Tuobang (002139) 2019 First Quarterly Report Review: Gross Margin Level Improves, Demand in Downstream Industries picks up

Tuobang (002139) 2019 First Quarterly Report Review: Gross Margin Level Improves, Demand in Downstream Industries picks up

I. Overview of the event The company released the first quarter report of 2019: realized revenue 8.

30,000 yuan, an increase of 17 years.

19%; net profit attributable to mother is 52.02 million yuan, a year-on-year increase of 22.


At the same time, the company released its forecast of operating results for the first six months: net profit of 16,443.


640,000 yuan, an annual increase of 50% -100%.

  Second, analyze and judge the steady growth of revenue, the gross profit level rebounded. In the first quarter of 2019, revenue achieved a steady growth. Affected by the decline in the prices of upstream raw materials, the gross profit level improved significantly and rose to 22.

06%, so profits can achieve rapid 杭州夜网 growth.

The report estimates that the company’s R & D expenses increased by 14.58 million yuan over the same period last year, an increase of 45.

1%, mainly due to the expansion of new customer product development.

Leading company in intelligent controllers and new opportunities brought by the recovery of the downstream home appliance industry. The company is a global leader in the intelligent controller industry. Intelligent controllers, DC brushless motors and drivers are widely used in home, industrial, medical and other fields.

The downstream of the company is mainly the home appliance industry, which belongs to the post-real estate industry. Due to the rebound in residential completion area since the beginning of the year, the home appliance industry is expected to usher in rapid growth this year.

The 北京养生会所 trend of intelligent home appliances is significant, and the added value of products continues to increase. Through technological progress and continuous improvement in people’s requirements for quality of life, home appliances and various types of generic home appliances are undergoing a process of digital, intensive, and intelligent development, and intelligent control.The proportion of the development of appliances in the household appliance industry is getting higher and higher.

At the same time, the application of intelligent controllers in health and care products, industrial control and other fields has also been continuously developed. The continuous expansion of application fields will bring new opportunities to the intelligent controller industry.

The convertible bonds were issued smoothly and the capacity increase increased in the first quarter of 2019. The company issued convertible bonds with a cumulative total of 5.

The US $ 7.3 billion will be used for the construction of the operation center in East China. After the completion, 45 million sets of intelligent controllers will be added, which will gradually increase the company’s existing intelligent controller capacity, effectively alleviate the shortage of production capacity, and help the company to further develop the East China market.

In addition, the company’s Indian Industrial Park has completed infrastructure construction and is expected to be operational in the second half of 2019.

The construction of the second phase of the Huizhou Industrial Park is completed, and the capacity transfer is progressing steadily as planned. It is expected that the entire Huizhou Industrial Park will achieve a 6 billion production capacity scale after reaching production.

  Third, the profit forecast and investment recommendations predict that the company’s EPS for 2019-2021 will be 0.

33, 0.

45 and 0.

56 yuan, corresponding to 19 times, 14 times and 11 times the PE.

In the past three years, the company’s minimum PE value and expectations are 16 and 41 times, respectively.

Maintain the “Recommended” level.

  Fourth, risk warning: downstream demand is less than expected; capacity expansion is less than expected.

Yifeng Pharmacy (603939) Annual Report 2018 Review: Accelerate Store Expansion and Accurate Management Help Deterministic Growth

Yifeng Pharmacy (603939) Annual Report 2018 Review: Accelerate Store Expansion and Accurate Management Help Deterministic Growth
Event: The company announced the 2018 annual report, reporting a series of realized operating income69.1.3 billion, an increase of 43 compared to the same period last year.79%; net profit attributable to mother 4.160,000 yuan, an increase of 32 over the same period last year.83%; net profit deducted from non-return to mother 3.820,000 yuan, an increase of 23 over the same period last year.53%. The company intends to distribute a cash dividend of 3 per 10 shares.00 yuan (including tax). The company announced in the first quarter of 2019 that the reported operating income and net profit attributable to mothers were 24.6.9 billion and 1.4.7 billion, an increase of 66 over the same period last year.67% and 45.77%. The expansion of stores accelerated, with M & A as the main factor. The deadline for the increase in the self-built rate was the end of 18 years. The number of the company’s stores was 3,611, a net increase of 1,552, and an increase of 75 from 2,059 earlier.38%, 378 stores increased in 19Q1, the total number of stores reached 3958, covering nine provinces and cities, the speed of store expansion further increased.The company insisted on the expansion of “M & A + self-construction”. In 18 years, the company signed 13 new M & A projects, added 959 new M & A stores, and successfully completed the major asset reorganization of emerging pharmacies.546 new self-built stores were added, with a self-built rate of 67.6% dropped to 53.67%, can still afford upside in the future.Another 89 franchise stores were added, and 42 stores were closed. Refined management and key layout DTP pharmacy companies are in the forefront of refined management, with an average store efficiency of 61.05 yuan / square meter, 63 compared with the previous year.88 yuan / square meter decreased slightly, mainly due to the number of store mergers and acquisitions in 2018, but still in a leading position.The company’s expenses remained stable, and the sales expense ratio rose by 0 due to the expansion of sales scale.51% is 27.43%.The company has built more than 20 DTP professional 武汉夜网论坛 pharmacies, operated 42 nationally designated medical insurance reimbursement varieties, nearly 200 hospital prescription varieties, and established a DTP / DTC strategic partnership with nearly 80 suppliers. Member service + online pharmacy Cheng highlights The company has 23 million members and 81% of its member sales.45%.There are more than 2,500 O2O online pharmacies, covering major offline cities of the company, and can quickly cover M & A stores. Picking time, delivery time, order satisfaction rate and human efficiency are at the leading level in the industry. Investment suggestions and profit forecast The company’s large number of stores are expected to enter a mature period in the next one or two years. The overall efficiency and net profit are expected to rebound. Through the continuous expansion of the company’s 上海夜网论坛 sales scale, the company’s operating income for 19-21 is expected to be 100.44/129.92/167.7.3 billion, net profit attributable to mother 5.76/7.66/10.0.5 billion.The corresponding EPS is 1.53/2.03/2.67 yuan / share, corresponding to a PE of 38/29/22 times, with a target price of 68.85 yuan, maintain “Buy” rating. Risks suggest that industry competition is intensifying, mergers and acquisitions have failed, and industry policies have changed.

Xinhua Pharmaceutical (000756): Performance in line with expectations

Xinhua Pharmaceutical (000756): Performance in line with expectations

Event: The company released its 2018 annual report: 成都桑拿网 2018 revenue 52.

$ 1.5 billion.

33%; net profit attributable to mother is 2.

51 trillion US dollars, an annual increase of 19.

68%; net profit after deduction is 2.

3.3 billion, an annual increase of 38.

37%; EPS per share is 0.

40 yuan.

It is proposed to distribute 1 yuan of cash (including tax) for every 10 shares.

Key points of investment: The volume and price of the bulk drug business are rising, revenue continues to grow steadily, and revenue in the fourth quarter of 2018 is 12.

48ppm, an increase of 17 per year.

The overall growth rate in the second half of the year was 42% higher than that in the first half of the year. We believe this is related to the increase in the price of ibuprofen, the main drug substance, in the second half of the year.

According to winddata, the domestic price of 厦门夜网 ibuprofen in the first half of 2018 was 110 yuan / kg, and it continued to increase to 180 yuan / kg in December 2018, an increase of 64%.

Considering the company’s main export of ibuprofen and the lag in the price increase effect, combined with the current high trend in 2019, we believe that ibuprofen will maintain a trend of rising volume and price in 2019.

Initially, the company’s API revenue in 201823.

1.9 billion, an annual increase of 18.

07%, the total sales volume of API is 3.

18 years, an annual increase of 11.


In terms of preparations, it achieved revenue of 22 in 2018.

13 percent, an increase of 11 per year.

At 65%, the company focused on the sales of six new preparations including Shutaide, implemented one product and one policy, and the new preparations continued to grow by 40.

4%, compared with 33 in 2017.

The 91% growth rate continued to increase.

Profitability continued to improve, and the selling expense ratio increased.

In 2018, the company’s comprehensive gross profit margin was 29.

92%, an increase of 1 per year.

Among the 84 units, the gross profit margin of the bulk drug business was the highest among the three businesses, while the benefit volume and price rose, and the gross profit margin of the bulk drug increased by 3.

07 to 31.


In addition, it benefited from the further expansion of the sales scale of preparations. The gross profit margin of the preparations business was 31 in 2018.

89%, an increase of 1 per year.

60 mm.

Overall, during the company’s strategic transformation, the overall gross profit margin 5 continued to increase, from 20 in 2014.

47% continued to increase to 29 in 2018.


In terms of period expenses, the three expense ratios totaled 21 in 2018.

82%, sales expense ratio, management expense ratio and financial expense ratio are 12 respectively.58%, 8.

58% and 0.

66%, of which the sales expense ratio and management expense ratio increased by 1.

29 digits and 0.

06; The financial expense ratio decreases by 1 every year.

11 digits.

Consistency evaluation continues to advance, and international cooperation projects are expected to contribute incrementally.

The company actively promotes the consistency evaluation of generic drugs. There are 10 varieties and 14 specifications that passed clinical BE, 6 varieties, and 8 document numbers have been declared to CDE and recognized. 3 products have completed on-site inspection by the State Drug Administration.Consistent evaluation approval for leading 5 varieties.

Considering that the revenue of existing companies’ formulation-compatible varieties has exceeded 100 million yuan, most of them are in the scale of millions and tens of millions, and most of them are low-priced generic drugs. Therefore, the price reduction has little impact on the company.Come to breed quickly.

In addition, the first phase of the company’s modern pharmaceutical international cooperation center has passed GMP certification and is ready to be used. The second phase of the project will complete the main cap in November 2018 and enter the purification and decoration phase.

With the appointment of more international cooperation projects, this part is expected to become a performance increase.

Maintain the “Recommended” level.

We expect the company’s EPS for 2019-2021 to be 0.

49 yuan, 0.

59 yuan and 0.

71 yuan, PE is 16 times, 13 times and 11 times respectively. The estimated level should be considered at present. Considering the company’s formulation strategy, the drug substance business is expected to contribute performance flexibility and maintain a “recommended” rating.

Risk warning: the downturn of APIs; unfavorable market sales; faster-than-expected cost growth.

Ten charts for the World Bank’s 2019 economic forecast report

Ten charts for the World Bank’s 2019 economic forecast report

Source: RMB trading and research. The World Bank has lowered its expectations for the global economy, as trade and investment growth and rising exchange rates have broken through economic growth, especially in emerging markets; the threat of “disorderly” market fluctuations and the escalation of trade disputesIt has also exacerbated economic growth; the vulnerability of emerging markets and growing debt has increased.

  World Bank focus countries remain “flexible and pragmatic” during economic shocks.

  1The overall forecast of world economic growth predicts that the global economic growth in 2019 will 重庆耍耍网 be 2.

9%, compared with last year the World Bank forecasted a growth rate of 3 in 2019.


  2. The GDP growth of major global economies in 2019, of which 2018 is actual data and 2019-2021 is forecast data.

US economic growth in 2019 2.

The 5% forecast is unchanged; the euro zone will grow by one this year.

6%, down from an earlier forecast of 0.

1 single; China’s economic growth forecast is reduced by 0.

1 average, up to 6.


  3. Growth in global GDP and demand components (consumer investment exports) Exports are still changing, but the proportion is declining.

  4. Growth in emerging economies (emerging economies; commodity exporters; commodity exporters other than China) 5. World trade growth forecasts 6. Tariff protectionism If all new tariffs currently under consideration are implemented,Then more than 5% of global merchandise trade will be affected, and the average tariff rate of the United States will rise to the highest level since the late 1960s.

The restraint of trade tensions involving major economies may be magnified by the decline in investor confidence.

The price of protectionism can be multiplied through global value interconnectedness, especially in emerging market countries.

  7. Low-income countries have high debts. Low-income countries have increased debt vulnerability.

Although borrowing has helped many countries to address important development needs, the average debt-to-GDP ratio of low-income countries has been rising, and the debt structure has turned to a more expensive source of market-based financing.

These economies are appropriately focused on mobilizing domestic resources, strengthening debt and investment management methods, and establishing subdivided macro-fiscal frameworks.

  Note: The chart shows the proportion of low-income countries eligible for IMF concessional loans.

These countries face high risk debt gaps; or are caught in debt gaps.

  A country is considered to be in debt distress if it encounters difficulties in repaying its debt, such as arrears of debt, ongoing or imminent debt restructuring, or if there are indications that debt distress may occur in the future.

The sample includes 30 low-income countries, excluding Eritrea, Somalia and Syria due to data constraints.

  Non-distance industries entering the emerging market with a decrease of 8% Non-distance industries account for about 70% of employment in emerging markets and developing economies and about 30% of GDP.

This is associated with a loss of opportunity as it relates to the highest incomes from obesity and hypertension, as well as higher poverty and inequality.

Reducing the reduction and regulatory burden, improving financing channels, providing better education and public services, and strengthening the public revenue framework can help create a level playing field between large-scale and non-scale industries.

  9. Maintaining a low and stable inflation rate has become a challenge. Especially in emerging markets and developing economies, there is no guarantee that the sustained and stable growth rate of the past will be maintained.

The gradual pressure of restraint over the past 10 years is gradually fading.

The long-term factors that have helped reduce inflation over the past 50 years-global trade and financial integration, and widespread practice of a sound monetary policy framework-may lose momentum or reverse.

Maintaining global low inflation can be as challenging as achieving low inflation.

  10. Global real GDP forecast in January 2019. World Bank countries are generally “flexible and pragmatic.” World Bank CEO Kristalina Georgieva told reporters on a conference call on Tuesday: “We are facing a more difficult period for the global economy and recent financial market turmoil.This signal is definitely sent to us.

  Ayhan Kose, director of the World Bank’s Development Prospect Group, told reporters that central banks need to be flexible and “working” during the financial turmoil.

He said that although the recent 杭州夜网论坛 weak data is disturbing, it remains to be seen if this is a substitute for increased economic growth.

“Financial markets tell us that this is a big problem.”

Yuyue Medical (002223): Changes in operating cash flow due to steady business growth in Q1

Yuyue Medical (002223): Changes in operating cash flow due to steady business growth in Q1
Matters: The company announced the 2019 first quarter report: 2019Q1 to achieve revenue12.01 billion (+15.33%), to achieve attributable net profit2成都桑拿网.4.7 billion yuan (+15.41%), realizing deducted non-attributable net profit2.3.9 billion yuan (+16.34%), basically in line with expectations. Ping An’s view: Q1 maintains rapid growth and stable profit margin level: The company’s Q1 maintains steady and rapid growth, of which the online platform grows between 10-20%, and the offline grows around 2-3%; the hospital product segment growsAbout 10%; the growth rate of the oxygen supply and breathing sector due to the order settlement cycle is also at 10% + level. In 2019Q1, the company’s comprehensive gross profit margin was 41.11% (-0.50PP).Sales expense settlement 9.21% (+0.70PP), administrative expenses5.19% (-0.34PP), R & D expenses1.80% (+1.11PP).Comprehensive factors, the company’s comprehensive net profit can be reduced.53%, basically the same as the same period last 成都桑拿网 year. The business caused short-term operating cash fluctuations, and the successive landing of production capacity brought growth momentum: the company’s net operating cash flow during the reporting period was -1.1.9 billion (-555.84%), mainly due to the outsourcing of military hospital packaged supply business and Q1 Tmall Super Brand Day, affecting about 76 million yuan. The former can be recovered after the hospital has settled its budget, and the other is a non-recurring promotion activity, and the change in operating cash flow is accidental. The company’s new production base Danyang Phase 2 has entered the closing stage, and the production capacity of demanding products such as home electronics and surgical instruments will be expanded.Especially for surgical equipment products, the company currently sells them by prepayment in advance and delivery after delivery, with wide demand and insufficient supply.The gradual expansion of new production capacity during the year can significantly improve the situation and help the company accelerate its development. Maintain “Highly Recommended” level: As a leading domestic household and medical consumables company, the company is scarce.The company actively develops product lines and introduces potential products from domestic and foreign markets to the company’s platform to incubate, thereby achieving widespread sales.The EPS for 2019-2021 is maintained at 0.87, 1.07 and 1.The 31 yuan forecast maintains the “strong recommendation” level. Risk warning (1) Business integration risk: There is a need for integration after the extension of the business. If the integration is not smooth, it may affect the merger and acquisition effect; (2) Product sales are less than expected risks: If the company’s new product sales cannot be timely increased, it may affect the performance growth(3) Risk of product price reduction: Some of the company’s products are sold to hospitals, and there is a certain pressure on price reduction

Chicken plate flutters high: multiple positive stimulus prices are expected to resume

Chicken plate flutters high: multiple positive stimulus prices are expected to resume
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  Original title: Chicken plate flutters and flies high: Multiple positive stimulus prices cycle is expected to recover more than expected. Source: Finance and Economics Co., Ltd. This afternoon, chicken concept stocks rose sharply and continued to close. The overall plate rose over 1%, of which New Hope was close to the daily limit.  According to the news, on February 20, the executive meeting of the Ministry of Agriculture and Rural Affairs once again highlighted that it is necessary to focus on solving the difficulties encountered in livestock and poultry aquaculture and speeding up the restoration of the normal production and operation scale of the aquaculture industry.On the 21st, the National Development and Reform Commission included a list of key protection materials for feed, breeding livestock and other parts of the epidemic.On the 25th, relevant instructions issued by Premier Li Keqiang, including promoting the rapid resumption of production and production of agricultural-funded enterprises, opening up jamming points, grasping the production of vegetables, livestock and poultry, smoothing the green channel for the transportation of fresh agricultural products, and accelerating the expansion of pig supply, Put in place policies to increase support for farmers.Strengthen the prevention and control of major animal diseases and pests.  After the outbreak, a large-scale listed company mainly engaged in poultry and livestock announced that it was not significantly affected by the new coronavirus pneumonia epidemic.According to the research of COFCO Futures, the current stocking of chicken stocks is gradually recovering, and the prices of chicken stocks and chickens are rising simultaneously.Therefore, if production and distribution gradually resume, the overall growth pattern of broiler feed consumption will not be disturbed.  According to the research report of the Guangfa Securities, the epidemic situation of insufficient meat and poultry investment in February was obviously affected, and the recent local markets have gradually recovered. The demand for resumption of labor in various places is expected to increase in the later period. Overall, the price of poultry has bottomed out and rebounded.It is recommended to focus on the development of Shengnong, Xiantan shares, Yisheng shares, etc.At the same time, the epidemic situation has been high in recent years, and the industry as a whole is expected to benefit from the strengthening of epidemic prevention. It is recommended to pay attention to Ruipu Biological and China Animal Husbandry.  As for the fundamentals of poultry farming, Guotai Junan’s latest research report shows that on the supply side, low inventory levels and subsequent production are not enough to cause prices to rise more than expected.From the perspective of commodity supply, under the new crown pneumonia epidemic situation, early seedling destruction occurs frequently. Currently, due to strict prevention and control, chicken seedlings and increased feed transportation efficiency have also led to slow progress in replenishing pens and low production efficiency. The short-term supply stoppage in the future will supportChicken prices are up.From the demand side, pre-epidemic group meals, fast food, and multi-channel consumption were downturned in the household. After the epidemic was stable, the catering industry was committed to retaliating consumption. Under the background of low stocks in traders and slaughterhouses, it subsequently entered high 武汉夜生活网 consumption and restocking.At this stage, chicken prices are expected to hit new highs, and the price cycle is expected to recover more than expected.  From a global perspective, although the General Administration of Customs issued an announcement on February 14 to lift restrictions on the import of poultry and poultry products in the United States, according to the Pacific Research Report, it takes time for replacement of ancestral chickens to commercial chickens to be released.The growth in chicken and broiler supply will initially be reflected in the second and third quarters of next year, and local production capacity will not be affected by 2020.At the same time, China ‘s chicken meat imports have remained stable in the short term, and the impact of US chicken meat on the domestic industry has been limited.Due to the consumption habits of Chinese people, the interference may not be the price of whole chicken, but by-products such as chicken feet and chicken wings.

The most popular hot concept for investors in 2018: a song of ice and fire in the capital market

The most popular hot concept for investors in 2018: a song of ice and fire in the capital market

In 2018, the capital market staged a song of ice and fire. Looking back on 2018, one of the deepest feelings for many investors is the endless stream of new policies and popular concepts, and the cold possible numbers.

However, under the new policy and strict supervision, the ecology of the capital market has improved, and there are changes in and out, and the capital market is becoming living water.

  As Liu Shiyu, the chairman of the Securities and Futures Commission said, “The stock market feels like winter. Since winter has come, spring is not far away.

“So, in 2018, some New Deals have become the fulcrum of the future stock market spring?

What sickness has quietly left us?

Which stocks suffered from black swan, some angels fell, and some stocks broke out?

  On January 26, pensions entered the market, making the market “not bad money” News report from China’s Ministry of Human Resources and Social Security Lu Aihong said in Beijing that the investment and operation of China’s basic pension insurance fund has steadily advanced. Beijing, Anhui and other 9 provinces (autonomous regions, municipalities)Signed a $ 430 billion entrusted investment contract, 2731.

500 million funds have been received and investment has begun.

-As of December 28, the top ten shareholders of 22 companies including Chongqing Construction Engineering, Quartz and other stock companies in Shanghai and Shenzhen have directly included investments in basic pension insurance funds.

  On February 22, the Free Trade Zone was launched, and A-shares set off a “speculation” market Shanghai ranking China (Shanghai) Pilot Free Trade Pilot Area Promotion Work Leading Group Meeting to deploy and advance the reform work of the Free Trade Pilot Area in 2018.

——The concept section of the A-share free trade port rose sharply, setting off a “fried map” market.

  When the first CDR was released on March 30, the State Council issued “Several Opinions on the Pilot Pilot Program on Intra-company Issuance or Depositary Receipts of Innovative Enterprises”.

On October 12, the Securities Regulatory Commission formally issued the “Regulations on the Supervision of Depositary Receipt Business of Shanghai and London Stock Market Interconnection (Trial)”.

——During the promotion of CDR, JD.com and other companies considered to list in mainland China in the form of CDR.

In June, Xiaomi expected an application for CDR issuance, and the CSRC cancelled Xiaomi’s issuance review.

  April 25 Promote the development of “Internet + medical health” The General Office of the State Council formally released the “Opinions on Promoting the Development of” Internet + Medical Health “”, which clearly pointed out the perfect “Internet + Medical Health” service system to strengthen industry supervision and securityProtection.
-At present, many provinces have issued a series of measures to promote the development of “Internet + medical and health” documents and informationization.

In the big year of medical informatization, the medical sector has become one of the few growth sectors in 2018.

  In the early morning of May 15th when the A-shares were “increased in motorcycles” plus “income into the rich,” Ming Sheng announced the results of its semi-annual index adjustment, announcing the division of A-shares into the MSCI emerging market index from June 2018, involving a total of 234A-share listed company.

On September 27, FTSE Russell, the world’s second largest index company, announced that it will split A shares into its global stock index system, and A shares will be classified as secondary emerging markets. From June 2019, A shares will be classified as secondary emerging markets.market.

——A preliminary entry of A shares into the global market.

  The official release of the 5G standard on June 14 gave birth to the U.S. 5G international standard-setting organization-3GPP (3rd Generation Partnership Project) approved the fifth generation of mobile communication technology standards (5G) and the new air interface (NR) independent network construction (SA)) Function freezes.

5G has completed the first stage of full-function standardization, and industrial commercial enterprises have entered a comprehensive sprint stage.

— 104 “5G concept stocks” are happy.

Among the top ten bull stocks in 2018, the biggest increase was China Stone Technology, which has gradually increased nearly three times. The bull stock gene: big customer support + 5G concept.

  On July 16, breaking the boundaries of the company and promoting the professional integration of the deputy secretary-general of the SASAC, the news report Peng Huagang pointed out when restructuring the central SOEs, and then he must step up efforts to break through the boundaries of the company by promoting free transfers, paid acquisitions, and the establishment of joint-stock companies.Promote professional integration.

-“Mixed change” goes one step further.

Large state-owned enterprises such as China Unicom have joined the mixed reform team.

On November 14, the SASAC informed the state-owned enterprise mixed reform that the listed company has become an important carrier for the state-owned enterprise mixed reform.

  On August 7, the State Council issued a comprehensive urban cross-border e-commerce pilot zone. The State Council announced that it agreed to establish cross-border e-commerce comprehensive pilot zones in 22 cities including Beijing, Hohhot, Shenyang, and Changchun.Name) Comprehensive experimental area for cross-border e-commerce.

Nine cross-border e-commerce concept stocks such as cross-border communication, liaison and interaction, Huading shares benefited.

——From January 1, 2019, the new cross-border e-commerce retail import policy was officially implemented.

  On September 15th, some foreign individuals came to open an account. According to the relevant regulations of the China Securities Regulatory Commission, from September 15th, eligible foreign natural person investors can open A-share securities accounts.

This time, two types of personnel are mainly opened to open A-share securities accounts internally. One is a foreigner working internally; the other is a foreign employee of an A-share listed company who works overseas and participates in the distribution of incentives.

-Can foreign retail investors adapt to China’s stock market?

  On October 19th, several ministries and committees spoke for the relief of private enterprises. Yi Gang said that in order to alleviate corporate financing difficulties, the People’s Bank of China is studying to continue to introduce targeted measures, including the implementation of private enterprise bond financing support plans.Promote equity financing support plans for private enterprises.

-At present, many ministries have spoken out intensively to support private 佛山桑拿网 enterprises.

Under the guidance of the private enterprise rescue policy, companies such as Oriental Garden, Tianzhou Culture, and Zhengye Technology have been assisted.  On November 5th, the Science and Technology Board and the registration system in Hope Central decided to establish a science and technology board on the Shanghai Stock Exchange and pilot the registration system to improve the multi-level capital market system.

—— On the afternoon of December 18, the meeting of the Party Committee of the China Securities Regulatory Commission held a meeting to quickly set up a science and technology board and establish a pilot registration system.

  On December 28, the Xiong’an New Area General Plan was approved. On December 28, the State Council officially approved the “Hebei Xiong’an New Area Master Plan (2018-2035)” with the approval of the Party Central Committee and the State Council.

-As of the end of 2018, 118 listed companies in Shanghai and Shenzhen have been listed as “Xiongan New District Concept Stocks”.

Most of them are infrastructure companies such as Jidong Cement, Dongfang Yuhong, and Beijing New Building Materials.

  On January 2nd, “Dark Horse Rich” Wang Renguo lost contact with Thai Health on the evening of the same day. The company was unable to contact the actual controller and chairman Wang Renguo, and the relevant information was still being verified.

On May 9, Wang Renguo lost contact twice.

It was not until November 14th that Taihe Health announced that Mr. Wang Renguo had performed his duties normally, but always explained the cause of the “lost contact”.

— In 2018, the chairman of the merged companies, such as Wanjiale, Nanfeng (right protection), and Steyr, all experienced “lost contact”.

  On February 5th, where did scallops go to Zhangzidao (right)? Zhangzidao once again announced that the stock of oyster scallops was abnormal, and “where did the scallops” became a hot topic.

On February 5th, Zhangzi Island announced that the bottom-seeded scallop scallops were weighed. The scallops died due to the decline in the amount of bait organisms and abnormal seawater temperatures.

-Natural disaster or human disaster?

As of December 8, Zhangzidao was still being investigated by the Securities and Exchange Commission.

  On March 19, the “Jin” blockchain spot Jinjiang shares were regulated. On March 19, Yinjiang issued an announcement saying that it received a letter from the Shenzhen Stock Exchange asking for instructions on whether there was any speculative promotion of the “Hot Blockchain” hotspot concept.

The Air Force said, “Seniu Gold Service, a participating enterprise, has reached a strategic cooperation with Zhejiang Qianmai Forensic Identification Center, and has landed the world’s first blockchain electronic data forensic identification certificate.”

-From January to March 19, more than 20 listed companies have been monitored for blockchain spots.

  Putuoshan’s listing on April 2 caused controversy. Putuoshan Tourism Development Co., Ltd. Putuoshan Tourism Development Co., Ltd. updated its prospectus.

On April 11, the official website of the Chinese Buddhist Association stated that Putuoshan “listed” and reorganized the local Buddhists with their vulgar and commercial notoriety, promptly attracted outside attention.

The State-owned Assets Supervision and Administration Commission of Zhoushan City, Zhejiang Province later responded that the listed assets are purely business operating assets and do not involve any religious assets.

-As of December 29, there has been no update on the road to Putuoshan Tourism.

  In May of the Xingmei crisis, Qin Hui was banned from entering the market and reported by the Beijing News. Some Xingmei Cinemas owed their employees wages for months, and the social security provident fund could not be paid on time.

Qin Hui, the actual controller of SMI Holdings, voiced in the group’s WeChat group, asking that the March (wage) and all social security be resolved by May 10.

-In September, Qin Hui was imposed by the Securities Regulatory Commission with a five-year ban on the securities market.

In December, the SMI subsidiary cinema line was closed again, and about 140 of the 320 theaters operated by SMI Holdings in China were temporarily suspended.

  On June 14th, the day when BGI ‘s trap “enclosed the door”, BGI was reported on the Internet that “false high-tech fraud is suspected of bribery law enforcement and large-scale fraud of state-owned assets”.

On June 27, BGI issued a statement stating that it had not participated in a real estate project in Jiangsu.

In July, BGI repackaged the “cancer door”.

  On the day of the outbreak of the Changsheng Biological Incident on July 15, the State Food and Drug Administration issued a notice regarding the illegal and illegal production of freeze-dried human rabies vaccine by Changchun Changsheng, a subsidiary of Changsheng Biological.

Subsequently, the details of the serious violation of Changsheng Biovaccine were investigated step by step, and the persons responsible were arrested by the public security organs.

On December 11, Changsheng Bio received a prior notice of compulsory delisting for major illegal acts.

——On December 23, the “Vaccine Management Law of the People’s Republic of China (Draft)” proposed changes for the first time.

  August 19 African swine fever struck multi-company performance reorganization According to information released by the Information Office of the Ministry of Agriculture and Rural Affairs on the 19th, from August 3 to 15, in Shenyang, Liaoning, Zhengzhou, Henan, and Lianyungang, Jiangsu, threeIn the region, three cases of African swine fever were found.

As of November 22, 74 related epidemics occurred in 47 cities (districts, alliances) in 20 provinces across the country.

-Shuanghui Development, Tang Renshen was affected by the epidemic, and Tianbang shares, Wen’s shares and other companies were affected by embargo measures to transform their performance.

  On September 13, major environmental pollution such as Luoping Zinc Power (right protection) was deemed to be issued by the Ministry of Ecology and Opinions on Further Strengthening the Supervision and Enforcement of Ecological Environmental Protection Supervision and Enforcement, which put forward the need to focus on investigating major cases and strictly prohibiting “one size fits all”.

Since the beginning of this year, listed companies Zhongluoping Zinc Power and Shanxi Sanwei have been eliminated due to major environmental pollution.

-CSRC officials stated that they will continue to maintain a high level of enforcement of major environmental pollution information disclosure violations, and strictly implement administrative penalties in accordance with the law.

  In October, Fan Bingbing was fined for tax evasion. Tang De fell by 60% in seven months. Fan Bingbing was taxed for tax evasion, late fees, and more than 800 million bills. The film and television industry tax self-examination began.

On October 8, the State Administration of Taxation issued a document requesting that from October 10, 2018, film and television production companies, brokerage companies, performing arts companies, star studios, and other high-income employees in the film and television industry in various regions, since 2016Self-inspection and self-correction of tax declarations.

— Since the end of May, Tangde Films is expected to have fallen by nearly 60%.  On November 5, the kindergarten was decapitalized, and Vetron was “shot.” On November 15, some opinions on deepening the reform and standardization of preschool education were issued. Among them, private parks are not allowed to be listed individually or as a part of assets.

Listed companies may not invest in for-profit kindergartens through stock market financing, and may not purchase for-profit kindergarten assets by issuing shares or paying cash.

-27 listed companies involved in offline kindergartens, such as Victron, encountered changes.

  On December 28, Zhonghong retired and was delisted from the Shenzhen Stock Exchange.

Zhonghong Co., Ltd. became the first “delisted fairy stock” in China’s A-share history.

-The delisting system has been strictly enforced. Six companies have delisted this year.

  B04-B05 Writer / Beijing News reporter Li Yunqi

Daqin Railway (601006): In October, the traffic volume will be +5 for ten years.

8% of overall traffic will bottom out

Daqin Railway (601006): In October, the traffic volume will be +5 for ten years.

8% of overall traffic will bottom out

Investment Highlights: News / Announcements.

The Daqin Railway announced operating data for October. The company ‘s core asset, the Daqin Line, completed 3,664 cargo shipments in October, an overall increase of 5.

8%, with an average daily volume of 118.

19 inches.

Daqin Line operates heavy trucks 82 daily.

2 trains, of which 56 are ranked 2 trains per day.

3 columns.

Cumulative traffic in the first 10 months3.

600 million tons, a reduction of 3 per year.


  The overhaul in the fall was wrong, and many of the shipments in October returned significantly.

The Daqin Line has two intensive repairs in the spring and autumn each year. The intensive repairs this fall will be from September 15th to October 8th, ending 15 days earlier than the overhaul period of September 29th to October 23rd last year.The number increases by 5 every year.


Judging from the transfer volume of Qinhuangdao and Caofeidian ports, the average daily traffic volume during the overhaul in the first 8 days of October remained at about 105, and the traffic volume returned to a high level of about 125 after the overhaul.

However, judging from the total transportation volume in the two months of September and October, the total transportation volume was 7047 in the two months of this year. After excluding the impact of overhaul, it still decreased by 2.

8%, which is mainly affected by the impact of hydropower caused by incoming water and storage water.

  Traffic and annual growth data are expected to bottom out and rebound.

In the first three quarters, due to the multiple external unexpected factors, the incremental traffic on the Da-Qin Line shifted every half year, and it will bottom out in the fourth quarter.

The annual fall overhaul was the wrong period, 西安耍耍网 bringing an annual increase of 5 in October.

8%. In the fourth quarter of the beginning of the year, the dry season is expected. Hydropower is expected to fall. With the peak of winter electricity consumption, the traffic on the Daqin Line will rise to a relatively high level in November / December. With a low annual base and the elimination of internal and external sudden factors, the internal traffic will show a slight increase in synchronization, and the annual traffic is expected to rise to 4 in 2020.

500 million tons or more.

  Steady performance, still the target of high-quality defense, investment sentiment picked up.

The first three quarters of the Daqin Line are often affected by multiple external factors.

73%, but benefited from cost control, net profit attributable to mothers decreased by nearly 2 in the first three quarters.

57%, up to 120.

The performance 杭州夜网论坛 of the company is 8.8 billion US dollars, and the overall performance is stable. Based on our calculation of profit in 2019, if the company’s cash dividend ratio in 2018 is 50%, this year’s yield will still be 6%. In line with the internal market environment, the absolute absolute value of the defense allocation value.

  Maintain profit forecast and maintain “Buy” rating.

Maintaining profit forecast, it is expected that net profit attributable to mothers will be 138 in 2019-2021.

9.8 billion, 146.

37 ppm, 151.

1.6 billion.

, The current position has an index defense value, maintaining the “Buy” rating.

  Risk reminder: Economic growth brings coal transportation business below expectations.

Jiayuan Technology (688388): China’s leading manufacturer of ultra-thin lithium copper foil

Jiayuan Technology (688388): China’s leading manufacturer of ultra-thin lithium copper foil

Main point of view: Leading company in the production of ultra-thin copper foil.

The company is one of the national advanced lithium copper foil industry leaders.

The company is mainly engaged in the research, production and sales of various high-performance electrolytic copper foils. The main products are ultra-thin lithium copper foils and ultra-thin lithium copper foils, which are important basic materials for the lithium ion battery industry.

The company and its subsidiaries have a total of 106 patents, and have successively been approved as emerging enterprises, national intellectual property advantage enterprises, etc.

The company’s revenue and net profit compound growth rate is relatively high, the gross profit margin is relatively stable.

Company operating income from 4 in 2016.

1.9 billion increased to November 2018.

5.3 billion, with an average annual composite polycarbonate of 51.

52%; net profit attributable to mothers from 0 in 2016.

63 million increased to 1 in 2018.

76 trillion, with an annual compound intensity of 52.


The gross profit margin has remained above 27% in the past three years.

The downstream industry is booming and demand for power batteries is strong.

The company’s products are mainly used in the lithium-ion battery industry, and are ultimately used in end-use applications such as new energy vehicles, 3C digital products, and energy storage systems.

According to the statistics of the Institute 四川耍耍网 of Industrial, Industrial and Research Lithium Battery Research (GGII), the output of the global lithium-ion battery market increased by 21 in 2018.

81%, up to 188.

80GWh, CAGR (Compound Annual Growth) of 27 in the past 5 years.


Benefiting from the growth of the global lithium-ion battery market, the global lithium battery copper foil market is expected to have a CAGR of 24% in the next four years, and its output will exceed 20 by 2020.

Deep cultivation of ultra-thin copper foil technology, strong independent research and development strength.

The company has been rooted in the research and development, production, and sales of electrolytic copper foil since 2001. After years of production and technology accumulation, it has gradually mastered a number of core technologies to ensure that the company’s product quality and performance are at the forefront of the industry.

Use of raised funds.

The issued shares shall not exceed 5,780.

One million shares were raised for three technological transformation projects, a construction project and supplementary working capital.

Profit forecast: According to our forecast of the company’s business split, it is expected that the company will achieve revenue of 14 in 2019-2021.

2.6 billion, 17.

6.6 billion, 21.

90,000 yuan, net profit attributable to mothers was 2 respectively.

3.7 billion, 300 million and 3.

78 trillion, assuming a total share capital of 23,087 after the issue.

600,000 shares, EPS is expected to be 1 in 2019-2021.

03 yuan / share, 1.

3 yuan / share and 1.

64 yuan / share.

The company’s main net profit source is lithium battery copper foil. From the existing A-share market, we selected the leading company in the lithium battery copper foil industry, Norder Co., Ltd. and advanced electronic copper foil business, with a revenue of over 30% as a comparable company.

According to the consensus forecast of the comparable company Wind and the existing company PE (ttm), taking into account the company’s planned net profit growth rate in the next three years and the listing of new shares of the science and technology board and further high temperature, we believe that the company’s reasonable P / E ratio in 2019 is (20, 27) times, the corresponding acceptable is (20.

6,27.81) Risk warning: The lithium battery industry is weak and raw material prices fluctuate more than expected.

Yaoji Technology (002605): Refined operation and big data make the leader of casual games

Yaoji Technology (002605): Refined operation and big data make the leader of casual games

This report reads: As the leader of the traditional poker industry, the company actively transitions to mobile games, and tries to increase the performance of multi-category casual mobile games in the context of the rapid development of casual games.

Investment highlights: first coverage, target price 31.

62 yuan, increase the level.

The company has been deeply engaged in the leisure mobile game market for many years, has excellent leisure game R & D and operation capabilities, and has gradually performed well. It is expected to continue to grow its game business 武汉夜生活网 under the background of the rapid development of leisure games. It is expected that EPS-20 will be 2019-2021.



58 yuan with a target price of 31.

62 yuan, the first coverage given an overweight rating.

The leading player in the poker industry and the rapid development of the game business.

The company is a leading player in the domestic poker card industry and has a stable performance in the poker card business. In April 2018, it acquired Chengyi Technology53.

45% equity entered the gaming industry and acquired the remaining equity in May 2019.

Chengye Technology was established in 2013. It is mainly engaged in the research and development, distribution and operation of construction machinery. It implements an integrated research and transportation model, and has outstanding R & D and operation capabilities. It will realize profit in H1 in 2019.

8.7 billion, committed performance for the year1.

200 million, in only half a year to fulfill the commitment.

With the advent of the 5G era, the market share of casual games has increased.

With the advent of the 5G era, the mobile game industry has promoted accelerated development.

As an important part of the current mobile game market, casual games have 4 in China in 2018.

01 billion players, accounting for 66% of all mobile game players.

4%, compared with 63 in 2017.

The 7% increase is obvious. The proportion of follow-up players and market share is expected to continue to increase, and there is huge space.

The company has obvious advantages in technology and category, and has long-term development momentum.

The company has obvious technical advantages in fishing and chess and card mobile games. It has refined processing operations and big data analysis capabilities. The company has a wide range of product categories, including fishing, chess, and bingo.The competitive operation of bingo games has outstanding capabilities and is expected to become the company’s new performance growth point.

Risk reminder: policy supervision tends to be severe risk, and market competition intensifies risk