Lanyan Holdings (000968): Steady growth in revenue and operating cash flow

Lanyan Holdings (000968): Steady growth in revenue and operating cash flow
Event: The 厦门夜网 company achieved operating income in the first three quarters of 201914.65 ppm, a 10-year increase3.34%; net profit attributable to mother 5.06 ppm, an increase of 5 in ten years.9%; deducted non-attributed net profit 4.98 ppm, a five-year increase of 5.1%; expected reduction in average ROE beyond 1.69pct to 12.37%. Revenue performance increased, ROE decreased by 1.69 points.In the first three quarters of 19, the company realized operating income14.65 ppm, a 10-year increase3.34% in the third quarter, single-quarter revenue increased by 15.55% to 4.7.9 billion; net profit attributable to mother 5.06 ppm, an increase of 5 in ten years.In the third quarter, net profit attributable to mothers increased by 16 in the third quarter.03% to 1.7.3 billion; deducted non-attributed net profit 4.98 ppm, a five-year increase of 5.1%; ROE in Q3 decreased by 0 in a single season.13 points to 4.05%, the company expects the average ROE in the first three quarters to decrease by 1 year-on-year.69pct to 12.37%, available through DuPont analysis of ROE. The company’s net sales margin for the first three quarters was 34.46%, rising by 1 every year.21 points, total assets turnover expenditure 0.18 (times), and then drops 0.01 (times), the equity multiplier was 2 from the first three quarters of 18 years ago.18 dropped to 1 in the first three quarters of 19.98. The expense ratio was basically flat during the period.During the first three quarters of 2019, the company’s period expenses (plus R & D expenses) increased by 3 every year.55% to 2.21 trillion, the cost rate rose during the period.03pct to 15.11%.Among them, sales, management (plus R & D expenses), and financial expenses are reduced by 9 each year.33%, an increase of 16.44%, a decrease of 8.24% to 0.0.6 million yuan, 1.1.9 billion, 0.RMB 960,000; sales, management (plus R & D expenses), and financial expense ratios decreased by 0.06pct, up by 0.92pct, down by 0.83pct to 0.43%, 8.14%, 6.54%. Net cash flow from operating activities increased significantly.1) Net cash flow from operating activities in the first three quarters of 20194.46 ‰, an increase of 61 per year.45%, mainly due to the annual increase in the settlement of notes due during the reporting period; 2) Net cash flow from investment activities -1.87 trillion, a decrease of 152 a year.59%, mainly due to the company’s acceleration of new blockchain exploration and development during the reporting period, the expansion of construction in progress and the purchase of equipment increased; 3) net cash flow from financing activities-013 ‰, an increase of 97 per year.44%, mainly due to debt repayments over the same period. The asset-liability ratio decreased, and operating efficiency improved.The company’s asset and debt restructuring in the first three quarters of 201946.0%, a decrease of 3 per year.98 points, down 4 earlier.75 points.Accounts receivable grows by 26 each year.21% to 15.02 trillion, accounts 天津夜网 receivable turnover days increased by 140 each year.95 days to 336.41 days; inventory decreases by 40 per year.42% to 3.9.6 billion, with inventory turnover days exceeding 105.05 days to 84.01 days; accounts payable 9.5.7 billion, accounts payable turnover days increase by 86 every year.85 days to 345.67 days, reducing the net operating cycle by 50 per month.96 days to 74.74 days. The new gas source is progressing smoothly and the company’s sustainable development capability is enhanced.The company has initially completed the preliminary survey of the Liulin Shixi, Wuxiangnan, Heshunhengling, and Heshunxi four blockchains.Among them, Liulin Shixi and Wuxiang South blockchains have obtained trial mining approvals.As of the end of July, 122 blocks have been phased out, 53 have been fractured, and 19 wells have been commissioned.In the first half of 19, the wholly-owned subsidiary Lanyan Coalbed Methane successfully achieved 253.82 square inch Heshun Mafang East Blockchain exploration right; according to major asset restructuring commitments, Lanyan Coalbed Methane has obtained the mining rights of Chengzhuang Coal Mine, Sihe Coal Mine (East District), Zhengzhuang Minefield and Hudi MinefieldGas exploration right.The acquisition of the above-mentioned blockchain has increased the company’s coalbed methane resource reserves and is conducive to enhancing the company’s future sustainable development capabilities. Profit forecast and investment grade: We expect the company’s EPS for 2019-2021 to be 0.76, 0.90, 1.07 yuan, corresponding to 15, 12, 10 times the PE, maintaining the “buy” level. Risk reminder: The project progress is less than expected, the sales volume of coalbed methane is lower than expected, and the coalbed methane decline

Iran’s ratification of anti-money laundering bill will help Iran conform to international rules

Iran’s ratification of anti-money laundering bill will help Iran conform to international rules

Iran has confirmed that the National Interests 深圳桑拿网 Commission approved an anti-money laundering bill on the 5th, which will help Iran to integrate with international rules and attract foreign investment during the United Nations sanctions.

  The Iranian parliament approved the bill last year to defeat the demands of the Intergovernmental Group on Financial Action Task Force on Anti-Money Laundering and Counter-Terrorism Financing.

  Iran’s national conservative opposition anti-money laundering bill finds that it denies Iran’s financial assistance to its allies, such as Lebanon Hezbollah, but has been classified as a terrorist organization by the United States.

The Iranian Constitutional Guardianship Committee refused to ratify the bill.

  Iran’s Islamic Republic News Agency reported that after making some amendments to the bill, it was approved by Iran’s National Interest Commission on the 5th.

This body initially addresses disputes between legislation and the Constitutional Guardianship Board.

The brother of Iran’s parliament speaker Ali Larijani, a conservative Ayatollah Sadiq Amolli Rajani, was appointed chairman of the National Interest Determination Committee last week.

  People in the foreign business community told Reuters that Iran complies with the standards of the Financial Action Task Force and is no longer on the organization’s blacklist, increasing their investment in Iran significantly, especially when Iran sanctions US sanctions.

  The US government withdrew from the comprehensive agreement on the Iranian nuclear issue in May last year, and in August and November of the same year resumed sanctions on Iran in two batches, including energy exports that are vital to the Iranian economy.

  The European Union supports the Iranian nuclear agreement and intends to establish a special purpose agency to help European companies bypass US sanctions and continue legal trade with Iran.

  According to Reuters, Iran ‘s supreme leader Ayatollah Ali Khamenei ‘s previously opposed parliament passed the anti-money laundering bill in recent times; some analysts believe his reason for the change may be to preventIran’s economic situation has deteriorated.

(Hui Xiaoshuang)[Xinhua News Agency Microblog]Original Title: Iran Approves Anti-Money Laundering Bill to Promote Integration with International Attraction

Shanghai Airport (600009): Non-aviation revenue and investment income increased significantly in line with expectations

Shanghai Airport (600009): Non-aviation revenue and investment income increased significantly in line with expectations

2019H1 results are in line with expectations Shanghai Airport announced the first half of 2019 results: operating income54.

6 ppm, an increase of 21 in ten years.

1%; net profit attributable to the parent company was 27 million, an increase of 33 year-on-year.

5%, corresponding to a profit of 1.

40 yuan; deduct non-recurring profit and loss to the net profit of the mother 26.

500 million US dollars, an annual increase of about 31%.

Operating income for the second quarter 26.

80,000 yuan, an annual increase of 20.

6%, net profit 合肥夜网 attributable to mother 13.

10,000 yuan, an increase of 30 in ten years.

4%, in line with market expectations, basically in line with our expectations.

The profit margin of main business keeps increasing5.

2 units.

In the first half of the year, operating income increased significantly.

1%, mainly from commercial catering revenue (about 27.)

(7 ‰, up 46%), of which tax-free income from T2 is 19.

2.7 billion (19Q1 is 10).

100 million, 19Q2 is 9.

1.7 billion), we estimate that Pudong Airport’s tax exemption in the first half of the year is about 7.5 billion.

Operating costs rose slightly 8.

6%, mainly from operation and maintenance costs (increase 1).

USD 5.7 billion, of which the increase in lease fees (connected transactions with group companies) recognized in the first half of the year1.

3.3 billion, 杭州桑拿网 an increase of about 38%.

Investment income increased by 34% each year, after deducting approximately 51 million new investment income from East China Kaiya during the period, the company’s other investment income increased by 21 in comparable terms.

5%, mainly because: 1) Deco Momentum’s net profit increased by 34%; 2) Free Trade Phase I Fund reduced losses by approximately 28 million yuan.

Development trend The duty-free shops in Shanghai are opening. We believe that the initial diversion impact will be limited.

Duty-free shops in Shanghai opened on August 23, with a business area of 874 square meters1.

Consider 1) At present, the city’s duty-free shops are not open to mainland consumers; 2) Fragrance is a standard product, and direct airport purchase is more convenient; 3) Airport customer acquisition costs are reduced, and we expect the city stores to have a limited impact on the diversion of Shanghai Airport in the beginning.
The progress of the satellite hall project has reached 95%, and it is expected to be put into production in the second half of the year.

As of mid-2019, the progress of the third phase of the project with the satellite hall as the main body has reached 95%, but the relevant capital expenditure commitments that have not yet occurred are still close to $ 8 billion.

The third phase of the project started at the end of 2015 and has a four-year construction period. It is expected to be put into production in the second half of this year.

Earnings forecast and forecast The current company expects to correspond to 2019/2020 29.


3 times P / E.

Maintain 2019 and 2020 profit forecast57.

9.5 billion and 64.

1.8 billion, maintain Outperform rating.

Due to the improved level of the sector, the target price is raised by 8% to RMB 90, corresponding to a 30 times price-earnings ratio in 2019 and 2 corresponding to current expectations.9% upside.

Risk Aviation demand was less than expected, and tax-exempt income was less than expected.

Zhongke Sanhuan (000970): Demand stabilizes, Q2 rare earth prices increase and prices lead to profitability

Zhongke Sanhuan (000970): Demand stabilizes, Q2 rare earth prices increase and prices lead to profitability

2019H1 returns to mother net profit1.

00 ppm, a reduction of 10 per year.

66%, slightly lower than expected The company disclosed the semi-annual report for 2019, and realized revenue of 18 in the reporting period.

80 ppm, a reduction of 4 per year.

48%; net profit attributable to mothers1.

00 ppm, a reduction of 10 per year.

66%, slightly lower than expected; mainly due to the rapid rise in raw material costs in the second quarter of 2019, resulting in a decline in gross profit margin.

During the reporting period, the company plans to invest in Southern Rare Earth. We are optimistic about the company’s layout of raw material resources and its leading position in the field of magnetic materials. We expect that the sales of new energy vehicles will increase in the future, and the demand for magnetic materials will improve, and the company’s performance is expected to gradually improve. Annual company EPS is 0.



33 yuan, maintaining the “overweight” level.

The cost of rare earth raw materials increased in Q2 2019, and the increase in costs caused gross profit margin restructuring to achieve revenue in Q2 20199.

60 trillion, net profit attributable to mother 0.

56 ‰, a decrease of 19 per year.

97%, an increase of 27 from the previous month.

27%; Q2 gross margin is 1 lower than Q1.

19pct, net interest rate increased by 1 over Q1.

06 points.

Mainly due to the rapid rise in the price of rare earth raw materials in the second quarter of 2019.

According to Baichuan Information, in the second quarter of 2019, the prices of praseodymium oxide and neodymium rose by 23%, erbium oxide rose by 31%, and praseodymium oxide rose by 32%. The increase in raw material prices was catalyzed by Sino-US trade friction, and the remaining national strategic resources were threatened.Suffering from the impact of imported minerals in Myanmar, the supply of medium and heavy rare earths is tightening.

In addition, in the past 18 years, domestic large and medium-sized magnetic materials companies have shown an increase in revenue and a significant increase in gross profit margin. We expect the concentration of the industry to increase and competition to increase.

It plans to acquire shares in Southern Rare Earth, extend the upstream industrial chain, and ensure the supply of raw materials, especially medium and heavy rare earths. On April 21, the company announced with Southern Rare Earth Rare Earth’s “Letter of Intent to Cooperate.”Invested in the establishment of an advanced sintered NdFeB company with a capacity of 5,000 tons per year.

Southern Rare Earth is one of the six major rare earth groups approved by the State Council. It is the largest medium and heavy rare earth production and management company in the upstream and has obvious advantages in the field of rare earth production and rare earth trading.

With this cooperation, the company will further ensure the supply of rare earth raw materials (especially heavy rare earth), which is of great significance to enhance the company’s competition in new energy vehicles and other fields.

In 17-18, due to environmental inspections, some heavy-duty rare earths in China were shut down or resource grades were depleted. There were no expansion mining and new approval certificates, and Myanmar ‘s imported ore, which is an important supplement for heavy-duty rare earths, continued to be wasted, causing 2019H1 heavy-duty rare earths.Price increase.

The increase in sales of new energy vehicles is expected to drive the demand for magnetic materials mainly around the market expansion of new energy vehicles, rail transportation equipment, energy-saving appliances, high-end CNC machine tools and robots.

The company has completed the certification of motor and magnetic materials for mainstream 杭州桑拿网 new energy vehicle companies, including Tesla and mainstream domestic and foreign enterprises. We expect that sales of magnetic materials for new energy vehicles will increase in 19-21.

Cooperation between our magnetic industry legislative companies and industry leaders has been strengthened.

The leader of magnetic materials has been developing steadily, and the demand for new energy vehicles has improved. We maintain our original profit forecast for the “overweight” rating. It is expected that revenue will reach 45 in 19-21.



2.3 billion, net profit attributable to mother 3.



5 billion.

In 2019, the magnetic material company’s wind consensus expected that the median PE was 41X. Considering the company’s leading position and forecasting the development of upstream resources, new energy vehicles are also expected to drive the demand for magnetic materials. We give a certain estimated premium and give 42 based on 19 years of net profit.-44XPE, cut target price to 11.


32 yuan (previous value was 12.32-12.

88 yuan), maintaining the “overweight” level.

Risk warning: Sino-US trade friction caused excessive fluctuations in rare earth prices; sales of new energy vehicles fell short of expectations.

Jichuan Pharmaceutical (600566): Excellent platform helps brand Chinese medicine companies take off

Jichuan Pharmaceutical (600566): Excellent platform helps brand Chinese medicine companies take off

Key points of investment: The company’s internal operations are stable, and the “wolf culture” has helped the company continue to expand. The company has been established for more than 20 years. The relevant department settings and personnel management are mature, and the core leadership has remained stable.

The company adheres to the management of “wolf culture” and is good at growing in adversity. By correctly grasping the direction of market development, relying on the exclusive agency type accompanied by Pu Dilan, Xiaoer Xiaoqiao, etc., its performance has maintained rapid growth, and it was successfully listed in 2013.Maintain rapid development, and the market scale continues to expand.

Influenza and the development of channels have promoted Pu Dilan and Pediatrica to grow further. After 18 years of high flu, the incidence of influenza is still serious this year, and the demand for antipyretic and detoxifying drugs and pediatric cold medicines has increased.

Pu Dilan oral liquid is the company’s exclusive dosage form, such type in 201724.

800 million US dollars. In the future, through the improvement of hospital and drug store coverage, replacement of traditional Chinese medicine injections, expansion of medical insurance coverage and promotion of adult departments, etc., stable growth is expected. The compound growth rate in the next three years is expected to be nearly 20%.

Xiaoer Qiaoqing Qingre Granules is recommended as a commonly used medicine for the treatment of flu. There is room for improvement 北京桑拿洗浴保健 in hospital and drug store coverage. Conversion and high gross profit of sugar-free dosage forms will further increase profitability.

Relay of second-tier breeds to ensure sustainable growth of the company’s performance The company is currently launching a number of expected products in other areas such as gynecology and digestive medicine.

Rabeprazole uses the latest proton pump inhibitor technology, and its market share in PPI inhibitors continues to expand. The company’s rabeprazole capsule market share is nearly 60%, and it is expected to maintain stable growth in the next 2-3 years; TokeThe pharmaceutical industry channel integration effect is obvious. Through the company’s sales platform, the affiliated Fuyanshu capsules have a significant volume.

In addition, scutellaria tablets and ferrous protein succinate have entered a rapid growth stage, and a number of products under development are steadily advancing.

Earnings forecast and rating are expected to be attributable to net profit of 18/19/20 respectively.



08 billion yuan, EPS is 2 respectively.



96 yuan, corresponding PE is 18/15/12 times.

The company’s performance has grown steadily, and the current industry policy influence factors have increased. It is estimated that the expected average mean value is returned. With reference to comparable companies, the company believes that the company will have a reasonable PE of 20 times in 2019 and a target price of 50 yuan.

Risk warnings 1. Sudden policies lead to major price reductions of major products; 2. Large shareholders continue to reduce their risk.

Xugong Machinery (000425): Rapid growth in performance, national reform expected to further improve efficiency

Xugong Machinery (000425): Rapid growth in performance, national reform expected to further improve efficiency

Interim report performance forecast exceeded expectationsOn July 14, the company announced that it would report net profit attributable to the parent 21?
24 ppm / yoy + 90.


4%, EPS is about 0.


29 yuan.

The construction machinery market has strong demand, the company has a solid level of competition, and its profitability has continued to be repaired. This is the primary reason for the company’s rapid growth in performance.

We raise our expected profit forecast and expect EPS to be zero.



65 yuan (the original price is 0.



56 yuan), PE is 9.



93 times.

The average PE of companies in the same industry in 2019 is 12.

18 times, the PE of overseas leader CAT is 12.

21 times, we believe that the company’s main product crane may maintain a relatively rapid growth rate, the company’s state-owned enterprise reform is steadily advancing, high-quality asset injection is expected to be strong, and the company’s target price is adjusted to 5.



33 yuan, corresponding to PE in 2019 is 12.



0x, maintain “Buy” rating.

Product demand is strong and profitability has increased significantly. Benefiting from the steady growth of domestic fixed asset investment, the demand for infrastructure construction in the “Belt and Road” countries has increased, and the demand for the construction machinery industry has continued to grow, especially the company’s main crane products.From January to June, the sales growth rate of the automobile spreader industry exceeded 50%, which actually outperformed other sub-industries.

The company strengthened the internal management level of the company, promoted product upgrades, and significantly improved brand value and brand influence. 3) The increase in revenue and the clearing of historical issues, the company’s expenses decreased, asset impairment decreased, and profitability increased significantly.

Tower cranes benefit from the demand for prefabricated buildings, growing by more than 100% each year.

The margin of real estate trust tightens, which has little impact on the construction machinery industry. We believe that infrastructure investment is still the main support for demand in the second half of the year.It is estimated that with the landing of special debt funds, infrastructure investment will increase by 1.

Seven single, infrastructure-relevant products such as small excavations, cranes and other demand will remain high; in 2018, real estate trust funds accounted for less than 6% of the actual overall funding source, real estate trust margins tightened, and the impact of psychological size was greater than the actual impact.The absolute scale of the sales volume of the construction machinery industry 武汉夜生活网 will remain high, and the growth rate will fluctuate within a small range.

We raise our profit forecast and maintain a buy rating. Demand in the construction machinery industry continues to exceed expectations. We raise our company ‘s crane product sales forecast and raise its expected performance forecast. Is it expected that 2019?
Net profit attributable to mother in 2021 is 38.



13 trillion, EPS is 0.


65 yuan (the original price is 0.



56 yuan), PE is 9.


93 times.

The average PE of companies in the same industry in 2019 is 12.

18 times, the PE of overseas leader CAT is 12.

21 times, we believe that the company’s main product crane may maintain a relatively rapid growth rate, the company’s state-owned enterprise reform is steadily advancing, 武汉夜生活网 high-quality asset injection is expected to be strong, and the company’s target price is adjusted to 5.


33 yuan, corresponding to PE in 2019 is 12.


0x, maintain “Buy” rating.

Risk warning: The domestic economy is down faster than expected; the growth rate of infrastructure investment has not increased as expected, and real estate investment has continued to narrow; the industry’s competitive environment has deteriorated; the market for new products has not expanded smoothly; the asset impairment loss caused by accounts receivable gradually causedThe impact of profits.

Nearly 10 billion northbound funds have violently opened positions and have been buying these stocks recently

Nearly 10 billion northbound funds have violently opened positions and have been buying these stocks recently
Original title: Nearly 10 billion northbound funds have violently established positions. Recently, these shares have been bought on August 19. The net inflow of northbound funds exceeded 8 billion U.S. dollars, setting a single-day net inflow in more than four months.Among them, the net inflow of Shanghai Stock Connect was 38.6.1 billion yuan, the net inflow of Shenzhen Stock Connect 46.2.2 billion.  The top ten active trading stocks showed that Ping An Bank made a net purchase of 6.28 ppm, Wuliangye, Guizhou Moutai branch net purchase3.57 billion, 2.800 million, Tsingtao Beer was net sold1.8.5 billion yuan.  The good news triggered the opening of Shenzhen local stocks today. Shenzhen local stocks led the two markets and closed consecutively. The daily limit of nearly 70 stocks rose and the market value soared more than 230 billion.For Hong Kong stocks, Shenzhen Holdings rose more than 10%, Shenzhen International rose more than 11%, Jiazhaoye Group rose 14%, China Merchants Land, and other stocks such as CIMC also surged.  In the news, on August 18th, the CPC Central Committee and the State Council issued opinions on supporting Shenzhen to build a pioneering demonstration area of socialism with Chinese characteristics, supporting Shenzhen to carry out regional comprehensive reform experiments of state-owned and state-owned enterprises, supporting Shenzhen’s pilot to deepen foreign exchange management reform, and supporting Shenzhen to build 5G, Artificial intelligence, cyberspace science and technology, life information and biomedical laboratory and other major innovation carriers; support the development of digital currency research and mobile payment and other innovative applications in Shenzhen.  Hualong Securities stated that on August 18, the Central Committee of the Communist Party of China and the State Council issued opinions on supporting Shenzhen to build a pioneering demonstration zone with Chinese characteristics.The “Opinions” pointed out the strategic positioning of Shenzhen as a global benchmark city, and pointed out that creating conditions to promote the reform of the registration system.With the further deepening of the integration of the Greater Bay Area, part of Shenzhen should become more and more important, and the implementation of the pioneering demonstration zone of socialism with Chinese characteristics will be more effective in this way.With the implementation of the heavy-duty favorable policies, local related companies in Shenzhen are expected to usher in the possibility.  The strategy of Anxin Securities believes that the issuance of this Opinion has profound significance for Shenzhen, which is conducive to Shenzhen’s reform and opening up at a higher starting point, a higher level, and a higher goal, forming a comprehensive deepening reform and a new pattern of comprehensive opening up.We suggest paying attention to Shenzhen local stocks and GEM investment opportunities. The three main lines that may benefit are: 1. Technology (Shennan Circuit, SZC, Sino-Singapore, Shenzhen Technology, etc.); 2. Transportation logistics (Shenzhen Airport, Yantian)(Hong Kong, CIMC Group, etc.); 3. Financial real estate (China Merchants Shekou, Overseas Chinese Town A, China Merchants Bank, Ping An of China, etc.) After the market today, the Shenzhen Municipal People’s Government issued a copy of China (Guangdong) Pilot Free Trade Zone Shenzhen Qianhai ShekouNotice of the fourth batch of reform and innovation experience in the area. Copying and promoting content involves six major areas, including investment facilitation, trade facilitation, financial innovation, supervision after the fact, rule of law innovation, and institutional mechanism innovation.  According to the Securities Times, from the top ten active trading stocks, foreign countries grabbed these stocks in advance. Last week, a total of 33 stocks were listed on the active trading list. The largest transaction amount was Moutai, Guizhou, with a cumulative turnover of 74.02 trillion; followed by Ping An of China, with a cumulative turnover of 53.9.8 billion yuan; Ping An Bank, Wuliangye, etc. also had higher turnover.  Based on net purchases and sales, 16 of the stocks listed last week were net purchases. The largest net purchase was Ping An Bank, with a net purchase of 24 last week.13 trillion, followed by Wuliangye, Vanke A, the net purchase amount was 8 respectively.4.4 billion, 6.8.5 billion yuan.Among the net stocks sold, Ping An of China had the most net sale amount, with a net sale amount of 12 last week.2.5 billion.  Carding found that a total of 12 stocks in the Beijing Capital Active Stocks List were listed last week, including Gree Electric Appliances, Guizhou Maotai, and Hikvision.In contrast, 10 stocks made the list only once last week.On August 16, Zhonghuan Securities, which was listed on the Shenzhen Stock Connect Active List, had a turnover of 3 on the day of the listing.3.3 billion yuan, with a net sale of 2.39 trillion US dollars, the stock’s budget fell 9 that day.09%, a gradual increase of 0 last week.93%.Haitian Flavor, which was listed on the Shanghai Stock Connect Active List on August 16, had a turnover of 3 on the day of the listing.8.6 billion yuan, with a net purchase price of 2.160,000 yuan, the stock further increased that day by 5.55%, a gradual increase of 4 last week.35%.  From the perspective of the industry, among the active stocks listed last week, electronics, food and beverage industries are highly concentrated, with a total of 6 stocks on the list.  After the institutional interpretation, the Huatai Securities strategy team said that the internal and external environment is still relatively mild, positive signals are increasing, and structural opportunities are positive. For the external environment, the downside of the US term spread indicates the downward pressure on the US economy 深圳spa会所 and the pressure on the U.S. fluctuation.The impact is limited.  From the internal environment, the LPR mechanism has been formed to promote interest rate cuts through interest rate marketization reforms, and gradually guide the real economy’s financing costs downward, supplementing tax and fee reductions and other changes in policy effects. The pressure on corporate costs has gradually increased and reduced, and market risk substitution is expected to improve.; Since August, domestic long-term interest rates have fallen significantly, hitting a new low since 2017.In terms of configuration, continue to recommend technology stocks and automobiles, and preferably Huawei’s industrial chain + semiconductor industry chain.  The Monarch team believes that the dawn of dawn is to pay attention to the mid-term inflection point of 合肥夜网 “credit-ERP-profit”.Fear has its limits, and we need to focus on profit repairs driven by credit repairs.Finance is the guide for financing of financial institutions, the advancement of interest rate marketization, and restructuring is the follow-up of demand-side policies. Credit dredging will be more smooth in a demanding environment, which makes our confidence in profit repair more firm.  In terms of industry configuration, the Monarch team believes that with the start of the credit cycle and the advancement of demand-side policies, we will see a double “Nike” of ERP and profit. Based on the 4X4 configuration system, the Monarch team recommends two main lines: 1) Preferred style.We are optimistic about the growth style of new infrastructure development, communications and computers, and optimistic about underestimated consumption of automobiles and home appliances.2) Cheap can always generate revenue, taking into account the stable cost performance.Optimistic about undervalued and stable banks, non-banks.  Southwest Securities chief strategy analyst Zhu Bin said that, overall, the market is in a rebound period, but the sector is clearly differentiated.The main board is greatly affected by the economy, and there is no room for continued upward during the economic downturn. It is expected that the rebound will rise around 2950 points.Due to the reversal of performance, the ChiNext will not be afraid of the pressure of liquidity tightening, and it may get out of a larger and stronger state in the future with relatively obvious returns.

TD Optics (002632): Reflective Materials Business Prospects Positive for First Coverage Buy

TD Optics (002632): Reflective Materials Business Prospects Positive for First Coverage Buy
TD Optics is a domestic company specializing in the sale and production of reflective 成都桑拿网 materials.Reflective materials are mainly used for road / highway traffic signs, car number plates and reflective safety clothing.Mainly driven by the increase in road / highway construction projects, the potential market size of reflective materials has steadily increased, but we see that more than 80% of them come from repeated renewal requirements.We expect that TD Optics will achieve a compound annual growth rate of 25% / 28% in 2018-21, benefiting from the company’s gradual increase in market share in the field of high-end microprism reflective films and automotive license plates. The driving factors include: 1) Competitive product pricing (15-20% lower); 2) Recently, end-customer interest in domestic suppliers has risen when Sino-US trade relations are strained; 3) The company has taken measures to improve brand awareness and product 杭州桑拿 performance.The stock is currently expected to correspond to 12 times the 2020 expected price-earnings ratio, and then listed since the historical average of 17 times.Considering the expected attractiveness, growth prospects and potential gains we have a 12-month target price of 8.The growth space of 30 yuan is 29%. For the first time, we covered the stock’s budget purchase. Excellent product quality will drive growth. At present, TD Optics’ business focus is tilting from low-end interference applications to high-end reflective films (microprisms and glass beads), which means that gross profit margins will rise.We believe that TD Optics will achieve market share growth in this business area with its more than 8 years of experience in the development of microprism-type reflective films and significant progress in winning orders for domestic automotive license plates.We expect the company’s microprism reflective material market share to rise from 20% to 20% by 2021.

Monarch Liu Xinqi, etc .: AVIC Capital Pilots to Enhance Strength and Invest in New Era

Monarch Liu Xinqi, etc .: AVIC Capital Pilots to Enhance Strength and Invest in New Era

[Monarch Non-Bank Liu Xinqi Team]Leading the 佛山桑拿网 battle to enhance capital strength, industry investment enters a new era-AVIC Capital (600705) Annual Report of 17 Years maintains an “overweight” rating with a target price of 9.

48 yuan.

The company’s net profit for 2017 was 27.

8.4 billion, +19.

8%, return on equity 12.

3%, previously + 156bps, in line with our expectations, intends to allocate 0 for every 10 shares.

55 yuan.

The appointment of strategic investors will further enhance the company’s capital strength. The company strives to increase industrial investment around military-civilian integration. A two-way breakthrough on the capital side and the asset side will help continuous growth in performance and maintain EPS 0 in 2018-20.



55 yuan, maintaining a target price of 9.

48 yuan, corresponding to 18P / E 24X, increased holdings.

  Trust and leasing maintained high growth, and securities and finance companies improved.

1) 17-year net profit of AVIC Trust16.

USD 300 million, + 25% a year, trust management scale reached USD 648.9 billion, + 37% compared with the beginning of the year, of which the proportion of collective trusts increased slightly to 53% (52% at the end of 16), and the proportion of active management was higher than the industry averageThe impact of industry de-channels on company performance is extremely limited.

2) 17-year net profit of AVIC Leasing10.

2 ppm, one year + 28%, the interest rate spread is stable and the total asset size has maintained rapid growth. It is optimistic that the 18-year performance will continue to grow.

3) Entrusted by the brokerage and capital intermediary business, the net profit of AVIC Securities decreased by 20% in 17 years, the investment banking business achieved rapid growth, and securities underwriting income increased by + 51%; 4) Due to the narrowing of interest margin, the financial company’sThe profit margin is -4%, and the expansion of the asset base will drive 18-year performance improvement.

  Taking the initiative to enhance capital strength, industrial investment has entered a new era.

1) AVIC, a subsidiary of the company, intends to increase its capital and expand its strategic investors, with a scale of up to 11 billion U.S. dollars. The pilot will comprehensively enhance the capital strength of the company’s financial sub-sectors, and at the same time provide a basis for the company’s production, finance, and financing.

2) The pace of joint investment between the company and the group has accelerated significantly. In February 18, the company and AVIC and AVIC jointly invested to establish the Rongfu Aviation Industry Fund Management Company, which mainly invested in the aviation-military-military integration industry project. Under the background of deepening military-civilian integration,The company’s strong shareholder advantage is expected to take the lead in areas such as military industry investment and industrial fund management.

  Welcome to contact: Liu Xinqi 18621898966 / Super Super 18601923202 / Qi Ruijuan 18610093755 / Yan Zheming 15510104643 / Zeng Guangrong 15122409675

Juewei Food (603517): Volume and price of main business rise, convertible bonds boost production capacity expansion

Juewei Food (603517): Volume and price of main business rise, convertible bonds boost production capacity expansion
A brief evaluation of performance The company achieved operating income in 201843.6.8 billion, +13 in ten years.45%; net profit attributable to mother 6.4.1 billion, previously +27.69%; earnings per share 1.56 yuan / share, 6 dividends for every 10 shares.1 yuan to 4 shares. The number of operating analysis stores increased by 9.5%, single store revenue increased by 3.6%: The company’s 18-year Q4 revenue and net profit attributable to mothers were 11 respectively.2.0 billion (previously +14.71%) and 1.5.3 billion (previously +23.6%), the growth rate was mainly due to the faster opening of stores in Q4 and the increase in single store revenue.As of the end of 18 years, the company has established 9,915 stores (excluding Hong Kong, Macao and Taiwan) in the country, with a continuous growth9.5%, 862 new stores were added, the total number of stores exceeded 10,000 at the end of the first quarter of 19, and officially entered the era of 10,000 stores.18 years of single-store revenue 42.500 million, an annual increase of 3.6%, single store efficiency improved.In the future, the company will continue to maintain the opening speed of additional 800-1200 stores, and the market expansion speed of overlapping “string pepper” flavors of overlapping stores will accelerate to ensure continued growth in revenue. Both the volume and price of fresh goods rose, and the channel structure was good: the company’s fresh goods revenue was 4.2 billion, previously +13.62%, of which the amount increased by 4.7%, the price increased by 8.9%.In terms of categories, the income of poultry / livestock / vegetables / other products was +16 respectively.87% / 35.26% / 29.22% / 11.2%, both achieved double-digit growth.The sales volume of each sub-category also achieved double-digit growth.Benefiting from the price increase at the end of 2017, the company’s ex-factory ton price of fresh goods increased by 8.5%, of which the price of poultry increased by 7.7%, the price of livestock increased by 11%, and the price of vegetables increased by 6.9%.In terms of different regions, the Central and East China main sales areas grew steadily, and realized revenues11.400 million and 11.200 million, previously +12.4% and +11.8%, rapid growth in Northwest and 天津夜网 South China, +78 respectively.7% and +17.0%, the overseas market also achieved 56.63 million in revenue, forming a stable core region, accelerated growth regions, a good channel layout of emerging regions heavy volume. Cost-side pressure eased and the capacity of convertible bonds increased: the company achieved gross margin of 34 in 18 years.4%, 1%.With 49 average values, the cost of ducks and affiliates in 18 years has risen to the pressure of gross profit margin. In order to cope with the pressure of rising raw material prices, the company has gradually stocked and processed. The company achieved a net interest rate of 14 in 18 years.7%, increase by 1 every year.7 units, mainly due to the decline in sales expense ratio of 2.A total of 8 increase the efficiency of cost placement.The company’s 18-year convertible bonds were issued smoothly, and the funds raised were 杭州夜网论坛 used to further increase the capacity construction. Tianjin, Jiangsu, Wuhan and Hainan are expected to add 7 after reaching capacity.93 maximum capacity, complement existing capacity, consolidate the advantages of capacity, and continue to strengthen the competitive advantage. Earnings forecast We expect the company to achieve operating income of 50% in 2019-2021.29/57.01/63.2.1 billion, previously +15.13% / 13.36% / 10.88%; net profit attributable to mother 7.69/9.01/10.5.1 billion, +20 in ten years.00% / 17.20% / 16.61%; realized expected return1.87/2.20/2.56 yuan, the current sustainable corresponding PE is 24.2 times / 20.6X / 17.7x, maintain “Buy” rating. Risks suggest that store growth is lower than expected, raw material prices rise, food safety issues