• Jieshun Technology (002609): Smart parking faucets are beginning to change from quantitative to qualitative

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    Jieshun Technology (002609): Smart parking faucets are beginning to change from quantitative to qualitative

    Product precipitation, sufficient funds, the company’s leading advantages continue to expand, high-quality products continue to precipitate, and the ecological system has initially formed.

    In terms of intelligent hardware, we will deepen the application of AI technology. In terms of platforms, we will launch the Tianqi Smart IoT Management Platform and parking lot cloud seats to provide unified management of multiple services. In terms of operations, the profitable model of smart parking operations has been successfully implemented and the promotion model has gained marketverification.

    The “smart hardware + platform + operation” ecology of the existing company has taken shape, and the second half of the ecological transformation will begin soon.

    In the industry, the company has maintained a capital advantage of resistance for a long time, with abundant capital reserves and credit space, which has guaranteed the company to take the initiative in industry development and competition.

    Relying on capital advantages, the company continued to strengthen research and development to promote the transformation of research and development results into new products, and the company’s leading advantages gradually increased.

    The adjustment period of traditional business has passed. Strengthening the channel construction and consolidating the foundation for development. The company lowered the price of terminal equipment in the early stage, promoted the staging model, and reduced the dimension of some competitors. The smart parking business expanded rapidly.

    In early 2018, Ant Financial invested a US $ 2 million strategy to invest in the company’s Shunyitong, further accelerating the development of smart parking business.

    The company strengthened the channel construction and consolidated the foundation for development.

    The company launched the “Urban Partnership Plan” and “Qiancheng Franchise Plan” in 2018. The channel construction has developed significantly. The city partnership plan has established 6 joint ventures. The Qiancheng Franchise Plan has more than 50 franchisees within 3 months of its launch.Finish signing.

    Industry competition has returned to rationality, and the impact of price reductions has been eliminated.

    Internet start-ups have insufficient hardware skills, and free-standing models relying on financing for development continue to show shortcomings, and Internet start-ups continue to fade out of the market in the capital winter.

    The impact of the company’s initial price reduction has basically been eliminated, and the subsequent market concentration of the benefiting industries will increase.

    The scale-up of new business is about to cross the break-even point 2B. The company’s AI cloud service solution “Jieshun Cloud Agent” and Tianqi Smart IoT Management Platform will greatly help the property to reduce costs and increase efficiency.

    In terms of 2B2C, the company and the bank carried out parking discounts, parking coupon replenishment, etc., and the implementation of the channel service profit model with insurance institutions to implement the combination of insurance purchase and parking coupon discounts has been successfully implemented. The company has potential stock advantages in parking lot resources.Helping the business grow.

    Profit forecast and estimation Due to the slow progress of the company’s new business exploration in 2018 and the decrease in the gross profit margin, the company’s profit forecast was lowered, and the net profit was 2 from the original forecast of 四川耍耍网 2019/2020.


    98 trillion down to 1.


    26 trillion, with an additional 2021 forecast3.

    17 trillion, corresponding to EPS.




    Using the segment estimation method, the company’s corresponding market value in 2019 is about 7.7 billion US dollars, corresponding to 11.

    87 yuan.

    Risk warning: the competition in the parking IT industry has intensified; the progress of smart parking promotion has fallen short of expectations;

  • World Games Circuit (603920): Hard Practice

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    World Games Circuit (603920): Hard Practice

    Event: The company announced the 2019 third quarter report, and realized revenue from January to September.

    66 ppm, an increase of 9 in ten years.

    08%; net profit attributable to mother 2.

    170,000 yuan, an increase of 32 in ten years.

    26%; net profit of non-attributed mothers2.

    4.0 billion, an annual increase of 22.

    96%; cash flows from operating activities3.

    89 ppm, a 126-year increase.


    Production capacity increased quarter by quarter.

    Judging from the single quarter of Q3, revenue and net profit increased each year.

    04% and an increase of 37.

    55%, compared with Q2 single quarter revenue growth of 7.

    97%, net profit increased by 24% and Q1 single quarter revenue increased by 7.

    8% and net profit increased 41.

    56%, indicating that the company’s capacity utilization rate has been increasing quarter by quarter. We judge that the probability of raising funds in the first phase has reached a standard that exceeds 50%.

    More than 90% of the company’s revenue comes from Japan, South Korea and the United States and Europe’s 青岛夜网 automotive electronics, home appliances, communications and other giants, especially the breakthroughs in Japanese and South Korean automotive electronics giants will gradually increase the company’s future production capacity.

    Enhanced comprehensive capabilities.

    As of Q3 2019, the overall gross profit margin was 23.

    85%, an increase of 2 per year.

    For the 51 single ones, we judge that the overall gross profit margin increase in the next few quarters will accelerate with the increase in production capacity and the company’s fixed asset investment growth rate will accelerate, and eventually reach or exceed 30% in 2021.

    The company’s Q3 single quarter R & D expenses, sales expenses and management expenses increased by 31 respectively.

    66%, 37.

    6%, 60.

    95%, the average growth rate is far higher than the growth rate of revenue, which means that the company is focusing on the development of new customers and the improvement of internal management capabilities while increasing the research and development of new products. We judge that the company’s comprehensive competitiveness will be further enhanced.

    Profit forecast and investment recommendations We believe that the company’s net profit for 2019-2021 will be 3 respectively.

    2 billion, 4.

    500 million and 6.

    320,000 yuan, corresponding to 0 EPS in 2019-2021.

    78, 1.

    10 and 1.

    54 yuan, corresponding PE is 21 respectively.

    2, 15 and 10.

    7 times, based on the company’s possible breakthrough in the Japanese and South Korean automotive electronics giants, we still give a “Buy” rating.

    Risk warning: PCB price drop risk; copper clad plate price rise risk

  • Biological Stock (600201): P3 Lab Consolidates Competitive Advantage, Meets Turning Point in 2020

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    Biological Stock (600201): P3 Lab Consolidates Competitive Advantage, Meets Turning Point in 2020

    Event On February 3, 2020, the company announced that its wholly-owned subsidiary Jinyu Baoling Animal Biosafety Level 3 Laboratory received relevant approvals from the Ministry of Agriculture and agreed to its military-related experimental activities of highly pathogenic animal pathogenic microorganisms, including research on foot-and-mouth disease vaccineAnd efficacy evaluation tests (virus isolation and culture, identification, and animal infection experiments), conducting activities such as virus isolation and culture, identification, animal infection, and efficacy evaluation tests involved in African swine fever vaccine research.

    On January 21, 2020, the company issued a 2019 performance forecast.

    In 2019, the company realized net profit attributable to shareholders of listed companies2.

    10 to 2.

    50 ‰, reducing 66 annually.

    86% -72.


    The company’s net profit attributable to shareholders of listed companies in Q4 2019 was -0.

    38 to 0.

    02 million, a decrease of 97 per year.

    88% -152.


    Our analysis and judgments have significantly reduced the number of pigs in stock. The company’s sales scale The company’s main business is the research and development, production and sales of veterinary biological products. The product categories cover pig, poultry, anti-step series animal vaccines, and pig vaccines.Products and market-based businesses account for a relatively high proportion.

    Reported numbers, due to the impact of the African swine fever epidemic, domestic pig production has declined significantly.

    According to data from the Ministry of Agriculture and Rural Affairs, from January to September 2019, the number of capable sow stocks has continued to decrease, and by the end of September, the number of capable sow stocks has decreased by 38.

    9%, since October the number of sows can reach the bottom and rebound.

    The hog inventory continued to decline from January to October, and the end of October the hog inventory exceeded the decrease by 41.

    4%, the number of pigs in November also stopped 南京夜网 falling and rebounded month-on-month.

    In the early stage, the expansion of downstream pig breeding industry production capacity affected the company’s sales of pig vaccines, and the company’s net profit attributable to mothers in 2019 was 2.

    10 to 2.

    50 ‰, reducing 66 annually.

    86% -72.


    The bottom of hog production capacity has resumed, and the competitive landscape has improved. In terms of performance of the leader, the hog inventory is expected to improve. According to data from the Ministry of Agriculture and Rural Affairs, in December 2019, the national sow production capacity will increase by 2 compared to the previous month.

    2%, 3 months of chain growth has been achieved.

    The recovery of production capacity of large-scale farms has accelerated. In December, the number of live pigs and 杭州桑拿网 breeding sows in pig farms with an annual production volume of more than 5,000 pigs in the country increased from the previous month.

    7% and 3.

    4%, both increased for 4 consecutive months.

    In terms of hog prices, the average national hog price in January 2020 will be in the range of 34-36 yuan / kg. In 2020, we expect the hog price is expected to be around 28-30 yuan / kg, and about 18-20 yuan / kg is still obvious in 2019increase.

    The profitability of pig farming is better than in the historical year.

    The downstream production capacity is restored and the profit growth is increased, and the demand for high-quality vaccines will increase significantly, especially the large-scale farm capacity recovery is fast. For biological shares covering nearly 10,000 large-scale farms, vaccine sales will resume rapid growth.

    At the same time, the further decline in demand for swine vaccines in 2019 will also have a shuffle effect on the industry. Small and medium-sized enterprises with difficult business operations will be eliminated, and the market share and profitability of leading companies will continue to increase.

    The company’s research and development, leading technology in multiple dimensions, and rich categories, are optimistic about the long-term growth of biological shares. The research and development and technological advantages are leading the industry. The technology is at the forefront of the industry. The use of high-quality products in the foot-and-mouth disease market seedlings market share continues to remain the first;After the influenza vaccine field, the company’s core product structure has been further increased. In the future, the titer of products such as avian influenza vaccine will be optimized through existing mature technologies. At the same time, market-oriented sales channels will be strengthened. The market share of poultry seedlings is expected to advance steadily.Vaccine has become an important large single product; through the establishment of a joint venture with Kyoritsu Pharmaceutical Co., Ltd., pet vaccines have also entered the incubation period.

    The company still has a lot of room for improvement in the future and is optimistic about the company’s long-term growth.

    Recently, the Jinyu Baoling Animal Safety Third-Class Laboratory’s military highly pathogenic animal pathogenic microorganism experimental activities have been approved by the Ministry of Agriculture, and the company has become the first domestic animal vaccine that can simultaneously carry out research and development related to foot-and-mouth disease vaccine and agricultural swine fever vaccine.enterprise.

    We believe that the obtaining of this approval will promote the company’s research and development capabilities, technological innovation and development, and the cooperation between industry, university and research, and will further promote the company’s core competitiveness and industry influence.

    Investment suggestion: We expect the company’s revenue to be 12 in 2019-2020.

    28, 15.23 ppm, an increase of -35 in ten years.

    53% and 24.

    55%; net profit attributable to mother is 2.

    32, 5.

    0.6 billion, an increase of -69.

    23%, 118.

    10%; corresponding PE is 101.

    3x and 46.

    4x, maintain “Buy” rating.

    Risk warning: industry competition intensifies; the swine fever epidemic affects the industry inventory to continue to deteriorate.

  • Tonghua Dongbao (600867): Insulin glargine is approved soon, the company is expected to usher in a turning point in performance

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    Tonghua Dongbao (600867): Insulin glargine is approved soon, the company is expected to usher in a turning point in performance
    Event: The company’s semi-annual report for the year 19 reported that the net profit attributable to the parent decreased year by year.深圳桑拿网85%. Tonghua Dongbao released its 19-year semi-annual report and achieved operating income14.3.5 billion, down 1 year.96%; net profit attributable to mother 5.32 ppm, a decrease of 0 per year.85%; net profit deducted from non-return to mother 5.26 ppm, an increase of ten years.00%; expected average ROE is 10.81%, overall performance in line with market expectations. The expense ratio remained good during the period, and the insulin business improved significantly from the previous quarter. In terms of quarters, the company’s 19Q2 single-quarter operating income and attributable net profit growth rates were -3.18% and -1.67%, slightly lower than the growth rate of 19Q1 performance, which is mainly related to the higher performance base in the same period last year, and the significant decrease in recognized revenue from real estate business.In terms of products, according to the semi-annual report, the company’s revenue for the 19H1 insulin series accounted for 81.29%, that is, operating income11.6.6 billion, an annual increase of 7.49%, a growth rate of revenue in the second half of 18 (-15.21%). In terms of other businesses, the company’s medical device and proprietary Chinese medicine business is expected to remain relatively stable, while actual business revenue is expected to be significantly higher than the same period last year. During the 19H1 period, the company’s expense ratio was well controlled, of which sales expenses were 23.79%, increasing by 0 every year.96 points; R & D expenses 2.46%, a decrease of 0 every year.69pct; financial expenses 0.81%, increasing by 0 every year.75pct; the management expense ratio is basically the same as last year. The insulin business is deeply rooted in the grassroots market and is expected to usher in an inflection point in the second half of the year. Since 18Q3, the company has proactively adjusted the sales strategy and channel inventory of its incremental series products, resulting in short-term fluctuations in performance growth. However, according to the company’s announcement, the company’s channel destocking has been basically completed, and the insulin series products have resumed steady growth. With a high performance base in the same period last year, the sales growth rate of 19H1 still reached 7.49%, a significant improvement from the previous quarter. With the gradual advancement of the national graded diagnosis and treatment and the launch of a new list of basic medicines, the company has accelerated the development of township hospitals and community service centers, and the grassroots market coverage and doctors have continued to increase. At the same time, the company continued to deepen its cooperation with commercial companies to ensure terminal coverage of insulin and needle test strips. Considering that the company’s performance base in the second half of the year decreased, and at the same time a series of product sales increased steadily, we expect that the company is expected to usher in a performance inflection point in the second half of the year. Focusing on the development of multiple products for diabetes treatment, insulin glargine is expected to be approved for marketing within the year. Focusing on the field of diabetes treatment, the company actively develops research and development of various products. According to the company’s semi-annual report, in terms of budget analogs, the company’s insulin glargine completed the production site inspection and sampling in May-June 19, and is currently in the review stage of the Chinese People’s Procuratorate. It is expected to be approved for listing in 19; Production was declared in March of this year, and it was replenished in 4 months. It is expected to be approved for listing in 20 years. Insulin aspart 50 premix was completed in March 19, and patients were enrolled. Insulin aspart 30 premix was planned to be completed in 19 years.Group; insulin detemir and insulin lispro are in the clinical preparation stage. The company also cooperates with French Adocia company to jointly promote the development of the fourth-generation insulin. The ultra-fast-acting insulin analogue (THDB0206) is planned to complete preclinical research at the end of 19th and report to the clinic in 20H1. In terms of GLP-1 analogues, liraglutide completed the first phase III clinical enrollment of patients in June 19, and pre-clinical studies of dulaglutide are being conducted.Regarding oral hypoglycemic agents, products such as reglitinide, troglitin, and sitagliptin have been approved for marketing 20 years later.The successive listing of products such as glargine and insulin is expected to become a new growth point for the company’s performance. Investment suggestion: Buy-A investment rating, 6-month target price of 16.45 yuan.We expect the company’s revenue growth to be 8 in 2019-2021.8%, 16.4%, 14.8%, net profit growth rate was 15 respectively.0%, 22.3%, 19.3%, outstanding growth; given Buy-A investment rating, 6-month target price is 16.45 yuan, equivalent to 35 times dynamic price-earnings ratio in 2019. Risk warning: product development and approval progress is less than expected, insulin sales and marketing are less than expected

  • Leverage the capital market to allow more companies to obtain equity financing opportunities

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    Leverage the capital market to allow more companies to obtain equity financing opportunities

    Experts said that the capital market is the main channel for direct financing, with optimized resource allocation and low financing costs. Source: Securities Daily reporter Meng Ke Since the beginning of this year, the comprehensive deepening reform of the capital market has been steadily advancing.Proportion of direct financing, and propose specific measures.

    On November 25th, the People’s Bank of China issued the Financial Stability Report (2019), which proposed to optimize the financing structure and financial institution system, market system, and product system to further increase the adaptability and scale of financial supply to the real economy.

      In an interview with the Securities Daily, Chen Li, director of the Sichuan Financial Securities Research Institute, said that although the current trend of optimizing the financing structure has emerged, credit financing with the banking system at the core is still trying to replace it.

    The capital market is the main channel for direct financing. Indirect financing has advantages such as optimized resource allocation, complete information disclosure, and supplementary financing costs. It can effectively avoid the accumulation of risks in the banking system and bring investment income to market investors.It is an important means for financial support to the real economy.

      Chen Li also said that the financing means in the form of measurement indicators, the burden of equity financing costs on the 武汉夜网论坛 profitability of the enterprise is relatively relative; at the same time, thanks to the risk balance of the shareholders’ meeting, the company’s own operating risks can be effectively reduced.

      Suning Financial Institute’s special scientist He Nanye told the Securities Daily reporter that the current financing structure, the equity and debt rights show a 28 structure, bank loans, bond financing and other debt financing account for a high proportion, while equity financing accounts for a relatively low proportion, soThe burden of corporate debt burden is not high.

    Therefore, through the capital market, by increasing IPO, refinancing, mergers and acquisitions, and other business dynamism, companies can obtain more equity financing, which can meet the funds required for development, reduce the company’s asset-liability ratio, reduce financial burden, and optimizeCorporate governance institutions, the introduction of external strategic investors, resource synergies, and accelerated company development.

      Data show that in the first 10 months of this year, a total of 143 companies in Shanghai and Shenzhen completed IPOs, raising a total of US $ 162.4 billion; listed companies refinancing US $ 839.4 billion; the market-wide M & A and restructuring transaction amount1.

    42 trillion yuan; various types of bonds issued by the exchange market6.

    16 trillion yuan, including corporate bonds 2.

    59 trillion, all exceeded the level of last year.

      ”Capital market reforms have been the main driver of the accelerated pace of IPOs this year.

    Chen Li believes that the pace of reform of the capital market has accelerated significantly since this year, and the direction of reform is focused on the basic system.

    In terms of incremental reforms, the Science and Technology Innovation Board has landed quickly and steadily. While giving priority to strategic emerging industries, it also provides an effective substitute for the reform of the basic system of the capital market and promotes the reform from incremental to stock.

    Judging from the current pilot innovation system of the Science and Technology Innovation Board, the IPO registration system can effectively alleviate the situation of the “dam lake” of the IPO, and the strict delisting system can effectively improve the quality of listed companies in the market and promote the advantages and disadvantages.

    Therefore, the quality of listed companies generally improves, and the steady and accelerated pace of IPOs will be the general trend of the future development of the long-term capital market.

      Talking about the later IPO review will be improved from some aspects?

    In the view of He Nanye, the first is to further improve the queuing quality of the proposed IPO company, strengthen financial verification, and make non-compliant problem companies consciously withdraw from the sequencing sequence, reduce future review pressures from the source, and improve audit efficiency.

    The second is to “grasp the big and let go of the small” during specific audits, and strictly audit corporate performance and finances, increase tolerance for other issues that do not affect the essence of corporate development, and increase the number of incremental listed companies.

      Chen Li said that registration production is an international practice, with information disclosure as the center, marketization as the main means, and the rule of law environment as an important substitute, so it has also become a symbol of the maturity of the capital market and even the financial system.

  • Dashenlin (603233): Q2 Performance Exceeds Expected Growth, Endogenous Trend Will Continue

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    Dashenlin (603233): Q2 Performance Exceeds Expected 杭州桑拿网 Growth, Endogenous Trend Will Continue

    The event company released a semi-annual report for 2019. In the first half of 2019, the company achieved operating income.

    5.2 billion, 3.

    81 ppm and 3.

    7.3 billion, an increase of 28 each year.

    65%, 32.

    21% and 33.

    93%, achieving a budget benefit of 0.

    73 yuan, on the one hand, operating cash flow1.

    10 yuan, exceeding our average expectations.

    The short-term increase in the chain growth rate is maintained, maintaining a good momentum of endogenous growth. In Q2 2019, the company achieved operating income.

    7.4 billion, 1.

    9.7 billion and 1.

    9.6 billion, an annual increase of 30.

    51%, 39.

    52% and 40.

    26%, Q2 QoQ expansion and promotion drove the company’s H1 performance to grow rapidly.

    We believe that: 1) Guangdong Province passed the hierarchical management method in 18Q2, the company’s expenses increased, and the performance base decreased; 2) The company has continued to build and expand since it went public in 2017. On an annual basis, until the end of 2018, the company’s number of stores in the growth period accounted for 3 years.Than at 52.

    58%, the endogenous growth trend is good; 3) The company’s pharmaceutical service capacity has been strengthened, the hospital side stores (more than 600) and DTP pharmacies have been steadily promoted (35 have been opened, with a target of 70), and the proportion of prescription drug revenue has increased to 28.

    60%, an annual increase of 31.


    From the perspective of profits in the first half of the year, we estimate that the increase in profits from tax reductions and small-scale taxpayer reforms will increase the profit growth rate by about 3%, and each time the self-construction speed increases, the profit growth rate will be around 3% -5%.The profit growth rate of students’ contribution is about 25%, and comparable-caliber same-store growth is about 11%.

    The expansion of H1 stores has slowed down, H2 has accelerated its expansion, and the expansion plan is maintained as of June 30, 2019. The company has 4,153 stores and 313 new stores in the first half of the year.

    In the first half of the year, there was a net increase of 274 stores, of which 156 were self-built stores, 118 were acquired, and 40 were closed.

    There are 3151 Medicare designated stores, accounting for 76 of the total number of stores.


    On the whole, the company’s H1 store expansion speed has increased, which is in line with the company’s slower H1 expansion and faster H2 expansion.

    It is expected that the expansion rate of H2 stores will gradually accelerate and remain unchanged at the expansion plan of 1,000 stores: 1) The self-built strength of H2 will be increased; 2) After the change of H1, the acquisition target will be upgraded and signed on H2.

    The endogenous effect is significant. Since the listing of the core market and comprehensive efficiency improvement, the company has adopted the method of self-construction and mergers and acquisitions as a supplement. The main expansion area is southern China, which has led to the company ‘s southern China and comprehensive monthly average efficiency since 2017.Downtrend.

    In the first half of 2019, the company’s expansion rate slowed down, and it strengthened refined management and scale effect enhancement. South China and the comprehensive monthly average ping efficiency rebounded, and operating efficiency was improved.

    The increase in the proportion of prescription drugs and promotion led to a decline in gross profit margin and good cost control. The remaining financial indicators were basically normal. In the first half of 2019, the company’s gross profit margin reached 40%, which gradually decreased1.

    67 units, mainly due to the increase in the proportion of prescription drugs, increased price reduction and tax reform; sales expenses and expenses 25.

    38%, down by 1 every year.

    A total of 73, management expenses4.

    06%, a decline of 0 per year.

    Thirty-one total, the cost is well controlled.

    Net cash flows from operating activities increase by 253 per year.

    06%, mainly due to the expansion of sales scale and the optimization of inventory brought about by the reduction in procurement scale.

    The remaining financial indicators are basically normal. Earnings forecast and investment rating We expect the company to achieve operating income of 114 in 2019-2021.

    7.3 billion, 144.

    00 ppm and 177.

    470,000 yuan, the net profit attributable to mothers is 6, respectively.

    9.2 billion, 8.

    7.2 billion and 10.

    880,000 yuan, an annual increase of 30.

    1%, 26.

    1% and 24.

    7%, equivalent to 1, respectively.

    33 yuan / share, 1.

    68 yuan / share and 2.

    09 yuan / share, corresponding to an estimated 40.

    6X, 32.

    2X and 25.

    8x, maintain BUY rating.

    Risk analysis Medical insurance policies are becoming stricter; store expansion progress is expected to exceed expectations; store profitability is declining; prescription outflow progress is gradually expected;

  • Haitong Securities (600837): Trading elasticity weighs on 2018 performance wealth management + financing lease stable cycle

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    Haitong Securities (600837): Trading elasticity weighs on 2018 performance wealth management + financing lease stable cycle

    Institutional and trading business dragged down performance, wealth management, financial leasing business, and asset management business to promote smooth cycles.

    In 2018, Haitong Securities realized a net profit of 5.2 billion (YoY-40%), an operating income of 23.8 billion (YoY-16%), and EPS0.

    45 yuan / share, ROE4.

    07% (-3% YoY).


    The main drag on the business was due to the decrease in transaction business. In the year, the transaction and institutional business realized operating income of only US $ 800 million, which increased by 186%, causing a loss of 1.3 billion profits.

    The wealth management business, financial leasing business, and capital management business also maintained revenue and profit growth, achieving revenue growth of 7% / 36% / 4%, and profit growth of 11% / 18% / 17%.

    Initial wealth management business, investment banking business, asset management business, financial leasing business, transaction and institutional business profit margins accounted for 6深圳桑拿网5% (+31 points YoY) / 17% (+9 Points YoY) / 17% (+8 points)) / 18% (YoY + 10pt) / -17% (YoY-57pt).

    Significantly damaged investment, FICC actively promoted.

    In 2018, the capital market was sluggish, and Haitong’s direct investment income was estimated to be 35% (YoY-63%), of which the fair value loss was 2 billion yuan.

    The investment income net income industry’s market share is 4%, which is reduced by 8pt each year.

    With the market warming and trading sentiment heating up every year, investment elasticity will bring positive effects this year.

    The company has been aggressive in product creation, obtained a 50ETF supplementary main market maker Class A rating, obtained a foreign currency lending membership in the foreign exchange trading center, and the international derivatives business is classified as the first-青岛夜网tier issuer to launch US market making business.

    The retail brokerage business was damaged while the wealth management business was a bonus.

    Affected by the light market trading in 2018, the company’s stock base transaction volume fell by 16%, the net income of the brokerage business was 3 billion (YoY-24%); the balance of margin financing and securities lending was 49.6 billion (YoY-20%);(YoY-23%).

    But the scale, the company’s high net worth wealth management business strengthened, the subsidiary Haitong Futures continued to maintain the first market share, hedging the pressure of traditional brokerage business decline, bringing 11% profit growth, contributing more than half (65%) of operating profit.

    The financial leasing business smoothed the cycle, which resulted in increased interest income.

    The total assets of Haitong Hengxin, a financial leasing subsidiary, exceeded 80 billion yuan, achieving annual revenue growth of 32%, and net profit exceeding 10%.

    Haitong Hengxin currently operates in many fields such as infrastructure, transportation and logistics, industry, medical treatment, education, construction and real estate, and actively explores leasing models with brokerage characteristics. It has launched a certain product combination combining equity and debt.

    This business was separated from the secondary market transactions, restructured the company’s trading business cushion, and took advantage of the integrated financial services platform.

    The optimization of asset management scale compression structure helped increase profits.

    Under the influence of the sluggish capital market and new asset management regulations, Haitong Asset Management has a scale of 294.4 billion yuan (YoY-10%).

    Despite the scale reduction, the scale of active management business was 108.3 billion (YoY + 20%), which increased to 37%.

    As the income from active management product program fees is much higher than that of passive products, even the overall scale of Haitong’s asset management has fallen, and revenue and profits can increase by 10% and 25% respectively.

    At the same time, the subsidiary Haifutong Fund’s management scale was 2125 trillion, a year-on-year increase of + 4%, and the proportion of public offering management scale increased by 4pt to 42%.

    The scale of Haitong International Securities’ asset management business also developed rapidly. At the end of the year, the scale of management reached US $ 46.4 billion. The ranking continued to be Chinese-funded. Fund management companies ranked among the top in Hong Kong’s asset management.

    Investment banks have grown against the trend, with both scale and profits increasing.

    In the environment of severe market shrinkage, Haitong completed 24 equity financings and raised US $ 47.1 billion, a year-on-year growth of 27%. Bond financing totaled US $ 255 billion, achieving 1.

    It has doubled, the corporate bond underwriting amount ranked second; the total transaction value of merger and reorganization business was 66.3 billion, a year-on-year increase of 16%.

    The investment bank as a whole realized a total profit of 1.3 billion, a year-on-year increase of 23%; the company’s investment bank business net income accounted for 12% of the industry’s net income, a year-on-year increase of 3 points.

    High investment flexibility combined with the recovery of equity markets has shown positive feedback.

    Monthly data for 1-2 months (recognized audit) show that Haitong Securities realized revenue of 2.7 billion (YoY + 84%) and net profit of 1.4 billion (YoY + 127%).

    The company will issue no more than 1.6 billion shares, 20 billion US dollars in development capital intermediary business, FICC investment, information system construction, etc.

    With the opening of the direct financing space, supplemented by capital strength, combined with the company’s own investment banking business, financial leasing business advantages, and advancement in wealth management, the company is expected to achieve higher performance growth.

    The current company corresponds to an estimated 1 in 2019.

    2 times, still at the highest level, maintaining the “recommended” level.

    Risk Warning: The policy advances less than expected, and the market fluctuates greatly.

  • Xiamen Tungsten Industry (600549) Incident Review: Ternary Trend of Battery Material Capacity Expansion Increasing

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    Xiamen Tungsten Industry (600549) Incident Review: Ternary Trend of Battery Material Capacity Expansion Increasing

    Event: Recently, the company issued an announcement to quickly occupy the market of medium and high nickel materials for automotive power in order to meet the demand of new and energy vehicles for medium and high nickel materials.

    The company’s subsidiary Xiamen Xiamen Tungsten New Energy Materials Co., Ltd. plans to invest 18.

    USD 4.8 billion to build a 2-inch automotive lithium-ion material.

    The product types are mainly medium and high nickel ternary materials, replacing pure electric and plug-in electric vehicles.

    Comment: The revenue of short-term materials business has grown rapidly, and the top companies in the industry have achieved sales revenue of 195 in 2018.

    5.7 billion, an increase of 37 in ten years.


    Among them, battery materials business income reached 71.

    62 ppm, an increase of 75 in ten years.


    The growth of the battery materials business was significantly higher than other businesses. The overall performance of the new energy materials business in the first three quarters was good, but the rapid decline in the price of cobalt in the fourth quarter led to a reduction in product prices, leading to profit substitution.

    According to GGII data, the size of China’s lithium battery ternary material market reached USD 26.3 billion in 2018, an increase of more than 52.

    9%; the amount of 13.

    68 growth rate, 57% per year.

    The company’s battery material production and sales last year was 2.

    Around 5, it ranks among the top in the industry.

    Company customers include Ningde Times, BYD and Panasonic.

    Based on the main business to expand the new energy business and increase the speed of the increase in the layout of the company. The company entered the lithium ion variable materials industry earlier. It has a transformed technological advantage, business scale advantage, market and customer advantage. Announced.

    Which lithium cobaltate 1.

    Four, 1,000 tons of lithium iron 四川耍耍网 phosphate and lithium manganate, ternary material 1.

    5 nominal.

    The first phase of the 6000-ton project at the Sanming Base has been completed and put into operation; the equipment selection for the second phase has begun and it is planned to start production in August 2019; the Ningde base has an annual output of a power lithium-ion material production line project for a car at the end of 2018.Commissioning; The first phase of 6000 tons of lithium ion ternary initial material project for Haicang base 1 has been completed and put into operation, and the second phase equipment is being installed and commissioned.

    In March 2019, the new energy vehicle subsidy policy was officially implemented. The new policy continued to optimize technical indicators, put forward key support for high-quality products with a high level of technology, and steadily increase the intelligence requirements for power battery energy density doors.

    With the gradual acceleration of the marketization of the new energy automobile industry, whether it is a change in the structure of downstream new energy automobile products or the power battery, the direction of the production capacity of transition materials has shown the trend of “consumer upgrade” in the entire industry.

    Ternary primary materials have high specific energy technical advantages. On the basis of ensuring safety, their market share will gradually increase.

    In the first quarter of 2019, the installed capacity of ternary material batteries accounted for more than 70%, especially the throughput of medium and high nickel ternary materials.

    The investment and construction of the company’s annual production of an initial ternary medium and high nickel material production line confirms our judgment on the future technology trend of the power battery industry.

    Profit forecast and investment recommendations We estimate the company’s net profit attributable to mothers to be 5 in 2019/2020/2021.



    94 ppm, corresponding EPS is 0.



    49 yuan.

    The corresponding PE for 2018/2019/2020 is 40/35/31 times.

    Give “overweight” rating.

    Risk reminder: supplementary tax rebate results in an increase in the industry’s gross profit margin; downstream product technology upgrade progress is less than expected.

  • Xingyu shares (601799): Q3 results rebound significantly

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    Xingyu shares (601799): Q3 results rebound significantly

    Event Overview The company released three quarterly reports for 2019: 2019Q1-Q3 achieved revenue 41.

    100 million, an increase 厦门夜网of 10 in ten years.

    2%; net profit attributable to mother 5.

    3 ppm, an increase of 21 per year.

    0%, net profit after deduction is 5

    0ppm, an increase of 27 per year.


    Among them, 2019Q3 revenue was 14.

    0 ppm, an increase of 9 in ten years.

    7%; net profit attributable to mother 1.

    90,000 yuan, an increase of 37 in ten years.


    Analyze and judge that the growth rate of Q3 revenue has picked up, and the performance of net profit growth attributable to mothers is dazzling.

    2%, while the passenger car industry output fell by 13 during the same period.

    1%, revenue growth accelerated industry performance.

    In a single quarter, the company’s revenue growth rate in Q3 2019 was 9.

    7%, compared to 0 in 2019Q2.

    There was a significant increase of 6%, while the first two customers of the company, FAW-Volkswagen, and FAW Toyota’s 2019Q3 output fell by 1, respectively.

    3% and 15.

    6%, we judge that the main reason is that the price increase under the upgrading of the product structure drives revenue growth.

    The net profit attributable to mothers increased by 37 in the third quarter of 2019.

    9%, compared with -0 in 2019Q2.

    1%, the performance rebounded significantly.

    Gross profit margin continued to increase, driving profit improvement The company’s gross profit margin was 23 in the first quarter to the third quarter of 2019.

    7%, an increase of 2 per year.

    4pct, continuous improvement mainly benefited from the high self-control rate such as product structure upgrades and molds; net profit margin was 12.

    9%, increase by 1 every year.


    The sales expense ratio for Q1-Q3 2019 decreased by 0 year-on-year.

    3 points to 2.

    4%, the management expense ratio and R & D expense ratio increase by 0 every year.

    2pct and 0.

    3 points to 2.

    7% and 3.


    In a single quarter, the gross profit margin for 2019Q3 was 24.

    2%, an increase of 3 per year.

    4pct, which is 0 chain up.6pct; net interest rate is 13.

    7%, an increase of 2 per year.

    8pct, which is an increase of 0 from the previous month.

    6 points.

    The sales expense ratio, management expense ratio and R & D expense ratio reached 2 respectively.

    7% / 2.

    6% / 3.

    5% per year.

    0pct / -0.

    1 point / +0.

    1pct, ring than +0.

    8pct / 0.

    0pct / -0.


    Products and customers are upgraded together, overseas deployment to achieve global support 1) Upgrade and upgrade drive the value of bicycle support: At present, the industry is still in the stage of continuous increase in LED headlight penetration rate. In 2018, the company officially approved the production of 8 LED headlight businessWith the launch of several new projects such as Sagitar and Magotan, the product structure has further tilted towards headlights and rear lights.

    We think the gross profit margin continues to improve and the product structure is upgraded.

    Future products are about to switch to OLED, smart car lights, etc. The value of supporting bicycles is expected to increase year by year.

    2) The customer development has both breadth and depth, and the overseas layout achieves global support: In 2019H1, the company has undertaken 34 new lamp projects and 23 new lamp projects in batches.

    Yanchang Company has successively received orders from mainstream high-end models such as Audi, BMW, Jaguar Land Rover, and the structure has been continuously upgraded; gradually the company can continue to penetrate at a single point and transform the company to build a factory in Serbia. It is expected to deepen the global supply system for quality customers such as German and Japanese.And further enhance profitability.

    Investment proposal maintains profit forecast: It is estimated that revenue for 2019-2021 will be +15 respectively.

    9% / + 22.

    1% / + 26.

    6%, up to 58.

    8 ppm / 71.

    8 ‰ / 90.

    9 trillion, net profit attributable to mother +19.

    2% / + 25.

    5% / + 29.

    5%, up to 7.

    3 ‰ / 9.

    1 ppm / 11.

    800 million, EPS is 2 respectively.

    63 yuan / 3.

    31 yuan / 4.

    28 yuan, corresponding to current PE 30 times / 24 times / 18 times.

    With reference to the company’s historical estimate of the hub 25-30 times, considering the company’s product and customer structure to continue to upgrade, maintaining the company’s PE estimate of 27 times in 2020, the target price of 89.

    37 yuan unchanged, maintaining the “overweight” level.

    Risk warnings: Passenger car industry sales are below expectations; customer expansion is below expectations; raw material prices are rising; Sino-US trade frictions are escalating.

  • Xinhua Insurance (601336): New orders grow faster than expected

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    Xinhua Insurance (601336): New orders grow faster than expected

    The total premiums grew steadily, and the comprehensive income increased. The company’s net profit attributable to the parent was 3.4 billion in 19Q1, YoY + 29.

    1%, slightly lower than expected, mainly due to a slight decline in annualized return on investment of 0%.

    1pct to 4.

    2%, weaker than the performance of listed peers.

    However, the other comprehensive income was 42 million US dollars (the same period last year was 800 million US dollars), and the comprehensive investment yield increased significantly.


    The total premiums were 432 trillion, a year-on-year increase of +9.


    The company’s business promotion in 2019 will not be changed, and the value growth rate will be improved. It is estimated that the EPS in 2019-21 will be 3 respectively.

    77 yuan, 4.

    70 yuan and 5.

    34 yuan, maintain “Buy” rating.

    The growth of new orders exceeded expectations, saving and guaranteeing Qifali Long Life Insurance’s first year delivery was 72 trillion, YoY + 18.

    2%, 99% of new long-term insurance orders.

    9%, the proportion increased slightly by 0.

    1pct, continuous cross-border compression, significant optimization of premium structure.

    We estimate the size of the additional insurance11.

    4 ppm, + 61% year-on-year, strong growth momentum.

    The first-year delivery of an insurance and bancassurance long-term insurance reached US $ 5.5 billion and US $ 1.6 billion, respectively, + 16% and + 25%, respectively, to protect business and reduce risks while slackening. With the advancement of structural optimization, we expectQuarterly NBV can achieve 18% -20% growth.

    The surrender rate dropped sharply2.

    5pct to 0.

    6%, stemming from the gradual digestion of high current price products in the bancassurance channel, the reduction of surrender expenses and the continuous improvement of business quality.

    The accrual of reserves is encouraged to accelerate development. The increase in additional insurance has brought about an increase in compensation. In 19Q1, the company withdrew insurance liability reserves of 125 million, a year-on-year increase of + 239%. The absolute value is more than half of the first half.Assume that cautious adjustments and the rise in supplementary insurance claims are jointly promoted.

    The growth rate of additional insurance has exceeded that of main insurance, and the 19Q1 compensation expenditure accounted for an increase of 17pct to 49% of the current premium income.

    The revision of the critical illness incidence rate table is expanding in the industry, and actuarial assumptions adjusted in advance have also consolidated the foundation for performance growth.

    The investment trend is positive, and the return deviation is expected to achieve positive effects. The company’s 2018 annual report discloses that its shares and funds account for 11%, and it is expected to obtain excess returns when the equity market 合肥夜网 conditions warm.

    The long-term interest rate increased rapidly, and the first three weeks of April expanded by 20bps, 6bps, and 4bps, respectively, to ease the pressure on reallocation of fixed income assets and reduce the risk of spread damage.

    The negative bias of return on investment in 2018 had a static impact on the beginning EV of -3.

    8% is expected to achieve positive effects this year, and EV is back to a stable growth channel.

    We are optimistic about the development prospects of health insurance and maintain the “buy” rating. The new chairman’s re-election has not been completed. We believe that the probability of “health insurance + additional insurance” strategy will not change. If we are to increase the agent team building and annuity based on existing businessThe expansion of insurance channels is expected to achieve rapid growth in value.

    The EVPS is expected to be 65 in 2019-21.

    27 yuan, 76.

    44 yuan and 89.

    25 yuan (previous average 65.

    27 yuan, 76.

    19 yuan and 88.

    41 yuan), corresponding P / EV is 0.

    91x, 0.77x and 0.


    The company has completed the transformation and is vigorously promoting the development of health insurance. We maintain the company in 20191.


    2xP / EV, target price range 71.


    32 yuan, maintain “Buy” rating.

    Risk reminder: The advancement of the insurance business is weaker than expected, and the downward interest rate brings potential risk of spread damage. The fluctuation of the equity market leads to the uncertainty of investment income growth.