Taiji shares (002368) quarterly report comments: third-quarter revenue accelerated growth Issuance of convertible bonds layout

Taiji shares (002368) quarterly report comments: third-quarter revenue accelerated growth Issuance of convertible bonds layout

Matters: The company announced the third quarter report of 2019, and achieved operating income of 45 in the first three quarters of 2019.

8.4 billion, an annual increase of 18.

02%, achieving net profit of 7618.

310,000 yuan, an annual increase of 9.

58%, EPS is 0.

1876 yuan.

Ping An’s perspective: The company’s third-quarter revenue accelerated growth: According to the company’s announcement, 北京桑拿洗浴保健 the company achieved operating income of 45 in the first three quarters of 2019.

84 ppm, an 18-year increase.


In terms of quarters, the company’s revenue growth rate in the first quarter, second quarter, and third quarter was 9 each year.

44%, 14.

34%, 32.

27%, the company’s third quarter revenue continued to accelerate growth and accelerated significantly, indicating that the company’s main business development situation is good.

In the first three quarters of 2019, the company achieved a net profit of 7618.

310,000 yuan, an increase of 9 in ten years.

58%, net profit attributable to mothers has steadily increased.

The company’s gross profit margin and period expense ratio increase every quarter, and the increase in research and development expenses increases: the company’s gross profit margin for the first three quarters of 2019 was 23.

89%, an increase of 2 a year.

92 units.

Company expenses during the first three quarters of 201921.

18%, an increase of 2 per year.

52 units.

Among them, the sales expense ratio increases by 1 every year.

One single, mainly due to market expansion and increased sales staff; management expense ratio (management expenses including research and development expenses) further increased 1.

The 51 singles are mainly due to the company’s continued increase in R & D investment and further increase in R & D expenses.

The company’s R & D expenses for the first three quarters of 2019 were 1.

2 ‰, an increase of 89 in ten years.

82%, the proportion of revenue from R & D expenses increased by about 1 average each year.

The issuance of convertible bonds includes cloud computing, self-controllable and other fields, and future development is expected: the company’s application for public issuance of convertible bonds was approved by the Securities and Futures Commission in September of the year, and the issuance has been completed.

The size of the funds raised from the issuance of convertible bonds is US $ 1 billion. After deducting the issuance costs, it is intended to be used for “Taiji’s independent and controllable key technology and product research and development and industrialization projects”, “Taiji cloud computing center and cloud service system construction projects”,”Taiji Industrial Internet Service Platform Construction Project”, “Supply Liquidity” and other four projects.

The implementation of the fundraising project will strengthen the company’s competition in the domestic cloud computing, autonomous and controllable, industrial Internet fields, help the company grasp the future development direction of the information technology industry, and realize the company’s strategic vision of “being the best digital service provider in China”Provide strong support.

Profit forecast and investment recommendations: According to the company’s 2019 third quarter report, we adjusted the company’s profit forecast for 2019-2021, and EPS was adjusted to 0.

92 yuan (the original predictor variable is 0.

96 yuan), 1.

21 yuan (the original predictor 1).

22 yuan), 1.

60 yuan (the original predictor variable 1).
58 yuan), PE corresponding to the closing price on November 1 were about 34.
6, 26.

5, 20.

0 times.

The company is a leading company in the national e-government industry, benefiting from the continued growth of the domestic e-government market, and the company’s e-government business has a solid foundation.

Adhering to its leading advantages in the field of e-government, the company has a good development momentum in the field of government cloud.

The company is one of the best system integrators in developing countries. As the overall unit of China Electronics Technology Group’s autonomous and controllable industry, the company maximizes its autonomous and controllable ecology and has ample future development space for autonomous and controllable business.

We are optimistic about the company’s future development and maintain a “recommended” rating on the company.

Risk reminders: (1) The growth rate of e-government business is not up to expectations: The growth of the domestic e-government industry market size is greatly affected by government investment in informatization construction. If the government’s expenditure on informatization construction changes,There is a risk that the market scale of the domestic e-government industry will exceed expectations, and the company’s e-government business will have a risk of not growing as expected; (2) The progress of cloud service business promotion is not as expected: the company’s government cloud business includes Beijing Municipal Affairs CloudHainan Government Affairs Cloud, Shanxi Province Government Affairs Cloud and other benchmark customers. In March 2019, the company successfully won the Tianjin Municipal Affairs Cloud.

If the company’s government affairs cloud business cannot continue to promote the application scope and application depth on existing projects, or the development of new projects fails to meet expectations, the company’s cloud service business may not meet the expected expansion schedule; (3) autonomouslyControl business development is not up to expectations: At present, domestic basic software and hardware platforms have been basically available, but the ecological shortage is serious. The adaptation between basic software and hardware products (CPU, operating system, database, etc.) is facing challenges.

The company is backed by China Electronics Technology Group. 南宁桑拿 Although it is relatively perfect in ecological construction, if the adaptive solution cannot be continuously improved, or the user experience of the introduced adaptive solution is not up to expectations, the company’s autonomous and controllable business may not develop as expected.risks of.

Petrochemical Machinery (000852) Company Dynamics Review: Shale Gas Development High Boom Performance Progress Steady and Upward

Petrochemical Machinery (000852) Company Dynamics Review: Shale Gas Development High Boom Performance Progress Steady and Upward
Event: Recently, the company released the 2019 semi-annual report performance forecast, which is expected to achieve a net profit of RMB 20 million.23 million yuan, a total of 8288 in the same period last year.850,000 yuan.The significant improvement in the company’s performance was mainly due to the increase in orders for petroleum machinery equipment such as fracturing equipment, and the settlement of major product deliveries increased significantly. The economics and policies of shale gas development are expected to continue to improve and stimulate shale gas extraction: gradually, the cost of a single shale gas well construction is decreasing year by year. Through the mastery of core technologies such as exploration and drilling and independent research and development, the average graduallyThe cycle was reduced from 175 days to more than 40 days. Through refined management, localization of downhole tools, and reduction of land occupation, the cost of operations and consumables continued to decline.According to the “Petroleum Exploration and Development” journal, the cost of single-well construction in the Changning-Weiyuan demonstration area has been from the early stage1.30,000 yuan will be reduced to about 50 million yuan in 2018.In addition, according to the Honghua Group’s 2018 announced contract, the single well price of 8 gas wells for drilling, cementing, and fracturing in an integrated shale gas platform in Sichuan has been as low as 36.25 million yuan.Under the threshold of conventional energy security breakthroughs, unconventional oil and gas, especially shale gas, are increasingly visible locally. Internal oil stabilization and gas increase + seven-year action plan + continuous tax reduction + incremental replacement of the New Deal + date foreign developers enter and enter shaleThe cost of gas development is still further explored, and shale gas production is expected to accelerate. Three barrels of oil increased capital expenditure for exploration and development, and the industry maintained a high degree of prosperity: The company’s orders in the past years mainly came from three barrels of oil, and domestic capital expenditures began to accelerate. In 2018, the three companies reached a total of 4,360.$ 5.2 billion in capital expenditures, an annual increase of 19.4%.The total estimated capital expenditure in 2019 is approximately 5069-5169 trillion, a similar increase of 16.25% -18.54%, of which the exploration and development capitalization expenditure budget totaled 3578-3678 billion yuan, and the growth rate of exploration and development 厦门夜网 in 2019 was about 20%.Benefiting from the accelerated growth of upstream exploration and development capitalization expenditure, the oil and gas equipment manufacturing and service industry has a promising future. The future stock market update will further promote the growth of fracturing equipment demand. The company, as the leader of domestic fracturing equipment, has harvested harvest orders, and the industry remains relatively early.With a high degree of prosperity, the company is expected to continue to benefit. The pipeline network company is expected to be established, the pipeline network construction is fully rolled out, and the pace of state-owned enterprise reform is accelerating: According to the Medium- and Long-term Oil and Gas Pipeline Network Plan, the total mileage of oil and gas pipeline networks will reach 16西安耍耍网 by 2020.90,000 kilometers, a compound growth rate of 8 in 5 years.58%. From this calculation, the corresponding domestic oil and gas steel pipe market space exceeds 12 billion yuan each year.The company’s Shashi Steel Pipe Plant is the only professional oil and gas pipeline steel pipe production plant of Sinopec Group.At present, Sinopec and some private road construction needs are relatively high, and orders are relatively long. After the establishment of the pipeline network company, the construction of the national large pipeline network will be gradually accelerated, and the company’s oil and gas steel pipe product line will continue to grow in the future.The company has actively promoted the reform of the system and mechanism. Through a sound management mechanism, a mechanism for selecting and employing personnel, and an incentive mechanism for distribution, to improve operating efficiency and effectiveness, it has been included in the “Double Hundred Actions” comprehensive reform pilot unit. Investment suggestion: The gap between supply and demand and energy security drive the acceleration of domestic oil and gas production. We expect the company’s demand for major products such as fracturing equipment, drilling rigs, and pipelines to continue to improve. The company’s revenue and gross profit margin will gradually rise synchronously. According to our model calculations, we expect 2019-The net profit attributable to mothers will be 1 in 2021.3.2 billion, 1.8.6 billion, 2.66 trillion, EPS is 0.22, 0.31, 0.45 yuan, corresponding to PE is 42 times, 30 times, 21 times. Risk reminder: shale gas development and investment are less than expected, oil prices have fallen sharply; planning implementation has fallen short of expectations; industry competition has intensified.

The three major indexes soared collectively, listed companies are optimistic about A shares

The three major indexes soared collectively, listed companies are optimistic about A shares

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

  The three major indexes collectively “exploded”!

Insurance, funds, foreign, and listed companies are optimistic about A shares and overcome the antiviral drug Redecive “helping out” Source: Gong Shuxin After the three major stock indexes yesterday “squat”, the three major indexes today blew up”Counter-attack”, the GEM once rose over 5%.

Today’s index is a “counter-attack” or the result of the combined efforts of insurance, funds, foreign capital, listed companies, etc.

  After a deep squat on the first trading day of the Year of the Rat, today’s A-share market is “full of blood” resurrected.

After the three major indexes opened slightly lower, in less than ten minutes, the index quickly began to turn red.

Half an hour after the opening, the three major indexes have grown in an all-round way, opening a wave of magnificent “counter-attacks”.

The final close, the Shanghai index rose 1.

34%; the index rose 3.

17%; GEM rose the most, reaching 4.


  As yesterday, the “smart funds” northbound funds continue to beat the bottom and scan the goods.

In the final close, there was a net inflow of 79 funds.

8.7 billion.

Just yesterday, Kitakami Capital bought nearly 20 billion in one day, setting a record for the largest net purchase this year.

  In addition to the northbound capital to open a cargo sweeping model, domestic insurance, fund companies, and listed companies are also actively taking action to support it with actual actions.

According to the internal data provided by the mainstream mainstream insurance institutions, about 10 billion yuan of insurance funds have been copied into the market in just one day yesterday.

  I am pleased that this afternoon, in a previous press conference of the National Health and Health Commission, Sun Yanrong responded to the recent anti-retroviral drug Desivir on the Internet.The Colon Cancer Drug Alliance arrived in the country this afternoon.

This news may give the stock market another shot of “heart-strengthening.”

  /// Ridsieve may boycott China today // Ridsieve may boycott China today // Everyone is eager to be able to resume the approval of the “specific medicine” as soon as possible to help patients with susceptible diseases.

  It is exciting that this afternoon, in a previous press conference of the National Health and Health Commission, regarding the recent anti-viral drug Radixivir on the Internet, Sun Yanrong responded that this is an Ebola virus infection that has been treated abroad.”We look forward to a good effect in clinical trials, and this supplement is expected to arrive in China this afternoon.

“Vaccine, notified by the Drug Evaluation Center of the State Food and Drug Administration on February 2. The 都市夜网 clinical trial application of Gilead’s drug Remdesivir in the treatment of pneumonitis associated with new coronavirus infection was approved by the State Food and Drug Administrationintelligence.

Beijing China-Japan Friendship Hospital will lead the clinical study of Redecive in Wuhan.

The study may end at the end of April, and if the drug is safe and effective, it is expected to be approved for clinical use.

  The third phase of a clinical trial conducted by Gilead and the China-Japan Friendship Hospital in Beijing aims to determine whether the use of redecive to treat pneumonia of a new coronavirus infection is safe and effective.

  It is clear that only one case of efficacy data for the drug in the United States is not enough to prove its safety and effectiveness.

Judging from the current situation, Redecive is considered to have the possibility of treating pneumonia due to a new coronavirus infection, and its safety and indeed remains to be verified.

  // Public and private equity are optimistic about A shares // In addition to the “good news” brought by antiviral drug Redecvir, the fund industry is also bullish on A shares with real money.

  Although the A-share index suffered a severe setback on the first day after the Spring Festival, long-term public offering funds still collectively “buy” A-shares, and believe that the current adjustment is an excellent mid- and long-term buying point.

On the evening of February 3, Xingquan Fund issued an announcement saying that the company had used its inherent funds to purchase approximately 37 million yuan of public equity funds under the banner of the company (Jin Qilin analyst) on February 3, 2020, totaling 2020.On February 4, 2014, an additional purchase of approximately 23 million yuan will be made to purchase approximately 60 million yuan of the company’s partial equity public funds.

  For this self-purchase, Xingquan Fund related persons said that for long-term funds, the short-term adjustment of the market may be a good opportunity to lay out high-quality assets.

  After the Xingquan Fund launched the first shot of the Year of the Rat, Huitianfu Fund, Wells Fargo Fund, Yinhua Fund, and Boshi Fund followed suit.

According to statistics, the total amount of self-purchased funds launched by public funds has exceeded 900 million US dollars.
Among them, Tianhong Fund decided to invest a total of 500 million shares to purchase Tianhong’s partial equity fund.

  According to the calculation of the Galaxy Securities Fund Research Center, it is found that the current available funds for public funds are close to 220 billion yuan.

In addition, more incremental funds are still on the way. It is reported that internally merged public offering funds including Huaxia, Harvest, Agricultural Bank of China, Qianhai Kaiyuan, Ruiyuan will start to issue new funds after the Spring Festival.

  In addition to public offerings optimistic about the current investment value of A shares, some private placements have stated that “the bullets have run out.”

  Private equity boss Dan Bin’s Weibo showed that he was busy trying to make a bottom.
It stated on Weibo: “Give the trader instructions, the new fund will buy leading liquor, leading battery companies, leading Internet companies (Hong Kong stocks), leading online education companies (Hong Kong stocks), the bullets are all gone!
  In fact, there are still many “bullets” in the tens of billions of private placements.

Data show that since December 2019, Jinglin Assets, Danshuiquan, Kaifeng Investment and Chongyang Investment have all actively issued products.

  // Kitakami funds continue to buy and buy // While public and private placements buy shares, Kitakami funds have not stopped.

  Today, the three major stock indexes strengthened across the board, of which the GEM Index performed the best, with intraday gains of more than 5%, ending the close, an increase of 4.


The total transaction value of the two cities exceeded 900 billion U.S. dollars, and the industry sectors were mixed, with cloud office, masks, medical and technology stocks leading the gains.

  It is worth noting that the net inflow of northbound funds yesterday was 199.

After 3.2 billion, today there is a net inflow of 79 again.

8.7 billion.

According to Oriental Fortune data, on February 3, the net inflow of Shanghai Stock Connect reached 150.

1.5 billion yuan, the net inflow of Shenzhen Stock Connect reached 49.

1.7 billion yuan, the total net inflow of funds to the north reached 199.

3.2 billion yuan.

Specifically, Ping An of China and Maotai of Guizhou bought 23 respectively.

2.5 billion and 12.

8.3 billion yuan.

In addition, Gree Electric Appliances, Ningde Times, Yanghe Shares, China National Travel and other stocks have a net purchase amount of more than 500 million yuan.

  The buy-and-buy model of Kitakami funds is not a short-term behavior.

Since the beginning of October last year, Beijing’s capital has flown into A shares for 15 consecutive weeks.

Finally, ending one week before the Spring Festival, the four trading days gradually decreased by 60.

200 million yuan.
From the perspective of this year, the total net inflow of funds to the north has exceeded 90 billion yuan.

  // Beyond “boosting” liquidity // In addition to the northbound capital to buy, buy and buy, in the two-day trading session, the changes also continue to supplement market liquidity.

  In order to maintain reasonable and abundant liquidity of the banking system during the special period of disease prevention and control, a record-breaking 1.200 billion reverse repo operation was gradually implemented on February 3.

The 7-day and 14-day reverse repurchase rates were lowered by 10 basis points. On that day, 105 billion reverse repurchases expired and the net investment was 150 billion.

  On February 4, the 500 billion reverse repurchase operation was gradually resumed through interest rate bidding.

Due to the $ 100 billion reverse repurchase expiry today, a net investment of $ 400 billion was realized.

  The total net investment for the two days is 550 billion yuan, which fully shows the determination to continuously stabilize market expectations and boost market confidence.

  The CSRC also made corresponding efforts in stabilizing the market. In severe epidemic areas, the Securities Regulatory Commission stipulated that the stock pledge agreement could be terminated for an extension of 3-6 months. Securities companies were also required not to take the initiative to implement the two financial customers in severe epidemic areas.Forced liquidation.

In addition, the CSRC has established a green channel for corporate bond issuance to support the issuance of new and old shares.

  // Increase holdings, repurchase, terminate reductions!

Listed companies have real gold and silver admission to maintain mergers // While funds, insurance, and northbound funds continue to “strengthen”, listed companies are also acting.

  On February 3, the securities market ushered in the first trading day of the Year of the Rat. The market was “green”. In the face of continuous decline, a large number of companies and major shareholders of the company, Dong Jiangao increased its holdings, repurchases, and terminated the reduction.Holding so many expectations boosted market confidence.

These gradual advancements will play a positive role in the company’s maintenance in the secondary market to a certain extent, and will also enhance the company’s reputation.

  Shanghai Lingang announced on the evening of February 3 that 17 core supervisors including the chairman, deputy chairman, president, and chief financial officer of the company and the actual controller of the company, Shanghai Lingang Economic Development (Group) Co., Ltd., intends to make some announcements.Increase the company’s stock within 6 months from the date of disclosure.

  Yuyuan shares announced on the evening of February 3 that the latest share price to be repurchased does not exceed 8.

3 yuan / share (inclusive). The number of shares to be repurchased shall not exceed 20 million shares (inclusive) and not less than 10 million shares (inclusive).

The source of funds for the repurchase of shares is the company’s own funds, and the repurchased shares are planned to be used for subsequent company equity incentive plans.
  Sanlits announced on the evening of February 3 that the repurchase amount was not less than 100 billion (inclusive), not more than 20 billion (inclusive), and the share repurchase price was not more than 9.
5 yuan / share.

Sanlits said that the funds for the share repurchase were in place. The company’s own funds may have the necessary funds in place to repurchase the shares in a timely manner, resulting in the risk that the repurchase program could not be implemented as planned.

  In addition to increasing their own shares, some listed companies’ shareholders terminated their reduction plans in advance to boost market confidence.

  Guangshengtang announced on the evening of February 3 that Li Guoping, Ye Liqing, and Li Guodong, the actual controllers of the three companies and their concerted parties, Aotai Investment decided to terminate the reduction plan in advance and made a voluntary commitment with the company’s controlling shareholder Aohua Group in 2020.The company’s shares will not be reduced in any form before June 30.

It is clear that the baby-friendly room announced on the evening of February 3 that the company’s vice president and secretary Gao Gao decided to terminate the implementation of the share reduction plan in advance.

Baiyun Airport (600004) Semi-annual Report Comment: 2Q Results Increased 90% After Tax-free Doubled Development Fund in the First Half of the Year

Baiyun Airport (600004) Semi-annual Report Comment: 2Q Results Increased 90% After Tax-free Doubled Development Fund in the First Half of the Year

Incident Baiyun Airport disclosed the 2019 interim report, and the company realized operating income in the first half of the year38.

600 million, an annual increase of 3.

74%, net profit attributable to mothers4.

2.8 billion, down 39 previously.

1%; operating income in the second quarter was 19.

400 million, down 2 every year.

8%, realizing net profit attributable to mother 2.

0.5 billion, down 24 every year.

3%, the decrease was narrower than the previous month.

04 averages.

The business volume has been steadily increasing, and the international line has continued to increase. The comparable revenue caliber should increase by more than 15% per second. Baiyun Airport completed the flight in the first half of the year.

07 million sorties, with an annual increase of 2.

6%, achieved 3,564 passenger explosions.

640,000 person-times, an increase of 4 per year.

1%, achieved 90% of cargo mail fractures.

57 for the first time, growing by 1 every year.


The international business continued to rise, and the company completed in the first half of the year.

Complete international and regional flights.

180,000 sorties, passengers exploded 922.

30,000 person-times, cargo and horror 55.

9 Initially, at least 3 respectively.

7%, 9.

1% and 5.


From the end of November 201合肥夜网8, the Civil Aviation Development Fund will no longer return to the company’s revenue. We estimate that this part of the impact will contribute about 4 to the company’s revenue.

About 6 billion, if you deduct this part of the impact, the company’s comparable caliber revenue growth should be more than 15%.

Tax-free income doubled and rental dividends continued to be released. China National Tourism Interim Report showed that China Exemption reached 8 at the Baiyun Airport duty-free shop in the first half of the year.

44 ppm, an increase of 5 per year.

US $ 5.6 billion, an increase of 193%. Thanks to the tax-free royalty rate and the double rise of this type, the company’s rental dividend continued to be released.

The cost was significantly improved due to the commissioning of the T2 terminal building, and the deduction of the development fund affected the 2Q performance improvement. In the first half of the year, the company’s operating costs increased significantly due to the commissioning of the T2 terminal building, with new depreciation.

64 ppm, non-depreciated other costs increased by 1.

2.1 billion.

However, considering that the commissioning date of the T2 terminal falls at the end of April 2018, and there may be some one-time costs in the statement for the same period last year, the company’s operating costs have increased by 4 each year.

8.5 billion, which is significantly lower than the second half of last year.

The previous increase of 4.4 billion, of which the operating costs in the second quarter increased by only 15.17 million yuan per year.

As the base effect fades in the second half of the year, the company’s performance will gradually return to normal.

In fact, if it replaces the influence of the Civil Aviation Development Fund, the company’s second-quarter performance has been continuously positive, and the pre-tax profit increase should be about 90%. Investment suggestions We continue to be optimistic about the development trend of China’s tax-free industry.

As the southern gate of the developing country, Baiyun Airport is currently experiencing an increase in tax-free sales, but it is still far lower than Shanghai and Capital Airports in absolute terms, which is why it means it has potential growth potential.

Taking into account the company’s aviation business volume growth rate is slightly lower than our previous expectations, since 9.

9 billion, 13.

6 billion, 16.

700 million lowered 2019-2021 profit forecast4.

1%, 3.

4%, 2% to 9.

5 billion, 13.

2 billion, 16.

3 billion.

Considering that the company’s expectations have almost doubled since this year, the dynamic assessment level is no longer low, and the level has been downgraded to “overweight”, but at the same time considering that there is uncertainty in the current macro economy, the market is more inclined to takeThe measures continue to increase the potential of consumer products, and the airport’s performance driving force has completed the switch from the main aviation industry to non-aviation revenue, which has become a stronger consumption attribute.

The current consumer stock leaders such as Maotai, Wuliangye, and Haitian Dynamic Evaluation are 36 respectively.

4X, 36.

9X, 63.

At 6X, Wind unanimously expected that the estimated PE levels in 2021 would be 24X, 22X, and 42X, so we raised our target price from 16 yuan to 23.

3% to 19.

73 yuan, corresponding to 25 times the PE valuation of EPS in 2021.

Risk warning: Macroeconomic growth rate, tax-free sales are less than expected, cost growth exceeds expectations

New World (000997) Annual Report 2018 Comments: Performance in line with expected growth momentum potential

New World (000997) Annual Report 2018 Comments: Performance in line with expected growth momentum potential

Event: The company released the 2018 annual report and the 2019 first quarter report: In 2018, it achieved 57 revenue.

6 billion with an increase of 18.

6%; net profit attributable to shareholders of listed companies5.

8.6 billion down 10.


2019Q1 achieved revenue of 成都桑拿网 12.

1.5 billion with an increase of 4.

8%; net profit attributable to shareholders of listed companies2.

4.8 billion with an increase of 27.


The performance was in line with expectations, and the high prosperity of the information technology sector continued the company’s revenue in the information technology sector except real estate in 2018.

9.6 billion with an increase of 43.

2%; net profit attributable to shareholders of listed companies other than real estate5.

8.1 billion with an increase of 26.


In the first quarter of 2019, the information technology segment except real estate achieved revenue12.

9.9 billion increased by 18.

8%; net profit attributable to shareholders of listed companies other than real estate2.

4.6 billion with an increase of 48.


Comprehensive gross profit margin 29.

2% down 5.

The four tiers were mainly due to the decline in gross profit margin of payment operators and value-added services and the adjustment of income structure.

Selling expense ratio 3.

8% down 0.

24 units with a management expense ratio of 15.

1% up 1.

2 fines, partly due to the increase in fair incentive fees.

The POS business grew to 2 million units, a 40% increase.

In addition, based on merchant operation service platforms, SAAS services such as payment and finance are created.

Among them, the transaction volume of payment business in 2018 exceeded 1.

The 5 trillion yuan increased by 88%, the number of platform service merchants exceeded 500,000, and the financial service loan balance was 16.

3.3 billion increased by 15%, and the non-performing rate was 3.


Merchant operating services maximize revenue 28.

02 billion increased by 74.

7%, profit contribution accounted for the first over 50%.

With the improvement of service platform merchant operation capabilities, the realizing value of SAAS and financial services is worth looking forward to. Investment suggestion: Considering the downward trend of the company’s payment operators and value-added business gross profit margins, meanwhile, the bad debt rate of financial services has increased rapidly, and the company’s 武汉夜网论坛 diluted EPS for 2019-2020 is reduced to 0.

72, 0.

87 yuan / share.

The EPS is expected to be 1 in 2021.

08 yuan / share.

Based on the bullish position of the company’s POS equipment industry and the long-term value of merchant operations, we maintain a “Buy” rating.

Risk Warning: The competition in the smart POS industry is intensifying, the acquisition fee rate is decreasing, and the bad debt rate is continuously increasing.

King of trillions of shares were bought by Kitakami Capital to increase these positions this week (with shares)

King of trillions of shares were bought by Kitakami Capital to increase these positions this week (with shares)

Medical equipment 深圳桑拿洗浴网 differentiation, cloud computing industry stand out!

Come to Sina University of Finance and listen to the opening column of the Trading Day Financial Morning Post.

  300 billion big sales!

These two industries focus on adding positions, and trillions of “stock kings” have been bought. Beishang Capital has increased these stocks this week (with shares). Source: DataBao Original Wang Linpeng. A total of 32 stocks were listed this week.Among the active stocks, the pharmaceutical and biological industry has the highest concentration.

  Affected by the new crown pneumonia epidemic, the Shanghai Index plunged 7 on Monday.

72%, the A-shares fell on a large scale. After stopping the decline from Tuesday to Friday, it continued to grow, and gradually declined 3 times a week.


  When the overall decline of A shares, 武汉夜生活网 Kitakami’s funds fled more than panic, but instead inflowed heavily to make a dip.

This week, the funds on the north gradually netted 300.

600 million yuan, a record high in the past 9 weeks.

Among them, Shenzhen Stock Connect made a total net purchase of 119.

6.7 billion yuan, the Shanghai Stock Connect total net purchase of 180.

9.3 billion yuan.

  Commercial trade, the computer was awarded the key capital of Beijing Capital Securities Times · Data Bao statistics show that this week, the number of shares in Beijing Capital increased by 20 in the industry, and the number of shares in the three industries of commercial trade, computer and leisure services increased by more than 10% from the previous month.
  Among them, the business and trade industry has the most obvious Masukura month-on-month. Kitakami Capital holds its shares this week.

6.2 billion shares, an increase of 12 from the previous month.


  In the lightening industry this week, the textile and clothing industry has the most obvious lightening. This week, the capital went north to hold the industry2.

9.7 billion shares, down 2 from the previous month.


  Among the above-mentioned Masukura industries, the computer industry has been accumulating key warehouses this week. It has also been funded by Kitakami Capital for 6 consecutive weeks, and the number of shares held has increased by 27 compared to 6 weeks ago.


  Pharmaceutical stocks became the most active sector in the capital trading market in North China. A total of 32 stocks were listed on the Active Trading List this week. From the perspective of the industry, among the active stocks listed this week, the pharmaceutical and biological industry was the most concentrated, with 5 stocks listed.

The largest transaction amount was Moutai, Guizhou, with a total of 162 transactions this week.

96 ppm; followed by Ping An of China with a cumulative turnover of 110.

2.8 billion; Gree Electric Appliances, Ningde Times, etc. have higher turnover.

  In terms of net purchases and sales, a total of 25 stocks on the list this week were net purchases. The largest net purchase amount was Moutai, Guizhou, with a net purchase amount of 35 this week.

09 trillion, followed by Gree Electric, Ningde era, the net purchase amount was 20.

8.5 billion, 20.

6.2 billion.

Among the net stocks sold, Lixun Precision has the largest net sales amount, with a net sales amount of 6 this week.

800 million yuan.

  Overall, there are 784 Masukura stocks with Kitakami Capital, and the Masukura ratio exceeds 0.

There are 105 of the 5 partnerships.

Specifically, the proportion of new natural gas Masukura is the most obvious, the latest shareholding ratio2.

83%, an increase of 2 from the previous month.

17 single; followed by biological shares, the shareholding ratio increased by 1.

62 in one; other top-up positions include He Ertai, Baiyun Airport, Shanghai Airport, Vantage, Obit and so on.  From the perspective of market performance, 13 of the top 20 stocks with funds to go north this week expanded forward, and 7 declined.

Dean Diagnostics expects the biggest increase this week, up 19.

49%, and other increases were Yonghui Supermarket, Hualan Biological, Jiuyang Co., and Hetai, which all increased by more than 10%.

  Dean Diagnostics’ 2019 performance forecast is 10% -16% lower than the same period of the previous year, and its profitability has declined.

However, the outbreak of the new crown pneumonia around the Spring Festival, the relevant medical testing company’s business expanded greatly, and gained the favor of market funds.

In response to the new coronary pneumonia epidemic, Dean Diagnostics announced that it has recently completed the development of new coronavirus (2019-nCoV) series testing reagents.

Currently, the kit registration inspection at Zhejiang Medical Device Inspection Research Institute has been completed, and it is expected to provide accurate testing products to the market soon. Pacific Securities judges that 2020 will be a year of accelerated performance for Dean Labs.

  From the perspective of Beijing Capital’s reduction of its holdings, China Resources Sanjiu’s lighten-up position is the most obvious, and its shareholding ratio has decreased by 2.

32 in one; light-hearted shifts also include Yixintang, Luo Niushan, Silan Micro, Sunlord Electronics, etc.

  Beishang Capital has purchased 31 shares of Data Po for seven consecutive weeks. According to statistics, Beishang Capital has purchased 134 shares in the periphery.

In terms of different industries, there are 26, 18, and 11 stocks in the pharmaceutical biology, computer, and electronics industries.

  Extending the time, 31 shares were increased by Kitakami funds for seven consecutive weeks.

Judging from the changes in the shareholding ratio, Polaia has the largest stock increase in stocks. About 7 weeks ago, the shareholding ratio of Beijing Capital increased by 5.

08 in one; other Masukura shifts include Europe Group, Shunxin Agriculture, Xinao, Beixinyuan, China Chemical, Sankeshu, Beidouxingtong, etc.

  From the perspective of market performance, among the 31 stocks that Beijing Capital increased for 7 consecutive weeks, 12 shares increased this week, of which the largest increase was the data port, which increased by 21.

67%; the other broadband gains are Jiuyuan Yinhai, Jinyu Medical, and Tai Tailai, which have all increased by more than 10%.

The decline was caused by willing wine, Xinneng Taishan, Baofeng Energy, which all fell more than 10%.

  145 shares were thrown out by Data Capital for four consecutive weeks. Statistics showed that funds from Northward Capital issued 145 shares for four consecutive weeks.

By industry, the number of real estate stocks is the largest, with 14 in number.

  Judging from the changes in the shareholding ratio, compared with the ratio four weeks ago, the 39 stock reduction ratio exceeded 0.

5 averages.

Yixintang suffered the largest reduction, which was reduced by about 5 weeks ago.

36 singles, and other reductions in shrinking margins include SF Holdings, Sanhua Zhikong, Kangyuan Pharmaceutical, and Construction Investment Energy.

  From the perspective of market performance, 28 of the above-mentioned 145 shares have grown ahead of schedule.

The biggest increase was Gaode Infrared, which rose 34 this week.

79%, the increase is also Yinlun shares, Xinlun Technology (right protection), Sanyou Chemical, all rose more than 20%.

  117 shares shrank and contracted. The largest decliner was Jiakai City, which fell by 14 this week.

81%, the fluctuations were also Fuxing shares, Joy City, I love my home, Commodity City, Guanghui Energy, all fell more than 13%.

  Disclaimer: All information content of DataBao does not constitute investment advice. Securities are risky and investment should be cautious.

Shengyi Technology (600183) performance review: the price of copper clad plate stabilized, 5G became the company’s long-term growth momentum

Shengyi Technology (600183) performance review: the price of copper clad plate stabilized, 5G became the company’s long-term growth momentum

The results of the first quarter of 2019 are in line with expectations. The company’s first quarter 19 results: revenue 27.

4 ‰, a decrease of 3 per year.

3%; net profit attributable to mother 2.

5 ‰, reduced by 0 every year.


The CCL business was weak in the first quarter, mainly due to weak demand and good growth in the PCB business.

The company also announced an equity incentive plan at the same time, showing long-term growth confidence.

Looking forward to the second quarter and the second half of 2019, we expect the company’s performance to increase quarter by quarter through the stabilization of the prices of copper clad laminates.

As 5G promotes the growth of downstream communication PCB business, we believe that Shengyi, as the main supplier of high-frequency copper clad laminates, will benefit in the long term and continue to recommend it.

Development trend: Costs have stabilized and demand has picked up. It is expected that the prices of copper clad laminates will remain stable.

In the fourth quarter of last year, due to the decrease in demand and the decline in raw material prices, the unit price of Shengyi’s copper-clad laminates fell, which has affected the profitability to a certain extent.

We expect that the price of copper clad laminates has remained stable due to the original end of the downward trend in the upstream. Demand is also expected to pick up quarter by quarter in the second and second half of the year.

High-frequency copper-clad laminates are progressing well, 厦门夜网 and the volume is expected to gradually increase after the second quarter: the company’s Nantong plant’s high-frequency products are mainly used in communication base stations.

Driven by the 5G construction process, we expect that the company is expected to gain more market share and demand from large customers, replacing Rogers’ conversion products in the United States.

We expect that this new product will bring about 50 million yuan of revenue increase to the company in 2019, which will translate into continued increase in performance contribution after 2020.

5G is driving demand for consumer electronics, IoT appliances, and automotive electronics.

We believe that 5G can drive multiple application needs, including base stations, antennas, personal mobile terminals, data centers, processors, chip packaging, intelligent 淡水桑拿网 manufacturing, connected cars, and new energy vehicles. These directions will drive the next round of electronics industry growth.The company is actively deploying 5G and is expected to take the lead in these frontier areas and continue to be optimistic.

Earnings forecast We maintain 2019e EPS of RMB0.

The 52 yuan remains unchanged. In view of the increased certainty of 5G services, we raised our EPS forecast for 2020 to 5%.

61 yuan.

Estimates and recommendations The company’s performance has an overlapping correlation with the copper price. Benefiting from the macroeconomic recovery expectations and the certainty of 5G mid-term products, the company’s price-earnings ratio starts from the beginning of 19 years.

Doubled 39% to 26.

7 times.

The company’s current consensus corresponds to 19/20 26.


6 times P / E.

Due to the certainty improvement and profit increase of 5G business, we raised TP by 27% to 17 yuan, corresponding to 19/20 32.


8 times P / E (23% upside), maintaining the recommended level.

Risks 5G progress is less than expected, and CCL prices fluctuate.

Zhibang Home (603801): Wardrobe bulk drives revenue to accelerate profitability remains stable

Zhibang Home (603801): Wardrobe bulk drives revenue to accelerate profitability remains stable

Event: The company announced the third quarter report of 2019 and realized operating income from January to September.

600 million, an annual increase of 12.

9%, net profit attributable to mother 2.

3 ppm, an increase of 14 per year.

5%, after deducting non-return to mother’s net profit increased by 9%.


One single Q3 realized income 8.

1 billion, an increase of 16 a year.

9%; net profit attributable to mother 1.

2.3 billion, an annual increase of 13.


Comments: 1. Revenue growth is accelerating month-on-month, wardrobe and bulk business maintain rapid growth, and retail channels are relatively stable. Q3 single-quarter revenue is +16 per year.

9%, 3% faster than the previous month.

6 points.

In terms of categories, the growth of kitchen cabinets (accounting for about 70%) is basically the same as last year, and wardrobes (accounting for about 25%) increased by 70-80%. In terms of distribution channels, cabinets 深圳spa会所 in distribution channels have a small order of magnitude, and engineering channels (proportion(About 18%) in the first three quarters of about 35%.

Wardrobes and bulk businesses are the main drivers of the company’s growth.

In terms of channel expansion, there were 1,567 cabinet stores at the end of Q3, a net increase of 80; 978 wardrobe stores, a net increase of 252; and more than 100 wooden doors.

In addition, the unit price of cabinets and closets is expected to be basically stable at around 1 million.

2. The scale effect led to a slight increase in gross profit margin, stable profitability, and significant improvement in cash flow reduction. Q3 Comprehensive gross profit margin was 40%, an increase of 1.

5 points.

In 19, the company’s wardrobe was converted, the scale of the wooden door business further expanded, and the profit optimization of the bulk business still contributed to the overall gross profit margin.

In terms of expenses, the sales expenses are at least + 2pct, which is mainly due to the increase in marketing activities and advertising expenses. In addition, the rapid growth of major businesses has led to the increase in service expenses. It is expected that the effect of some expenses will be realized in the fourth quarter. The overall expenditure rate is controllable and profitable.Capability remains stable.

In terms of cash flow, Q3 net operating cash inflow was zero.

84 yuan, at least a significant improvement, although accounts receivable and bills increased by 1.

300 million, but accounts payable and bills increased by 1.

200 million, advance receipts increased by 0 in ten years.

600 million, the company’s bargaining power in the industry chain is increasing.

3. The large-scale increase in revenue has led to the gradual significant effect of the coordinated development of cabinet wood. Maintaining the “Highly Recommended-A” rating. As the penetration rate of hardcover rooms gradually increases, the company’s large-scale business drives the company’s stable and rapid growth.

In addition, we continue to be optimistic about the company’s “1 + 1 + 4” development strategy of “big customization + leading design + strong terminals, supply chain, digitalization, and talent”: 1) category expansion, kitchen clothes, wood linkage, and whole house customization to increase customer unit prices; 2)Expansion of the channel optimizes the structure and focuses on quality, and explores the installation and Internet home improvement channels; 3) Equity cooperation model is established, and internal incentives are in place; 4) Invest in Australian kitchen cabinet manufacturer IJF, and start the overseas investment chapter.

Expected 2019?
The net profit attributable to mothers will be 3 in 2021.

1.4 billion, 3.

6.3 billion, 4.

32 trillion US dollars, an annual increase of 15%, 16%, 19%. At present, the corresponding 19-year PE is 15x, maintaining the “strongly recommended-A” rating.

Risk warning: industry competition is intensifying, and the completion data is not up to expectations.

Hualu Hengsheng (600426): The second-quarter performance increased slightly from the previous quarter, and the new round of development goals is clear

Hualu Hengsheng (600426): The second-quarter performance increased slightly from the previous quarter, and the new round of development goals is clear

Event: The company announced the 2019 semi-annual report and operating data, and reported that the consolidated revenue reached 70.

7.5 billion yuan, an increase of 1.

12%; net profit attributable to mother 13.

09 million yuan, a decrease of 22.

09%; after deduction is 12.

9.3 billion yuan, a decrease of 23.

10%; operating net cash flow 20.

43 trillion, with an increase of 8.

14%; EPS0.

805 yuan.

Single Q2 achieved revenue of 35.

3.3 billion, unchanged from the previous month; net profit attributable to mothers6.

6.7 billion, an increase of 3 from the previous quarter.


  The cyclical downward profitability declined, and the external risk was compensated by volume. A series of chemical industries continued to decline under the influence of economic 杭州夜生活网 downward pressure. The company’s main product prices, except for urea substitution, remained flat, and the average value increased, DMF (-15.

0%), acetic acid (-38.

6%), adipic acid (-29.

8%), melamine (-24.

1%), octanol (-8.

5%), cholesterol (-36.

8%), methanol (-20.

3%), the company expects a return on net assets of at least 6.

31 points to 10.


However, through the extension of the early-stage fertilizer functionalization and 50 complementary projects, the company’s sales scale has continued to increase. The main main products (fertilizers, organic amines, adipic acid and intermediates, acetic acid and derivatives, and polyols) are reported to have different sales volumes.For 231.

9 Positive and 215.

1 Initially, at least 38 respectively.

1% and 44.

7%, supplemented by volume, the revenue can still 重庆耍耍网 increase slightly for many years.

The urea and glycerol that are put into production in a democratic way are both called scales. In the downturn of the industry, the multi-line co-production adjustment is more flexible. In terms of business, the company increased fertilizer production and sales in the second quarter and reduced the production and sales of other businesses.The key to consolidating performance under the downward trend of most product prices.

  The development of the pure benzene industry chain started, and a new round of development goals clearly reported that the company’s amide and nylon new material projects had been synchronized. The refined adipic acid quality improvement project had begun construction, technology, design and construction contracts had begun, and bidding for long-term manufacturing equipment had begunIt has already begun, and the future development of water, electricity, steam and other public projects also has solutions, and the company’s new round of development goals have been clear.

With the increase in the proportion of the above-mentioned high value-added products, the conversion and profits of carbon monoxide and carbon fluoride will gradually accumulate in the future, and the profitability of tons of ammonia will continue to increase.

  Maintain “Buy” rating: the company still maintains stable performance at the bottom of the cycle, maintaining 2019?
Profit forecast for 2021, EPS is expected to be 1.

55, 1.

62, 1.

62 yuan, of which the PE corresponding to 2019 is currently 10 times higher. Under strong technical and cost advantages, the company’s ROE is far higher than the average of the industry. The company should enjoy a certain estimated premium and continue to maintain a “buy” rating.

  Risk reminder: the risk of price fluctuations of raw materials and products and the loss of inventory; the macroeconomic risk reduction.

Jiayou International (603871) Interim Review: Africa’s business is progressing smoothly: medium-term growth space

Jiayou International (603871) Interim Review: Africa’s business is progressing smoothly: medium-term growth space

Jiayou International Announces 2019 Interim Report.

Realize revenue 21.

600 million (+14.

2% YOY), deducting non-net profit 1.

600 million (+21.

6% YOY), expected average ROE10.

8%, annual decrease, corresponding to EPS 1.

14 yuan, performance in line with expectations.

Net profit in the first half of the year increased by 28%, in line with expectations.

The company achieved operating income of 216,368.

950,000 yuan, an increase of 14 in ten years.

28%, achieving net profit attributable to shareholders of listed companies of 17,950.

190,000 yuan, an increase of 28 in ten years.


The company’s total assets are 233,810.

980,000 yuan, an increase of 9 over the end of 2018.

twenty three%.

Including non-net profit 1.

600 million (+21.

6% YOY), expected average ROE10.

8%, annual decrease, corresponding to EPS 1.

14 yuan, performance in line with expectations.

Steady progress in cross-border logistics projects in Mongolia and Central Asia.

In the first half of 2019, the company steadily advanced the in-depth development and optimization of the logistics business in the Mongolian market; in the first half of 2019, it successfully won a number of major projects and signed multiple major contracts.

The company newly added Kazakh Mining Aktogay and Bozshakol Mining Phase II operation period consumables international logistics contract; in the domestic public rail transportation business, the company and domestic steel companies, coal trading companies and energy companies a large number of cargo transportation agency contracts and logistics auxiliary service agreementsTo provide customers with railway container transportation services for imported bulk mineral products in 上海夜网论坛 Mongolia.

Proposed investment 2.

$ 200 million is invested in African roads and land ports.

The company plans to invest in, construct and operate the modernization project of the Kasumbalesa-Sakania road and dry port in the Democratic and Democratic Republic. The project includes the 150 km highway of the Kasumbalesa-Sakania section of the national road line 1.Construction and operation of 4 toll stations, 1 Sakaniya border port, 1 Sakaniya land port, and 1 MOKAMBO border port.

The federal government intends to grant companies public service concessions for a term of 25 years.

The estimated total investment is 2.

$ 2.9 billion.

After it is completed and put into production, it can realize an annual profit of about 200 million.

Investment suggestion: The company as an invisible champion of cross-border multimodal transport: 1) Control key port officials’ resources and light assets for cross-border logistics business; 2) Mongolia’s stock market has strong pricing power, and has both sustainability and growth potential) More than 40 years, and in the expansion of production cycle); 3) The company has grasped the development opportunities of the world-class copper-cobalt ore belt in Congo (Gold) -Zambia in Africa, and its future growth is guaranteed; 4) The Kazakh project will continue to contribute profits in the next 3 years.

The company has an EPS of 2 in 19/20/21.



41 yuan, corresponding to the current expectations of 15.


9 xPE, 30% compound growth rate over the next three years, 6-month target price of 45

0 yuan.

Risk reminder: macroeconomic fluctuations, risks of expanding the target carrier