France successfully completed digital Euro test early in the year

France successfully completed digital Euro test early in the year
The Bank of France recently announced that it has successfully completed a digital euro test based on blockchain on May 14.The test scenario is to pay for digital financial securities issued by a company in French Millennium digital currency.According to the release, in the coming weeks, the French transition will conduct more trials with other partners.France has the highest claim that it began to test the progressive digital currency early this year, and discussed the potential contribution of new technologies with partners to improve the operation of the financial market, especially inter-bank settlement.The homepage of France ‘s highest official website is still hanging the relevant notice of the collection of digital currency trials, “based on the information received from the application from March 27, 2020, the Central Bank ‘s use of the digital euro in inter-bank settlement was tested,The large number indicates the interest of the banking and financial industries in these experiments, as well as the vitality of the financial sector in technological innovation.The French budget also stated that the results of these experiments will be an important part of France ‘s extension of its contribution to the European system ‘s more comprehensive reflection on the value of digital currencies.According to foreign media reports, in December last year, French short-term governor Fran?ois Villeroy de Galha once said that he hopes that France will be the first country to issue digital currency, “We intend to conduct a trial quickly.The digital euro will be used first among banks, not for daily consumer use.He also warned that France needs to try this new technology “seriously and without interruption.”The French Supreme Court has also disclosed that it will reorganize the regulatory system to replace digital currency supervision.Sauna, night net Cheng Weimiao editor Wang Jinyu school dealt with Chun Zeng

Every remake of Little Women will attract a big gathering of stars

Every remake of “Little Women” will attract a big gathering of stars
“Little Woman” is a novel written by American female writer Louisa May Alcott, first published in 1868.After the publication of “Little Women” became a recognized American masterpiece, it has been warmly welcomed for more than 100 years.The American Book Association and the American Education Association selected 100 kinds of essential books for rural elementary schools, of which 25 kinds were selected, and “Little Women” topped the list of 25 kinds.Ranked as one of the world’s best-selling outstanding works by the National Library of America and one of the best family novels in the United States.”Little Women” is based on the trivial life of four sisters in an ordinary family in the New England region of the 19th century. The storyline is simple and true, but it is touching. Since it was published more than 100 years ago, it has been moved to the screen many times.Among them, the following four movie versions are the most well-known and star-studded, all of which are momentary choices of each period.The quality of the film is also very high, it is difficult to distinguish, each IMDb scored more than 7 points.The version starring Catherine Hepburn in 1933, and the version starring Jean Allison in 1949, the highlight is that Elizabeth Taylor, who debuted shortly, appeared in Amy.The version starring Winona Reid in 1994, when young Christian Dunst, Claire Denise, Christian Bell all starred in the play, Susan Sarandon and Gabriel.Byrne’s performance is also excellent.The version starring Saoirse Ronan in 2019 is still star-studded, Emma Watson, Florence Pew, Laura Dunn, Timothy Chalemade, MerylStreep, Bob Odencock and others have all appeared.

Hongfa Co. (600885): HV DC overseas has gradually increased its traditional automobile business

Hongfa Co. (600885): HV DC overseas has gradually increased its traditional automobile business

The company released the third quarter report for 2019. In the first three quarters, the company’s revenue was returned to net profit, and the net profit after deduction was increased by 1.

87%, -5.

54%, -4.

80%, of which Q3 increased by 2.

54%, -9.

06%, -7.


The company’s general-purpose business has developed steadily, with multiple business markets occupying the world’s largest market share. New businesses such as high-voltage DC and low-voltage electrical appliances already have a certain global competitiveness and are becoming a new growth force.

We are optimistic about the company’s long-term competitiveness and maintain a highly recommended level with a target price of 31-32 yuan.

Performance growth was in line with expectations.

In the first three quarters of 2019, the company’s revenue was attributed to net profit, and the net profit after deduction was 51.

48, 5.


26 trillion, each increase by 1.

87%, -5.

54%, -4.


Among them, Q3 income is attributed to net profit, and net profit after deduction is 17 respectively.

41, 2.

01, 1.

9.2 billion, an increase of 2 each year.

54%, -9.

06%, -7.


Profitability Analysis.

Q3’s consolidated gross profit margin was 40.

96%, the same, the chain rose by 0.

55, 2.

In 42 samples, the increase in gross profit margin was due to the impact of exchange rate changes, conversions, and the increase in the proportion of high-voltage DC and other businesses with high profitability.

Q3’s sales, management, and financial expense ratios were 5 respectively.

28%, 15.

54%, -0.

99%, rising by 0 each year.

04, 0.

51, 0.

02 units.

HVDC continued to shrink overseas, and the drop in automotive relays narrowed significantly.

In the first three quarters of 2019, the company’s power relays were shipped20.3 ‰, a decline of 7 per year.

7%, automotive relays are gradually shipped 5.

500 million US dollars, a decline of 20% each year, power relays continue to issue 1.1 billion US dollars, each increase of 21%, high-voltage DC relay conversion investment3.

US $ 900 million (excluding US $ 100 million of 杭州夜网论坛 Hongzhou Cycle Series), exceeding 39% per year, and cumulative shipments of low-voltage appliances4.

600 million, an increase of 11% in ten years.

The global competitiveness of the high-voltage DC relay business is outstanding. At present, Mercedes-Benz, Volkswagen, Land Rover, Porsche and other overseas benchmark customers have gradually realized small-scale delivery. The Tesla project has completed production line identification in August and started mass production in October.Products have been shipped to the United States, becoming the main supplier of its domestic factories.

Keeping within the limits of expenditures, we will expand steadily and expand our acceleration.

The company is forming a relevant industrial device business scale and the domestic business is still expanding. Ningbo Jinhai, Zhangzhou Hongfa,四川耍耍网 Xiamen Haicang and other projects have been transformed. Zhejiang Wufeng Capacitor, Zhejiang Zhoushan Automotive Electronics Base is under construction, Indonesia and other overseasSpeed up manufacturing layout.

The company’s overseas business accounts for nearly 40%, and has a long history of business management. In the United States, European business has been localized earlier.

In 2018, the company established the Overseas Investment Division, and it is expected that the related mergers and acquisitions and integration will also accelerate.

In 2019, the company started the expansion of the primary base in Germany, which will support the company’s development of high-voltage DC and low-voltage electrical appliances in Europe.

Investment recommendation: Maintain a highly recommended rating with a target price of 31-32 yuan.

Risk Warning: The continued economic downturn affects the company’s product demand, the capacity expansion progress is less than expected, and exchange rate changes affect the company’s overseas business profitability.

Jihong Shares (002803) Company Dynamic Comment: Mergers and Acquisitions Promote Industry Consolidation and Seek Growth as a Leader in QSR Packaging

Jihong Shares (002803) Company Dynamic Comment: Mergers and Acquisitions Promote Industry Consolidation and Seek Growth as a Leader in QSR Packaging

Event: The company signed an equity transfer agreement on April 25, agreeing to use RMB 5,396.

Acquired the remaining 67% equity of Anhui Weizhi Environmental Paper Co., Ltd. at a price of RMB 850,000. After the completion of the acquisition, Anhui Weizhi will become a wholly-owned subsidiary of the company.

Anhui Weizhi focuses on the opening of environmentally friendly paper containers, and has a certain reputation in the domestic food-grade packaging industry.

At the time of plastic limit, QSR packaging had a bright future.

QSR (Fast Food Restaurant) packaging is fast food packaging, which mainly refers to paper cups, paper bowls, food packaging paper, environmentally friendly paper bags, tableware and other products used for fast food, take-out, packaging, etc.

With the rise of the take-out industry, the pollution of plastic meal boxes has increased, and the progress of environmental plastics restriction has accelerated: Hainan has gradually started to ban the plastic from this year;Start research.

In addition, take-out giant Meituan has launched the “Aoyama Plan”. Are you hungry to launch the “Blue Planet” plan to encourage consumers to reduce the use of disposable tableware and promote the use of environmentally friendly paper bowls instead of plastic meal boxes; Starbucks has gradually stopped supplyingPlastic straws instead of paper straws.

At present, the size of the paper QSR packaging market is about 140 million, and the penetration rate has decreased. Most of the paper QSR packaging is large foreign chain restaurants. A large number of medium-sized restaurants still use plastic lunch boxes. If the take-out policy is introduced, the paper QSR packaging marketThe scale promotes rapid improvement, reaching more than 270 ppm.

With the combination of acquisition and fixed increase, Jihong’s segmentation in this market segment will increase rapidly and promote the concentration of the industry.

Anhui Weizhi holds major customer resources such as KFC, McDonald’s, Burger King, Subway, Rakuten and is one of the top 10 companies in the field of paper QSR packaging.

Large customers have higher requirements for packaging products, with large demand, strict requirements on supplier technology, production capacity and other qualifications. Through the acquisition of Anhui Weiwei, the company quickly filled the gap in the food-grade packaging field and obtained a large number of high-quality customer resources.

In addition, the company also plans to increase construction of Xiaogan. Langfang and Xiamen have three production bases, which are mainly used for paper QSR packaging production. The three bases are expected to contribute US $ 1.5 billion in revenue when they reach full capacity.

The simultaneous advancement of acquisition and fixed increase will help Jihong to quickly improve the market structure of the paper QSR packaging segmentation industry. We expect that Jihong will rank among the top five in the industry after the completion of the acquisition. It is expected to grow into a leader in the industry in the medium and long term.

The concentration of the paper QSR packaging industry is only about 30% of CR10. Jihong’s acquisition of Anhui Weizhi opens the industry integration pace, and it will increase the market share by increasing the code, which will promote the industry’s concentration and increase its bargaining power.

Internet + marketing empowers packaging, opens up offline traffic entrances, and QR code marketing business attempts to achieve QSR packaging to achieve heavy volume.

The company’s QR code marketing business is to make full use of its advantages in Internet technology, marketing strength, fast-dissolving customer resources, etc., and combine offline and online with a one-code one-code sweepstakes model, and use packaging as trafficEntrance, transforming every opportunity of consumer product packaging to contact customers into Internet data, providing customers with traceability, marketing, advertising, drainage and other services, while helping packaging customers to carry out preventive marketing, and maximize the marketing essence of FMCG packaging.

The QR code marketing business model is novel and has high barriers, offline traffic, advertiser resources, and marketing capabilities are indispensable. Jihong is uniquely able to meet these three major 北京夜网 requirements, build a deeper moat, and realize the traditional packaging business.Upgrade, huge space for future development.

At present, the company has reached cooperation with Hengan, Dali, Netease Koala and other enterprises.

In the future, through the heavy volume of QSR packaging, the company is expected to realize that QSR packaging will reach more large consumer groups, control considerable traffic inflows, and utilize the precise marketing capabilities of the subsidiary Dragon Star to optimize traffic matching and increase the conversion rate of drainage., Continue to enlarge the advantages of QR code marketing business.

Investment suggestion: The company’s acquisition of Anhui Weizhi will rapidly improve the market structure in the QSR packaging industry, promote the industry’s concentration, and simultaneously convert QSR packaging to achieve the growth of QR code marketing business.


28 yuan, corresponding to PE of 15 / 11x, maintain “strongly recommended” investment rating.

Risk reminder: The price of wood pulp fluctuates sharply, capacity construction is lower than expected, downstream demand is lower than expected, and industry competition is intensifying.

Top Group (601689): Automotive demand growth Q2 performance exceeds expectations

Top Group (601689): Automotive demand growth Q2 performance exceeds expectations

The output of customers decreased and the depreciation expenses increased. The results are expected to be advanced on July 16. The company released an interim report performance forecast. The company expects to realize net profit attributable to mothers in the second half of 20192.


200 million, 49% above the real interest rate?
54%; net profit attributable to mother was 0 in the second quarter.


0.6 billion, lower than expected results.

We believe that the company’s initial performance is gradually increasing due to the increase in sales of downstream customers, increasing depreciation expenses and increasing price pressure.

We believe that the company is a leader in the domestic NVH industry, and products such as forged aluminum control arms have been supplied to Tesla, BYD and other new energy vehicle leaders to make full use of the trend of electrification.

The company’s electronic vacuum pump has been developed to the third generation, and domestic alternative space is large.

Sometimes short-term problems are caused by reduced customer sales, but we are still optimistic about the company’s long-term development.

The company is expected to achieve EPS0 in 19-21.

55, 0.

60, 0.

67 yuan, maintain “Buy” rating.

The output of major customers has decreased, depreciation expenses have increased, and performance has been under pressure in the first half of the year.The continuous increase in output from downstream customers has led to insufficient production capacity and significant growth in revenue.

Due to the sluggish sales of OEMs, the pressure on cost control has increased, and the company’s price reduction pressure has decreased, resulting in a decline in revenue and gross profit margin.

At the end of 2018, the company’s construction in progress was transferred to fixed assets7.

60,000 yuan, the increase in depreciation expenses further reduced the gross profit margin.

We expect the company’s performance to be better than the first half if the sales volume of major customers improves in the second half.

Looking forward to next year, the company’s performance is expected to benefit from factors such as Tesla’s localization and improvement in industry sales.

The lightweight chassis business supplies Tesla, which is expected to fully benefit from the lightweight chassis products such as the forged aluminum control arm of the electric tide company have entered Geely, BYD, Tesla and other customers.

The demand for new energy vehicles for lightweighting exceeds that of traditional cars. The lightweight chassis business helps to benefit from the rapid development of new energy passenger vehicles.

In 2020, after Tesla is localized, it is expected to bring more orders to the company, and at the same time, Tesla Halo is expected to attract other new energy vehicle customers for the company.

The company initially plans to invest USD 5 billion in the development of lightweight chassis business. The automotive lightweight business has a bright future. The company has an earlier layout and continues to expand, injecting momentum into the company’s medium- and long-term growth.

According to the company’s annual report, electronic vacuum pumps have been upgraded to third-generation products, which have been supplied to many customers one after the other, and are currently in the ramp-up phase.

IBS (Intelligent Brake System) will reach the production time extended to 2022.

Grasp the trend of lightweight development and maintain the “Buy” rating. We 杭州桑拿网 consider the company to be the leader in the domestic NVH industry and follow the steady growth of high-quality customers. Actively deploy lightweight chassis business, which has been supplied to Tesla, BYD, etc., and is expected to fully benefit from electrification;The domestic development of electronic vacuum pump products is underway.

Taking into account the decrease in sales of customers in 19 years, we estimate the company’s net profit attributable to mothers to be 5 in 19-21.

81, 6.

37, 7.

1.1 billion (down 29.

3%, 29.

3%, 29.

0%), the corresponding EPS is 0.

55, 0.

60, 0.
67 yuan, comparable company’s 19-year average valuation of 17 times PE, considering that the company’s short-term performance is trapped by the growth of customer sales, but the future 西安耍耍网 has a broad prospect.
23 times PE estimate, adjust target price to 12.


65 yuan, maintain “Buy” rating.
Risk reminder: R & D of emerging business is not up to expectations, overseas business is affected by Sino-US trade friction, and the industry’s prosperity is falling.


­  海外网8月2日电 美国总统特朗普自上任以来就对“推特治国”一事十分热衷,并在这一社交平台上收获了3500万的关注者。近日,特朗普也表明不会改变自己的推特习惯,并称这是其说出真相的唯一方式。­  据美联社报道,虽然特朗普任命凯利为白宫办公厅主任可能是打算对白宫内部进行人事整顿,但对于维持自己的推特习惯,他的表态则是十分清楚。当地时间1日,特朗普发推特表示:“只有假的新闻媒体和特朗普的敌人才会希望我停止使用社交媒体。这是我说出真相的唯一方式!”截止北京时间11点,他的这条推特已经重庆桑拿得到了6万次的评论和10万次的点赞。­  此前一天,退役将领凯利才刚接下川普的白宫办公厅主任职务。被要求为混乱不堪白宫西楼办公室带来秩序的他马上引发了外界关注。凯利不仅将上任不久的联络室主任斯卡拉穆奇“炒鱿鱼”,还修改指挥结构,要求所有高级官员都需向他报告。­  凯利的此举受到了特朗普盟友以及议员的大力赞赏,他们希望凯利能够协助遏止白宫的内部冲突。但目前仍不清楚,对于特朗普喜欢在社交媒体上散播冲突言论以及即兴发言的做法,凯利将会拥有多大的控制权。­  据海外网早前报道,作为史上最爱发推特的美国总统,从特朗普1月20日宣誓就职至今,他在推特一共发了超千条推文。而对于以CNN为首的一系列媒体,特朗普向来态度强硬。7月初,他在推特上甚至公布了一则引发巨大争议的视频,在这则视频上,他“正在痛打”一个头上写有很大的CNN电视台标识的人。特朗普没有为这则视频添加任何描写的话语,而只是将这则视频加上了“CNN的欺骗性新闻”这一标签。­  (原文标题:《特朗普称不会停止发推:这是我说出真相的唯一方式》) 责任编辑:曾少林

Orient Securities (600958): Leading and outstanding scarce target for investment and asset management business

Orient Securities (600958): Leading and outstanding scarce target for investment and asset management business

This report reads: The company ‘s investment and asset management business is highly differentiated and competitive, and it is a scarce high-quality target among listed securities firms. Its performance in 2019 has taken a deep dive, its investment business has high income elasticity, and its beta attributes are stronger.

The first coverage is given in 2019 1.

8X, overweight.

  Investment points: The first coverage is given to Orient Securities in 20191.

8X PB, corresponding to the target price of 13.

90 yuan, give “overweight” rating.

Under the neutral assumption, we predict that the EPS of Orient Securities in 2019-2021 will be 0.



52 yuan, an annual increase of 123.

7% / 12.

6% / 17.

8%, BVPS is 7.



21 yuan, ROE is 5.

1% / 5.

6% / 6.


Considering the results of Orient Securities Relative Estimation Method and Segment Estimation Method, two conversion values are obtained and given to the company in January 2019.

8 times the PB estimate, corresponding to the target price of 13.

90 yuan, a premium of 34.

8%, give overweight rating.

  The differentiated competitiveness of the company’s investment and asset management business is clear. It constitutes the company’s top two sources of income and is a rare and high-quality target for listed securities companies. The subsequent revenue 北京夜网 share will further increase.

1) The proportion of the company’s investment business income, the average value of its business scale is much higher than that of its peers, the allocation of shares and debts go hand in hand, the investment yield continues to increase, and the industry is more resilient during a bull market. It gradually replaces the optimization of business layout and mechanism, and strives to maintain the stability of its investment business performance.In order to improve, it will develop from high beta to expand; 2) The core competitiveness of active management mainly based on equity will be further expanded. A higher proportion of active management and partial stock advantages will help the company to maintain its capital management business much higher than its peers.Comprehensive fee rate and public fund management fee rate, the proportion of revenue is expected to continue to increase; 3) The initial launch of wealth management transformation, the reform effect is significant, the quality of brokerage business is improved year by year, reflected in a higher proportion of institutional brokerage business, higherThe quality of brokerage customers and a more stable brokerage income.

  The company’s performance in 2019 took a deep dive, with high elasticity of investment business income and stronger beta attributes.

  The current driving force of the brokerage sector comes from market liquidity improvement expectations and the progress of industry dividends. Based on liquidity improvement expectations, the company is the preferred target of Beta’s stock selection and recommendation.

  Catalysts: improved liquidity; increased market activity; relaxed financial regulation.

  Risk warning: tightening liquidity; strengthening supervision; declining market and declining trading activity

Yonghui Supermarket (601933): 1H19 results in line with expected orderly expansion

Yonghui Supermarket (601933): 1H19 results in line with expected orderly expansion

A brief evaluation of 1H19 performance is in line with expectations: On August 28, Yonghui Supermarket reproduced its interim results and achieved revenue of 411 in the first half.

700 million, + 19.

It increased by 7% year-on-year, of which the same store increased by 3 in ten years.


Realize net profit attributable to mother 13.

700 million, +46.

It increased by 7% year-on-year, and the net profit margin increased by 0 compared with the same period last year.

6 o’clock to 3.


Revenue / profit for the first half of the year accounted for 49% / 61% of our expectations (vs.

Average revenue / profit ratio in the first half of 2017-18: 49% / 61%), and the performance generally met expectations.

Business analysis The growth of food supplies has accelerated, and gross profit margins have generally maintained an upward trend.

In terms of business, the fresh food business grew by 17 per year.

8% to 17.9 billion US dollars, food supplies business increased compared to the same period last year.

4% to 202 trillion, food supplies revenue growth faster than fresh.

In terms of gross profit margin, the gross profit margin of fresh food and food supplies decreased by 1 compared with the same period last year.

1 point / 1.

0 points, thereby increasing the overall gross profit margin to zero.

6 points.

However, from the historical average level, we believe that the Yunchuang sector’s gross profit was higher last year, which raised the base. The actual gross margin level of the Yunchao segment still maintained an upward trend compared with its historical range.

The home business continued to expand its store network.

In the first half of the year, the home business covered 518 stores across the country, an increase of 28 from the end of last year, of which Jingdong Dajia connected 407 supermarkets, an increase of 112.

From the perspective of income scale, the first-half home business achieved results.

30,000 yuan, the proportion of online sales further increased to 3.

4%, and the average monthly growth rate remains at 7.

1%, maintaining stable development overall.

Store development is good, and it is expected that store opening will accelerate in the 杭州夜网论坛 second half of the year.

In the first half of the year, 46 hypermarkets were added. In addition, Guangdong Baijia Yonghui’s 38 stores and 17 MINI stores were merged into the sixth theater.

As of the end of June, there were 791 hypermarket formats and 398 MINI formats.

It is worth noting that the MINI format achieved coverage in 50 cities in the first half of the year and contributed a total of 5 revenues.

500 million.

In addition, the company has 249 stores and combined with the merger guidelines of 150, we expect the store expansion to accelerate in the second half of the year and the scale will continue to expand in an orderly manner.

Investment recommendations We believe that the progress in the first half of the year is in line with expectations and maintain the company’s profit forecast for 2019-21, with revenues 夜来香体验网 of $ 844/986/1094 million, only +19.

7% / 16.

9% / 10.

9%; corresponding EPS are 0.

34 yuan.

We use the DCF estimation method in combination with PE estimation to take 9.

0% WACC (adjusted beta = 0.

9) and 1% sustainability expectations.

Maintain the company for the next 6-12 months11.

The target price of 5 yuan, equivalent to 49x / 40x / 34x PE in 19-21, is renamed as “Buy” rating.

Risk prompts 1) Macroeconomic downturn, consumer consumption expectations are falling; 2) Fresh food industry competition is intensifying; 3) Store expansion is too fast, operating quality is falling; 4) Mini store exploration is less than expected; 5) Same-store growth is less than expected;The restricted shares are lifted.

Qianhong Pharmaceutical (002550) Matters Comment: Innovative drug R & D ushers in major progress

Qianhong Pharmaceutical (002550) Matters Comment: Innovative drug R & D ushers in major progress

Matters: The company announced that the company and its subsidiary, Zhonghong Biological, a class of new drug ZHB202 injection, obtained the clinical trial notification from the State Drug Administration.

Ping An’s view: New drug research and development meets significant progress. A new class of drugs, ZHB202, has been approved for clinical use: ZHB202, the main ingredient of a new generation of polylactic acid asparaginase (PEG-ASP), can decompose asparagine in the blood into aspartic acid andammonia.

However, tumor cells such as acute lymphoblastic leukemia (ALL), NK / T-cell lymphoma, have low expression of asparagine synthetase, cannot endogenously synthesize asparagine, and will be inhibited due to lack of asparagine, and then wither.Perish.

ZHB202 is indicated for acute lymphoblastic leukemia (ALL), NK / T-cell lymphoma.

The company has ZHB202 independent intellectual property rights, and its core technology has applied for PCT patents and Chinese invention patents.

At present, the Phase I clinical plan has been jointly developed with the clinical trial partner of the First Affiliated Hospital of Suzhou University.

PEG-ASP is the first-line drug for ALL, NK / T lymphoma, and ZHB202 is expected to become the best of its kind: natural asparaginase (L-ASP) is the cornerstone of multiple treatment options for ALL and NK / T-cell lymphoma, and has been selected”Guidelines for the Diagnosis and Treatment of Acute Lymphoblastic Leukemia in Adults in China”, “Advice for the Diagnosis and Treatment of Acute Lymphoblastic Leukemia in Children”, and the “Guidelines for International Gold Standards for Cancer 2013”.

However, severe allergic reactions, preventive, continuous factors, etc. have significant clinical applications of L-ASP.

Since 2013, the NCCN guidelines recommend replacing L-ASP with PEG-ASP as a first-line treatment for NK / T-cell lymphoma combined with chemotherapy.

The first-generation PEG-ASPs currently on the market include Enzon’s Oncaspar and Hengrui Pharmaceutical’s Aiyang; in December 2018, Servier’s second-generation PEG-ASP drug, ASPARLAS, was approved by the FDA.

ZHB202, as the third-generation PEG-ASP drug, is expected to become the best in its class.

At the same time, the company’s domestic and even the world’s largest asparaginase 北京spa会所 raw material production base can effectively guarantee the progress of the project.

The company has a rich reserve of innovative drugs, and it will start to harvest in 2019. Following the approval of the first class of new drug QHRD107 in July 2018, ZHB202 received clinical approval, showing the company’s innovative dark horse.

At present, the company has established a large-molecule drug research and development platform mainly based on Zhonghong Biology and a small-molecule drug research and development platform mainly based on Innocent.

In addition to the ZHB202 project that Zhonghong Biological has been approved for clinical trials, the ZHB206 project has also completed all non-clinical studies. It is located in the preclinical communication stage with the National Drug Review Center. Major research has been 成都桑拿网 advanced in an orderly manner. It is expected that clinical trial applications will be made in 2019.

Innocent LS010 is also in the preclinical stage and is expected to be announced recently.

Profit forecast and investment rating: The company’s overall performance has maintained steady growth, which can support the smooth progress of new drug research and development.

However, considering the provision of bad debts for financial management in the first three quarters of 2019 is 84.57 million, the company’s EPS forecast for 2019-2021 is adjusted to zero.

22 yuan, 0.

26 yuan and 0.

32 yuan (the original forecast was 0.

24 yuan, 0.

28 yuan and 0.

36 yuan), the current sustainable corresponding company is only 22 times PE in 2019, maintaining the “recommended” level.

Risk reminder: 1) Research risk: New drug research and development is a high-risk and high-reward behavior, which requires pharmacology, toxicology, preclinical, clinical trials and other steps. There is a possibility of failure; 2) Marketing risk: the companyThe preparation products are mainly sold in hospitals, and they face relatively fierce market competition, which may affect sales growth due to intensified market competition. 3) Price fluctuation risk of heparin APIs: The prices of APIs are volatile, although the proportion of business has decreased.However, if the price of heparin raw materials drops, it will still affect the company’s revenue and profit volume.

Hisense Electric (600060) Annual Report Comments: Consolidation promotes revenue growth and decline in profitability

Hisense Electric (600060) Annual Report Comments: Consolidation promotes revenue growth and decline in profitability

Consolidated TVS revenue growth profitability declines, the company disclosed during the World Cup, the expenses and expenses decreased, the company disclosed the 2018 annual report: the company realized revenue 351 in 2018.

300 million (+6 year-on-year.

9%), realizing net profit attributable to mother 3.

900 million (YoY-59.

4%), corresponding to a net profit margin of 1.

1% (YoY-1.

8pct); of which, in Q4 2018, it achieved revenue of 104.

900 million (+14 compared to the same period last year).

9%), and realized net profit of RMB 28.21 million (YoY-92.

3%), corresponding to a net profit margin of 0.

3% (-3% YoY).

8 pct); the company plans to distribute a cash dividend of 0 for every 10 shares.

9 yuan for a total distribution of 1.

2 ‰, corresponding to a dividend distribution rate of 30%; On February 28, 2018, the company completed the delivery of the equity acquisition of TVS company: the entire report converted TVS to achieve revenue 26.

70,000 yuan, achieving a net profit of -1.

800 million, previously reduced losses by 3.

6 million US dollars still has a significant negative contribution to the company’s profit; as the company handles the equity transfer accounting according to the acquisition of 100%, if the effect of consolidation is gradually eliminated, the company’s overall revenue will increase slightly in 2018, and its profitabilityThere is still a significant decrease in overlap due to higher expenses during the 2018 World Cup in Russia; the company disclosed the 2019 first quarter report: the company achieved revenue 76 in Q1 2019.

200 million (YoY-2.

4%), achieving net profit of 26.79 million yuan (YoY-90.

4%), corresponding to a net profit margin of 0.

4% (-3% YoY).


  The downward margin of panel prices has improved, and the TVS has expanded the World Cup expense ratio to increase in 2018: Panel prices have entered the downward channel since 2017H2, and the average price of approximately 32 inches to 55 inches in 2018 exceeded the increase of approximately 20% to 37% in 2017.However, intensified competition in the industry, the slight decline in average price offsets some of the benefits brought by 武汉夜生活网 cost ends. According to data from Zhongyikang, the price change of Hisense TVs in 20182.

6%, gross margin improved slightly to 14.

7% (+ 1% year-on-year.

0pct); In addition, the company sells after the high cost TVS is consolidated, and the management expense ratio reaches 8.

4% / 5.

0% (+ 1% year-on-year.

5 / +1.

5pct); 2019Q1: Wind data shows that 32-inch to 55-inch panel prices range from 2018Q4 to about 15% to 29%, and 2019Q1 gradually increases and expands (becomes 19% to 34%). Taking into account the inventory of about a quarterCycle, the company’s gross margin space may benefit in the future.

  The company’s gross profit margin in 2019Q1 reached 14.

7% (YoY-0.

4pct), sales and management expense ratios reached 8 respectively.

4% / 5.

8% (+ 1% year-on-year.

4 / +1.


  The profit forecast predicts that the net profit attributable to the mother for 2019-2021 will be 4 respectively.1/4


1 ppm, an increase of 4 in ten years.

9% / 10.

4% / 11

6%, the latest closing price corresponding to the 2019 PE estimate is 31.

2 times.

Considering that the competition pattern of the TV industry is still not clear, the PE forecast for 2019 in comparison with comparable companies is gradually 35.

9x, giving the company 32 in 2019.

0xPE, corresponding to a reasonable value of 9.

92 yuan / share, maintaining the “overweight” rating.

  Risk warning panel prices go up; TVS’s loss reduction is less than expected; demand is less than expected; industry competition has deteriorated.