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Futures stock markets both tumble private equity institutions

Futures stock markets both tumble private equity institutions

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  Futures market stocks both fell. Private equity firms said that they are now dipping. Source: Securities Daily reporter Wang Ning. On the first trading day after the Spring Festival, the overall stock market trend was weak.

Under the linkage of stock and futures markets, futures varieties also fell significantly.

Rebars, fuel oil, and more than 20 futures varieties fell daily limit.

Even in the context of the overall weakness of the stock and futures markets, investors are still confident in the market, and yesterday, a net inflow of northward funds nearly 20 billion yuan.

  Institutional analysis believes that although the stocks and futures markets performed poorly on the first trading day after the holiday, the net inflow of northbound funds was a good performance of investors’ firm and long-term confidence in the A-share market; during the Spring Festival, infected new coronavirus infectionsThe domestic fundamentals have changed due to the impact of the pneumonia epidemic, but in the long run, short-term fundamentals cannot change the medium and long-term economic trends.

At present, the epidemic situation will be controlled, at this stage or the best layout opportunities.

  On the first trading day of the A-shares after the Spring Festival, from the perspective of the sectors, the agricultural, securities, real estate and other sectors fell the most.

In terms of stock index futures, the three major contracts opened lower across the board and fell again in the afternoon; the closing of the contract closed, and the main 50 Shanghai Stock Exchange (IH) contract fell by 9.

50%, CSI 500 (IC) main contract limit, CSI 300 (IF) main contract limit.

  Yuan Huaming, general manager of Huahui Chuangfu Investment, told a Securities Daily reporter that the inflow of northbound funds reflects the mid- and long-term confidence of some overseas capitals in China’s economy and capital markets. The adjustment of the stock index is not small, and it will definitely attract some short-term overseas funds.

  ”If the pneumonia epidemic of the new coronavirus infection can be effectively controlled or the disease can be alleviated, this is the best time to make a bottoms.

Yuan Huaming said.

  Xia Fengguang, a private equity fund manager, told reporters that the initial decline in the stock market yesterday was caused by market sentiment, but at the same time, some originally low-volatility blue chip stocks have also fallen sharply, attracting the attention of Kitakana funds.

In addition, A shares have fallen more than Hong Kong stocks over the same period, and the trend of Hong Kong stocks has stabilized, and subsequent A shares will usher in a stop and rebound market.

  Maodian Assets believes that the pneumonia epidemic of the new coronavirus infection will not change the medium-to-long-term trend of the economy, but it is still difficult to determine when the remission will occur. Regarding the extent of the fundamental impact of the domestic economy and listed companies and the impact time, it still needs to continueEvaluation, cautious about short-term bottom.

If the index market continues to decline rapidly, there is a high probability that there will be a considerable rebound, focusing on industries such as technology, size 5G, semiconductors, and new materials.

  ”The current epidemic has a relatively large 北京夜生活网 impact on industries such as tourism, catering, hotels, retail, film and entertainment, and transportation. The short-term demand for non-essential consumer goods industries such as real estate, automobiles, and household appliances will also be suppressed.

Yuan Huaming said that if the duration of the epidemic is prolonged and the impact on corporate investment expectations and household consumption is expected, the impact on China’s economy and stock market will tend to be long-term.

If the funds are long-term funds and the underlying assets are relatively prominent and the core assets are not estimated to be high, investors can hold the mid-to-long-term investment philosophy and decide to reduce or adjust their positions in the context of market pricing adjustments.

  Du Caifeng, a senior expert in TOC Futures Energy 杭州桑拿网 and Chemicals, told reporters that the triggering logic of the deep fall in energy and chemical futures varieties on the first trading day after the holiday was affected by the infected fundamentals.

During the holiday break, pneumonia caused by the new coronavirus infection is severe, the fermentation of the risk aversion and the continuous resumption of work have a resonance effect on the deformation of the supply and demand layout. The first day of the opening market focused on the disk.

In addition, the gradual resumption of production at the factory will have a significant impact on the demand side of industrial products, especially for energy-saving products. The upstream production side is mostly continuous production. There will be pressure on the warehouse during the Spring Festival holidays.Will further increase the accumulation of upstream manufacturers pressure.

  ”The opening and deep decline in the outlook of energy and chemical products can be interpreted as making up for the decline, and then the logic of the market trend will continue to develop around the development of short-term fundamentals.

Du Caifeng suggested paying attention to the production adjustment of upstream and downstream enterprises. The burden reduction of upstream producers is conducive to marginal relief of inventory pressure.

In general, the risk assets are expected to keep pace with the development of short-term fundamentals, but they will not interrupt the medium-to-long-term trend of economic growth. After the improvement of risk aversion has been announced, investors are advised to pay attention to investment opportunities in long-month contracts.

Ta Ya Shengxiang (000910) Quarterly Comment: Channel + Capacity Driven Performance Meets Expectations

Ta Ya Shengxiang (000910) Quarterly Comment: Channel + Capacity Driven Performance Meets Expectations

The net profit attributable to mothers increased by 9 per year in Q1 2019.

7% Daya Icon achieved revenue in the first quarter of 201914.

13 ppm, an increase of ten years.

1%; net profit attributable to mother is 0.

63 ppm, an increase of 9 in ten years.

7%, net profit after deduction is 0.

61 ppm, an increase of 9 in ten years.

7%, in line with our democratic expectations.

As a leading company in the flooring and wood-based panel industry, the company uses its brand and scale advantages to continuously 佛山桑拿网 innovate and expand marketing channels, expand production capacity and develop new products.

We expect the company’s EPS for 2019-2021 to be 1.

55, 1.

72, 2.

00 yuan, maintain “Buy” rating.

Every time the gross profit margin increases by 0.

6pct, the expense ratio increased slightly during the period, the company’s product structure continued to upgrade, the high gross profit ratio of solid wood composite and three-layer composite floor revenue continued to increase, the company’s gross profit decreased in the first quarter to 0.

6 points to 34.


The rate of expenses during the period increases by 0 every year.

5pct to 28.

5%, of which the sales / management + R & D / financial expense ratio changes 0 each year.

2pct / 0.

6pct / -0.

3 points to 16.

6% / 11.

4% / 0.

5%, the decrease in the financial expense ratio was mainly due to the decrease in index expenditures and exchange losses, and the corresponding net sales margin4.

3%, basically flat for one year.

1Q1 investment income is reduced by 87 per year.

8% to 0.

140,000 yuan, mainly due to the decrease in profit of the joint venture Fujian Juyi Bamboo Wood Co., Ltd.

Bulk channels continue to make efforts, increase advertising and strengthen brand building. In terms of bulk channels, the company continues to strengthen cooperation with major real estate customers such as Vanke and Country Garden to comply with the trend of hardcover real estate. In 2019, the volume of bulk channels continues to drive the company’s long-term stable growth.
In terms of retail, the 3,000 offline offline store of Shengxiang and the online distribution franchise stores such as Tmall established a nationwide marketing network; continuously strengthened brand building and promotion, increased advertising placement in mainstream new media, and enhanced targeted accuracy.The launch of various types of terminal marketing activities continued to support the company’s stable growth of wooden flooring business.

The release of production capacity breaks the development limit, and continues to develop new products to improve product competitiveness. The company currently has an annual production capacity of 53 million square meters of flooring, and an annual output of 1.85 million cubic meters of medium and high density board and particleboard.

At present, the company’s 500,000-cubic-meter particleboard production line in Suqian has been completed and put into operation, with an annual output of 17 million square meters of veneer chipboard and an annual output of 600,000 sets of furniture components. The project has been carried out in an orderly manner, and the development progress brought about by the elimination of the previous production capacity restrictions.

In addition, the company evaluates new product development, newly develops high-moisture, low-absorption rise particleboard, antibacterial and anti-mildew artificial board, and continues to enrich product lines to enhance product competitiveness.

Channel + production capacity continued to develop, maintaining a “buy” rating company as a leading company in the flooring and wood-based panel industry, using its brand and scale advantages, constantly innovating and expanding marketing channels, expanding production capacity to develop new products.

What do we expect the company 2019?
Net profit attributable to mother in 2021 8.
6, 11.

1 trillion, corresponding to EPS.

55, 1.

72, 2.

00 yuan.

With reference to 19 times the PE value of comparable companies in 2019, taking into account that corporate governance standards will take time to straighten out, give companies 11
12 times PE estimate, corresponding to a reasonable price range of 17.


60 yuan, maintain “Buy” rating.

Risk warning: The capacity construction and release are less than expected, and real estate sales exceed expectations.

What the global economic barometer Dr. Copper rebates during the year means-

What does it mean that the global economic barometer “Dr. Copper” retreated during the year?

What does it mean that the global economic barometer “Dr. Copper” gave up the year’s gains?

  Since May, investors’ height of the global economic outlook has affected almost all asset types, and industrial metals, crude oil and the stock market have not been spared.

  The international copper price, which is regarded as a barometer of the global economy, has started a continuous adjustment mode since it broke through the year ‘s high of US $ 6,600 / ton on April 18. The weekly record of five consecutive overcasts and once fell below US $ 5900 / tonMark, the maximum range fell nearly 11%.

  Initially, the overwhelming decline in copper prices was a change in the trading environment and the global economic outlook that weighed on the demand for industrial metals.

Judging from the recent performance of US stocks, the increased volatility within the day also reflects the intensification of future economic growth. If negative expectations continue, US stocks will continue to face adjustment pressure.

  Copper prices have fallen back to their initial lows as an important raw material used extensively in construction and manufacturing. The price trend of copper is often a barometer of the health of the global economy.

In the first two months of this year, industrial metals represented by copper have ushered in a general rise, with an average increase of more than 10%.

At the time, in the context of the world’s fastest economic growth, the Fed’s reserves and the pace of interest rates temporarily halted the strong U.S. dollar, world trade improved, and China’s steady growth measures provided an opportunity for potential demand recovery.

  However, it took only one month for investors to turn the bulls back, the copper price fell back to its early lows, and the continued deterioration of the technology pattern also indicates that the copper price has not bottomed in the short term.

  The expected distortion of the trading environment is one of the reasons for the continued weakness in copper prices.

On May 20, the latest issue of the World Trade Outlook Index (WTOI) released by the World Trade Organization (WTO) was 96.

3, well below the index’s benchmark value of 100, indicating that trade growth continued to decline in the first half of 2019.

WTO economists predict that the volume of merchandise trade in 2019 will be converted to 3% in 2018 and further replace2.


  Based on statistics from the International Monetary Fund (IMF) on trade flows of Bank of Canada, Bank of Montreal found that global export channels, exports to developed economies and exports to the European Union are all approaching or hitting their lowest levels since 2009, almost the same as during the financial crisis.
In the Asia-Pacific region, the latest foreign trade data released this week by Japan, South Korea, Thailand and Singapore shows a trend of continued deterioration.

  The economic recovery of various countries is still struggling. The OECD released the “Global Economic Outlook Report” on May 21, which predicts that the global economic growth rate in 2019 will be 3 from last year’s forecast.

9% down to 3.

1% believe that trade tensions have dragged down the recovery of economies and will continue to threaten investment and growth.

At the same time, global manufacturing activity continued to be sluggish, with the euro zone ‘s manufacturing PMI changing for the first time in May47.

7. For four consecutive months, it was below the Rongkuang line. The situation of Germany, the “locomotive” of the European economy, was not optimistic. In May, the U.S. Markit manufacturing PMI index unexpectedly rose to 50.

9, the lowest since September 2009.

  Chris Williamson, chief economist at IHS Markit, said the eurozone economy is still in a doldrums, while the economy is spreading from manufacturing to services.

The decline of the US manufacturing industry is still continuing, so the speed of economic expansion may be extended to less than 2%.

  In recent weeks, bearish bets on copper by hedge funds and other speculative investors have continued to rise.

The CFTC data from the US Commodity Futures Commission showed that net short positions in COMEX copper futures and bills held by speculators for the 武汉夜生活网 week of May 21 increased by 1710 contracts to 36,967 contracts, setting a new high since the end of January.

The London Metal Exchange is also dominated by shorts, and the net short position has risen to 7%, a near seven-month high.

  US stock market adjustment pressure still exists in the three major US stock indexes, the Dow has fallen for five consecutive weeks, a record of continuous decline since 2011, the Nasdaq and the S & P 500 have recorded three consecutive weekly overcast, this week’s stock index daily amplitude increasedBig also reflects the worry of investors.

Bank of America Merrill Lynch survey of fund managers in May shows that more than 34% of nearly 250 dieters said they have adopted risk hedging measures in response to abnormal changes in the stock market that may occur in the next three months. This ratio also created Bank of AmericaProspects since Merrill Lynch began its preliminary research in 2012.

  As the basis of the trend of the US stock market, the US economy is facing the risk of a decline in growth. Long- and short-term U.S. Treasury bonds have experienced a reversal of yields after two months, triggering the solution of potential recession risks. Until the close on May 24, threeThe monthly US Treasury yield was reported at 2.

349%, 10-year US Treasury yield was reported at 2.

324%, the lowest since 2017.

Except for the May manufacturing PMI index, which reached a nine-year low, the US durable goods orders in April were at the 2nd position.

1%, industrial carbonic acid ring than formaldehyde 0.

5%, less than market expectations, the manufacturing sector has been negative for four consecutive months.

The producer price index PPI increased by 2 year-on-year in April.

4%, an 11-month low, the growth rate is unlikely to improve in the short term, the US retail sales in April position 0.

2%, suggesting that US consumer spending may fall into a downturn in the second quarter.  Mitsubishi UFJ Bank chief economist Rupki (Chris Rupki) pointed out that due to the reduction of economic uncertainty and geopolitical risks, since the second quarter of the United States, the net investment of companies is decreasing, business confidenceSpread in manufacturing.
As some surveys show, a large number of corporate executives believe that the possibility of economic growth is increasing, so they cancelled orders in March and reduced equipment orders in April.

  JP Morgan Chase released the latest forecast report on May 24th, forecasting the growth rate of US GDP in the second quarter from 2 in the previous period.

25% is effectively reduced to 1%, which is much lower than 3 in the first quarter.

2% GDP growth.

Xiao Mo believes that the latest durable goods orders and retail data are very bad, indicating that economic growth in the second quarter will increase from the previous quarter, and that the probability of interest rate cuts caused by downward risk growth is rising.

Civilian Goldman Sachs expects the US economy to grow from 1 in the second quarter.

5% down to 1.

At 3%, the Atlanta Fed’s GDP model now predicts the same.

  Changes in sector performance and stock market capital flows have shown changes in investor sentiment. In the past five months, with the adjustment of the S & P 500 Index, the chip semiconductor sector has suffered from the accumulation of selling weight, and companies with a high degree of trade correlation have beenSpread, funds began to shift from cyclical stocks to defensive stocks to avoid risks.

However, with the panic and panic decline in the fourth quarter of last year, investors’ risk aversion is still at a relatively low level. If the trade outlook and the global economic outlook continue to deteriorate, perhaps the short-term US stock market adjustment has not ended.

Housing companies continue to issue short-term debt to cope with debt due: 33 billion in outstanding debt in March

Housing companies continue to issue short-term debt to cope with debt due: 33 billion in outstanding debt in March

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  Original title: Real estate companies continue to re-issue short-term debt to cope with upcoming debts. Developers with US $ 33 billion in outstanding debt for three months have been developing to issue short-term bonds to cope with the upcoming debt repayment period.

  Real estate companies frequently issued short-term debt to replace long-term debt. On February 20, according to the Shanghai Clearing House, Binjiang Group completed the issuance of the second-term short-term financing bills of US $ 900 million in 2020, with an issuance period of 366 days and an interest rate of 3.

twenty four%.

  The prospectus shows that Binjiang Group has registered US $ 3 billion short-term financing bonds to return the issuer’s debt financing instruments.

The ultra short-term financing bonds issued this time were issued on February 24-25, 2020, with interest rates starting on February 26.

The funds raised in this period will be used to repay the 900 million yuan “17 Hangzhou Binjiang MTN001” that will expire on February 28, 2020.

  Since entering 2020, Binjiang Group has issued short-term financing bonds many times.

  On January 10, Binjiang Group stated that it will complete the issuance of the company’s first short-term financing bonds of 2020 on January 7, 2020. The actual total issuance was US $ 900 million, the issue rate was 4%, the term was 366 days, and the value date was 2020.January 9, 2014, the redemption date is January 9, 2021.

  On January 15, Binjiang Group announced that the company had issued the first phase of the company’s 2019 short-term financing bonds on January 9, with an actual issue volume of approximately US $ 900 million and an issue rate of 5.


  On February 14, Binjiang Group issued 12 quarterly notes with a maturity of 3 years and a coupon rate of 4%.

  On the signing date of the final prospectus, the balance of Binjiang Group’s outstanding debt financing instruments was 124.

5.6 billion yuan.

  Behind Binjiang Group’s repeated debt issuance, the company is under pressure to refuse to repay the debt.

The prospectus showed that from 2016 to 2018 and from January to March 2019, Binjiang Group’s current liabilities were 271.

6.5 billion, 358.

1.3 billion, 469.

5.3 billion and 603.

4.4 billion, accounting for 80% of total liabilities in the same period.

34%, 81.

61%, 68.

81% and 72.


  Binjiang Group said that in the past three years and the first period of the company’s liquidity resistance has improved and accounted for a higher proportion of total liabilities, the company has a short-term debt repayment pressure resistance risk.

If the company’s financing channels are not smooth in the future or the costs cannot be controlled reasonably, it may have a certain adverse impact on the company’s ability to repay its debt.

  As a capital-intensive real estate industry, financing and sales receipts are the main sources of funding.

Due to the impact of the epidemic, real estate developers’ sales receipts have been greatly affected.

In fact, debt financing has become the main channel for real estate transfusions for companies.

  In addition, Kerer’s research report shows that 2020 will be the peak period of housing companies’ debt issuance (Jin Qilin analyst). The annual internal debt of 95 typical housing companies will reach 500 billion U.S. dollars.During a peak period of debt repayment, the total amount to be repaid reached 33 billion yuan.

  Financing interest rates have fallen. Under this background, real estate developers re-issued short-term financing bonds and ultra-short-term financing bonds in the first two months of this year, and interest rates were reduced.

  On January 9, Jinke Real Estate issued 20 Jinke Real Estate ultra-short-term financing bonds SCP001 on January 7, 2020, with an issuance amount of US $ 800 million, an issue period of 270 days, and a coupon rate of 5.


  On January 17, R & F Properties issued a US $ 700 million ultra short-term financing bond with a coupon rate of 5.

4%, issuance period is 120 days.

Three days later, R & F Properties once again issued a short-term financing bond.

On January 21, R & F Properties completed the second phase of ultra short-term financing bonds for 2019, with a total issuance of USD 1.3 billion and an interest rate of 5.
28% with a duration of 270 days.
Both financings are used to replenish working capital, repay financial institution debt, credit debt and project investment.

  On February 13, China Merchants Shekou issued a US $ 1 billion ultra short-term financing bond with a coupon rate of 2.

70% of the issue period is 162 days. The raised funds are used to repay the company’s interest-bearing debt.

  On February 20, Gemdale Group issued a US $ 1 billion ultra short-term financing bond with a coupon rate of 2.

83%, with a maturity period of 270 days. All proceeds raised from the current bond are used to repay debt financing instruments terminated by the issuer itself.

  Some analysts said that the expansion of the issuance of short-term bonds by developers can quickly supplement the company’s cash flow and reduce financial pressure.

And developers use short-term bonds to cope with upcoming debt and exercise peaks.

  For developers, in addition to territorial debt, there is also the company’s debt due overseas.

  Bloomberg data shows that in 2020, the peak period of overseas debt repayment for housing companies will be March and November, exceeding US $ 4 billion and US $ 5 billion, 成都桑拿网 respectively.

The initial maturity scale of real estate companies’ overseas debts reached 294.

$ 6.5 billion, or about 2039.

8.3 billion yuan.

  Among them, Vanke Group will have the most debts due in 2020, with domestic credit debts, overseas debts and ABS totaling 650 maturities.

US $ 8.5 billion; followed by Evergrande Real Estate Group, with three total maturity scales of 599.

7.1 billion yuan.

The expiry scale of Dalian Wanda Group is 399.

0.6 billion, Country Garden is 283.

09 billion, Green City is 240.

3.3 billion yuan.

The expiration scale of other real estate enterprises is within 20 billion yuan.

China Jushi (600176) Annual Report 2018 Review: Not afraid to temporarily disturb the advantages of fiberglass faucet will further highlight

China Jushi (600176) Annual Report 2018 Review: Not afraid to temporarily disturb the advantages of fiberglass faucet will further highlight

The company’s performance growth in 2018 increased by 10.

4%, earnings per share are 0.

RMB 68 On January 12, 2018, the company realized operating income of 100.

3 trillion, the same increase of 16.

0%, net profit attributable to shareholders of listed companies23.

7 trillion, with an increase of 10.

4%, earnings per share are 0.

68 yuan; the company’s revenue in the fourth quarter alone was 24.

0 million yuan, an increase of 8.

6%, net profit attributable to shareholders of listed companies4.

600 million, down 22.


Profit distribution plan: 2 for every 10 shares.

25 yuan cash dividend (including tax).

The profitability of the company declined slightly, but the company still maintained a high level of reported gross profit margin45.

1%, a year down 17 in 0.

7 units; sales rate, management rate and financial rate are 3 respectively.

8%, 8.

2%, 3.

4%, change 0 every year.

1, -0.

1, -1.

5 averages, period rate 15.

5%, a year 17 down 1 year.

4 units.

The company’s comprehensive gross profit margin in the fourth quarter was 45.

2%, a year and 17 years down 2.

3 units; sales rate, management rate, and financial rate are 3.

0%, 12.

0%, 4.

8%, a ten-year change of -0.

4, 2.

5 and -0.

4 averages, period rate 19.

8%, an increase of 1 every 17 years.

7 units.

In 18 years, due to the increased production capacity of the industry, the price of glass fiber products has declined since the fourth quarter, which has improved the company’s gross profit margin, but the company’s profitability has remained at a high level, and the production and sales rate has continued to exceed 100%.

In addition, the company reported a total of US $ 100 million in bad debt losses that also affected performance. The demand for glass fiber is still in the growth stage. The leading advantages are obvious. The downstream market for glass fiber products is extensive, and the average annual growth rate of demand is GDP.

5-2 times, in the growth stage.

The production capacity of the world’s six largest glass fiber manufacturers, led by Boulder, accounts for more than 75%, and the production capacity of the first three domestic companies accounts for more than 70%.

Leading companies have significant advantages in product research and development, technology, production scale, production capacity layout, and cost control.

In the gradual overcapacity of the industry and the gradual process of pressure on the price of glass fiber, the difference between the leader and the follower will be further widened.

Profit forecast and investment advice The company’s “three places and five continents” layout has been advanced to effectively circumvent trade barriers and increase market share; the sales structure has been optimized, and the proportion of mid- to high-end products has continued to increase; the cost advantage has led the industry.

Due to the increase in production capacity and the commissioning of semi-annual production in the second half of the year, it may affect the price performance of glass fiber products, and the uncertainty of trade friction (tariffs) still exists. Therefore, the company’s EPS forecast for the year 19-20 杭州桑拿网 is reduced to zero.

74, 0.

80 yuan (0.

92, 1.

11 yuan), plus 21 years EPS 0.

89 yuan.

Short-term affected by the price disturbance caused by the rapid release of industrial supply, but long-term optimistic about the development prospects of global fiberglass leaders, maintaining target prices.

50 yuan corresponds to the company’s PE level of about 15 times in 19 years, maintaining the “Buy” rating.

Risk reminders: The rapid expansion of the industry’s production capacity causes the risk of falling glass fiber product prices; exchange rate changes leading to the risk of exchange losses; high trade barrier risks; European and American economic risk risks.

Tasly (600535): Planning for sale of major assets, focusing on industry

Tasly (600535): Planning for sale of major assets, focusing on industry

The company recently announced that it intends to sell its shares of Tasly Pharmaceutical Marketing Group to Chongqing Pharmaceutical, and plans to further focus on the pharmaceutical industry.

Comments on the proposed sale of assets in the commercial sector, the transaction is still uncertain.

The company signed a “Framework Agreement” with Chongqing Pharmaceuticals, and Chongqing Pharmaceuticals intends to directly and indirectly hold 87 of Tianshi Marketing through cash payment to acquire and acquire the company.

47% equity and shares of Tianshi Marketing held by other shareholders of Tianshi Marketing.

The “Framework Agreement” issued this time is an intentional agreement and is not a final restructuring plan. The specific transaction plan requires further demonstration and communication between the two parties.

If the transaction is successfully completed, the financial quality will be promoted.

Tasly Marketing is mainly responsible 杭州桑拿 for the company’s original pharmaceutical business business segment. Tasly Marketing achieved 116 revenue in 2018.

5.9 billion, net profit1.

00 million, accounting for 64% of the company’s 2018 revenue and net profit.

81% and 6.


If the transaction can be successfully completed, we expect the company’s revenue will be significantly affected, but the profit will be less affected.

Due to the low gross profit margin of the commercial sector and the large demand for funds, we expect that if the replacement is successful, the company’s gross profit margin, accounts receivable and other indicators will face improvement.

If commercial divestiture is achieved, the future will focus on industry.

The company supplements the product line through innovative research and development, cooperative research and development, and product transformation. It focuses on 杭州桑拿 major disease areas such as cardiovascular, cerebrovascular, digestive metabolism, and antitumor.Co-developed pharmaceutical platform.

The data from 1-3Q2019 shows that the proportion of gross profit of each sector in the pharmaceutical industry of existing companies is: Chinese medicine 68.

78%, chemical medicine 26.

69%, biological medicine 4.

53%, we expect that through the company’s continuous expansion in the field of innovative drugs, the future contribution of biopharmaceuticals is expected to gradually increase.

It is recommended to take into account this exclusive directional agreement, we temporarily maintain our 2019/2020 profit forecast1.


11 yuan, an annual increase of 2.

1% / 6.


The company’s current consensus corresponds to 14 in 2019/2020.


8 times P / E.

We maintain our company ‘s Outperform rating and maintain our target price of 20.

00 yuan, corresponding to 19 in 2019/2020.


0 times P / E, compared with the current 30% upside.

Risk trading progress is lower than expected.

Tianmu Lake (603136): Steady growth of existing business and follow-up on new projects

Tianmu Lake (603136): Steady growth of existing business and follow-up on new projects

The company announced its 2018 annual report, and its performance growth was comprehensive and stable. In 2018, the company achieved operating income4.

89 ppm, an increase of 6 per year.

2%; net profit attributable to mother 1.

30,000 yuan, an increase of 22 per year.

2%; deduct non-net profit 9373.

870,000 yuan, an annual increase of 12.


One quarter of Q4 achieved operating income1.

22 ppm, an increase of 11 years.

2%; net profit attributable to mother 859.

430,000 yuan, an annual increase of 38.


The company’s expense control is better, and the number of reports is steadily increasing. As a result of the increase in employee compensation, the company’s gross profit margin has decreased by 1.

6 points to 62.

1%, the net margin rose to 24.

1%, an annual increase of 2.

9 points.

The increase in the company’s net interest rate was mainly due to the decline in financial expenses and the contribution from non-recurring losses. In 18 years, the company received a large amount of various government subsidies totaling 7.45 million yuan, and the company’s total investment income was 6.25 million yuan, further increasing its profits.

The company’s expense control is good, and the expense ratio during the period decreases by 3 every year.

0%, the sales expense ratio increased by 0.

5pct, the management expense rate drops by 0 every year.

9pct, every 2 decrease in financial expense ratio.

6pct, mainly due to the reduction of interest expenses caused by repayment of long-term loans.

The main business of the scenic spot performed well, the hot spring hotel continued to grow steadily in 2018, and the company’s scenic spot business achieved revenue3.

61 ppm, an increase of 5 in ten years.

9%; gross margin decreased by 1.

64pct to 61.


In terms of attractions, in 2018, Shanshui Garden and Nanshan Zhuhai received 101 tourists.

80, 101.

680,000 person-times, an increase of 1 every year.

7%, 4.

9%; revenue is 1.

60, 1.

29 ppm, an increase of 4 per year.

0%, 9.

9%; gross margins are 63.

7%, 67.1%, a decrease of 1 per year.

5pct and 1.

9 points.

The hot spring business realized zero revenue.

55 ppm, a 10-year increase3.

0%; gross margin 57.

7%, down 2 every year.


Hotel business realized revenue of 0.

95 ppm, a five-year increase of 5.

4%, gross margin decreases by 0 per second.

9 points to 63.


The second phase of the hot spring project is expected to be put into operation in 19 years. Follow-up attention will be paid to the progress of the convertible bond project. On April 27, 18, the company announced that it would originally invest the remaining funds raised from the Tianmu Lake cultural entertainers.

The US $ 8.1 billion and interest are all for the second phase of the hot spring project. The company strives to complete the 武汉夜网论坛 construction and use of the second phase of the hot spring project within 19 years, which will bring new profit points to the company.

In addition, the company issued an announcement on March 8 that it plans to issue convertible bonds and raise US $ 300 million for the Tianmu Lake Mountain and Water Park Sightseeing Tram Project and the Nanshan Zhuhai Cableway Upgrade. After completion, it will greatly improve internal transportation and the company’s profitability.The construction period is one year. If the issuance of convertible bonds is smooth, the new project is expected to land before 2020.

The private enterprise mechanism and the potential for secondary development are the company’s core advantages. First of all, it covers companies with “overweight” ratings as operators of private bases. It has the advantages 北京夜网 of strong market sensitivity and high management efficiency. The surrounding area and its own area are also of high quality.After listing, the company actively expands new projects and further taps the secondary consumption potential of attractions.

Due to the uncertainties in the issuance of convertible bonds, the profit forecast will not consider its impact for the time being, and the company’s EPS is expected to be 1 in 19-21.


61, 1.

78 yuan / share, corresponding to PE is 27/24/22 times.

We are optimistic about the secondary development potential of the company’s reorganization and the performance boost brought by subsequent fixed-increasing projects. The average company of the same type is estimated to be 35 times, and we will give the company a reasonable value of 43 based on 19 years of PE. 43

2 yuan / share, for the first time to give the “overweight” rating.

Risk reminder: there is uncertainty in convertible bond projects, the risk of natural disasters, and the risk of increased market competition.

Taiji shares (002368): the company’s performance flexibility is underestimated and the debt protection is better

Taiji shares (002368): the company’s performance flexibility is underestimated and the debt protection is better

Event: The company recently issued a prospectus for convertible corporate bonds. The issuance of convertible corporate bonds was 100 million yuan, the number of issuances was 10 million, and the term was 6 years from the date of issue.

Steady growth in performance and improvement in gross profit margin due to business structure optimization: The company is a leading company in domestic e-government, smart city and key industry informatization. By transforming and transforming business transformation, the company has gradually formed a new business structure, mainly including cloud services, Network security and autonomous controllable, intelligent applications and services and system integration services.

In the first half of 2019, the company realized revenue of 30.

13 ppm, an increase of 11 in ten years.

75%; net profit attributable to mothers was 21.48 million yuan, a year-on-year increase of 7.

At the same time, thanks to the continuous optimization of business structure, gross profit margin increased by 4 over the same period last year.

66 points.

In the first half of the year, the new contract value exceeded US $ 5 billion, and the high-security sector grew rapidly. In the first half of the year, the company strengthened its market development efforts, and the number of newly signed contracts increased. The contract value exceeded US $ 5 billion.

In terms of sub-businesses, the “Great Security” segment achieved total revenue6 in the first half of the year.

79 trillion, an increase of 46 in ten years.


The subsidiary NPC Jincang’s business developed rapidly in the first half of the year, and its operating income increased by more than 50% compared with the same period last year.

In the first half of the year, three new products of Jincang HTAP distributed database KSOne, Jincang distributed video database system KVDB, and Jincang parallel data synchronization software KFS were launched. They are based on the integration of distributed, video image processing, and multiple data synchronization technologies.New journey in database segmentation.

It is estimated to be low and the performance elasticity is underestimated: the company currently expects to be 28.

50 yuan, corresponding to a PE TTM of 37X, at 5 is 无锡桑拿网 more than the expected bottom.

The company estimates that it far exceeds Neusoft Group (608.

63X), China Software (271.

93X), Dongfangtong (60.

57X) etc.

Considering that the company is backed by China Electronics Technology Corporation, its products and integration capabilities in the independently controllable market are in an internal leading position.

With the country’s continued efforts to promote localization, the company’s future performance growth is expected to accelerate.

Concentrated shareholding structure, low pledge risk and no pressure to lift the ban: The company’s shareholding structure is scattered and concentrated, and the major shareholder is the 15th Research Institute of China Electronics Technology Group, with a share of 38.

86%, the remaining shareholders hold less than 5%.

At present, the company’s total equity pledge is zero.

20,000 shares, low pledge risk.

The company’s last lifting of the ban was the circulation of restricted shares in September 2017. There is currently no pressure to lift the ban, and there will be no new lifting of the ban in the near future.

The redemption price is 112 yuan, and the debt protection is better: the coupon rate of the company’s convertible bonds is 0.

4%, 0.

6%, 1.

0%, 1.

5%, 1.

8% and 2.

0%, expired refund rebate is 112 yuan (including the last year’s annual interest), the period is 6 years, and the face value corresponding to YTM is 2.

75%; the debt rating is AA, and the 6-year maturity yield is 4 with the CSI rating of CSI.

97% is used as the discount rate interest rate and the debt floor value is 88.

17 yuan, debt protection is better.

The initial conversion price of the convertible bonds issued this time is 31.

61 元/股,下修条款为[15/30,90%],有条件赎回条款 [15/30,130%],有条件回售条款[30,70%,面值+当期应计利息]. Investment suggestion: It is expected that EPS for 2019-2020 will be 0.

92 yuan, 1.

14 yuan, corresponding to 31 and 25 times the corresponding PE, maintain “Buy-A” rating, 6-month target price of 37 yuan.

Risk reminder: the influx of industry giants intensifies market competition.

Zhou Dasheng (002867) 2019H1 Interim Review: Channel Expansion Overlaying Gold Price Affects Company’s Net Profit

Zhou Dasheng (002867) 2019H1 Interim Review: Channel Expansion Overlaying Gold Price Affects Company’s Net Profit

Event: The company announced its semi-annual report and achieved revenue of 23 in 19H1.

89 ppm, an increase of 12 in ten years.

51%, net profit attributable to mothers4.

750,000 yuan, an increase of 34 in ten years.

63%; 1深圳spa会所9Q2 achieved income 11.

86 ppm, an increase of 36 in ten years.

26%, realizing net profit attributable to mother 1.

920,000 yuan, an increase of 38 in ten years.


The asset-light operation model promotes channel expansion and revenue growth.

The company has been focusing on the high gross profit level for a long time, and has completed the in-depth coverage of the national market with “self-operated stores + franchise stores” for a long time.

The company uses its own stores to open brand awareness and influence, and uses franchise stores to deeply cover the national market.

The company added 330 stores in the first half of the year (+ yoy9.

17%), as of 19H1, it has 3599 stores, of which 295 are self-operated stores and 3304 are franchised stores.

The rapid expansion of channels has brought about an increase 成都桑拿网 in revenue. The company’s revenue in 19H1 increased by 12%.


We believe that an efficient operating model helps the company’s terminal channels continue to improve.

The product structure of “Gold + Settings” highlights the growth potential.

The company is mainly engaged in placing and plain gold jewelry, using the combination of product materials and scene styles to serialize the product structure and broaden the product hierarchy.

During the reporting period, under the pressure of high-end consumption adjusted by the country’s economic structure, a series of jewelry accessories continued to grow to a continuous growth rate of 3.


At the same time, Sino-US trade and the global economy are expected to lead to rising risk aversion in the market, leading to a continued upward price of gold, which will lead to a rebound in downstream gold demand.

The company’s gold jewelry revenue increased by 21%, +5 per year.

9 points.

The product structure of “Gold + Substitution” has a smooth economic impact on the company’s revenue. In the long run, revenue growth and substitution.

Gold jewelry’s high elasticity promotes gross profit growth.

The source of the company’s gold revenue is revenue from direct sales of gold in stores and brand royalties.

Among them, direct-operated store gold uses a fixed gross profit margin cost addition method. The increase in basic gold prices has significantly improved the gross profit, and the company’s prime gold revenue gross margin +3.

8 points.

The brand royalty is the company’s bid to franchise stores according to the weight of gold, and the gross profit rate is 100% with high flexibility.

In the current period of gold jewelry revenue, brand fee income has increased rapidly, and the combined increase in gross profit margin has become the company’s continuous increase in gross profit (35%) greater than the income.

The rising gold price has a positive impact on the boost of the profit side, and the company’s profit side improvement in the second half of the year is highly certain.

Earnings forecast: We expect the company to achieve revenue of 60 in 19/20/21.



50,000 yuan, a growth rate of 24.

82% / 19.

44% / 14.39%, realizing net profit attributable to mother 10.



51 ppm, 25-year growth rate.

10% / 22.

69% / 17.

23%, EPS is 2.



98, corresponding to PE is 16.



48. Maintain the “Highly Recommended” rating.

Risk warning: high-end consumption is under pressure due to economic restructuring, and product quality control risks.

Moutai, Guizhou (600519): Growing non-demand impact maintains sustainable performance expectations

Moutai, Guizhou (600519): Growing non-demand impact maintains sustainable performance expectations
Event: Maotai announced its semi-annual report for 2019, achieving a total revenue of 411 in the first half of the year.7 ppm, an increase of 16 in ten years.8%; net profit attributable to mother is 199.50,000 yuan, an increase of 26 in ten years.6%; among them, Q2 realized income of 186.900 million, an increase of 10 in ten years.9%; net profit attributable to mother was 87.30 ppm, an increase of 20 in ten years.3%; complete base wine production 4.53 Initially, the output of Moutai base wine was 3.44 years, production of series of wine-based wines.09 baseline; the growth rate of Q2 has improved under the background of a high base, without affecting the gradual performance goals.The growth rate of revenue and net profit in Q2 2019 was as high as 45.6% / 41.5%, the restructuring company’s channel adjustment affected the confirmation of shipments.The company claims that the shipment volume in the first half of the year has completed half of the expected task, and it is expected that the company’s statement in the first half of the year confirms that the shipment volume is 1.Over 55 years of age, revenue growth is mainly driven by the increase in average price; in the second half of the year, direct sales are expected to increase, and revenue growth is expected to accelerate.The number of Moutai dealers decreased by 437 in Q1 and the number of Moutai dealers decreased by approximately 78 in Q2. It is expected that the dealer adjustment will be nearing completion.Direct sales accounted for only 3 in the first half of the year.9% every year last year 7.3% decreased significantly.The current expected price control of the company is expected to gradually implement the direct sales plan in the second half of the year. In the second half of the year, direct sales are expected to increase, and revenue growth is expected to accelerate; the ton price will increase, and profitability will increase steadily.Gross profit margin in the first half of 91.9%, a year to raise 0.9%, mainly benefiting from the increase in the price of tons of wine.In the first half of the year, channel surveys showed that Feitian Moutai was in short supply and non-standard alcohol was heavy.The company’s strategy for series wines changed from “quantity” to “quality”. The number of Q2 series wine dealers decreased by 494, and the revenue growth rate of series wines in the first half of the year was obviously 166%; sales expense ratio decreases by 1 every year.4% to 4.8%, which is expected to benefit from a reduction in the cost of wine series; advance receipts increase, and cash flow performance is better.Advance receipts in the first half of the year increased by 23 from the end of last year.200 million, an increase of 8 from the previous month.700 million, related to the company’s June advance payment policy; the first half of sales 433.30,000 yuan, an annual increase of 25.2%; net operating cash flow 240.90,000 yuan, an increase of 35 in ten years.8%; Feitian Maotai’s approval price is firm, and it is expected to remain stable in the second half of the year.At present, the Feitian Moutai bonus price is around 2050-2100 yuan. In June, the supply of Moutai liquor increased but the approval price did not drop significantly, indicating strong demand.Against the background of the expected very limited increase in the volume of Moutai sales, it is expected that there will be limited room for the approval price to fall in the second half of the year; investment advice: maintain the “overweight” rating.Moutai is still the leader in the sector with the most deterministic internal performance and the strongest demand. The company’s quarterly performance changes do not affect its long-term investment logic. We expect the company’s operating income for 2019-2021 to be 899/1025/1167 trillion.Yearly growth rate 16.5%, 14.1%, 13.8%; net profit attributable to mothers was 437.3 / 504/587 billion, exceeding the growth rate of 24.1%, 15.5%, 16.4%; corresponding EPS is 34.77/40.16/46.75 yuan; risk warning: severe economic downturn; industry 杭州夜网论坛 policy risks; food safety incidents;