Great Wall Motor (601633): In December, further control of inventories has been closed for a long period of time (Pacific Motor’s 2020 strategic recommendation)

Great Wall Motor (601633): In December, further control of inventories has been closed for a long period of time (Pacific Motor’s 2020 strategic recommendation)
Event: The company released a December sales report, and achieved a sales volume of 10.60,000 units, gradually achieving sales of 106.30,000 units, an annual increase of 0.69%, of which Haval brand sales 7.80,000 units, 9394 units sold under the WEY brand and 1 for pickups.50,000 units. Control the 杭州夜网 decompression of inventory channels before the holidays and integrate the retail industry.Taking into account the dealer’s capital cost and pressure before the Spring Festival, the company further opened up inventory control to reduce the pressure on the channel. The company’s wholesale sales in December were only 10.60,000 units, a certain length of a year.Essentially, the company’s passenger car insurance volume in December was 11.20,000 units, an increase of 7 in ten years.5%, an increase of 47 from the previous month.7%.In December, China’s passenger car insurance volume was 235.70,000 units, down 5 previously.4% in retail. The main models performed steadily, and the Great Wall Artillery hit a new high.Sales of the major models were solid, with H6 sales of 4.20,000 units, H9 sold 2,000 units, F7 sold 10,000 units, M6 sales reached 1.90,000 units, VV6 sold 4,900 units, Haval brand gradually achieved 76.90,000 units, leading the trend of Chinese SUV, WEY brand continues to maintain the scale of 100,000, the brand continues to store up.The sales of artillery shells exceeded 7,000 units and reached a new high. The Great Wall Artillery as a pickup and high-end attempt to achieve a successful breakthrough. Initially, it is growing and ending, and the strength will fight again in 2020.The data of the China Federation of Passenger Unions shows that the cumulative sales of narrow-sense passenger cars in 2019 is 2069.760,000 vehicles, a decrease of 7 per year.4%, the company’s headquarters closed with a small increase, the overall performance is better than the industry.In 2019, the company has almost no new models, and it is not easy to achieve growth against the trend. Starting from 2020, the company is expected to launch a new model platform and power system, which will gradually open a new product cycle. The company’s future performance is worth continuing to look forward to. Investment suggestion: The company ‘s sales volume in December will still increase to a certain extent, but it will still maintain a positive growth and close the retail end, and the retail end will perform well. Driven by the new product cycle, it is more worth looking forward to 2020. The current industry is inAt the bottom of certainty, the company still has some flexibility when the industry recovers. Pacific Motors will continue to strategically recommend Great Wall Motors in 2020. It is estimated that the company’s net profit attributable to its mothers in 19/20 will be 4.9 billion / 6 billion, respectively. Risk reminder: The sales volume of the automobile industry is lower than expected, and the price reduction promotion is larger than expected

Kingson Quantitative Select Fund Manager reluctantly repositioned stocks and changed stocks repeatedly

Kingson Quantitative Select Fund Manager reluctantly repositioned stocks and exchanged stocks after class
The performance of the product fund manager cannot guarantee performance. This product fund manager has no choice but to “retire from class” and repeatedly commits stock adjustments and stock exchanges. In the end, He Shen operated the brokerage firm China to promise that after two local tyrants had 80 million funds to bid for the “control disk” fund, the fund managerChoosing a high position to change stocks, how unexpectedly, the first heavy stock that Hengshun Vinegar, which has just been transferred in, replaced the high level, which worsened the serious performance.  Kingson Fund announced on August 8 that some Kingson Quantitative Select Hybrid Funds changed fund managers. The original fund manager Yang Renmei left the position of fund manager of Kingson Quantitative Select Fund due to other work of the company. Zhou Yan will take over the  Data show that the Kingson Quantitative Select Fund has been close to 10% in the last three months, and its net worth has increased by 16 in the last six months.73%, while the average return of similar funds in the last six months is 13.12%.Over the course of a year, the fund’s performance return was a repeating 28%.Compared with the previous CSI 300 Index, the index’s performance in the past year has increased by 10% and has increased by 12 in the last six months.99%.Elite, the performance of Jinxin Quantitative Preferred Fund is already a fund with a poor market.  According to the information disclosed by the fund after the tech stocks plummeted, according to the information disclosed by the fund, at the end of June of the year, Kingson Quantitative Select Fund only held six stocks, and the stock positions were abnormally concentrated, namely Hengshun Vinegar and Ping An of China.Hengrui Medicine, PICC, Moutai, Guizhou, and Yifeng Pharmacy accounted for 42% of total positions.  Yang Renmei said in his second quarter report that the fund’s positions are mainly concentrated in the field of large consumption, and large consumption is the main allocation object of the portfolio.A certain proportion of technology is allocated to the technology based on large consumption. After all, technology is an indispensable factor for social development. The development of technology has also stimulated the efficiency improvement brought about by the changes in the large consumption industry, which has led to rising corporate profits.In particular, some high-quality companies in the science and technology board will also become important pillars in the portfolio. After all, high-quality companies in the science and technology board may also become the mainstay of the market in the future.  According to public information, Yang Renmei graduated from Anhui University of Technology, Southwestern University of Finance and Economics, obtained statistician, financial expert, and obtained a doctorate in finance from Southwestern University of Finance and Economics.He successively worked for Swire Aircraft Engineering Co., Ltd. and Southwest Securities Co., Ltd.Joined Jinxin Fund in January 2018, and served as the manager of Jinxin Quantitative Selective Flexible Allocation Hybrid Initiating Securities Investment Fund and Kingxin Smart China 2025 Flexible Allocation Hybrid Initiating Securities Investment Fund since April 2018, August 2018Since then, he has served as a fund manager for the flexible allocation of hybrid-initiated securities investment funds of Kingshin New Energy Vehicles.  Considering Hengshun Vinegar, Guizhou Moutai and other 北京夜网 varieties performed extremely well during the second quarter of this year, but the fund experienced an 18% increase in the second quarter. Therefore, it can be roughly judged that the Jinxin Quantitative Select Fund was in the beginning of the second quarter.The position should be other stocks. Due to the extra seriousness of the fund, it replaced the variety at the end of the second quarter and bought the most popular large consumption “core asset”.In fact, with reference to the details of positions in the first quarter, it can also be roughly estimated that the fund’s heavy positions at the end of the first quarter are still concentrated in the technology sector. These stocks fell significantly in the second quarter. Therefore, the fund adjusted large positions at the end of the second quarter.The potential strategy may be to temporarily hold your feet.  Take Hengshun vinegar industry, which was purchased by Jinxin Quantitative Select Fund at the end of the second quarter as an example. In the four, five, and six months of this year, Hengshun vinegar industry has expanded by as much as 44%.Kingson Quantitative Select Fund mainly held technology and electronics stocks in the early part of the second quarter. Due to reduced contraction and breakthroughs, the fund’s dividends were serious. Fund manager Yang Renmei then chased up and bought the constant crazy Hengshun vinegar industry as the core of the fund.Assets, holdings accounted for up to 9% of the fund’s net assets.However, it was unexpected that Hengshun Vinegar, the largest heavyweight stock that has been chasing purchases, began to be significant on July 1, and from July 1 to August 8, Hengshun Vinegar accounted for a large decline.  In spite of its poor performance, Jinxin Quantitative Essence Fund is actually tied to the interests of fund companies and fund managers. The fund is an initiating fund, and fund managers and fund companies also own the fund at their own expense.Fund companies and fund managers pay their own money to hold funds with fund holders for a long time. They are considered to be a magic weapon for bundling interests to ensure the stability of fund performance.  But no one expected that the fund manager’s own pockets would not guarantee performance, especially the fund manager’s “boss”-the fund company also invested a part of the capital, but the proportion was not high.According to the information disclosed by Kingson Quantitative Select Fund, as of the end of the second quarter of this year, Kingson Fund Co., Ltd. held 1.98 million shares of the fund, and the fund manager held Kingson Quantitative Select share of 7.99 million shares. The fundThe company and the fund manager’s total accounted for 7 of Jinxin Quantitative Select Funds.75%.  Two retail-controlled funds become “special accounts”?  Although the performance of Kingson Quantitative Select Fund was extremely poor in the second quarter, its net worth dropped by 18% during the period.But the fund ushered in two local tycoons in June.  At the end of the second quarter, the timing of the performance of the Jinxin Quantitative Fund was very poor, and quite a few funds had already been filled.Imagination.According to the information disclosed by the Jinxin Quantitative Fund, two local tyrant-level individual investors subscribed in June this year.1.5 billion Golden Letter Quantitative Funds.According to the fund’s net worth at June 30th.At 695 yuan, it costs about 80 million yuan. This investment has also appeared. From July 1 to the present, the net value of Jinxin Quantitative Select Fund has dropped by 5.46%.  The data further shows that Jinxin Quantitative Fund’s public offering product is actually highly close to the “Special Fund Account”. Until the end of the second quarter, a total of three individual investors (including fund managers holding 799,799 shares) held Jinxin Quantitative.In the fund, the total share held by three retail investors accounted for 95%, while the share of two local tyrants reached 90%.  Due to the extremely high proportion of fund shares held by the two local tyrant-level investors, in a sense, this public fund product can be regarded as a fund account product. The influence of the two investors’ personal voice on the fund,It’s actually hard to ignore.Such a high proportion has also caused the fund to face extremely high redemption risks. Jinxin Quantitative Select Fund also admits that if a single investor holds a fund share proportion that reaches or exceeds 20% of the fund share,Faced with a large amount of redemption, the fund may not be realized in a short period of time, and it will be difficult to adjust the position of the fund.  In fact, when faced with a large amount of redemption, the fund manager will be forced to sell securities to meet the cash needs of the fund redemption, which may adversely affect the fund ‘s net asset value. In addition, due to the accuracy of the fund ‘s net worth calculation, or due to redemptionRebate income is returned to the fund assets, which causes distortion of the fund’s net value, and ultimately affects the investment operation and income level of the fund.

CITIC Securities (600030) Company Comment: CITIC Disposal of CITIC Construction Investment Shares Is Expected to Increase 19E Net Assets by 2-3%

CITIC Securities (600030) Company Comment: CITIC Disposal of CITIC Construction Investment Shares Is Expected to Increase 19E Net Assets by 2-3%

CITIC Securities is the fourth largest shareholder of CITIC Construction Investment, with a shareholding ratio of 5.

58% According to the announcement of CITIC Construction Investment on the evening of June 25, CITIC Securities plans to reduce its holdings by no more than 1 through auction transactions.

5.3 billion shares, that is, not more than 2% of the total share capital of CITIC Construction Investment; by holding less than 3 shares through block trading.

0.6 billion shares, or less than 4% of the total share capital of CITIC.

For bulk reductions, the period of reductions will be from July 1, 2019 to December 27, 2019.

In 2005, CITIC Securities and China Construction Bank invested in 16 respectively.

200 million and 10.

800 million with 60% and 40% shareholdings respectively. CITIC Construction Investment Securities Co., Ltd. was established.

In 2010, CITIC Securities transferred the 45% and 8% shares of CITIC Construction Investment Co., Ltd.’s holders, respectively, through transfers listed on the Beijing Financial Assets Exchange. Among them, Beijing State Administration Center and Century Golden Resources were the transferees 45% And 8%.

Since then, CITIC Construction Investment has publicly issued H shares and A shares, and CITIC Securities’ shareholding ratio has replaced 5.


Currently holding the stock market value above the book value of 86 trillion, is expected to increase 19E net assets 2-3% CITIC Securities will account for the equity investment of CITIC Construction Investment in long-term equity investment, until the end of 2018 the book value is 26.

8.1 billion.

Scenario 1: Suppose the average transaction price is 2.

5xPB (estimated hub of the securities industry since 2012), with an average transaction price of 14.

48 yuan, the final transaction amount is 6.2 billion US dollars, the difference from the book value is 3.5 billion yuan, accounting for 2% of the net assets of 2019E.

This difference is included in the current profit and loss, accounting for 37% and 24% of the net profit of 18 / 19E, respectively.

Scenario 2: Suppose the average transaction price is 3x PB and the average transaction price is 17.

37 yuan, the final transaction amount is expected to be 7.4 billion US dollars, the difference from the book value is 47 trillion, accounting for 3% of the net assets of 2019E.

This difference is included in the current profit and loss, accounting for 50% and 32% of the net profit of 18 / 19E, respectively.

CITIC Securities needs to abide by the new rules for reducing holdings: when using centralized bidding to reduce holdings, the total number of shares to be reduced in any consecutive 90 days shall not exceed 1% of the company’s total share capital; in the case of block trading, the shares shall be reduced within any consecutive 90 daysThe total amount does not exceed 2% of the company’s total share capital.

Investment advice: At present, the country’s positioning of the capital market is still at an historically high level. CITIC Securities has competitive advantages in capital, institutional customer structure, and investment banking, and is expected to benefit significantly.

After disposing of CITIC Construction Investment’s equity, CITIC Securities can release capital and improve capital utilization efficiency to meet its own business development needs.

Considering that the current market value of CITIC Securities held by CITIC Securities is higher than the book value of US $ 8.6 billion, the difference in subsequent distribution income is included in the current profit and loss.Billion, an increase of 57% in ten years.

Maintain “Buy” rating.

南京桑拿网 Risk Warning: The policy falls below expectations, market risk risks, restructuring plans are suspended, risks are suspended or cancelled

Qixingxingchen (002439): Cash Flow and Gross Margin Improve Income Indicators

Qixingxingchen (002439): Cash Flow and Gross Margin Improve Income Indicators

Performance is in line with expectations.

The company released the 2019 first quarter report, and Q1 achieved revenue3.

470,000 yuan, an increase of 18 in ten years.


Net profit attributable to mothers was -40.51 million yuan, a decrease of -348.


Deduct non-net profit of -48.89 million yuan, an annual increase of 23.


Gross profit margin increased and cash flow improved significantly.

1) In terms of cost, gross profit margin increased by 6 compared with the same period last year.

52 points.

2) In terms of expenses, the expense ratio during the period decreased by 2 compared with the same period last year.

84pct, mainly because the sales expense ratio decreased by 2 compared with the same period last year.

23pct, while the management expense ratio is basically flat.

3) In terms of cash flow, net operating cash flow increased by 63 compared with the first quarter of last year.

47%, achieved a marked improvement, and the situation of receivables has improved.

After deducting the significance of the non-net profit growth forecast indicators, there is a rebound indicator on the income side.

1) In terms of profit, in Q1 2018, due to the independent listing of the participating company Hengan Jiaxing, adjustments in accounting methods brought about a net investment income of 85.35 million yuan, which constituted non-recurring gains and losses.

Therefore, this year’s Q1 deduction of non-net profit growth rate is relatively reference significance.

2) In terms of revenue, due to the impact of downstream special industries, in Q1 2018?
The revenue growth of Q4 was 2 longer.

04%, 11.

14%, 15.

57%, 10.


In contrast, the income side accelerated in the first quarter of this year, and there was an expectation of recovery.

Investment suggestion: The company will gradually promote strategic emerging businesses such as security operations, 杭州桑拿网 industrial Internet, and cloud security, in order to achieve the upgrading of business models and achieve staged benefits.

Expected 2019?
In 2020, the EPS will be 0.

81 yuan, 1.

02 yuan.

Maintain “Buy-A” rating and 6-month target price of 32 yuan.

Risk Warning: The implementation of cybersecurity policies is less than expected; industry competition is intensifying

Gloria British (002821) 2018 Annual Report Comments: Main Business Maintains Steady Growth and Expands Rapidly in Multiple Areas

Gloria British (002821) 2018 Annual Report Comments: Main Business Maintains Steady Growth and Expands Rapidly in Multiple Areas

Event: Recently, Gloria United announced its 2018 annual report, reporting that the company has achieved revenue18.

35 billion, an annual growth of 28.

94%; net profit attributable to mothers, net profit attributable to mothers4.

29 billion, 3.

6.9 billion, an increase of 25 each year.

94%, 24.

22%; realized earnings per share of 1.

86 yuan.

At the same time, the company announced its annual profit distribution plan: it intends to distribute RMB exchange rate for every 10 shares of cash dividends to all shareholders.

00 yuan (including tax).

Key points of investment: The main business maintained rapid growth, the 杭州桑拿网 domestic business development reported strong growth, and the core commercialization stage achieved revenue10.

44 billion, clinical stage business income5.

8.6 billion, revenue from technology development services2.

2 billion, accounting for 57%, 32% and 11% of the company’s revenue, respectively.

Among them, there were 27 projects in the commercialization stage in 18 years, and the average project income amount increased significantly by about 30% compared with the same period last year.

The number of clinical stage projects in 18 years was 166, of which the number of clinical stage III projects was 24, and the number of other clinical stage projects was 142, an increase of 50% and 46% over the same period of last year. The number of clinical stage projects, especially the number of phase III clinical projects, was significant.The growth prospects bring huge room for incremental business performance in the subsequent commercialization phase.

The number of technology development services in 18 years was 271, a significant increase of 43% over the same period last year.

In 18 years, the company’s overseas and domestic business accounted for 90%.

47%, 9.

53%, the domestic business is expected to gradually explode the domestic innovative drug industry in the future and the MAH implementation will be updated and developed.

On the whole, the company’s project pipeline has continued to expand in 18 years, and its ability to obtain orders has continued to improve. At the same time, the company’s project reserve structure at different stages has been further optimized, which is a good basis for the company’s subsequent performance growth.

The gross profit margin of the main business was reduced, and the R & D expansion intensity was not reduced. The company’s commercialization and clinical project gross profit margins were 46.

35%, 41.

42%, down 4 from the same period last year.

65%, 7.

22%; preliminary improvement in the gross profit margin of the main business includes 1.

Exchange rate factors;

Raw materials accounted for a relatively high proportion of current commercial projects, which affected the project’s gross profit margin to a certain extent.

The current sales expense ratio remained basically stable. Due to the rapid growth of R & D expenditure, the management expense ratio increased to 19 compared with the same period last year.

7%; financial expense ratio decreased due to foreign exchange factors compared with the same period last year.

18 years of research and development funds1.

55 billion, a significant increase of nearly 60% over the same period last year, accounting for 8% of revenue.


At present, relevant technologies have been applied to the commercial production of key intermediates and APIs of various innovative drugs such as third-line Peinan antibiotics, second-generation cancer drugs, and anticancer drugs. High-intensity research and development continue to build company technology.Competitive advantages and industry barriers.

Actively expand the business field and build a “CMC + CRO” one-stop comprehensive service capability. As a domestic small molecule drug CDMO leader, the company’s core technology advantages have expanded to cover innovative drug CMC services, MAH business, formulation research and development and production.

At the same time, the company reports actively expanding business areas in other directions: 1.

Establish a biological analysis laboratory with Shanghai Public Health Clinical Center to actively build an integrated research platform that combines clinical research and biological sample analysis; 2.

Developed strategic cooperation with Shanghai Xinjinshan Investment, and planned to build a macromolecular biopharmaceutical R & D center and production base.At present, the company’s business has expanded to include small molecule API, preparation business, China-US double newspaper, clinical CRO and other fields. At the same time, it has been involved in early investment in innovative drugs. + CRO / CDMO “model of the integrated drug service ecosystem, creating a” CMC + CRO “one-stop integrated service capability.

Profit forecast and investment suggestions: It is estimated that the company will realize net profit attributable to mothers from 2019 to 2020, respectively.

64 billion, 7.

2.9 billion, corresponding to 2 EPS.

45, 3.

16; Corresponding to the current sustainable PE of 38 times and 29 times respectively, continue to recommend and maintain the “Buy” rating.

Risk factors: the risk of failure of the customer’s new drug research and development, the risk of exchange rate changes, and the risk of 杭州桑拿 business expansion and integration being less than expected

One-week capital dispatch: the main force reduces 94.3 billion in the electronics industry

One-week capital dispatch: the main force reduces 94.3 billion in the electronics industry

[One-week capital plan chart]The main net funds decreased by 94.3 billion U.S. dollars. The largest decrease in the electronics 南京桑拿网 industry. Source: Securities Times Network this week (July 8?
July 12) Shanghai and Shenzhen stock markets fell as a whole.

The Shanghai Composite Index has gradually declined throughout the week2.

67%, SZSE Component Index gradually decreases throughout the week2.

43%, GEM refers to a gradual decrease throughout the week1.


In terms of capital flow, the main funds of Shanghai and Shenzhen have gradually replaced the 943 net.

09 billion yuan, including a net decrease of 8 on Friday.

2.3 billion.

  1 This week, the main capital of the two cities gradually replaced the 943.

09 billion yuan this week, the main capital of the two cities gradually replaced 943.

09 billion.

Among them, Friday (July 12) the main funds opened a net decrease of 5.

1.4 billion, a net decrease of 4 late.

4.3 billion, a net reduction of 8 throughout the day.

2.3 billion.

  2苏州桑拿网 This week, Shanghai and Shenzhen 300 main funds gradually replaced 350.

10 trillion CSI 300 main funds this week gradually net more than 350.

1 billion, GEM net reduction of 151.

4.0 billion, small and medium-sized board net allowance of 208.

8.8 billion yuan.

The Shanghai Stock Connect is gradually undergoing a net replacement this week.

With USD 1.8 billion, Shenzhen Stock Connect has gradually net inflow1.

67 trillion (here the China-Shanghai Stock Connect, Shenzhen Stock Connect net net is based on the amount used on the day, slightly different from the transaction net purchase amount, but the meaning is generally consistent)

  3 This week, the electronics industry saw a net decrease of 134.

8.1 billion ranked first this week in the 28 Shenwan Tier 1 industries all showing a net replacement of funds, of which the electronics industry net replacement of 134.

8.1 billion.

  4 Glyphosate concept net inflows this week 2.

In terms of the top 2.3 billion concept plates, net inflows of concepts from glyphosate, phosphorus chemical, music industry, and generic drugs showed a net inflow this week, of which the net inflow of glyphosate concepts2.

2.3 billion tops.

  5 China Satcom’s net inflow this week 2.

7.1 billion (Note: The main force of net inflows in this table is different from the statistical caliber in the previous and next tables). The trend of individual stocks in the 6th week of the Dragon Tiger List is the top 15 stocks.For: The top 15 stocks with the highest net selling amount of individual stocks are: Top 10 active stocks of Shanghai Stock Connect and Shenzhen Stock Connect on Friday 7th.

Lujiazui (600663): Steady Achievement One Core, Two Wings, Three Cities Layout Formation

Lujiazui (600663): Steady Achievement “One Core, Two Wings, Three Cities” Layout Formation
Investment Highlights: Events.The company announced its semi-annual report for 2019.At the core of the report, the company achieved operating income of 81.89 ppm, an increase of 23 per year.86%; Net profit attributable to shareholders of listed companies.47 ppm, an increase of 11 per year.34%; Realize basic profit income of 0.51 yuan. In the first half of 2019, driven by the carry-over of property sales and increased income from the financial industry, the company’s revenue increased23.86%; during the same period, the company’s investment income decreased and the net net profit growth narrowed to 11.34%.According to the company’s 2019 semi-annual report, (1) in the first half of 2019, the company’s long-term operating property rental income (cash inflows) within the scope of the company’s consolidated statement, totaling 19.4.7 billion.Among them, in terms of office properties, the rental income for the first half of 2019 was 15.980,000 yuan, a year-on-year increase of 5%; for commercial properties, the rental income in the first half of 2019 was 1.9.9 billion, an increase of 66% in ten years.(2) In the first half of 2019, the company realized the total sales income and cash flow of various properties.9.3 billion.(3) In the first half of 2019, the company achieved 7 within the scope of consolidated statements.50,000 yuan in property management income (cash inflows), an increase of 21 over the same period in 2018.56%.(4) In the first half of 2019, the company’s financial business realized revenue10.20 ppm, accounting for 12 of the company’s total operating income.44%.According to the company’s 2019 semi-annual report, in the first half of 2019, the company completed 3 projects with a total construction area of 15.880,000 square meters.There are 2 newly started projects with a total construction area of 13.670,000 square meters.8 construction 杭州桑拿网 projects continued, with a total construction area of 95.630,000 square meters.Interest balance on June 30, 2019 was 354.930,000 yuan, accounting for 42 of the company’s total assets in the first half of 2019.2%, compared with 295 at the end of the previous year.7.8 billion increased by 20%. Investment Advice.”Commercial real estate + commercial retail + financial services” integrated development, “continuous market” rating.The company actively builds a “one core, two wings and three cities” development pattern with “commercial real estate as the core, commercial retail and financial services as the two wings, and Pudong, Tianjin and Suzhou as the three cities”.According to the company’s 2019 semi-annual report, the company’s operating property area was 2.64 million square meters.We believe that the transformation of Shanghai’s construction of the international financial center has pushed forward the value of property held by the company, and the leasing rate and rent have continued to rise.After completing the acquisition of 100% equity in Lu Jinfa, the company obtained 3 licensed financial institutions.According to the company’s latest total share capital of 40.Measured at 3.4 billion shares (the company’s total share capital in 2018 was 33.6.2 billion shares. After the implementation of the 2018 profit distribution, the total share capital at the end of June 2019 was 40.3.4 billion shares), we expect the company’s EPS in 2019 and 2020 to be 0.98 yuan and 1.12 yuan, giving the company 17-21 times dynamic PE in 2019, corresponding to a reasonable value range of 16.66-20.58 yuan, giving the company a “primary market” rating. Risk Warning: The company faces interest rate hikes and policy risks, as well as financial market risks.

China Construction Group (603018): Excellent earnings and cash flow performance, sustained and rapid growth, redundant power

China Construction Group (603018): Excellent earnings and cash flow performance, sustained and rapid growth, redundant power

Earnings growth of 34% slightly exceeded expectations, and it is planned to turn 10 to 4.

8 shares sent 3.

8 yuan, the overall performance of the annual report is outstanding.

The company achieved operating income of 42 in 2018.

0 ‰, an increase of 51% in ten years; net profit attributable to mothers4.

0 billion US dollars, an annual increase of 34%, slightly exceeding market expectations.

Among them, the revenue growth rate significantly faster than the performance growth is mainly due to the rapid expansion of the company’s EPC business. In 2018, the company achieved EPC business revenue6.

US $ 600 million, which was previously expected to grow by 259%. Excluding the EPC business, the company’s survey and design business income will increase by about 36%, which will also achieve rapid growth.

Q1-Q4 revenue increased 31% / 97% / 56% / 34% quarterly, and net profit attributable to mothers increased by 21% / 51% / 27% / 31%. Q4 performance improved.

10 to 4 in 2018.

8 shares sent 3.

8 yuan (before tax), the dividend rate continues to remain at 30%.

The overall performance of the annual report is excellent.
The expansion in different places continued to advance, new breakthrough orders grew rapidly, and orders in hand were full.

While firmly grasping the right to speak in the market in Jiangsu Province, the company actively explored markets outside the province. In 2018, the operating income of the province’s and overseas businesses was US $ 2.6 billion and US $ 1.6 billion, accounting for 62% and 38%, respectivelyAfter the impact of EPC, the proportion of income outside the province was 45.

4%, increase by 1 every year.

2 pct.

2018 new millennium single 64.

1 trillion, an increase of 25%.

The survey and design business of the new decade.

0 million yuan, an increase of 21.

3%, survey and design orders / revenue coverage increased by 172% (YoY + 12 pct), survey and design order orders or full.深圳spa会所

The EPC business based on design and project management has achieved rapid growth, with a 400% increase before 2017, showing the company’s transformation from a single design agency to a full professional chain and an entire industrial chain.

In 2019, the company plans to increase its new growth orders by 15-35%, revenue by 20-40%, and profit by 15-35%. It is confident of maintaining continued rapid growth.

The company strives to be guided by the strategy of “industrialization, platformization, and internationalization” to build the first domestic “ten billion” design group in three years.

Gross profit margin and expense ratio decreased, and cash flow continued to be excellent.

The company’s gross profit margin in 2018 was 26.

2%, a year-on-year increase of 5.

5 pct; the gross profit rate inside and outside the province is 27.

3% / 24.

2%, year-on-year.

twenty four.


Gross profit margin after excluding EPC is 30.

5%, -3.

2 pct, expected to increase due to the company’s business outsourcing ratio.

Expense rate for the period 11.

4%, -3 compared to the same period last year.1 pct, including sales / management (plus R & D) / financial expense ratio YoY-1.

5 / -1.

7 / + 0.

1 pct, the decrease in sales and management expense ratio was mainly due to the company’s increased operating efficiency and the increase in the proportion of EPC business revenue.

The asset impairment loss is accrued more than zero.

4 trillion, mainly due to the increase in bad debt losses of receivables.

The anion rate decreased by 1 from the previous period.

1 pct.

Attributable net interest rate 9.

4%, year-on-year.


Benefiting from the implementation of the policy of clearing the accounts owed to private enterprises, the company’s net cash inflow from operating activities.

3 ‰, an increase of 13% in ten years, and performed well.

The cash-to-cash ratio and cash-to-cash ratio are 83% and 88%, respectively, YoY-4.

6 / -5.

3 pct, mainly affected by EPC business.

The repurchase and the first employee shareholding plan unite strength and show confidence.

The company issued a repurchase plan in October last year. As of now, the company has repurchased 1.72 million shares, accounting for 0 of the company’s total share capital.

55%, with a total payment of 30 million yuan.

On March 5, the company announced that all the repurchased shares will be used to carry out the first phase of the employee stock ownership plan at a purchase price of 17.

41 yuan / share, the source of funds is the holder’s self-raised funds and the company’s incentive fund with a 3: 1 ratio. The number of participants does not exceed 140 (including directors, supervisors, and 12 seniors), and the lock-up period is 12 months.

This employee shareholding plan shows that the company has plenty of cash and is confident in its future development.

Investment suggestion: We predict that the company’s net profit attributable to its mother in 2019-2021 will be 5 respectively.



4 ‰, a year-on-year increase of 31% / 29% / 25%, the corresponding EPS is 1.



67 yuan, with a CAGR of 28% in 2019-2021, and the corresponding PE is currently 12/10/8 times. Considering the company’s good growth and cash flow, it still has investment value at present, maintaining a “buy” rating.
Risk reminders: Transportation investment declines, bad debts of accounts receivable, and risk of business development outside provinces falling short of expectations.

Offilight (002456): Business is back on track at optical upgrade + fingerprint penetration under the screen

Offilight (002456): Business is back on track at optical upgrade + fingerprint penetration under the screen

Opinion: At this point in time, we are optimistic about the company. As the leader in optics and touch recognition, the company is the first electronic echelon in terms of revenue and volume, and the allocation and transfer + state-owned shares reduce the pressure on capital.The short-term performance pressure does not change the essence of the leader.

At present it is estimated to be at the bottom of the electronic sector. The company is optimistic about the leading dividend + industry cycle and the company is forecasting to increase its flexibility.

Equity transfer + state-owned capital stock alleviation of capital pressure, provision for impairment and return to normal value, 19Q2 performance turned losses into profit.

In May 19, Nanchang Industrial Holding Group and its designated institutions were transferred to 16% of the shares of the company they held by Offi Holdings and concert parties, and also committed to share with Offi Holdings and Yuco within three years after the transfer of the shares.Act in unison to ensure that the company controls the right to operate. At present, 500 million prepayments for the transfer of shares have been paid.

In addition, the company actively dates state-owned shares to further reduce funding pressure, and has already received Nanchang Gaotou Construction, municipal public investment and industry alliance investment24.

9 trillion prepayment for transfer / capital increase.

In terms of finance, the company accrued impairment to restore normal value to relieve asset risk. The accrued asset impairment losses in 18 and 19Q1 were 18 respectively.

4, 2.

22 ppm, 19Q2 returned to normal levels to 0.

48 ppm. In terms of performance, the company turned a profit in 19Q2, with revenue of 129.

320,000 yuan, net profit attributable to mother is 2.

RMB 780,000, net operating cash flow 12.

370,000 yuan, 19-year interim report, the company’s book currency funds 34.

At 4.8 billion, the turning point of fundamentals improved.

Optical upgrade + fingerprint penetration under the screen is the main trend of the industry, and the growth track is expected to continue to benefit.

Smartphones have entered the mature stock market, and the specification upgrade has become the continuous theme of mobile phones. Among them, the optical upgrade of SLR + full screen with fingerprints under the screen significantly improves the user experience and has become two main growth tracks.

At present, according to counterpoint, the penetration of three-camera penetration in 15 years was 15%, and it is expected to break through the 50% penetration rate in 21 years. Apple’s new high-end series in 19 years was equipped with three-camera penetration. Under the demonstration effect of large manufacturers, it 重庆耍耍网 accelerated the penetration.Both camera volume and price have risen, and the company’s deep cultivation of the optical field is expected to continue to benefit from multi-camera penetration.

In addition, the demand for under-screen fingerprints is rapidly rising due to the trend of full-screen, and the market is still in the introduction period. The penetration rate in 19 years is expected to reach 20% (3% in 18 years). The company’s biometrics segment promotes the enjoyment of industry dividends.

The industry’s business climate is starting upwards and is optimistic that the company’s beta is expected to improve.

After 18 years in the electronics industry, it is estimated that the overall digestion is completed, the industry chain clears the inventory cycle, and the second half to next year will usher in a replenishment and technology upgrade cycle. It continues to be optimistic about 5G terminal innovation and the concentration of leading companies under the strong beta technology cycle, Estimated lifting logic.

As a leader in optics and identification, the company’s revenue volume is the first echelon of electronics (18 billion in revenue in 2013), and the impairment is restored to normal.Operating risk is lifted, short-term performance pressures do not change the essence of the leader.

It is currently estimated to be at the bottom of the electronic plate (finally the current PS (TTM) is 0).

79x), optimistic about the leading dividend + industry cycle upward, the company is expected to increase flexibility.

Investment suggestion: Due to the company’s radical development leading to 18 years of significant asset accrual, the current combination of state-owned assets, the company’s operations and downstream demand outlook, the company’s 19-20 year revenue from 538.


700 million to 500.


500 million, net profit from 23.

9, 30.

2 is adjusted to 5.

5, 20.

0 million.

Comparable companies (Lixun / Goer / Longxin / Xinwei) have a PE average value of 25x in 20 years, and prudently assume that the company will be given a PE variation of 22x in 2020, corresponding to a target price of 16.

24 yuan / share, give “Buy” rating.

Risk reminder: the capital chain is broken, the state-owned assets are less than expected, the asset impairment is lower than expected, the optical upgrade and the fingerprint penetration under the screen are slow, and the Sino-US trade deteriorates

Guoen Co. (002768): Mass production of mask meltblown polypropylene with performance in line with expectations

Guoen Co. (002768): Mass production of mask meltblown polypropylene with performance in line with expectations

Event: The company released a quick performance report for 2019 and achieved revenue of 50%.

70,000 yuan (ten years +37.

1%), net profit attributable to mother 3.

940,000 yuan (+27 for the whole year.


Performance is in line with expectations.

Q4 polymer composite material volume, performance growth stabilized and rebounded: Q4 single quarter company achieved revenue of 20.

100 million yuan (+45 per year).

6%), significantly exceeding market expectations; single quarter net profit was 1.

4.3 billion yuan (ten years + 35%), the performance growth rate stabilized and picked up.

Our analysis of Q4’s higher-than-expected performance was mainly due to the gradual commissioning of the company’s advanced polymer composite project Q4, which has provided new growth for the company’s development.

Meltblown polypropylene masks were put into production, and orders for hollow capsules were greatly increased.

The company has completed the large-scale production of mask meltblown polypropylene and achieved industry-leading performance on the most critical melt flow rate indicators.

The next round of production increase plans is currently underway, while some production lines in various bases across the country are being reformed. In the future, the throughput of mask meltblown material is expected to reach more than 300 tons / day, which can fully alleviate the current situation of fighting the epidemic and the large gaps in future masks.

Affected by the epidemic situation, the demand for hollow capsules from downstream pharmaceutical companies has increased rapidly. As an important supplier of hollow capsules, Yiqing Bio-Tech continued to maintain production on the basis of ensuring the safety of epidemic prevention during the Spring Festival, and strived to meet 杭州桑拿网 the surge in supply demand from downstream pharmaceutical companies., Orders increased significantly compared with the same period last year.

In addition, the company also provides the government with free reorganized mobile houses for epidemic prevention checkpoints, which fully reflects its advantages in combating epidemics, corrosion resistance, easy installation, and maintenance-free advantages.

The light display business cut into Huawei’s supply chain, and the preliminary integration of a new material professional platform continued to advance.

The subsidiary Guoji Optoelectronics successfully cut into Huawei’s supply chain, continued to increase the supply ratio of core customers such as BOE, and at the same time developed SONY, LG and other customers to gradually increase the right to speak in the optical backlight module industry chain; the company’s automotive polymer modificationThe sex business has achieved rapid growth. The share of Lenovo, BOE, Foxconn and other customers has increased. The composite materials segment has focused on the new energy vehicle industry chain. In the fields of charging piles, passenger car battery boxes, seat beams, etc.Continuous breakthroughs are expected to become a new growth point of performance; special vehicle and scheduled housing business, Guoen special vehicles focus on cold chain logistics vehicles, RV business, and in-depth strategic cooperation with Beiqi Foton; sports lawn business gradually expands beyond ShandongCurrently, he is actively participating in the construction of 200 football stadiums in Yuxi City, Yunnan Province, while expanding overseas markets.

We believe that the company’s preliminary integrated professional platform for new materials is continuing to advance and will continue to grow in the future.

Investment suggestion: Buy-A investment rating, we estimate the company’s net profit attributable to mothers to be 3 in 2019-2021.

9.4 billion, 5.

0 billion, 6.

50,000 yuan, the target price is 30 yuan.

Risk Warning: The project construction is less than expected, and the demand is less than expected.