Shanghai Pharmaceuticals (601607): Industrial profitability of core product group will remain stable

Shanghai Pharmaceuticals (601607): Industrial profitability of core product group will remain stable

Recent situation of the company 杭州夜网论坛We organized a series of non-trading roadshows of Shanghai Pharmaceuticals in Hong Kong and Shenzhen last week. We believe that the company is expected to achieve industrial and commercial two-wheel drive: 1) Industrial sector, continuous optimization of product structure, consistency evaluation to promote cornering overtakingRich structure and effective ability to resist policy risks; 2) Circulation segment, market share is expected to further increase, and profitability will be promoted to remain stable; 3) Research, continuous expansion, combination of counterfeiting, independent research and development and business development are two-wheel drive.

Comment Industry: The product structure is constantly optimized to create core product groups.

The company has selected 60 industrial products as its core varieties.

From January to September, 60 key varieties earned 101.

50,000 yuan, an increase of 31 in ten years.

2%, with an average gross profit margin of 71.


In terms of large varieties, tanshinone IIA is expected to reach 1.5 billion US dollars in the next 1-2 years; polymyxin B sulfate for injection (exclusive variety) is expected to exceed 500 million in the next 1-2 years; eureklin for injection (a new class of drugs) It was announced last week that it was included in the national medical insurance, which will help promote the breed in the future.

Business: Profitability is expected to remain solid, consolidating the import drug service provider sector.

The market competition in the distribution industry is expected to further deepen. Hengqiang, the leading player, has acquired Kangdele China and Liaoning Medical Trade in the past two years.

The company actively develops the import drug distribution business. The unit price and gross profit of such drugs generally exceed generic drugs, and its customers are sticky.

Among the imported new drugs approved by China in the first three quarters of 2019, Shanghai Pharmaceuticals obtained total distribution rights for 13 varieties.

R & D: Independent R & D and business development two-wheel drive.

Total R & D funding (including capitalization) in 2018.

9 trillion, accounting for industrial income7.


In terms of independent research and development, the company expects that the small molecule innovative drug Leitengshu (anti-AIDS indication) and the renin inhibitor SPH3127 will attempt to enter phase III clinical trials in 2021 and the second half of 2020, respectively.

In terms of cooperation and expansion, in November 2019, the company cooperated with Shuntian Pharmaceutical on the LT3001 project (a first-class new drug). LT3001 has now started phase II clinical trials in the United States and Taiwan.

It is recommended to maintain the RMB exchange rate for 2019/20 earnings forecast1.

54 yuan and 1.

71 yuan, corresponding to 12.

6% and 11.重庆耍耍网

1% growth.

The current A-share contradiction corresponds to November 2019/2020.

4 times / 10.

3 times price-earnings ratio.

The stock maintains an Outperform rating and 24.

Target price of 50 yuan (corresponding to 2019/20 price-earnings ratio of 15).

9 times / 14.

3 times, 39.

84% upside).

The current contradiction between H shares corresponds to August 2019/2020.

2 times / 7.

4x price-earnings ratio.

H shares maintain an outperform industry rating and 20.

10 Target price reached (corresponding to November 2019/20.


5 times price-earnings ratio, 43.37% upside).

The risk R & D progress was less than expected, and brought a lot of procurement pressure.

Hualu Hengsheng (600426): First-quarter results surpass expectations Coal industry leading bottom-line cost advantage highlights

Hualu Hengsheng (600426): First-quarter results surpass expectations Coal industry leading bottom-line cost advantage highlights

Investment Highlights: Company Announcement: The company released the 2019 first quarter report, which is expected to achieve operating income of 35.

4.3 billion (+3 year-on-year.

03%, QOQ + 0.

98%), achieving 南京夜网 net profit attributable to mother 6.

420,000 yuan (-12% year-on-year.

51%, QOQ +32.

40%), performance exceeded expectations.

In 19Q1, the company gave full play to its cost advantage and its performance exceeded expectations.

In the first quarter of this year, the prices of the company’s main products fell every other time. The average prices of urea, organic amines, adipic acid, acetic acid, octanol, and ethylene glycol Q1 were around 1930, 5600, 8430, 3100, 8000, and 4800 yuan / ton.Alternating 0%, -20%, -36%, -30%, -4%, -34%; the price of coal, the main raw material, was basically the same as the same period last year, and the prices of pure benzene and formaldehyde could replace 30% and 7% at most.

1Q1 company gross sales margin was 28.

55%, a decrease from the same period last year.

59 averages.

Compared with last year’s Q4, some of the company’s products such as urea and acetic acid stopped falling and rebounded. Urea and diol units achieved full load operation in the first quarter, and after the three sets of amino alcohol platforms were interconnected, the utilization 重庆耍耍网 efficiency of syngas continued to increase.Increase the annual ammonia production capacity by nearly 20 inches and further reduce costs; in late November of last year, the company’s annual maintenance of 16 indicators / year adipic acid, 5 concentration / year sulfuric acid and some urea units had a certain impact on Q4 performance.Interest rates increased significantly from the previous quarter.

6 units.

Coal-to-glycerin and melamine projects have reached production, contributing to significant performance gains.

The 50 acetic acid / year cholesterol project was completed at the end of September 2018, and was officially put into operation in early October; the melamine phase 2 5-cation unit was put into operation at the end of 2018.

At present, both sets of equipment have basically maintained a good operating condition at full load.

Although the previous price was almost non-slump and most of the domestic coal-made blood glucose devices have been reduced, the company’s blood glucose project has further reduced the cost after running at full capacity and achieved stable profitability.

In 2018, the total domestic cholesterol production capacity was 1055, the actual output was 710 inches, and the industry operating rate was only 67%. At the same time, the demand for polycarbonate by polyester reached 1,550 variables, and the import dependence of ethylene glycol was still above 50%.

We believe that although the planned production capacity of coal-based sulfuric acid is limited to the technological route and investment progress, Nigeria’s import dependency situation is difficult to reverse in two to three years. The company surpassed the industry’s production costs and took the lead to benefit from the vast space of import substitution.

It is planned to invest in the construction of new amide and nylon materials and refined adipic acid projects to build an integrated new material industrial base.

The report summarizes that the company coordinated the “13th Five-Year Plan” and promoted the rapid advancement of high-end transformation. It completed the identification of the Shandong Chemical Industry Park, and the company’s park-based production gradually became a system.

Based on the existing coal gasification platform, starting from the discovery of high value-added applications of syngas, and combining the company’s existing raw materials, steam, power and other advantages, the company plans to invest in the construction of new caprolactam and nylon new materials and refined adipic acid projects.To build an integrated new material industry base.
Amide and nylon new material projects are planned to invest 49.

800 million US dollars, construction period of 30 months, 30 tons of caprolactam (of which 20 esters are for personal use), toluene 20 esters, nylon 6 chips 20 replacement, sulfur 48 tons, etc. will be formed after completion. It is expected to achieve an average annual operating income of 56 after reaching production.

13 ppm, total profit 4.

4.6 billion; 16.

66 Initial refined adipic acid project plans to invest 15.

USD 7.2 billion, with a construction period of 24 months, the project will achieve high-end products and enter the first echelon of the industry. It is expected to achieve an average annual revenue of 19 after reaching production.

86 ppm, total profit2.

9.6 billion yuan.

Earnings forecast and investment grade: Maintain the company’s profit forecast for 2019-2021, and predict that the net profit attributable to the mother in 19-21 will be 25.

53, 28.

69, 32.

73 ppm, corresponding to PE of 10X, 9X, 8X, maintaining the “overweight” level.

The first batch of FOFs will earn an average of 9 in 2 years.84%

The first batch of FOFs will earn an average of 9 in 2 years.84%
Source: Financial Investment News Original title: The first batch of FOFs will have an average annual return of 9 years.84% is still a month away, and the first batch of domestic FOFs will usher in their two-year birthday.In the past two years, the total domestic FOF capacity has been expanded to 66, with a roughly estimated asset size of about 25 billion US dollars. In terms of types, 77% of them are targeted FOFs for the elderly.Benefiting from the recovery in the stock and bond markets, the average FOF yield has increased by 9 this year.84%. Since its establishment, almost all FOFs have achieved positive returns.It is worth mentioning that in order to encourage investors to invest in the long term, the newly established ordinary FOF has also seen the shortest holding period.  Pension target FOF accounts for 77%. The first domestic FOF was born on October 20, 2017. It is called the Southern All-weather Strategic Hybrid Fund Fund (FOF), with a total fundraising of over 3.3 billion yuan.Immediately following the establishment of the fund are Castrol Pioneering Asset Allocation, TEDA Manulife All-Around Choice, Jianxin Fuze Antai, Huaxia Juhui’s solid goals, and Haifutong Juyou Selection.These six first-established FOFs announced that domestic fund investment has entered a new era of asset allocation.After one month, the domestic FOF will usher in the second anniversary.  In the past two years, the pace of FOF development has opened up the acceleration mode.WIND data show that as of September 17, there were 66 FOFs in the market, of which 42 were established in 2019, accounting for 64%.In terms of product attributes, 51 of them are targeted FOFs, accounting for 77%, and the rest are ordinary FOFs.On September 13, 2018, Huaxia Pension’s three-year goal in 2040 was established, becoming the first FOF in China, and it has been a full year.It can be said that the development of the old age goal FOF has come to the forefront.  In terms of investment types, all FOFs currently on the market are hybrid.From the perspective of fund companies, 66 FOFs belong to 34 fund management companies, of which 8 companies have at least 3 FOFs, the largest is Huaxia Fund, which has 6 FOFs, 4 of which are pension target funds.Jiashi, Nanfang and Yinhua each own four, Huitianfu, Jianxin, Penghua, and Yifangda each have three.  However, FOF has encountered ups and downs in the past two years.As of the end of the second quarter of this year, the total size of FOF assets issued in the interim report was US $ 20.4 billion, which was reduced by 39 from the asset size data at the time of issue.52%.The total number of FOFs issued since the third quarter is about 44.4.3 billion yuan.According to preliminary estimates, the current total size of FOF is about 25 billion yuan.  Don’t worry, the development of new things is not always smooth. There are many new funds in the public fund, and the investment value is recognized after many years, such as short-term debt, bond index funds, etc.  The average return on FOF during the year was 9.84% this year, benefiting from the rebound in the stock and bond markets, the net FOF value has also gradually increased.WIND data show that as of September 11 this year (the FOF net value was updated later), the average increase in the FOF arithmetic of 24 only 西安耍耍网 before 2019 was 9.84% (only category A), of which Qianhai Kaiyuan Yuyuan and Haifutong Juyou Select two funds yielded 37.63% and 30.47%, mainly due to the higher equity asset allocation of the two funds.On the investment of Morgan Shangrui, China and Europe foresee a pension A of 2035 in three years, and a return of 16 years for A in 2035.44%, 12.70%, 10.76%.And since its establishment as of September 11, almost all 66 funds have received positive returns.  Compared with ordinary equity funds, FOFs are more stable and long-term. Therefore, investors need to be clear about the risk and return characteristics of FOFs, and they cannot blindly compare with the increase of equity funds.  It is worth mentioning that there have been new changes in the recently established FOF, that 南京桑拿网 is, the shortest holding period for ordinary FOFs.On September 6, 2019, Rich Nations Zhicheng Select was established for 3 months, and the initial fundraising scale was 3.5 billion yuan. The fund has established a minimum holding period of 3 months, that is, investors must hold for 3 months after buying.Before they can be redeemed.This is mainly due to regulatory adjustments.  In June of this year, the Securities and Fund Institutions Supervision Department issued the latest issue of the “Institutional Regulatory Situation Report” and the “Fund in Fund (FOF) Review Guide” updated version, which put forward new requirements for the operation of new FOF products.Including “further subdivision of FOF product categories” and “application for registration of FOF with at least three full-time military investment or research personnel”, “investable Hong Kong mutual recognition fund shares”, “rich product operation methods, development with certainThe “closed” operation period or the shortest holding period of FOF encourages investors to hold for a long time.”And so on.Therefore, the FOFs recently reported and issued also set a minimum holding period.

Wanhua Chemical (600309): The performance is slightly better than expected The new project is progressing smoothly

Wanhua Chemical (600309): The performance is slightly better than expected The new project is progressing smoothly

The core opinion of the third quarter report slightly exceeded market expectations: the company disclosed the third quarter report of 19, the first three quarters achieved operating income of 48.5 billion U.S. dollars, each time 12 replacement.

5%; 79 trillion net profit attributable to mother, divided by 41.

8% (combined caliber).

In the third quarter of 19, the operating income reached USD 17 billion in a single quarter, which was extended by 6 each year.

6%; net profit attributable to mother 22.

8 ‰, 25 years ago.


The initial decrease in revenue and profit is that the price of MDI, the company’s main product, fell by about 30% in the same period in 18 years. Although the price of the product was unfavorable, the company still received 22.

800 million net profit slightly exceeded market expectations.

The overall prosperity has entered the bottom range: the price difference between the company’s MDI and most petrochemical products has entered the historical average replacement position. From a cyclical perspective, the space for the overall prosperity to gradually decrease is very small.

However, the annualized ROE of the company in the single quarter of 19Q3 still reached 23%, which has improved significantly at the bottom 15 years of the previous round. This is due to the company’s continuous extension of the industrial chain in these years and tapping the cost potential.

When the company is at the bottom of the cycle, the dynamic PE corresponding to annualized earnings is about 15 times. Even if growth is not considered, it has been slightly underestimated.

New projects are progressing smoothly: 19Q3 company’s projects under construction have reached 20.1 billion, which has exceeded the highest level before the first phase of full-scale petrochemical projects in 15 years, an increase of 4.3 billion over 19H1. It is expected that new projects such as ethylene integration are progressing smoothly and new projects are put into productionWill become an important driving force for Wanhua’s continued growth.

Financial Forecast and 天津夜网 Investment Suggestions We forecast the company’s total EPS to be 3 in 19-21.

80, 3.

60 and 4.

24 yuan, given a target price of 53 at a 19 times 19 times price-earnings ratio of comparable companies.

23 yuan, maintain BUY rating.

The risks indicate macroeconomic risks, risks of fluctuations in crude oil prices, risks of new project progress, and breakthroughs in MDI industry barriers.

CNPC Engineering (600339): Petrochemical Engineering Industry Prosperity Boosts Policies, Dongfeng Welcomes Development Opportunities

CNPC Engineering (600339): Petrochemical Engineering Industry Prosperity Boosts Policies, Dongfeng Welcomes Development Opportunities

The company is a subsidiary of PetroChina. PetroChina Engineering is a leading company in the entire industrial chain of petrochemical engineering. PetroChina Engineering is controlled by PetroChina Group. In 2016, it 四川耍耍网 borrowed ST Tianli for restructuring and listing. In February 2017, it was renamed PetroChina Engineering and successfully landed in a stock market.

The company’s four main businesses cover the entire industrial chain of petrochemical engineering and are the industry’s leading companies.

At the same time, CNPC Engineering vigorously promoted large-scale overseas projects, and the proportion of revenue from foreign and other regions increased significantly. In the first half of 2019, the proportion of revenue from foreign and other regions to the company’s total revenue was 48.

32%, an increase of 3.

81 units.

Upstream oil companies increase capital expenditure, oil and gas engineering business boom improves upstream integrated oil and gas, revenues and performance growth of exploration and production companies are related to oil price trends, and when oil prices rise, the profitability of upstream oil companies and exploration and development investment intentions are correspondingStrengthen and increase capital expenditures.

At present, the geopolitical events in Iran are gradually heating up, and it is difficult to recover production in the overlapping committees in Nerela. The risk of a sharp drop in oil prices is reduced.

In addition, from the perspective of national energy security, upstream oil companies will increase reserves and production, increase capital expenditures, and improve the business climate of oil and gas engineering.

National policy and market demand are resonant. Pipeline construction welcomes development opportunities. The company ‘s pipeline network engineering business will usher in development opportunities, which stem from the following three points: 1) The state has issued policies to establish a national capital holding and invest in many oil and gas pipeline network companies.The establishment of the “National Oil and Gas Pipeline Network Company” will accelerate; 2) The rankings of oil and gas pipelines and the production and sales of oil and gas in developing countries are obviously not matched with the rankings in Europe and the United States, and pipeline facilities need to be improved; 3) Only shale gas production is insufficient.It is higher than the United States, but its reserves rank first in the world. Shale gas is strongly supported by national development strategies and policies, and there is a broad space for development. It will promote the release of storage and transportation needs in the future.

As one of the oligarchs in the refining and chemical engineering industry, it has fully benefited from the rise of the private refining and chemical industry during the “Thirteenth Five-Year Plan” period. The state liberalized the refining and chemical industry, and private refining and chemical projects were continuously approved.

At present, Shenghong Refining and Chemical Integration Project, Hengyi Brunei PMB Refining and Chemical Integration Project and Zhejiang Petrochemical Refining and Chemical Integration Project are under construction.

As one of the oligarchs in the refining and chemical engineering industry, Huanqiu Company, a subsidiary of CNPC Engineering, will fully benefit from the rise of private refining and chemical industry.

The three new signings recently were 34.

8.6 billion, 29.

8.7 billion and 50.

The US $ 7.8 billion refining project order also provides important support for the company’s future performance.

For the first time coverage, the company was given the “overweight” rating as a leading company in the domestic petrochemical engineering industry, and the company’s main business demand continued to increase, and its competitive advantage will continue to appear.

The company’s EPS for 2019-2021 is expected to be 0.

18 yuan, 0.

22 yuan, 0.

27 yuan, corresponding to the closing price of PE on October 30, 2019 is 20.

20X, 15.

79X, 13.

00X, for the first time, gives an “overweight” rating.

Risk Warning: 1.

International oil prices fell sharply; 2.

Global demand is significantly gradual.

Qilian Mountain (600720) 2019 Semi-annual Report Commentary Comment: Do n’t be afraid to wait for the increase of western infrastructure construction

Qilian Mountain (600720) 2019 Semi-annual Report Commentary Comment: Do n’t be afraid to wait for the increase of western infrastructure construction
Report Summary: Event: The company released a 2019 interim report performance forecast. The forecast shows that the company’s net profit attributable to the mother is around 5, an increase of about 128%, and the non-attribution net profit is at 4.About 1.5 billion, an annual increase of about 93%, and the expected return is about 0.64 yuan. Demand is picking up, volume and prices are rising, and cost control performance is increasing.The company’s main market is located in Qinggan, with a 42% market share in Gansu.From January to May 2019, the fixed assets investment quota in Gansu Province increased by 4%.1%, much higher than the -10 in the same period last year.8%.Investment in real estate development is growing by 13 per year.9%, far more than 2.8%.The rebound in infrastructure and land demand has driven cement demand expansion. From January to May 2019, cement production in Gansu Province increased by 17%.5%, about -9% of last year, actually turned positive.The company’s home base in the Gansu market is showing a rise in both volume and price. In Q2 2019, it achieved net profit attributable to its mother.8.7 billion, a record high for the second quarter of the calendar year.The company mentioned in the performance forecast that one of the reasons for the performance improvement was to strengthen the control over costs. The price level is not high, and there is still a lot of price space compared with East China.From the perspective of price, the price of cement in Ganqing area is the highest, and the average price in Lanzhou and Xining markets is only 364.69 yuan, the average market price of the earlier Dongdong capital cities is 466.The gap between 03 yuan is still large, and there is room for growth.Since the beginning of the year, the price of Lanzhou cement has increased by 18.24%, leading the country.At present, the storage capacity ratio of cement enterprises in Northwest China is 52.67% is at a historical low level, and regional cement demand is strong. In May 2019, the two new 5000T / D lines were put into production and digested well. The increase in sales volume led 杭州桑拿网 to the growth in performance, and the integration of CNBM increased the company’s market space.In the first half of 2019, the company’s sales volume increased by 31%, and the price increased overall in 2019. The regional industry is in a state of high prosperity. The company’s production capacity reached 100% in the second quarter.56.60 million yuan, after excluding the performance growth rate is also more than 100%.CNBM promises to integrate the two cement companies in the Qilian Mountains and other regions by 2020, so as not to damage the interests of Qilian Mountains, the company’s market space will be enhanced in the future. Earnings forecast and investment rating: We expect the company’s earnings from 2019 to 2021 to be 1.33 yuan, 1.54 yuan and 1.75 yuan, corresponding to PE, 7 times, 6 times, and 5 times. Considering that the Ganqing region is a key area for new infrastructure in the west, and the synergy and market space brought by the integration of China Construction Materials and the combination of cement companies, coupled with the low level of company scaleThe price elasticity space is large, maintaining the company’s “strongly recommended” investment rating. Risk reminder: The pace and intensity of new infrastructure construction in the western region has fallen short of expectations.

Listed companies gathered together to increase the market

Listed companies gathered together to increase the market

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

  Mergers & Acquisitions | New refinancing rules show power!

Listed companies gathered together to increase the market and have revised their merger and acquisition plans . Source: IPO Daily Original Original Wu Mingzhou Refinancing New Regulations were released, and supporting financing for listed companies’ mergers and acquisitions and restructuring has also begun to respond.

  On the evening of February 25, Lubei Chemical announced that the company intends to adjust the merger and acquisition 杭州桑拿 and restructuring plan, mainly in the issue price of supporting funds raised, the issue target and the lock-up period are slightly adjusted.

  01Increasing the titanium dioxide business Specifically, Lubei Chemical intends to issue shares to the controlling shareholders Lubei Group and Jinjiang Group and pay cash to acquire 100% of its equity in Jinhai Titanium. Lubei Chemical intends to pay cash to Lubei Group for acquisition.It holds 100% equity of Xianghai Titanium Industry.

After the acquisition, Jinhai Titanium and Xianghai Titanium will become wholly-owned subsidiaries of the listed company.

  The plan shows that the transaction price of Jinhai Titanium is determined to be 13.

8 trillion, the corresponding value of 100% equity of Xianghai Titanium Industry is 20 million.

Among them, the stock pays 5.

4.9 南京夜网 billion yuan, cash payment 8.

5.1 billion yuan.

  At the same time, the company’s merger to raise matching financing does not exceed 5.

US $ 4.9 billion, all of which are used to pay the transaction consideration and intermediary fees related to the transaction.

  At present, Jinhai Titanium has a titanium dioxide production line with an annual output of more than 10 tons. The main business is the production and sales of sulfuric acid titanium dioxide, and Xianghai Titanium 6 chloride titanium dioxide production line is still under construction.

After the completion of the merger and acquisition, the main business of Lubei Chemical will increase the titanium dioxide business on the basis of reorganizing the fertilizer business, the cement business, the salt business and the synthetic chloride business.

  Data show that from 2017 to 2018 and from January to September 2019, the operating income of Jinhai Titanium was 11 respectively.

02 billion, 12.

02 billion, 12.

7 trillion, net profit was 8068.

510,000 yuan, 9600.

260,000 yuan, 6277.

730,000 yuan.

  Although both revenue and net profit have grown steadily, Ginhai Titanium’s gross profit margin has shown a significant downward trend, with a total of 16 reported.

2%, 14.

42% and 12.


  At the same time, Xianghai Titanium has not yet generated operating income, and its net profit was -90.

370,000 yuan, -277.

02 million and -268.

560,000, has been allowed in the past three years.

  To this end, Lubei Chemical stated that this is because Xianghai Titanium 6 Injection Chlorinated Titanium Dioxide production line is in the process of being established and has not yet officially started production and operation activities. Therefore, the scale of financial statements is simple, and assets, liabilities and income are at the highest level.Good level.

  It is worth mentioning that the listed company and the counterparty have not signed a performance commitment compensation agreement.

  02 Activate the merger and acquisition plan adjustment, the Democratic Party raised funds 5.

The amount of $ 4.9 billion has not changed, but changes have been made in the number of shares issued, the objects to be issued, the issue price and the lock-up period.

  In terms of number of issuances, it should not exceed 20% (7019) of the total share capital of the listed company before the transaction.

730,000 shares), change the number of shares issued does not exceed 30% of the total share capital of the listed company before the transaction (1.

0.5 billion shares); the issue price has changed from not more than 90% of the company’s stock transaction average price of 20 trading days before the pricing benchmark date to no less than 80%; on the lock-up period, the shares subscribed by specific objects have been newly addedShares shall not be transferred within 12 months from the date of listing, and shall not be transferred within 6 months.

  On February 14, the Securities and Futures Commission issued new refinancing regulations, and revised the regulatory requirements for refinancing of listed companies, including removing the three “restrictions” on the GEM, changing the lock-up period for fixed-income shares, and adjusting the issuance of fixed-income sharesMechanism, etc.With the index of previously implemented rules, the new refinancing rules have the most obvious relaxation of supervision of GEM listed companies’ refinancing.

  According to incomplete statistics of the IPO daily report, since the release of the new regulations, nearly a hundred listed companies have issued or revised their fixed-income plans, and the listed companies have gathered in the fixed-income market for a while.

Comparatively speaking, there are still a few listed companies that have adjusted their M & A plans or issued M & A plans that apply the new regulations, including Jiangfeng Electronics, Jinyu Auto City, Bohui Innovation, etc.

  However, there are generally three purposes for listed companies to plan and increase, namely, acquisition of high-quality assets, project financing, and supplementary funds.

Therefore, many listed companies, especially the GEM companies, will expand and expand their performance through fixed increase mergers and acquisitions, and the mergers and acquisitions market will be activated.

Some listed companies whose main businesses are sluggish and whose market value is small, but whose cash flow is good, are turning to restructuring. The new rules for refinancing will boost the sector’s M & A expectations.

  Anxin Securities Research Report pointed out that fixed increase is a powerful weapon for enterprises to develop from “small and beautiful” to “big and strong”. Fixed increase financing can promote the endogenous expansion of enterprises, and fixed increase mergers and acquisitions are also an important way for corporate growth.

Through preliminary mergers and acquisitions, listed companies can control a large number of key raw materials and sales channels, effectively control parallel activities, and improve the barriers to entry and differentiated advantages of enterprises in their fields.

Through horizontal mergers and acquisitions, listed companies can increase market share, form economies of scale, and become market leaders.

  However, blind cross-border, flickering or follow-up M & A and restructuring will still be strictly regulated, and mergers and acquisitions in line with industry trends are the mainstream, and the M & A and restructuring bubble in 2013-2015 will not reappear.

  The CITIC Securities strategy team believes that with the advancement of the registration system, IPOs of high-quality assets are declining, and efficiency is improving. Backdoors will no longer become the mainstream of major asset restructuring, and the decline in shell value is far from over.

In other forms of asset restructuring, it is becoming more difficult for listed companies to acquire quality assets at reasonable prices.

It is expected that in the new wave of mergers and acquisitions, the listed companies will be more pragmatic, the investment logic and industrial integration strategies will be more detailed, the parties to the merger and acquisition will be more sensitive to transaction prices, and industrial mergers and acquisitions will become more mainstream than market diversification.

Hao Haishengke (688366) New Share Pricing Report: A Leader in Down-to-earth Biomedical Materials

Hao Haishengke (68合肥夜网 8366) New Share Pricing Report: A Leader in Down-to-earth Biomedical Materials

Highlights of the report Deeply cultivating biomedical materials, leading the sub-sectors Haohai Biotech is a high-tech biomedical company focusing on R & D, production and sales of medical biomaterials, focusing on the rapidly growing therapeutic areas in the medical biomaterial market, including ophthalmology, plastic surgery and beautyWith wound care, orthopedics, anti-adhesion and hemostasis, four major business areas have achieved industry-leading advantages.

  Multi-field layout of biomaterials, pipeline products market can be expected ophthalmology: coordinated layout of intraocular lens, opto-optic materials and products, ophthalmic viscoelastic agents, etc., will help to benefit from the growing cataract surgery and myopic demand for myopia.

The follow-up pipeline market is expected. The development of orthokeratology is about to enter the clinic, and it is expected to be launched in about three years.

  Medical Beauty: China’s leading cross-linking technology, priority is given to dual-phase single-phase and dual-phase hyaluronic acid filled products.

The third-generation new-type linear cross-linking and painless cross-linking of the follow-up pipeline are coming out soon. Organic cross-linking products are under development, forming a long product line, and taking advantage of the prosperity of the Chinese medical beauty market, promoting the growth of this sector.

Recombinant human epidermal growth factor has been transformed into medical insurance, and sales have grown significantly. The company is expected to continue its volume after expanding production.

  Orthopedic and surgical anti-adhesion: stable business, has become a few leading companies of similar products.

  The endogenous and extended performance has grown rapidly, and long-term growth is still expected. The company will gradually complete a series of mergers and acquisitions, and its revenue will increase, with a CAGR of 24.


  19H1 growth rate has improved, but long-term growth is still cocoa.

After the rectification of the medical beauty industry, the industry standardization will increase, and it is expected to increase the market share of large-scale products. The strong one will be Hengqiang; the artificial crystal may be affected by the collection of consumables.

The company maintains its hyaluronic acid pricing system as much as possible through its multi-layered product layout. The company is well versed in mergers and acquisitions and the integration of high-quality resources to achieve business synergy development along the way. It will continue to advance its experience in this area to help improve performance.

  Estimate and pricing At present, the company’s main business is divided into ophthalmology, wound care and tissue filling, and the application of sodium hyaluronate and medical chitin.

For the corresponding sections, please refer to Guanhao Biological, Opconvision; Allergan; Jingfeng Medicine.

  Taking into account that the company is still in the merger and acquisition integration period, we predict that the company’s net profit attributable to its mother in 2019-2021 will be 4 respectively.

55, 5.

08, 杭州夜网论坛5.

7.2 billion, an increase of 9 each year.

85%, 11.

70% and 12.


Considering the 2019 PE TTM and comparable profit forecasts for 2019 and 2020 of comparable companies and companies listed on the Hong Kong Stock Exchange, combined with the growth potential of comparable companies and target companies, we give Haohai Biotech 20-30 times the corresponding profit forecast for 2020PE, it is estimated that the reasonable market value range corresponding to the predicted profit in 2020 is 127-152 trillion, corresponding to the target price of 71 after the IPO.


69 yuan.

  Risk prompts iterative risks of new product technology upgrades; risk of high-value consumables collection and price reduction; risk of fluctuations in the medical and aesthetic industry; and goodwill impairment risk.

Caesars Travel (000796) Annual Report 2018 & 2019Q1 Comment: Asset impairment drags down performance and equity changes continue to advance

Caesars Travel (000796) Annual Report 2018 & 2019Q1 Comment: Asset impairment drags down performance and equity changes continue to advance

Brief description of performance: In 2018, it achieved revenue of 81.

80 ppm / + 1.

67%, net profit attributable to mother 1.

94 ppm / -12.

03%, deducted non-net profit 1 from the mother.

7.2 billion / + 13.

68%, the basic EPS is 0.

24 / -12.

01%, net operating cash flow was 2.

26 ppm / -54.


In Q4 2018, it achieved revenue of 12.

52 ppm / -30.

64%, net profit attributable to mother -1.

18 ppm (mainly due to the industry’s highly competitive gross profit margin increase, and the asset impairment provision of 77.54 million yuan in 2018Q4).

2019Q1: Achieved revenue of 18.

06 ppm / + 0.

41%, net profit attributable to mother 0.

30 ppm / + 8.

41%, attributable to non-net profit of -0.

11 ppm / -139.

91%, the basic EPS is 0.

0377 yuan / + 8.


Net operating cash flow-0.

6.4 billion / +53.

77% (mainly due to the increase in the company’s advance receipts and the decline in payments made).

Non-recurring items mainly come from non-current assets disposal gains and losses.

The growth rate of tourism business affected by the industry is slow, and the effect of differentiated strategies has significantly improved the unit price of passengers.

The company achieved revenue of 81 in 2018.

80 ppm / + 1.


Among them, the tourism business achieved revenue of 70.

15 ppm / + 0.

23%; food business achieved revenue 11.

53 ppm / + 11.


In the tourism business: ① Citizen Wholesale Revenue 12.60 ppm / -2.

33%, revenue is slightly offset by industry influence, but the customer unit price has increased significantly8.

87%; ② Citizen retail business revenue 47.

07 ppm / + 1.

32%, revenue has grown steadily, and the customer unit price has increased significantly by 10.

35%; ③Corporate award business revenue 10.

48 ppm / -1.

51%, the unit fare is 7.


Overall, tourism business income has grown steadily.

23%, the effect of the differentiated strategy is significant, and the customer unit price has increased significantly7.


The gross profit margin remained stable as a whole, and the gross profit margin of the tourism business dropped slightly due to the drag on the wholesale business.

The overall gross profit margin for 2018 was 18.

10%, increase 0 by 2017.


Aviation catering and service business continued to improve1.

26pct to 42.

69%; Tourism business gross margin breakdown range is 0.

61pct to 13.

34%, specifically: Citizens ‘gross profit margin for wholesale business decreased by 1.

17 points to 4.

At 40%, the gross profit margin of citizens’ retail business decreased slightly by zero.

24pct to 16.

22%, the gross profit margin of corporate bonus business decreased by 1.

98pct to 11.


Market competition has intensified. The sales expense ratio has risen, and asset impairment losses have weighed on performance.

2018 sales rate increased by 1.

10pct to 8.

83%, we think it is mainly because ① the industry is in a bad climate and the market competition is intensifying. ② the company integrates diversified marketing work online to promote the “new, strange, special, high” series, “wise choice”, “Kaiser famous place”, “Kaiser Vacations” and other characteristic brands, speed up the incubation speed of sub-brands, increase marketing costs; management + R & D expense rate decreased by 0.

44 points to 3.

92%, indicating that the company’s management efficiency has been improved; the increase in financial expense ratio has increased by 0.

21 points to 1.

37%, mainly due to the increase in interest expenses and the decrease in exchange gains.

The accrued asset impairment loss of 82.98 million yuan in 2018 severely dragged down the performance, resulting in the company’s performance growth was not obvious under the low base in 2017 (2017 ① Provision of 1 million US dollars in financial assets sold by Jiaxing Fund Leshi Sports ProjectImpairment provisions were made; ② through the restriction of government policies, the amount of accounts receivable of the “Shuangqiao” was 1249.

530,000 yuan in full provision for bad debts).

Impairment losses in 2018 mainly came from bad debt provision, of which other receivables of Five Star Real Estate Development Company were 4,984 million, and other receivables of Baoji Changle Electric Co., Ltd. were 2,900 million. The ageing has been over 5 years and replacement may be earlierSmall, so a total of 7,884 million bad debt losses.

The performance of the first quarter of 2019 increased steadily, and the company’s operating management efficiency remained at a stable level.

2019Q1 company achieved revenue of 18.06 ppm / + 0.

41%, gross profit margin 14.

86% /-3.

11 points.

Selling expense ratio 10.

43% / + 0.

28pct, management expense ratio 3.

09% /-0.

39pct, financial expense ratio is 0.

98% /-0.

08 points.

The decrease in the gross profit margin contraction caused the non-net profit to be deducted.

The competition in the outbound tourism industry in 2019Q1 is fierce, and the overall growth rate is relatively slow. As a result, intensified industry competition has led to a decline in gross profit margin.

The overall level of the company’s expense rate remained stable, indicating that the company’s operating management efficiency remained at a stable level.

Equity changes continue to advance, and Jiaxing Fund is transferred to HNA, and control may change.

On March 21, 2019, Caesars Tourism announced that HNA Tourism and Daichi Holdings had received the notice of Hongxin Securities. Due to HNA Tourism, Daiji Holdings pledged the shares of Hongxin Securities in breach of contract.The pledged shares involved in the breach of contract shall be disposed of in breach of contract.

As of March 27, 2019, HNA Tourism and Daji Holdings converted into passive reductions to account for 0 of the total share capital through centralized bidding.

94% equity; On March 28, HNA Tourism and Daji Holdings, through centralized bidding, passively reduced their holdings to account for the total share capital2.

35% equity; On March 29, HNA Tourism and its concert parties signed a “share transfer agreement” with Jinyu Investment, about 90% of the closing price of a listed company on the previous trading day held about 44.17 million shares (Accounted for total equity 5.

50%) The agreement was transferred to Jinying Investment Sub-Fund.

So far, HNA Tourism and its concert parties have held approximately 30 listed companies in total.

28% equity.

Currently, Caesar’s leadership system holds approximately 29 shares.

97%, the shareholding ratio of the first and second largest shareholders is extremely close.

Investment suggestion: 杭州桑拿 Caesars Tourism’s upstream resources + downstream brands have obvious advantages and the company’s stable operation. If the original team realizes holding, it will further improve the company’s management and operation efficiency.

The profit forecast for 2019-2021 is expected to be EPS 0.



48. The investment rating of Buy-A is given with a target price of 9.

50 yuan, corresponding to 25xPE in 2019.

Risk reminder: the progress of equity changes is less than expected, unexpected events (natural disasters, wars, epidemics, politics) affect the flow of outbound tourists, the decline in currency exchange rates reduces the demand for outbound tourism, and integration is less than expected

TCL Group (000100): 2Q19 meets expected business restructuring drives extreme efficiency costs

TCL Group (000100): 2Q19 meets expected business restructuring drives extreme efficiency costs

Performance review 2Q19 revenue is in line with expectations TCL 19Q2 annual revenue reached 14.2 billion US dollars, equivalent to an increase of 47%, net profit attributable to mothers reached 1.3 billion US dollars, an increase of 54%.

The second quarter of 19 was the first quarter of the company’s completion of the asset reorganization of intelligent terminals and ancillary services. Operating costs have been greatly improved. For the sake of reference, revenue and net profit have increased by 24% and 70%.

We believe that in the long run, the near-end of the LCD investment cycle will gradually improve the oversupply situation in the industry. At the same time, the company will further improve operating efficiency. However, the short-term panel industry is still in a cyclical cyclical panic. It will continue to cause unit price and gross profit margin.pressure.
  Development trend Business reduction and improvement of benefits are gradually realized: the company has restructured its business,都市夜网 streamlined its organization, and its operating efficiency has been greatly improved. The 1H19 pro forma group expense ratio dropped from 15% to 12%, the asset-liability ratio dropped from 68% to 61%, and inventory turnoverAccelerating 3 days a day, operating cash flow of 6.2 billion.

The company still maintained the industry-leading profit margin during the downward cycle, and responded to the downward pressure on the cycle significantly changed its competitors in the industry. At the same time, the company’s T1 production line swap depreciation was completed, and it will reduce 1.1 billion depreciation booth fees in 2019, further improving profitability.

  The panic at the bottom of the large-scale panel cycle continued to decrease, and long-term supply and demand were gradually balanced: The company pointed out that the current demand side was under the influence of the macroeconomic pattern, so it was in an oversupply state, and prices were still under pressure from vicious competition.

But in the long run, 1) overseas withdrawal of production capacity partially replaces China to increase production capacity; 2) competition will accelerate the concentration of the industry, and some companies with weak operating capabilities will be eliminated; 3) incremental markets will still appear on the demand side, such asNew applications such as commercial display; 4) The product structure can be further optimized, and the company’s profitability through differentiated products is higher than that of the same industry.

  Small size continues to cultivate LTPS, and OLED is developing steadily: the company’s T3 production line was fully produced and sold in the first half of the year (corresponding to the global industry’s capacity utilization rate is only 70%), and the design capacity was increased from 45K / month to 50K / month.

The company’s market share in LTPS mobile phone panels has risen to No. 2 in the world.

The company is optimistic about the development of OLEDs in small size. The T4 production line will begin mass production from 4Q19. We expect that the unit price of small size panels will grow by 12% next year.

  Earnings Forecasts and Estimates We maintain our 2019 revenue forecasts unchanged, but lower our net profit by 1%, mainly reflecting the pressure on gross margin in the first half of the year.

We raise our 2020 revenue / net profit forecasts by 2% / 29%, respectively, mainly due to the launch of new production lines and continued government subsidies.

At present the company corresponds to 1.

3x 2019E P / B, maintain neutral rating and 4.

A target price of 00 yuan, based on 1.

6x 2019EP / B (24% upside).

  Risks The amount of terminal TVs and smartphones failing to meet demand has led to a gradual deterioration of the supply-demand relationship.