Category: 桑拿

Huaxia Happiness (600340): Increase in sales and investment intensity

The event company released a semi-annual operating report, 4?
The company achieved sales of 335 in June.

300 million, down 6 every year.

5%; 1?
The cumulative sales amount in June was 640.

700 million, down 20 a year.

4%.

The core point of view is affected by the insufficient saleable value, and the sales amount is extended every time.

The company released a semi-annual operating report, and the cumulative sales amount in the first half of 2019 reached 640.

700 million, down 20 a year.

4%; The sales 青岛夜网 amount in the second quarter of 2019 was 335.

300 million, down 6 every year.

5%, in the second quarter the amount of excess sales has been significantly narrowed.

In terms of sub-items, the settlement income of the industrial parks increased every year in the first half of the year.

3%, the real estate development and sales amount is once every ten years26.

7%, hotel and property increased by 19 in ten years.

1%, it can be found that the decrease in sales amount is mainly due to the decrease in the actual business sales amount, while the poor actual business sales are mainly affected by the insufficient saleable value and the cooling of some urban markets.

The land side actively replenished and the investment intensity was greatly increased.

Since 2019, the company has significantly increased its investment. In the first half of the year, it increased land construction by 3.95 million countries, a year-on-year increase of 47%.

Especially this year, the Beijing, Tianjin and Hebei regions have gradually resumed their bidding, auction and listing markets, and the company has expanded its efforts in this traditionally advantageous area.

In terms of investment intensity, the company’s investment intensity (land acquisition amount / sales amount) reached 83% in the first half of 2019, compared with 41% in the same period last year.

At the same time, the average average floor price of newly added land this year is only 3148 yuan per square meter. Against the backdrop of the current land market, the company’s differentiated land acquisition capabilities will gradually emerge.

Financial forecasts and investment recommendations maintain a BUY rating and a target price of 41.

60 dollars.

We forecast the company’s EPS for 2019-2021.

20/6.

94/9.

35 yuan.

The PE of the comparable company is estimated to be 8X in 2019, and we give the company a PE estimate of 8X in 2019, corresponding to a target price of 41.

60 dollars.

Risks suggest that the growth of new investment in the park is less than expected.

Land acquisition in non-Beijing-Tianjin-Hebei regions fell short of expectations.

Yinhua Antioxidant Theme Established 8 Years, 52% Gradually What Antioxidant Are You Taking
Yinhua Antioxidant Theme Established 8 Years and Reduced 7 Years?What antioxidant are you taking? The term “doped with base wool” is not liked by everyone, which means currency devaluation and rising prices, so like to put the word “anti” in front, which means resistance and struggle.Today we introduce a product called Yinhua Antioxidant Theme to see how it resists cracking.　　Yinhua’s anti-toxic theme was established on December 06, 2010. Performance comparison benchmark S & P Goldman Sachs Commodity Index returns, investment targets under the effective control of portfolio risk substitution, through the selection of funds with anti-metabolic themes worldwide,Realize long-term stable appreciation of fund assets for investors.　　Yinhua Antioxidant Theme has gradually been -52 since its establishment.50%. From the natural year, only 1 year has been profitable since the establishment of 9 years, and there are 3 natural annual variables with a range of more than 10%, of which in 2011 it reached as high as 14.91%, up to 25% in 2014 and 26% in 2015.　　Judging from the quarterly increase, Yinhua’s anti-oxidant theme effect is very serious. Eight of the 36 quarters have risen or fallen more than 10%, and the 2015 quarter exceeded 20%.　　Yinhua Antioxidant has experienced five fund managers since its establishment, namely Wang Yi, Wang Hai, Chen Yue, Ma Jun and Li Yixuan. The terms of the previous three fund managers have changed, and Chen Yue suffered 深圳SPA会所 damage during his separate management.49%.　　The current fund managers are Ma Jun and Li Yixuan. The two terms have been in office for 1 year and 212 days, and their remuneration during the period was only 1.93%, I am afraid that this victory is still getting some disadvantages.　　Ma Jun’s current fund assets total scale 2.2.1 billion yuan, the best fund return during his tenure was 37.69%.He worked at Dacheng Fund from July 2008 to March 2009.He joined Yinhua Fund in March 2009 and has served as the founder and assistant fund manager.Dr. Li Yixuan, once worked for Hualong Securities Co., Ltd., joined Yinhua Fund in December 2014. He has served as the quantitative indicator of the quantitative investment department and is currently the assistant of the fund manager of the quantitative investment department.

Shaogang Songshan (000717): JFE may acquire 50% equity of Baote Shaoguan
JFE became the sole assignee of 50% equity in Baote Shaoguan on November 18, the company issued an announcement saying that the termination of the announcement, JFE Steel Co., Ltd. was the sole assignee of 50% equity in Baote Shaoguan, a subsidiary of the company.The price is 6.9 trillion; Baote Shaoguan is a wholly-owned subsidiary of the company’s military special production, 19H1 net profit 0.08,000 yuan, the average ROE is only 0.6%, lower than the company’s 15 in the same period.1%.After this equity offering, Baote Shaoguan will no longer be consolidated and the company’s average ROE will be increased to 18.8% (19H1 caliber), Baote Shaoguan may benefit from JFE’s shareholding in terms of technology and management.In view of the fact that the price of ore in the middle of 19 years is higher than expected in the commentary of the Interim Report, we have lowered our performance forecast and expect the EPS in 19-21 to be zero.69/0.62/0.81 yuan, the previous average is 0.77/0.79/0.85 yuan, still maintain the “overweight” rating.　　After the adjustment of the business structure, in the short term, ROE may improve the company. In 2015, the special steel 杭州桑拿网 business department was established, and Baote Shaoguan was established. Thereafter, it cooperated with Baowu Special Steel and replaced Baote Shaoguan 100% in 2018 after several setbacks.Equity.We believe that due to product research and development, there are difficulties in market promotion. Baote Shaoguan’s profitability has been poor since 19 years. It decreased by 14.5 million yuan in 19Q1 and only 8 million yuan in profit in 19H1.After the company transfers 50% equity of Baote Shaoguan, the company will no longer consolidate Baote Shaoguan. The company’s book ROE will be improved, and the company’s average ROE will be replaced by 15 in 19H1.1% increased to 18.8%.　　JFE is Japan’s second largest steel group and may cooperate in depth in the future. According to the World Steel Association, JFE Steel is the eighth largest in 北京体验网 the world and Japan’s second largest steel group. In 2018, crude steel output reached 2915.JFE steel products cover a variety of types such as coiled plates, medium and heavy plates, steel pipes, and shaped steel, which has become the world’s leading steel research and development capability.If the 50% stake in Baote Shaoguan is successfully transferred, Baote Shaoguan may benefit in terms of technology and management.　　A fair incentive plan was formulated, and the performance conditions during the exercise period were fulfilled or existed. On November 11, the company released the “2019 Stock Budget Incentive Plan (Budget)”, which plans to award incentive objects to no more than 23.94 million stock expenditures (0%).99%), the waiting period, the exercise period is 2, 3 years, respectively, a total of 3 batches of exercise.The reward conditions include no less than 9% non-ROE deduction for the previous fiscal year on the grant date, and no less than 3 billion accumulated non-profit profits; the exercise conditions include no less than 11%, 12%, 13 for non-ROE deduction for the previous fiscal year.%, Based on the accumulative growth rate of the non-deductible profit in the middle of the three years before the grant date is not less than 3%, 4%, and 5%.Assuming it is awarded in FY19, the conditions for grant have been fulfilled; the non-profit accrual accrued during the assessment period of 20-22 years should not be less than 20.2, 20.4, 20.600 million, and we expect a total profit of 15 in 20-21.0, 19.700 million (low non-recurring profit and loss ratio), it may be difficult to meet the standard.　　ROE may be improved in the short term. Maintain “Overweight” rating. If the 50% equity transfer of Baote Shaoguan is successful, the company’s ROE may be improved in the short term; however, the timing of the transfer has not been determined and earnings forecasts will not be considered for the time being.Taking into account that the price of iron ore in the mid-19th year is higher than expected in the comment of the Interim Report, we have lowered our performance forecast and expect the EPS in 19-21 to be zero.69/0.62/0.81 yuan (previous value was 0.77/0.79/0.85 yuan), the corresponding PE is 5.05/5.65/4.32 times.Comparable companies PB (2019E) average 1.24. Considering that the company intends to invest to reduce logistics costs and still reduce its internal space, the company’s PB (2019E) is set to 1.2-1.3 times, BPS (2019E) is taken as 3.25 yuan, corresponding to a target price of 3.90-4.22 yuan, still maintain the “overweight” level.　　Risk Warning: The progress of the transfer is less than expected; the price of iron ore rises; downstream demand is less than expected.

Zhuhai Port (000507) Third Quarterly Report Review and Research Briefing: Energy Logistics goes hand in hand with Xijiang strategy taking shape

Report Summary: In the first three quarters of 2019, the company achieved operating income23.

8.8 billion (+33.

4%); realizing net profit attributable to mother 1.

4.6 billion (+2.

0%); in the third quarter, it achieved revenue of 8 in a single quarter.

9.6 billion (+14.

05%), to achieve net profit attributable to mother 0.

2.4 billion (+4.

5%).

Corruption in Xijiang River Basin continues to grow: The company’s “Xijiang Strategy” has begun to take shape.

In the first three quarters, Yunfu New Port achieved a 2% increase in container throughput under the tightening of environmental protection policies and the cracking of the main cargo stone material nearly 30%; the tungsten carbide in the first three quarters of Wuzhou Port increased by 14%; Guigang NewDragon Wharf grew by 22% in the millennium.

The fleet construction cycle has been reduced, but scale and synergy effects can be expected: the company completed a fixed increase in April this year, and the funds are mainly used for fleet construction.

The shortening of short-term business investment cycles requires the formation of scale effects and effective synergy with the ports along the Xijiang River before they can gradually become profitable, and the original planned increase will cause some dilution to the company’s recent performance.

However, the capacity of the hypertension industry in the Xijiang River Basin is very fragmented, lacking leading enterprises, and the bargaining power of a large-scale fleet is gradually formed, so it is optimistic about the company’s gradual and medium-term development.

The wind power sector operates stably, supplementing the acquisition of Anhui Suzhou Wind Farm: the company achieved gradual power generation in the first three quarters of the merger of wind farms.

3.7 billion kWh.

The company acquired the Suzhou Wind Farm in September, and the number of operating wind farms increased to 6.

Except for the wind abandonment situation at the Anda wind boundary in Inner Mongolia, which has improved compared to last year, there is no wind abandonment in other wind farms or the situation of wind abandonment has improved significantly.

Fluctuations in the performance of participating companies led to a reduction in investment income: the company’s investment income in the first three quarters was zero.

920 thousand yuan, compared with 1.
.

The decrease of 03 billion yuan was mainly due to changes in the dividends of Guangzhu Power Generation Co., Ltd. in which it has shares, and the decline in profit of Sinochem Zhuhai due to the decline in the petrochemical industry.

We expect the company’s investment income to decline slightly at the beginning of the year.

Company profit forecast and investment rating: Benefiting from the company ‘s “Xijiang Strategy” and the subsequent efforts of the reorganization sector, we expect the foreign exchange earnings of relevant ports to maintain rapid growth; the increase in the company ‘s wind direction abandonment rate will bring stable profit contributions.

The company’s EPS for 19-21 is expected to be 0.

20, 0.

22, 0.

26 yuan.

Covered for the first time and given a “Recommended” rating.

Risk reminders: Macroeconomics is less than expected; environmental protection policies are becoming severe (resulting in the decline in the volume of stone, chemical and other commodities); changing freight rates; changes in the performance 南宁桑拿 of participating companies and dividends.

Visual China (000681): Intellectual Property Protection Circuit High-growth Picture Copyright Leader Starts Again
The company is a pioneer in China’s picture industry, and is strategically moving towards a global large-scale copyright visual content trading platform.In 2000, the company’s predecessor, the Internet Picture Copyright Trading Platform, was established to start with Editorial Pictures. In 2005, the company established a joint venture with GettyImages, the world’s largest picture library, to enter the creative picture market.Industry leader.In recent years, the company has strengthened cooperation with Internet customers of large enterprises, implemented the “focus on large customers + aggregate long-tail customers” strategy, and achieved performance growth.　　With the improvement of the copyright environment and the technological innovation of the industry, Visual China has encountered the best era.1) Copyright environment: The actual market size of China’s copyright image materials is less than one billion, and the difference from the theoretical tens of billions of space lies in a reduction in the legalization rate (less than 10%).As a meeting point of the intellectual property system and the modern cultural industry system, copyright has been continuously rising in the long-term economic and social development. After the “411 Incident”, public interest in picture copyrights has increased rapidly, which will promote the process of picture genuineness, and the value of picture materials will usher in a revaluation.2) Technological innovation: In the 5G era, big data, artificial intelligence, artificial intelligence blockchain, integration, digital watermarking and other technologies will be widely distinguished for copyright tracking and determination. The integration of copyright protection and emerging technologies will help prevent the rapid development of the Internet.The proliferation of illegal Internet piracy has also reduced the cost of copyright protection.　　”Massive content + leading technology” builds a moat, and “customer expansion + category extension” opens the ceiling.　　The company has formed a “large quantity, full category, multi-scenario” content layout.The company’s existing material content is the top brand in the industry, which cannot be surpassed in the short term, and the capital outside the circle is difficult to impact.Strong brand power continues to attract contributors, and stable content supply and high-viscosity consumption form a positive cycle.The company’s well-known technology and research and development, and the exclusive “Eagle Eye” image recognition and tracking technology can also be used for big data analysis, helping the sales team to improve service quality and customer acquisition efficiency.After the 411 incident, the company will pay more attention to “content + service” to drive customer growth, and the customer resetting enterprise end will gradually penetrate into the mid-long tail.In 佛山桑拿网 addition, the extension of audio and video content categories will gradually open the revenue ceiling.　　Investment suggestion: China’s copyright visual material market has continued to increase its legalization rate and its space is continuous. Although the short-term performance is affected by the “411” incident, the company has established a deep moat that will fully benefit from the industry growth dividend. It is expected that China will return in 2019-2021.Parent net profit 3.12/4.03/4.97 ppm, the annual growth rate is -3% / 29% / 24%; EPS is 0.44/0.57/0.71 yuan, corresponding to PE 48/37 / 30X for 2019-2021.Covered for the first time and given a “Buy” rating.　　Risk reminder: The growth rate of the revenue of the picture business is lower than expected. The policy affects the company’s operating risk and talent management risk.

51% of core innovations in Chinese patent medicines continue to grow steadily

Yiling Pharmaceutical (002603) Commentary Report: Revenue grows by 10 per year.

51% of core innovations in Chinese patent medicines continue to grow steadily

Event: On August 26, 2019, the company released its semi-annual report for 2019: 2019H1 revenue 29.

8.4 billion, an increase of 10 in ten years.

51%; net profit attributable to mother is 4.

55 ppm, an increase of ten years.

50%; net profit after deduction is 4

28 ppm, a decrease of 0 per year.

77%; net operating cash flow is 4.

1.6 billion, an increase of 120 in ten years.

88%; achieve EPS of 0.

38 yuan / share, an annual increase of 2.

70%.

Comment: Academic marketing and market promotion are gradually deepening, and core innovation patents of proprietary Chinese medicines continue to grow steadily: H1 revenue in 201929.

8.4 billion (+10.

51%), net profit attributable to mother 4.

55 billion (+1.

5%), net of non-attributed net profit4.

2.8 billion (-0.

77%).

The company achieved steady growth in the first half of the year, mainly due to further breakthroughs and deepening of academic marketing and market promotion.

We believe that the company’s initial stable growth is mainly due to: 1) academic and marketing promotion of cardio-cerebrovascular drugs, urban medical and primary medical terminal coverage has steadily increased; 2) cold drugs, the company’s retailThe terminal will focus on 100,000 pharmacies across the country and implement full product coverage, so that Lianhua Qingwen Capsules / Particles will continue to grow steadily. In 2018, the market share of OTC cold medicines reached 1

82%; 3) In terms of other categories and health drinks, the structure of the big health industry is gradually improved. More than 300 kinds of health products have been developed and marketed. The gross profit and net profit margins of the big health industry have been slightly improved.Annual growth of 37%: 2019H1 company gross profit margin 67.

29%, an increase of 1 over the same period last year.

16pct; selling expense ratio 37.

16%, a decrease of 0 from the same period last year.

28 points; management expense ratio (including R & D expenses) 11.

06%, an increase of 2 over the same period last year.

58pct; 2019H1 company’s net margin slightly increased, from 4 in the same period last year.

46% rose to 4.

53%, up by 1 each year.

57pct 2019H1 research and development costs reached 200 million, an annual increase of 37%.

Second development of core patents of proprietary Chinese medicines, strengthening the implementation of the “three-step” strategy of chemical medicine: under the guidance of the theory of innovative collateral disease, the company has a high incidence of cardio-cerebral vascular disease, diabetes, respiratory, tumor, nerve, urinary and other drugs in the marketA large number of six major diseases, developed a variety of proprietary Chinese medicines with independent intellectual property rights, formed Tongxinluo Capsule, Shensong Yangxin Capsule, Quantum Qiangqiangxin Capsule, Lianhua Qingwen Capsule / Granule, JinlidaGranules are the core product pipeline. Currently, 9 products have entered the National Medical Insurance Directory and 5 products have entered the National Essential Medicine Directory.

In the field of Chinese medicine, the company continues to conduct re-evaluation and secondary development of listed Chinese medicine varieties after listing. At present, it has laid out five clinical evidence-based studies. At the same time, the company focuses on the internationalization of traditional Chinese medicine, and Lianhua Qingwen Capsule is in the US FDA Phase II clinical trial.The trial has achieved more than half of the enrollment.

In the field of chemical medicine, the company implements a three-step strategy of “transfer processing and cut-in, generic international and domestic registration of generic drugs, patent new drug R & D, production and sales”. Currently, it has obtained wholesale licenses from 50 states in the United States and gradually applied for 9 US ANDA varieties(5 of them have been approved).

In the field of big health, the company implements a combination of online and offline, and gradually improves the new model of integrated big health industry of “medicine, medicine, health and nutrition”.

Profit forecast and estimation: According to the growth of the company’s business operations, we forecast that the results for 2019-2021 will be 54.

7.7 billion, 62.48 billion, 71.

5.3 billion, it is estimated that the company’s EPS in 19-21 is 0.

57, 0.

66, 0.

76 yuan, currently 131.

7.3 billion market value, corresponding to 19-21 years 21.

76, 18.

98, 16.

46 times PE, continuous “strongly recommended” rating.

Risk reminder: The price 重庆耍耍网 increase of the API does not meet expectations; sales and R & D progress are not up to expectations; price reduction risks.

China Micro Corporation (688012) Company dynamic comment: Advanced process equipment continues to break through the trend and achieve revenue growth

Core point of view events: The company announced its 2019 semi-annual report and achieved operating income in the first half of the year8.

10,000 yuan, an increase of 72 in ten years.

03%; net profit attributable to mother is 0.

300,000 yuan, deducting non-attribution net profit 0.

2.2 billion, turned a profit before.

Revenue in the second quarter4.
合肥夜网

25 ppm, a ten-year increase4.

79%; net profit attributable to mother is 0.

17 trillion, down 60 a year.

16%.

The company turned losses into profits in the first half of the year, and realized revenue growth against the trend: the company realized zero net profit attributable to its mother in the first half of the year.

3 billion, turned a profit before.

Among them, the first quarter achieved revenue3.

760,000 yuan, an increase of 524 in ten years.

13%, achieving a net profit of 0.

1.4 billion US dollars, previously turned losses into profit; second quarter revenue increased by 4.
.

79%, net profit drops by 60 every year.

25%.

The company’s performance growth in the first half of the year was mainly due to the decrease in the performance base in the first quarter of 2018.

2019H1 global semiconductor boom downlink, IC and semiconductor market boom decline; the company benefits from the new foundry / expansion plans of Taiwan’s advanced foundry and mainland China’s semiconductor manufacturing, achieving revenue growth against the trend, showing strong growthpower.

Continue to expand R & D investment, and the import substitution of semiconductor equipment has entered the field of advanced processes: the company’s R & D expenses in the first half of the year.

08 thousand yuan, R & D expense ratio 13.

44%, an increase of 6 per year.

67 units.

The company’s etching equipment has mass-produced the first-line customers’ wafer manufacturing lines, and has successfully obtained orders for 5nm logic circuits, 64-layer 3D NAND manufacturing plants, and the technical level has benchmarked overseas semiconductor equipment giants.

The company is a leader in domestic semiconductor equipment manufacturers. It has entered the scarce standard of advanced process technology, breaking the monopoly of overseas oligarchs in the field of advanced process equipment, which means that the quality and profitability of semiconductor localization are further improved.

“Recommended” rating: We are optimistic about the company’s continuous breakthrough in the field of advanced etching equipment, and the incremental market for MOCVD equipment brought by display technology innovation. It is estimated that the company’s net profit attributable to mothers in 2019-2021 will be 1.

43/1.

90/2.

470,000 yuan, EPS is 0.

27/0.

36/0.

46 yuan, corresponding to PE about 309X, 232X, 179X, given “recommended” grade.

Risk warning: Technology breakthrough is less than expected; display panel technology innovation is less than expected.

Hengyi Petrochemical (000703): The first three quarters of performance exceeded the 18th century Brunei project Q4 is expected to contribute profits

Net profit achieved in the first 四川耍耍网 three quarters of 2019 exceeded that of the official company in 2018. The company released the third quarterly report for 2019 and reported that a number of companies achieved operating income of 622.

0.5 billion, down 6 every year.

37%, the reason is that the company optimized the operating income structure and gradually reduced the scale of trading business; the report gradually realized the net profit attributable to shareholders of listed companies22.

1.4 billion (Q1 / Q2 / Q3 are 4 respectively.

23/8.

53/9.

3.7 billion), which has surpassed the initial net profit attributable to mothers in 201819.

6.2 billion.

　　In terms of expenses, the company’s 19Q3 sales expenses1.

1.4 billion (1 year ago).

05 billion); management costs 1.

3.1 billion (0 in the same period last year).

7.8 billion); financial expenses1.

4.1 billion (2 in the same period last year.

4.5 billion), the year-on-year drastic reduction in financial expenses shows the optimization of the company’s financial situation.

In addition, non-recurring gains and losses need attention, and the 19Q3 company’s transactional + derivative financial assets1 was terminated.

880,000 yuan, as of 19H1 the company’s trading + derivative financial assets 0.

42 million US dollars, budget company’s 3 quarter futures investment income1.

4.6 billion.

　　In the third quarter of July, PTA’s profit was high, and in August / September, the quality of polyester in 19Q3 reached 204 in a single quarter.

7.5 billion yuan, achieving net profit attributable to mothers9.

37 trillion, 11 years earlier.

04 billion has a gain, but still belongs to multiple ideal single quarter profits.

In the third quarter, the company’s external operating environment was complex and volatile, and the price of Brent crude oil fell by as much as 8.

20%, Sino-US trade friction also continues to affect the demand for chemical fiber terminal textiles.

In July, the spot price of the PTA period rose once, and profits also improved. From August to September, under the influence of multiple factors such as new capacity and weak crude oil, the PTA trend was weak, and the profit of the industrial chain was transferred to polyester yarn.

In general, the company’s ideal performance in the third quarter reflects the company’s ability to withstand risks from its multi-layered three-dimensional industrial layout of “Petrochemical +”.

　　The Brunei project has obtained qualified products, and the fourth quarter is expected to contribute to profits. At this stage, the company’s most important point is the Brunei refining and chemical project.

According to the company announcement, on July 12, 2019, the Brunei PMB petrochemical project entered a full test run; on September 6, 2019, the Brunei PMB petrochemical project replaced qualified products.

We expect the 19Q4 Brunei project to be solidified, and to make a profit contribution on the statement, which is expected to become a catalyst.

　　Performance Forecasts and Estimates We maintain budget profit forecasts and expect the company to achieve net profit in 2019/2020/2021.

0/53.

2/54.

1 trillion, corresponding to EPS.

13/1.

87/1.

90 yuan / share, currently corresponding to PE12.

4/7.5/7.

4x PE, maintain “Buy” rating.

　　Risk warning: Brunei project’s profit is less than expected; PTA and polyester filament profit decline; crude oil prices fluctuate sharply.