Archives March 2020

Zhengbang Technology (002157) Commentary on Major Events: Increasing holding of controlling shareholders demonstrates confidence in breeding pig assets + biosafety prevention and control to help grow

Zhengbang Technology (002157) Commentary on Major Events: Increasing holding of controlling shareholders demonstrates confidence in breeding pig assets + biosafety prevention and control to help grow

The company issued an announcement saying that the controlling shareholder Zhengbang Group intends to increase its holdings of the company’s shares through centralized bidding with its own funds. The increase is not less than 20 million shares and not more than 40 million shares. There is no price replacement for this increase in the plan., Determined based on the company’s stock price fluctuations and the overall trend of the capital market, and will be completed within 6 months from the date of this announcement.

  Comment: The increase in shareholding fully demonstrates the controlling shareholder’s confidence in the company’s future development and makes every effort to strengthen and expand the pig breeding business.

Zhengbang Group currently holds company 4.

6.9 billion shares, accounting for 19% of the company’s total share capital.

1%. After the completion of this increase, Zhengbang Group will hold more than 4 shares in the company.

8.9 billion shares, the shareholding ratio will return to more than 20% in 2017.

  This increase in shareholding fully demonstrates the 天津夜网 controlling shareholder’s confidence in the company’s development prospects and recognition of the company’s value, and will also effectively boost the market’s confidence in the company.

This round of non-plague situation has reduced the company’s expansion. Since 2019, the company has set an increase of nearly $ 1 billion to major shareholders, intends to issue no more than 1.6 billion convertible bonds, and obtain temporary shareholders’ equity of $ 4.8 billion.

US $ 13.7 billion transferred non-core assets to major shareholders Zhengbang crop protection, and went all out to strengthen and expand the pig breeding business.

Breeder assets have exploded, and biosafety prevention and control has been upgraded.

① Sufficient breeding pig resources.

The company has GGP, a total of about 150,000 GP breeding pigs, which are distributed in Hubei, Jiangxi, Anhui, Sichuan and other places; 65 sows were listed at the end of September this year.

30,000, of which 35 can breed sows.

20,000 heads, 30 reserve sows.

10,000 pigs. By the end of 2019, the company’s sow inventory will reach or exceed 1.2 million heads. We expect that the number of pigs released in 2020 will reach 11-13 million heads.

② Comprehensively improve biosafety prevention and control.

The biological safety prevention and control of the pig farm is a key factor affecting the survival of the pig farm. The company comprehensively inspects the self-built feed factory, self-built pig farm, and cooperative farmers’ farms in terms of software and hardware occupation of biological safety prevention and control.Comprehensively improve the biological safety prevention and control of pig farms.

During the grassroots research process, we learned that in October the company has comprehensively combed and adjusted the SOP, with immediate results and a new level of biosecurity prevention and control capabilities.

Profit forecast, estimation and investment rating This round of non-epidemic diseases has also caused severe deterioration in the productivity of its ancestral breeder pigs. It takes 28 months to grow from a great ancestor breeder to a binary breeder. The restoration of production capacity will be a long process;The ternary breeding will inevitably lead to a serious deterioration of production efficiency, and it may last for several years until the high pig price.

  According to the company’s monthly report in the past two months, the weight of fattening pigs on the slaughtering pig has risen sharply from about 98 kg in September to 111 kg in October and 115 in November.

28 kg. This indicator reflects the company’s good results in the prevention and control of epidemic diseases. Based on the average price in October and November, we can infer that the company’s monthly net profit from pig breeding reached or exceeded 500 million. The company’s operating inflection point has now been reached.
  We estimate that the company will produce 5.7 million pigs, 12 million pigs and 15 million pigs in 2019-2021, corresponding to a revenue of 224.

600 million, 497.

200 million, 568.

9 trillion, the predicted net profit attributable to mother is 24.

100 million, 184.

600 million, 194.

90,000 yuan (Democratic forecast of net profit to mother 25.

400 million, 182.

800 million, 161.

300 million), an increase of 1145 each year.

2%, 666.

3%, 5.

6%, corresponding to EPS0.

99 yuan, 7.

55 yuan, 7.

97 yuan.

  The hog sector is more than 10 times PE at a profit high. We give the company 5 times PE in 2020 and slightly raise the target price to 37.75 yuan, to maintain the “strong push” level.

Risk warning: pig price rises less than expected; blight.

CPIC (601601): Investment income improves slightly, net profit slightly exceeds expectations

CPIC (601601): Investment income improves slightly, net profit slightly exceeds expectations

I. Event Overview On the evening of April 26, 2019, CPIC released its first quarter performance report, and the company achieved 北京spa会所 total operating income of 1331 in the first quarter.

5.3 billion, an increase of 7% in ten years; net profit attributable to mothers 54.

79 trillion, an increase of 46 in ten years.


Second, the analysis and judgment of the improvement of the investment end pushed the net profit slightly higher than expected. In the first quarter, the company’s return to its mother’s net profit gradually increased 46.

1%, the growth rate slightly exceeded the consensus forecast.

The main factor in the company’s first-quarter performance that slightly exceeded expectations was due to the improvement in investment yield.

In the first quarter, the company’s net investment yield and total investment yield were 4 respectively.

4%, 4.

6%, an increase of 0 over the same period last year.

2, and 0.

4 units.

At the same time, 上海夜网论坛 the group’s investment assets are about 1.

31 trillion, an increase of 6% over the end of the previous year.

Dilute the start-up sales, the premium growth rate is at a low level. Unlike other listed insurance companies, the company has relatively downplayed the position of start-up products, and gradually balanced the sales of premiums.

In the first quarter, the company realized premium income of 928.

520,000 yuan, an increase of 3% in ten years.

Among them, the agent channel realized 861 premium income.

1.6 billion, an annual increase of 5%; new insurance business through agent channels achieved premium income of 174.

4.2 billion, an annual increase of -13.


The change in sales strategy will affect the growth performance of the company’s premium income to a certain extent in the short term.

Subject to the sales of passenger cars, the growth rate of car insurance doubles every quarter. Car rides at a low level will definitely affect the premium income of auto insurance companies.

CPIC achieved 353 property insurance premium income in the first quarter.

6.6 billion, an increase of 13% in ten years.

Among them, insurance premium income was 236.

52 ppm, an increase of only ten years6.

3%; non-car insurance is 117.

1.4 billion, an increase of 28% in ten years.

Allocate equity assets and improve yield The company actively grasps market conditions and allocates equity equity fund products.

The total ratio of equity and equity funds in investment assets is 6.

7%, an increase of 1 from the end of the previous year.

1 unit.

Third, investment advice The company has adopted a sales strategy that relatively dilutes the sales of premium products. In the first quarter, the growth rate of new life insurance orders appeared, and it is recommended to pay attention to the company’s later sales of guaranteed products.

The company’s overall operation remains stable, the investment side performs well, and the company’s recommendation level is maintained.

Expected 19?
In 21 years, PEV is estimated to be 1.

0, 0.
9, 0.
7 times.

4. Risk warning: New orders are growing less than expected.

Qixingxingchen (002439): Strategic new business scale is now beginning to actively expand the security operation center

Qixingxingchen (002439): Strategic new business scale is now beginning to actively expand the security operation center

Event: Recently, Qixingxingchen released the 2018 annual report, and the company achieved operating income of 25 in 2018.

22 ppm, an increase of 10 in ten years.

68%; net profit attributable to shareholders of the parent company5.

69 ppm, an increase of 25 in ten years.

90%; net profit attributable to shareholders of the parent company after deduction.

360,000 yuan, an increase of 35 in ten years.


Opinion: Steady growth in performance and continued high R & D investment.

The company’s 2018 performance achieved solid growth, in which the related revenue growth was affected to some extent due to the completion of the replacement of the subsidiary Anfang Hi-Tech and certain industry factors.

Due to changes in the accounting method of the company’s shareholding company Hengan Jiaxin, the company generated some investment income, so the company’s net profit attributable to mothers increased faster than revenue.

The company’s gross profit margin increased slightly, and its net profit margin increased by about 2.

78 up to 22.

twenty one%.

The company’s expense ratio remained stable, with R & D investment reaching 5.

470,000 yuan, an increase of 16 in ten years.

54%, accounting for more than 20% of total revenue.

The company’s net cash flow from operating activities in 2018 was 3.

1 billion, down 30 a year.

18%, the scale of bills receivables and accounts receivables has grown rapidly, with a year-to-year growth rate of 31.


Make breakthroughs in strategic new business and achieve scale sales.

The company’s smart city security operations, industrial internet security, cloud security and other strategic emerging businesses have begun to scale. In 2018, they achieved sales of about 400 million and confirmed revenues of more than 200 million.

Among them, smart city security operations have been established / under construction in 20 cities including Chengdu, Jinan, Qingdao, Tianjin, Guangzhou, Nanchang, Sanmenxia, Panzhihua, etc., to help cities improve their overall security capabilities.

The company obtained the first batch of the highest qualifications for national information security services-the national information security assessment information security service qualification certificate.

Based on industrial control terminal security, border protection, industrial control anomaly detection, industrial control leak detection and industrial control SOC and other products oriented to the industrial Internet security management and control platform, the company has made breakthroughs in advanced manufacturing, petroleum and petrochemical, power, military, rail transportation and tobacco industries.

In the field of cloud security, the company has products such as Yunzi Trusted Enterprise Terminal Security Cloud Platform, Cloud Threat Intelligence Platform, and website anti-D cloud for small, medium and micro enterprises.

Traditional network security products maintain a leading edge and build autonomous and controllable products.

According to IDC data, in 2018, the company’s market share in IDS / IPS and UTM products ranked first in China, and VPN products ranked second in the industry.

The company’s TSOC TSOC platform was again shortlisted in the Gartner SIEM Magic Quadrant, becoming the only Chinese security vendor to be shortlisted for Gartner SIEM for two consecutive years, leading the domestic market.

In 2018, the company submitted 292 original breakthroughs to CNVD, with high-risk and high-risk breakthroughs accounting for 重庆耍耍网 94%, ranking first in the “Enterprise Original Score Ranking”, showing the company’s competitive advantage in the field of breakthroughs and security technology.

In terms of self-controllability, the company joined hands with Tianjin Feiteng to create a high-performance self-controllable gateway-type product. In addition, it also launched a new generation of self-controllable domestically produced firewall NGFW products.

Earnings forecast and rating: What do we expect in 2019?
The company’s operating income will be 31 in 2021.

68, 38.

58, 45.

920,000 yuan, the net profit attributable to the parent company is 6 respectively.

82, 7.

97, 9.
1.7 billion, based on the latest share capital 8.
The calculated dilutive yield of 9.7 billion shares is 0.

76, 0.

89, 1.

02 yuan, the latest PE corresponding to 38, 32, 28 times, maintaining the “overweight” level.

Risk factors: increased competition risks; less-than-expected risks in security operation services; and less-than-expected orders in some industries.

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.

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.


­  中新网8月2日电(何路曼)今天,地球会向人类发来一条特殊的欠费通知:尊敬的用户,您本年度的地球可再生自然资源使用已超额,即日起开始152天的生态透支生活……­  根据世界自然基金会和全球足迹网络近期公布的一份报告,虽然2017年结束还有近5个月,但是今年的地球超载日在今天已经到来。­  人类将使用超过地球可以重新制造的一整年的大自然资源。这意味着在今年前7个月里,人类排出的碳,比海洋和森林可以在一年里吸收的量还要多——上述报告指出,今年的地球超载日(Earth Overshoot Day)为8月2日,这一日期比30年前提前了139天。­  不堪重负的地球­  什么是地球超载日?地球超载日(又称生态负债日)是全球足迹网络为了提高人类对生态足迹的关注发起的活动。这一天,地球再生、可供人类使用一整年的自然资源总量将被用尽。而超过这一天的资源使用,都是人类在向未来借资源。­  这个超载日每年都会提前,显示人类过度使用生态资源,超越地球的生物承载力。­  2005年的地球超载日是10月20日,这一日期在10年后提前到 8月13日,2016年更是往前推到了8月3日。而今年再早,时间点落在8月2日。在1987年时,地球超载日是12月19日南宁桑拿,30年来,这个日期往前推进了4个多月。­  根据今年的报告,今年前7个月,人类排放的碳比今年整年海洋和森林能吸收的碳还多,人们捕了更多的鱼,砍了更多树,并且在同一时期消耗更多的水。而燃煤、石油和天然气的温室气体排放,占全球人类生态足迹的60%。地球人类消耗的资源,需要相当于1.7颗地球才能提供。­  如何计算超载日?­  全球足迹网络每年都在计算当年地球生物承载力能支撑人类生态足迹的天数,而剩余的天数就是全球生态超载的时间。­  地球生态超载日计算方法如下:全球生物承载力(地球当年能够生产的自然资源的总量)除以全球生态足迹(人类在这一年对资源的总需求量),再乘以365天:­  (全球生物承载力/全球生态足迹)×365 =地球生态超载日­  值得注意的是,这一计算的精确度很有限。由于使用的是各国的汇总数据,因此,地球超载日只是个近似值。­  尽管如此,这些数据还是表明人类对自然资源的需求已经达到了不可持续的地步——地球用一年的时间,已经无法生产人类当年所需的可再生资源。­  你需要了解的一些数据:­  •在1961年,人类一年只消耗大约三分之二的地球年度可再生资源,大多数国家还有生态盈余。­  •约从1970年起,人类对自然的索取开始超越地球生态的临界点。1993年的地球超载日为10月22日,2003年提前到了9月20日,2013年为8月20日。­  •到2012年,已经需要1.5个地球才能满足人类的欲求,2017年需要1.7个地球。预计到2050年至少需要2个地球。­  为了明天,请善待地球­  世界自然基金会称,虽然经济、人口和资源需求在不断增加,但地球的规模却保持不变。当全球生态超载成为现实时,我们不是靠生物圈每年产生的利息生活,而是一直在吃着生物圈的本金。为了支撑人类对自然的需求,我们一直在消耗着资源储备。­  地球超载日的到杭州桑拿来,究竟意味着什么?世界自然基金会的研究显示,生态超载带来的一个主要影响是气候变化。此外,在生态系统开始退化并可能崩溃之前,生态超载只能维持有限的时间。其影响已经日益显现:森林萎缩、渔业资源衰退、土地退化、淡水资源减少、生物多样性日益丧失……­  那么,地球生态超载后,还有可能恢复到收支平衡吗?世界自然基金会认为,推广可再生的清洁能源是当务之急,因为人类对生态的影响一半以上来自碳排放,尤其是化石燃料的燃烧。­  虽然地球超载日每年提早到来,但该日到来的速度已有趋缓的现象。­  报告称,每个人皆可通过少吃肉、少用燃油及减少食物浪费,进而达到停止并最终扭转目前形势的结果,为延长地球的再生资源尽一分绵力。­  不论如何,为了明天,请善待地球。 Original title: “Notice of Arrears” from Earth: Human resources have been used up this year

Divine High Speed Rail (000008) Research Briefing: Development of trillion space companies in rail transportation and maintenance market is worth looking forward to

Divine High Speed Rail (000008) Research Briefing: Development of trillion space companies in rail transportation and maintenance market is worth looking forward to
The company is a leader in underground rail transportation operation and maintenance industry.The company has completed the layout of China’s only vehicle, line, signal, power supply and station five professional operation and maintenance equipment for the entire industrial chain platform; currently covering more than 400 rail transportation operation maintenance products for high-speed rail, ordinary speed, and urban rail.In November 2018, the company joined the SDIC Group, providing the company with strong capital and platform support.In the end, the company successively laid out projects such as Taizhou regional railway line S1, Hangzhou-Shaoxing-Taiwan high-speed railway, Tianjin subway line 7 and Tangshan Port freight railway. The company drove the entire line of operation and maintenance services through a small amount of investment. The intelligent operation and maintenance of the entire line gradually progressed:.On January 9, 2019, the company’s newly signed contracts were US $ 2.4 billion, an increase of 31% year-on-year, and the newly signed contracts continued to grow rapidly.At present, the company is transforming from an operation and maintenance equipment supplier to a complete line of intelligent operation and maintenance service providers. In 2019, the company’s business composition includes traditional equipment, intelligent equipment, and operation and maintenance, which accounted for 62%, 13%, and 19% respectively; company planningAfter five years, the operation and maintenance is equivalent to the equipment business. The intelligent equipment in the equipment business is equivalent to the traditional equipment. In the future, the proportion of the operation and maintenance and intelligent equipment business will continue to increase. Operating performance has grown steadily, profitability has continued to improve, and cash flow has improved.In the first three quarters of 2019, the company achieved revenue of 15.6 ppm, an increase of 21 in ten years.0%; net profit attributable to mother 1.50,000 yuan, an annual increase of 20.1%; net profit after returning to the mother after deduction of 1.30,000 yuan, an increase of 10 in ten years.5%; the company’s operating performance achieved steady growth.In the first three quarters, the company’s gross profit margin reached 53.3%, an increase of 4 per year.7pct; net margin is 10.1%, reduced by 0 every year.1pct; ROE is 2.1%, a year to raise 0.3 points; the company’s overall profitability has increased.In the first three quarters, the company’s net cash flow from operating activities was -1.9 ‰, an increase of 7 per year.0 million yuan, although the cash flow is still negative, but sometimes greatly improved.In the 佛山桑拿 future, the company will transform into an intelligent operation and maintenance service provider, and its cash flow is expected to continue to improve. After the rail transportation operation and maintenance market enters the golden development period, the trillion market space is worth looking forward to.According to the development experience of the international railway junction industry, the market capacity of the operation and maintenance market is greater than vehicle manufacturing and engineering construction, and the future market space for the entire line operation and maintenance service industry is huge.According to the data released by the Shenzhou High-speed Railway, the railway: the railway operating mileage will reach 200,000 kilometers in 2028, of which high-speed rail 4.50,000 kilometers, the total construction investment will reach 21.4 trillion, corresponding to the market scale after operation and maintenance will reach 535 billion.In terms of urban rail: 2028 urban planning operations will exceed 1.50,000 kilometers, the total construction investment will reach 15 trillion, corresponding to the market scale after operation and maintenance will reach 375 billion.In terms of local freight railways: the operating mileage will reach 40,000 kilometers in 2028, and the total construction investment will reach 2.4 trillion, corresponding to the market scale after operation and maintenance will reach 60 billion.It is estimated that by 2028, the entire railway transportation and maintenance market size will be around 1 trillion yuan, and the company will fully benefit from the rapid development of the industry. Investment suggestion: The company is a leader in the long-term rail transportation operation and maintenance industry.We expect the company’s expected earnings in 2019/2020 to be 0.16/0.21 yuan, the current sustainable corresponding PE is 21 respectively.1/15.9 times, for the first time, the company was given a “cautious recommendation” rating. Risk reminders: Macroeconomic growth rate; Railway and city planning construction are less than expected; market competition is intensified; goodwill is high; accounts receivable is high;

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

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

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

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

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

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

What sickness has quietly left us?

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

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

500 million funds have been received and investment has begun.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

— 104 “5G concept stocks” are happy.

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

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

-“Mixed change” goes one step further.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

On May 9, Wang Renguo lost contact twice.

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

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

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

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

-Natural disaster or human disaster?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

In July, BGI repackaged the “cancer door”.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

  B04-B05 Writer / Beijing News reporter Li Yunqi

China Pacific Insurance (601601) Company Annual Report Comment: Long-term health insurance + every 10 years the investment side is robust NBV, EV, and profit are higher than expected

China Pacific Insurance (601601) Company Annual Report Comment: Long-term health insurance + every 10 years the investment side is robust NBV, EV, and profit are higher than expected

Investment points: The proportion of long-term protection new orders has increased significantly; long-term health insurance premium income has increased by + 60% each year; manpower has developed.

NBV was initially +1.

5%, the investment side is stable, and the EV growth rate exceeds expectations.

The comprehensive cost rate of property and casualty insurance continued to be optimized, but the commission rate continued to increase; non-auto insurance had a high growth rate.

The floating profit of bonds increased, and the comprehensive investment yield rose instead.

The performance is dazzling, and it is estimated that it is still low, with a “continuous market” rating.

  CPIC’s 2018 annual report performance: 1) Net profit attributable to mothers was 18.1 billion, a decade of + 23%; single-quarter growth in the fourth quarter + 42%.

Net profit of life insurance and property insurance increased by + 39% and -7% respectively.

2) Net assets of 1496 trillion, +8 earlier.

8%, +4 at the end of the last three quarters.


3) NBV +1.

5%, EV +17 from the beginning of the year.


4) The remaining margin is 285.4 billion yuan, + 25% from the beginning of the year.

5) The comprehensive cost ratio of property insurance is 98.

4% per year -0.


The average growth rate of the company’s NBV, EV, and profit exceeded our expectations in the “Low Base + Guaranteed Development, Value Storage for 2019 Value Growth-Insurance Industry Annual Report 2018 Preview” released on February 23.

  Life insurance: Long-term health insurance with high growth, NBV, EV exceeded expectations.

1) Individual insurance new orders for half a year -5.

6%, but long-term guaranteed new single year +7.

7%, the proportion increased by 7.

4ppt to 49.


Long-term health insurance premium income + 60% per year.

2) New business value margin +4.

3ppt to 43.


3) The average monthly healthy manpower is 31.

20,000, 14.

90,000, previously + 26%, 15%; long-term average monthly manpower is 84.

70,000, a year -3%.

4) Benefit from the increase in floating profit of bonds + low proportion of equity allocation, investment bias in life insurance business, and market value adjustments all contribute positively to life insurance EVs, accounting for a total of 1 at the beginning of the period.

5%, significantly preset peers.

  Property and casualty insurance: The comprehensive cost rate continued to be optimized, 2018-0.

1) The profit before tax of property insurance + 9% per year, and the litigation fee rate is increased by 1.The impact of 7ppt, the average interest rate + 35%, the return rate is as high as 46%, and the net profit is -6 twice.


2) The auto insurance compensation rate is -4 for half a year.

6ppt to 56.

8%, driving the company’s payout ratio for three years -3.

6ppt to 56.


3) Non-auto insurance premiums for three years + 30%, the proportion increased by 3.

5ppt to 26%; non-auto insurance comprehensive cost rate is -0 for half a year.

4ppt to 99.


The income of agricultural insurance is 4.2 billion US dollars, + 55 percent per year, and the market share is rapidly rising to the third place in the industry.

  Investment: The allocation of core equity is extremely low, and the rate of return on comprehensive investment rises without decline.

1) The proportion of solid income is as high as 83.

1%, the equity category accounts for 12.

5%, of which equities and equity funds account for only 5.


Affected by the floating profit change of bond assets, the comprehensive investment yield is as high as 5.

1%, ten years +0.

2) Total investment yield 4.

6%, -0 per year.

8ppt, net investment yield 4.

9% every year -0.


3) The fixed income / equity / investment real estate / cash and other investment yields are 5 respectively.

twenty one.

1% / 9.

0% / 1.


  Transformation 2.

0 continues to advance, and life insurance is expected to develop; estimates are still low.

Currently the corresponding 2019E PEV is only 0.

8 times higher safety margin.

Give 无锡桑拿网 1.


1x 2019E PEV, corresponding to a reasonable value range of 43.


36 yuan, maintaining the investment rating of “permanent market”.

  Risk reminders: 1) the downward trend of interest rates; 2) the stock market plummets; 3) the protection-type growth is less than expected

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.