Lake Electric (603355) 2019 Interim Report Review: Revenue Performance Growth Meets Expectations Awaits Independent Brand Efforts

Lake Electric (603355) 2019 Interim Report Review: Revenue Performance Growth Meets Expectations Awaits Independent Brand Efforts
The revenue growth rate in the first half of the year was in line with expectations. Q2’s revenue growth rate turned from negative to positive, and exchange gains led to a rebound in profits.The company disclosed in its 2019 Interim Report that it achieved operating income of 27 in the first half of the year.95 ppm, with a ten-year average of zero.97%; net profit attributable to mothers2.3.6 billion, an annual increase of 15.39%; corresponding gain is 0.59 yuan / share, an increase of 15 in ten years.69%; achieved expected average ROE8.31%, an increase of 2 per year.01 cases; overall revenue and profit growth in the first half of the year were in line with expectations.Among them, the single and second quarter achieved operating income13.89 ppm, a five-year increase of 5.61%, Q2 Q1 revenue growth from negative to positive; return to net profit1.5 ppm, an increase of 13 in ten years.78%.The company’s second-quarter revenue improvement was mainly due to the improvement in sales that began in May and June, and the online and offline growth resumed. The growth in the profit side was much better than the income mainly due to the exchange rate gains caused by the depreciation of the RMB (the exchange gains in the first half of the year were 14.05 million, and the same period last year.(Exchange loss loss is RMB 25.64 million). If we restore the impact of exchange loss gains, the company actually realized net profit attributable to mothers in the first half of the year2.2.2 billion, down 3 every year.51%. High investment in research and development creates technical barriers. Motors are the company’s core competitiveness.The company’s R & D expense ratio was as high as 5 in the first half of the year.43%, an increase of 1 per year.04 pcts, the absolute value of R & D investment increased by nearly 28 million, expansion of new product development requires increased R & D (each time + 10%); increased external recruitment of R & D personnel, the salary of R & D personnel increased by +44 in the first half of the year.8%.Lake uses the advanced technology of Micro Motors to design products that effectively solve the consumer’s pain points in using vacuum cleaners, air purifiers and water purifiers. The product performance is not inferior to Disson and has a higher cost performance.The company will continue to maintain about 5% of research and development and promotion for new product launches, and product innovation becomes its core competitiveness. Long-term focus: domestic brand development, sustainable category development + marketing channel construction: 1) domestic market: independent brand development, sustainable category development + marketing channel construction.The turbofan hair dryer independently developed by Lake has been launched in July 2019; the air volume is 20% higher than Dyson’s, and its hair care performance is leading, and the price is 2/3 of Dyson’s.The company continues to develop new categories, bringing new points of performance growth, and is expected 杭州夜网 to eventually launch more new products!In terms of marketing channels, sales shortcomings are being complemented. In the past, the proportion of 3C channels was high, and now Suning and Gome are gradually reducing the proportion of new channels: online dual-brand customization to achieve multiplication goals + offline self-built channels, and vigorously develop specialty stores, Develop distributors by product category.In 2019, we plan to add 200 new Lake specialty stores, mainly in Tier 3 and 4 cities. In the first half of the year, about 50 new specialty stores were actually opened.2) Export: the trade environment will not be excessively expanded, short-term price adjustments will be profitable, and long-term production origin will be transferred.The trading environment has a potential impact on the external sales business, 杭州桑拿 but the company has countermeasures: a 6% increase in the US retail terminal market + a 8% reduction in the quoted price, which basically eliminates the substantial impact of the short-term tariff increase; in the long run, the company plans to build a factory in Southeast Asia.Through the investment and construction of factories in Vietnam and Thailand, the first phase of the project began to produce products at the end of October, and US tax-related products are expected to be transferred to Southeast Asia by 40-50%. Profit forecast and investment grade: We lower the company’s net profit forecast for 2019-2021 to 4, respectively.7.5 billion, 4.80 ppm and 5.22 trillion, corresponding to EPS1.19 yuan, 1.20 yuan and 1.30 yuan (previous average 1).27 yuan, 1.49 yuan and 1.64 yuan), corresponding to 18 times, 18 times and 16 times the corresponding PE, maintaining the “overweight” level.

China Railway Construction (601186) 2019 First Quarterly Report Review: Q1 net profit growth returns to make up for shortcomings to help order revisions expected

China Railway Construction (601186) 2019 First Quarterly Report Review: Q1 net profit growth returns to make up for shortcomings to help order revisions expected

This report reads: Performance is in line with expectations; the policy effect has significantly helped Q1 highway / railway orders to increase rapidly, and orders in hand are still redundant; short-term boards help orders to be revised upwards, with low estimates / risings / 杭州夜网 positions; maintaining overweight.

Investment Highlights: Maintain overweight.

Q1 revenue was 15.71 billion (+ 19%) and net profit was 3.9 billion (+ 14%) in line with expectations, maintaining EPS1 for 2019-2021.



93 yuan (15% / 13% / 12% growth rate), the company’s order growth has picked up, benefiting from shortcomings, given 9 in 2019.

9x PE and maintain target price of 15.

05 yuan, overweight.

Net profit growth has returned to positive, and gross profit margin is expected to continue to rise.

1) The growth rate of revenue in the first quarter increased significantly earlier than each quarter in 2018 (2018Q1-Q4 growth rate of 7% / 7% / 6% / 9%), net profit growth returned to positive (2018Q4 -4%), increasedThe rapid gradual revenue is mainly due to the increase in the profits and losses 杭州夜网论坛 of minority shareholders2.

9 billion.

2) Gross profit margin is 10.

0% (+0.

1pct), with the increase in the proportion of high-margin business, the net profit margin is 2.

8% (+0.


3) Operating cash flow–39.6 billion (–40.7 billion in 2018Q1).

4) Asset-liability ratio 77.

7% (77 at the end of 2018.


The outstanding effect of the policy has helped Q1’s highway / railway orders grow rapidly, and orders in hand are still abundant.

1) New chronic single orders were 1,544.5 billion (+ 5%) in 2018, and contracts in hand at the end of 20182.

71 trillion (+ 13%), order protection multiple 3.

7 times.

2) 2019Q1 orders were 297.4 billion (+ 6%), and the growth rate continued to rise (2018Q2 / Q3 growth rate -4% / + 5%); of which overseas orders accounted for -24% growth rate, accounting for 3%; railway orders in engineering orders/ Highway / Other orders accounted for 14% / 28% / 59%, and the growth rate of railway / highway orders (+10% / + 27%) returned to normal, and was faster than the fourth quarter of 2018 (-3% /-30% growth)) It has risen sharply, and the effect of the policy has appeared.

Make up for the short board to help the order is expected to be revised, the estimate / rise / position is low.

1) The company’s potential core driving factor is the expectation of orders, and Q1 infrastructure investment growth rate4.

4%, reaching 0 before the beginning of 2018.

6pct, Q2-Q3 infrastructure investment is expected to accelerate upward; Q1 Social Finance once added 2.

34 trillion yuan, issuing local debt1.

41 trillion (+ 541%), the shortcomings were supported by funds, hope to help the company’s order is expected to repair.

2) Sustained company losses in 2019 decreased by 1%, which was significantly higher than the previous year’s deep 300 (an increase of 30%).

It is predicted that the net profit growth rate in 2019 is 15%, which is only 8 times that of PE, which is lower than the historical average forecast of the company (12 times), and that PB is only 0.

95 times.

At the end of 2019Q1, the fund held only 0 positions.

5% (excluding the central enterprise ETF), compared with the end of 2018 (4.

6%) There was a difference in contraction.
Risk warning: rapid growth in infrastructure investment

Dongyi Risheng (002713) Semi-annual Report Comments: Weak Interim Results Need to Improve, Outstanding Cash Flow Value

Dongyi Risheng (002713) Semi-annual Report Comments: Weak Interim Results Need to Improve, Outstanding Cash Flow 杭州夜网论坛 Value

Q2 revenue is expected to lead to improved interim results, which is expected to improve in the second half of the year.

2019H1 company achieved revenue of 18.

6 trillion US dollars, an annual increase of 3%; performance increased by 6181 million, and profits of 1097 million in the same period last year, mainly due to the company’s revenue growth, lower gross profit margins and higher expense ratios.

By quarter, the company’s Q1 / Q2 achieved revenue of 8 respectively.


7 trillion, an annual increase of 11% / -2%; the net profit attributable to the mother was -7969/1788 million, compared with -62.07 / 73.04 million in the same period last year.

In terms of different sectors, the company’s home improvement / sewing equipment / public installation business achieved revenues of 16 in the first half of the year.



6 trillion, a year of growth of 2% / 149% / -5%, of which Sumei business achieved revenue 1.

20,000 yuan, compared with 0 in the same period last year.

40,000 yuan, a substantial increase.

The company’s revenue growth in the second quarter of 2019 was mainly due to the significant insertion of new growth orders in the fourth quarter of 2018, and the H1 new growth orders achieved growth in the first half of 2019, so we expect the company’s revenue to improve in the second half of the year.

Gross profit margin declined slightly, and cash flow continued to perform well.

The company’s gross profit margin in the first half of 2019 was 33.

4%, a decrease of 2 over the same period last year.

7 pct, of which gross margin of home improvement business is 31.

6%, a decrease of 2 compared with the same period last year.

Three pct, mainly due to the pressure on the unit price of customers and rising labor costs.

The cost rate during the period was 34.

5%, an increase of 2.

3 pct, in which the sales / management / finance / research and development expense rate respectively change +1.

2 / + 0.

7 / + 0.

1 / + 0.

3 pct, the increase in sales expense ratio was mainly due to the company’s business promotion in the first half of the year, sales team expansion and customer resource expansion and other preliminary work.

Asset impairment losses decreased by 574 compared with the previous year.

70,000 yuan.

Net interest rate decreased by 3.

9 pct to -3.


Net operating cash flow of the company in the first half of 20192.

300 million US dollars, basically the same as the same period last year, in the current tight credit environment, cash flow is still outstanding performance commendable.

The cash-to-cash ratio / cash-to-cash ratio were 113.

3% / 113.

3%, a decade change of -0.

4 / + 1.
H1 orders resumed a slight increase, and marketing strategies were adjusted to open up a new situation.

In the first half of the year, the company added a total of 24 new orders.

0 million yuan, an increase of 8% in ten years, about 17% improvement in the fourth quarter of last year, of which home improvement / public service business in the new decade.


2 trillion, respectively, at least 3% /-7%, the growth rate changes -3 / -52 percentage points compared with the same period last year, a new order for precision tooling business1.

30,000 yuan (newly signed 700,000 yuan in the same period last year), the order growth of home improvement business has improved, and the precision tooling business has achieved rapid growth.

In terms of quarters, 2019Q1 / Q2 will be 11 in the new year.


600 million, a 9% / 7% increase in ten years.

As of the end of the second quarter of 2019, the company had signed incomplete work orders39.

100 million US dollars, of which home improvement / Seiko / public business are 32.




In the face of hardcover delivery and housing price limit policies, the company actively promotes custom hardcover (B2B2C) business, helping small and medium developers to achieve batch personalized delivery, and at the same time exploring new business areas such as renovation and local decoration to promote order improvement.

The information management system is expected to improve operating efficiency and promote the expansion of management scale.

The company continues to transform to information management, and continuously improves the management efficiency of design, procurement, construction and other transformations: 1) Analysis of customer portraits through Sass system big data, accurate marketing to improve customer conversion rate; 2) DIM + system to achieve 3D construction drawingsAutomatically generate and automatically accurate quotation, the current calculation volume and quotation accuracy rate are above 95%; 3) Control the project quality, schedule, risk, and improve collaboration efficiency through “online supervision system”, the current Sumei business online rate is 100%; 4) E-Business provides integrated warehouse supply and demand chain integration services in the field of general home furnishings, and the efficiency of the supply chain continues to improve, prompting the company’s management scale to continue to expand.

Investment suggestion: According to the company’s current order situation, we predict that the company’s EPS in 19-21 will be 0.



75 yuan (18-21 years, CAGR is 7).

9%), the current corresponding PE is expected to be 14/13/12 times, the expected dividend rate is 6%, and the company maintains a “Buy” rating for its excellent cash flow.

Risk warning: real estate policy risks, increased market competition risks, and rapid rise in costs.

The social security fund entered 36 new stocks in the second quarter, and the top 10 stocks were 8 for large consumption.

The social security fund entered 36 new stocks in the second quarter, and the top 10 stocks were 8 for large consumption.
Original title: “Stock Market Sharpshooter” laid out some companies?  As of August 20, a total of 953 stock dividends were disclosed in the semi-annual report. The social security fund appeared in the top 10 tradable shareholders of 169 stocks, holding a total of 26 shares.500 million shares, holding a market value of 459.800 million yuan.  The semi-annual report reveals that it has entered the final sprint stage, and the institutional holdings have gradually surfaced. Among them, the layout of the social security fund known as the “shooter of the stock market” has received particular attention.  As of now, 953 listed companies have submitted their “transcripts” for the first half of the year, and social security funds have appeared in the top ten circulating shareholders of 169 companies, of which 36 are new.  In the second quarter, 36 new stocks were added. From the perspective of the industry holding the warehouse (according to the Shenwan third-level industry), the top three are biological products, food comprehensive and feed, with market value of 6.5 billion and 23 respectively.200 million and 19.200 million yuan.  Of the top ten stocks in the social security warehouse, except for Beijing Construction Materials and Huada, the remaining eight are from the large consumer sector.At present, the highest holding stock market value is Changchun High-tech. At the end of the second quarter, the Social Security Fund held 981.910,000 shares, with a market value of 33.2 ppm, of which the social security 416 combination Masukura 16 in the second quarter.630,000 shares to 157.40,000 shares, ranking the seventh largest shareholder in circulation.The Social Security Group 118, 101 Group and 114 Group were ranked third, fourth and ninth largest shareholders of circulation.  The confidence of the social security fund to increase its position comes from the performance of Changchun High-tech.Based on its latest disclosed first half of 2019 results, the company achieved revenue of 33.USD 9.2 billion, an annual increase of 23.36%, net profit 7.2.7 billion, an annual increase of 32.60%.From January to June, the company’s pharmaceutical industry contributed revenue 28.3.8 billion, accounting for 83 revenue.7%.Among them, biopharmaceutical products achieved revenue of 25.47ppm, gross profit margin reached 92.54% is the main contribution segment of Changchun Hi-tech’s revenue in the first half of the year.  Shuanghui Development is also one of the key stocks of the social security fund in the first half of the year. At the end of June, the social security fund held a total of 6680 in Shuanghui Development.140,000 shares, with a total market value of 16.600 million yuan.Among them, the basic endowment insurance fund 802 portfolio and the social security fund 113 portfolio were newly introduced in the second quarter, and they were newly introduced 1221.70 thousand shares and 1112.50,000 shares.At present, a total of 4 social security funds are gathered in the development of Shuanghui, accounting for 2 of its outstanding shares.02%.  The stock with the highest proportion of social security funds in circulation is Wowu Bio.At present, the combination of social security 112, 115 and 406 and the basic pension insurance fund 805 combination holds a total of 4,722.90,000 shares with a market value of 16.2 billion yuan, accounting for 10 of its outstanding shares.33% is the only stock with a social security fund accounting for more than double digits.  At present, there are 18 companies with social security funds holding more than 5% of tradable shares.  There are 36 stocks, which are new in the second quarter of this year.Ping An Bank is one of them.The 104 portfolio of social security funds bought 5516 in a big way.With 940,000 shares of Ping An Bank, the stock market value was about 7 at the end of the second quarter.About 6 billion.Ping An Bank performed well in the secondary market this year, starting from 9.It started near 2 yuan and rose all the way to a maximum of 15.22 yuan, an increase of 62% during the year. If the social security fund does not reduce its holdings, the value of the stock market will further expand in the third quarter.  In the first half of this year, Ping An Bank’s revenue reached 678.2.9 billion yuan, an annual increase of 18.5%; net profit 154.03 trillion, an increase of 15 a year.2%.  Social security average investment income 7.82% of the 35 stocks whose stocks were damaged in the second quarter were underweighted by social security funds. Sunshine Power, Yueda Investment, and Shengyi Technology were all coupled with their underweight reductions. The number of overweighted stocks exceeded 17 million.In the second quarter, the social security fund 420 portfolio reduced its holding of Sunshine Power 421.20,000 shares, the latest holding 1732.90,000 shares, the social security portfolio is only new to Sunshine Power in the first quarter of this year; the pension fund 1206 portfolio and the social security 118 portfolio are directly out of the top ten circulation shareholders.  The reason for being “abandoned” is related to poor performance.Sunlight Power’s semi-annual report for 2019 shows that it has achieved a total operating income of 44.6.2 billion, an annual increase of 14.56%; Net profit attributable to shareholders of listed companies.3.3 billion, down 13 each year.15%; Net profit attributable to shareholders of listed companies after the replacement of non-recurring gains and losses.8.6 billion, a decline of 15 per year.53%.  Yueda Investment’s semi-annual report shows that in the first half of 2019, it achieved total operating revenue of 1.3 billion, an increase of 29% year-on-year.5%; net profit attributable to mothers was 20,000 yuan, a year-on-year increase of 102.7%; budget revenue is 0.24 yuan.On the surface, its performance in the first half of the year is remarkable, but careful analysis is not enough. Reports are in series, and the impact of non-recurring gains and losses on the company’s performance, totaling 3.US $ 300 million, of which the change in gains or losses or investment income from holding financial assets held for trading is 2.400 million yuan.The implied non-recurring profit or loss after returning to the mother’s net profit is -1.300 million, down 304 every year.7%.At the same time, investment income has increased by 172 per year.1%, boosting performance growth.  Therefore, the social 西安耍耍网 security fund 103 portfolio in the second quarter significantly reduced its holdings of Yueda’s investment of 20 million shares, the latest shareholding was 999.60,000 shares, 66% reduction.7%; The 903 portfolio of budget pension insurance funds directly withdrew from the top ten circulating shareholders.  ”The social security fund generally recognizes the magnitude of the company and prefers blue chips.For stocks that continue to grow, they will choose to “abandon.”In the first few months of this year, the leading stocks in the food, beverage, liquor, finance and other industries hit a record high, with social security funds stationed in them.On the whole, consumer stocks are still the companies with the most stable performance growth in upstream industries, and their performance growth levels and cyclical stocks have been very stable.Whitehorse’s long-term allocation logic will not change.”A person in charge of a private equity fund in Guangdong told a 21st Century Business Herald reporter.  The Social Security Fund has always been the “shooter” of A shares. The “transcript” recently submitted by the National Social Security Fund Index (hereinafter referred to as the “Social Security Foundation”) shows that at the end of 2018, the Social Security FundAnd local entrusted funds) The asset scale exceeds 2.235 trillion yuan, the average annual investment income since the establishment of the Social Security Fund increased by 7.82%, the cumulative investment income has reached 955.2 billion yuan.  This week, the National Social Security Fund Index released the “2018 National Social Security Fund Index Basic Pension Insurance Fund Trusted Management Annual Report”. In 2018, the basic pension insurance fund equity investment income was 98.6.4 billion yuan, with an investment yield of 2.56%.Among them, the realized amount of income was 145.2.7 billion yuan (realized yield of 3.81%), the change in fair value of transaction assets was -46.6.3 billion yuan.Since the basic pension insurance fund was commissioned in December 2016, the accumulated investment income has reached 186.8.3 billion yuan.  In comparison, the Shanghai Composite Index fell by 10 in 2018.61%, Shen Chengzhi fell by 20.45%, the ChiNext fell nearly 30%.  The intellectual property rights of the content published in the 21st Century Business Herald and its clients belong to the Guangdong 21st Century Global Economic News.No one may use it in any way without written authorization.Click here for details or to obtain authorization information.

CV Source (002841): Long-term growth momentum of interactive smart tablet leader

CV Source (002841): Long-term growth momentum of interactive smart tablet leader
Superior operating efficiency, creating the strongest voice in the industry chain.CV started as a display card business and has grown into a leading company in the display industry and smart interactive tablet industry.Different from the traditional electronics factory, the source is mainly product development and sales, and the smile curve segment is firmly overlapped, and the production is all expanded.The company adheres to 北京桑拿洗浴 the zero receivable policy and has absolute absolute right to speak upstream and downstream.Depending on the combination of upstream and downstream accounts, CV increased its own operating leverage, coupled with a higher asset turnover rate, the company’s expanded ROE has been maintained at more than 30%.The source’s compound growth rate for the past five years is 40.9%, deducting non-net profit compound growth rate of 44.1%, both maintained rapid growth. Per capita income, profit, and salary are outstanding leading peers.The company has sufficient equity incentives and strong innovation capabilities. The upgrading of the display card structure has driven the continuous growth of the card business.Driven by smart TVs, the expansion of video source smart cards has grown rapidly, and the unit price of smart cards is 2-3 times that of non-intelligent. Structural upgrades have driven rapid growth in board business revenue.In 2018, the source revenue of video source display card business was 86.31 ‰, a year-on-year growth of 57%, and the market share increased to 35.8%.The company’s current smart card expansion is still lower than non-smart cards, and it will at least double the replacement space in the future.At the same time, the decline in the prices of upstream raw materials will help the business’ gross profit margin to rise; depending on the source’s increase in investment, further expansion of the white goods industry component business, future growth is expected. The education tablet enters the replacement cycle, and the informatization business still has a vast space.Shiyuan launched the Sivo brand, which has been the number one education tablet for many years, with a market share of 36.5%, which is higher than the sum of the second and third place.With the current penetration rate increasing, the growth rate of the tablet is expected to increase.However, the government’s supplement to education informatization is still rigid. The scale of informatization accounts for no less than 8% of the entire education budget, and the entire market is about 300 billion yuan.With education informatization 2.With the promotion of 0 policies, the prosperity of the industry continues, and software will become the focus.Sivo is actively deploying software-related products, while deepening its own barriers, it is also expected to usher in a new wave of growth. The market penetration of the conference tablet market is low, and explosive growth has already appeared.The number of domestic conference rooms is about 20 million, and the market space is much larger than the education market.The conference tablet has gradually replaced the traditional projector and electronic whiteboard, but the penetration rate is currently only estimated at 1%.According to statistics, China’s commercial tablet sales in 2018 were 25.40,000 units, an increase of 151% a year; 54 this year.8 ‰, an increase of 167% in ten years, showing an explosive trend.Cinesource launched MAXHUB, which still ranked at the top of the list, with a market share of 25 in 2018.4%, which is also the total of the second and third place.MAXHUB has once again verified the company’s innovation ability and is expected to replicate the growth logic of Sivo.In the era of million screens, smart interactive tablets have applications in many industries, such as hotels and retail, and have a wide range of derivatives. Covered the source of CV for the first time and gave an increase in holdings.Based on the assumption that smart boards continue to be replaced, education informatization continues to grow, and conference tablets are rapidly expanding, we are optimistic about the company’s long-term growth in the Wanping era.We expect the company’s revenue to be 213 in 2019-21.87, 260.29, 312.31 trillion, with a net profit of 13.09, 17.41, 22.780,000 yuan, corresponding to an EPS of 2.00, 2.65, 3.47 yuan, currently corresponding to an estimate of 37 in 19-21.2 times, 28.1x, 21.1 times.Considering the factors of the broad source market space and the superior competition pattern, and the historical estimate of the hub at about 44 times, we believe that the company’s reasonable estimate level is 42-44 times corresponding to 2019 and the corresponding range is 84-88 yuan.And overweight rating. Risks suggest that the prices of upstream raw materials will rise again.Depending on the source card business, the gross profit margin has decreased, and the upstream raw material prices have fluctuated gradually. The rise in prices of memory and LCD screens will cause the gross profit margin of the card to decline. The procurement of education tablets is standardized, and the information business is not up to expectations.The current penetration rate of education tablets is high, and the growth rate of procurement may occur in the future.The Seaworth software business needs to be continuously developed, with certain uncertainties. The development of the conference tablet market 四川耍耍网 fell short of expectations.The MAXHUB market is still in the development stage, and it is necessary to cultivate the usage habits of enterprise customers.The macroeconomic downturn may affect the expenditure of enterprises in the direction of informatization, and the growth rate of conference tablets may exceed expectations.

Tonghua Dongbao (600867) In-depth Report Series: Qianlong Zaiyuan

Tonghua Dongbao (600867) In-depth Report Series: Qianlong Zaiyuan
R & D efficiency is the lifeline for the continuous development of pharmaceutical companies. Novo Nordisk focuses on the field of diabetes, so the absolute amount of research and development is lower than other combined pharmaceutical companies.A retrospective analysis of Novo Nordisk’s regrets in the field of basic insulin research and the great victory in the development of GLP-1 drugs, and the results obtained: even the Novo Nordisk, a giant in the field of diabetes, continued research and development, the right directionBest-in-class R & D efficiency is also crucial. Tonghua Dongbao’s competitive advantage: production barriers + sales stickiness Tonghua Dongbao’s core competitiveness is mainly reflected in production barriers and sales stickiness.The barriers to the production of insulin are reflected in the complexity of the production process and the extremely high requirements for cost control.  Tonghua Dongbao improved Eli Lilly’s production process, and the cost of human insulin was the second lowest in the world (behind Novo Nordisk). It has a capacity of 3000 kilograms of human insulin bulk drugs.Sales stickiness is reflected in the extremely low probability that patients will actively change insulin brands.Tonghua Dongbao has 3 million + insulin users and the strongest grass-roots 杭州桑拿网 sales network. After the stock upgrade and incremental acquisition capabilities, entrants do not have it for the time being. New types of hypoglycemic drugs such as DPP-4, GLP-1, and SGLT-2 have developed rapidly, but by comparing the Chinese and American diabetes treatment guidelines, it is not difficult to find that diabetes is the ultimate treatment for diabetes and cannot be replaced.At present, the probability of non-injection dietary substitutes replacing injection supplements has also decreased, mainly due to high costs, low expected medical insurance coverage, and difficulty in accurately grasping dosages.  Insulin still has potential for growth in China. According to estimates, the potential market size is expected to exceed 66 billion US dollars.Due to complex production processes and reduced sales stickiness, prices 合肥夜网 have been relatively stable in the past 10 years, and there has not been a significant decline in the prices of some chemical generic drugs. Tonghua Dongbao is currently at the inflection point of both R & D and performance acceleration. According to Dongbao’s clinical progress: Ganjing predicts that it will be approved for production this year. Asparagus earnings are expected to be approved for production in 2020. Asparagus 50 and Asparagus 30 may win in 2021.For batch production, liraglutide is expected to be approved for production in 2022.Tonghua Dongbao’s research and development accelerated to land, and within two years, the self-production of medicines based on the benefit-based plan and pre-mixed plan was realized, and the company’s performance in the next few years accelerated growth.  We judge that 2019 is the turning point of Tonghua Dongbao’s operations. With the approval of insulin glargine in 2019 as a sign, the company will enter a dual accelerated acceleration cycle of research and development and performance.It is expected that the company’s net profit attributable to its mother for 2019-2021 will be 9.68, 11.65, 14.5.7 billion, an increase of 15 each year.37%, 20.43% and 25.00%, the corresponding EPS is 0.48, yuan; the current sustainable corresponding PE for 2019-2021 is 34X, 28X, 22X.Maintain “Buy” rating.  Risk Warning: 1. Progress of insulin glargine is not up to expectations; 2. 3. The price cuts of the third-generation insulin exceeded expectations; 3. Sales of glargine were lower than expected.

Jingwang Electronics (603228): The production line of the intelligent factory climbed smoothly and achieved steady growth in performance

Jingwang Electronics (603228): The production line of the intelligent factory climbed smoothly and achieved 北京夜网 steady growth in performance

Announcement: The company announced the 2018 annual report, operating income 49.

86 ppm, an 18-year increase.

93%, net profit attributable to mother 8.

30,000 yuan, an increase of 21 in ten years.


In the fourth quarter, the single-quarter operating income increased by 21 every year.

28% to 13.

4.4 billion, net profit attributable to mothers1.

74 ppm, an increase of 21 in ten years.


  Investment Highlights Jiangxi’s second-phase production capacity has been developed, and its performance has grown steadily: the company’s 18-year revenue growth has increased by 18.

9%, with profits growing 21 per year.

7%, mainly due to the increase in revenue of the three production lines of the Jiangxi Phase II project, and RPCB revenue of 29.

8.6 billion, an annual increase of 21%, FPC revenue of 15 billion, MPCB revenue4.

25 billion, an increase of 14% and 25% each year.

  Accelerate the construction of intelligent factories and maintain stable profitability: the company’s gross profit margin for 31 years31.

78%, net interest rate 15.

95%, basically stable. The newly opened 3 production lines are directly connected to the intelligent production line. AGV trolleys, robotic arms, etc. are widely used instead of manual labor to achieve network interconnection of enterprise cloud computing and automation equipment, and production efficiency.The product’s benign rate has outstanding performance. In 18 years, the company’s RPCB, MPCB maintained a comprehensive yield of more than 98%, and FPC reached a comprehensive yield of more than 96%, leading the industry in indicators.

  The production capacity has been steadily expanding, and the refined management leader of the circuit board industry has achieved sustainable development. As the domestic refined management leader of the circuit board industry, the company maintains its maximum advantages in terms of yield and cost control.

In terms of capacity planning, the three intelligent production lines in Jiangxi Phase II climbed smoothly, and in the fourth of 19, five lines are also expected to open. At the same time, through the acquisition of Zhuhaijingwang (Zhuhai win-win), the management team was quickly established, and the company’s FPC capacity was in short supply andThe contradiction between the orders is gradually resolved, and the rigid board and the flexible board will continue to maintain rapid growth.

  Profit forecast and investment grade: The company’s net profit is expected to be 10 in 19-21.


9, 16.

20,000 yuan, achieving an EPS of 2.

45, 3.

14, 3.

93 yuan, corresponding to 26 for PE.

6, 20.

7, 16.

6 times, based on the company’s rapid performance growth expectations in the past two years, give a “buy” rating!

  Risk warning: PCB overcapacity; product price changes.

Guangri Co., Ltd. (600894): Performance maintained rapid growth, cash flow improved significantly

Guangri Co., Ltd. (600894): Performance maintained rapid growth, cash flow improved significantly

Event: The company recently released its January-September 2019 results: January-September 2019 operating income was 45.

26 ppm, an increase of 11 years.

92%, net profit attributable to shareholders of listed companies.

61 trillion, an increase of 38 over the same period last year.


Net profit attributable to shareholders of listed companies.

40,000 yuan, an increase of 63 in ten years.


Comments: Hitachi ‘s contribution to investment income contributed to the company ‘s significant improvement in cash flow: The company’s main business is elevator sales and maintenance of elevators, elevator components, etc. According to business classification, in 2018, operating income of elevator components, elevators, and intelligent manufacturing equipment,LED, logistics, packaging, installation and maintenance accounted for 44 respectively.

51%, 28.

69%, 1.

83%, 142%, 8.

83%, 6.

52%, 6.


The increase in revenue was mainly due to the increase in production and sales over the same period of the previous year. The rapid growth in the profit side was mainly due to the increase in investment income brought by Hitachi. From January to September 2019, the investment income reached 3.

250 thousand yuan, investment income from January to September 2018 is completely 1.

690,000 yuan, an annual increase of 92.

3%, mainly due to the improvement of Hitachi’s operating conditions, and the head office from January to September 2019 to achieve revenue 45.

2.6 billion (+11.

92%), with a gross profit margin of 13.

81%, a year increase of 0.

06 points.

From the perspective of expenses, the management expenses, sales expenses, financial expenses and R & D expenses are 2 respectively.

9 (+0.

55%), 1.

23 (+5.

4%), -0.


72 (+22.


From the balance sheet perspective, the company’s inventory from January to September 2019 was 9.

50,000 yuan, an increase of 9% in ten years, and the advance receipt is 6.

71 ppm, an increase of 13 in ten years.

5%, an increase of 5 from the previous month.

83%, still reflects the company’s order situation is good.

From the perspective of cash flow, the net cash flow from operating activities reached 1.
380,000 yuan, an annual increase of 529.

As competition intensifies, it will further seize market share: January 9, 2019, the country will gradually increase elevator output growth by 15%.

8%, but at the same time the price of steel is still higher than in previous years. Through price competition, market expansion has begun to seize the low-end market, which has increasingly squeezed the living space of second- and third-tier elevator brands. The entire elevator market is facingWith hindered operating pressure, the company has better capital strength and is expected to further seize market share. According to a grassroots survey, the company’s prices have basically remained stable this year.

The rest of the business maintained stable development: The company has carried out a certain diversified layout. We expect that the main main businesses are expected to grow rapidly, and Songxing Electric is expected to grow rapidly.

1. Songxing Electric has made certain achievements in cross-industry layout this year, mainly due to some intelligent detection equipment for high-speed rail. 南宁桑拿 The undercarriage detection robot system of the EMU developed by the holding subsidiary Songxing Electric passed China in March this year.Final technical evaluation of the railway corporation.

In September 2019, Songxing Electric and Hong Kong Railway (MTR) co-developed an intelligent axle detection system and an intelligent relay detection system. In February 2019, the first vehicle bottom inspection robot has been delivered.

2. LED business: to maintain steady development, the company is more cautious about the actual qualifications and collection requirements.

3. Three-dimensional garage: The company has outstanding technical advantages. Since this year, the company has obtained multi-dimensional warehouse projects including Guiyang, Guangzhou and other places.

4. The maintenance business will have a rapid growth in recent years, and maintenance services are better and more profitable.

Profitability forecast and estimation.

We estimate that the company’s net profit attributable to shareholders of the parent company will be 4 in 19-21.

77, 6.

67, 7.

900 million, EPS is 0.

55, 0.

78, 0.

92, corresponding to an estimated 15, 11, 9 times, and maintain an overweight rating.

Risk Warning: Downstream Completion Ends Less Than Expected; Industry Price Wars Intensify

Changchun High-tech (000661): Growth hormone faucet opens a new era full of momentum instead of growth

Changchun High-tech (000661): Growth hormone faucet opens a new era full of momentum instead of “growth”
Leading growth hormone, technology advantage drives continued high growth and huge room for growth.Jinsai Pharmaceutical’s core business has grown rapidly, with 18 years of sales revenue reaching 28.99 ‰, covering 69% of the domestic market, contributing 79% to the company’s 18-year performance.5%.The company’s exclusive product long-acting growth hormone has been on the market for 15 years, and its technology is 3-5 years ahead of its peers.The potential market size of domestic growth hormone is 1037 trillion, and the penetration rate of Kinsey is only 2.8%, there is still room for growth.Recombinant follicle stimulating hormone is the only domestically produced, which is expected to take advantage of products and prices to seize the potential market of nearly 20 billion follicle stimulating hormone to achieve domestic substitution. The restructuring of Kinsey is officially implemented, and the performance is expected to be further released.The company issued shares and convertible bonds to acquire 29 held by Jin Lei, a minority shareholder of Jinsai Pharmaceutical, and Lin Dianhai.The 5% share plan has been approved by the CSRC in September 2019, and Jinsai Pharmaceutical’s 19-21 year performance commitment has grown at a rate of not less than 37.64% / 25.03% / 19.10%.This reorganization stabilized the military mind and eliminated the uncertainty of Jin Lei’s departure. After the implementation of the plan, Jinsai Pharmaceutical Jinsai Pharmaceutical almost became a wholly-owned subsidiary of Changchun High-tech (99.5%), the interests of the parent company are the same, Jin Lei will become the company’s second largest shareholder, which is expected to increase the company’s operating vitality, and Jinsai Pharmaceutical’s performance continues to grow. The vaccine business is expected to bottom out, and self-developed and externally introduced varieties will expand the product line.Baike Bio has achieved net profit for 18 years2.40,000 yuan, performance contribution rate 9.5%.Affected by the 18-year longevity biological incident and the relocation of production workshops, the change in the number of 2019H1 varicella 杭州夜网 vaccines and rabies vaccine batches issued, and 100 grams of biological net profit decreased by 31%; 2019H2 varicella vaccine will gradually return to normal, and performance will pick up.The flu vaccine is expected to be approved by the end of 2019.The introduction of MMR vaccine technology from Russian FORT will further enrich the vaccine product line.The shingles vaccine has completed the second-phase clinical trials, and domestic progress is accelerating. 13- and 20-valent pneumonia vaccines will enter the clinic in 2020. The vaccine sector will usher in new developments. The proprietary Chinese medicine and real estate sectors are relatively stable, with less impact.The impact of Huakang’s pharmaceutical business and real estate business on the company’s performance has been decreasing year by year, and the proportion of 上海夜网论坛 net profit in the company in 2018 was 1.5% vs. 9.5%, which has a small impact on the company’s overall performance. Profit forecast and investment grade: It is estimated that the company’s net profit attributable to the parent in 2019-2021 will be 13 respectively.8.1 billion, 18.3.4 billion, 23.77 trillion, EPS is 8.12 yuan, 10.78 yuan, 13.97 yuan, corresponding PE is 46x, 35x, 27x.If you consider the 2020 gold match consolidation, the company’s performance in 2020 will be about 22.50,000 yuan, corresponding to only 31X after the additional PE.The company is a leader in recombinant protein, and has a leading advantage in growth hormone. Jinsai Pharmaceutical strives to maintain rapid growth after the completion of the reorganization. The vaccine business will gradually warm up after the relocation of the new plant is completed; it will promote the high-volume of follin and the nasal spray vaccineWinning batch; follow-up supplementary vaccines, double antibody and transdermal patch layouts provide various potential drivers for the company’s future development.We judge that the company will maintain a compound growth of more than 30% in the past three years. Looking at 2020, the current market value of the company still has 26% growth space. In the long term, the company ‘s growth space penetrates and covers for the first time. Risk reminder: the risk of the monopoly being destroyed; the risk that the new product launch and promotion progress is less than expected; the risk of the industry regulatory policy and fee control policy changes affecting the company; the progress of the product under development is less than expected;There is an error.

Post-holiday institutional research GEM accounted for 60% of A shares. The 10 were researched more than 100 times.

Post-holiday institutional research GEM accounted for 60% of A shares. The 10 were researched more than 100 times.
Original title: 60% of financial institutions’ post-holiday research on GEM accounts for 60% of A shares!These 10 were all researched over a hundred times!  Source: On February 17th, the No. 1 Finance Academy, the GEM, which has recently been dubbed the “God Creation Board” by the market, is showing “miracles” again.  Today, the broader market opened collectively. After the market opened, the index quickly rose. The market, agriculture, and technology 北京夜网 stocks were relatively active. In the afternoon, the three major indexes continued to rise, the bulls were over-excited, and the market’s profit-making effect was quite good.The final close, the Shanghai Composite Index reported at 2983.62 points, up 2.28%, with a turnover of 3670.1.4 billion yuan (3080 in the previous trading day.8 billion yuan); Shencheng Index reported 11241.50 points, up 2.98%, with a turnover of 5701.8.9 billion yuan (5048 in the previous trading day).92ppm);At 18, it rose 3.72%.  According to the data, the No. 1 hospital found that as early as after the Spring Festival, insurance companies, securities firms, funds, banks, trusts and other financial institutions began to intensive research on GEM stocks, which also laid a foundation for the surge in GEM after the holiday.  From the data point of view, from February 3 to February 16, the financial institutions surveyed 49 GEM stocks a total of 3494 times, accounting for 58 of all A-share found companies.86%.  In terms of individual stocks, 10 stocks were found over a hundred times, Mindray Medical has the highest number, reaching 452 times, and stocks such as Boya Biotech, Venture Wellcome, Yaguang Technology, and Jinke Culture were also found over a hundred times.For details, see the forecast: the largest, Fubon shares, spin pole information, Dow technology and other stocks are also found more frequently.An overview of GEM stocks researched by financial institutions after the Spring Festival. For details, see Reorganization. From the frequency of research by different financial institutions, funds and private equity have the highest enthusiasm for the discovery of GEM. The research frequency of securities and insurance institutions is relatively relative. For details, see Alternatives: