Evening Announcement Scenic Spot Tracking: 15 BOE Supervisors Promise Not to Reduce Shares

Evening Announcement Scenic Spot Tracking: 15 BOE Supervisors Promise Not to Reduce Shares

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  [BOE A: 15 Dong Jiangao promised not to reduce the company’s shares]BOE Chairman Chen Yanshun, Vice Chairman Liu Xiaodong and a total of 15 Dong Jiangao issued a letter of commitment on not reducing the company’s shares: in its directors, supervisorsDuring the period of senior executives, and within 6 months after the term expires, do not reduce or transfer all of their BOE A shares, do not entrust others to manage specific shares, and do not pass agreements, trusts or any other arrangements to the corresponding sharesVoting rights are granted to others, and the company is not required to repurchase specific shares.

  Reorganization and Issuance[Sunrise Group: Adjusting the Non-Public Issuance of Share Plans]Nissho Group’s Issuance Method and Issuance Time of Issuance of Non-public Issuance Share Plans, Number of Issuances, Issuance Objects and Subscription Methods, Pricing Base Date and Issuance Price and Restrictions on Issuing SharesSale period is adjusted.

Among them, the issue price was adjusted to not less than 80% of the average price of the company’s stock trading 20 trading days before the pricing reference date.

Sunrise Group plans to raise funds this time7.

1 ppm, invested in intelligent manufacturing of lightweight forged aluminum alloy wheels.

  [Reluctant Wine Industry: Adjusting the Proposal for Proposed Increase of Funds to Not More Than $ 2.5 Billion]Reluctant Wine Industry Revises the Non-public Issuance of Stocks.

Among them, the issue target is adjusted to include a total of 35 specific shareholders within the company’s shareholders; the pricing method is adjusted to be no less than 80% of the average price of the company’s stock trading 20 trading days before the pricing reference date; the lock-up period is adjusted toThe stocks subscribed by the group cannot be transferred within 36 months, and the stocks subscribed by other issuers cannot be transferred within 6 months.

The total amount of funds raised by the company this time does not exceed 2.5 billion.

  [Xiantan Shares: Revising the 2020 Non-public Issuance of Shares Plan].

After the amendment, the issue price shall not be lower than 80% of the average trading price of the company’s stocks in the 20 trading days before the pricing reference date, the issue target shall not exceed 35 specific investors, and the issue amount shall not exceed 30% of the total share capital of the company before the issue, that is, not exceed1.

3.9 billion shares.

The fundraising budget does not exceed 1.4 billion U.S. dollars and the proposed annual output is 1.

Ecological project of 200 million broilers.

  [Fei Rongda: Adjusting the Non-public Issuance of Stocks Program]Fei Rongda’s offering price and pricing principles in the non-public offering of stocks, adjustments of the issue objects and subscription methods, and restricted sales period adjustments, in which the issue price is adjusted to be no less than the pricing benchmark80% of the average trading price of stocks in the previous 20 trading days.

Fei Rongda raised 700 million US dollars in this fixed increase plan to invest in 5G communication device industrialization projects and supplement working capital.

  [Shubeide: Revising the Non-public Issuance of Shares Scheme]Shobeide amends the issuance methods, pricing principles and issue prices, number of issuances, issuance targets, restricted sales periods, and applicable reductions in the non-public issuance scheme., Where the issue price is revised to be no less than 80% of the average price of the company’s stock trading 20 trading days before the pricing benchmark date.

Sobead will raise no more than 6 this time.

USD 800 million, invested in 5G base station and terminal antenna expansion construction projects.

  [Tongfu Microelectronics: planned to raise an additional 4 billion US dollars to build integrated circuit packaging and testing projects]Tongfu Microelectronics: To raise an additional 4 billion US dollars to build integrated circuit packaging and testing projects such as center construction, efficient CPUs, etc.IC packaging and testing projects, supplementing working capital and repaying bank loans.

The issue object does not exceed 35 specific objects, and the issue price does not exceed 80% of the company’s stock transaction average price 20 trading days before the pricing reference date.

  [Neptune Bio: planned to issue 500 million US dollars in epidemic prevention and control debts]To further ensure the company’s supply of medical institutions ‘medicines, equipment, medical consumables and other materials, and to ensure the company’s efficient and stable supply of medical institutions’ epidemic prevention materials during the new coronavirus pneumoniaIn order to meet the company’s operating capital requirements, Neptune intends to apply for the non-public issuance of short-term corporate bonds (debt prevention and control bonds) for qualified investors with an issue size of no more than 500 million yuan.

  [Huaxia Happiness: It is planned to publicly issue corporate bonds not exceeding US $ 5 billion]Huaxia Happiness intends to publicly issue corporate bonds not exceeding US $ 5 billion for repayment of remaining debts and debts, and to supplement working capital and other purposes.

  [Langxin Technology: Proposed Issuance of Convertible Debts to Raise Funds Not Exceeding US $ 800 Million]Langxin Technology intends to publicly issue convertible corporate bonds to raise funds not exceeding US $ 800 million, investing in energy IoT system construction projects, and Langxin Cloud R & D projectsAnd replenishing liquidity.

  Significant event[Zhejiang Dongri: Adjusting the transfer price of 100% equity of Wenzhou Dongri Real Estate Company]Zhejiang Dongri decided to adjust the listing transfer price of 100% equity of Wenzhou Dongri Real Estate Development Co., Ltd.

The listing price introduced this time is 104 million yuan, a reduction of about 5% of the estimated price, and the remaining listing conditions are consistent with the initial listing conditions.

  [Changbao Shares: Shareholder-appointed director Chen Donghui is criminally offended]Changbao Shares received a notice from Shanghai Jiayu Medical Investment Management Co., Ltd., a shareholder holding more than 5% of its shares, and the director Chen Donghui assigned to the company was suspected of embezzlement.He was summoned by the Public Security Bureau of Huangpu District in Shanghai and criminally prosecuted in accordance with the law. Related matters are yet to be further investigated by the public security organs.

Chen Donghui does not receive remuneration from the company and does not participate in the company’s specific operating management policies.

Chen Donghui’s criminal detention will not adversely affect the company’s operations.

  Investment and operation[Gold and Molybdenum Shares: The proposed 300 million yuan investment in Jilin Tianchi Molybdenum Industry]Jin Molybdenum Shares plans to invest in Jilin Tianchi Molybdenum Industry Co., Ltd. with an investment of 300 million yuan.

After the shareholding, the company’s equity ratio was 18.

2967%.

Jilin Tianchi Molybdenum Industry has Jied Molybdenum Mine in Shulan City, Jilin Province, with a filed reserve of 22,457 tons of ore and 253,931 tons of molybdenum metal, with an average grade of 0.

113%.

The design mining method is open-pit mining, with a production scale of 825 tons / year.

  [Zhejiang Zhenyuan intends to use 6146.

380,000 yuan, subscribed for the capital increase of Shaoxing Bank in 1995.

580,000 shares, the subscription price is a minimum of 3.08 yuan.

After the subscription is completed, the company’s shares in Shaoxing Bank will increase to 5883.

580,000 shares.

After the capital increase and share expansion, the total share capital of Shaoxing Bank will reach 35.

3.8 billion shares.

  [TBEA: Subsidiary crystalline silicon company will gain 600 million value-added]Xinjiang TBEA subsidiary of TBEA Xinjiang Xinte Crystal Silicon High-tech Co., Ltd. will receive Urumqi strategic emerging industry new special energy guidance fundCapital increase of 600 million yuan.

The fund was jointly established by Xinte Energy and Urumqi Industry Guided Private Equity Fund.

After the capital increase, Xinte Energy’s shareholding in crystalline silicon company will be 92.

34% recovered 68.

65%.

The capital increase will promote the company to gradually improve the quality and silicon-based, zirconium-based industrial chain extension development.

  [Tianyuan Group: Proposed strategic investor of subsidiary Tianyi New Materials]Tianyuan Group ‘s wholly-owned subsidiary Tianyi New Materials intends to add value and concurrently invest in strategic investors. The capital increase is planned to be 300 million to 400 million. The capital increase is mainly used forConstruction of three PVC-0 pipeline projects with an annual output of 1,000 square meters of high-end ecological and environmental protection intelligent flooring projects.

At present, the company has received letters of intent to subscribe to Yibin Xinxing Industry Investment Group Co., Ltd. and Yibin Tiangong Machinery Co., Ltd., and intends to subscribe for 200 million yuan and 0 yuan, respectively.

800 million yuan.

  [Bohai Leasing: Subsidiary sells aircraft leasing assets for USD 5 billion]AALL, a wholly-owned subsidiary of Bohai Leasing Holding, intends to sell 21 aircraft leasing assets with leases to Sapphire Aviation II at a basic transaction price.

US $ 2.6 billion, equivalent to about 50 yuan.

8.7 billion US dollars, the actual transaction price will be adjusted based on aircraft delivery costs, delivery time, etc.

Bohai Leasing also announced that HNA Capital, the controlling shareholder, terminated the implementation of the plan to increase its holdings.

  [Healthyuan: clinical trial application approval for advanced solid tumor treatment drugs was revoked]Recently, the clinical trial application for “Recombinant tumor enzyme interferon alpha-2bFc fusion protein for injection” declared by Healthyuan Holdings’ subsidiary Livzumab was approved by the State Drug AdministrationSecretary.

The drug is intended for the treatment 苏州桑拿网 of advanced solid tumors, thereby combining existing therapies and / or tumor immunotherapy to further improve its antitumor effect.

At present, there are no similar cytokine prodrug products on the market and declared clinical at home and abroad.

  [Nanwei Software: Successful bid for Hainan Provincial Intelligent Auxiliary Case Management System Project]Nanwei Software: Successful bid for Hainan Provincial Intelligent Aid System for Criminal Aid, with a winning bid of 30.9 million.

The successful bid of the project reflects the company’s comprehensive competitiveness in the field of smart politics and law, which is conducive to enhancing the company’s brand influence.

  [Mike Bio: New Coronavirus Nucleic Acid Triple Detection Kit Enters Emergency Approval Channel]At present, the new Coronavirus (2019-nCoV) nucleic acid triple detection kit developed by Mike Bio has entered the emergency approval channel; new 天津夜网 Coronavirus IgG and IgM antibody detectionThe kit (direct chemiluminescence method), a new coronavirus (SARS-Cov-2) IgG / IgM antibody detection kit (colloidal gold method) is currently in clinical validation.

  [Dongfeng: The company and its wholly-owned subsidiaries have been recognized by emerging companies]Dongfeng has recently received a reply from the Office of the National Emerging Enterprise Identification Management Leading Group Office. The company and its wholly-owned subsidiaries Guangdong Xinrui and Guangdong Kevin were identifiedIt is the first batch of emerging enterprises in Guangdong Province in 2019.

It is determined that within three years (2019-2021), the state will enjoy preferential tax policies on emerging enterprises, that is, the enterprise income tax will be reduced at a tax rate of 15%.

  [Liantai Environmental Protection: Obtaining a Utility Model Patent Certificate]Recently, Luen Thai Environmental Protection received a utility model patent certificate submitted by the State Intellectual Property Office, which is an integrated equipment for ground-level domestic sewage treatment.

The above patents help the company to form a continuous innovation mechanism, protect the company’s product technology leadership, and enhance the company’s core competitiveness.

  [Lizhu Group: Approved Alternatives for Clinical Trials of Innovative Drugs]Lizhuzumab, a subsidiary of Livzon Group Holding, states that “recombinant tumor enzymes for injections replace interferon α-2bFc fusion protein” (referred to as “A-01”) The clinical trial application was sanctioned by the State Drug Administration.

A-01 is a global innovative drug that predicts the development of a long-acting replicative cytokine prodrug. The antitumor mechanism of cytokine active ingredients is to exert their biological activity by binding to specific membrane receptors.

  [Ping An of China: Premium income in January was 1,427.

US $ 5.6 billion}In January, Ping An Property & Casualty Insurance, Ping An Life, Ping An Annuity and Ping An Health’s original insurance contract premiums totaled 1,427.

5.6 billion yuan.

The company also announced that it is proposed to convene a general meeting of shareholders and approve a budget for additional H shares, granting the board of directors a general mandate to allot, issue and deal with new H shares not exceeding 20% of the company’s issued H shares.The base price discount (if any) does not exceed 10%.

  Performance[Sate New Materials: 2019 net profit increased by 82 in ten years.

79%]Sete New Materials achieved revenue of 400 million yuan in 2019, an annual increase of 30.

22%; realized net profit of 74.33 million yuan, an annual increase of 82.

79%; Yield 1.

24 yuan.

  [Bai Chu Electronics: In 2019, the net profit increased by 70 in ten years.96%]Bai Chu Electronics achieved revenue in 20193.

76 trillion US dollars, an annual increase of 53.

3%.

Realize net profit 2.

3.8 billion US dollars, an annual increase of 70.

96%; basic income 2.

86 yuan.

  [Great Wall Securities: Net profit in 2019 increased by 69% in ten years]Great Wall Securities achieved operating income of 38 in 2019.

9.9 billion, an annual increase of 41.

62%; Net profit 9.

USD 9.2 billion, an annual increase of 69.

4%; basic income is 0.

32 yuan.

  [Lihua Co., Ltd .: Net profit in 2019 increased 52% in ten years]Lihua Co., Ltd. achieved total operating income of 88 in 2019.

8.3 billion, an annual increase of 23.

13%; Net profit 19.

7.3 billion, an annual increase of 51.

79%; basic income 4.

97 yuan.

  [Haier Bio: 2019 net profit increased by 59 in ten years.

76%]Haier Biological has achieved revenue of 10 in 2019.

1.3 billion, an annual increase of 20.

3%.

Realize net profit 1.

8.2 billion, an annual increase of 59.

76%; basic profit return is 0.

73 yuan.

  [Anche Inspection: Annual net profit increase of 51% in 2019]Anche Inspection realized total operating income of 9 in 2019.

7.3 billion, an annual increase of 84.

3%; Net profit 1.

USD 8.9 billion, an annual increase of 50.

51%; basic profit return is 0.

98 yuan.

  [Lepu Medical: Net profit in 2019 increased by 41% in ten years]Lepu Medical achieved revenue of 77 in 2019.

54 ppm, an annual increase of 22%; net profit of 17.

$ 2.2 billion, an increase of 41% per year; zero income in ten years.

97 yuan.
  [Anjing Food: Net profit in 2019 increased by 38% in ten years]Anjing Food achieved revenue of 52 in 2019.

6.7 billion, an annual increase of 23.

66%; net profit achieved 3.7.3 billion, an annual increase of 38.

14%.

Basic benefits 1.

67 yuan.

  [Pengyu shares: 2019 net profit increased by 21 in ten years.

45%]Pengyu shares realized revenue of 1.6 billion yuan in 2019, an increase of 9 per year.

72%; realized net profit 1.

4.3 billion, an increase of 21 every year.

45%.

Basic income is 0.

24 yuan.
  [Mona Lisa: 2019 net profit will increase by 20 per year.

3%]Mona Lisa achieved revenue of 3.8 billion yuan in 2019, an increase of 18 per year.

57%, achieving net profit of 4.

3.6 billion, an annual increase of 20.

30%, basic income 1.

08 yuan.
  [Shanghai Airport: Net profit in 2019 increased by 18 in ten years.

88%]Shanghai Airport achieved revenue of 109 in 2019.

$ 4.5 billion, an increase of 17 per year.

52%; realized net profit of 50.

3 ten percent, an increase of 18 per year.

88%; basic income 2.

61 yuan.

  [Fangbang shares: 2019 net profit increased by 15 in ten years.

45%]Fangbang shares realized revenue in 20192.

9.2 billion, an annual increase of 6.

24%; net profit 1.

35 trillion US dollars, an annual increase of 15.

45%; basic return 1.

98 yuan.
  [Jiahe Intelligent: Net profit in 2019 will increase by 11% in ten years]Jiahe Intelligent achieved revenue of 22.

60,000 yuan, an annual increase of 67.

75%; realized net profit 1.

23 trillion, an increase of 11 in ten years.

03%; basic profit income is 0.

93 yuan.

  [Oak shares: 2019 net profit increased by 9 in ten years.

07%]Oak’s 2019 revenue is 62.

8.2 billion, a decline of 15 per year.66%, realized net profit3.

5.5 billion, an annual increase of 9.

07%.

Basic income is 0.

52 yuan.

  [Engrave: 2019 net profit declines by 72 each year.

7%]Youku achieved revenue of 15 in 2019.

1.2 billion, an annual increase of 27.

4 %%; realized net profit of 21.07 million yuan, a year-on-year decrease of 72.

7%; basic income 0.

06 yuan.

  [Dongcheng Pharmaceutical: Net profit declines 45% annually in 2019]Dongcheng Pharmaceutical has achieved revenue of 30.

2.2 billion, an annual increase of 29.

56%; realized net profit1.

5.4 billion, down 44 from the previous year.

94%, basically 0 benefits.

19 yuan.

  [Great Wall Motor: 2019 net profit declines by 13 each year.

73%]Great Wall Motor achieved revenue of 964.

5.5 billion, down 2 every year.

80%.

Realized net profit 44.

9.3 billion, down 13 each year.

73%.

Basic income is 0.

49 yuan.

  Increase and decrease of shares[Long Man Bailey: Connected executives intend to reduce the company’s shareholding no more than 4.

38% shares]Tan Ruiqing, deputy chairman of Longman Baili, executive vice president and director of personnel management and Benliu, plans to reduce the company’s total shareholding by no more than 8904 through centralized bidding and block trading in the next 6 months.

400,000 shares, accounting for 4 of the company’s total share capital.

38%.

  [YuXin Technology: Yuanchuang Gene and Light Control Gene intend to reduce their holdings by no more than 3%]Yuanchuang Gene and Light Control Gene plan to reduce their holdings of Yuxin Technology by a total of 1200 in a centralized bidding and bulk transaction.

30,000 shares, accounting for 3% of the company’s total share capital.

  [Beida Pharmaceutical: Jihe Venture Capital plans to reduce its holdings by no more than 2.

95% shares]Betta Pharmaceuticals holds 14.

33% of the shareholders, Jihe Venture Capital, plan to reduce their holdings of the company’s shares by no more than 11.82 million shares, which is no more than 2 of the total share capital.

95%.

In addition, due to the cancellation of the concerted action relationship, the actual controller of the company was changed from Ding Lieming and Yinxin Wang to Ding Lieming.

The release of the concerted action relationship this time will not cause changes in participation and will not adversely affect the company’s daily business activities.

  [Desheng Technology: Some directors plan to reduce their holdings by no more than 1.

59% of shares]Desheng Technology recently received notices from directors Liu Junfeng and Li Zhu. The two are planning to reduce their total holdings of the company’s shares by no more than 3.19 million shares through centralized bidding, block transactions or agreement transfers.1.59%).

  [Bishuiyuan: The controlling shareholder intends to reduce its holdings by no more than 1.

42% of the shares]Bi Jianyuan, the controlling shareholder, chairman Wen Jianping plans to reduce the company’s shareholding by no more than 45 million shares in 6 months by centralized bidding, block trade or a combination of them, that is, no more than 1 of the company’s total share capital.

42%.

  [Longma Information: Shareholders intend to reduce the company’s holdings by no more than 1.

18% shares 2]Longma Information holds 7.

11% of shareholders Jin Guowen plans to reduce holdings of the company’s shares by no more than 4 million shares (1.
.

18%).

  [SuperMap Software: The actual controller and general manager intends to reduce their holdings by no more than 1.

11% of shares]Chaotu Software’s controlling shareholder, actual controller and chairman Zhong Ershun, director, general manager Song Guanfu, plans to reduce the total number of shares in the company to no more than 5 million shares in 6 months through centralized bidding or block trading., That is, no more than 1 of the company’s total share capital.

11%.

  [Longhua Technology: The two actual controllers plan to reduce their holdings by no more than 1% of the shares]Longhua Technology’s controlling shareholder, the actual controller, Li Zhanqiang, Li Mingqiang plans to reduce the company’s shares by no more than 9 million shares through centralized bidding or block trading.That is, it does not exceed 1% of the total share capital of the company after excluding the repurchased shares.

  [Nanhua Instruments: The actual controller plans to reduce its shareholding by no more than 1%]Nanhua Instruments holds 14.

3% of the company’s actual controller, Yang Yaoguang, plans to reduce its holding of 790,000 shares in the company’s centralized bidding within 6 months (accounting for 1% of the company’s total share capital after excluding the number of shares in the company’s special account for repurchase).

  [Longhua Technology: The controlling shareholder plans to reduce the company’s shares by no more than 18 million shares]Longhua Technology’s controlling shareholder, the actual controller, Li Zhanqiang, Li Mingqiang plans to reduce the company’s shares by no more than 9 million shares through centralized bidding or block trading.That is, a total of 18 million shares, neither of them reduced their shareholdings by more than 1% of the company’s total share capital after excluding the repurchased shares.

  [Shengtian Network: Chuangfufu Nebula Fund intends to reduce its holdings by no more than 1%]Shenzhen Chuangfu Zhaoye Financial Management Co., Ltd., a shareholder holding 5% of the shares of Shengtian Network, plans to start from 3From May 13 to June 13, through block transactions, the centralized bidding transaction reduced the company’s shares by no more than 2.4 million shares, that is, no more than 1% of the company’s total shares.

  [Midland Group: intends to repurchase 40 million to 80 million shares with a repurchase price not exceeding 65 yuan / share]Midea Group’s repurchase period disclosed in February last year has expired and implementation has been completed. The company now proposes a new repurchase plan: repurchaseThe number is 40 million shares to 80 million shares, the repurchase price does not exceed 65 yuan / share, and the repurchase amount is expected to not exceed 5.2 billion yuan.

  [Tao Li Bread: Employee Stock Ownership Plan Completes Stock Purchase at a Cost of Approximately $ 400 Million]Finally, Tao Li Bread’s 2020 employee stock plan will gradually buy 1159 through the secondary market.

760,000 shares, accounting for 1 of the company’s total share capital.

76%, with a total transaction value of about 400 million yuan and an average transaction price of 34.

49 yuan / share.

The company’s employee shareholding plan for 2020 has completed stock purchases with a lock-up period of 36 months.

  [Precision Forging Technology: Planned 100 million to 200 million share repurchases]The shares to be repurchased by Precision Forging Technology are used for the subsequent implementation of employee stock ownership plans or equity incentive plans. The maximum amount of funds for repurchasing shares does not exceed 100 million yuan.Not more than 200 million, and the repurchase price does not exceed 17.
.

8 yuan / share.

  [Yuanwanggu: Proposed 50 to 1 trillion share repurchases]Yuanwanggu intends to repurchase shares as an allocation incentive plan or employee shareholding plan. The total amount of repurchased funds does not exceed 50 million yuan and does not exceed 100 million yuan.The repurchase price does not exceed 15 yuan / share.

  Other matters[Yutong Bus: received the National New Energy Vehicle Promotion Supplement USD 1.7 billion]On the same day, Yutong Bus received the National New Energy Vehicle Promotion Supplement transferred by Zhengzhou Finance Bureau.

17 trillion, which is part of the termination of the new energy vehicle purchase customers sold by the company on December 31, 2018 and gradually shifting mileage of 20,000 kilometers, shall enjoy the accounts receivable corresponding to the promotion subsidy.

  [Institute of Electric Science: Donated 2 million to fight the epidemic]The Institute of Electric Science effectively expanded the social responsibility of listed companies, and used its own funds to donate 2 million yuan to the Red Cross Society of Wuzhong District, Suzhou City on February 20, 2020, specifically for “Fighting the Pneumonia Epidemic of a New Coronavirus Infection.

  [Jiaying Pharmaceutical: donated 105 million supplies to fight the epidemic]Jiaying Pharmaceutical took the initiative to assume and merge the social responsibility of listed companies, co-existing with the Red Cross Society of Meizhou City, Guangdong Province, and the Red Cross Society of Xingning City, Guangdong Province, valued at RMB 1.05 millionUrgently needed supplies to support the fight against the epidemic.

  Trading suspended from the next trading day: No trading resumed from the next trading day: No

Northbound Funds Over 30 Billion Funds, A Shares of Pharmaceutical Shares Are Continuously Reduced

Northbound Funds Over 30 Billion Funds, A Shares of Pharmaceutical Shares Are Continuously Reduced

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

  Original title: More than 30 billion yuan in funds for the Northbound A-share medical shares have been continuously reduced holdings Securities Times reporter Mao Jun This 杭州桑拿网 week is the first trading week of the Year of the Rat. Affected by the pneumonia epidemic, the value of the A-share market has fluctuated.

Firstly, it was panic-sold on Monday. More than 3,000 stocks in the two cities fell, and then rebounded continuously with the promotion of funds. The GEM index not only regained its lost ground, but also hit a new high in more than three years.

Amidst the market quake, the operation of Northbound Capital is both bold and decisive, yet stable, and worthy of investors’ possession.

  When Monday ‘s plunge, Kitakami ‘s funds actually made a net purchase of 18.2 billion, making it the second largest single-day net purchase in history.

Financing customers sold 114 million net and sold their chips at the lowest price.

When the market rushed up, when some of the funds from the north started to profit, the financing customers began to buy again.

In total, the capital of the Northbound Group has net purchases of more than 30 billion yuan in the whole week, which is the third largest weekly net purchase in history, and financing customers have sold more than 3 billion yuan.

  In terms of the types of stocks to buy, Kitakami Capital and Financing Customers are also quite different.

Of the 28 first-tier industries in Shenwan this week, only nine have received financing for net purchases, and most of the money is concentrated in the pharmaceutical and biological industries.

The pharmaceutical and bio-industry received a total of 49 net purchases this week.

USD 5.9 billion, more than the total net purchases of financing in the next eight industries.

But Beishang Fund is not prominent in the purchase of popular medical and biological stocks. In Guizhou Moutai, Gree Electric, Ping An of China, Ningde Times, Shanghai Airport, Yili Stock, China National Travel Service, Wuliangye, 8 were net purchased by Beishang Fund this week.None of the million-dollar stocks is directly related to the outbreak.

Beishang Capital has selected the leading companies in various industries for the bottom-up, so that it can avoid the risk of market fluctuations and enjoy short-term excess returns, which is a strategy that can be attacked and retreated.

Fingers chasing attractions may gain more profits in the short term, but once the epidemic is stable, referring to the SARS epidemic, pharmaceutical and biological stocks will face huge risks, and financiers are high-risk and high-yield speculation.

  China Resources announced on the 9th and 9th that the company’s traditional Chinese medicine product Shenfu Injection and Shengmai Injection have entered the “Pneumonitis Diagnosis and Treatment Program for New Coronavirus Infection (Trial Version 4)” and are recommended for use.

In order to win the battle against epidemic prevention and expand the social responsibility of central enterprises, during the Spring Festival, the company made emergency deployments, quickly adjusted its production plan, prioritized the production of epidemic prevention varieties, and guaranteed the supply of medicines.

China Resources Sanjiu has a proper mainstream anti-pneumonia epidemic concept stock, but Kitakami Capital has continuously reduced its holdings of China Resources Sanjiu this week. Among them, it reduced 8.14 million shares on Monday, 4.11 million shares on Tuesday, and 7.25 million shares on WednesdayReduced holdings of over one million shares in 3 days. The holdings were reduced from more than 100 million shares before the holiday to 80.6 million shares. The total reduction was more than 20 million shares and cash was realized.

6.2 billion.

  Before the holiday, Beijing Capital has reduced its holdings of China Resources 39 for four consecutive trading days. After the holiday, it has taken advantage of growth opportunities to increase its holdings.

  Zhifei Bio-Tech also announced recently that its wholly-owned subsidiary Zhifeilong Coma and the Chinese Academy of Sciences ‘Microbiological Infection Framework Agreement will accelerate the development of a new coronavirus (2019-nCoV) vaccine.

It is also an authentic concept stock of anti-pneumonia epidemic, but Kitakami Capital also severely reduced its holding of Zhifei creatures this week, with a total net sale of 2.

4.2 billion yuan.

  Due to the spread of the epidemic, the demand for epidemic-resistant and anti-epidemic related products soared, Yuyue Medical’s disinfection and control, temperature measurement, oximeter and mask products were completely out of stock, and the market demand for ventilator, nebulizer and oxygen generator products increased continuously.

However, Beishang Capital also continuously reduced its holdings of Yuyue Medical this week, replacing 23.34 million shares with 31.77 million shares before the holiday, reducing its daily holdings by more than one million shares, totaling 2 北京spa会所 cash.

3.7 billion yuan.

  The medical shares of Tiger Pharmaceuticals, Yixintang, People’s Tongtai, and Baiyunshan were also sold over 100 million yuan this year by Beijing Capital.

Harbin Pharmaceutical, Uni-Phase Pharmaceuticals, Ogilvy Medical, People’s Tongtai, and other strong stocks that have daily limit daily after the holiday. Most of the funds going north are also holding down.

Cobos (603486) 2019 Interim Report Review-ODM business contraction affects current profit of private label market share increase

Cobos (603486) 2019 Interim Report Review-ODM business contraction affects current profit of private label market share increase
In 19H1, the company realized revenue of 24.300 million (-3.8%), realizing net profit attributable to mother 1.300 million (-36.6%), realizing net profit deduction for non-attribution1.200 million (-39.8%), the performance was lower than market expectations.Against the background of the overall decline in the domestic consumer market and the Sino-US trade friction, the growth rate of the sweeping robot business has been affected.In addition, the company’s strategic contraction of ODM business and increase of the market share of the Timco brand also significantly affected the profit in the first half.However, in the face of adversity, the company maintained its leading position in the industry, and the domestic city share increased to 48% (+ 8pcts).We are still optimistic about the company’s future development prospects. In the second half of the year, we may see new breakthroughs in new product development, brand building, and overseas channels, and maintain a “buy” rating. Performance overview: (1) Revenue: 19H1, service robot / clean small home appliance business realized revenue16.8 billion / 7.0 million yuan, at least -2.6 %% / -6.0%.In the service robot business, private label / ODM realized revenue16.400 million / 0.39 trillion, ten years +11.2% /-84.5%.According to this calculation, in 19Q2, the revenue of self-owned brand sweeping robots was basically the same as last year, while ODM sweeping robots were about 80%.(2) Cost: 19H1, gross 杭州夜网论坛 profit margin is 37.3% (+0.7pct).Selling expense ratio 18.1% (+1.9pcts), overseas business expansion and Timco brand are still in the promotion period.R & D expense ratio 5.2% (+1.6pcts), the company continues to expand investment in new technologies for cleaning robots.Management / financial expense ratio 6.3% / 0.3%, little change in one year. The company ‘s gross profit margin remained stable as the industry’s prosperity declined, but expenses on the expense side became stronger. Especially in emerging industries, the company still needed to increase its investment in sales and R & D in order to establish an industry-leading advantage. New product development: Layout of a new generation of sensor modules.In the semi-annual report, the company mentioned that “a new generation of sensor modules based on machine vision, SLAM algorithms and artificial intelligence applications will replace the existing 2D service robot positioning and navigation technology based on LD and VSLAM in the near future”, new technologyThe product is worth looking forward to. Overseas channels: Cooperation with Amazon.The US market is the focus of the company’s overseas expansion strategy.Beginning in 18Q4, the company entered offline US channels such as Bestbuy, Target, Home Depot, and Costco.At present, the company has entered about 5,000 mainstream offline retail stores in the United States.Starting from 19Q2, the company cooperated with Amazon, which is expected to further promote the company’s development in overseas markets. Equity incentive: bind key personnel.The company launched a stock and stock incentive plan, which is calculated based on the evaluation criteria, which is equivalent to the requirement that the compounded growth rate of private brand home robot revenues is not less than 20% in 2019-2022, and the company’s overall net profit is not less than 2020-202215%.Incentives include nearly 300 employees including core management personnel. Risk factors: the acceleration of domestic and overseas market growth; increased competition; the product conversion rate is lower than expected. Investment suggestion: As the industry’s growth rate decreases, and the company strategically shrinks its ODM business and increases the market share of the Timco brand, we lower our 2019/20/21 net profit forecast to 3.900 million / 5.500 million / 7.200 million (previous forecast was 6.5 billion / 8.900 million / 11.700 million).However, we have seen that during adversity, the company has maintained its leading position in the industry, and the domestic city share has increased to 48% (+ 8pcts).In the second half of the year, new breakthroughs in new product development, brand building, and overseas channels are likely to be achieved, maintaining a “buy” rating.

Fuling mustard (002507) annual report comments: immature regions have high growth plans for 2019

Fuling mustard (002507) annual report comments: immature regions have high growth plans for 2019

Event: Fuling mustard released the 2018 annual report: the company achieved revenue 19 in 2018.

140,000 yuan, an increase of 25 in ten years.

92%, net profit attributable to mother 6.

62 ppm, a 59-year increase of 59.

78%, net of non-attributed net profit6.

380,000 yuan, an increase of 62 in ten years.

26%, of which Q4 achieved revenue 3.

69 ppm, an increase of 25 in ten years.

86%, net profit attributable to mother 1.

390,000 yuan, an increase of 59 in ten years.

78%, deducted non-net profit1.

3.7 billion, an annual increase of 37.

16%.

Profit distribution plan announced by the company: It is planned to pay dividends for every 10 shares2.

60 yuan, the dividend rate is 31.

02%.

The company announced its business plan: it is expected to realize revenue 24 in 2019.

12 ppm, an annual increase of 26%, and operating costs of 10.

16 ppm, an increase of 20% in one year, and an expected gross profit margin of 57.

87%, an increase of 2.
.

11 points.

Investment Highlights: Income Analysis: Volume and price both rise, and high growth in immature regions.

The company achieved revenue 19 in 2018.

1.4 billion, an annual increase of 25.

92% (where Q1: +47.

72%; second quarter: +23.

71%; third quarter: +11.

01%; Q4: +25.

86%), high growth in Q4 We believe that it mainly benefited from the indirect price increase of the main products in markets outside South China by Q4 companies.

1) Volume and price go up: Sales volume in 2018 increased by 10.

75%, unit sales price increased by 13.

93%, the company’s sales have maintained two-digit growth in the case of price increases for three consecutive years, mainly due to the reasonable distribution of profit in the channel chain; 2) high growth of mustard: in terms of categories, mustard and appetizer growthBoth are above 25%, and the growth rate of kimchi is 19.

31%, the growth rate of main categories is relatively good; 3) the growth rate of immature regions is more than 30%: by region, North China and Central Plains sales increased by 41% and 37%Above 30%, the growth rate of only two mature regions in South China and Southwest China is about 14%.

4) Looking at revenues from financial indicators: Accounts receivable and bills in 2018 were 7.86 million yuan, an annual increase of 367.

23%; advance receipts1.

55 trillion, down 34 a year.

67%, negative growth for the first time in two years in a single quarter; cash repayments increased by 13.

45%, which is lower than the growth rate of revenue. From the financial indicators, there may be some pressure on the company’s revenue in the future, but it is not excluded that it will be affected by the Spring Festival.
Profit analysis: price increase, cost down, gross margin increase.

The company’s gross profit margin in 2018 was 55.

76%, an increase of 7 per year.

54pct (where Q1: 51.

18%; second season: 58.

55%; Q3: 57.

26%; fourth quarter: 55.

90%), the gross profit margin increased significantly initially: 1) price increase: the company increased prices in disguise in the 武汉夜生活网 second half of 2017; 2) cost reduction: Q2 in the new quarter of green cabbage market, high-yield upstream in 2018, purchase unit price compared to last yearOutstanding down.

Expense rate for the period 2018 was 17.

60%, a year to increase 0.

14pct, during which the expense ratio remains stable; the non-net interest rate is deducted from 33.

34%, an increase of 7 per year.

47 points, mainly due to the substantial increase in gross profit margin.

Future Outlook: Cost dividends will continue in 2019, and the company’s revenue and profit outlook will be positive.

The company announced its plan for 2019 and achieved revenue 24 in 2019.

12 ppm, an annual increase of 26%, and operating costs of 10.

16 ppm, an increase of 20% in one year, and an expected gross profit margin of 57.

87%, an increase of 2 from 2018佛山桑拿网.

11pct, active planning.

1) From the perspective of income, we think that the advance account receipts have declined in 2018, and we look forward to the company’s higher revenue growth through channel sinking and new product promotion; 2) From the perspective of profit, 2019 will be a high yield of mustard in Fuling areaWe expect procurement costs to continue to decline, and gross margin improvement is expected to materialize.

Earnings forecast and investment rating: Maintain “Buy” rating.

The EPS for 2019-2021 is expected to be 1.

06 yuan, 1.

29 yuan, 1.

52 yuan, corresponding PE is 29X, 24X, 20X.

In 2019, the company has a positive outlook and sends positive signals to the market. It looks forward to achieving higher growth through channel sinking and new product promotion. At the same time, costs have dropped. The company’s gross profit margin has continued to increase gradually, maintaining the company’s “buy” rating.

Risk reminders: food safety risks; risks of raw material price fluctuations; uncertainty about Huitong’s food industry integration; new products fail to meet expectations; production capacity construction falls short of expectations.

Shanxi Coking (600740) 2018 Annual Report Comments: Acquisitions Improve Better Performance Future Changes Also Look at Coking

Shanxi Coking (600740) 2018 Annual Report Comments: Acquisitions Improve Better Performance Future Changes Also Look at Coking

The company’s traditional main business is coke and related chemical by-products, and its profitability is weak. The net profit in the past 10 years has been below 100 million yuan.

However, in 2018, it acquired a 49% stake in China Coal Huajin, and its performance increased significantly.

The increase in performance of the acquisition is expected to improve in the first quarter of 2019, but with the high and stable price of coking coal, changes in subsequent company performance will replace the traditional coking sector.

Acquisitions increase investment income, and net profit increased by 15 in 2018.

67x.

The company’s operating income / net profit in 2018 were 72.

2.9 billion / 15.

33 ppm (+20 each year.

58% / + 15.

67x), basically consistent with the level of performance forecast, EPS is about 1.
.

21 yuan.

The increase in performance was mainly due to the acquisition of a 49% stake increase in China Coal Huajin11.

150,000 yuan investment income.

Net profit after deduction 12.

94 ppm, non-recurring income is mainly generated by the discount of the acquired equity, which is about 1 in terms of the company’s stock business performance.

800 million.

The company’s profit distribution plan is 2 yuan (including tax) for every 10 shares, and the dividend rate is about 20%.

Coke sales rose by nearly 6%, and factors such as environmental extreme production led to a decline in coal chemical sales.

In 2018, the company produced coke 300.

66 announced (100% of annual plan completed), sales of 299.

68 initially (at least +5.

92%).

Coke formaldehyde / cost is 1777.

36/1509.

88 yuan / ton, previously +17.

71% / + 17.

26%, gross margin increased by 0 in the short term.

34%.

The company produces anhydrous tar 25.

83 for the first time, at least -14.

33%; production of carbon black 5.

57 earliest, at least -15.

48%, coal chemical production has not completed the production plan indicators, mainly 都市夜网 due to environmental protection and production restrictions need to adjust the coking time leading to equipment shutdown and maintenance.

In 2019, the company plans to produce 285 inserts of coke, 31 inserts of processed tar, 11 joints of crude benzene, 20 pins of methanol, and 7 of carbon black.

2 nominal.

China Coal Huajin is still expected to contribute to this year’s performance increase.

China Coal Huajin’s 2018 net profit was 29.
64 ppm, the net profit per ton of coal is expected to reach about 340 yuan, because the corresponding equity net profit is only included in the investment income after the completion of the acquisition in March 2018, so assuming that Huajin Company’s 2019 profit is stable, the investment income in the first quarter can still increase by about 3Billion or so.
Risk factors: The company’s coking business profits have increased sharply; coal prices have fallen sharply; and the macro economy has exceeded expectations.

Investment suggestion: Considering the latest coal, coke price expectations (the price of coking coal is unchanged, and the price of coke is down by 3%) and all additional equity issues, we lower the company’s 2019/2020 EPS forecast to 0.

95/1.

04 yuan (previous forecast was 1.

19/1.

23 yuan), plus EPS forecast 1 for 2021.

12 yuan.

The current price is 10.

52 yuan, corresponding to 2019?
2021 P / E11 / 10 / 10x.

Give the company a target price of 14 yuan, corresponding to 2019 P / E15x, and maintain a “Buy” rating.

Jinyi Technology (002869) Quick Comment on Major Events: Proposed Capital Increase, Shareholder Payment, Credit Union Payment, Consolidation of Equipment Leader Panel, and Collaborative Layout of ETC Market

Jinyi Technology (002869) Quick Comment on Major Events: Proposed Capital Increase, Shareholder Payment, Credit Union Payment, Consolidation of Equipment Leader Panel, and Collaborative Layout of ETC Market
Event: The company announced on the evening of July 23, 2019 that the company intends to participate in the mixed reform of state-owned enterprises to add value to Shandong Expressway Xinlian Payment Co., Ltd., and the company intends to obtain a letter to Xinlian by participating in the public listing of the Shandong Equity Exchange Center and introducing strategic investors.The paid capital increase right is to subscribe for a supplementary registered capital of RMB 54 million with its own funds not exceeding RMB 80 million. After the capital increase is completed, the company will hold a 9% equity interest in Xinlian Payment.The company will delist separately or form a consortium with other prospective investors.The company has not yet signed related agreements.At the same time, the company intends to use the investment of not more than 13 million yuan to make up for the long-term debt receivables (including interest, late payment, liquidated damages, etc.) of the target company of not more than 13 million yuan, to obtain all the rights and interests of the corresponding claims. Guoxin Computer’s point of view: 1) Xinlian Payment is an ETC card issuer and operating entity of Shandong Expressway. It will switch to the ETC aftermarket in depth and develop ETC + logistics, ETC + fueling, ETC + finance and other ETC after-car service services with ETC as the entry point.The company intends to strengthen the company’s leading position in the ETC equipment market by participating in Xinlian Payment’s capital increase and share expansion projects, and using Xinlian Payment’s advantages in the ETC issuance and third-party payment fields. At the same time, the company will actively promote its cooperation with Xinlian PaymentCollaboration and in-depth cooperation in multiple fields to achieve customer resource and channel sharing, further expand ETC’s application scenarios (after-ETC market) and the company’s business areas, fully grasp the potential of the ETC market brought by the withdrawal of inter-provincial toll stations, and help the company’s sustainable development andIncrease in profitability.2) In the context of the rapid popularization of ETC, the application scenario of ETC payment is extended to car consumption scenarios such as parking lots, on-street parking, gas stations, parking lots, and car beauty.Among them, the parking lot scene is the most deterministic, opening up tens of billions of growth space.The company started to deepen the parking lot scene in 2013, and cooperated with Beijing ETC supplier Sutong Company to complete the project in Bird’s Nest, Water Cube, etc. The company currently has 500+ parking lot application cases.The company provides products and services such as RSU equipment, 杭州桑拿网 secondary sorting platform, installation and integration. In 2018, it has formed large-scale revenue, and its layout and cases are ahead of other associations.3) Benefiting from the policy dividends of the past two years, the boom of the ETC market has rapidly increased, which is expected to bring significant performance increase to the company and bring sufficient capital resources to the company.The recently proposed capital increase or share purchase has opened the prelude to the company’s investment and mergers and acquisitions to enhance ETC’s comprehensive competitiveness. The company is expected to develop endogenously + epitaxially, expand business boundaries and scale, and accelerate the company’s transition from equipment to integration through the acquisition team or the company.Then transition to the management platform solution.Continue to maintain the Air Force’s profit forecast. It is expected that net profit attributable to mothers will be 5-2019.06/3.06/3.7.3 billion, previous growth rate of 2237 / -39 / 22%; diluted EPS = 4.30/2.60/3.17 yuan, currently corresponding to PE = 11/19 / 15x, maintaining the “overweight” level. Comment: Xinlian Payment is an ETC card issuer and operating entity of Shandong Expressway. After the conversion of ETC, the market, Xinlian Payment is an ETC card issuer and operating entity of Shandong Expressway. It is a non-bank financial institution regulated by the People’s Bank of China.Two third-party payment licenses (Internet, prepaid cards) are vice president units of China Petroleum Distribution Association and vice president units of China Logistics Association.The main business includes ETC business, financial business, payment business, refueling business and other businesses.Xinlian Payment is based on the highway ETC, and through continuous integration and innovation, it has completed the transformation from an ETC issuing organization to a data technology company. It has formed a third-party payment sector supported by Internet payments and prepaid cards.The logistics financial sector supported by EasyNet and the three major business sectors supported by non-inductive payment, “high-speed ETC” and “e-high-speed” smart transportation sector. Generally speaking, the provincial highway bureaus set up subsidiaries as provincial ETC operators to manage ETC card issuance and operations.Xinlian Pay is a wholly-owned subsidiary of Shandong Expressway Group.Shandong Expressway Group is a wholly state-owned large enterprise group managed by the Shandong Provincial Party Committee and the State-owned Assets Supervision and Administration Commission of the People’s Republic of China. Its main business covers the transportation infrastructure field and investment, construction, operation, management and transportation infrastructure of smart transportation.Comprehensive development of supporting land; logistics and related supporting services; investment and management of financial assets.截至目前,山东高速集团注册资本233亿,资产规模6,386亿,资产规模居省管企业和全国同行业第一位,经营领域相继涉及全国22个省,海外106个国家和地区,拥有国内 AAA级And international A-grade credit rating, has been selected as “Top 500 Chinese Enterprises” for more than 10 consecutive years.Shandong Expressway Group owns Shandong Expressway (600350.SH), Shandong Road and Bridge (000498.SZ), China Shandong Expressway Financial Group (00412.HK) three listed companies and more than 20 wholly-owned, holding subsidiaries. Benefiting from the cancellation of toll booths at the provincial border, the company’s ETC card issuance business began to usher in high growth in 2019, and realized operating income from January to May 20193.91 trillion, accounting for 54 of 2018 revenue.78%; net profit was 2558.680,000 yuan, basically the same as the 2018 annual performance. It plans to increase capital and shareholding, consolidate the company’s leading position in the ETC equipment market, and collaborate in the development of the ETC market. The company intends to strengthen the company’s advantages in ETC issuance and third-party payment through the participation of Xinlian Payment in value-added capital expansion projects.Leading position in the ETC equipment market. At the same time, the company will actively promote in-depth cooperation with Xinlian Payment in multiple fields to achieve customer resource and channel sharing, further expand ETC’s application scenarios (after-ETC market) and the company’s business areas, and fully grasp the withdrawalThe potential of the ETC market brought by inter-provincial toll stations helps the company’s sustainable development and increase its profitability. (1) The explosive growth of ETC users, the market after ETC deserves attention, and the industry’s prosperity gradually continues. The National Development and Reform Commission said on June 4 that by the end of December 2019, the number of electronic toll express (ETC) users across the country had exceeded1.800 million, full coverage of highway ETC.Based on the above data, the number of new ETC users in 2019 is more than 100 million.In the context of the rapid popularization of ETC, the application scenario of ETC payment is extending to car consumption scenarios such as parking lots, on-street parking, gas stations, parking lots, and car beauty. Until July 2020, OBU will also enter the pre-installation option. Among them, the parking lot scene is the most deterministic, opening up tens of billions of growth space. According to the National Development and Reform Commission, the Ministry of Transport recently issued the “Implementation Plan for the Rapid Promotion of Electronic Non-stop and Express Toll Application Services on Expressways”. By the end of December 2020, large-scale transportation stations such as airports, train stations, passenger stations, ports and docks will be basically realizedFull parking lot ETC service coverage.Promote the application of ETC in parking lots in residential areas and tourist attractions. The policy of the Ministry of Communications is continuous. Under the clear requirements of the policy documents, transportation stations, residential quarters, and tourism are expected to be promoted quickly. Government-related scenarios such as schools and hospitals are also expected to develop rapidly.At present, the main energy source of the Ministry of Transport is to cancel provincial toll stations, and it is expected that the renovation of parking lots will begin simultaneously in 2020. For the parking lot ETC transformation market, our calculations are as follows: only the government-related transportation stations and residential communities, tourist attractions and future schools and hospitals markets that have experienced rapid growth in the past two years are only measured: ① Airport: data from China Civil Aviation Administration,The number of civil airports nationwide in 2019 is 235. ② Train stations: According to the information of station 12306, there will be 2,853 train stations in the country in 2019, including passenger and non-passenger stations. ③ Bus stations: Assuming that administrative regions above the county level have their own bus stations,Then it corresponds to about 3,000.According to the National Bureau of Statistics, there are a total of administrative divisions at or above the county level: 23 provinces, 5 autonomous regions, 4 municipalities, 2 special administrative regions; 50 regions (states, unions); 661 cities, of which: 4 municipalities;There are 283 prefecture-level cities; 374 county-level cities; 1636 counties (autonomous counties, flags, autonomous flags, special zones, and forest areas); 852 municipal districts. ④Ports and docks: According to the data of the Ministry of Transport, in 2017, the number of China’s 100 million tons big ports reached 34.According to data from the General Administration of Customs, there are 135 water transport ports. ⑤Residential community: According to the 2016 Gaode Community Data Report, the number of residential communities nationwide was 300,000. ⑥ Tourist attractions: According to data from the National Tourism Administration, in 2017, there were 2 types of tourist attractions across the country.There are more than 80,000 and about 9,000 A-level tourist attractions. Schools: The Ministry of Education released the “2017 National Statistical Bulletin on the Development of Education”. In 2017, there were 51 first-class schools nationwide.There are 380,000, of which there are 17 private schools of various types.760,000, deriving about 33 non-private schools.620,000 hospitals: According to data from the National Health Commission, there are about 1 public hospitals nationwide.The cost of 20,000 single-lane ETC reconstruction in 2018 is about 5 million, so the market size of traffic depot reconstruction is about 1.1 billion (since the first transformation is still calculated at 50,000 per lane cost), assuming long-term price stability in the futureAt around 2 million, the size of the residential community and tourist attraction transformation market is 67.The market size of public schools and hospitals is 139 million.2.8 billion.The market size exceeded approximately 21.1 billion. (2) The parking lot company benefited in depth. It is expected that the company’s merger and acquisition conversion solution supplier road has just opened. The company began to deepen the parking lot scene in 2013. It cooperated with Beijing ETC supplier Sutong Company to complete the project in Bird’s Nest, Water Cube and other projects.At present, the company has 500+ parking lot application cases.The company provides products and services such as RSU equipment, secondary sorting platform, installation and integration. In 2018, it has formed large-scale revenue, and its layout and cases are ahead of other associations. Benefiting from the policy dividends of the past two years, the boom of the ETC market has rapidly increased, which is expected to bring significant performance increases to the company and bring a lot of financial resources to the company. The forthcoming proposed capital increase and share purchase may open the prelude to the company’s investment and mergers to enhance ETC’s comprehensive competitiveness. The company is expected to develop endogenously + epitaxially, expand business boundaries and scale, and accelerate the company’s transition from equipment toIntegration and transition to the management platform solution. (3) Other listed company market participants also started to invest in and acquire ETC’s high-quality assets. On May 1, listed company Huaming Smart announced that it plans to acquire one of the three leading suppliers of ETC equipment: Juli Technology; on July 10, thousandsFang Technology announced that it intends to obtain 14% equity of Shandong Expressway Xinlian Payment Co., Ltd. through capital increase.Listed companies and other capitals have begun to intervene in the ETC market, demonstrating the high prosperity and sustainability of the industry. Investment suggestions: 1) Xinlian Pay is an ETC card issuer and operating entity of Shandong Expressway. It will switch to the ETC aftermarket in depth and develop ETC + logistics, ETC + fueling, ETC + finance and other ETC after-car service businesses with ETC as its entry point.The company intends to strengthen the company’s leading position in the ETC equipment market by participating in Xinlian Payment’s capital increase and share expansion projects, and using Xinlian Payment’s advantages in the ETC issuance and third-party payment fields. At the same time, the company will actively promote its cooperation with Xinlian PaymentCollaboration and in-depth cooperation in multiple fields to achieve customer resource and channel sharing, further expand ETC’s application scenarios (ETC aftermarket) and the company’s business areas, fully grasp the ETC market opportunities brought by the withdrawal of inter-provincial toll stations, and help the company’s sustainable development andIncrease in profitability.2) In the context of the rapid expansion of ETC, the application scenario of ETC payment is extended to car consumption scenarios such as parking lots, on-street parking, gas stations, parking lots, and car beauty.Among them, the parking lot scene is the most deterministic, opening up tens of billions of growth space.The company began to deploy parking lot scenarios in 2013, and cooperated with Beijing ETC supplier Sutong Company to complete the project in Bird’s Nest, Water Cube, etc., and the company has 500+ parking lot application cases.The company provides products and services such as RSU equipment, secondary sorting platform, installation and integration. In 2018, it has formed large-scale revenue, and its layout and cases are ahead of other associations.3) Benefiting from the policy dividends of the past two years, the boom of the ETC market has rapidly increased, which is expected to bring significant performance increase to the company and bring sufficient capital resources to the company.The recently proposed capital increase or share purchase has opened the prelude to the company’s investment and mergers and acquisitions to enhance ETC’s comprehensive competitiveness. The company is expected to develop endogenously + epitaxially, expand business boundaries and scale, and accelerate the company’s transition from equipment to integration through the acquisition team or the company.Then transition to the management platform solution.Continue to maintain the Air Force’s profit forecast. It is expected that net profit attributable to mothers will be 5-2019.06/3.06/3.7.3 billion yuan, a year-on-year growth rate of 2237 / -39 / 22%; diluted EPS = 4.30/2.60/3.17 yuan, currently corresponding to PE = 11/19 / 15x, maintaining the “overweight” level. Risk warning: The company has not yet signed relevant agreements, and there is a possibility of unsuccessful transactions; the growth rate of ETC investment is gradually expected; parking fees, and V2X business expansion exceed expectations.

Tunnel Co., Ltd. (600820) Annual Report Review: Steady Growth Achieves Significant Benefit, Accelerates Construction of Yangtze River Delta Integration

Tunnel 四川耍耍网 Co., Ltd. (600820) Annual Report Review: Steady Growth Achieves Significant Benefit, Accelerates Construction of Yangtze River Delta Integration
Investment Highlights: Event: The company’s 2018 revenue was 372.6.6 billion, an increase of 18.21%, net profit attributable to mother is 19.7.9 billion yuan, an increase of 9.32%; plan to pay 1 for every 10 shares.9 yuan (including tax). 4Q18 revenue accelerated, and Jiangsu, Zhejiang and Shanghai areas grew rapidly.From a single quarter perspective, Q1, Q2, Q3, and Q4 revenues increased by 10 each.96%, 22.38%, 17.82% and 19.36%, 18Q4 revenue growth has picked up; Q1, Q2, Q3, Q4 attributed to the mother net profit increased by 9 respectively.79%, 9.79%, 11.48% and 7.46%, 18Q4 growth slowed down.In terms of business, construction and design revenues increased by 16 each.62% and 26.83%, operating business revenue declines by 0 every year.36%, material sales and leasing and other business revenues increased by 174%.51% and 551%; in terms of regions, the company’s business is mainly concentrated in Jiangsu, Zhejiang and Shanghai, with Shanghai’s revenue accounting for 56.79%, Shanghai, Zhejiang, and Jiangsu revenues increased by 19 respectively.98%, 30.30% and 25.32%, the business revenue of Singapore in China increased several times5.42%, India’s business revenue surged 152 in ten years.40%. Gross margin increased, operating cash flow remained flat, and debt ratio increased.Gross profit margin increased by 0 in 2018.65 pct to 12.58%, of which the construction business gross margin fell 0.89 pct to 9.73%, gross margin of design services business increased by 8.81 to 30.48%, operating business gross margin increased by 2.44 to 52.twenty one%.Regarding the period expense ratio, the sales expense ratio was basically flat, at 0.05%; the management expense ratio (including research and development expenses) decreased by 0.81 to 6.60%, of which the R & D expense ratio dropped by 0.55 to 3.52%.Financial expense ratio decreased by 0.26 pct to 1.21%, we believe that the main reason is that the company has more cash on hand, which reduces index expenditure.During the period, the expense ratio decreased by 1.08 to 7.87%.In addition, investment income decreased by 5.42 ppm, due to the disposal of Huaian Hyundai Tram Company in 2017, produced 3.2.4 billion in revenue.The company’s net interest rate fell by 0.45 to 5.36%.In terms of cash flow, net operating cash flow was 15.390,000 yuan, almost the same as in 17 years.But the company’s asset-liability ratio increased by 1.98 to 72.39%. New contracts signed in 2018 fell by 9.74%, 2019 revenue and net profit attributable to target increase by 8-10%.In 2018, the company signed a new contract 588.99 ‰, a decrease of 9 per year.74%, of which the new 10-year order for municipal engineering projects in the construction business.54 ppm, an increase of nearly 75%; design business in the new decade.$ 2.5 billion, an increase of nearly 50% annually.In addition, the company won the bid of 125 for investment projects.RMB 08 million, a decrease from 2017. We believe that this is mainly due to the impact of policies such as PPP project standardization, new asset management regulations, and leverage reduction.The company’s main financing method is long-term borrowing. As of the end of 2018, the balance of long-term borrowings was 75% of the combined fund balance through bank borrowings.49%, due to the company’s outstanding qualifications, we believe that the loan interest rate is relatively low.In addition, when the company’s BT / BOT project enters the operating period, it can also withdraw funds to guarantee the project’s funding requirements.In 2019, the company strives to achieve an increase in operating income and net profit attributable to the parent company by 8-10% in 2018. Profit forecast and rating.We expect the company’s EPS to be zero in 19-20.70 yuan and 0.77 yuan, as the leader of Shanghai railway junction and tunnel construction, will benefit from the integration of the Yangtze River Delta; the perfect incentive mechanism is conducive to accelerating performance, giving a price-earnings ratio of 13-14 times in 19 years, a reasonable value range9.1-9.8 yuan, maintaining the “preliminary market” rating. risk warning.The risk of fluctuations in infrastructure policies, the implementation of infrastructure policies is less than expected.

Kouzijiao (603589): Optimized product structure, outstanding performance outside the province

Kouzijiao (603589): Optimized product structure, outstanding 四川耍耍网 performance outside the province

Event: The company disclosed its 2018 annual report and 2019 first quarter report.

In 2018, the company achieved operating income of 42.

690,000 yuan, an annual increase of 18.

50%; net profit attributable to mother 15.

33 ppm, an increase of 37 per year.

62%; basic profit income 2.

55 yuan.

Q4 revenue was 10.

61 ppm, an increase of 19 per year.

62%; Q4 is net profit of mother 3.

91 trillion, an increase of 83 a year.

57%.

The company’s 2019 first quarter report shows that the company achieved operating income in 2019Q113.

62 ppm, a ten-year increase of 8.

97%; net profit attributable to mother 5.

45 ppm, an increase of 21 per year.

43%, Q1 profit growth exceeded expectations.

Sales volume increased slightly, the upgrade of sales structure was the 杭州夜网 main tone, and revenue growth was at a normal level.

The company’s revenue increased by 18 in 2018.

50%, the growth rate is expected to be between Gujing Gongjiu and Yingjia Gongjiu. After the volume-type growth in 2017, the main keynote in 2018 is the contribution of structural upgrades, which is a normal growth level.

The company’s sales volume increased by approximately 1 in 2018.

49%, excluding the factors contributing to the growth outside the province, the province’s sales volume within the province is estimated to be slightly negative, mainly due to negative growth in the mid-range and low-mid-range.

In 2018, the company’s premium wine revenue was 40.

60 billion, an annual increase of 22%, accounting for 96.

16% (among which average price increased by 10% and sales volume increased by 11%).

Mid-range wine / low-grade wine revenue is 0.

92 ppm / 0.

70 ppm, a decrease of 25 per year.

19% / 20.

95%.

The company’s Kouzi warehouse series is the core force. The Kouzi warehouse has been a high-end product for 5 years and above, and the growth rate has been transformed for more than 10 years. We expect that it will be more than 30%, which will fully benefit the province’s consumption upgrade.

The statement faithfully reflects the impact of the Spring Festival in advance. The growth rate of Q1 is slightly lower. The advance receipts are similar to the same period of the previous year.

Due to the advance of the Spring Festival, the stocking of dealers in the peak season is reflected in the fourth quarter of 2018. If Q4 and Q1 are combined to see that the revenue growth rate is about 13%, it is in line with the normal growth level of the sales structure contribution.

Q1 final advance receipt balance4.

89 ppm, an increase of 0 in ten years.

88%, similar to the same period last year.

Distributors outside the province remained stable, growing rapidly, and the proportion of Q1 increased. It is expected that the contribution will increase in the future.

Provincial income in 2018 36.600,000 yuan, an increase of 17% in ten years.

Extra-provincial income 6.

620,000 yuan, a year-on-year growth of 28%, and the growth rate is increased by 17 pct per year.

The performance outside the province was bright in 2018, with three quarters of growth exceeding 30%.

Taking into account the impact of the Spring Festival holiday, adding up 18Q4 and 19Q1, the company’s provincial revenue was 20%.

24 ppm, an increase of 11% in ten years, with a slight budget growth rate, and extra-provincial income3.

700,000 yuan, an annual increase of 27%.

The company adopts the method of superiority and inferiority to dealers outside the province. Generally speaking, the number remains stable. At the end of 2018, there were 234 dealers outside the province, an increase of 33, a decrease of 47 and a net decrease of 14.

At the same time, the company seeks strategic cooperative relations with key distributors, and the adjustment effect is obvious. In the future, the extra-provincial revenue will continue to increase.

The product structure was upgraded and the ton price continued to rise.

With the mainstream price band in Anhui Province moving up to more than 200 yuan, the company’s product structure has been optimized. With the upward shift in the product structure, the price of wine per ton has continued to rise. The price of wine per ton in 2018 was 12.

60,000 yuan, an increase of 17 in ten years.

12%.

2019Q1 premium wine revenue12.

8.3 billion, a growth rate of 9%, the revenue of mid-range wine and low-grade wine is zero.

62 ppm, a decrease of 1 per year.

9%, continuing the trend of upgrading product structure.

The sales expense ratio fell, and the growth rate of net profit exceeded expectations.

The company’s 2018 revenue was 42.

69 ppm, an increase of 18 years.

50%; net profit attributable to mother 15.

33 ppm, an increase of 37 per year.

62%.

Q4 revenue was 10.

61 ppm, an increase of 19 per year.

62%; net profit attributable to mother 3.

9.1 billion, an annual increase of 83.

57%, the faster-than-expected growth was mainly due to the increase in revenue in the third quarter due to price increases and the natural decline in sales expense ratio.

Thanks to the price increase in the third quarter, the company’s gross profit margin in 2018Q4 and 2019Q1 increased, and the gross profit margin of the company in Q4 2018 was 74.

46%, an increase of 1 per year.

56pct, 2019Q1 will continue to enjoy favorable price increases, with a gross profit margin of 77.

83%, an increase of 3 pct per year.

The company’s sales expense ratio in 2018 was 7.

88%, a decline of 0 every year.

97pct, 2019Q1 sales expense ratio is 9%, which is flat compared with the same period last year.

Thanks to the decline in the sales expense ratio, the company’s profitability has improved significantly. In Q4 2018, the net profit margin was 37%, which increased by 13pct each year.

2019Q1 net margin is 40%, increasing 4% every year.

Investment advice: Steady growth through cycles and deterministic performance replacement.

As a leading real estate wine, Kouzijiao has a strong base market.

Enjoy the duopoly competition pattern in the province.2) The channel does not hold goods, the inventory is low, the dealers have thick profits, and have high loyalty.

3) The price band is in the mainstream of the masses. Demand is rigid and benefits from obvious consumption upgrades. The deterministic transfer of performance is the target of steady growth across cycles.

Slightly adjusted the company’s budget revenue for 2019-2020 was 3.

07 yuan and 3.

64 yuan, the target price is equivalent to 21 times the price-earnings ratio in 2020.

Maintain BUY-A investment rating with 6-month target price of 75 yuan.

Risk reminder: Increased bidding of more than 200 yuan in the province leads to increased competition and sales are less than expected.

Sunlord Electronics (002138): Domestic Inductor Leaders Benefit from 5G, Automotive Electronics, Product Upgrade Possibility

Sunlord Electronics (002138): Domestic Inductor Leaders Benefit from 5G, Automotive Electronics, Product Upgrade Possibility
Fast-growing domestic inductor leader.Sunlord Electronics Co., Ltd. was established in 2000. It is an emerging company mainly engaged in the research, development, production and sales of various chip electronic components., Varistors, NTC thermistors, LC filters, various antennas, NFC magnetic sheets, wireless charging coil components, capacitors, 无锡桑拿网 electronic transformers and other electronic components.According to data from China Industry Information Network, in 2017, Murata, TDK, and Taiyo Yuden each had a market share of more than 10%, accounting for more than 40% of the global market.The market share of Taiwan ‘s Qili New Market is 7.01%, Sunlord’s market share is 6.69%, second only to the three major Japanese manufacturers.The company’s 2018 revenue was 23.6.2 billion, net profit attributable to mothers4.790,000 yuan in 2014?In 2018, the compounded growth rate of net income attributable to mothers was 19 respectively.38%, 22.46%, in the rapid growth channel.2014?Progressive R & D investment in 20184.400 million, accounting for 4% of total income6%. Multi-product lines benefit from increased electronicization of automobiles.The company has a variety of products that can be perceived in the automotive electronics field, such as electronic transformers, power inductors, wireless charging coils, series current generators, etc. The main strategic plans for this field in the future are new energy vehicles and intelligent driving.The value of bicycles available for products ranges from a few hundred yuan to more than 2,000 yuan.After years of market and customer certification, the company’s products have obtained the qualifications of the world’s top automotive electronics major suppliers. Transformer products have been supplied in batches in the second half of 2018, and orders in 2019 have steadily increased.We expect the automotive electronics market as an important market layout for the company, and the company is expected to continue to benefit from the development of automotive electronics business in the future. Inductors and filters benefit from the 5G trend.5G drives the increase in inductance.The company’s product layout is on communication network equipment and intelligent terminal applications. It can provide RF inductors, power inductors, filters and other products required by the 5G industry. Benefiting from the 5G trend and the domestic production of domestic componentsAccelerate progress. Proximity to 01005 inductor products is the first to follow the trend of miniaturization of inductors.The smaller 01005 inductors have become a substitute for products in the inductor industry.We believe that the 01005 inductor technology barrier is high. As one of the few companies in the world that can mass-produce 01005 inductors, the company occupies a first-mover advantage in the industry, and then benefits from the trend of miniaturization of inductors caused by the complexity of smartphone construction. profit prediction.We predict company 2019?Income in 2021 will be 31.11, 40.07, 50.82 trillion, EPS is 0.71, 0.93, 1.19 yuan / share.Considering that the company is a leader in domestic inductive devices and that multiple products benefit from the 5G trend, we give the company 33?38x PE, corresponding to a reasonable value range of 23.43?26.98 yuan.Covered for the first time, giving a “preliminary market” rating. risk warning.5G construction progress may be slower than expected leading to smartphone replacement peak hours.

Dongjiang Environmental (002672) 2019 Interim Report Review: Steady Development of Non-hazardous Disposal Business Focusing on Gradually Release of Main Business Capabilities

Dongjiang Environmental (002672) 2019 Interim Report Review: Steady Development of Non-hazardous Disposal Business Focusing on Gradually Release of Main Business Capabilities

Event: The company released its 2019 Interim Report and achieved operating income16.

90 ppm, an increase of ten years.

67%; net profit attributable to mothers2.

52 ppm, a reduction of 5 per year.

08%; the company’s Q2 operating income +9.

42% to 8.

8.3 billion, net profit attributable to mothers in a single quarter is continuing to pick up (Q1 +208.

57 to 1.

08 ppm; Q2 +33.

33% to 1.

4.4 billion).

The development trend of harmless disposal is good, and the sales of resource-based products are under pressure.

As a leading company in hazardous waste disposal, the company has reportedly obtained innocuous disposal 四川逍遥网 qualification (incineration and landfill) 14.

3 The lowest annual pre-tax profit, and at the same time improve the quality of capital, and increase the business income of +31 by jointly driving the industrial waste innocent disposal business.

54% to 7.

97 ppm, gross margin increased by 2.

08 to 48.

94%; affected by falling metal prices and shrinking demand from downstream companies, the company’s industrial waste resource utilization business operating income decreased by -13.

64% to 5.

66 ppm; Benefiting from the improved prosperity of electronic plug-in disassembly processing, the company’s electronic plug-in disassembly business increased operating income by 40.

76% to 0.

89 ppm, gross margin increased by 4.

21 pct to 38.

29%; the company focuses on the core main business and the construction of internal engineering projects, environmental engineering (-37.

57%), trade and other businesses (at least -78.

63%) total reduction in operating income.

The company’s comprehensive gross profit level is the highest +1.

4 to 36.

69% (Gross profit margin in the second quarter was +1.

19 to 37.

26%), the rate control during the period is good, ten years -1.

12 pct to 20.

15%.

Sufficient capital reserves and gradual release of production capacity.

Reporting intelligence company obtained bank credit 97.

49 trillion and registered 15 trillion medium-term notes, the cash in hand at the end of the period reached 13.

3.0 billion; the company has a total of 3 projects in Nantong Dongjiang, Xingye Dongjiang put into operation (total production capacity of 18.

In January / year), 4 projects including Xiamen Dongjiang Reconstruction and Expansion, and Shaoxing Huaxin are under construction (total capacity of 13).May / year).

Sufficient capital reserves and strategic prospects will ensure the gradual release of the company’s production capacity and bring a steady increase in company performance.

Maintain “Overweight” rating on A / H shares: The company’s resource business is under pressure, focusing on environmental engineering, trade and other business contraction after the main business of hazardous waste. We lower our profit forecast and expect the company’s net profit attributable to its parent to be 19-19.

54/5.

50/6.

65 ppm (original value 4).

92/5.

84/6.

8.3 billion), corresponding to the EPS of 19-21 is 0.

52/0.

63/0.

At 76 yuan, the current A-share breakthrough corresponds to 19-year PE, and the current H-share breakthrough corresponds to 19-year PE.

As the absolute leader of the hazardous waste industry, the company will still benefit from the high boom period of the industry. The gradual release of production capacity will gradually materialize, maintaining the rating of Dongjiang Environmental Protection (A) “Overweight” and maintaining Dongjiang Environmental Protection (H) “Overweight” rating.

Risk reminder: The progress of the project is not as good as expected. After the development of the company, there is a shortage of talents in the operation business, and the collaborative disposal method of the cement kiln will be squeezed in the future.