Moutai, Guizhou (600519): Stick to the beginning and stay steady

Moutai, Guizhou (600519): Stick to the beginning and stay steady
Highlights of the report Event description Guizhou Moutai issued an announcement: 2020 Moutai liquor sales plan is 3.Around 45. Incident Comment The planned increase in 2020 is slightly higher than expected, and it is expected that next year double-digit revenue growth will be maintained. Overall, it is estimated that the sales plan for Moutai in 2020 will be about 3.45 announced, referring to the planned volume in 2019 (Announcement 3.1 or so) The increment is about double digits, and the volume is slightly higher than market expectations.From a structural point of view, after the reform of the marketing system, the company’s channel structure has changed, forming a new pattern of co-existing channels of “dealers (including specialty stores), supermarkets, e-commerce, group purchases, and self-operated stores”: ① in 2020Continue to follow the principle of “no increase, no decrease” with the dealer contract, of which at least 80% of the 7,500 tons planned to be put in focus before the Spring Festival next year will be contributed by the dealer’s channel;Promote the re-launch of Moutai E-commerce), the group purchase plan, and at the same time substantially increase the scale of self-employment. In principle, it must grow exponentially in order to replace blank markets, reduce intermediate exchanges, and face end consumers.The scale of dealers is stable, and mergers are promoted through supermarkets / e-commerce / group purchases. At the same time, it is planned to increase self-employment. It is expected that the company’s revenue growth will be maintained at more than 10% in 2020, of which volume contribution is greater than ton price contribution. It is expected that in 2020, the product structure and channel structure will be further optimized. Slowing down the pace will only lay a solid foundation.After the rapid growth in the past few years (the compound growth rate of revenue and profits is expected to be more than 30% in 2016-2019), the company will pay more attention to the quality of growth in 2020, and the specific performance is: It is expected that the series of wines in 2020 will remain unchanged according to scale, The speed does not require the principle of arrangement, the goal is still sales of 3 and reach 10 billion; 43-degree wedding wine only wedding cake red, stop wedding cake white, at the same time focus on Beijing, Jiangsu, Zhejiang, Shandong, to build a model market; Pay close attention to the construction of windows, focus on strengthening the management of airports and high-speed rail stores, and do not let windows become furnishings.In 2020, the overall growth tone will be stable, the marketing tone will be standardized, and the management tone will be stricter, laying a solid foundation for the company’s long-term stable growth. The volume and price growth path is clear, and the growth is certain.At 佛山桑拿网 present, the approval price of Moutai is about 2400 yuan, there is a huge price difference with the ex-factory price, the potential for theoretical price increases, dealer inventory generally increases, and the tight balance between supply and demand continues. Moutai, as the only liquor company in the liquor industry, is in the market.The weights carried out independently can be actively adjusted and optimized, and the company’s medium-term and long-term growth can be replaced with certainty.The company’s EPS is expected to be 33 in 2019/2020.68/38.57 yuan, corresponding to the current expected PE in 2019/2020 is 35 times / 30 times, maintain “Buy” rating. Risk Warning: 1. The performance did not meet expectations; the downward pressure on the economy increased; 2. Appreciation price fluctuations have intensified; market competition has intensified.

Supply chain private placement from the big red to the cold supervision

Supply chain private placement from the big red to the cold supervision

Every time reporter Yang Jian and editor Wu Yongqiong, the filing of supply chain private equity funds reached a peak in 2017, but since the second half of 2017, listed companies involved in the supply chain have begun to explode, and these private equity products that substitute supply chain financing have begun.Large areas of risk.

  Along with the explosion of supply chain projects, the Fund Industry Association released the “Private Records of Private Equity Investment Funds” on January 12, 2018. The investment income of private equity funds is a lending activity, which clarifies the areas that are not within the scope of private equity funds: among them,Nominal loans are private loans, small loans, factoring assets and other assets that are loans in nature.

  Recently, the supervisory authorities issued a new proposal, and announced the due diligence work specifications of three types of basic assets, such as PPP projects, corporate receivables, and financial lease claims, and put forward a request for private placement.

  A few listed companies have stepped on the mines Since the second half of 2017, listed companies have begun to explode in large numbers. These private equity products that are directly financed by the supply chain have begun to have a large area of risk, and they are still continuing.What “ghost” is the fund?

  The supply chain private equity fund itself is not new, but the popularity of supply chain finance in the past two years has entered the public’s sight.

: The official website of the Fund Industry Association, enter the keyword “supply chain”, and a total of 193 related products appear.

According to the data of the Fund Industry Association, as of July 9, a total of 193 private equity funds that included the word “supply chain” in the name of the private equity product, of which 97 were advised by the association to be in operation, 20 were deferred and liquidated in advance.A total of 31, a total of 45 normal liquidation.

  From the perspective of the operating institutions, most of them are private equity companies such as Shanghai Gopher Assets, Shanghai Rongxi Investment, Shenzhen State Investment Capital, Shenzhen Likai Fund, etc.

Among the many types of private equity funds, supply chain private equity funds are only a very small category in the face of large categories such as securities private equity and equity private equity.

And it is such an inconspicuous type of private placement that has developed rapidly in 2017.

It is said that the information of the fund industry association shows that in 2015, the supply chain private equity funds registered and established had only one value, and only 6 funds were registered.

In 2016, 34 supply chain private placement products were put on record.

By 2017, the record of supply chain private equity funds reached a peak, and more than 98 supply chain private equity products were established that year.

  The earliest is that by 2018, only 53 supply chain private equity products were registered for record. Why is the supply chain private equity foundation in an outbreak abruptly abrupt?

According to the reporter of “Daily Economic News”, on January 12, 2018, the China Foundation issued the “Practical Instructions for Recording of Private Equity Investment Funds”, which was proposed by the Fund Industry Association. The investment amount of private equity funds is a lending activity, and it is clear that they are not private equity funds.Essence of scope: This includes the right to the asset income (receivable) of the borrowing type mentioned in the “Private Fund Registration and Recording Related Questions (VII)”, including private loans, small loans, and factoring assets.The effective date is February 12, 2018, and the filing of supply chain private equity funds has gradually disappeared.

  During the analysis, some private equity analysts said that the so-called supply chain private equity fund, also known as supply chain finance, is to make financial arrangements around the company and its upstream and downstream, mainly related to the company’s upstream and downstream receivables.

Many companies have too many upstream and downstream accounts receivables and urgently need to improve their financial situation. The supply chain financial services provided by traditional banks are relatively rough, and many private placements believe that this is a good time for them to do financial management.

And companies lack money, private equity can quickly raise funds, invest in the supply chain financial business of some large enterprises, the returns are relatively high.

  However, there are also private equity fund-raising chiefs who told reporters that investors still need to look at assets clearly and manage risks when investing.

Supply chain finance private equity funds are equity or other types of private equity funds. Unlike secondary market private equity funds, supply chain finance private equity products do not have an effective fund supervision system.

In fact, in terms of risk control, the business originally belonged to the bank, and private equity managers were not as robust and sound as the bank’s risk control system, and the bank’s huge 合肥夜网 capital advantage.

So this is the situation encountered in the development of supply chain finance to a certain extent.

  The China Foundation issued the self-discipline rules to launch the commercial factoring business. A large number of private equity fund institutions use supply chain finance as a financing method and invest funds raised in listed companies and even ordinary SMEs. Supply chain private equity funds were launched in 2016.Suddenly broke out around the year, reaching a peak in 2017, when nearly a hundred supply chain private equity products were registered and established that year.

However, since the second half of 2017, listed companies have begun to explode, and these private equity products financed by direct supply chains have begun to face large-scale risks.

  Military, Huaye Capital Investment’s 合肥夜网 accounts receivable claims, and supply chain financial products such as the annual wealth supply chain of Ningbo Dongli (right protection) have all exposed problems.

These supply chain financing products invested in SMEs have no collateral. After problems such as overdue, a large amount of assets is basically equivalent to a high-risk credit loan.

Assets with a higher risk level, and on the product side, most of them are in the form of fixed income products.

  And the “thunder-mining” launched this time is Noah Wealth. As a private equity fund manager, what does Gofer Assets do as a private fund manager?

How to ensure the authenticity of accounts receivable in investment?

  Regarding the problems in the development of supply chain private equity funds, the supervisors recently released due diligence work scales on three types of basic assets, such as PPP projects, corporate receivables, and financial lease claims, and proposed that private equity refer to the implementation ofRegulations.

  It is understood that on June 24, 2019, the China Foundation issued a notice on the official website of a series of self-regulatory rules, such as the “Rules for Due Diligence on Asset Securitization Business of Government and Social Capital Cooperation (PPP) Projects”.

  ”Daily Economic News” reporters learned that the release of PPP projects, corporate receivables, financial lease debt and other three types of basic assets due diligence work rules, and subsequently developed in accordance with the “mature one-class development one-class” principle,Publish detailed rules on due diligence for other major assets.

Exploiting the potential of shadow stocks of securities firms after double trillion

Exploiting the potential of “shadow stocks” of securities firms after “double trillion”

Source: Red Magazine Finance OTC funds swarmed into the market, and the daily turnover of A shares broke another trillion. This is also the third day in the history of A shares since the big bull market in 2014-2015 and the spring offensive of 2019.

In fact, the financing balances of the Shanghai and Shenzhen markets have continued to remain above the trillion-dollar level. Even after the Spring Festival, the financing balance has been reduced to more than one trillion.

Behind the “Double Trillion”, it means that A-share transactions are active, market sentiment is soaring, and a gradually rising index forms a good trend of “price increase and volume increase”.

In such an active market, the brokerage sector is at least the most directly beneficial. Although the transaction fee rate has been increasing overall, the volume is better than the shrinkage, at least it will result in a periodical performance improvement, and the long-term increase in the valuation of the brokerage firm, The expected rise.

Therefore, brokerages are one of the industries with a high degree of certainty of “Davies Double-click” in the bull market, and it is already the mainstream consensus in the market.

  In addition to the fact that the enlarged transaction has a direct positive effect on the brokerage business of the brokerage firm, the segmentation reform of the capital market since 2019 has also brought continuous benefits to the investment banking business of the brokerage firm.

For example, the establishment and pilot registration system of the Science and Technology Innovation Board, relaxation of refinancing regulations such as fixed-income growth, and the promotion of the new third board reform, etc., will help brokers, especially head brokers, promote investment banking business and obtain more profits independent of market transactions.

In addition, through the rise of the market, the brokerage’s self-operated business has also gone up, and the value of holding secondary market stocks has continued to increase. The “troika” of the brokerage company has gone hand in 杭州桑拿 hand, benefiting all-round, and driving the formation of resonance.

In addition, many industries have recently been affected by the epidemic, and the securities companies are basically unscathed. Instead, they have clearly benefited from the active market trading and policy support. In the case of listed companies in other industries, the quarterly reports may have improved.The growth of great certainty, such a contrast has further increased the relative value of the securities firm’s sector in the overall market, and attracting further participation of OTC funds is also a highly probable event.

  For investors, investing directly in securities stocks or participating in related ETF funds is a way of layout, and to a certain extent, it can be regarded as a well-known “bright brand.”

In some cases, the “shadow stocks” of some participating securities firms can be regarded 杭州桑拿网 as “hidden cards”. In the case of a probable increase in the securities firm’s shares, it has completely led to the rise and fall of the participating securities firms. At the same time, because of their inherent investment value or mergers and acquisitionsValue, bringing greater volatility to investors.

Historically, the “shadow stocks” performance of some participating securities companies is not weak, and even because there is a time lag between the start of the securities sector and investors, it has become an opportunity for investors to rotate operations, or to tap the funds to make up for the upswing.

The author believes that if investors have scepticism about chasing up the already-broken brokerage firms, or if they are suspicious of the second-time brokerage stocks that are about to be lifted by a large number of restricted stocks, then they will find that the “shadow stocks” of the brokerage firms that have been activated mayIt’s a direction to focus on.

  Historically, the “shadow stocks” of some stockbrokers have brought generous returns to investors.

For example, in the big bull market in 2006-2007, the double-sided needle (600249) as the shadow stock of CITIC Securities (600030), the largest increase in more than 21 times in two years, and the largest increase at the same time is basically close to CITIC Securities, exceeding the increase of most stocks at that time,Even better than the Shanghai Stock Exchange Index.

Youngor (600177), another shadow stock of CITIC Securities, also achieved a far greater rise in the bull market.

If an investor compares the securities company’s stock with the “shadow stock” of the participating securities firm, and captures the opportunity to make up for the backwardness, it will be impossible to achieve a higher income than a single holding of the securities firm’s stock.

  In addition to the “shadow stocks” of the participating securities companies, in addition to the “owner-children-expensive” ownership of the securities companies they hold, there may also be merger value.

Especially since the M & A and restructuring in 2019, the secondary market placards have appeared many times.

For some shadow stocks whose own property rights are relatively scattered and the largest shareholder’s shareholding ratio is in a weak holding share, based on the potential of their own value revaluation, it is possible to attract off-market funds to hold a card, and the robe becomes the actual controllermay.

If this “shadow stock” is itself the largest shareholder of the securities firm, or because the securities firm’s equity is also scattered, resulting in a major shareholder change due to the increase in the secondary market share holdings, the “shadow stock” will be in the funds phase.Possibility of “single bird with two sculptures”.

Through such a way of placarding, the control of multiple listed companies in one fell swoop, especially a listed securities dealer with a financial scarcity license, is bound to be a highly efficient act.

  Similar examples have recently appeared in A shares. Liaoning Chengda (600739), the second largest shareholder of GF Securities, was increased by Shaoguan Gaoteng through the secondary market, and other shareholders were agreed to acquire shares of the company. 12

46% of the shares, surpassing the former largest shareholder Liaoning State-owned Assets Management Co., Ltd. 11 in one fell swoop.

11% stake.

At the same time, as Liaoning Ningda is the second largest shareholder of GF Securities, its shareholding ratio is 16.

40%, only 0% away from Jilin Aodong, the largest shareholder.

03%, only a small increase in the secondary market is required to replace it.

This move not only promotes Liaoning Ningcheng Chengda’s supplementary net assets, but also helps investors think about the replication effect of the corresponding logic.

Similar to Liaoning Chengda is Yatai Group (600881), whose first largest shareholder holds only over 9%, and the company is also the largest shareholder of Northeast Securities, with a stake of more than 30%. It may also be possible in the future.There was an increase in holdings of “two birds with one stone” in the photo.

At the same time, the stock is not yet in a “double break” stage. Both the net assets and the fixed price three years ago have clearly fallen, which is equivalent to a 2015 high of over 80%.

  In addition to licensing potential stocks, investors can also examine the potential of “shadow stocks” from three major indicators.

The first is to fully include the number of securities companies’ shares, which relatively intuitively reflects the gold content of “shadow shares”.

For example, Jilin Aodong (000623) contains GF Securities up to 1.

0796 shares, which is equivalent to the value of the current Guangfa Securities stock that is expected to reflect its holders. The remaining assets are equivalent to “free gifts”, including pharmaceutical assets with good profitability. There is a certain degree of possible miscarriage.

This indicator is relatively high also Zhongshan Public (000685), Renfu Medicine (600079) and so on; the second indicator is the comparison of the market value of the “shadow stock” itself and the market value of the stockholders.

In particular, for some varieties with a small market value and low price, if this ratio is large, it will often inject more flexibility into the increase and bring gradual attack power.

For example, Jiangsu Suntian (600287) has a market value of about 2.6 billion US dollars, and the value of Huaan Securities shares held is 800 million U.S. dollars. The driving effect is obvious. Other market values have little or no alternative hype;The three indicators are the estimated levels of the “shadow stock” itself. If the price-earnings ratio and price-to-book ratio return are stable, and the performance is stable, the staged growth brought by the stockbrokers will restore the company’s own value.Such as holding Guoxin Securities 4.

Urban Construction Development (600266) with 18% shares, its own performance has increased steadily. According to the 2019 annual report pre-increasing rate, the price-earnings ratio is only about 6 times, and the price-to-book ratio is only 0.

68 times, holding the value of the shares of Guoxin Securities accounted for more than 30% of its own market value; holding Western Securities 15.

09% of Urban Investment Holdings (600649), the current P / B ratio is only 0.

About 7 times, the value of holding the equity of Western Securities accounted for more than 35% of its market value.

The underestimation of similar varieties to a certain extent blocked the previous downward space, and the appreciation of securities firms’ equity has gained a considerable degree of offensiveness, which has the characteristics of both offense and defense.

  Table 1: Participating in the “shadow stocks” of some securities firms, but for some of the holdings of the securities firms, the proportion has been reduced, and the securities firms have not synthesized in advance, or the “shadow stocks” that are difficult to accurately estimate are not listed on A sharesBefore investigating its fundamentals, it is impossible to estimate the attributes of participating securities companies with too high expectations. Based on the mining of the company’s own value, it is a better way to participate in “shadow stocks” of securities companies.

(The article refers to the correct reference, which does not constitute substantial investment advice, and you should do it at your own risk.


CCB Group (002398): Additives business boosts company performance

CCB Group (002398): Additives business boosts company performance

Report Summary: Event: The company released its semi-annual report for 2019 and achieved 武汉夜生活网 total operating revenue of 14.

81 ‰, an increase of 28 per year.

31%, realizing net profit attributable to mother 2.

0.6 million yuan, an increase of 76 in ten years.

twenty one%.

Initial income is 0.

30 yuan.

The increase in the concentration of the admixture industry and the decline in raw material costs have contributed to the high performance.

The concrete admixture business accounted for about 70% of the company’s overall revenue. Benefiting from the continuous increase in the concentration of downstream manufacturers and the withdrawal of small factories due to stricter environmental protection law enforcement and safe production requirements, the concentration of the admixture industry continuedAs a leader in the industry, the company benefited from this, and its revenue grew rapidly. The 2019H1 厦门夜网 admixture business revenue continued to maintain 26.

01% higher growth rate.

At least, from the end of 2018 to the beginning of 2019, the international crude oil price fell sharply. As a result, the replacement price of petroleum industry products, which accounted for 80% of the cost of admixtures, fell by 25%.Interest rates rose by more than 5.

16 averages, net margin increased temporarily by 3.

93 averages, the annual growth rate of net profit attributable to mothers increased by 76.

twenty one%.

Admixture leaders are highly competitive in the nationwide layout and actively expand the demand for urban rail directions.

The company’s admixture business has a national layout. The industrial group is located in 14 provinces and Malaysia. The product categories mostly include polycarboxylic acid synthesis, downstream synthesis, trace family synthesis, amino synthesis and other categories. There are more than 50 types.Fujian, Chongqing, Guizhou and Shaanxi are the regional leaders, and multi-category and regional first increase the market competitiveness gradually.

At the same time, the company is actively deploying the Beijing-Tianjin-Hebei-Wangwang area, exploring product markets for urban rail and high-speed rail projects, grasping the demand release side, and ensuring the company’s business replenishment.

The construction and building materials testing business has grown steadily, and the “cross-region, cross-domain” strategy has been steadily advanced.

The company’s technical services are mainly construction and testing of building materials, and the revenue from inspection services accounts for about 90% of the revenue from comprehensive technical services.

2019H1 company’s comprehensive technical service revenue is 2.
1%, an annual increase of 8.

7%, a more robust growth. Due to the opening of the testing market in Xiamen, the company’s main market for testing business, competition has intensified as the number of companies entering the industry has increased, leading to a reduction in the price of testing business fees and a decline in gross profit margin2.

2 up to 41%.

The merged company continues to work hard to advance its “cross-region, cross-domain” testing business development strategy. It plans to acquire a 51% stake in Shanghai Hezhong through capital increase. This will help the company ‘s testing business expand to the Shanghai region and breakthrough through direct mergers and acquisitions.Detect regional barriers caused by differences in regional regulatory policies.

The company firmly implements the “cross-region, cross-field” development strategy. The inspection business has entered the markets of Fujian, Chongqing, Shanghai, Hainan, and Yunnan. After the completion of the acquisition of Hebei Pu’an, the company intends to promote the expansion of the inspection business to environmental inspection., Occupational disease hazards detection, lightning detection and public health testing.

Profit forecast and investment rating: The company’s EPS from 2019 to 2021 is expected to be 0.

59 yuan, 0.

72 yuan and 0.

86 yuan, corresponding to PE is 9 times, 8 times and 6 times.

Taking into account the company’s new qualifications for testing business and the continuous expansion of new business areas, the market share of the admixture business has expanded and its competitiveness is strong, maintaining the company’s “recommended” investment rating.

Risk reminder: The price of propylene oxide fluctuates sharply, and the development of epitaxial is slower than expected.

Love vegetarian food and refuse sweetness

Love vegetarian food and refuse sweetness
Henry Denton, now 100, is still teaching ballet and has no plans to retire.He has performed on stages around the world, and later became a senior coach, directing a new generation of ballet dancers.The 100-year-old British-born man has a healthy body and mind, lives alone, drives by himself, is proficient in using smartphones, and loves to travel around the world.He has recently completed an internship at the Department of Dance at Benham University, Mississippi, and has since started teaching ballet throughout the state.In an interview with reporters, Denton said, “I’m not unusual, I just take care of myself.The body is its own capital, and nothing can be played without it.”When he thought of retirement, he got angry:” I saw that some people were very boring after they retired. I didn’t know what to do, so my health would naturally decline.I like teaching and don’t want to retire. Trainees are my motivation.”Denton moved to Mississippi in 1996 after performing dance and teaching in Europe, South America, and Australia.Christa Ball, director of the dance department at the University of Bethany, said, “Mr. Denton’s expertise is unparalleled in our state, and students are looking forward to him for class.”Danton talked about why he lived so old.More than 50 years ago, he was diagnosed with Hodgkin’s lymphoma, and Denton has since become a vegetarian.The disease also claimed the life of his brother.Since the age of 49, Denton has never eaten red meat and poultry, only fresh fruits and vegetables, plant seeds and nuts.Every day he drinks a lot of carrot juice, eats a small amount of dairy products (including cheese and milk), and occasionally eats dark chocolate, but never eats other sweets.Danton believes dancing is one of the main reasons 杭州夜网 to help him stay healthy.In addition to ballet, he also enjoys swimming.Before getting up every day, he has to do a deep massage to himself, starting from the scalp, and moving down to the neck, shoulders, arms, legs and feet, which lasts for 1 hour, which stimulates blood circulation.He counts as he massages every part of the body, which helps to focus and promotes active brain function.Another part of Denton’s busy morning exercise was stretching with elastic bands to lap the muscles all over his body.Denton is an optimist and is open to everything.He believes that it does not make sense to live pessimistically, and emotions will definitely affect physical health.He is full of curiosity about the world, constantly learning new features of various electronic devices, and surfing the Internet every day.Denton had only smoked once 合肥夜网 in his life. It was still when he first came to the United States that he saw people around him smoking and couldn’t help but try it, and never touched it again.He hasn’t seen a doctor for 10 years, but just got a flu shot at a community hospital a few years ago.In addition to teaching ballet every day, Denton also writes memoirs.The centenarian said: “Good health is a gift from heaven. I have to take good care of it and live a healthy life.”▲ (Compiled by Zhao Pengcheng)

Tongyu Communication (002792) Company’s semi-annual report commented: 5G construction in the field of antenna technology promotes the company’s breakthrough

Tongyu Communication (002792) Company’s semi-annual report commented: 5G construction in the field of antenna technology promotes the company’s breakthrough
Investment points: the company’s performance has steadily increased in the first half of the year. The company recently released its semi-annual report for 2019. The announcement shows that the report actually achieved revenue8.0.6 million yuan, an increase of 18 in ten years.80%; net profit attributable to shareholders of the listed company was 5,107.09 million yuan, an increase of 27 over the same period last year.25%; basic profit return is 0.15 yuan, 0 for the same period last year.18 yuan.The company’s interim results were in line with market expectations. The company’s operating data is stable. 5G and overseas businesses have driven revenue growth. Since the first half of the year, as a professional military communications antenna and RF device product research and development, production and sales company, the company has deeply cultivated the domestic market, revenue growth increased 19%, costs increased 21%, Leading to a decrease in gross profit margin.5 averages, but an increase of 1 from the previous quarter.Six average values, mainly due to the progress of 5G projects, temporary new product proofing, etc., resulting in increased costs.In terms of expenses, while sales expenses increased by 32%, management expenses decreased by 17%, and financial expenses decreased by 8 at the same time. At the same time, R & D expenditure was 68.15 million, an increase of 19%, which was in line with revenue growth.The company’s operating cash flow was -97.35 million, converging 22% each year, and the company’s operation gradually became stable.In terms of specific products, the company’s main products are base station antennas, which account for 65% of revenue. However, the increase in revenue in the first half of this year was mainly for waveguide RF devices and microwave antenna products covering 5GHz to 80GHz, which increased by 92% and 83%, respectively.The proportion of company-scale products is currently balanced, and the proportion of major products has increased to 10%.Operating costs for other products increased by 150.In terms of sales, 74%, the company’s internal sales growth of customers’ 5G products and the increase of existing products led to an overall sales growth of 30%; at the same time, the company also vigorously expanded overseas markets, with overseas revenue in the first half of the year3.500 million, an increase of 6 in ten years.75%, which is also the main source of the company’s profit, because the gross profit margin of overseas operations has increased significantly, an increase of 4 from the previous quarter.6 units, 28 units higher than domestic business.It can be seen that the outbreak of the company’s future performance is mainly the gradual advancement of domestic 5G construction and overseas business. The industry enters the 5G construction cycle, and the company’s 5G products are ready to launch. In June this year, the domestic 5G license issuance started a large-scale 5G construction cycle.During the same period, the number of domestic 4G users has increased steadily compared to steadily, reaching nearly 1.5 billion. Internet broadband access users continue to migrate to a high rate. At the same time, due to the rapid growth of IoT services and increased base station demand, the total number of mobile communication base stations in the first half of 2019It reached 7.32 million, of which 4G base stations totaled 4.45 million, accounting for 60.8%.The company happens to see a major turning point in the communications industry. On the basis of continuously consolidating 4G’s “implantation and recultivation” and “network blindness compensation”, the company vigorously develops 5G antennas and high-frequency microwave products, and constantly develops 5G customers.At present, the company has formed a rich product line of communication antennas, radio frequency devices, and optical modules. It has developed a series of base station antennas, base station duplexers, combiners, tower top amplifiers, series microwave antennas, and optical transmission modules.At present, there are 2G, 3G, 4G, and 4 at home and abroad.5G, pre5G, 5G and other multi-network requirements of certain products, market competitiveness has always existed in the field of mobile communication antennas.The reduction of the company’s rich product line is to respond to the transformation of major customers, from mobile, telecommunications and Unicom communications operators to Huawei, Nokia, ZTE, Ericsson and other communications equipment integrators. Customers propose higher product performance and qualityThe requirements and requirements; the development of communication antenna technology is changing rapidly. In the 5G era, the technology and performance of antenna products have leapfrogged, and they have become more integrated. The company has enriched its product line from various aspects, including upstream and downstream, includingAcquisition of optical module manufacturers and filter manufacturers to improve their own synergy and enhance the competitiveness of the company’s products.With the start of the 5G construction cycle, the company’s integrated production capacity 北京夜网 of substrate antennas and radio frequency devices has been increasing year by year. The new production base will help the company’s performance to rise steadily. The profit forecast takes into account that the 5G construction of the domestic communications industry is accelerating and that operators and equipment vendors can quickly prepare goods. The company’s 5G products will achieve rapid growth, while transforming high-margin overseas markets to continue to develop. The company’s performance in the next two years is expectedEntering the rapid growth cycle, we expect the company in 2019?2021 revenue will reach 17.08 billion, 28.1.7 billion and 39.44 trillion, the corresponding return to the net profit of the mother is 1.07 billion, 2.03 billion and 3.2.7 billion.Give the company an “overweight” rating. Risk warning: 5杭州桑拿网G construction progress is less than expected, and the gross profit of antenna products declines more than expected.

Haohua Technology (600378) dynamic research: Sinochem’s new material leader serves the national science and technology strategy

Haohua Technology (600378) dynamic research: Sinochem’s new material leader serves the national science and technology strategy

The injection of high-tech assets has been completed, and the performance of leading new materials has grown steadily.

On December 26, 2018, the company completed 北京夜生活网 the acquisition of 11 science and technology enterprises of China Haohua, and gradually built the technology-driven new material leader of China Chemical Industry.

Trading consideration 63.

2.7 billion, of which 11.

08 yuan / share issue 5.

400 million shares, cash payment of 5 yuan, after the completion of the acquisition, Haohua Group held 72 shares.

4%, the actual controller is China National Chemical Corporation.

The company has five major sectors of fluorine materials, special gases, special rubber and plastic products, fine chemicals and technical services. The products serve 5G, aerospace, military and other national strategic industries.

In 2018, the company achieved operating income of 41.

8.2 billion, ten years +14.

7%, achieving net profit attributable to the parent company 5.

2.5 billion every year 61.

05%; In the first half of 2019, the company realized operating income22.

79 trillion, ten years +17.

73%, achieving net profit attributable to the parent company2.

57 重庆耍耍网 trillion, +5 for ten years.


Fluorine materials: supporting the production of 5G cables, polytetrafluoroethylene (PTFE) to achieve import substitution.

The company’s fluorine materials business mainly comes from Chenguang Academy. Its products include polytetrafluoroethylene resin (PTFE), new fluorine rubber (raw rubber) and fluorine compound rubber, tetrafluoropropanol, perfluoro nylon, tetrafluoroethylene monomer, etc.A wide range of electronic communications, aerospace, petrochemical, automotive, textile and other fields.

Among them, the self-developed high compression ratio polytetrafluoroethylene dispersion resin products have successfully supported the production of 5G cables, which are exclusive in China and achieve import substitution; developed second-generation low-creep polytetrafluoroethylene suspension resins and other high-end fluoropolymer materials, Local blank.

At present, the production capacity of fluorine rubber of Chenguangyuan and joint ventures has reached 7,000 tons / year, the first in China; the production capacity of fluorine resins has reached 2.

2Every year / domestic, second in China; supporting intermediates such as difluoromonochloromethane, tetrafluoroethylene, hexafluorophenyl, etc., and some products have the highest domestic production capacity.

Special gases: technical barriers to nitrogen trifluoride and sulfur hexafluoride are high.

The company’s products are mainly fluorinated electronic gases (including nitrogen trifluoride, sulfur hexafluoride, etc.), green dinitrogen tetroxide, high-purity hydrogen selenide, high-purity hydrogen sulfide, etc., a wide range of semiconductors, power equipment manufacturing, LEDs,Fiber optic cables, solar photovoltaic, medical health, environmental monitoring and other fields.

The 2,000-ton / year nitrogen trifluoride project co-constructed by the company and Daesung of South Korea has widely used semiconductor production processes such as etching, cleaning, and ion implantation; the subsidiary Limingyuan is also the only high-purity sulfur hexafluoride production unit in China. Customers include electricityEquipment manufacturing companies and BOE and other panel companies.

In addition, other special gases are also used in the national defense aerospace industry, and some products have been replaced by imports.

Industrial grade sulfur hexafluoride domestic cities account for approximately 30%, electronic grade sulfur hexafluoride domestic cities account for approximately 70%, nitrogen trifluoride city accounts for approximately 30%.

Special rubber products: significant advantages in large aircraft and military markets.

The special rubber and plastic products business includes rubber sealing products, special tires, aerospace plexiglass and new polyurethane materials. The company has undertaken the R & D and production of C919, ARJ21, CR929 and other aircraft sealing profiles, and has important production of Chinese military aviation tires.The base is an aviation tire fixed-point development enterprise of the Air Force, Hainan Airlines and Army Aviation. The research and development of aviation radial tire technology break through foreign occupation. At the same time, the company is an important domestic aviation plexiglass development enterprise, and its products are widely used in military aviation.

Fine chemicals: breakthrough in technological strength, multiple products supporting military use.

Products cover special coatings, catalysts, chemical propellants and raw materials.

The company’s main special coating products include marine coatings, aerospace special functional coatings, industrial heavy-duty anticorrosive coatings, etc. The customers cover military and civilian products.

In the field of catalysts, the company has strong technical strength. Its main products include: nickel-based catalysts (gas conversion), copper-based catalysts (methanol synthesis), and newly developed fuel cell catalysts.

In the field of chemical propellants, the company’s subsidiary Liming Yuan specializes in liquid propellant products and solid propellant raw materials. A variety of liquid propellants widely use missiles, torpedoes, fighters and other weapons and equipment, as well as Shenzhou series spacecraft, Chang’e moon exploration project, TiangongyiSpace Station and other key engineering projects.

At the same time, the company has developed a variety of solid propellant raw materials. Among the various strategic and tactical weapon models for decades, many of them are major domestic manufacturers.

Expansion of investment projects to create new profit growth points.

The company plans to raise no more than 10 specific investors to no more than 10.

9 trillion, of which 5.3 billion M & A deals, while the remaining 5.

6 million US dollars investment project construction, including: 1.

Chenguangyuan 5000t / year high quality polytetrafluoroethylene suspension resin and supporting projects (planned investment 1).

19 billion); 2.

2. Guangmingyuan R & D Industrial Base Project (special gas, investment 100 million US dollars)

Liming Dacheng 1000t / year electronic-grade nitrogen trifluoride expansion project (investment 1).

4.2 billion); 4.

Haihua Institute Advanced Coatings Production Base Project (investment 89.6 million yuan).

After the completion of the project, it is expected to bring new profit growth points.

Earnings forecast and investment rating: Covered for the first time, giving a “buy” rating.

The company has breakthrough technology strength, high quality assets, and broad market space in many fields such as downstream 5G, aerospace, and military industries.

We are optimistic about the company’s long-term development. Based on the principle of prudence, we will not consider the impact of targeted issuance on the company’s performance for the time being. It is expected that the company’s EPS for 2019-2021 will be 0.

68, 0.

75 and 0.

81 yuan / share, corresponding to PE of 24.


12 and 20.

31 times.

Covered for the first time and given a “Buy” rating.
Risk reminder: Lower-than-expected demand for downstream 5G, semiconductors, military industries, etc., product prices decline, safety and environmental protection production risks, and the uncertainty of the company’s targeted additional issuance.

Shandong Heda (002810) Annual Report Comment: Cellulose Ether Leader’s Capacity Expansion Performance Will Still High Growth

Shandong Heda (002810) Annual Report Comment: Cellulose Ether Leader’s Capacity Expansion Performance Will Still High Growth

Event: The company’s 2018 annual results announcement, realized revenue9.

1.3 billion, an increase of 40 in ten years.

18%, net profit attributable to mother 0.

7.3 billion, an increase of 58 in ten years.

47%, deducting non-net profit of 0.

7.2 billion, an increase of 77 in ten years.

15%, budget benefit 0.

64 yuan.

The company pays a cash dividend of 2 for every 10 shares.

00 yuan and increased 6 shares.

The company expects Q1 2019 to return to its net profit of 0.

twenty one?

270,000 yuan, a 100% increase in ten years?

Investment points: The development of cellulose ether industry in developing countries is more mature, but pharmaceutical grade and food grade cellulose ether can still be inserted into the space.

There are two main types of cellulose ethers: ionic and non-ionic.

Non-ionic cellulose ether has better performance than ionic products in thickening, emulsifying, film forming, protecting colloids, retaining moisture, bonding, and anti-sensitivity. It is widely used in mining, latex coatings, and polymer polymerization., Construction materials, daily chemicals, food, pharmaceuticals, papermaking, textile printing and dyeing.

At present, the total production capacity of non-ionic cellulose ether accounts for nearly 40% of the world’s total, but from the perspective of consumption structure, pharmaceutical and food grade accounts for less than 10%, which is relatively different from the global level.

According to Chinese customs data, the import volume, export volume, average export price and average import price of other primary cellulose ethers in 2010 were 1, respectively.

25 ounces, 1.

64 is the highest, 3686 USD / ton and 6855 USD / ton. In 2018, the import volume, export volume, average export price and average import price of other major cellulose ethers were 1 respectively.

47 crowns, 5.

29 budgets, $ 4035 / ton and $ 8,316 / ton.

Can be polished, the average export price is much lower than the average import price, which reflects the high-end food and pharmaceutical grade cellulose ether gap, while the building material grade has achieved import substitution and turned to net exports.

The domestic non-ionic cellulose ether leader has the largest production capacity. New 2 ton / year building material-grade projects are converted to solids, and heavy volume has brought high performance growth.

The company is mainly engaged in the research and development, production and sales of non-ionic cellulose ethers. It has the ability to independently develop and produce mid- to high-end models of building material grades, pharmaceutical grades and food grade non-ionic cellulose ethers.

The main products are cellulose ether series products, other products include graphite chemical equipment, HPMC plant capsules, trimethyl orthoacetate, dodecyl amide, etc.

Since 2000, the company has mastered the core technology of large-scale production of cellulose ether with independent intellectual property rights after years of R & D and technical accumulation, which has increased the advanced nature of the production process, high degree of equipment automation, stable product quality, and reduced product units.Cost 南京桑拿网 will gradually increase the company’s performance and will give the company new growth momentum.

The company is one of the few domestic enterprises capable of producing pharmaceutical grade cellulose ether, with a current production capacity of 0.

4 traces / year, mainly used for coating materials, sustained and controlled release preparations, films, stabilizers, suspending agents, tablet binders, thickeners, plant capsules, etc.

Food grade cellulose ether can be used as emulsifier, binder, thickener and stabilizer.

The company’s holding subsidiary, Hershey Capsule Co., Ltd., has achieved outstanding results, and is expected to continue to grow significantly in 2019.

Hershey is an 86% -owned subsidiary of the company. It produces plant capsules using the company’s own pharmaceutical-grade cellulose ether as its 杭州桑拿网 raw material. In 2018, Hershey’s net profit reached 2106 million, an increase of 1285%, and its performance exceeded expectations.

Its maximum annual production capacity is 3.5 billion capsules, and it started a technological transformation project with an annual output of 5 billion capsules of plants in 2018, adding 12 new production lines. Until the end of 2018, 4 production lines have been added and the production capacity is full, and the remaining 8 production linesIt will be put into production in two batches by the end of 2019, with a sales target of 6.3 billion tablets in 2019, and its performance contribution is expected to double.

The short-term supply of trimethyl orthoacetate market is short-term, and recent prices have risen. It is expected that profit in 2019 is expected to exceed expectations.

The company’s wholly-owned subsidiary, Fuchuan Chemical, has an annual output of 5,000 tons of trimethyl orthoacetate, which is widely used, mainly for the production of chemical intermediates for pharmaceuticals and pesticides.

For example, synthetic vitamin B1, vitamin A1, sulfaphenol and other pharmaceutical intermediates are also used as raw materials in the dye and perfume industry.
Since the fourth quarter of 2018, this product has reduced supply and recovered the downstream market, resulting in an imbalance in supply and demand in the market, which has led to a significant increase in the price of this product. Trimethyl orthoacetate will become a strong growth point for Fuchuan’s performance.

Profit forecast and investment grade: We are optimistic about the position of the company’s non-ionic cellulose ether faucet, and add a 2-inch / year device to achieve production. The production capacity of its holding subsidiary Hershey capsules has greatly increased, and the original trimethyl acetate market has improved.Until the new capacity of plant capsules is gradually released and the company’s sales target for plant capsules in 2019 is expected, the company’s net profit attributable to mothers in 2019-2021 will be 1.


76 trillion, EPS is 0.



24 yuan / share, maintain BUY rating.

Risk reminder: The company’s new building material grade non-ionic cellulose ether project market is less than expected risk, the subsidiary Hershey product market is less than expected risk, the company’s product price risk is lower, product exports are less than expected risk, and the value risk is estimated.

NavInfo (002405): Good news frequently wins Honda’s long-term orders

NavInfo (002405): Good news frequently wins Honda’s long-term orders

Event: The company announced on the evening of September 2 that with the Mitsubishi Electric Department procurement agreement, Mitsubishi Electric will purchase map data, real-time traffic information and other data from the company’s subsidiaries for the map of Xinjingwei for its vehicle terminal products.

The Mitsubishi Electric’s in-vehicle terminal products will be used in the mass-market TSU3 on sale in China from 2021 to 2026.

Models such as GAC Honda and Dongfeng Honda on 深圳桑拿网 platform 0.

Opinions: Hand in hand with German and Japanese mainstream car manufacturers, highlighting the company’s industry leader level.

Relying on the high level, high freshness and fineness of its map products, the company’s senior management has reached high-precision maps, assisted driving maps, connected car services, traditional navigation maps, etc.A number of business cooperation, this time through Mitsubishi Electric to successfully supply Japanese big factory Honda long-term maps and dynamic traffic information and other data, once again highlight the company’s industry leader category.

Entering Honda’s supply chain, expansion is a further verification of the company’s product capabilities; gradually, the company’s coverage in the international automotive industry chain has been gradually expanded.

The strategic cooperation with Huawei is smooth, and it is expected to rapidly expand the influence and coverage of domestic car manufacturers’ customers.

The company has established a strategic partnership with Huawei in the early stage, and the two parties will create a “Huawei + Four-Dimensional” smart car technology overall solution for the entire industry in the future.

In August 2019, the company signed a high-level map test data purchase agreement with Huawei, marking the official launch of a cooperation project with Huawei on autonomous driving.

We believe that beyond the cooperation with the world’s top Tier1 Huawei in the future, we will rapidly expand its influence and coverage among domestic car plant customers.

The company’s bicycle value growth space is broad.

Faced with the wave of industrialization of automobiles and networked industries, the company’s layout has extended from “maps” to “cloud computing”, “autonomous driving decision algorithms”, “smart chips”, “location services” and other fields.

In addition to the increase in the value of bicycles brought by upgrading from traditional navigation maps to high-precision maps, the company’s value-added space for bicycles in the areas of connected cars and autonomous driving solutions is also worthy of recognition.

Investment advice: The company’s target business since 2019 has been frequently transmitted, and new businesses such as pre-incubated autonomous driving, connected cars, and location big data services are also growing rapidly, becoming important growth poles and continuing to move towards world-class automotive technology companiesThe goal strides forward.

The company is expected to have an EPS of 0 in 2019 and 2020.

22, 0.

32 yuan, maintain Buy-A rating, 12-month target price of 22 yuan.

Risk reminder: The development of innovative business is worse than expected, and the intensified competition in the industry leads to a reduction in gross profit margin.

Suning Tesco (002024): Net profit in the first half of the year after excluding the previous and one-off factors of small stores8.7-10.7 billion

Suning Tesco (002024): Net profit in the first half of the year after excluding the previous and one-off factors of small stores8.7-10.7 billion
Predicted profit declines by 65% -62% year by year. Suning Tesco released the 2019 semi-annual performance forecast. It is expected to realize net profit attributable to its mothers of US $ 2.1-2.3 billion, which is a decrease from the net profit of US $ 6 billion in the same period last year.Thick net profit of 5.6 billion US dollars and the strategic replacement of the Suning store in the first half of the year. If it replaces the disposable income of Suning Store in the first half of the year, the company expects to return to its net profit in the first half of the year.7-10.7 trillion, which is better than the operating net profit of 4 trillion in the same period last year, basically in line with expectations. Focus point 1. The semi-annual performance was dragged down by the strategic tilt of Suning’s small stores, but after excluding this effect, operating profit has improved.1) Revenue: In the first half of the year, the company continued to promote the development of all-scenario retail, speed up the development of communities and rural markets, and especially emphasized the improvement of non-electrical product business capabilities. However, due to the macro environment, we expect the company’s offline same store growth may still face pressureAt the end, we expect the growth rate to be 25-30%; 2) Profit side: the main reason for the profit change in the first half of the year: the sale of Ali’s equity in the same period last year increased the net profit of US $ 5.6 billion and brought a high base.We estimate that it will affect about 2.1-2.2 billion) and distribution (thickening one-time income) 34.28 ppm). If the above factors are taken into account, the company expects to realize net profit attributable to mothers in the first half of the year.7-10.7 trillion, better than the operating profit of 4 trillion in the same period last year.The distribution of Suning Store has been completed at the end of June, and it will not be consolidated in the future. Looking forward, we expect the scale effect and the improvement of the fast-moving consumer operation capacity, and the company’s profitability will promote steady improvement. 2. Build an omni-channel smart retail service provider, department store, and fast-moving consumer goods to accelerate the layout.At this stage, Suning focuses on the strategic positioning of smart retail service providers, strengthens the product aggregation and traffic acquisition capabilities, accelerates the distribution of outlets endogenously, accelerates the capture of low-end markets and community markets, and has successively acquired Wanda Department Store, Carrefour China, and rapidly improved department stores.The core capabilities of FMCG categories, customer acquisition capabilities and category synergies are expected to further improve. 3. The company has entered the stage of expected rapid growth in all channels, and has been re-selected as the best.Continuous logistics infrastructure construction and supply chain 夜来香体验网 optimization help the company form core competition barriers.We are optimistic about the company’s development prospects, and prioritize: 1) omni-channel and multi-scenario collaborative interactions to help the company continue to seize market share; 2) use the effect of scale to optimize the product structure and value-added services, and continue to improve profitability. Estimates and recommendations maintain earnings forecasts. Current expectations correspond to 2019e6.8xP / E and 0.3xP / S. Maintain Outperform rating. Based on the company’s acquisition target and pin-for-purchase, small shops and other businesses are still in the growth stage. The target price is reduced by 8% to 15.6 yuan, corresponding to 2019e10xP / E and 0.4xP / S, 49% space. Risks The macro economy continues to decline; industry competition is intensifying.