Month: March 2020

Yonghui Supermarket (601933): Channel Expansion Drives Revenue Growth Q2 Gross Profit Margin Exercise: Supermarket

Yonghui Supermarket (601933): Channel Expansion Drives Revenue Growth Q2 Gross Profit Margin Exercise: Supermarket

Yonghui Supermarket (601933): Channel Expansion Drives Revenue Growth Q2 Gross Profit Margin Exercise: Supermarket

The company disclosed the semi-annual report and realized revenue of 411 in the first half of the year.

7.6 billion / + 19.

71%, net profit attributable to mothers13.

6.9 billion / + 46.

69%, EPS is about 0.

14 yuan.

Of which Q2 revenue was 189.

4 billion / + 21.

18%, net profit attributable to mother 2.

4.5 billion / +32.


Investment expansion Channel expansion leads to steady revenue growth, lower fees and rapid increase in net profit: In terms of stores, in the first half of the year, the company’s stores increased by 27% to 791, excluding the 38 Supermarket stores of Baijia Yonghui that were merged in MayThe number of stores increased by 21%.

On the revenue side, the channel extension has been steadily progressing, and the flow of customers in old stores has gradually increased. The growth and growth have promoted the scale. The company’s revenue in the first half of 2019 increased by 19%.

7%, the growth rate is generally stable.

On the net profit side, in the first half of 2018, Yonghui Yunchuang’s restructuring and incentive costs affected net profit, and lowering the fee rate will increase net profit by 47% in the first half of 2019.

Among them, the continuous expansion of the Q2 channel has driven the company’s revenue growth rate to go up month-on-month, and its gross profit margin deviated from downside 1.

1pct accelerated the growth of net profit to 32%.

Channel expansion drives passenger flow and revenue growth: The number of channels and channels of Yonghui Supermarket continued to expand.

From 2014 to 2018, the company’s channel number has grown at a compound annual rate of about 21%, and the contracted area has a compound annual growth rate of about 19%.

In the first half of 2019, the number of company stores increased by 27% each year to 791 (including Baijia Yonghui), and the contracted area increased by 20%.

The expansion of channels promoted the growth of passenger flow. In 2018, the company’s average daily passenger flow reached 2.9 million, and the compound growth rate from 2016 to 2018 was about 19%.

At the beginning of 2019, the company plans to open 150 new stores, about 21% of the company’s number of stores by the end of 2018. The newly opened stores are gradually committed to contributing to the steady growth of performance.

In addition, the company tried the MINI store format, which is expected to distance itself from consumers and further increase the city’s share.

In the first half of the year, the gross profit margin fell slightly, and the growth in scale promoted the increase in gross profit: In terms of categories, the company’s fresh and processed goods, food supplies, and service industry revenue accounted for 44%, 49%, and 7% of revenue in the first half of 2019, respectively.Shares.

The expansion of channels promoted the company’s freshness in the first half of 2019, and the food category achieved revenue growth rates of 18% and 21%, respectively.

In terms of gross profit margin, the gross profit margin of fresh and processed, food supplies, and service industries were 13 respectively.

9%, 18.

6%, 89.

9%, the gross profit margin of goods sales is significantly lower than the gross profit margin of services.

Therefore, the gross profit of the above three categories in the first half of 2019 accounted for approximately 28%, 42%, and 30%, respectively.

The rapid expansion of channels and the new model try to make Q2’s gross margin slightly lower. Driven by scale growth, fresh food, food, and services have achieved gross profit growth of 9%, 27%, and 28%, respectively, and promote the company’s sustained and stable growth.

The gross profit margin of Q2 has a slight margin, and the change in expenses affects the net profit margin: The gross profit margin of Q2 slightly decreased by 1.

1pct, the gross profit margin dropped by 0 in the first half.

6pct to 21.


According 杭州桑拿 to Yunchuang, the fair competition expenses in the first half of the year decreased by about 2 compared with the same period last year.

08 thousand yuan to 1.

360,000 yuan, stripped of fresh food to obtain investment income.2.6 billion.

In the first half of 2019, the company’s net interest rate increased by 1.

15 points to 3.

32%, the company’s net profit increased rapidly.

In terms of inventory, the company’s inventory in the first half of 2019 decreased by 21% to 64 from the end of last year.

2 trillion, slightly increased the proportion of revenue, mainly from channel expansion and new model exploration.

Compared with comparable companies, the inventory turnover rate of Yonghui Supermarket in the first half of 2019 is still at the average level of comparable companies, and the inventory turnover is 南京夜网 generally good.

The rapid capital turnover of asset securitization is expected to improve the efficiency of capital use: the company intends to use Yonghui Supermarket and its subsidiary’s supply chain account rights and affiliated rights as the basic assets to finance by issuing asset-backed securities.

The proposed fundraising is 20 ppm.

The company intends to issue asset-backed securities. First, it is expected to revitalize the existing assets through asset securitization, accelerate capital turnover and improve the efficiency of capital use; second, raise US $ 2 billion to gradually reduce the company’s short-term debt pressure and help the company expand its channels.

Investment suggestion: Yonghui Supermarket is one of the nation’s leading supermarkets, ranking fourth in the city’s market share, expanding its channel expansion, steadily increasing the scale of revenue, scale effects and supply chain cooperation to improve profitability.

The number of stores is expected to increase by 21% in 2019, driving the company’s revenue to increase steadily.

Our company predicts that the annual revenue from 2019 to 2021 will be 0.

24, 0.

30 and 0.

37 yuan.

Return on net assets were 10 respectively.

0%, 11.

4% and 12.


At present, the overall PE (2019E) is about 42 times, and the “Buy-A” recommendation is maintained.

Risk warning: channel expansion may be less than expected; new business models may be cultivated or be less than expected; profit growth may be replaced with short-term gross profit margins.

Yangnong Chemical (600486): Founder Chemical’s M & A assets achieve high growth

Yangnong Chemical (600486): Founder Chemical’s M & A assets achieve high growth

Yangnong Chemical (600486): Founder Chemical’s M & A assets achieve high growth

The company releases three quarterly reports and steady growth in performance. The company releases three quarterly reports for 2019 and gradually realizes revenue of 70 in the first three quarters.

62 ppm, an increase of ten years.

09%, achieving net profit attributable to mother 10.

70 ppm, an increase of 14 in ten years.


  Realize non-net profit attributable to mothers 7.

94 ppm, a ten-year increase1.


Non-recurring gains and losses mainly come from current gains and losses brought about by consolidated Sinochem assets.

  Among them, Q3 achieved revenue of 18 in a single quarter.

00 ppm, a ten-year average of 8.

19%, achieving a net profit of 2.

19 ppm, 10-year average4.

twenty one%.

  For the expense ratio, enter the selling expense 2.

100,000 yuan, accounting for 2.

97%, an increase of 0 every year.

17PCT; entry of administrative costs 3.

4.6 billion, accounting for 4% of revenue.

90%, increase by 0 every year.

69PCT; Enter R & D expenses2.

3.0 billion, with a revenue share of 2.

88%, a decline of 0 every year.

71PCT; Entered financial expenses of -7.66 million yuan.

The overall cost rate is 10.

64% increase of 0.


  The performance of M & A assets achieved high growth. The company realized the consolidation of M & A assets. The report shows that Sinochem’s M & A asset conversion realized profits from January to September.

33 trillion, compared with 1 in the same period last year.

4.9 billion.

Among them, Q3 achieved a profit of 14.65 million yuan in a single quarter.

  Compared with the average report last year, Yangnong Chemical’s original assets (excluding M & A) in the first three quarters of 2019 achieved net profit attributable to mothers8.

3.6 billion, an increase of 6 in 2018.

7%, of which Q3 achieved net profit attributable to mother 2 in a single quarter.

40,000 yuan, a ten-year average of 8.


  M & A assets achieved net profit in the first three quarters of 20192.

33 ppm, an increase of 56 in ten years.5%, of which Q3 achieved a net profit of 0 in a single quarter.

15 trillion, zero compared with the same period last year.

50,000 yuan turned losses into profits.

Mergers and acquisitions performed well and achieved high growth.

  In terms of volume and price performance of permethrin, the sales data was dazzling. From January to September, sales of pesticides reached 10,880 tons, with revenue of 24.

5.7 billion, a single ton of formaldehyde22.

58 million / ton, an increase of 9 in ten years.

65%; sales of herbicides achieved 2.

87 for the first time, revenue 8.

45 ppm, single ton of formaldehyde 2.

94 million / ton, temporarily extended by 29.


  In Q3, single quarter sales of pesticides were 3026 tons, which was 19% than the previous month.

1%, an increase of 18 per year.

2%; average price 21.

300,000 yuan / ton, an increase of 0 from the previous month.

3%, an increase of 3 per year.


  Sales of pyrethroids have increased, but at least prices and prices are still rising.

  Q3 single quarter herbicide sales were 7,914.

18 tons, 22 formaldehyde.

8%, three times a year 33.

1%; average price 2.

58 million / ton with a molecular weight of 19.

1% for more than ten years.


We judge that the loss of wheat straw caused by the overseas production capacity continues.

  The company’s long-term growth and worry-free company Youjia Phase III and Phase IV are expected to 四川逍遥网 become performance growth points. We judge that Phase III projects are expected to contribute incremental profits in 2020.

Calculating with reference to the return on investment in the construction of the Yangnong Air Force project, Youjia Phase III is expected to create a profit of nearly US $ 600 million for the company.

The company’s long-term growth is worry-free.

  Investment suggestion: We estimate the company’s net profit attributable to its mothers to be 11 in 19-21.

810,000 yuan, 13.

6.2 billion and 15.

4.6 billion, with EPS of 3.

81 yuan, 4.

40 yuan and 4.

99 yuan, PE is 12 respectively.

9X, 11.

2X and 9.

8X, maintain “highly recommended” level.  Risk reminder: The new project is not up to expectations, the sales of dicamba are not up to expectations, the environmental protection is relaxed, and the price of pyrethroids has fallen sharply.

Supor (002032): speeding up export sales, domestic sales, temporary rational control of inventory, steady improvement in the second half of the year

Supor (002032): speeding up export sales, domestic sales, temporary rational control of inventory, steady improvement in the second half of the year

Supor (002032): speeding up export sales, domestic sales, temporary rational control of inventory, steady improvement in the second half of the year
Event: The company released a semi-annual report and achieved 98 revenue in the first half of 2019.3.6 billion, an increase of 10 years.15%; net profit attributable to mother 8.38 ppm, an increase of 13 in ten years.35%. Comments: The domestic sales department speeded up, and the profitability increased steadily. In the first half of 2019, the company achieved revenue of 98.3.6 billion, an increase of 10 years.15%; net profit attributable to mother 8.38 ppm, an increase of 13 in ten years.35%.In terms of different regions, the export revenue in the first half of the year increased by 10 per year.8%, of which Q2 growth rate increased month-on-month; under the high base Q2 domestic sales growth rate fell, but still continue the industry.In terms of profit, the gross profit margin of the main business was 30.85%, a decrease of 0 every year.28 points, mainly due to the decline in domestic gross profit margin.At the same time, the company plans to pay dividends in the medium term, paying dividends every 10 shares2.58 yuan (including tax). Domestic small 天津夜网 household appliances are fiercely competitive, and the company’s expansion of product categories + purification structure are divided in parallel. E-commerce is still the key to the company’s domestic sales growth in the first half of the year, and we expect the offline scale to remain stable.Aowei’s data shows that the company’s 9 major category lines have increased their market share by 1.1 unit, the growth rate continues to lead the industry.In terms of categories, thanks to the introduction of new products, the number of rice cookers has continued to increase, and wall-mounted cooking machines and kitchens have achieved double-digit growth.At the same time, in recent years, the company successfully cut into the field of kitchen and bathroom. The company plans to jointly fund the establishment of the Supor Water Heater Co., Ltd. 淡水桑拿网 (the company holds a 52% stake) with the Supor Group to develop water heater categories and give full play to the synergy of the categories. Accelerating inventory turnover, and actively responding to market changes in the second half of the year due to the overall domestic environment. The sales of small household appliances are advancing at a low speed and the online and offline differentiation is accelerating, which also makes the company’s advance collection in 2019 drop significantly.Therefore, the company took more measures to terminate the company’s inventory at the end of the first half of the year by 14.9%, inventory turnover accelerated, inventory inventory was reasonably controlled, laying a good foundation for responding to market changes in the second half of the year.In addition, the decline in the number of accounts receivable turnover in the first half of the year was mainly due to the increase in the proportion of exports and e-commerce, and offline dealers still had good returns. Profit forecast and investment recommendations The company is expected to achieve net profit in 2019-2021.04 billion, 22.3.6 billion and 26.4.4 billion, corresponding to the current PE is 30 times, 25 times and 21 times.SEB orders continue to shift, and domestic sales growth is highly certain; domestic refining structure + expansion of categories go hand in hand, leading style is fully displayed, and a “recommended” rating is given. Risk reminder: offline product structure improvement is less than expected, and price competition for wall breakers is fierce

Hengyuan Coal & Electricity (600971) First Coverage Report: Focus on the Group’s Quality Asset Injection

Hengyuan Coal & Electricity (600971) First Coverage Report: Focus on the Group’s Quality Asset Injection

Hengyuan Coal & Electricity (600971) First Coverage Report: Focus on the Group’s Quality Asset Injection

Guide to this report: Benefiting from the recovery in coal prices and a significant increase in profitability, the company’s operations will be more stable after the impact of de-capacity is eliminated.

In the long run, with the injection of the Group’s high-quality assets, a new journey for future growth may begin.

Investment points: first coverage, overweight rating.

The operation is becoming more and more stable, and the company’s future development looks forward to the injection of high-quality assets of the Group.

Forecast 2019 EPS EPS 0.



67 yuan, giving a 10x PE estimate for 2019 with a target price of 7.

68 yuan, increase the level.

2016-2018 earnings continued to pick up, and the level of denial declined significantly.

With the recovery of coal prices, the profitability of 2016-2018 continued to improve, reversing the replacement situation in 2015, the net profit returned to the mother level returned to one billion levels, and the yield fell to a ten-year low44.


At the same time, due to the withdrawal or adjustment of Liuqiao 青岛夜网 No. 1 Coal Mine, Wolong Lake Coal Mine, Qidong Coal Mine, etc., the provision for impairment was basically fully made, and the company’s financial situation improved significantly.

The impact of de-capacity has basically been eliminated, and the future production and sales volume will maintain the level of 1,000 tons.

Since the supply-side reform, the company’s coal mine capacity has been reduced or removed successively. In 2016, the company’s coal mine capacity was reduced by 160.And Wolong Lake Mine (90 seconds), the production capacity decreased by 10% / 17% / 8%, the output continued to decrease by 11% / 6% / 10%, and sales in 2017-18 decreased by 12% / 8%.

The current latest production capacity is 1095 / year, and the three-year supply-side reform to reduce production capacity is basically completed. It is expected that the company’s production and sales will maintain the level of 1,000 tons.

Long-term focus: focus on the Group’s injection of high-quality assets.

Hengyuan Coal and Electric Power has deep exploration rights in Liuqiao and Longwangmiao, plans to acquire deep exploration rights in Renlou Coal Mine, and the Group promises to inject Qidong deep exploration rights, western Wolong Lake exploration rights and other assets into the company. Coal reserves are abundant and long-term developmentWorry-free.

In addition, the company intends to acquire 100% equity of Suzhou Chuangyuan Power Generation and 6% equity of Huaibei Xinyuan Thermal Power to increase the profitability of coal-electricity integration and achieve more stable long-term growth.

risk warning.

Macroeconomic risks, coal prices fell sharply, and asset injections fell short of expectations.

Shenzhen local stocks set off a tide, Chengquan Capital bet Tianwei Video

Shenzhen local stocks set off a tide, Chengquan Capital bet Tianwei Video

Shenzhen local stocks set off a tide, Chengquan Capital “bet” Tianwei Video

Original title: Big Outbreak!

Local stocks in Shenzhen set off a tide. Chengquan Capital “bet” Tianwei Video Source: Daily Economic News Every reporter Yang Jian every editor Xie Xin issued a heavy policy!

  Recently, the central government supported the news of Shenzhen to build a leading socialist demonstration zone with Chinese characteristics. As a result of this, on August 19, the Shenzhen local stocks in the A-share market broke out in an all-round way, raising the tide, and there were 30 stocks at the opening.”The daily limit, the Shenzhen State-owned Assets Index rose more than 7%.

  So, how far can this local stock market in Shenzhen go?

Which stocks will be the leader?

  67 stocks closed with daily limit yesterday. On August 18, the State Council issued the Opinions on Supporting Shenzhen to Build a Pioneering Demonstration Zone with Chinese Characteristics. It supports Shenzhen to carry out comprehensive reform experiments of regional state-owned and state-owned enterprises and Shenzhen to deepen foreign exchange management reform.Support Shenzhen to build major innovation carriers such as 5G, artificial intelligence, cyberspace science and technology, life information and biomedicine laboratories; support the development of innovative applications such as digital currency research and mobile payment in Shenzhen.

  Affected by this, on August 19, Shenzhen local stocks in the A-share market broke out in an all-round way, and the closing was terminated. A total of 67 stocks in the Shenzhen sector were closed with daily limit.

  This, Qiao Gorry Capital Niu Xiaotao told the Daily Economic News reporter that the central government supports Shenzhen in building a pioneering demonstration zone of socialism with Chinese characteristics. Judging from the entire document, its positioning is still quite high, and Shenzhen does have such strength.

Judging from the performance of the secondary market stocks, Shenzhen Airport, Water Stock, Tianwei Video, Oriental Jiasheng and other Shenzhen stocks should be able to cause a sharp rebound and promote radiation throughout the Greater Bay Area.

  In addition, regarding the reminders in the policy document, conditions will be created to promote the reform of the GEM registration system. Fan Bo, vice president of Bedrock Capital, told reporters that the change can be seen, and the capital market will welcome major reforms again, and this time it is the GEM.

The development of the GEM registration system is an established goal. As long as the pilot project of the science and technology board registration system is successful, it will be promoted to other sectors such as GEM, the main board, and the message to the market is that the reform of the securities market will not stop.Keep going.

  Li Bao, the general manager of Qianhai Qianyuan Capital in Shenzhen, told reporters that the collective rise of the Shenzhen sector on August 19 was due to market sentiment gradually picking up and the index bottoming out. It was essentially event-driven. Generally 2?Market sentiment returned to stability within 3 trading days.

And the continuous decline or growth of stocks still essentially depends on the company’s own business development.

  Local hard technology companies have potential “Daily Economic News” reporters noted that Goku ‘s interpretation of Shenzhen ‘s major positive view believes that Shenzhen ‘s goal is to become a world-leading city and benchmark city. In the long run, Shenzhen, Hong Kong, Guangdong, Hong Kong and MacauThe increased integration of the Bay Area is the result of a win-win situation.

Technology and state-owned enterprise reform are the most concerned keywords in the market in the policy. This round of Shenzhen local stock market may begin to be led by local state-owned enterprises, real estate, public utilities, transportation and other industries, but the largest potential technology companies in Shenzhen should be.

The policy dividend supports 无锡桑拿网 scientific research and innovation, the accumulation of talents to promote long-term development, short-term 5G, domestic substitution, and semiconductor cycle inflection points to drive continuous improvement in performance. Shenzhen’s advantageous technology companies have the opportunity to become the core focus of the market.

  Fan Bo, vice president of Bedrock Capital, also told the reporter of “Daily Economic News” that the above reform plan will focus on advancing the progress of reforms in science and technology, which will benefit the industry first and foremost hard technology companies, and support will continue to increase.

Such as 5G, artificial intelligence industry.

For example, among the listed companies in the Shenzhen Judicial District, there are 10 companies such as ZTE in the 5G concept section and Huiding Technology in the artificial intelligence concept section.

In addition, it will also promote the local real estate industry in Shenzhen.

  Fan Bo believes that 2019 is the first year of 5G construction, and base stations and networks will enter the order release period. The entire sector is trending upwards, and related policies are introduced, and investment opportunities in the 5G field will continue to emerge. There are several types of companies that deserve attention.

  The first is to select companies with relatively large technological changes. In the past, one technology was used in 4G, and another technology was used in 5G.

The use of another technology will inevitably lead to a new market. Filters, which were previously metal cavities, may be dielectric filters. Whoever does a good job has a certain market space.

  It is actually a company with a substantial increase in unit value. For example, the antenna of a traditional 4G base station is about 1500 yuan, and 5G is about 7,000 yuan. If the number of base stations remains the same, then the profit will be more. In fact, the spectrum of 5G is shorter.This means that the base station needs more to cover.

  Qiao Gorry Capital Niu Xiaotao told reporters: “We have seen a significant decline in cars, home appliances, etc. since 2018, and even insufficient post-consumption power.

This time we saw the support of Shenzhen to build 5G, artificial intelligence, cyberspace science and technology, life information and biomedical laboratories, and other major innovation carriers, all with a re-exploration of future cities and urban functions. These corresponding concept stocksThe sector may be recognized by market funds.

Chen Xuan, the general manager of Feixuan Brothers, believes that this “demonstration zone” covers a wide range of industries and has deep depth.

Benefited sectors such as 5G, artificial intelligence, biopharmaceuticals, ports, etc., continued to increase in trading volume on August 19, and market institutions are highly enthusiastic. Combined with the recent overall market conditions, local Shenzhen stocks are indeed a sector worthy of policy stimulus.
  Joint agency “ambush” ahead of time?

  In the Shenzhen local stock market that broke out on August 19, how do institutions choose one of them?

“Daily Economic News” reporters combed and made a lot of surprising findings.

  Tianwei Video disclosed a quarterly report this year that the well-known private placement of Chengquan Capital belonged to multiple products, such as CITIC Trust-Chengquan Huiyong Eighth Phase, which holds 1777.

640,000 shares, CITIC Trust Xinyong Chengquan Financial Investment Trust plans to newly hold 243.

With 60,000 shares, Chengquan Capital Chengquan Huiyong Phase I Fund Newly Holds 129.

010,000 shares, China Resources Trust Ruizhi Selected Chengquan Huiyong Nine-phase Collective Fund Trust Newly Held 102.


“Daily Economic News” reporter noted that Tianwei Video has increased by 32% this year, the highest increase has doubled.
  In addition, according to the quarterly report disclosed by Shenzhen SEG, Shenzhen Rongchao Investment Development Co., Ltd. holds 7.66 million shares, which is a new entry in the first quarter; Shanghai Juzhang Investment Management Co., Ltd. has increased Shenzhen SEG.Holding, at the end of the period held 265.
250,000 shares; Chongqing International Trust-Yuxin Innovation Advantage Shihao holds 1.22 million shares.

  The quarterly report of Ruiling shares shows that Shenzhen Lihan Investment Consulting Co., Ltd. holds 16 million shares, and Morgan Stanley Huaxin Multi-Factor Select Strategy Hybrid Fund New Fund holds 181.


  The first quarterly report of the Asian Development Association shows that Huabao Trust Dadi No. 27 single fund trust holds 1126 shares.


State Telecom Trust Hengsheng Securities No. 318 holds 835 shares.


  Invic’s first quarter report shows that the China-Europe Electronic Information Industry Shanghai-Hong Kong-Shenzhen Stock Fund has newly acquired 125 shares.

790,000 shares; Uniform Securities Investment Trust-Uniform Qianghan Fund newly held 84 shares.

720,000 shares; Uni Securities Investment Trust Uni-Dalong Teng China Fund newly held 68.

Cinda Australia Bank New Energy Industry Equity Securities Investment Fund holds 81 shares.

10,000 shares; China-Europe Value Smart Choice Return Hybrid Securities Investment Fund has new holdings of 62.


  The first quarterly report of Saiwei Smart shows that TEDA Manulife Fund-Xiamen Trust-Wealth Win-Win 21 single fund trust has a new holding of 3810.

470,000 shares; Sino-Italian Asset Management-Yunnan Trust · Issuance of New Value Selective Phase 1 Dingzeng Selection No. 36 Xinjin holds 1744


  According to the Science and Technology Sources Interim Report, Suzhou Tianli Investment Co., Ltd. holds 1,627 shares.

790,000 shares, Shanghai Yingxue Yejin Investment held 278 shares.

590,000 shares; Cinda Australia Bank New Energy Industry Stock Securities Investment Fund 60.

  Zhuoyi Technology’s first quarterly report shows that Shenzhen Shangyuan Capital’s affiliate Shangyuan No. 5 private equity fund holds 770 shares.

760,000 shares; Centenary Life Insurance Co., Ltd.-traditional insurance products holding 669 shares.

  Yinbaoshan New Interim Report shows that Shanghai Chengxin Enterprise Management Partnership holds 274.

With 860,000 shares, Cinda Australia Bank New Energy Industry Equity Securities Investment Fund holds 97.


Lianhua Science and Technology (002250): More than 30 years extension of the accumulated CMO leader set sail again

Lianhua Science and Technology (002250): More than 30 years extension of the accumulated CMO leader set sail again

Lianhua Science and Technology (002250): More than 30 years extension of the accumulated CMO leader set sail again
China’s leading manufacturer of fine chemicals, with advanced technology and core customer resources.  The company has been focusing on the fine chemical industry for more than 30 years. It is one of the few domestic pesticide and pharmaceutical CMO companies with obvious first-mover advantages and market competitiveness.Perfect, the company has a breakthrough in research and development capabilities, a comprehensive multi-level research and development platform, a complete response unit, and core technology to provide quality assurance and conversion flexibility for enterprise products.At the same time, the company adheres to the “big customer strategy”, and its customer base basically covers the international giants of agrochemicals and medicine.Against the background of the rebound of the industry, technological innovation has surpassed the strategic prospects of major customers and brought continuous benefits to Lianhua.  Pesticide sector: Xiangshui plant is expected to resume production, optimistic about the future potential of Yancheng United Chemical.According to Su Huazhi’s “Opinions on Regulating the Production Resumption of Chemical Enterprises to Suspend Production and Reform”, we adhere to the “one enterprise, one policy” and put an end to the “one-size-fits-all” policy. We expect that even the Xiangshui Park will cancel the positioning of the chemical park.Of 北京夜生活网 high-quality companies also have reservations after meeting the government’s high standards for resumption of production.Terrorism, Yancheng Lianhua declared a total of six projects, covering pesticide products and functional chemicals, with a total investment of more than 1.1 billion, with continuous release of production capacity in the later stage, and great development potential.According to the EIA and feasibility report calculations, the first five phases of the Yancheng Base project (including built projects, excluding bifenthrin projects) are fully operational and attempt to bring the company3.900 million net profit.  Pharmaceutical sector: Projects and land reserves are abundant, opening a new chapter in business development.Taizhou Lianhua reported a total of six phases of projects, and the profits mainly come from the 佛山桑拿网 three products of the first phase of the project and some of the products of the second and third phases.At present, the actual construction of Taizhou Lianhua only accounts for 50% of the total land area, and the reserve space is sufficient. The capacity of the project is gradually released in the future, and the performance can be expected to increase.In addition, the subsidiary Linhai Lianhua started the Linhai Industrial Park project. At present, the total investment is 9.The 800 million first-stage environmental assessment of nine intermediate product projects has been announced. The construction of the Linhai Industrial Park project will promote a new chapter in the company’s development.  It is expected that the company’s net profit attributable to the parent in 2019/20/21 will be 3 respectively.9/6.0/7.100 million, EPS is 0.42/0.65/0.77 yuan, corresponding PE is 33/21/18 times.The company is a leading domestic CMO company with strong R & D strength, customers are global industry giants, and gradually expand the scale of development space, covering the first time with a “buy” rating.  Risk Warning: The global agrochemical market is weaker than expected, new projects are progressing less than expected, environmental protection and production safety risks, and the resumption of production at the Xiangshui base is less than expected.

Meinian Health (002044): In response to the national call to fight the epidemic, we plan to launch a special screening service for returning to work and returning to work.

Meinian Health (002044): In response to the national call to fight the epidemic, we plan to launch a special screening service for returning to work and returning to work.

Meinian Health (002044): In response to the national call to fight the epidemic, we plan to launch a special screening service for returning to work and returning to work.
1.In response to the country’s call to fight the epidemic, we plan to launch a special screening service for returning to work and returning to work. In addition to contributing to disease prevention and control propaganda, pneumonia screening, medical supplies, and medical staff support, Meinian introduced the “Special Screening Appointment Service for Returning to Work and Preventing Epidemics from Enterprises” since February 10, and its highlights include:1) The company will launch a special screening service for returning to work and returning to work, which can effectively screen patients with asymptomatic infections for healthy people. It is an important supplementary force for national prevention and control of epidemics and fully meets the needs of enterprises to resume work. 2) The detection plan includes “new coronavirus nucleic acid detection” and “deep lung examination”. The former focuses on viral nucleic acid detection and low-dose spiral CT imaging as the main item, with more emphasis on initial screening.The two schemes are based on the “New Coronavirus Infected Pneumonia Diagnosis and Treatment Scheme (Trial Fifth Edition)” and the opinions of imaging experts to ensure that the inspection methods are compliant, authoritative and scientific. 3) For the detection of viral nucleic acids, Meinian has received positive responses from partners such as Mein Gene, Boao Inspection, Aidikang, and Societe Generale in the purchase of kits. At the testing institution, Meinian will entrust a well-known third partyThe testing organization produces the results the next day to ensure the professionalism, timeliness and accuracy of the test results.At the same time, this is also the active role played by the Meinian Ecosystem, making full use of the advantages of physical examination flow entrances and store scale advantages, and combining high-quality suppliers and strategic partners to make a significant contribution in fighting the disease. 4) Make full use of the advantages of existing CT equipment. As of the end of 19, Meinian had more than 600 physical testing centers in nearly 300 cities across the country, and owned low-dose spiral CTs from Siemens, Philips, Canon, United Film, Hitachi and other brands.A total of more than 700 units, with high-quality images, combined with Internet technology to achieve information reorganization throughout the entire process, and the use of AI technology, can effectively improve 武汉夜生活网 the detection rate, and can also increase the company’s capacity utilization in the off-season. It is expected to make a positive contribution to the first-quarter results. 5) This innovative service launched against pneumonia companies is a reflection of Mei Nian’s active response to the government’s call to give full play to its advantages and help enterprises resume work.It is definitely the inspection project itself, or the company launched two modes of on-site service and physical examination for the convenience of the company, both of which reflect the consistency of the company’s “customer first”, greatly improving the brand image and public image of Meinian Health.Will be reflected in the company’s growth space and operating performance. 2.In view of the fact that medical institutions with power plants have stopped health checkups, professional medical checkup 四川耍耍网 institutions have become prominent in the fight against epidemic diseases, and the expansion of non-public quarantine institutions will be beneficial in the medium and long term. On January 25, the Beijing Health and Health Commission issued the “Notice on Further Strengthening the Work of Medical and Health Institutions in Preventing and Controlling Pneumonia of New Coronavirus Infection”, mentioning that “medical institutions with onset diagnosis and treatment in the city have stopped their physical examinations, and other medical institutionsStrict management and timely notification to the society “-Overall, 31 provinces and cities across the country have initiated a first-level response to major public health emergencies, and” Medical institutions equipped with local consultations have stopped health checkups “has become a deterministic trend.Professional medical examination institutions such as Ciming and Meizhao undertake health screening and placement of healthy people gradually.Mei Nian has continuously strengthened hospital management and improved quality control through a series of measures, in line with the requirements of the Health and Medical Commission on “strict management of other medical institutions”. It is expected to start business after February 9 (the first month of the 16th).Most of the health check-up centers in countries outside the city will gradually become normal; the gradual elimination of epidemics and the return of passenger flow of public check-ups in public hospitals. In the long run, the improvement of public health awareness will help the company launch more special health check-ups.The market share of the non-public medical examination industry will further increase. Profit forecast: optimistic about the speeding up of performance from 2020 and Ali to open up the company’s long-term growth space, it is expected to return to mother in 19-21 respectively8.5 billion, 12 billion (40% year-on-year), 15.600 million (yoy 30%), corresponding PE is 65/45/35 times, maintain BUY rating, it is recommended to actively deploy! Risk reminder: In the epidemic prevention and control stage, there is uncertainty about the time requirements of outpatient departments for health supervision departments in various places.

Aerospace Electronics (600879): R & D expenses continue to rise, leading to a slight decline in gross profit.

Aerospace Electronics (600879): R & D expenses continue to rise, leading to a slight decline in gross profit.

Aerospace Electronics (600879): R & D expenses continue to rise, leading to a slight decline in gross profit.
Event: 成都桑拿网 The first quarter reported stable revenue, the R & D expenses increased by 40%, and the net profit attributable to the mother decreased slightly. On the evening of April 25, the company released a quarterly report: Q1 revenue 26.940 thousand yuan, ten years +0.68%, basically the same as 2018Q1;86 ‰, at least -13.65%, about 0 in 2018Q1.14ppm, initially due to a large increase in R & D expenses: In Q1 2019, R & D expenses were 0.520,000 yuan, a year-on-year increase of 40%, about 0 in 18Q1.1.5 billion US dollars, mainly in this period to increase research and development efforts, research and development costs increased. The funds raised in 2017 continued to advance, and a number of scientific research / industrialization projects accelerated to land.In 2017, the company raised more than 2.2 billion US dollars in scientific research and industrialization construction projects. As of the first quarter of 2019, each project continued to advance:Expansion investment of intelligent inertial navigation product industrialization construction project4.100,000 yuan, scored 0 new spending at the end of 2018.1.4 billion. (2) The new generation of measurement and control communications and aerospace electronic components research and capacity building projects are gradually expanding3.4.9 billion yuan, about 0 new expenditures at the end of 2018.1.2 billion. (3) Incremental expansion of intelligent defense equipment system scientific research and industrialization capacity building projects.79 trillion, scoring 0 new expenditures at the end of 2018.04 billion. The hope of the institute’s restructuring brings good benefits. The major shareholder of the “Thirteenth Five-Year Plan” launch plan of the Beidou-3 system is Aerospace Times Electronics Company, which indirectly benefits the shareholders’ participation in the technical support of the China Academy of Aerospace Electronics Technology (Ninth Academy).According to the China Securities Journal, in July 2017, the National Defense Science and Industry Bureau initiated the first batch of 41 Canadian military research institutes to restructure, and the company is expected to fully benefit. In 2018, the company completed a variety of space launch and scientific research and production tasks such as Beidou-3, Chang’e-4, etc., and successfully completed aerospace launch support tasks for 37 arrows and 103 stars, and various types of major flight test support tasks.It is said that China Military Network will launch at least 11 Beidou 3 satellites each year from 2019 to 2020. The service scope will cover the whole world in 2020, and it will directly benefit as a company of Beidou system suppliers. Co-invested with SF to develop a civilian commercial long-haul unmanned aerial vehicle. Feihong 98 has completed its first flight. According to CSI, the company and SF Holdings jointly invested in the joint development of the Feihong 98 commercial long-haul unmanned aerial vehicle system to complete the first flight test.The system is based on a 5B transport aircraft with a maximum take-off weight of 5.25 tons with a maximum commercial load of 1.5 tons, with short-distance and simple coastline take-off and landing capabilities, can meet the logistics and transportation needs of SF Holdings in remote cities, mountains, and islands.Feihong 98 large commercial unmanned aerial vehicle system is in the test and verification stage, and then relevant flight technology experimental verification will continue. After obtaining the airworthiness certificate, the company will work with SF Holdings to promote the mass production and large-scale application of the product.Civilization of the system is also expected to drive company performance. Earnings forecast and rating: R & D investment continues to increase, new model development is expected to accelerate, gross margins will increase, and old model alternatives will bring revenue growth indicators.Reduced 2019-2020 revenue from 172.53/210.48 to 148.83/166.69 million, revenue 186 in 2021.690,000 yuan, 2019-2021 net profit5.0/6.0/7.500 million, EPS is 0.18/0.22/0.28 yuan, PE is 34.2/28.5/22.7 times. Risk warning: The company’s industrialization of R & D projects progresses, and the large-scale application of drones is less than expected.

Jiayou International (603871): Africa business officially landed and profitability steadily improved

Jiayou International (603871): Africa business officially landed and profitability steadily improved

Jiayou International (603871): Africa business 杭州桑拿 officially landed and profitability steadily improved

Investment suggestion: The company controls key resources at the port and has strong core competitiveness; Mongolia’s stock market has strong pricing power with both sustainability and growth potential; along with the Belt and Road strategy, it will cut into the billion-level African market, and it is expected that the African business will contribute 2 years from nowThe profit is close to 200 million; the Kazakh project is expected to continue to contribute profits.

According to the latest share capital (diluted), the company’s EPS for 19/20/21 is predicted to be 2.



49 yuan, a compound growth rate of 25% -30% in the next three years, a six-month target price of 40 yuan, and maintain a “strong recommendation-A” rating.

The company released the third quarter report of 19, and its performance was in line with expectations.

The company achieved revenue 31 in the first three quarters of 19.

2.5 billion (+2.

13% YOY), net profit attributable to mother 2.

8 billion (+24.

81% YOY), deduct non-attributed net profit 2.

5.9 billion (+24.

04% YOY), expected average ROE16.

29%, -1.

12pcts, corresponding to EPS 1.

78 yuan.

Q3 single quarter revenue 9.

6.2 billion (-17.

6% YOY), net profit attributable to mother 1 ‰ (+18.

6% YOY), deduct non-attributed net profit of 0.

9.7 billion (+27.


Profitability continued to increase, and non-net profit growth of Q3 was 27.


Affected by the growth of the supply chain business, Q3’s single quarter revenue growth rate fell by more than 17.

6pcts, but the multimodal transport project (higher gross profit) maintained a growth trend, and the company’s overall gross profit margin increased to 13.

5%, +2 from the previous quarter.

7pcts, deducting non-net profit up to 0.

9.7 billion, +27.


Continue to steadily advance cross-border logistics projects in Mongolia and Central Asia.

In the first three quarters of 2019, the company steadily pushed forward the in-depth development and model optimization of the logistics business in the Mongolian market; in the first three quarters of 2019, it successfully won a number of major projects and signed multiple major contracts.

The company newly added Kazakh Mining Aktogay and Bozshakol Mining Phase II operation period consumables international logistics contract; in the domestic public rail transportation business, the company and domestic steel companies, coal trading companies and energy companies a large number of cargo transportation agency contracts and logistics auxiliary service agreementsTo provide customers with railway container transportation services for imported bulk mineral products in Mongolia.

Investment 2.

2 billion US dollars contract to build African roads and dry ports.

On September 6, 19, the company’s large-scale major project construction contract invested in the modernization of state-owned roads and dry ports. The project includes the 150 km highway of National Highway 1, 4 toll stations, and a Sakaniya border port.Construction and operation of 1 Sakaniya dry port and 1 MOKAMBO border port.

The total investment is 2.

US $ 2.9 billion. It is expected to achieve an annual profit of about 200 million after it is completed and put into operation in 22 years. Risk Warning: Uncertainty in African Business, Risk of Expansion of Carriers

Wanda Movies (002739): Acquisition of Wanda Films makes significant progress through the full-entertainment content industry chain layout

Wanda Movies (002739): Acquisition of Wanda Films makes significant progress through the full-entertainment content industry chain layout

Wanda Movies (002739): Acquisition of Wanda Films makes significant progress through the full-entertainment content industry chain layout

Investment highlights: 2018 revenue growth in ten years6.

6%, net profit attributable to mothers is reduced by 14.

7%, basically in line with expectations.

The company disclosed the results report for 2018 and initially realized revenue of 141.

0 million yuan, an increase of 6 in ten years.

6%; net profit attributable to mother 12.

9.3 billion, a decrease 西安耍耍网 of 14 a year.


The company’s 2018 performance is basically in line with market expectations. The reason for the decrease in net profit is that (1) the number of new cinemas in the cinema industry exceeds the box office growth rate, and the newly opened cinemas have less than mature theaters, resulting in a decrease in single screen area and affecting the projection businessGross profit margin; (2) The sales growth rate of high-margin business such as sales and advertising shifted. We judge that the growth rate of non-ticket business revenue shifted below 20%, which was 35% to 45% in 2017.

The review of the acquisition of Wanda’s film and television assets was passed conditionally, and the entire entertainment content industry chain was advanced.

On February 27, after being reviewed by the M & A and Reorganization Review Committee of the China Securities Regulatory Commission, the company issued shares to purchase Wanda’s movie assets and obtained conditional approval.

The main business of Wanda Film and Television includes investment, production, distribution of film and TV series, and distribution and operation of online games.

Wanda Television 96.

83% equity transaction was priced at 106.

5 trillion, all of which are traded by issuing shares, and the net profit attributable to the mother for the performance of 2018-2021 is 7, respectively.

6.3 billion / 8.

8.8 billion / 10.

6.9 billion / 12.

7.4 billion.

After the completion of the transaction, the company’s main business will cover the entire industry chain of entertainment content such as film and television investment, production, distribution, screening, integrated marketing, video game linkage, derivatives, and real-world entertainment to enhance profitability.

Wanda Film’s follow-up projects have abundant reserves and serve as a catalyst for subsequent continuous performance.

In 2018, Wanda Film and TV produced 15 films, and the cumulative box office accounted for the total distribution of the country’s total box office in that year. There were about 47 films reserved in 2019-2021. Among them, the key works in 2019 include the well-known IP adaptation of the “Star Book of Ghost Blowing Lamps”, and subsequent key worksIncluding “Chinatown Detective 3”, award-winning novel adaptation “Folding City”, the popularity of the IP series “Long Xun Jue 2” and so on.

In the field of TV dramas, the subsidiary new media Eslite will launch “The Parade Soldiers” and “Surge” and other real-life themes that meet market demand.

The performance of the projection business was solid.

The company achieved a total of 95 box office in 2018.

US $ 600 million, of which China’s domestic box office is approximately US $ 7.9 billion to US $ 8 billion, which is basically the same as the overall domestic box office growth, and its market share has remained basically stable.

In the future, the company plans to add about 700 new screens every year.

We believe that the company ‘s movie theaters have a good movie viewing experience, benefiting from the increase in the number of units and the increase in unit cost caused by the increase in scale, which will help reduce the adverse impact of the single screen change on the industry.

Maintain profit forecast and “overweight” rating.

As the acquisition of the company has not been completed, we do not adjust the profit forecast for the time being, and maintain the company’s net profit attributable to the mother for 2018-202013.

100 million / 13.

100 million / 13.

9 trillion predictions, the corresponding EPS is 0.



79 yuan / share, corresponding to the current maximum PE is 32/32/30 times.

Significant progress has 夜来香体验网 been made in the layout of the company’s film and television entertainment content. Recently, senior executives such as the company’s president, executive president, and secretary of the board increased their shares with their own funds to achieve confidence in subsequent development.
Maintain the “overweight” rating.

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