the trend of consumption upgrade, the impact of the external economy on the liquor industry has gradually weakened.Strong growth stability, the Mid-Autumn Festival peak season has been continuously verified; Second, the internal structure of the industry has 北京夜网 changed, leading effects are getting stronger and stronger, and high-end wine and real estate wine leaders have performed well.

  3. Jiangsu issued a plan for hydrogen vehicles.

The Ministry of Industry and Information Technology of Jiangsu Province, the Provincial Development and Reform Commission, and the Provincial Science and Technology Department jointly issued the “Action Plan for the Development of the Hydrogen Fuel Cell Vehicle Industry in Jiangsu Province”.Over 10,000 vehicles have been built, and more than 50 hydrogen refueling stations have been constructed. A reasonable hydrogen refueling network has been basically formed, and the overall technical level of the industry has kept pace with international standards.

Support Nanjing, Wuxi, Suzhou, Nantong (Rugao) and other regions to improve industrial development planning and accelerate the intensive development of the hydrogen fuel cell vehicle industry.

Focus on the development of hydrogen fuel cell buses, logistics vehicles, special vehicles and minivans with a cruising range of over 500 kilometers.

Promote the industrialization of core components such as membrane electrodes and bipolar plates.

Strengthen the benchmarking with international advanced technology, and promote the creation of a national hydrogen energy technology standard innovation base.

The old Secretary felt that the development of new energy vehicles is the general trend, and investment opportunities in related fields deserve continued attention.

  Important index estimation: The index estimation table is mainly used by small partners for reference of index fund fixed investment. The risks from low to high are: increase fixed investment, actively set investment, wait and see, keep cautious and wait for the machine to sell.

The old secretary suggested that the varieties with increased fixed investment are preferred (the index marked in green in the figure below).

  In particular, it is estimated that the industry index of strong cycles is generally more suitable to look at the price-to-book ratio (PB), and securities firms, banks, real estate, coal, etc. are selected; while the growth index and broad-based index of weak cycles are generally estimated to look at the price-earnings ratioPE) is more suitable, such as Shanghai and Shenzhen 300, food and beverage, medical and biological.

The latest estimates of other indexes are as follows (click to enlarge the picture): Coping strategy: Lao Siji Fengyun No. 1 continues to start, and buys one copy of 160225 Thailand Thailand New Energy Vehicle Index.

Yesterday the market fell below the 3,000-point mark, and today is still climbing uphill.

Today, the biggest highlight of the market is that foreign countries have become a force, core assets have once again become the focus, the consumption sector represented by liquor spirits has led the rise, the alcoholic liquor daily limit has reached a record high, and Guizhou Moutai has surged 5% to approach historical highs.

Consumer stocks such as the three squirrels, Gaga Foods, and Muck Randol were sought after by some active funds.

The two main positions of technology and finance are weak. Although the mood is still depressed, there is a momentum of recovery.

Personally, I don’t have to worry too much about the adjustment of the broad market around 3000 points. Today, even the second gap around 2970 points below has no meaning to cover.

The introduction of market policy underpinnings and multi-party support insertions, the systemic risk of the broader market is not large, and sometimes you can increase your position to select the preferred target.

Hang Seng Electronics (600570) 2018 Annual Report Comments: Performance Meets Expectations Significant Optimization of Operating Efficiency

Hang Seng Electronics (600570) 2018 Annual Report Comments: Performance Meets Expectations Significant Optimization of Operating Efficiency

The company released its 2018 annual report, and the company achieved operating income of 32 in 2018.

63 ppm, an increase of 22 in ten years.

38%; net profit attributable to mother 6.

45 ppm, an increase of 36 in ten 深圳桑拿网 years.

96%; net profit after deduction is returned 5.

16 ppm, an increase of 142 in ten years.

77%; net operating cash flow 9.

34 ppm, an increase of 16 in ten years.


2018Q4 company achieved revenue of 13.

00 ppm, an increase of 27 in ten years.

99%; net profit attributable to mother 3.

40,000 yuan, an increase of 149 in ten years.


Comment: The performance growth is in line with expectations, and the optimization of operating efficiency has improved significantly. In 2018, the company’s net profit attributable to mothers continued to increase.

96% is slightly higher than the median performance forecast, which is in line with market expectations. In 2018, the company’s period expense ratio was 83.

81%, down 9 from the same period last year.

31pct, the effect of optimization of operating efficiency 武汉夜网论坛 is significant; of which the sales expense ratio is 27.

03%, a decrease from the same period last year.

1pct; management expense ratio (new caliber) 13.

67%, a decrease of 3 from the same period last year.

38pct; R & D expense ratio 43.

05%, down -4 from the same period last year.

94pct; financial expense ratio is 0.

06%, an increase of 0 compared with the same period last year.


Supervision and the increase in the penetration rate of new products promoted the steady growth of traditional businesses. In 2018, the company’s next-generation core business platform, UF3.

0 Successful bidders for China Merchants Securities, O45, AM4, multiple industry benchmark customers, and new rules for unified management of big asset management have given rise to structured deposits for commercial banks and wealth management subsidiaries, net worth products, product transfers, wealth management distribution sales, information disclosure, wealth valuationSystem and module requirements.

Benefiting from the supplementary IT demand generated by regulation and the replacement of new products, the company’s traditional business continued to maintain steady growth.

Continuous R & D promotes the promotion of industry technology upgrades. The company’s R & D investment in 201814.

50,000 yuan, an increase of 9 in ten years.

78%, accounting for 43% of revenue.


The company launched JRES 3 in 2018.

0 technology platform, supporting the company’s products to upgrade to the Internet microservices architecture. In the future, the company will rely on its own strong technical strength to provide overall solutions to build financial large, medium and high-end platforms, and promote the comprehensive online upgrade of financial technology architecture.

Investment advice and profit forecast: It is estimated that from 2019 to 2021, the company’s net profit attributable to shareholders of the parent company will be 8 respectively.

37, 10.

68, 12.1.4 billion yuan, corresponding to EPS 1.

35, 1.

73, 1.

96, corresponding to PE 65, 51, 45 times, given an “overweight” investment rating.

Risk reminder: Innovative business advances less than expected, regulatory policy risks

Yonghui Supermarket (601933): Revenue maintained rapid growth, main business net profit exceeded expectations

Yonghui Supermarket (601933): Revenue maintained rapid growth, main business net profit exceeded expectations

Event: Yonghui Supermarket released the third quarter report of 2019, and the company achieved operating income of 635 in the first three quarters.

43 ppm, an increase of 20 in ten years.

59%, including operating 杭州桑拿网 income of 223 in the third quarter.

67 ppm, an increase of 22 in ten years.

26%; net profit attributable to mothers was 15 in the first three quarters.

38 ppm, an increase of 51 in ten years.

14%, of which net profit attributable to mothers was achieved in the third quarter1.

69 ppm, an increase of 100 in ten years.


Revenue maintained rapid growth, and store expansion accelerated.

Driven by the increase in the number of new stores and the growth of old stores, the company’s revenue increased by 22 in the third quarter.

26% growth rate in the first half of the year (19.


In the third quarter, the company opened 34 new supermarkets and 112 mini stores. At the end of the third quarter, the company had a total of 825 supermarket stores and 510 mini stores.

The overall gross profit margin increased slightly, and the decrease in fair incentive fees drove performance growth.

The company reported a total gross profit margin of 21.

88%, increasing by 0 every year.

05 averages, of which the main business gross margin is 16.

24%, a reduction of 0 per year.

The 79 goals are expected to be related to the adjustment of the category structure (active reduction of high gross profit categories such as clothing), the rise in prices of upstream pork and other commodities, and the promotion of profitability.

Expenses of the company during the reporting year 18.

97% a year -1.

33pct, sales / administration / financial expense ratios each changed by a factor of -0.

24pct / -1.

36 points / +0.

26pct, of which the substantial decrease in management expense ratio was mainly due to the reduction of equity incentive expenses (affecting 0.


Reducing the impact of equity incentive fees and related investment income changes, we expect the main business profit to increase by about 30%, mainly due to service-type income growth and improving gross profit margin.

Relying on the advantages of the supply chain, we will actively explore innovative business formats and further open up the space for growth.

The reporting company actively explored new formats such as mini-shops and home-based businesses. In the third quarter, it launched the “Yonghui Grocery Shopping” APP to develop its main position business. It has begun trials in Chongqing, Fuzhou, Chengdu and other cities since 10 months.

We believe that the fresh retail terminal channels are ever-changing, and the value of supply chain and refined management capabilities are the core of competition. Yonghui’s fresh operating capacity accumulated over many years can still be used in new formats, opening up new growth 杭州夜网论坛 space for the company.

Considering the strategic replacement of the company’s mini and online business, the net profit attributable to the parent company is expected to be 22 in 2019-2020.


86 ppm, corresponding company estimate is 34.


2 times.

Considering the company’s growth and efficiency improvement, maintain the “Highly Recommended-A” level.

Risk warning: the industry is fiercely competitive, business expansion is not up to expectations, and terminal demand is down.

Dongfang Yuhong (002271): Strong demand growth + increased investment boosted first-quarter revenue performance

Dongfang Yuhong (002271): Strong demand growth + increased investment boosted first-quarter revenue performance

Event: On April 25, the company announced the 2019Q1 quarterly report.

In Q1 2019, the company achieved operating income of 26.

860,000 yuan, an increase of 41 per year.

01%; net profit attributable to mother 1.

27 ppm, an increase of 28 per year.

89%; net profit after deducting non-return to the mother1.

07 million yuan, an annual increase of 40.


“Strong demand + increased share” contributed to the first quarter of 2019 revenue to maintain a growth rate of more than 40%.

In 2018, the company invested and built production bases in Wuhu, Anhui, Qingdao Laixi, Hangzhou Jiande, and Henan Puyang, with revenue of 19 in Q1-Q4.




30,000 yuan, an increase of 27 in half a year.

2% / 31.

8% / 38.

6% / 47.

56%, which is accelerating from quarter to quarter.

Benefiting from the accelerated growth of new construction and the trend of increasing the concentration of the industry, the operating income of Q1 2019 continued to grow by more than 40%.

From the perspective of cash flow, the balance of monetary funds decreased by 35 compared with 2018Q4.

6.6 billion.

Due to the increase in performance bond, the balance of other receivables in 2019Q1 was 19.

6.8 billion, a significant increase from 2018Q4; inventory increased due to the increase in raw materials reserves4.

68 ppm to 26.

400,000 yuan, consuming monetary funds; bills should be reduced by 13.

8.8 billion to 18.

US $ 1.2 billion, 杭州桑拿网 mainly due to the fact that part of the payment in the opening balance of the accounts payable was repaid last year by adopting the transfer of endorsement of exchange bills. The corresponding part of the acceptance bills expired during the reporting period and the company repaid the payment in this period.

In the first quarter of 2019, the gross profit margin in the single quarter improved 3 from the previous quarter.

8 up to 34.


We believe that the decrease is due to the relatively low price of asphalt at the beginning of this year, and the decline in cost has driven the gross profit margin higher.

In addition, in the fourth quarter of last year, the project income was carried forward intensively, and the decrease in the gross margin of the engineering end caused a sudden change in the base.

The 淡水桑拿网 company’s actual yield is about 15.

8%, a significant decrease from the previous month.

Due to the accumulated profits of the company’s new investment in 2018, some factories have not obtained the qualifications of emerging companies for the time being, and finally the applicable rate of return increased last year. As the factories have gradually obtained the qualification of high-tech base enterprises, the company’s tax payment rate in the first quarter of 2019 is obviousreduce.
The company is deeply tied to high-quality downstream, and its production capacity + category expansion is renewed.

1) The company ‘s channel strength and production scale advantages continue to increase, driving the city’s share of the market, and the company’s cost growth ability to increase: the company’s comprehensive competitiveness that has gradually deteriorated in recent years, and continues to expand downstream customers. Customers, a significant increase compared to 47 in 2017, but the concentration of the waterproofing industry is low, and there is still room for continuous improvement in the future; the company adjusts the channel layout and divides the three regional centers of North, East, and South China to better focus on regional advantagesPower to explore the market and improve operating efficiency; meanwhile, the company’s brand recognition and comprehensive competitiveness have improved, and customer requirements for products and comprehensive service quality have continued to grow, and the company’s bargaining power and cost capabilities have been significantly enhanced.

At the same time, the gradual expansion of the stock market will also become an important profit point for the company in the future. 2) Capital advantages + capacity expansion to build barriers: The company’s convertible bonds raised funds are mainly used for capacity expansion, to enhance the country’s layout and perfection, and to quickly increase the capacity scale barriers and comprehensive service advantages. In the future, the trend of “collective mining”More benefit.

3) The development of the brand with “one yuan and multiple poles”, new categories expanded to increase new market space: the company continues to expand product categories, such as household coatings, insulation materials, diatom mud products, etc., making full use of the company’s brand and channel advantages, and is expected to passThe category expansion has grown into a giant building materials company.

Under the new normal, the company changed its business strategy, from a relatively extensive “high-speed” development to a sophisticated “high-quality” development, and entered a new stage of growth.

Historically, during the rapid expansion of the company’s real estate chain, the strategy of actively expanding the market and rapidly expanding production capacity has achieved important success; in recent years, the growth rate of the transformation industry has gradually declined, and the company’s price for maintaining the past revenue growth rate is operating.Quality and profitability are sacrificed to some extent.

In order to adapt to the development characteristics of the industry under the new normal, the company gradually adjusted its business strategy. In the future development, it will pay more attention to the quality of customers and projects, and ensure the security of accounts receivable and period.

The future revenue growth center may not be as high as it has been in history, but the anti-risk capability and quality of operations will improve.

We estimate the company’s net profit attributable to its parent to be 19 in 2019-2020.

42 and 22.

9.5 billion, corresponding to PE of 14.

4 and 12.

2 times, maintaining the “overweight” level.

Risk reminder: Macroeconomic risks, changes in original growth, increase in accounts receivable or bad debt risk

Beijing New Building Materials (000786): Revenue drops slightly; profit pressure is under pressure;

Beijing New Building Materials (000786): Revenue drops slightly; profit pressure is under pressure;

Event: The company released the 2019 first quarter report.

The company achieved revenue 24 in the first quarter of 2019.

27 ppm, a decrease of 2 per year.

8%; net profit achieved 3.

28 ppm, a decrease of 33 per year.

1%; net profit after deduction 3

24 ppm, a decrease of 31 per year.


Quarterly revenue has fluctuated at least slightly, sales are expected to remain flat over schedule, and average prices will fall.

2019Q1 revenue level 2.

8%, which is expected to be mainly affected by the increase in gypsum board business income. The revenue of light steel keel business is expected to increase and increase significantly; in terms of gypsum board business, the overall demand in the gypsum board industry is still poor (the area of completed housing in the first quarter of 2019 decreased by 10%.

8%) and the company ‘s capacity has been released, the company continues to increase its market share through price and product structure adjustments. It is expected that the 杭州夜生活网 sales of gypsum board will be basically flat in the first quarter of 2019, and the average sales price will increase (the average price in 2018 will fall quarter by quarterTrend, the first quarter of 2018 has a high average price base), which is expected to remain stable from the previous quarter; overall profitability has declined, and gross profit margin is 30.

07%, a year down by 5.

4 goals. It is expected that the impact of falling prices and increasing the proportion of light steel keels will be reduced. The overall expense ratio has increased, and the sales expense ratio has remained stable.1.

The 63 expenditures are expected to be mainly due to the increase in the proportion of research and development expenses; the financial expense ratio has declined slightly.

Net decrease in operating cash flow1.

80,000 yuan, 深圳桑拿网 the asset-liability ratio further reduced, and litigation costs increased.

2019Q1 operating net cash flow is -1.

8 ppm, a year-on-year net inflow of 1.

From the perspective of the cash-to-cash ratio of $ 9.4 billion, the cash-to-cash ratio is 97%, which is at least 5 percentage points lower, the cash-to-cash ratio is 122%, and the ratio is increased by 7 each time.Flow of net interest income; the company’s period-end monetary funds + transactional financial assets + wealth management products exceeded US $ 3 billion, while the asset-liability ratio gradually decreased to 18.


In addition, the company incurs a total of 24.73 million yuan in attorneys’ fees, travel expenses, and settlement fees on US gypsum board litigation matters each year, an increase of 21% per year, accounting for 7% of net profit.

5%, an increase of 3.

3 units.

Investment suggestion: In the medium and long term, the industry demand is still growing, and the trend of the increase in the penetration rate of gypsum board in the residential and partition wall areas will be determined.Overseas production capacity may become a new bright spot in the next few years. At the same time, due to the consumption upgrade trend, the company’s proportion of high-end products will continue to increase gradually, which will increase the overall profitability and be optimistic about the value of long-term investment.

We estimate that the company’s net profit attributable to its parent in 2019-2021 will be 24.

9, 29.

7, 35.

200 million, the EPS is 1.

47, 1.

76, 2.

08 yuan, corresponding to PE is 13, 11, 9 times; maintain the “buy” level.

Risk reminder: risks arising from the evolution of the macro economy and the real estate industry, risks of rising raw material and fuel prices, litigation risks, and risks of less-than-expected overseas business development

Zhaoyan New Drug (603127): Orders are abundant and expected to continue high growth

Zhaoyan New Drug (603127): Orders are abundant and expected to continue high growth

[Investment points]Orders are guaranteed, and performance is growing rapidly.

In the first half of 2019, the company achieved operating income2.

10,000 yuan, an annual increase of 48.

65%; net profit attributable to mothers was 40.14 million yuan, an annual increase of 78.


Among them, the inventory in the first half was 1.

76 ppm, an increase of 53 in ten years.

49%, mainly due to an increase in unanswered questions during the reporting period.

The rapid growth of the company’s performance is primarily due to the adjustment of internal project arrangements and the improvement of the efficiency of animal houses.

As of the end of the reporting period, the company had approximately 1 billion orders on hand, with an increase of approximately 杭州夜网 17 in the future.

6%, ten-year contract value increased by about 21% compared with the same period in 2018, which provided a guarantee for future performance growth.

The scale of facilities ranks among the top CROs in China.

The company has international standard animal breeding management facilities and modern functional laboratories in Beijing and Suzhou Taicang. The total construction area is about 75,000 square meters and the area is about 63,500 square meters. Among them, the animal breeding management facilities used are nearly 32,000 square meters.The laboratory and office facilities are about 31,500 square meters.

Among them, the renovation of Beijing Zhaoyan Small Animal House has been completed, and it will be put into use in June, to a certain extent, the supply of convenient facilities is tight; combined with the company’s fund-raising plan, 2019北京夜网H1 will newly use Animal House Building 3 and Building 7, thus Suzhou ZhaoyanAnimal room facilities have increased significantly, greatly improving service throughput and capacity.

Some other functional laboratories are undergoing renovation and are expected to be put into use in September.

The completion of the construction of these facilities will greatly ease the company’s capacity growth and enhance the company’s service capabilities. The state of competition can move from the location of the animal to improve efficiency.

Speed up technological exploration and improve comprehensive service capabilities.

In 2019H1, the company continued to strengthen the exploration of advanced technologies in the field of biotechnology drug evaluation, made breakthrough breakthroughs in the characteristics of ophthalmic drug evaluation, successfully completed two drug efficacy experiments for new glaucoma drugs for the American client, becoming the first domesticCRO-like service capability laboratory.

At the same time, the company is actively demonstrating the implementation of GLP and GCP certification for veterinary drugs, and GLP certification inspections for non-drugs. In addition, it is working on establishing alternative isotope laboratories.

Actively expand overseas business.

The company intends to acquire BIOMERE, a mature pre-clinical CRO company in the United States, making full use of its mature management model and high-quality customer resources to play a synergistic role to further improve the company’s layout in overseas markets.

The technical team continues to grow and business capabilities are significantly enhanced.

In the first half of 2019, the company continued to strengthen the introduction of talents, forming a large-scale talent team of nearly 1,000 people, which can carry out hundreds of trials at the same time; the company’s technical team has accumulated more than 20 years of preclinical drug research experience, 2016-2019 In the first half of the year, we completed preclinical research and evaluation tests on nearly 1,900 new molecules, and have rich experience in GLP management and drug safety evaluation.

The company launched an incentive plan to expand stocks and stock budgets in 2019 in July, further expanding staff coverage and incentives (30%).

[Investment recommendation]From the perspective of market share, the reference company assists R & D companies in reporting data to CDE every year. The number of biological products accounts for about 40% -50%, and the number of biological products and chemical drugs is about 20% -30%.

With the continuous improvement of productivity and the improvement of service capabilities, the company’s competitive state can move from expanding animal property to improving efficiency.

With more than 20 years of preclinical drug research experience, the company has sufficient order reserves and continues to be optimistic about the company’s growth trend in the second half of the year.

Based on the actual growth in the middle of 2019, revenue growth is in line with our expectations, and net profit growth attributable to mothers is slightly better than our expectations.

In 2019H1, the company’s expenses were well controlled, and its net profit margin increased.

We have increased the growth rate of preclinical research services for main drugs, and revised the management expense ratio.

We slightly raised our operating income for 19/20/21 to 5, respectively.



8 billion (previous report was 5 for 2019/2020 respectively.


10 billion), increase the net profit attributable to the mother to 1, respectively.


14/2.8.9 billion (previous report was 1 for 2019/2020 respectively.


91 ppm) and EPS are 0.



79 yuan, corresponding PE is 61/45/33 times.

Maintain the “overweight” rating.

[Risk warning]Market competition intensifies; new business expansion fails to meet expectations

Industrial Fulian (601138): Third quarter meets expectations 2020 IPHONE new design brings additional increase

Industrial Fulian (601138): Third quarter meets expectations 2020 IPHONE new design brings additional increase

The gross profit margin increased in the third quarter, and the overall performance was in line with expectations. It is judged that the fourth quarter will enter the peak season of the industry.

Third quarter operating income was 1093.

88 billion, a ten-year average of 12.

4%; net profit attributable to mother 49.

2.8 billion, an increase of 14 in ten years.


In the third quarter, due to the high-margin mobile phone metal case entering the stocking peak, and the appropriate control of production and operating expenses other than research and development, the gross profit margin and operating profit margin 佛山桑拿网 increased. Overall, the third quarter performance was in line with expectations.

It is expected that in the fourth quarter, Netcom, the server will enter the peak season of the industry, the latest demand for iPhone orders has been adjusted, and the fourth quarter profit will continue to grow steadily.

Reshape the new ecology of the industrial manufacturing industry through 12 professional clouds.

Through the 12 professional clouds, Industrial Fulian highlights openness and out-of-the-box execution solutions.

It is expected to penetrate 12 professional clouds, including cutting tools, molds, stamping, industrial robots, automated guided vehicles, Liuliu, molding, SMT, CNC, and factory service monitoring systems (FMCS).The introduction of new technologies such as sensing technology and industrial artificial intelligence 南京夜网论坛 has reshaped the new ecology of the current industrial manufacturing industry.

The new iPhone design in 2020 will increase the unit price of metal structural parts, industrial empowerment and 5G will provide a source of medium and long-term growth, and maintain a “prudent increase” rating.

The company ‘s China Netcom and servers continue to benefit from the 5G demand to maintain steady growth. Next year, there is a good price upgrade for the iPhone’s metal structural parts. It continues to be optimistic that future performance will maintain steady growth.

Maintain the company’s 19-21 year net profit at 180.

77, 206.

64, 237.

35 trillion, corresponding to the current practice (closing price on October 30, 2019) PE is 17.

3 times, 15.

1x, 13.

2 times, maintaining the level of “prudent overweight”.

Risk warnings: Macroeconomic downturn; Sino-US trade worsening; industry competition intensifying.

Shandong Heda (002810): Five-year strategic plan for rapid volume expansion of plant capsules makes a feasible step

Shandong Heda (002810): Five-year strategic plan for rapid volume expansion of plant capsules makes a feasible step

Event: The company announced its 2018 annual report and achieved revenue9.

11 ‰, an increase of 40 per year.

18%, deducted non-net profit 0.

7.2 billion, an increase of 77 per year.

15%, EPS0.

64 yuan, ROE10.


Among them, 18Q4 income 2.

500 million, an annual increase of 43.

25%; deducted non-net profit 0.

16 ppm, an increase of 85 per year.


And it is predicted that the net profit attributable to the mother for the first quarter will be 2128.


230,000 yuan, a year-on-year increase of 100-150%. It is planned to increase 6 shares for every 10 shares and pay a cash dividend of 2 yuan (including tax).

Comments: 1. The high growth of annual performance is in line with expectations. In 19 years, it will continue to deliver high growth and exceed market expectations.

The company’s performance in 18 years has achieved high growth and the forecast performance in the first quarter has exceeded expectations. In the end, the company’s 2 cash / year cellulose ether reconstruction project released part of its production capacity. At the same time, the sales volume of the plant capsule products of its holding subsidiary Hershey increased significantly.Gross profit margin increased by 4.

97% to 27.


The company’s cellulose ether business suffered capacity disruption. After the new capacity was put into production, it signed large supply orders with major overseas customers Knauf and Saint-Gobain. In 18 years, Knauf purchased 2,260 tons and Saint-Gobain purchased 829 tons (the factory commissioned the sales volume)Released at the earliest in the second quarter of 19th), and it is expected that sales will continue to increase in the future; the subsidiary Hershey’s plant capsules have been in volume since 16 years, and have reached full production and sales in 18 years, exceeding the company’s initial sales target, and completed revenue of 7769 in 18 yearsTen thousand yuan, net profit 21.06 million yuan.

The company has set its mid-term operating targets for 19 years, including cellulose ether tax revenue11.

5.0 billion, sales 3.

678 Announcement; Hershey’s taxable income1.

400 million, with sales of 6.3 billion; Yantai Fuchuan includes tax revenue1.

100 million, sales 3600 tons, graphite chemical equipment 45 million.

In terms of total sales, it increased by 65% in 19 (2 in 18).

4 samples), which is basically in a state of full production and sales, and will continue to deliver high growth beyond market expectations.

2. The global demand for plant capsules is growing rapidly, and the company will continue to expand production and aspire to become a global leader.

Plant capsules have obvious performance advantages over animal gelatin capsules. Gelatin capsules with a volume of less than 13% are prone to brittleness and cross-linking reactions with drugs. Malodor will be produced during the production of gelatin. None of the above phenomena exist in plant capsules;Due to the high price, the global penetration rate is currently only 10%, and it is in a period of rapid growth. The annual output is about 150 billion capsules, and the annual demand growth rate is 20% -25%.

The company’s capacity of 3.5 billion tablets began to increase in 2016, and its sales volume increased rapidly from 500 million tablets in 2016 to 3.5 billion tablets in 2018. It is expected that the sales volume will increase rapidly to 15 billion tablets in the next two years, and more than 80% will be exported abroad.Downstream is mainly health care customers.

The company invested in 18 years.

The technological transformation project of 5 billion plant capsules initiated by 07 million is planned to add 12 production lines. Currently, 4 production lines are in full production, and the remaining 8 lines will be put into production in two batches in the first half of the year.

The company is the only company in the industry that integrates the plant capsule industry chain from upstream cellulose ethers. The cost is 30% lower than that of capsule companies that produce imported raw materials. It has obvious advantages in raw materials, equipment and process control.

In the future, the company will continue to expand the production of plant capsules to meet the constraints of the pursuit of productivity donors, and is determined to become a leader in the global plant capsule industry.

3. Leading domestic cellulose ether industry, pharmaceutical grade products will open up room for growth.

The company’s main products are HPMC-based non-ionic cellulose ethers, including 3.

39 initial building materials grade (the original 5,000-ton production line at the Wangcun 苏州夜网论坛 plant was terminated) and 0.

4 Initial pharmaceutical and food grade, has become the largest nano-cellulose ether industry, the highest technology, the most complete product line of leading enterprises.The penetration rate of downstream ready-mixed mortar continues to increase, and traditional construction-grade products have maintained a slow growth; pharmaceutical-grade products due to the continuous expansion of downstream applications will open up room for industry growth.

The expansion of downstream plant capsules has increased the demand for pharmaceutical-grade products. Only a few domestic companies can produce pharmaceutical-grade products. The company controls more than 60% of the domestic raw material supply. It is expected that the future sales of pharmaceutical-grade products will continue to increase.

4重庆耍耍网. The competition pattern of trimethyl orthoacetate has changed drastically, and the rising price has brought about performance elasticity.

As an important chemical intermediate, trimethyl orthoacetate is widely blended with downstream products such as sucralose and methyl ester. The major domestic manufacturers include Weiming Tianyuan (capacity 5000 tons) and Yantai Fuchuan (Herda subsidiary,Production capacity of 5000 tons), due to the area is located in the chemical industry forbidden development zone, the deadline to relocate at the end of September 2018, there is no substantial progress in the relocation is still in production, resulting in short-term market supply constraints, the fourth quarter of 2018Starting price includes tax.

3 million / ton rose to the current 3.

3 million / ton, the price increased by more than 40%, because the contradiction between supply and demand is difficult to ease in the short term, it is expected that the price may increase further.

Fuchuan Chemical’s 5,000 tons of trimethyl orthoacetate and 1,000 tons of double-breaking triamide amide have been improved through process optimization. The product yield has increased. In 18 years, it has achieved 60 million in revenue and a net profit of -6.38 million yuan. We expect that Fuchuan Chemical will turn losses into 19 years.Profit.

5. Maintain “Highly Recommended-A” investment rating.

We raised the net profit for the year 19-21 to 1.

3.3 billion / 1.

900 million / 2.

71 yuan, corresponding to EPS 1.



27 yuan, corresponding to 21 for PE.



6 times, maintaining “strongly recommended-A” level.

6. Risk warning: the price of raw materials rises, the capacity digestion is less than expected, and the market promotion of plant capsules is unfavorable.

Hualu Hengsheng (600426) Annual Report Commentary: Leading Coal Chemical Industry Leader of Annual Report Performance Meets Expectations

Hualu Hengsheng (600426) Annual Report Commentary: Leading Coal Chemical Industry Leader of Annual Report Performance Meets Expectations

Event: The company announced that it achieved operating income of 143 in 2018.

5.7 billion (37.

94%), and realized net profit attributable to mother 30.

200 million (147.

1%), the performance is in line with expectations, it is proposed to send 2 yuan for 10.

At the same time, it announced the investment in new amide and nylon material projects and the project to improve the quality of refined adipic acid.

The fourth-quarter results fell, mainly due to the narrowing of the product price difference: the company’s performance 南宁桑拿 achieved stable growth, thanks to the increase in the prices of various products and the 100 tons of ammonia alcohol income from production in the fourth quarter of 2017 contributed to profit.

Average price of each product and above: Methanol 3,095 yuan / ton (+11.

4%), DMF 5866 yuan / ton (-0.

64%), acetic acid 4603 yuan / ton (+48.

87%), adipic acid 10455 yuan / ton (+ 3%), octanol 8841 yuan / ton (+10.

32%), urea 1998 yuan / ton (+20.

4%), cholesterol 7235 yuan / ton (+2.


Affected by the sharp drop in oil prices in the fourth quarter, the company’s products’ profits fell, and gross profit margins fell by 9 sequentially.

58 up to 22.

95% is currently at the bottom of the cycle.

Product prices have stabilized, and the value of the leading coal chemical industry leader has been highlighted: After the price of Brent crude oil has risen from US $ 45 / barrel to US $ 66 / barrel, the prices of the company’s products have stabilized successively since 2019./ Ton, affected by increasing demand for spring plowing fertilizer, urea increased by an early low of 6% to 2,000 yuan / ton.

Favorable policies such as tax reductions are gradually implemented. We don’t think we need to be pessimistic about the prices of chemical products. At the same time, the company is a model for coal chemical companies, advanced coal water slurry gasification technology, and multi-generation platforms to ensure that companies continue to obtain excess income.

Glucose contributes incremental performance and new material projects are opened for development: The company ‘s 50 coal alternatives have been successfully put into production and will contribute to the main incremental performance. A large amount of cholesterol is still imported in China each year (982 tons in 2018), and the cost of the company ‘s gasification platformAdvantages, the profitability of coal-to-ethylene glycol is guaranteed, and at the current price of 5,200 yuan / ton, it is expected to contribute about 200 million.

In addition, the company announced investment projects: amide and nylon new material projects (investment amount 49.

800 million, construction period 2 and a half years), refined adipic acid quality improvement project (investment amount 15).

7.2 billion, construction period of 2 years), expected to contribute 600 million in performance, opening up new space for the company to grow.

To dispel growth doubts, the coal chemical industry will set sail again and maintain the “strong recommendation” level: the company will reduce the advantages of long-term continuous quota income, the 50-ton target budget will bring into production the added value, and new project investment will dispel the growth doubts. We expect 2019?
2021 results were 23.

43, 25.

11, 27.

7.0 billion, 11/10/9 times the current estimated level, we maintain the “strongly recommended” level.

Risk Warning: Crude oil prices plummet; downstream demand is less than expected; project progress is slow

Zhaoyan New Drug (603127) 2019 Interim Report Review: Interim Report Exceeds Expected Capacity Release and Boosts Performance

Zhaoyan New Drug (603127) 2019 Interim Report Review: Interim Report Exceeds Expected Capacity Release and Boosts Performance

Company dynamics The company released its semi-annual report for 2019.

  Matter Comments Revenue maintained steady growth, clinical business growth improved overall performance flexibility In the first half of 2019, the company achieved operating income2.

10,000 yuan, an annual increase of 48.

7%, operating performance has improved significantly; net profit attributable to mothers has been achieved.

4 billion, an annual increase of 78.

9%; net profit after deduction is 0.

2.9 billion, an annual increase of 87.


The company’s contract value in the first half of 2019 increased by about 21% compared with the same period of the previous year, and the number of orders in hand was about 10 billion, an increase of about 17 compared with the same period of the previous year.

6%, to provide protection for the company’s long-term performance growth.

  The company’s overall 淡水桑拿网 gross profit margin for the first half of 2019 was 50.

90%, basically unchanged from the same period last year.

In terms of period expense ratio, the company’s sales expense ratio and management expense ratio are 2 respectively.

49% and 27.

99%, of which the sales expense ratio increased by 0 in the same period last year.

4pct is mainly due to the increase in sales expenses caused by the company’s labor budget and business volume growth.

In terms of R & D expenses, the company has continuously increased R & D investment in recent years. In the first half of 2019, the company’s R & D investment was zero.

160,000 yuan, ranking up 50 in the same period last year.

9%, accounting for 7.


  The service team continues to expand, and talents continue to improve. The core of the company’s CRO industry is talents. In order to meet the growing customer demand and order volume, in the first half of 2019, the company’s workforce has continued to grow, and nearly 1,000 professionalsService team, with approximately 200 employees initially added.

In order to improve the talent incentive system, the company launched the 2019 annual stock and stock option incentive plan in July 2019. The exercise conditions depend on the 2018 operating income as the base, and the revenue for the next three years will be no less than 30, respectively.%, 69% and 119.


The incentive plan covers a total of 238 core backbones, which is expected to promote the joint growth of talents and the company and ensure the company’s future performance to improve steadily.

  The construction project has been put into operation smoothly, and the release of production capacity has brought about performance and flexible productivity. In the first half of 2019, the company has completed the construction of a number of construction projects, including Beijing Small Animal House and Suzhou Animal House Buildings 3 and 7.

The release of these new production capacities has alleviated the company’s facility supply situation to a certain extent, greatly improved service throughput and capacity, resulting in the company’s number of topics completed in the first half of 2019 and the number of topics under research compared with the same period last year.Breakthroughs have increased and business workload has increased significantly.

In addition, the company also has some functional laboratories in the process of renovation. It is expected to be put into use in September. The expansion and optimization of facility capacity will have a good synergy effect on existing service capabilities and supplementary clinical analysis business capabilities.
Therefore, we expect that the release of new production capacity will bring expected performance elasticity to the company in the future.

  The basic development of new business areas, the first step in the internationalization process to develop the company’s main business scope and layout of the upstream and downstream industry chain, the company has actively developed medical devices, clinical trials, clinical analysis and pharmacovigilance market in recent years, the number of potential customer groupsSteady growth.

In terms of clinical services, as of the first half of 2019, two clinical phase I research centers contracted with the company have completed the construction of hardware, staff team and quality system. It is expected that they can officially undertake business before the end of the year, thus becoming a new performance growth of the companypoint.

For pharmacovigilance, the company has established a self-developed one-stop pharmacovigilance management platform iPVMAP, and established pharmacovigilance cooperation relationships with enterprises of different sizes and types, and is in the stage of active market deployment.

We believe that although new services such as clinical services and pharmacovigilance are still in the early stages of development, because such businesses have synergies with the company’s security assessment business, with the expansion of the new business market, it is expected to bring new business to the company’s main business.Customer drainage, which will become the company’s new growth point in the future, will drive overall performance improvement.

  In terms of global market expansion, in May 2019, the company reached an acquisition intention with the shareholders of the American preclinical CRO company BIOMERE. This acquisition is the company’s first attempt at international mergers and acquisitions. Through this acquisition, the company will have its own experiments in the United StatesFacilities to further improve the layout of the US market, promote the company’s global visibility, attract new customers from abroad, and provide strong support for the company’s performance growth.

  Risks remind the risks of changes in the industry’s regulatory policies; the risk of increased competition in the pharmaceutical R & D service industry; new business development is less than expected; risk investment recommendations are given a “cautious increase” rating; the company’s EPS is expected to reach 0 in 19 and 20 years.

93, 1.

27 yuan, with a closing price of 53 on August 09.

40 yuan calculation, the dynamic PE is 57.

8 times and 42.0 times.

We believe that as a leading company in pre-clinical safety evaluation, the number of orders in hand has increased rapidly. Therefore, with the gradual landing of new production capacity, the completion of the company’s order topics will continue to increase, and the performance will gradually increase.

In addition, the continued development of new business areas is expected to thicken the company’s performance in the future, with obvious growth.

We are optimistic about the company’s future development and give the company a “cautious increase” rating.