Jianyou Co., Ltd. (603

707): Enoy Approved in the U.S. for Faster-than-Expected Injection Export Leaders

Jianyou Co., Ltd. (603707): Enoy Approved in the U.S. for Faster-than-Expected Injection Export Leaders


Event: On the evening of December 1, the company announced that it had received the USP ANDA certification notice of enoxaparin sodium injection issued by the US FDA, and a total of 7 specifications were approved.


Our Analysis and Judgment (1) Enoxaparin was listed in the US at a faster-than-expected rate. The competitive advantage of Enoxaparin Sodium Injection, which was finally approved by the US FDA in early December, was faster than expected.

We expect the company to launch in late 2020Q1 and early in 2019Q4, which may be reflected in the statements.

  Enoxaparin is one of the dominant varieties in the field of anticoagulation.

Enoxaparin is the most widely used of low-molecular-weight heparin. The indications approved by the FDA include: (1) Prevention of venous thromboembolic disease (prevention of intravenous thrombosis), especially thrombosis related to orthopedics or general surgery.

(2) Treatment of deep vein thrombosis that has formed, with or without pulmonary embolism.

(3) The clinical symptoms are not serious, excluding pulmonary embolism that requires surgery or thrombolytic therapy.

(4) Treatment of unstable angina pectoris and non-Q wave myocardial infarction, combined with aspirin.

(5) Used in extracorporeal circulation of hemodialysis to prevent thrombosis.

Although more convenient direct oral anticoagulants (DOAC) have been introduced in the future, low-molecular-weight heparin has safety advantages over it: low liver and kidney toxicity, low risk of bleeding, possible reversibility, and targeting cancer patients and pregnancyPeople must use low-molecular-weight heparin, so enoxaparin still has its wide market and cannot be replaced.

According to the SHS database, in the United States in 2018, Enoxaparin brand drugs + generic drugs totaled 2 billion US dollars, and even slightly 7% in the first three quarters of 19 years.

Although the market size tends to be stable, it is expected that the market size will continue as its indication is just demand.

  Enoxaparin has an excellent competition pattern in the United States. Currently, there are 4 ANDA companies in production, including high approval barriers.

Sanofi’s original Enoxaparin was initially listed in 1993. Since then, generic pharmaceutical companies that have received ANDA approval include: Sandoz (2010), Amphastar (2011), Teva (2014), Apotex (2018) and today’s Jianyou.

However, in July 2018, Sandoz notified the FDA and its customers that it will stop supplying enoxaparin generic drugs, and according to its partner analysis, the probability of restarting supply in the future is very small.

So now there are a total of 4 original pharmaceutical companies + 4 generic pharmaceutical companies in the U.S. market producing this variety.
The five suppliers belong to a very good competition pattern.

  FDA’s strict approval of Enoxaparin will not worsen the future competition.

The FDA believes that the approval of enoxaparin generic drugs involves multiple challenges, including: (1) Enoxaparin has a complex chemical structure, so the FDA requires five consistency of generic drugs.

Physical and chemical properties are equal; 2.

2. Heparin raw material source and depolymerization method are the same; 3.

Disaccharide structural unit, fragment map and low melting point sequence are equal; 4.

Biological and biochemical tests are equal; 5.

Human Pharmacodynamic Equivalence Study.

(B) Enoxaparin generics are required for immunogenicity studies: Standard heparin is known to cause adverse reactions called immunogenic reactions, such as heparin-induced thrombocytopenia (HIT).

Low-molecular-weight heparin is made from standard heparin, but its hit rate is lower than standard heparin.

The FDA hopes that manufacturers of enoxaparin products will prove that their products do not pose a higher risk of these or other dangerous reactions than Lovenox.

(3) Control of the uncertainty risk of the drug substance.

  The company is China’s first Enoxaparin manufacturer of ANDA approved by the US FDA. It has achieved a half-and-a-half-year exclusive agency agreement and is expected to significantly increase profits in the future.

In December 2016, the company signed an agreement with Sagent: Sagent is entitled to enjoy the exclusive sales right of Enoxaparin Sodium in designated areas within the first six months of the period.

Six months later, before the contract expires (within ten years of commercialization of the product), Sagent enjoys semi-exclusive rights.

That is, in addition to Sagent, six months after the product is launched, the issuer looks for an agent or organizes its own sales, but the sellers in this market must not exceed a part.

From the third anniversary of the completion of the first commercial sale of the product, Sagent agreed to maintain a market share of no less than 8% each year.

According to this agreement, we think that the company is 10% with the help of a supplementary 成都桑拿网 agent in a steady state?
20% of the US market share is expected, combined with the future of the US enoxaparin market 15?

About 1.8 billion US dollars, this variety can contribute to the company1.
Annual income of about $ 500 million.

Under the background of API integration, it can significantly increase profits.
  (2) The effects of swine fever continued, including the price increase of heparin preparations in Enoxaparin. The pig inventory caused by African swine fever continued to decline, and the number of fertile sows remained lower, and the price of crude heparin had increased.

  Since August last year, the African swine fever epidemic began to spread from north to south, resulting in a significant reduction in the number of pigs slaughtered and a tight supply of crude products.

According to data from the Ministry of Agriculture, the number of live pigs in the country in September 19 was 1.

9 billion heads, a year-on-year decrease of 41%; capable of breeding 19.24 million sows, a year-on-year decrease of 38%; and the decline of the two is still deepening.

The average hog price in 22 provinces and cities reached an absolute high in ten years in early November. It has fallen back to November (the level in October). It is considered to be the state ‘s place to put frozen meat and farmers to sell large pigs.Although the tension between supply and demand has actually been reversed.

The unit price of crude heparin is also rising, and the current price has exceeded 3.

5 million / billion units.

We believe that it takes 6-8 months for the price of pigs to rise to the price of crude heparin, and the real increase in the price of pigs since September, indicating that the price of crude products may increase and appreciate in the future.

  Typical manufacturers of heparin preparations have made it clear that the rise of raw materials will swallow profits, and the critical point of price increases may come.

For example, Fresenius Kabi, an important heparin preparation manufacturer in the European and American markets, sent a letter directly to American customers for weighing in the middle of 19 years. Due to the tight supply of APIs, it began to limit the shipment of heparin products based on historical demand.

At his 19Q3 earnings call, Fresenius made it clear that although the company ‘s revenue for heparin preparations increased strongly in 19Q3, revenue growth did not increase EBIT, and profits were swallowed up by raw material costs, and future trends are expected to continue.

Therefore, we judge that the overall market for heparin preparations has a tendency to increase prices.

As an integrated drug substance and preparation company, the company holds a large amount of inventory. Whether it is segmentation, price increase or volume control, it has a great substitute for the company’s volume of preparations.

  (3) The export of injectables has continued to expand, and in the future, it is expected to benefit from the consistent evaluation of the US regulatory market. The injectables industry has very high barriers. Enoxaparin and other important varieties have been approved in the EU and the United States, which illustrates the company’s strength;The formal restart of the consistency evaluation of injectables is also conducive to nurturing the domestic market. The return of US-listed products to the United States can change the time required to market and reduce research and development costs.


Investment suggestion: We are optimistic about the company’s future development prospects.

The company’s forward-looking large-scale reserve of crude heparin has a prominent value, and the right to speak will be significantly enhanced. The prosperity of the heparin API business will help to continue to improve.

At the same time, the company’s export business logic for injections continued to materialize, and performance broke out soon.

In 2018, 4 ANDAs were approved, and 10 ANDAs are expected to be approved year after year.

In addition, the company’s domestic low-molecular-weight heparin preparation business has entered an explosive growth phase.

We are optimistic that the company’s future performance will maintain rapid growth. It is estimated that the net profit attributable to mothers will be 6 in 2019-2021.



US $ 1.6 billion (considering that Enoxaparin has not started its issuance in the US, we have not adjusted the profit forecast for the time being, and readjusted after the issue scale is clear), the corresponding EPS is 0.



55 yuan, corresponding to 46/33/25 times the PE.

Maintain the “Recommended” level.


Risk reminder: The price of heparin raw materials continues to fall below expectations, the price of crude heparin rises too fast, the export business of injections falls short of expectations, and the risk of R & D falls short of expectations.

Depth-Company-Qibin Group (601636): Flat glass original film leading high score conversion safety margin

Depth * Company * Qibin Group (601636): Flat glass original film leading high score conversion safety margin

The company is a leader in the flat glass industry, with pure standards.

The company has 26 production lines in the Democratic Party bases in four provinces including Guangdong.

Foreign Malay production capacity has been set on fire.

At present, the company’s production capacity has been fully released.

As a leader in the industry, the company has a high market share, a high percentage of annual dividends, solid fundamentals, and is a rare cash cow.

The key adjustment amount of the support level first fell and then rose, and the profit indicator per ton improved: the company’s 2018 flat glass output1.

99.9 billion heavy boxes, an increase of 6.

79%; sales volume 1.

100 million heavy boxes, an increase of 6.


Affected by the low level of completion, the number of companies in the first half of the year decreased and gradually improved afterwards.

However,重庆耍耍网 the highest price continued to fall. The minimum gross profit per box fell to 17 yuan, and the net profit fell to 10 yuan.

Have an impact on the company’s profit level.

Overseas production capacity was fully released, and overseas revenue increased significantly: Malay production capacity was released, and overseas revenue for the year was 800 million, even a significant increase of 208.

24%; gross profit 1.

6.6 billion.

Assume that the overseas revenue mainly comes from Malay, the single container price is 80 yuan, and the capacity utilization of Malay is close to 100%, resulting in full release.

Give full play to the leading advantages of the enterprise and accelerate the industrial layout: the company has gradually advanced in the field of deep processing.

Zhejiang, Guangdong, Malaysia energy-saving glass deep-processing projects have begun to run; Yinzhou photovoltaic photovoltaic substrate production line has been ignited in September 2018; Liling high-performance electronic glass project was promoted in mid-2018, and is expected to be put into use in 2020.

The company’s industrial layout will continue to be optimized.

Leaders under the rebound of completion and real estate sales are expected to fully benefit: the current real estate sales are picking up, completion is expected to rebound, glass adjustment volume promotes the rebound, and the company as a leader in the industry is expected to fully benefit.

It is estimated that the company’s fundamentals are stable and its profitability is strong. It is a rare cash cow.

It is expected that from 2019 to 2021, the company’s revenue will be 91.

64, 96.

67, 101.

51 ppm; net profit attributable to mothers is 13.

61, 14.

47, 15.

71 ppm; EPS is 0.

51, 0.

54, 0.

58, maintain the company’s buy rating.

The main risks facing rating Glass inventory continues to accumulate, product prices continue to fall, and demand rebounds less than expected.

Santai Holdings (002312): Performance Forecast Turns Loss into Profit

Santai Holdings (002312): Performance Forecast Turns Loss into Profit

Event: After the company’s comprehensive transformation of the fine phosphate business, the company released its first performance forecast, which is expected to achieve zero net profit attributable to its mother in 19 years.


10 billion, turned around before (-2 years ago).

1.9 billion).

Long Mang Dadi consolidated Q4, non-recurring gains and losses increased performance: 1) Merger and acquisition of the target Long Mang Dadi 19Q4 consolidated, increasing profits1.


200 million (both industrial and ammonium phosphate prices and prices rose); 2) Non-recurring gains and losses increased.


3.4 billion, mainly including the original controlling shareholder of Yantai Weian Cheng Chun2.

200 million performance compensation funds, shares of Zhizhi Hechuang 0.

1.6 billion changes in fair value gains, zero government subsidies.

1.5 billion and compensation for China Post Zhidi Technology 0.

3.2 billion, non-recurring losses due to changes in fair value of the equity investment in Santai 0.


9.5 billion; 3) The 34% equity held by China Post Zhidi Science and Technology is set in accordance with the initial accounting assessment statement of equity method1.

7.7 billion.

Recently released the outline of the development strategy plan for 2020-2025. In the future, the main business will be highlighted. Relying on Long Mang Dadi will focus on the development of fine phosphate business. The expansion of business from traditional financial services will reduce the volume, and the key innovative business in the “transitional development stage” has beenCompleted the non-company’s main business. After repeated research, comparison and selection, the company completed the acquisition of industry-leading fine phosphate company Longman Dadi in September 2019.

In the future, the company will be committed to the development of fine phosphate business, and other unrelated businesses will be reorganized and adjusted to completely achieve strategic transformation and development.

Dragon Python is a leading fine phosphate company in China with rich product structure and obvious advantages of industrial chain integration: 1) In addition to traditional phosphate fertilizers and compound fertilizers, Dragon Python deeply cultivates technical contents such as industrial monoammonium phosphate and feed-grade calcium hydrogen phosphate.And fine phosphate products with higher added value will continue to be refined and stronger along the industrial chain in the future.

2) In terms of supporting raw materials, the self-sufficiency of phosphate rock has been further enhanced. Among them, Hongxing Phosphate (this year’s 杭州桑拿 recoverable phosphorus ore) is expected to be depleted and closed in 20 years.It is also expected to support standards for sulfuric acid production capacity of 100 and above for synthetic ammonia production capacity of 10.

3) In terms of profit commitment, Longman’s net profit for non-return to mothers in the years 19/20/21 shall not be less than 3.



50 billion.

The equity incentive plan has been released, and the company’s strategic transformation is long-term optimistic: the company released the 2020 dividend savings incentive plan (issue), which is intended to grant 664 objects to 51.37 million income shares (accounting for total equity 3).

7%), the grant price is 2.

14 yuan / share.

Assessment target: The cumulative net profit for the two years from 2020 to 21 is not less than 900 million; the cumulative net profit for the three years from 2020 to 22 is not less than 1.5 billion.

This equity incentive will enhance the cohesion of the core team and the competitiveness of the company, and firmly believe in the company’s long-term development.

EPS is expected to be zero in 19-21.



37 yuan, PE is 75/16/13 times respectively. The company successfully merged Longman Dadi to transform the fine phosphate business, highlight the main business, and have a clear development path. In the future, it will be refined and strengthened along the industrial chain.grade.

Risk Warning: Product and raw material price fluctuation risks, environmental protection and production safety risks, potential risks of associates.

Sailun Tire (601058): Overseas layout advantage highlights giant tire business and opens up growth space

Sailun Tire (601058): Overseas layout advantage highlights giant tire business and opens up growth space
Investment points The company is one of the major domestic tire companies: Since its establishment in 2002, the company has focused on tire R & D, production and sales, and has expanded rapidly since its listing in 2012. It has successively acquired Shenyang Heping, Jinyu Industry, and laid out a base in Vietnam.As the production capacity under construction gradually reaches production, the increase in production and sales is expected to further consolidate and enhance the company’s industry position. Replacement tire market guarantees tire demand: Global and domestic replacement tires account for 81% and 68% of the total tire market, so the demand in the tire market is still dominated by replacement tires.Considering that the previous thousand-person car ownership has not yet reached the global average, and the ratio of car ownership to sales is only half of the global average, the 成都桑拿网 domestic automobile market in the future is still worth looking forward to. The tire industry is cutting-edge and stable, and Chinese companies are changing from big to strong: Looking at the global market, Bridgestone, Michelin and Goodyear have been among the top three in the tire industry for a long time. The three have a total market share.6%.At present, the domestic tire industry has a structural surplus. Through the advancement of supply-side reforms, small and medium-sized production capacity is gradually cleared. The domestic market is in the process of concentrating on the right tire companies. Giant tire products usher in the harvest period, opening up the company’s growth space: Giant tires are high-end engineering machinery tires, and their technology and market have been monopolized by international giants for a long 都市夜网 time. Benefiting from the increase in the downstream mining industry boom, demand for giant tires has reached a new waveQuotes.After nearly ten years of research and development, the company successfully rolled off the world’s largest 63-inch giant radial tire in 2016. It has now become one of the three largest supplier of Caterpillar tires to the world’s largest construction machinery and mining equipment manufacturer and has entered China.A breakthrough in the giant tire business in 70% of the large-scale mining market is expected to open up the company’s growth space. The overseas layout and new production capacity will accelerate the release of performance: The company’s overseas layout has received positive feedback. In the process of Sino-US trade friction, the role of Vietnam’s production base has become increasingly prominent.At the same time, the company plans to produce 2.4 million all-steel tires, 7 million semi-steel tires and 4 in the past two years.6 Initially off-highway tires, increased production capacity will further accelerate the release of the company’s performance.In addition, export tax rebates and gradual tax reductions will also significantly increase company performance. Earnings forecast and investment grade: We expect the company’s operating income for 2019-2021 to be 152.4.4 billion, 173.06 ppm and 199.08,000 yuan, the net profit attributable to the mother is 10.2.7 billion, 15.5.8 billion and 21.97 ppm, EPS is 0.38 yuan, 0.58 yuan and 0.81 yuan, the current sustainable corresponding PE is 9 respectively.7X, 6.4X and 4.5 times.Considering the increase in industry concentration and the increase in production capacity, the company’s profit is expected to continue to grow in the future, and the giant tire business has opened up the company’s growth space.Covered for the first time, giving the company an “overweight” rating. Risk warning: the production progress is less than expected; the price of raw materials fluctuates significantly; the equity premium rate of major shareholders is high

Urban Investment Holdings (600649): High-margin projects are nearing the harvest period and venture capital business exits with high returns

Urban Investment Holdings (600649): High-margin projects are nearing the harvest period and venture capital business exits with high returns

Event: The company announced its 2019 Interim Report and the company achieved revenue of 18.

200 million, previously -56%; net profit attributable to mother 3.

7.4 billion, down 47.

1%; EPS EPS is 0.

15 yuan, down 47 before.


In the first half of the year, the construction of the main construction site was in affordable housing, and the second half of the year saw high growth in performance: the company completed the first half of the year with an area of 370,000 cubic meters, with 12 passing each year.

9 Generally increased by 187%, but the company’s settlement income has improved, mainly because the completed projects in the reporting period are mainly Jiuting affordable housing projects, Dongying affordable housing projects; the company’s advance receipts are nearly 3 billion, and the settlement resources are still large.The decline in half-year revenue has narrowed significantly from the first quarter, and is expected to increase in the second half of the year.

The projects under construction are advancing steadily, and the high-margin commercial housing project is about to enter the market: the second-phase structure of the company ‘s Bay Valley Science and Technology Park with a total construction area of 74 is capped, and the preparatory work is completed; the display of the Luxiang Park project has begun, including the Huangpu Luxiang Garden commercial house projectPlanned investment 98.

With a total construction area of 30 million US dollars, the average cost is only 32,833 yuan / square meter, and the capacity area is 18.

4 General, and the expected upper limit is more than 150,000 / square meters, with a total value of nearly 30 billion, which is expected to be sold in the future.

The investment business continued to grow at a high rate, and venture capital funds exited at high rates of return: the company ‘s listed company shares include Shentong Metro, Everbright Bank, Western Securities, China Investment Capital, etc., and the total market capitalization is approximately the same.

7.6 billion yuan; the company ‘s venture capital fund Chengding Fund operates stably, focusing on investing in energy-saving and environmental protection, smart cities, and smart manufacturing industries. In the first half of the year,武汉夜生活网 it will complete all 4 exit projects and completely exit the project with a yield of 183.


The Yangtze River Delta’s location advantage is prominent, and Shanghai’s state-owned assets reform continues to advance: the company actively participates in the construction and operation management of new areas in the Pilot Free Trade Pilot Zone, the Yangtze River Delta Integrated Development Demonstration Zone and the Import Expo, which is conducive to continuously benefiting from the improvement of Shanghai’s location advantageThe implementation plan of Shanghai State-owned Assets Comprehensive Reform has been released, and the company is expected to benefit from Shanghai State-owned Assets Reform.

Investment suggestion: The company is actively deploying the integration of the Yangtze River Delta and is expected to benefit 深圳桑拿网 from the Shanghai state-owned assets reform. At the same time, due to the completion of the structure, the main performance of the affordable housing is under pressure, but the quarter-on-quarter improvement will allow high-margin projects to enter the harvest period in the future.The performance is expected to continue to improve, and we expect the company’s EPS to be zero in 2019-2021.

61 yuan, 0.

89 yuan and 1.

25 yuan, maintain “Buy” rating.

Risk warning: The real estate policy is beyond expectations, and the Yangtze River Delta integration policy is below expectations.

Weihua Co. (002240): Rare business with growing lithium salt revenues turns to profit

Weihua Co. (002240): Rare business with growing lithium salt revenues turns to profit

Event: In the first half of 2019, the company achieved operating income10.

600 million, down 5 every year.

55%; Net profit attributable to shareholders of listed companies is 6082.

560,000 yuan, an annual increase of 5.

76%; deducted non-net profit of 5773.

170,000 yuan, an increase of 28 in ten years.

52%; Reported that the large-scale lithium salt business was on track, cash flow was improved, and the company’s net cash flow from operating activities.

620,000 yuan, an increase of 175 in ten years.


  Lithium salt business realized revenue 2.

19 ppm, an increase of 740 in ten years.

29%, net profit was 2733.

680,000 yuan, an annual increase of 317.


The company actively establishes cooperative relationships with industry-leading companies such as Yabao, Bamo Technology, Rongbai Technology and other industries.

On June 15, 2019, the company signed 8 with Bamo Technology.

43 The initial strategic cooperation agreement for the supply of lithium salt products is planned to supply lithium salts such as lithium carbonate and lithium hydroxide to Bamo Technology from 2019 to 2024, with an annual supply of 300 tons, 1 ton, 1 ton, and 1.

8 initial, 2.

1 Positive electrode, 2.

5 means, equivalent to 70% of the new capacity of Bamo Technology’s new capacity lithium salt raw materials provided by the company.

The agreement will help the company lock in future product orders and achieve stable revenue.

  The rare earth business turned losses into profits, and Wanhong High-tech achieved operating income.

0.5 billion, down 67 a year.

77%, net profit 381.

620,000 yuan, expected 1378 in the same period last year.

0.94 million yuan.

  The company proactively controls the rare earth trading business to avoid rising prices of rare earth products and increase business risks; the report predicts that the company is committed to the rare comprehensive recycling business, engaged in product processing and foundry, and strictly controls costs, enhances technological levels, and reduces the impact of market price fluctuationTo make the operation more stable and the gross profit margin significantly improved.

  MDF business realized operating income7.

24 ppm, a decrease of 4 per year.


MDF gross margin of 17.

75%, rising by 1 every year.

58%, an increase of 0 from the previous year.


The increase in gross profit margin benefited from the company’s increased production equipment technological transformation, improved process levels, optimized management system, and significantly improved production efficiency.

The decline in revenue 杭州夜网论坛 was mainly due to the impact of Sino-U.S. Trade in the downstream furniture exports of sheet metal, which replaced the upstream sheet material, and demand shifted slightly.

In addition, 2018 is a big year for the industry, with a high base. Despite the slight fluctuations in reported consolidated sheet revenue, the business is still developing well.

  profit prediction.The lowered revenue forecast is due to the company’s reduction in the rare earth trading business. Although the revenue has decreased, the profit has increased significantly, and the company’s overall profitability has improved.

It is expected that the company’s operating income for 2019-2021 will be 26.

88, 29.

59, 32.

61 ppm; net profit attributable to mothers is 1.

69, 1.

96, 2.

13 ppm; corresponding EPS is 0.

32, 0.

37, 0.

4 yuan, the corresponding PE is 30.

8, 26.

7, 24.

4x, maintain “Buy” rating.

  Risk reminders: the risk of falling lithium salt prices; environmental policy risks; international political risks;

BTG Hotel (600258): First-quarter results exceeded expectations mainly due to decline in REVPAR

BTG Hotel (600258): First-quarter results exceeded expectations mainly due to decline in REVPAR
Performance review The first quarter of 2019 performance was higher than expected. BTG Hotel released 1Q19 results: realized revenue of 19.440,000 yuan, an increase of 1% in ten years;7.4 billion, down by 1 every year.9%; lower-than-expected results, the main reason 杭州桑拿 for RevPAR replacement, and relatively stable profit margins.  Home: Repeat 0 above the overall RevPAR in the first quarter.5% (4th quarter of 2018: +2.8%), the same store RevPAR incorporated 3% (ADR continued to increase 0.1%, occupancy rate drops by 2 every year.5 single; economy hotels and mid-to-high-end hotels are separated twice.4% and formaldehyde 6.8%), significantly lower than the same-store growth rate in 4Q18 (+1.4%).This is mainly due to the high base formed by the Expo Centralization last March (the RevPAR growth rate of the STR hotel industry in March 18 reached 6).2%), and the average level of the exhibition in March this year, the region lacks the opportunity to raise prices comprehensively (March 19, RevPAR ranks 3 in the hotel industry).7%).Home revenue in the first quarter increased by zero.4% to 15.62 ppm, a 武汉夜生活网 margin reduction of 7.9% to 0.98 million, mainly dragged down by RevPAR insertion.  Old First Brigade: Comprehensive RevPAR increased by 1 in the first quarter.6% (ADR + 1.7%, OCC-0.1pct).  Hotel Expansion: Net opening of 12 hotels in the first quarter (75 newly opened, of which economic, mid- to high-end, and management output accounted for 17%, 37%, and 45%, respectively). As of the end of 1Q19, a total of 4,061 hotels had been signedNot open and contracting for 568.  Development Trend The plan to open 800 stores in 19 years remains unchanged, and the industry is expected to stabilize and rebound.1) The store opening plan reflects the company’s views on the future of the Chinese hotel industry.In the company’s history, the first quarter is expected to open stores during the off-season, and only 84 new stores were opened in 1Q18. We believe that the goal of opening stores has been expected to be achieved.  2) The government introduced corporate tax reduction measures to divide domestic passenger transportation services into tax reduction scopes in order to reduce corporate travel costs and increase hotel business sources.In addition, economic indicators such as PMI have the opportunity to recover.  Earnings forecast is based on RevPAR’s weaker-than-expected performance, lowering its 2019/20 earnings forecast by 5% / 7% to 9.74/11.6.9 billion yuan.  Estimates and recommendations At present, the company can sustain 21/17 times 2019/20 P / E ratio.Maintain the recommended level, but lower the target price by 7% to 25.08 yuan, mainly due to lower earnings, corresponding to 25/21 times 2019/20 P / E ratio, there is still 23% of upside.  Risks Macroeconomic and hotel industry stabilization rebounded weaker than expected.

AVIC Optoelectronics (002179) Incident Review: Equity Incentive, Long-term Military Industry White Horse Starts Again

AVIC Optoelectronics (002179) Incident Review: Equity Incentive, Long-term Military Industry White Horse Starts Again

Event: The company released the A-share budget stock incentive plan (second phase), and plans to award 3,206 to a total of 1,215 people including 1215 people, including some directors, senior managers, middle managers, core technical (business) personnel, and senior managers and core backbones.

50,000 shares, accounting for about 2 of the company’s total share capital.

9963%, the grant price is 23.

43 yuan / share.

The scope of incentive objects is expanded, which is good for the company’s long-term 北京洗浴会所 development.

The total number of proposed incentive targets for the second phase of the equity incentive plan (supplementary) announced this time is 1,215, which basically covers the company’s middle-level and above managers and core backbones, which is more than the 266 people granted in the first phase of the equity incentive plan.

We believe that expanding the scope of incentive objects can bind more people to the company’s interests, help fully mobilize the enthusiasm of leaders and key employees, and benefit the company’s long-term development.

Unlocking conditions are more stringent, and performance evaluation shows confidence.

The unlocking conditions for the second phase of the equity incentive plan (supplemental) announced this time are: the return on net assets in the financial year immediately before the unlockable date is not less than 13.

60%, and not lower than the benchmark company’s 75th percentile; the net profit of alternative non-recurring gains and losses attributable to shareholders of the listed company in the financial year immediately before the unlocking date is no less than 10 compared with the 2018 compound year.

00%, and not lower than the 75th place value of the benchmarking enterprise; the completion of the EVA index of the financial year before the previous day can reach the assessment target issued by AVIC, and △ EVA is greater than 0.

In this period of equity incentive plan (draft), 21 listed companies related to AVIC Optoelectronics’ main business are selected as benchmarking companies in the same industry, including international connector leading companies such as Tyco and Amphenol.

We believe that the unlocking conditions for the second phase of the equity incentive plan are more stringent than the first phase, which demonstrates the company’s confidence in future performance growth.

As a leading military connector company in the domestic aviation industry, AVIC will fully benefit from the accelerated advancement of national defense informatization construction.The promotion of 5G communications, new energy vehicles, rail transit and other high-boom industries will drive the continuous growth of civilian products, liquid cooling, and high-speed backplaneSuch new field layout will create more profit growth points.

Profit forecast and investment grade: The company’s net profit for 2019-2021 is expected to be 12.

1 billion, 14.

310,000 yuan, 16.

51 ppm, EPS is 1.

18 yuan, 1.

39 yuan, 1.

61 yuan, corresponding to PE is 35 times, 无锡桑拿网 29 times, 25 times, maintaining the “Buy” rating risk warning: military orders are less than expected; 5G construction progress is less than expected; the new energy vehicle industry’s prosperity decline

Wanda Films (002739) Annual Report Commentary: Multiple Factors Cause Performance-Resistant Cinema Line Leader to Refine Internal Strength

Wanda Films (002739) Annual Report Commentary: Multiple Factors Cause Performance-Resistant Cinema Line Leader to “Refine Internal Strength”

In 2018, the company realized a total of 140 operating income.

88 ppm, a six-year increase of 6.

49%; net profit attributable to mother 12.

9.5 billion, down 14 each year.


Among them, Q4 single-quarter revenue and net profit were 31.

8.4 billion and 0.

2.7 billion, an increase of 4 each year.

58% and -89.


Core point of view The gap between the company’s performance in 2018 has expanded.上海夜网论坛 The essence is: (1) the number of cinemas and screens in the country has maintained rapid growth, market competition has intensified, the market opening period of newly opened cinemas has been extended, and the single screens of cinemas have increased and decreased, As the gross profit margin of the projection business continued to decline.

(2) The proportion of non-ticket income in 2018 declined, affecting the overall level of gross profit margin.

(3) In Q4 2018, the company opened 28 new theaters, and the negative growth of the box office in the overlapping industries resulted in the net profit of Q4 in the single quarter only to 0.

2.7 billion.

(4) The increase in accounts receivable and long-term loans resulted in the company’s impairment losses on bad debts and increased financial costs.

The market share 成都桑拿网 of box office revenue increased slightly, increasing the number of terminals initially.

The company achieved box office 95 in 2018.

6 ppm, a ten-year increase of 8.

9%; of which, the domestic box office was 79.

800 million, an increase of 13 in ten years.


The company’s domestic box office growth rate is higher than the industry level, driving the market share to rise slightly.

6 points to 14.


As of the end of March 2019, the company has a total of 609 direct-operated theaters and 5,387 screens. At the same time, the expansion rate has improved.

A number of factors have led to the replacement of non-box office revenue growth in stages, and continued development of non-box office business is still an important direction in the future.

In 2018, the company achieved a total of 50 non-box office income.

200 million, an annual increase of 2.

6%; non-box office revenue accounts for 35% of revenue.

63%, compared with the same period of 20171.

37 points.

Due to factors such as the sale of overseas DVD business, the increase in the number of moviegoers and the high base during the same period, the company’s non-ticketing has deviated in the second quarter and the third quarter.

The financial forecast and investment recommendations predict that the company’s EPS for 2019-2021 will be 0.

78, 0.

83 and 0.

89 (In the November 2018 report, the forecast for 2019-2020 was 1, respectively.

00 and 1.

09).The main reason for the downward revision of the profit forecast is the overall growth rate of the industry, the competitive landscape and fierce competition.

Comparable companies have an average PE of 25x in 2019.

As the company is an absolute leader in the cinema industry, and considering Wanda Film’s injection expectations, the company is given 35 times PE in 2019, a premium rate of 40%, corresponding to a target price of 27.

3 yuan, maintain “Buy” rating.

Risk prompts box office growth is not up to expectations, market competition is intensifying, restructuring progress is slower than expected, goodwill impairment risk

Depth-Company-Bank of Shanghai (601229): Benefit from the wide spread of capital spreads and focus on changes in asset quality

Depth * Company * Bank of Shanghai (601229): Benefit from wide capital spread improvement and focus on changes in asset quality

The Bank of Shanghai’s revenue growth rate in the first half of the year maintained the forefront of the industry. Benefiting from the loose funds, the company’s net interest margin in the first half of the year improved significantly compared with the same period in 2018.

In the first half of the year, the company’s asset quality performance was generally stable, but the 90-day overdue and non-performing deviations have improved. Subsequent attention needs to be paid to changes in asset quality.

Maintain overweight rating.

The key performance of the support level is in line with 杭州夜网论坛 expectations, and the revenue growth rate remains at the forefront of the industry.

In the first half of 2019, the Bank of Shanghai’s net profit increased by 10 in 14 years.

3%, in line with our expectations (14.


The company’s revenue increased by 27 in two years.

4%, a faster growth rate than 厦门夜网 the first quarter (+42.

2%) Temporarily, mainly affected by investment income. The growth rate of investment-related income in the first half of the year (76%) is significantly lower than the previous quarter (311%), but the absolute level of revenue growth remains at the forefront of the industry.

The company’s main business performance was relatively stable. Among them, the repeated growth rate of net interest income under the high base in the same period of 2018 decreased by 3 from 12 in the first quarter.

0%; fee income grew faster in the first quarter and fell 1.

6 up to 9.


The interest margin has gradually improved, and the regularization of deposits has brought upward costs.

Bank of Shanghai loans increased by 4 in the second quarter.

30%, of which the growth rate of retail loan investment rate increased earlier4.

At 95%, the company increased its mortgage lending efforts, reflecting the convergence of the company ‘s retail asset risk appetite.

With regard to the increase in the speed of credit investment in the real estate sector in public credit, we believe this is one of the reasons for the increase in corporate loan yields.

40% (vs May 2018.


The company’s deposit performance in the second quarter was better, an increase of 6.

42%, the structure of demand deposits decreased by 0 compared with 2018.

56 samples, affected by this, the cost of deposits has increased.

However, the relief of the cost pressure on interbank risks in the first half of the year hedged the upward trend in deposit costs.

Overall, the net interest margin in the first half of the year was 1.

69%, an increase of 14BP in one year.

Looking forward to the second half of the year, we believe that under the background of downward pressure on economic storage, there may be insufficient financing needs of companies on the asset side, and at the same time, the effect of offsetting the cost of high-end interbank liabilities is improving, so the company ‘s interest margin has downward pressure on margins.
The rate of bad generation is rapid, but the overdue 90 days and the degree of bad substitution have increased.

Bank of Shanghai NPLs at the end of the half year1.

18%, a decrease of 1BP from the previous month. We estimate that the company will generate 0 in the second quarter due to its annualized bad results.

69%, a significant decline in the earlier quarter, the absolute level is still low.

The proportion of attention-oriented loans in the second quarter remained unchanged from 2018.

86%, the overdue rate fell 8BP to 1.

61%, but the overdue 90 days and the degree of bad substitution have increased by 13 substitutions to 92% compared to 2018, and we need to pay attention to changes in asset quality in the future.

Provision coverage ratio in the second quarter increased by 5pct to 334% from the first quarter, and provision provision increased by 3BP to 3 from the previous quarter.

94%, the provisioning foundation has been substantially consolidated.
It is estimated that we maintain the company’s EPS for 2019/20 to be 1.

The forecast of 12 yuan / share corresponds to a growth rate of 15.

3% / 11.


The overall corresponding PE for 2019/20 is currently 4.

72x / 4.

23x, PB is 0.

63x / 0.

57x, maintaining the overweight rating.

The main risks facing ratings The economic downturn has caused asset quality to deteriorate more than expected.