Kang Hong Pharmaceutical (002773): Expansion of indications for Compaq Medical Insurance in 2020 is imminent

Kang Hong Pharmaceutical (002773): Expansion of indications for Compaq Medical Insurance in 2020 is imminent

Kanghong Pharmaceutical announced the 2019 performance forecast on January 14th: Realizing net profit attributable to mothers6.

9.5 billion to 7.

640,000 yuan, an increase of 0-10% in ten years.

Deduct non-attributed net profit 6.

3 billion to 6.

890,000 yuan, an increase of 0-10% in ten years.

  In the fourth quarter, the company achieved net profit attributable to its mother.

43 ppm to 2.

USD 1.2 billion, a year-on-year increase of -24% to 13%, net of non-attributed net profit1.

26 ppm to 1.

86 ppm, a ten-year increase of -29% to 5%.

  The company’s performance growth in the fourth quarter of 2019 has improved, slightly exceeding expectations.

Compaq’s price has been renewed by 25%. It has renewed its medical insurance negotiating catalog and increased its 杭州桑拿网 indications. The increase in the distribution of potential disease groups covered by medical insurance will promote the growth of Compaq’s sales. The growth of its performance will accelerate and accelerate in 2020, maintaining the company’s “highly recommended” level.

  The performance growth in the fourth quarter of 2019 has improved, and the company’s expense ratio may increase.

  Compaq’s core product is expected to achieve 30% revenue growth in 2019, and Chinese medicine and chemical medicine revenue will grow steadily.

The improvement in the fourth quarter results may be due to higher expense ratios.

We believe that the company’s Chinese medicine and chemical medicine business is expected to continue to grow steadily in 2020.

Compaq’s market space is large, and its products have reached the world’s advanced level. 天津夜网 The penetration rate is currently not more than 2%. It is expected to achieve sustained and rapid growth, and the expense rate is expected to shift to the scale effect of the sales volume of Compaq’s.

  Compaq has reduced the price by 25% and renewed the medical insurance negotiation catalogue, and gradually realized “price for quantity” through new indications.

  Compaq Renewal renews the medical insurance negotiation catalogue with a price reduction of 4,160 yuan / branch, which is 25% lower than the earlier price of 5,550 yuan / branch. The scope of medical insurance coverage has increased “visual impairment caused by diabetic macular edema (DME)” and “choroidal neoplasia”The visual indication of blood vessel (CNV) -induced damage is two indications. The potential patient population covered by medical insurance has grown, and it is expected to achieve a “price-for-amount exchange” and a rapid increase in penetration.

  Compaq’s annual drug use is numerous, and charity assistance projects have further strengthened product market competition. It is expected that next year’s revenue will increase by 30%.

  The ratio of the number of branches of Compaq’s medications is similar to that of similar products ranibizumab and aflibercept. Under the condition that the medical insurance limits the total reimbursement to no more than 9 and no more than 5 in the first year, patients can be more fullyTreatment.

Compaq Ship has implemented the new medical insurance reimbursement policy in January this year. At the same time, it announced that it has also launched a charitable assistance program. For eligible medical insurance patients, buy three needles and one needle for each eye, and buy two needles for on-demand assistance (Within one year), for non-medical patients, buy three needles of on-demand assistance per eye (within one year).

If patients benefit from AIDS assistance, Compaq’s intervention has the lowest price among similar products, and it has also become the only product that can not exceed the 9 branches of Medicare reimbursement under sufficient treatment, which strengthens CompaqXipu’s market competitiveness.

We expect that the number of Compaq drugs used is expected to increase by about 70%, thereby achieving a 30% increase in price reduction and maintaining a rapid growth trend.

  Compaq Overseas Phase III trials are progressing steadily, which is expected to open up the overseas tens of billions of dollars market and achieve long-term sustainable growth.

  The company’s overseas clinical phase III trial of wet age-related macular degeneration is progressing smoothly, and 1,140 patients have been enrolled. Phase III clinical trials of other indications are in progress at the same time, and it will open a US $ 10 billion market after overseas listing.

Compaq’s domestic market promotion and overseas market expansion are expected to achieve long-term sustained growth.

  Earnings forecast: We expect the company to achieve revenues of 32 in 2019-2021.

46 billion, 36.

9.4 billion, 42.

7.6 billion, an increase of 11%, 14%, 16% each year, and net profit attributable to mothers is 7.

3.8 billion, 9.

50 billion, 11.

6.5 billion, an increase of 6%, 29%, 23% each year, and the EPS for 2019-2021 will be 0.

85 yuan, 1.

09 yuan, 1.

33 yuan.The company currently expects a corresponding 20-year PE valuation of 35 times and maintains the company’s “strongly recommended” investment rating.

  Risk reminder: the intensity of medical insurance control costs exceeds expectations; the scale of competition continues to exceed expectations; product development progress is less than expected

-ST Ship (600150): Turning losses into profit in 2018 is about to take off the stars

* ST Ship (600150): Turning losses into profit in 2018 is about to take off stars

I. Events: The company released its 2018 annual report, and net profit attributable to mothers in 20184.

USD 8.9 billion, turning losses into profits, and has applied to cancel the early warning of stock delisting risks.

According to the relevant provisions of the Shanghai Stock Exchange’s Stock Listing Rules and the company’s 2018 operating conditions, the company meets the conditions for applying to cancel the early warning of stock delisting risks.

In the next 5 trading days, the company’s stock will not be suspended, and the company will take off the cap.

Second, in 2018, we turned losses into profits and realized revenue (169.

1 trillion, +1.

31%), net profit attributable to mother 4.

89 ppm; and determine the 172 revenue plan for 2019.

6 billion.

There are two main reasons for the company to turn losses into profit in 2018: 1) In terms of main business: In 2018, the ship market index rankings have significantly improved in 2016, and revenue has increased slightly.The changes are; civil ship products are settled in US dollars, and the growth of the US dollar against the RMB exchange rate in 2018 has increased more of the current exchange gains; market-oriented debt-to-equity swaps have caused the average expenditure to expand more and the expenditure to decrease.

2) The impact of non-recurring gains and losses: divestiture of Jiangnan Changxing Heavy Industry, CSSC Shenghui, CSSC Cruise Technology and other companies, investment income increased; Hudong Heavy Machinery, a wholly-owned subsidiary, received compensation for land acquisition and storage; carried forward to otherGovernment subsidies for income, etc .; the amount of the above non-recurring gains and losses has reached 8.

3.4 billion.

The price of raw materials such as steel is the main factor affecting the gross profit of shipbuilding and repair business.

Revenue of the company’s shipbuilding business in 2018 (114.

560,000 yuan, -2.

06%), accounting for 67% of total revenue.

7% is the main component of the company’s revenue.

The company’s main business gross profit margin in 2018 was 12.

80%, down 4 each year.

91 units, of which the gross profit margin of the ship repair and maintenance business decreased by 7 each.

01 single, the first is the significant increase in steel prices in 2018.

Take Shanghai’s 20mm thick plate as an example, its average price in 2018 was 4,670 yuan / ton, and the average price in 2017 increased by 16 each year.


With a cape size of 180,000 dwt, the amount of steel used is about 2.

7 Assume that the ratio of the cost of steel plates for this type of ship in the case of constant ship prices is 36 in 2017 and 2018, respectively.

1%, 42.


However, since August 2018, the price of ship steel plates has shown a downward trend. The price of 20mm thick steel plates in Shanghai area has dropped from 4880 yuan / ton to the current 4360 yuan / ton.
The company announced its 2019 business plan and achieved revenue of 172.

60 ppm, a ten-year increase2.

1%; and the company has plenty of orders on hand, and we believe that profits will gradually improve with rising ship prices and falling steel prices.

As of the end of 2018, the company had an order volume of 84 ships / 1311.

860,000 deadweight tons, 30 ships for maintenance, 70 for offshore engineering.

70,000 dwt.

As the leader of our national ship, the company has plenty of handheld orders, and the focus is on whether the shipyard’s profit will improve.

We believe that the scale, the company gradually undertake luxury cruise ships, FPSO, chemical tankers, asphalt ships and other high value-added ships, which is conducive to profit improvement; response, affected by the ship design and dispatch cycle, the shipyard from the ship import and export contract to the start interval 0.

1 year or so; combined with the 1-2 year construction period of the ship and the revenue recognized in accordance with the percentage of completion method, how much of the ship’s 2018 revenue will be from 2016?The contribution of orders in 2017 caused the company to deduct non-attributed net profit in 2018.

However, as of 2017, the number of new shipbuilding orders in China has increased synchronously with the price, and the prices of steel plates for overlapping ships have fallen. We expect the shipyard’s operating results to improve quarter by quarter.
Cash flow statement: The net cash flow from operating activities in 2018 was 22.

4.9 billion yuan, an annual decrease of 58.

26 million, mainly due to the contract payment of some of the company’s offshore product contract transfers in 2017.

In a single quarter, the net cash flow from operating activities in Q4 2018 was 16.

310,000 yuan, an increase of 20 from the previous month.

93 ppm, which is basically a commodity sold in Q4, and the cash received for providing labor services increased significantly by 161.

7%, mainly due to uneven receipt of quarterly progress payments for products such as ships.

Third, the civil ship industry is still at the bottom of a long cycle. Under the three major trends, the profitability of civil ship leaders will increase, and the turning point in performance may have arrived.

Trend 1: The civil ship market is gradually recovering at the bottom of the long cycle.

Since the financial crisis in 2008, the shipbuilding industry has entered a stage of in-depth adjustment. Until 2016, the shipbuilding and offshore industry market has entered a double trough and overlapping stage.

Since the bottom of 2016, the global shipbuilding industry is gradually picking up.

According to data from China Shipbuilding Industry Association, in 2017, it accepted orders for new ships of 33.73 million dwt, an increase of 60 over the same period.

1%; In 2018, we took orders for new ships of 36.67 million dwt, a year-on-year increase of 8.

7%; continuing the warming trend since 2016.

We believe that the peak of the last round of shipbuilding orders was in 2007, with 10 years as a mid-cycle, and is currently at the turning point of the shipbuilding cycle.

Trend 2: Civil ship supply-side reforms continue to advance, shipbuilding capacity is expedited, and new shipbuilding orders are further concentrated in advantageous shipyards.

The shipbuilding supply-side reform is reflected in three aspects: 1) Accelerating the clearing of shipbuilding capacity: According to data from China Shipbuilding Industry Corporation, the number of active shipyards above the global 武汉夜生活网 scale has increased from 709 in 2007 to 119 in 2018, a reduction of 83%.

2) New shipbuilding orders are further concentrated in advantageous shipyards: Ten years ago, the number of new shipbuilding orders received by 10 shipbuilding companies accounted for 55% of the national total in 2014.

5% increased to the current 83.

3%. In the past, the concentration of the shipbuilding industry has further increased, and leading shipyards have gradually received orders.

3) The number of high value-added ship types is gradually increasing: the internal shipbuilding company’s shipbuilding product structure continues to be optimized at an advanced level. For example, Waigaoqiao Shipbuilding has already designed and built high-value-added ship types.Orders for high additional ships such as cruise ships and FPSOs are expected to 深圳丝袜会所 continue to increase their market share of high-end ship types in the next few years.

Trend three: The price of newbuildings is gradually increasing, and the price of steel plates is increasing, and the profitability of shipyards is increasing.

According to Clarksons data, in terms of newbuilding prices, the Clarksons newbuilding price index increased from 121 in early 2017 to the current 131, and the price of ships has gradually increased.

In addition, the price of ship steel plates is on a downward trend, which will play an important role in reducing the cost of ship products.

We believe that as the price of newbuildings rises and the price of steel plates expands, the profitability of shipbuilding companies will gradually increase.

Fourth, the previous point of view: the civil ship leader turned a profit and is about to take off the stars.

We believe that the civil ship is at the bottom of a long cycle and is gradually picking up.

As a leading company in China’s national shipping industry, the company will benefit from the gradual recovery of civil ships and the supply-side reform of the shipbuilding industry.

The company’s current PB = 1.

75, which is still at the bottom of history; the rising prices of newbuildings and falling steel plate prices promote the company’s profitability.

What do we expect in 2019?
Net profit of the company in 2020 5.

2.1 billion, 6.

29 trillion, corresponding to the current sustainable PE of 51X, 42X.

We maintain the “Buy-B” rating for Chinese ships and raise our target price to 21 yuan.

V. Risk warnings: 1) The shipbuilding market continues to be sluggish; 2) Shipbuilding steel and other raw material prices are high; 3) There is uncertainty in Sino-US trade; 4) Exchange rate changes.

SF Holdings (002352): Market share, cost margin improvement Q3 deduction of non-net profit growth rate of 62% cautiously optimistic in the future

SF Holdings (002352): Market share, cost margin improvement Q3 deduction of non-net profit growth rate of 62% cautiously optimistic in the future
Event: SF released three quarterly reports (1) Q1-Q3 SF achieved net profit attributable to mother 43.110,000 yuan, an increase of 44 in ten years.77%; operating income 787.7 ppm, an increase of 20 in ten years.37%; gross profit margin 19.31%, a year up 0.9.  (2) In the single quarter, the operating income of SF Holdings Q3 was 286.950,000 yuan, an increase of 25 in ten years.36%; Net profit attributable to shareholders of listed companies11.810,000 yuan, an increase of 61 in ten years.62%; gross margin 18.43%, an increase of 0 a year.96 tablets.  Comments: (1) The market competitiveness of new products is strong, and the inflection point of market share appears. Since SF launched the “Special Offer” product in May, the business volume has continued to increase. Q3 SF achieved business volume of 12.2.4 billion votes, an increase of 30% in ten years.The increase in business volume reflects the recognition of the SF brand in the sinking market.With the continuous advancement of SF’s sinking strategy, the company’s market share will continue to increase.  (2) The maximum production capacity continued to increase, and the third-quarter performance exceeded expectations for 2018 SF Capital Expenditure 116.3.9 billion, a large number of capacity releases inhibited SF’s performance for the year, the Q3 performance base value for the same period last year; Capex scale shrank to 45 in the first three quarters of 2019.9.1 billion, supplementing the business volume brought by new products further increased SF ‘s capacity utilization rate. At the same time, the 3 billion cost control policy continued to advance, and multiple improvements overlapped. SF Q3 performance exceeded expectations and increased by 62%.  (3) The only comprehensive logistics target with long-term growth potential. SF Express is the first of the express delivery companies to implement comprehensive logistics layout. Its express, cold chain, and supply chain businesses have good momentum to continue to reduce losses. Among them, the express transportation business is 武汉夜网论坛 expected to achieve profit and loss by the end of the year.Balanced, short-term performance has support.In the long run, the core competitiveness of the industry is still cost. How to achieve the balance between the timeliness of logistics products and services at the lowest cost is still a major challenge for logistics companies. Can SF, which has already taken a step, continue to advance on the large logistics track?We are cautiously optimistic.  Investment suggestion: The company’s operating income is expected to be 1069 in 2019-2021.87, 1217.50, 1399.3.5 billion, net profit was 56.52, 63.47, 73.43 trillion, corresponding to PE of 30.34 times, 26.99 times, 23.32 times.Maintain the “Recommended” level.  Risk Tips: Macro growth forecast, intensified competition in the high and high end, excessive growth in business volume leading to 返回码: 500 网站打不开?重查 liquidation

Aerospace Development (000547): Three emerging industries are rapidly advancing performance and achieving rapid growth

Aerospace Development (000547): Three emerging industries are rapidly advancing performance and achieving rapid growth
On the 20th of the incident, the company released its 2018 annual report and achieved operating income of 35.160,000 yuan, an increase of 41 in ten years.15%; net profit attributable to mothers4.48 ppm, an increase of 59 in ten years.34%. The endogenous and epitaxial two-wheel drive, the net income of the company grew rapidly in 2018, and the company achieved operating income of 35.160,000 yuan, an increase of 41 in ten years.15%, the main driving factor for revenue growth is the endogenous revenue growth of Nanjing Changfeng, Simulation Company, Ou Di’an, Chongqing Jinmei and other subsidiaries, especially the Nanjing Changfeng subsidiary, Jiangsu Dayang’s revenue growth is more serious; Realize net profit attributable to mother 4.48 ppm, an increase of 59 in ten years.34%. The main driving factors for profit growth are Nanjing Changfeng, Simulation Company, Ou Di’an’s endogenous growth in profits, and the outbound growth brought by Rui’an Technology, One Binary and Aerospace Kaiyuan. In the future, the company will further carry out outbound mergers and acquisitions to improve the industrial layout.First, in the field of network information security, actively promote the acquisition of Rui’an Technology, acquire control of Rui’an Technology as soon as possible, promote the establishment of the Aerospace Science and Technology Network Information Security Research Institute, coordinate the overall development of the network information security sector, and take advantage of the advantages of the space science and technologyEstablish a national team for the cyber security industry. Second, in the field of microsystems, accelerate the industrial layout and industrial chain extension, actively promote the development of radio frequency microsystems and the construction of production lines, and form an industrial sector with system solution capabilities and industry influence. The domestic electronic blue army leader fully benefited from the number of demand growth reports brought about by actual combat training. The company’s electronic blue army business achieved a major breakthrough, successfully completed the delivery of a certain type of radiation source system, and successfully won the military electronic characteristics simulation equipment development project.Consolidate market advantages in the fields of internal field simulation, active targets, etc .; carry out in-depth demonstrations of the construction plan and project promotion of the Blue Army confrontation system, and become the overall unit of the system, and its core competitiveness has been significantly improved. The actual combat training needs to enhance the complex battlefield environment, and the demand for the electronic blue army is increasing.The company’s subsidiary, Nanjing Changfeng, as a leader in the electronic blue army field, will fully benefit from the increase in demand brought about by the actual combat training. It is expected that the electronic blue army business will continue to grow rapidly in the future. Acquired the equity of three companies, including Rui’an Technology, to create a national network security company.The acquisition of 34% equity, 100% binary and 100% equity of Aerospace Kaiyuan completed the preliminary layout of the network information security sector. Rui’an’s main business includes two major sectors of information security, government and enterprise big data services. One binary’s main business is data security, business continuity management software development, and aerospace Kaiyuan mainly forces e-government.The three companies complement each other and jointly build a national team in the field of cyber security. In the future, the company will be based on the national cyber security needs, focusing on the cyber security needs of the Ministry of Public Security, and radiating the army, large enterprise groups and other units simultaneously, to become a domestic first-class cyber security service provider in the core technologies of the network security segment.In the next few years, the internal industry will generate a multi-billion-dollar market size, and the development of 5G and artificial intelligence technologies will continue to grow. Public security big data, network visualization, network security, data security, e-government and other related markets will enter fast.During the development period, the micro system company started construction at a high starting point and was ready for the reporting system. The company, in conjunction with the aerospace science and industry group, invested 1 billion to establish a micro system technology company.The company’s micro-system business development has made a good start. It has initially formed independent research and development capabilities for system-level chips, components and complex micro-systems. It has created typical products such as high-density broadband multi-frequency transceiver micro-systems, and provided integrated solutions for user units.Recognition and cooperation of user units. In the future, the company will follow the group company’s strategic deployment and actively undertake internal company group projects to provide support for the miniaturization, chipping, radio frequency integration, and electronic integration of electronic products, and quickly form typical products with independent intellectual property rights and implement applications.In addition, the industry’s leading technology within the industry; In addition, the company will actively explore the needs of 5G communications, satellite communications, smart cities, the Internet of Things, and develop and produce RF chips, devices, components and complex micro systems.By developing new-generation micro-system technology, the company serves the transformation and upgrading of the group company, while actively expanding external markets, and striving to establish an industry-leading position. The aerospace science and technology group’s shareholding ratio is relatively low, which does not rule out that the company’s controlling power can be increased by increasing its holdings or injecting assets. The company’s controlling shareholder is the aerospace science and technology group. The current shareholding ratio is 8.99%, Defense Academy, Aerospace Science and Industry Asset Management Company, Chenguang Venture Capital, and Hangxin Fund are affiliates of Aerospace Science and Industry Group.At present, Aerospace Science and Industry Corporation and its affiliates have a shareholding ratio of 20.89%. In the future, it will not be ruled out that we will increase our control over the 武汉夜生活网 development of aerospace by increasing our holdings or injecting assets into the group. Profit forecast and investment advice: The space industry new industry platform has significant scale advantages, the three major emerging companies maintain the “Buy” rating of the electronic blue army, and the three new industries of network security and micro-systems are rapidly advancing, with high growth rates.The development prospects are broad; the two traditional business industries of military communications and electromagnetic security are expanding prominently and are expected to continue to grow steadily; as an important capital operation platform of the Aerospace Science and Industry Group, the injection of high-quality assets within the group is expected.It is estimated that the company’s net profit attributable to mothers from 2019 to 2021 will be 5 respectively.67, 6.79, 8.23 ppm, an increase of 26 per year.44%, 19.75%, 21.26%, corresponding to 19 to 21 years of EPS are 0.35, 0.42, 0.51 yuan, corresponding to current expected PE is 31, 26, 21 times, maintain “Buy” rating.

Shenzhen Gas (601139): Performance in line with expectations Expected peak capacity of peak shaving stations gradually climbed

Shenzhen Gas (601139): Performance in line with expectations Expected peak capacity of peak shaving stations gradually climbed

I. Overview of the event The company released a report on 2019 results, with operating income of US $ 14 billion, a year + 10%, and a net profit of 10%.

5.5 billion yuan a year + 2%.

Second, the analysis and judgment of performance growth are in line with expectations. In the second half of the year, factory gas sales rebounded rapidly and the company’s performance gradually increased, in line with the expectations of our forecast report.

Q4 single quarter profit 1.

3.7 billion, previously -27%, mainly due to the impact of emerging company earnings.

Initial sales of natural gas 31苏州夜网论坛.

5.1 billion cubic meters, an increase of 14% in ten years, of which plant gas sales9.

700 million cubic meters, an increase of 14% in ten years, reversing the decline of 18% in the first half of the year, mainly to supplement customers.

The company’s profit growth continued to be repaired in the second half of the year, mainly due to the slight reduction in the price of the second-tier gas source from Q3 since Q3. At the same time, the company imported some low-cost gas sources through the Dapeng LNG terminal.

The peaking station was put into use, and it is expected to increase the profit by 40% after full production. In August 19, the company announced that its natural gas reserve and peaking storage project had an antique LNG receiving and unloading ceremony.

In addition to enhancing the company’s natural gas 西安耍耍网 reserve peaking capacity and supply capacity, the project will be used to carry out natural gas trading business in the Pearl River Delta region, transmitting profitable space.

Although domestic natural gas is in the peak demand season, the Guangzhou LNG market price has risen to about 3 yuan per cubic meter, but the international LNG supply has continued to be loose, and the national average LNG price on land this week is only 1.

29 yuan / square, the spread is nearly 1.

7 yuan / square.

We estimate that the conservative assumption is zero.

Under the purchase and sales price difference of 7 yuan / square meter, the peak-shaving station can increase the company’s net profit to 400 million after its full production, accounting for 40% of the profit growth in 2019. It is expected that the ramp-up period of production capacity will be 2?
3 years.

Natural gas market-oriented reforms continue to advance, optimistic about the company’s future low gas source price advantage On December 9, the gradually rising national pipe network company was officially established, and the oil and gas reform “hold the middle and let go of both sides” took the first stepstep.

After the establishment of the State Grid Corporation, the upstream oil and gas resource supply main body is expected to increase, and in the long term, the downstream gas cost will be reduced.

The company has invested in Dapeng LNG receiving station, and the relevant peak shaving station has also been put into use. In a more open market environment, the company will gradually acquire more low-cost gas sources in order to reduce the cost of gas purchase.

Third, the investment recommendation company’s expected performance is in line with expectations, and maintain judgment on the company’s profit.
Earnings per share in 2021 are zero.

37, 0.

43 and 0.

53, corresponding to the current price PE 22, 19, 15 times.

The company’s PE is located at 20% of its value since listing and its PB is slightly lower than the gas industry2.

14x average, maintaining “Recommended” rating.

4. Risk warnings: 1. The price of natural gas supply has risen; 2. The sales volume of gas has grown less than expected; 3. The commissioning progress of the peak regulation station has fallen short of expectations.

Zhongshun Jierou (002511) Company Comments: The supplementary part of the incentive plan authorizes a large proportion of sales directors to participate in maintaining the purchase

Zhongshun Jierou (002511) Company Comments: The supplementary part of the incentive plan authorizes a large proportion of sales directors to participate in maintaining the purchase

Event: The company completes an additional part of the incentive plan.

The company released the “Notes on Adjusting the Issues Related to the Stock Compensation and Supplementary Stock Incentive Plan in 2018” and “On the Granting of Partial Stock 苏州夜网论坛 Expenditure and Replacement of Substitute Stocks to Incentives”. The company increased the number of grants for the stock plan for this incentive planAdjusted from 2.5 million copies to 2.4 million copies, and on September 11th, the award date was set to grant 2.4 million replacement partial stock budgets to eligible 114 incentive targets, and 3.5 million shares were reorganized to 64 incentive targets.Partially expanded stocks.

  Sales Director Liu participated in a large proportion, demonstrating team stability and cohesion. The company’s 2018 stock supplement and exchange stock incentive plan was first awarded on March 1, 2019, and 1,373 were awarded to 3,118 incentive objects.

450,000 stock budgets, 1,967 granted to 569 incentives.

550,000 shares of budget stock.

The supplementary part of the equity incentive plan 淡水桑拿网 granted 2.4 million supplementary stock allocations to 114 incentive objects at an exercise price of 14.

04 yuan / share; 3.5 million additional partial shares were awarded to 64 incentive objects at a grant price of 7.

02 yuan / share.

  The company’s stock incentive and restraint core chief team, of which the company’s director and deputy general manager Liu Jinfeng received 1 million stock subsidies, accounting for 41 of the replacement part.

67%, received 1.08 million shares of interest stocks, accounting for 30 of the total number of extended shares.


The company has strong incentives for the core management team, which is conducive to the company’s long-term development in the future.

The fair incentives cost a total of 2889.

960,000 yuan, amortized to 401 from 2019-2022.

86, 1416.

91, 743.

31, 327.

880,000 yuan, accounting for 1 of the administrative expenses in 2018.

99%, 7.

01%, 3.

68%, 1.


  The company’s interim results continued to exceed expectations, and its profitability continued to improve the company’s 19H1 revenue.

7.2 billion (+ 22% YoY).

7%), net profit attributable to mother 2.

7.5 billion (+ 37% YoY).

6%), deduct non-attributed net profit 2.

7 billion (+ 42% YoY).

0%), following the first-quarter report exceeding expectations, the interim report continued to exceed market expectations.

Since April 19, the preferential policies have been implemented, and the company has basically benefited from 3 interest rate discounts.

In the second quarter of 19, pulp prices continued to increase gross profit margins. In the past four months, pulp prices have continued to increase by 20% from 5,500 yuan / ton to 4,400 yuan / ton. The tax rate has been increased alternately.Gross profit margin continued to increase in the second quarter4.

85pct to 39.

2%, a record high; net profit extended to 0 in the first half.

93 points to 8.

66%, also at an historical high.

  Channels and products are driven by two wheels to ensure long-term stable growth. In terms of channels, GT, KA, AFH, and EC work together to integrate the comprehensive sales network and accelerate the coverage of blank areas.

Relying on distributor channels to accelerate the coverage of blank areas, e-commerce, key stores, and commercial sales channels work together to strengthen consumers’ availability of the company’s products, will support the company’s smooth conversion of production capacity to sales, and add new mothers and babies at the end of 2018And new retail channels.

In terms of products, positioning in the mid-to-high-end market, focusing on differentiation, relying on the “Jierou” and “Sun” tissue paper brands, face, lotion, and natural wood. The three major series have continued to increase; among them, cotton wipes were introduced in 18 years and 19 years.In June, launched the “Dorei Honey” brand to expand its layout in the field of personal care products.  Production capacity nationwide, new bamboo pulp and paper integration projects are newly promoted. The company relies on its subsidiaries Jiangmen Zhongshun, Yunfu Zhongshun, Sichuan Zhongshun, Zhejiang Zhongshun, Hubei Zhongshun and Tangshan Branches to fully form East China, South China, West China, North ChinaHehuan production layout.

  Recently, 30 first bamboo pulp and paper integration projects were constructed in Sichuan, of which 31.

8 initial bamboo pulp + 30 pieces of living paper, total investment 40.

USD 8.7 billion, the bamboo pulp paper integration project will increase the pulp self-sufficiency rate, reduce the changes brought about by raw materials and exchanges, while extending the industrial chain layout and further enhancing long-term profitability.

  Relying on the high-end / differentiation of products and the advantages of channel management, the company fully inspires the core team and impacts the sales target of 10 billion yuan.

Maintain net profit attributable to mothers for 2019/2020 of 6.

3.1 billion / 8.

10 billion (YOY 55% / 27%) profit forecast, corresponding PE is 28.

3X / 22.

3x, maintain “Buy” rating!

  Risk reminder: the price of raw materials rises sharply, market competition intensifies, and channel expansion is not smooth

Hikvision (002415): The gross profit margin increased significantly in the second quarter is expected to grow steadily in the second half

Hikvision (002415): The gross profit margin increased significantly in the second quarter is expected to grow steadily in the second half

Brief comment on the performance of the company released the interim report results: January to June 2019, revenue 239.

23 ppm, an increase of 14 in ten years.

6%, the net profit attributable to shareholders of the company is 42.

16 ppm, an increase of ten years.

67%, performance in line with expectations.

Operational analysis Revenues in the second quarter resumed rapid growth, and profitability increased significantly from the previous quarter.

Single-quarter revenue in the second quarter was 14 billion yuan, an increase of 21 per year.

46%, net profit attributable to mother 28.

810,000 yuan, an increase of 15% in ten years.

Gross profit margin reached 47 in the second quarter.

39%, significantly improved profitability.

Initially, the security business resumed earlier in the first quarter, driven by rapid growth in innovative business, optimized product structure, replacement reductions and cost improvements.

In terms of business, the company’s innovative business grew strongly, gross margin improved significantly, and smart home revenue reached 11 in the first half.

390,000 yuan, an increase of 56 in ten years.

9%, gross margin increased by 2.

23%, other innovative businesses achieved revenue in the first half of the year5.

89 ‰, an increase of 54 in ten years.

8%, gross profit margin increased by 3.


Central control equipment with higher gross profit margins achieved revenue in the first half of the year34.

8.7 billion, an annual increase of 24.

6%, gross profit margin increased by 2.


The security business is improving, driven by innovative business, and the cost is under control. It is expected to grow steadily in the second half of the year.

The company estimates that on January 9, 2019, the net profit attributable to shareholders of the listed company will be 0-15%. According to the predicted median value, the net profit in the third quarter will be 37.

35 ppm, an increase of 14 in ten years.


We believe that the company’s security business is gradually improving, and the EBG business is growing rapidly and continues to maintain, especially some new requirements, such as waste classification monitoring, ETC, etc., PBG and SMBG business is expected to gradually recover, fluorite business, robot business profit prospectContinue to improve, automotive electronics, storage business and other innovative businesses are growing rapidly. The company is also actively controlling expenses and achieving steady growth in the second half of the year.

Continue to increase research and development efforts, business layout steadily, and meet the new changes in the 5G era.

Affected by the Sino-US trade friction, the company’s exports were affected, with overseas revenue of 69 in the first half.

43 ppm, an increase of 10 in ten years.

29% in the second quarter, single-season growth performance was flat.

The US market began to decline gradually in the second half of 2018, and countries such as Turkey and Pakistan broke down due to the impact of exchange rate issues.

But sixteen, such as Vietnam, India, and the Philippines, saw significant growth in 成都桑拿网 demand. On the whole, domestic demand timely filled the gap in overseas growth substitution.

In the first half of the year, the company continued to increase R & D expenditures and R & D expenses25.

40,000 yuan, an increase of 30 in ten years.


We believe that in the short term, the company will suffer the impact of trade frictions. However, in the medium and long term, the company’s business layout is solid and the channels are sinking step by step. It is moving from a comprehensive security service provider to a video-centric IoT solution.Provider.In the 5G era, driven by the demand for AI and high-definition video surveillance, the security industry will renew its vitality and vitality, and the company will actively benefit from it.

Investment advice predicts that the company’s net profit for 2019-2021 will be 127.


0 and 183.

600 million, the EPS is 1.

36, 1.

63, 1.

96 yuan, the current price corresponding to PE is 19.

5, 16.

1, 13.

5 times.

We give the company a 28x estimate for 2019 with a target price of 38.

1 Yuan.

Risk security growth target, long decision-making cycle for government projects, trade friction between China and the US, uncertainties in export growth, entry of giants such as Huawei, increased competition, AI, and ultra-high-definition penetration did not meet expectations.

Lingnan Shares (002717) Annual Report Commentary Report: Operating Cash Flow Improves Significantly; Asset-liability Ratio Situation Is Expected to Gradually Optimize

Lingnan Shares (002717) Annual Report Commentary Report: Operating Cash Flow Improves Significantly; Asset-liability Ratio Situation Is Expected to Gradually Optimize

The company recently announced the latest annual report, the company’s revenue in 2018 was 88.

43 trillion, an increase of 85.

05%: Net profit attributable to mother 7.

7.9 billion, an increase of 52.


At the same time, the company announced that it had discovered a bonus of 0.

80 yuan (including tax), the capital reserve is converted into share capital (5 shares for every 10 shares).

The comments are as follows: The development momentum of the dual business engine is strong, and the cultural and tourism sector has significantly optimized the overall business structure. In 2018, the company focused on the two major industries of “ecological environment + cultural tourism”, of which the ecological restoration business revenue was 42.

99 trillion, an increase of 40.

59%; revenue from water and water environment treatment business 31.

50 billion yuan, an increase of 279.

89%; cultural and tourism business revenue 13.

9.3 billion, an increase of 56.

31%, the “big ecology” industry chain and cultural tourism industry chain gradually formed a good synergy effect.

The company’s initial preliminary results are expected to be due to the tightening investment and financing environment and liquidity in 2018, and the revenue growth rate has improved.

In the future, the company’s in-depth layout of the cultural travel sector will be improved, and its good cash flow status may enhance the profitability and risk resistance of its business structure.

The company’s gross profit margin in 2018 was 25.

02%, a decrease of 3 from the previous value.

The average of 72, mainly due to the proportion of water and water environmental treatment business from the previous value of 17.

35% increased to 35.

62%, and the gross profit margin of this business is low.

During the period, the expense ratio decreased, and the net profit attributable to mothers significantly increased the company’s expense mix in 201812.

74%, a decrease of 1 from the previous value.

37 units.

Selling expenses pricing 2.

00%, an increase of 1 from the previous value.

54 units, mainly due to the adjustment of the organizational structure of the sales department; management expense ratio 5.

78%, a decrease of 6 from the previous value.

97 units (including R & D budget 2).

51%, a decrease of 0 from the previous value.

17 units); financial expenses 2.

46%, an increase of 1 from the previous value.

56 units, mainly due to the increase in the size of borrowings and bond issuance, tightening the alternating liquidity environment, and corresponding index expenditures increased.

Net profit attributable to mother 7.

79 trillion, the same increase of 52.

Hengrun Group, Demagee, and Water Group have all exceeded their promised profits. We believe that there is always a risk of goodwill impairment in the company.

The company’s expected net profit for the first three months of 2019 is positive, with a decrease of more than 50%.杭州夜生活网 The main reason is that the industry has gradually entered the stage of balance sheet repair after high-speed growth in the early stage.Relative to the first quarter of 2019, the growth in performance has created some pressure, but through the optimization of the company’s asset-liability ratio conversion, we believe that the company’s gradual growth rate cannot be too pessimistic. The margin of cash flow is good, and the asset-liability ratio is expected to gradually decrease.

160,000 yuan, a net decrease of 5 compared with last year.

2.1 billion significantly improved; net cash flow in the fourth quarter was 2.

65 ppm; mainly due to the company’s enhanced management of collections.

Net cash flow from investing activities was -11.

380,000 yuan, compared with July-July 2017.

710,000 yuan has been expanded.

The ratio of long-term equity investment to total assets is 8.

51%, an increase of 2 from the previous value.

The 68 units were mainly due to the initial implementation of the company’s PPP project and increased foreign investment.

Company assets and liabilities financing 71.

74%, an increase of 5 from last year.

86 single, the company recently reduced the revised conversion price, reasonable reduction of business development speed and other measures, and strive to promote conversion to improve the asset-liability ratio.

Investment suggestions The company’s 2018 performance will maintain a steady growth rate. The company will gradually increase the profitability and risk resistance of the company’s business portfolio by strengthening repayments and adjusting business structure.

The company may benefit from positive changes in the current policy environment and liquidity environment.

In addition, the recent company equity incentives and shareholding plans reflect the company’s high-level confidence in the future.

Combined with the expectation that the company will continue to strengthen the control of the asset-liability ratio in 2019, and the company’s annual report for the 2019 quarterly report performance growth forecast, we lowered the company’s performance forecast for 2019 and 2020 and expect the company to return to its parent’s net profit in 2019-2021.10.

19, 13.


9.5 billion (of which the original forecast for 2019 and 2020 was 13.

60, 19.

3.7 billion); EPS is expected to be 1.

00, 1.

28, 1.

56 yuan / share, corresponding to PE9, 7, 6 times, maintaining the “buy” level.

Risk warning: the project progress is less than expected, the risk of goodwill impairment, and the contract landing situation is less than expected

Zhengrong Real Estate’s Spring Breeze Strikes Hard: Epidemic Forces Real Estate Sales Online

Zhengrong Real Estate’s “Spring Breeze” Strikes Hard: Epidemic Forces Real Estate Sales Online

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  Original title: Zhengrong Real Estate “Spring Breeze” made a big hit after SARS in 2003. Taobao, JD.com and other emerging companies opened the road to e-commerce development. The new crown pneumonia in 2020 forced housing companies to open online sales models., Reflecting the innovation and change of the real estate industry.

Following Evergrande, R & F, etc., Zhengrong Real Estate recently released an enhanced version of the “Spring Breeze Action” plan, with “ultra low door cloud + super expected discount + super high recommended reward + no reason to check out + million red envelopes”The six-fold combination of punches has strongly joined the fight for revenue in this special environment.

After comparing various discounts, it can be ground. Zhengrong’s latest overweight policy is one of the current low-participation activities with high returns in the industry.

  On February 13th, Evergrande took the lead in launching a set of house-selling combos to completely break the frozen market.

Other housing companies have followed up, and promotional interventions include: unchecked checkout, national marketing, and differential compensation.

  ”No reason to check out” is the most widely used promotional policy, but the length of time for each company to give up the check out varies.

According to Zhengrong’s spring breeze action, its “no reason to check out” period is from the date of policy implementation to March 15, 2020, the option is successfully subscribed, regardless of whether the contract is successfully signed or not, you can enjoy no reason to check out before May 15, 2020policy.

  In addition, various developers have also launched promotional measures for differential compensation. At present, the subscription money is generally between 3,000 yuan and 5,000 yuan, and Zhengrong Real Estate’s “Spring Action” subscription fund directly replaces 1,000 yuan.

In addition to reducing the subscription amount, Zhengrong Real Estate’s discount package also includes:?

If I purchase property A myself, I will enjoy an additional 20,000 yuan discount or an additional 2% discount on the total room price.


Recommend others to buy, you can get 1% commission of the total house price + 10,000 yuan reward, and get the full refund, based on a set of 100W house, the investment return is 20 times this way!


Potentially purchased or unsuccessfully sold by a third party, in addition to returning the subscription money, there is an additional 40% annualized income.

  Democracy, Zhengrong Real Estate launched the spring breeze during the epidemic period, launched the “Zhengrong Home” online sales office, and implemented preferential measures such as 1% rewards and discounts for a limited time.Three major reforms for home buyers.

It is 南京夜生活网 understood that “Zhengrong Zhijia” had more than 200,000 visitors and more than 50,000 retained electricity within three days of its launch, which caused great concern from customers.

This enhanced version of Spring Breeze also introduced more incentives in terms of “Zhengrong Home Purchase” registration and recommended home purchase: recommending new customers to register and visiting the case, they can get 100 yuan / group reward, up to 500 yuan,If the customer is not visiting, just register and you can also participate in grabbing millions of red envelopes.

  Prior to the outbreak of housing sales online, under the epidemic, housing companies launched large-scale live broadcast sales, short video sales, and traffic PK competitions, etc., both in the face of the epidemic and the future generations of the future online market with the original people of the Internet.Marketing innovation after the main buyer is not a measure of equity.

But on the other side of the problem, the house is not the same as other commodities. The house is just a multi-million or even ten-million-dollar asset, and the transaction frequency is low. It is a non-standard product. The transaction process is long and there are many changes. The most important thing is that it is a strongThe process of experience cannot be completely replaced online. Accompanied by the idea that a large-scale online promotion is selling houses, it is better to sell confidence. By selling online houses with preferential activities to save customers, “the demand for housing will only be delayed.They will not disappear, they will be released after the outbreak or accelerated.

Therefore, the promotion of housing companies during the epidemic period is more like preparing for the subsequent recovery. Some research institutions also believe that the lack of sales in the first quarter will not have a real serious impact on housing companies.

According to the calculation of Soochow Securities, according to the data of the past 10 years, the sales in the first quarter accounted for about 18% of the scale of real estate companies, and the sales repayment accounted for about 21% of the scale.

Tianfeng Securities believes that March is the traditional peak season in the first quarter, accounting for nearly half of the first quarter, so the situation in March may be more critical.

UBS has conducted a stress test for developers in its latest report. “Under the assumption that there are no contracted sales for three months, no debt refinancing, and relaxation of financing policies, we believe that developers have sufficient cash balance to cover 2020 onshoreAnd offshore bonds.

Dahua Shares (002236) Annual Report Comments: Overseas Business Gross Margin Exceeds Expectations Improved Operating Efficiency

Dahua Shares (002236) Annual Report Comments: Overseas Business Gross Margin Exceeds Expectations Improved Operating Efficiency

Core point of view: in terms of revenue: in the second half of the year, domestic and overseas growth slowed down. In the ten years of 2018, the company’s revenue increased by 26%.

In terms of quarters, the single-quarter revenue growth rate was 21 in the fourth quarter.

3%, about the first three quarters (36 respectively.

6%, 28.

7%, 22.

5%) continue to increase.

From the perspective of countries and overseas, the domestic revenue growth rate in the second half of the year was 20%, which was cited in the first half of the year (33%). The growth rate of overseas revenue in the second half of the year was calculated in terms of US dollars (converted using the half-year average exchange rate)At 21%, the growth rate cited in the first half of the year (38%) also saw a significant decline.

Our analysis believes that the primary goal of the decline in the company’s revenue growth in the second half of the year is: the domestic government security market is significantly affected by local fiscal deleveraging, and the company’s overseas security business (especially the accompanying market) suffers from Sino-US trade friction andPossibility Impact of US 2019 NDAA Defense Act.

Gross profit margin: The domestic gross profit margin fell in the second half of the year, and the overseas gross profit margin 武汉夜生活网 recovered more than expected in the second half of 2018. The company’s domestic business gross profit margin declined and fell.

9pct, down 2 from the first half of the previous month.

7pct; gross margin of overseas business extended and increased 5.

3pct, an increase of 7 from the first half.

5 points.

According to our analysis, the decrease in the gross profit margin of the domestic business in the second half of the year comes from the decline in the prosperity of the domestic government security market, while the apparent recovery of the gross profit margin of the overseas business is partly due to changes in exchange rates, and the other is the company’s overseas business sales policy optimizationeffect.

The inventory turnover and management expenses were integrated and optimized. The proportion of research and 北京桑拿洗浴保健 development expenses increased in 2018. The company’s inventory turnover days were 70.

7, ranked last year (77.

5) Significant optimization; management cost savings 2.

7%, ranked last year (2.

8%) decreased slightly by 0.

1pct, R & D expenses 9.

7%, about 9 last year.

5% has improved.

From the perspective of inventory turnover and management expenses, the company’s operating efficiency ranking in 2018 finally improved.

The government security market is expected to pick up, smart video is expected to accelerate penetration, and maintain a BUY rating as described in our 2019/03/07 report “Security Monitoring Industry Tracking Series: Core Computing Core Benefit Scenarios, Significant Improvements in Government Demand”According to the bidding data, the government security market boom will pick up, and the conversion and cost increase of chip solutions will promote the accelerated penetration of smart video.

We expect the company’s EPS for 2019/20/21 to be 1, respectively.



62. Considering the average estimate of comparable companies, calculated at 25 times the PE of 2019, the reasonable value is 25.

50 yuan, maintain BUY rating.

Risks suggest that the domestic government security market is picking up less than expected; the impact of Sino-US trade friction on the company’s overseas business.