Hengshun Vinegar Industry (600305): Steady operation of condiments and acquisition of Hengshun shopping mall to improve channel construction

Hengshun Vinegar Industry (600305): Steady operation of condiments and acquisition of Hengshun shopping mall to improve channel construction

Investment Ratings and Estimates: Maintaining 2019-21 Revenue Forecast18.

6, 20.

6, 22.

7 trillion, an increase of 10 each year.

0%, 10.

5%, 10.

3%, maintaining the forecast of net profit attributable to mothers in 2019-212.

88, 3.

25, 3.

70 ppm, respectively -5 per year.

4%, 12.

7%, 13.

9%, corresponding to 2019-21 EPS is 杭州桑拿 0.

37, 0.

41, 0.

47 yuan, the latest closing price corresponding to the PE of 2019-20 is 36, 33 times, maintaining the overweight level.

As a leader in the vinegar industry, the company expands and upgrades its own contradictions in the context of low industry concentration and the continuous promotion of consumption upgrades. At the same time, the company’s receptor system is limited and its overall operating efficiency is significantly higher than other leaders in the condiment industry.If the management mechanism can be improved in the future, there is considerable room for potential improvement in profitability.

The main business of the condiment is stable, and multiple measures are taken to open up the growth space: Hengshun, as a leader in the vinegar industry, has the brand’s product advantages, transforms the company to actively promote channel changes, activates the sales team’s initiative internally, and expands the external port market expansion efforts.Marketing synchronization and other methods have improved the company’s overall competitiveness and achieved good results. At the same time, in addition to the main vinegar industry, the company has also increased the layout of other categories of condiments, and the business of cooking wine and soy sauce has achieved rapid growth.

In the first half of 19, the company achieved nearly double-digit revenue growth. Among them, the main business of vinegar has developed steadily, and the cooking wine business has continued to grow rapidly. It is expected that the company will continue this trend in the second half of the year and maintain double-digit revenue growth.

The proposed cash acquisition of Hengshun Shopping Mall is conducive to exerting synergies: the company issued an announcement on September 26 and plans to invest 44.24 million yuan to acquire 100% equity of Hengshun Shopping Mall, a wholly-owned subsidiary of Hengshun Group.

Hengshun Shopping Center currently has 9 stores, all located in the densely populated area of Zhenjiang City and the tourist scenic area where passenger flow is conducted. It mainly sells Zhenjiang specialty products, mainly Hengshun brand high-end products, and a few other Zhenjiang specialty products.

From the financial situation of Hengshun Shopping Mall, the overall operating trend has been substantially stable, revenue and profits have declined slightly in the past two years, and the book has maintained certain monetary funds. According to the company’s forecast, Hengshun Shopping Mall’s 19-year operating net profit is expected to grow, while Hengshun Shopping MallIt plans to add 2 new stores to achieve steady expansion.

We believe that from a business perspective, Hengshun Shopping Center, as the characteristic sales channel of Hengshun products in the town, has certain synergies with the main business of Hengshun Condiment itself. If the acquisition is successfully implemented, the related party transactions will follow.With the reduction, the company’s own channels and overall sales network will be supplemented, which will help build the brand image of Zhenjiang.

The vinegar industry is still fragmented, and Hengshun is expected to continue to achieve expansion achievements. As one of the subdivisions of the condiment industry, the vinegar industry benefits from the product’s health attributes and multi-functionality, and continues to develop space. It will accompany consumer income in the future.Levels have improved, consumer concepts have improved, and industry has room for coexistence.

The vinegar industry as a whole is still in a highly decentralized state. As the industry leader, Hengshun has a breakthrough first-mover advantage and is clearly leading in terms of brand and product strength. If the internal mechanism can be further streamlined in the future, channel combat power will be improved, and there will be room for improvement.Still very impressive.

Advanced catalysts: Condiment business revenue grows faster than expected, and system reform has breakthrough core assumptions Risks: Performance is lower than expected, industry competition intensifies

Vanke A (000002) 2019 Interim Report Comments: Revenue and Performance Increase Rapidly and Pre-receipt Locks on to Continuously High Levels

Vanke A (000002) 2019 Interim Report Comments: Revenue and Performance Increase Rapidly and Pre-receipt Locks on to Continuously High Levels

19H1 revenue was + 32% ahead of schedule, performance growth was + 30%, gross profit margin and lock-in rate of advance receipts continued to be high. 19H1 companies achieved operating income of 1,393.

2 ‰, +31 a year.

5%; net profit to mother 118.

4 trillion, +29 a year.

8%; basic income 1.

06 yuan, +28 a year.

8%; settlement area is 846.

30,000 square meters, ten years +20.

7%; land settlement income 1,329.

9 trillion, +32 a year.

2%; settlement average price 1.

570,000 yuan, ten years +9.

5%; gross margin, net interest rate and net profit attributable to mothers are 36.

2%, 13.

8% and 8.

5%, +1 each year.

8pct, +1.

1 and -0.

1pct, the decrease in net profit attributable to mothers was mainly due to the significant increase in profit or loss of minority shareholders69.

2%; three fees cost 8 per second.

6%, -0 per year.

3cpt; investment income 13.

0 million yuan, +65 a year.

8%; for the first time since 2011, no impairment loss on assets has been accrued.

At the end of 19H1, the outstanding amount of 6,216 trillion had been sold, and it was +19 in ten years.

5%, covering 18 years of real estate settlement income2.

0 times, the highest level in the industry; unsold area of 44.04 million square meters sold, ten years +19.

2%; 5,673 trillion accounts received in advance, +9 in ten years.


19H1 sales were 334 billion, more than + 10%. Start-ups declined and completions increased steadily. However, maintaining the initial low growth plan, 19H1 companies achieved a contract value of 3,340.

0 ‰, +9 for ten years.

6%, the development business in 41 cities is scheduled to be among the top three in the region; the sales area is 2,150.

10,000 square meters, +5 for ten years.

6%; average selling price 1.

550,000 yuan, +3 a year.


19H1 company newly started 19.53 million square meters, 16% a year, accounting for 54% of the previous start plan (18H1 66%); 19 years plan to start 36.09 million square meters, a year -28%; 19H1 completed 10.6 million square meters, in the past + 16%It accounts for 35% of the initial completion plan (35% in 18H1); it is planned to complete 30.77 million square meters in 19 years, +11 over the same period.

6%, and it is clear that the early completion plan is unchanged; 19H1 settlement completion ratio is 79.8%, considering the restoration of the completion ratio of settlement in the future will promote the steady increase in settlement volume.

And comprehensively consider the completion plan of 19 years +11.

6%, 19H1 settlement average price +9.

5%, implied long-term revenue growth rate may be + 22%.

19H1 added 1,372 new land acquisitions.
Take care carefully, the value of goods is relatively abundant, the debt rate is at the lowest level in the industry, and the repayments have increased steadily.

80,000 square meters, 69% equity; according to the announcement, plus logistics land acquisition, 19H1 total land acquisition area of 1,445.

30,000 square meters, ten years -36.

1%; corresponding to the total land price of 961.

0 million yuan, at least -11.

0%, taking up 28% of diesel.

8%, taking land favorably.

At the end of 19H1, the company had not settled its total land bank 1.

500 million flats, 61% equity; saleable area 1.

100 million flats, according to 1.

50,000 yuan / flat extrapolation to obtain the saleable value1.

7 trillion, covering 18 years of sales2.

8 times.

At the end of 19H1, the asset-liability ratio was 85.

3%, ten years +0.

6pct; net debt ratio is only 36.

8%, +6 per year.

0pct, low in the industry; 19H1 interest rate capitalization ratio 35%, ten years +0.

5 points.

The report summarizes that the on-balance sheet sales receipts were 1,981 megabytes, +9 per year.


The diversified business has developed steadily. Property, long-term lease, commerce, logistics and other fields continue to lead the operating income of Vanke Property in 19H1 52.

800 million, previously + 27%; contracted revenue for new projects21.

600 million yuan, 114% per year, of which commercial-owned properties account for 38%.

19H1 leased residential business newly opened 101 projects, 2.

06 thousand rooms; as of 19H1, it covers 35 cities and gradually opens.

20,000 rooms; the average occupancy rate of mature projects is 91%.

At the end of 19H1, the total construction area of the company’s commercial projects under management exceeded 13.5 million square meters (of which 68% of the printing power was accounted for), and a few were second only to Wanda.

In 19H1, Wanwei Logistics acquired an area of 740,000 miles; at the end of the period, it has entered 44 cities and acquired 127 projects with a building area of 9.96 million square meters of leaseable properties.

Investment suggestion: Revenue and performance increase rapidly, advance income locks in at a high level, and maintain a “strong push” rating. Vanke, as the industry ‘s 30-year leader, is advocating high turnover in advance, leading the establishment of a three-tier management and control structure, laying out three major city clusters,Numerous talent plans, deepening small-stock trading models, and innovative business development are well-deserved pioneers. The results have also been reflected in the company’s high sales and performance growth over the past 10 years, and also reflected in industry-leading stable operations and financial indicators.in.

The company has also led the industry in sub-fields such as property services and commercial real estate. Future performance and estimated contributions are worth looking forward to.

We maintain the company’s EPS forecasts for 19-21 are 3 respectively.

66, 4.

41, 5.

30 yuan, maintain target price of 45 yuan, maintain “strong push” level.
Risk warning: The real estate market sales fell more than expected and the 成都桑拿网industry funds tightened more than expected.

Hengli Co. (600346) Annual Report Commentary Report: 18 Years of Refining and Chemical Projects with Performance Consistent with Expectations Set sail

Hengli Co. (600346) Annual Report Commentary Report: 18 Years of Refining and Chemical Projects with Performance Consistent with Expectations Set sail

Revenue and profits doubled, dragging on long-term performance in the fourth quarter. The company announced its 2018 annual report, which reported a total operating income of 600.

670,000 yuan, an increase of 26 in ten years.

51%; Realize net profit attributable to shareholders of listed companies.

23 ppm, a ten-year increase4.


The annual profit level set a record high for listed companies.

Specific to each quarter, Q1-Q4 respectively achieved net profit attributable to mothers11.



7 / -3.

3 billion, the fourth quarter of crude oil prices showed a unilateral rapid decline, the industry’s profit passively shifted, the company’s inventory price loss was zero.

4.8 billion, sustainable peers.

PTA business is the main driver of revenue and profit growth. The newly injected PTA operating assets have become the main driver of revenue and profit growth. Hengli Petrochemical (PTA business) has realized net profit.

400 million, capacity utilization reached 105.

7%, the report estimates that PTA sales are 573 tons, and PTA tons net profit is expected to be 339 yuan / ton.

Looking forward to 2019, the domestic PTA supply-side increase is quite limited, and the demand increase is still in progress. The supply and demand of the PTA market is expected to further tighten, and the PTA profit level is expected to reach 350?
About 400 yuan / ton.

The profits of polyester filaments are stable, and the engineering plastics and film businesses have fully improved. The polyester chemical fiber business scale has also maintained a relatively stable profit range. In 2018, the company’s polyester civilian filaments and industrial filaments were close to full load.

Polyester full-caliber harvest 229 was inserted (civilian silk 131 / industrial silk 14 / polyester chip 84 additives), and Hengli Chemical Fiber achieved net profit of 13.

9 billion yuan, the net profit of denatured polyester unit is about 607 yuan / ton (600 yuan / ton in 17 years), which is significantly relative to its peers. It has two advantages: 1) The profit of polyester industrial yarn is better than that of civilian yarn. The report indicates that industrial silk woolInterest rate 30.

2%, civil silk gross margin of 20.

3%; 2) The company’s polyester civilian silk varieties FDY and DTY account for a relatively high proportion, and are positioned at the high end, with a high proportion of differentiation.

The subsidiary Yingkou Kanghui Petrochemical reported net profit.

0.5 billion (1 in 17 years).

1.3 billion), the initial improvement 深圳桑拿按摩网 of the profit of engineering plastics PBT and polyester film business.

Refining and chemical projects set sail. Ethylene, PTA, and filament projects are follow-up increments. According to the company’s announcement, Hengli Refining and Chemicals successfully opened the entire production process in March 2019 and successfully produced gasoline, diesel, aviation kerosene, PX, etc.The main products are moving towards the goal of achieving full load operation and full production of the entire refinery. At the same time, the company has reached strategic cooperation agreements and product sales agreements with partners such as PetroChina, Sinopec, CNOOC and Sinochem, and oil product sales channels.Achieve consensus.

As the construction of refining and chemical projects is coming to an end, ethylene and PTA engineering projects 都市夜网 will become important follow-ups. The 150-ton / year ethylene project and the 250-ton / year PTA-4 are expected to be delivered in the fourth quarter of 2019.The project is expected to be delivered in the second quarter of 2020. Hengke’s 135 budget / year split filament project will be launched in batches within 48 months.

The company’s profit forecast, forecast and investment rating refinement and chemical projects have been put into operation smoothly, and its progress is significantly ahead of similar projects. The company is expected to enjoy high PX profit before the PX price drops, and forecast 19/20 performance from 63.


100 million increased to 68.


800 million, an increase of 100 in 2021 performance forecast.

800 million, currently corresponding to PE14 in 19/20/21.



7x, maintain “Buy” rating.

Risk reminder: polyester filament and PTA profit review; risk of refining and refining projects being less than expected

Xianfeng Pharmaceutical (002332) Commentary Report: Benefiting from volume sales of pharmaceutical preparations and price increase of APIs, Q1 2019 results exceeded expectations

Xianfeng Pharmaceutical (002332) Commentary Report: Benefiting from volume sales of pharmaceutical preparations and price increase of APIs, Q1 2019 results exceeded expectations

Event: On April 24, 2019, the company released the 2018 annual performance report and the 2019 first quarter report, and achieved revenue of 36 in 2018.

2.2 billion (+26.

97%), net profit attributable to mother 3.

10,000 yuan (+45.

85%), net profit after returning to the mother 2.

8.2 billion (+51.

00%); In Q1 2019, it achieved revenue of 8.

3.6 billion (+0.

70%), net profit attributable to mother is 58.01 million yuan (+43.

23%), net profit after deduction is 56.26 million yuan (+37.

16%), 2019Q1 performance growth exceeded market expectations.

Comments: 2018 and Q1 2019 results increased 45.

85% and 43.

23%, 2019Q1 performance growth exceeded market expectations: revenue end, the company achieved revenue of 36 in 2018.

22 ppm, an increase of 26 in ten years.


Among them, leather hormones, gynecological and family planning medicines, anesthesia and muscle relaxation medicines, and other products achieved revenue of 15 respectively.

9.7 billion, 8.

5.6 billion, 5.

5.1 billion, 6.

08 million yuan, an annual increase of 70.

82%, 8.

79%, 29.

20%, -12.


According to the sales of various business segments, we believe that the increase in the price of APIs has driven the rapid growth of leather hormones, and rocuronium and atracurium have become important sources of growth for the anal Hull muscle relaxant drug segment; Q1 2019Realize revenue.

36%, an annual increase of 0.

70%, we expect rocuronium bromide and atracurium to maintain a growth rate of more than 25%. The impact of the relocation of the API plant and the impact of Newchem’s revenue changes are the main reasons for the rapid growth of revenue in the first quarter of 2019.

On the profit side, the company achieved net profit attributable to its mother in 20183.

10,000 yuan, an increase of 45 in ten years.

85%, growth in line with expectations.

Among them, non-recurring gains and losses were 18.99 million yuan, mainly from government subsidies.

NewChem achieves revenue and profit5.

63 million and 8977.

280,000 yuan, formed a good synergy after the merger.

The net profit attributable to the parent in 2019Q1 was 58.01 million yuan, a year-on-year increase of 43.

23%, mainly due to the increase in raw material prices to promote gross margin improvement (the overall gross profit margin from 56 in 2018Q1.

32% increased to 59 in 2019Q1.13%).

Expenses remained stable after 2018, with three fees accounting for 46% in 2019Q1.

85%: Three fee revenue accounted for 46 in the first quarter of 2019.

85%, a year to raise 0.

29 amounts, period expenses will remain basically stable after 2018.

Among them, the sales expense ratio, management expense ratio, and sales expense ratio are 30.

07% (-0.

73 pct.

), 13.

78% (1.

11 pct.

), 3.

00% (-0.

09 pct.

APIs benefit from price increases and high-end production capacity acceptance, and the formulation business is in-depth in specialized areas: APIs. In the near to medium term, under the influence of the 四川耍耍网 “environmental improvement and pharmacological environment” expansion, the acceleration of small factory exits, and the oligopoly layout is favorable for the short-term andLong-term, due to the acquisition of 100% equity of Newchem and Effechem in Italy, the company has laid out and extended high-end APIs. We believe that the follow-up process of basic APIs will gradually realize the production of high value-added high-end APIs.The introduction of high-end APIs from overseas to achieve domestic market preparation declarations and preparation exports is an important part of the company’s long-term performance growth.

Preparation section, in-depth layout of gynecology, anesthesia muscle relaxation, respiration, and skin. The four specialty high-quality racetracks. Xianfeng Pharmaceutical is one of the few steroid hormone companies that has the integrated cost advantage of drug substance preparations.
Profit forecast and estimation: Based on the company’s current business situation, we estimate that the company’s net profit attributable to the parent in 19-21 is 4 respectively.

1.5 billion, 5.

2.4 billion, 6.

40 ppm, corresponding to 18, 14, 11 times PE, maintaining the “highly recommended” level.

Risk reminder: The price increase of the API does not meet expectations; sales and R & D progress are not up to expectations; price reduction risks.

Haitian Flavor (603288) 2019 Third Quarterly Report Review: Soy Sauce & Oyster Sauce Performs Stably

Haitian Flavor (603288) 2019 Third Quarterly Report Review: Soy Sauce & Oyster Sauce Performs Stably

The company’s soy sauce and oyster sauce performed steadily in Q3 2019, and the seasoning sauce continued to accelerate, and other categories of vinegar and other categories achieved rapid growth, and the profitability steadily improved.

We are optimistic that the company ‘s “Three Five-Year Plan” has been successfully promoted, and the leading companies have gradually consolidated and maintained a “Buy” rating.

In the first three quarters of 2019, revenue / net profit / non-net profit were increased by 16 each.

62% / 22.

48% / 23.


The company achieved sales revenue of 148 in Q1-Q3 2019.

2.4 billion, an increase of 16.

62%; net profit attributable to mother 38.

3.5 billion yuan, an increase of 22.

48%; deduction of non-net profit 36.

3.8 billion, an increase of 23.


Of which Q3 earned 46.

6.4 billion, an increase of 16.

85%; net profit attributable to mother 10.

8.5 billion, an increase of 22.

84%; deduct non-net profit 10.

3.8 billion, an increase of 31.

68%, continued solid performance, as expected.

Revenue share: The performance of soy sauce and oyster sauce is steady, and the sauce category continues to accelerate.

In terms of categories, the company’s soy sauce oyster sauce performed solidly, and the soy sauce business achieved revenue of 26 in Q3.

90 trillion, the same increase of 14.

08%, a total increase of 13 in the first three 杭州桑拿网 quarters.

76%; Oyster sauce business achieved revenue in Q38.

3 billion, an increase of 18.

70%, a total increase of 20 in the first three quarters.

33%; Seasoning sauce business channel adjusted significantly, and achieved revenue in the third quarter5.

4 billion, an increase of 13.

80%, chain speed continued to increase (Q1 / Q2 increased by 6 respectively.

13% / 9.

32%); other products such as vinegar achieved high growth, and Q3 achieved revenue3.

7.4 billion, an increase of 39.


In terms of channels, the online / offline revenue of the companies in Q3 2019 increased by 13 respectively.

17% / 16.

79%, online and offline speed up.

By region, Q3 is relatively mature in the east / south, with income increasing by 14 as well.97% / 14.

51%; West / Central continued high growth, with income increasing by 30%.

68% / 23.

41%; Northern distributors increased by 283 to 1671, which accelerated the development.

Profit analysis: Gross profit margin and sales expense ratio decreased, and profitability continued to improve.

In terms of gross profit margin, the company’s gross profit margin in 2019Q3 was 43.

8%, down by 1.

32 PCTs are mainly due to: ① the increase in the prices of raw materials and packaging materials; ② the increase in equipment depreciation vendors due to technological transformation and production; ③ changes in the product structure, and the proportion of low-margin oyster sauce products increased.

In terms of expense ratio, Q3’s sales expense ratio fell by 2.

81Pcts to 12.

87%, mainly due to the decline in transportation costs caused by some of the company’s distributors.

The management expense ratio increased slightly by 0.

65PCT; R & D expense ratio decreased by 1.

32PCTs; the index cost rate is also reduced by 0.

66PCT, mainly due to an increase in interest income of 39 million.

In addition, changes in accounting adjustments caused some income to be transferred from investment income to income from changes in fair value, and Q3’s total total revenue decreased by only 1.


In summary, Q3’s net margin increased by 1.

13PCT to 23.


Future expectations: Year-to-date performance is stable and robust, maintaining a double-digit compound growth judgment for five years.

The company’s revenue / net profit targets for 2019 will increase by 16% / 20%, respectively. The company’s performance in the first three quarters is solid, and it is possible to achieve its performance targets.

2019 is the first year of the company ‘s “Three Five-Year Plan”. The company continues its steady performance and lays a good start for the company’s five-year plan.

We predict that the company ‘s soy sauce / oyster sauce / sauce will increase exponentially in the next five years, with low double / medium double / low double exponential growth, the market share steadily increasing to about 25%, and profitability steadily improving. Based on a comprehensive judgment of the company from 2018-2023Revenue / net profit achieved compound double-digit / medium-high double-digit compound growth respectively.

risk warning.

Risks of raw material price fluctuations; food safety risks; risk of industry prosperity decline.

Profit forecast and estimation.

Maintain 2019/2020/2021 EPS forecast to 1.



80 yuan, corresponding to a growth rate of 20% / 22% / 19%, maintain “Buy” rating.

Baotai (600456): Performance growth and growth are optimistic about subsequent development

Baotai (600456): Performance growth and growth are optimistic about subsequent development

Event: In the first half of 2019, the company gradually realized revenue19.

700 million, previously increased by 24.

4%, realizing net profit attributable to mother 1.

1 ‰, rising 225 per year.

0%, net profit after deduction is 1

10,000 yuan, an increase of 299 in ten years.


In the second quarter alone, the company achieved revenue of 8.

15 ppm, a ten-year average of 7.

8%, achieve net profit attributable to mother 0.

810,000 yuan, up 91.

7%, net profit after deduction is 0.

7.4 billion, previously increased by 110.


  Comments: The main reason for the company’s net profit growth in 2019 is due to the steady rise of the aviation, aerospace, aerospace and other fields, the order of the civilian product market has grown significantly, the international market has broken through, and the production and sales of titanium products have increased.

In the first half of 2019, the company’s titanium product sales were 10,170 tons, an annual increase of 69.

3%; the company’s titanium products operating income is 15.

60,000 yuan, an increase of 49 in ten years.

The gross profit margin was 7% from the same period last year.

12% increase by 1.

36 single to 23.


Benefiting 佛山夜网论坛 from the rise in titanium prices, the subsidiary Baotai Huashen (titanium tetrachloride, titanium metal) in the first half of 2019 achieved revenue3.

1 trillion, net profit 0.

350,000 yuan, an annual increase of 40%.

  Industry supply and demand resonance, the company enjoys the bonus industry: upstream supply, under the influence of various factors such as the country’s continued promotion of supply-side structural reforms and environmental protection policies, part of the gradual generation of power generation, emissions of substandard titanium processing enterprises have withdrawn from the market, and the industry’s supply layout is optimized.
Downstream demand, strategic adjustments to transform the structure of the national economy, and industrial transformation and upgrading, the titanium industry has sustainable 深圳桑拿网 market development potential in the aviation, aerospace, and high-end equipment manufacturing industries.

  We estimate total titanium consumption in 2020 to be 8.

21 samples, three years (2018?
2020) Composite strength 14.

19%, titanium material entered a boom period.

  Company: China’s leading company in the titanium processing industry. In 2018, the company’s sponge titanium production capacity was 1 investment / year, titanium ingot production capacity was 3 per year / year, and titanium production capacity was 2 per year.

As industry supply and demand resonate, the company enjoys dividends.

  Earnings forecast and rating: Based on the continued improvement of the titanium industry, the company’s orders have increased significantly. We raise the company’s earnings forecast. 2019?
In 2021, the EPS will be 0.

60 yuan, 0.

87, 1.

19 yuan.
Maintain “Buy” rating.

  Risk warning: Titanium price growth exceeds expectations, downstream demand is less than expected.

Jedi Counterattack-A Share War-Epidemic-Obtaining First Victory Blue Chip Close to Regaining Lost Land

Jedi counterattack: A-share war “epidemic” made its first victory and blue chips close to regaining lost ground
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  Jedi fights back!The first victory in the A-share battle against the “epidemic”, the blue chip is close to regaining lost ground!There are at least three strong supports in the market. The increasing liquidity tensions ease the original Shi Qian. The significance of this rise today is to lift the liquidity crisis!  If the drop yesterday was to be expected, in fact, this rise today should not be unexpected.Because if the market plunges again, the liquidity crisis a few years ago will reappear.Such a surge today has partially lifted the crisis.In plain English, the market can be played again.  Judging from the market situation today, the three major A-share indexes rebounded across the board, and the GEM index led the way.The final close, the Shanghai Composite Index reported at 2783.29 points, up 1.34%; SZSE Component Index reported 10089.67 points, up 3.17%; ChiNext Index reported 1882.69 points, up 4.84%.  Among them, some have two points: First, the GEM 50 rose 5.33%, only a little more than 1% from the closing point on the last trading day before the holiday; the second is that the transactions in the two cities have been significantly enlarged, citing the turnover in the early 500 billion yuan today.The expected liquidity crisis has been substantially alleviated.  So, has the market stabilized?Analysts believe that from the Hong Kong market and the previous performance of the A50, there may be conversions in the next few trading days.But from the perspective of the three to five month cycle, there are at least three more important supports at this position.  The most worrying situation in the market has been eased in response to the sudden outbreak, and the most worrying situation in the market is a liquidity crisis in the stock market.Because, this situation occurred in October 2018, early 2016 and mid-2015.These memorable events have turned many investors’ strategic choices into emergency escapes during emergencies.However, this time the market may allow a similar situation to happen, or at least to some extent ease the atmosphere of panic.  First, from the perspective of the index, the three major indexes of A-shares rose across the board. Among them, the relevant index of the GEM rose significantly and was close to regaining its lost ground.Moreover, the transaction volume has been significantly enlarged, showing that the tight liquidity situation in the market has eased to a certain extent.  Basically, from the surface of the disk, the Tesla concept set off a high tide, the Ningde era, molding technology and other stocks.The concept of cloud office performance was strong, and the Jinshan office of the science and technology board surged by 20% to achieve 西安耍耍网 the daily limit.Virus protection, domestic software, and banking sectors all advanced.The market does not lack the main line of speculation, and there is no shortage of people who are afraid of it.The most important thing is that many smooth and good stocks perform very well, which can be cut from the rise of major ETFs.  Third, the situation in the peripheral markets is also very good.Renminbi appreciation is strong.  The A50 rebounded strongly, and the time for publishing was terminated, an increase of 4%, and it recovered 13,000 points.  In essence, the Asia-Pacific market has swept away the haze, and the entire line has been built.In this early spring day, it brings hope to investors.  What is more worth mentioning is the strong performance of foreign countries. In the past two trading days, the net purchase of northbound funds reached 23 billion.Brokerage China has mentioned that there is a very important factor in how the market will go, which can change foreign attitudes.  Where does the worry of the market come from?  Although the liquidity crisis has been largely relieved, the market is not without its concerns.  First of all, from the perspective of individual stocks, in fact, today’s market presents a situation of rising, falling, and falling.  Judging from the above data, the daily limit of stocks is 159, but even in the market yesterday, there were 84 stocks of daily limit; the stocks of daily limit naturally reduced in a large area, but the stocks with a decline of more than 3% are still nearly 1500.  In addition, the number of falling homes was more than 700 more than the number of rising homes.This means that although the index and many ETFs are gaining, there are still problems with multiple stocks.In the short-term background of the broader market rebound, especially the small-cap stocks rebound, the market opportunity still presents only structural opportunities, which may lay some hidden dangers for subsequent rebounds.  Another worry comes from financing.Judging from yesterday’s data, financing data fell for four consecutive times, a decrease of nearly 29.5 billion.  There are two variables in this. One is accumulation. The current accumulation is still above 1 trillion. Although it is not at a high level, it is also above the median of the last six years (median is about 930 billion).Not an absolute low level, especially since August, this data has been in an upward trend.  The second is the increase. It is expected that the continuous increase in financing market on the market only under the background of relatively stable environment and relatively good money-making effect.Judging from the current situation, affected by the epidemic, there are distortions in the market.In this case, there may be uncertainty about the sustainability of the growth of financing rounds.  There are at least three major supports in the market. Of course, there are no markets without hidden dangers.The charm of the market lies in its uncertainty.In the next few trading days, the market still has the possibility of shock adjustment.But this does not mean that the market will lose support.At present, there are at least three supporting forces in the market.  The first is estimation.At present, the lowest level of evaluation in major global markets is Chinese assets.The lowest price-earnings ratio is the Hong Kong Hang Seng Index, which is only 9.6 times; followed by CSI 300 less than 11.5 times, the Shanghai Stock Exchange Index is less than 12 times, both lower than the historical average.  Time is the period.Since the end of last year, from the PMI data can be ground, the data has been above the line for three consecutive months, the name of the economic improvement has become very obvious, and a round of inventory cycle seems to start.  With the outbreak, this cycle may be interrupted, and February data may be weaker than expected.However, the power of the cycle is not easy to be interrupted. Because the inventory consumption is also very severe from the end of January to the beginning of February, through the mitigation of the epidemic, enterprises will usher in a more severe inventory cycle after the work resumes.This action may continue at the end of May.  The third is M1. This wave of rebound since December last year must be due to M1’s rise.The annual growth rate of this data was 3 from November last year.5% jumped to 4 in December.4%.This means that corporate cash flow is improving, and active funds in the market are increasing.M1 is also usually an important leading indicator of the market.During the epidemic phase, this indicator may show some twists and turns, but the increase in growth rate is not high.Some professionals told brokerage Chinese reporters that judging from the trend of M1, there may be some twists and turns in January and February, but as long as the epidemic is stable, it will rebound quickly.

Weichai Power (000338): Quarterly Report Exceeds Expectations, Heavy Truck Leader Continues to Outperform

Weichai Power (000338): Quarterly Report Exceeds Expectations, Heavy Truck Leader Continues to Outperform Industry

Event: The company released a quarterly report for 19 years and achieved revenue of 452.

1 ‰, an increase of 15 in ten years.

3%, net profit attributable to mother 25.

90,000 yuan, an increase of 35 in ten years.

0%, net of non-attributed net profit of 24.

500 million, an increase of 23 in ten years.


Opinion: The sales volume of the heavy truck industry in the first quarter far exceeded expectations, and Weichai has benefited significantly.

At the end of last year, there were a lot of voices in the market that heavy trucks would be replaced this year. The annual sales of heavy trucks may replace 900,000-950,000 vehicles. In addition to the high base in the first half of last year, the market was worried that the sales of heavy trucks would decrease by 20%the above.

But the final actual result is that the sales volume of heavy trucks in the first quarter of this year was 32.

50,000 vehicles, an increase of 0 in ten years.

6%, (January-March ten-year growth rates were -9.

9%, 4.

3%, 7.

1%) is far better than the -20% expectation, and Weichai has benefited significantly.

The largest source of profit The parent company’s revenue increased rapidly.

The parent company’s first quarter revenue was 128.

1 billion, an annual growth of 25.

8%; net profit is 21.

400 million, an annual increase of 37.


Benefited from the boom of heavy trucks, but also benefited from the continuous growth of the construction machinery industry (extractor sales increased in the first quarter).

5%, loader sales increase by 7 per year.


Weichai’s supporting heavy trucks accelerate, and the market share of heavy truck engines will continue to increase.

Following Weichai Engine ‘s heavy truck light truck, in the announcement of the 318th batch of new vehicle product announcements issued by the Ministry of Industry and Information Technology, a heavy truck tractor equipped with Weichai Engine appeared, and this product is Shandeka ‘s high-end brand.

By entering the supporting system of Sinotruk, the probability of Weichai heavy truck engine market share will further increase in the future.

The defense of the blue sky continued to advance, supplemented + restricted travel accelerated national triple card replacement.

The national three standard heavy trucks are gradually scheduled to be embargoed in certain regions. The national three heavy truck scrap subsidies have been introduced one after another to accelerate the replacement and replacement of heavy trucks, which will effectively support sales this year and next.

Through the calculation of the inventory, we maintain the truck’s forecast that the sales volume of the heavy truck industry in 19 years will exceed 1 million. It is difficult for the heavy truck industry to experience a cliff-like decline in market concerns.

Strategic layout of fuel cells.

Weichai has a stake in Ballard, the world’s leading hydrogen fuel cell 重庆桑拿 company, with a 19% stake.

9%, the two agreed to set up a joint venture in Shandong to jointly develop and produce hydrogen fuel cell power system products. The joint venture will receive Ballard’s next-generation LCS technology transfer for $ 90 million.

With the promotion of hydrogen energy policies and regulations, Weichai Power’s advance layout will benefit the company a lot.

Investment suggestion and rating: As the sales volume of the company’s related products grows more than expected, the company’s net profit attributable to the mother will be raised to 95 in 2019-2021.

5 billion, 106.

600 million and 119.

300 million (the United Nations is expected to be 91.8 billion, 98.

700 million, 103.

(300 million) P / E ratios are 10 times, 9 times, and 8 times.

Maintaining a 13X target PE for 19 years, corresponding to a target price from 15.

00 yuan increased to 15.

60 yuan, maintain “Buy” rating.

Risk Warning: Distorted changes in social transportation structure, product sales fall short of expectations

Institutions admire exhaustive research and follow development progress

Institutions admire exhaustive research and follow development progress

Original title: Institutional promotion of drastic research on the progress of R & D landing of listed companies on the science and technology board. The trainee reporter Guo Jichuan of the newspaper replaced the end of the semi-annual report of listed companies.Broadcom’s performance has maintained a momentum of growth, and institutions have also begun research on the company.

  So, for listed companies on the science and technology board, in which areas does the institution change its focus during the research process?

Have you made different research arrangements for the nature of listed companies on the science and technology board?

  Northeast Securities Research Director Fu Lichun said in an interview with the Securities Daily that, because the listed companies on the science and technology board are unique in various industries or have relevant technical advantages, in the discovery process, in addition to the basic operating conditionsThe main direction of the collection of information such as main income must be the core of research and development.

Because from the company’s prospectus and other materials, understanding the company’s core technical strength is relatively one-sided, the research of listed companies on the science and technology board must be exhausted in order to obtain good research results feedback.

  ”In addition to communicating with the company’s executives, and with the company’s middle level, ordinary employees will also conduct multi-angle communication, especially the changes before and after the company goes public, etc., you can see the company’s overall mental outlook.

Fu Lichun said that if he participates in the research activities of listed companies on the science and technology board, he will definitely visit the company’s scientific research center to understand what projects the company is researching and the progress of the project’s research and development.

“In this way, we can make a correct judgment on the strength of R & D and the sustainability of R & D.

And to go to the factory to inspect the application of scientific research technology, and understand whether the company’s core R & D technology is the key technical advantage of the main product. These can only have an intuitive feeling if they really go deep into the enterprise.

Regarding the evaluation of scientific and technological innovation capabilities of science and technology board enterprises, the Shanghai Stock Exchange recommends the listing of science and technology board enterprises, which are also referred to as six key issues, including “whether master the core technology of independent intellectual property rights,Whether the core technology has clear ownership, whether it is domestically or internationally leading, whether it is mature or there is a risk of rapid iteration. ”

  Some investment bankers told the Securities Daily reporter that the research directions for listed companies on the science and technology board are mainly scientific and technological innovation capabilities and R & D landings. These contents often require field inspections of companies before they can make a certain judgment.

  ”Many companies have hundreds of patents, but how many of them are core technology patents?

This requires us to understand the hard-core capabilities of enterprise technology in field investigations.

“The above investment bankers said,” Most of the listed companies on the science and technology board are in the stage of high-speed development and product technology conversion. We also need to focus on the company’s follow-up product echelon construction in the research, evaluate the company’s existing products and future listed products.Whether it can support the enterprise’s estimation and future growth scale.

“Xu Yang, Chairman of Shanghai Maiko Rongrong Information Consulting Co., Ltd. believes that the Science and Technology Innovation Board has become a cradle for the rapid growth of high-tech companies, promote the rapid development of emerging high-tech technologies, and provide financial support for outstanding growing companies, but companies must not blindly impulsively investHow to make good use of these funds and how to plan his own capital expenditures and long-term arrangements are the main points of his concern.

  He said that in the process of researching listed companies on the science and technology board, the company’s research and development costs and subsequent operating costs will be discussed with the executives of listed companies. The focus of the research will be on the status of the products, the mastery of the core technology, andFollow-up development of quality.

  The science and technology innovation board and other sectors are a differentiated development state, which mainly targets high-tech innovative companies included in the target strategic emerging industry planning, as well as new types of industries that have emerged as economic transformation and industry changes continue to emerge.New industries 厦门夜网 often have the characteristics of rapid development, complicated property rights structure and uncertain profitability.

  As the Science and Technology Innovation Board is expected to fill the shortcomings of capital market services and technological innovation, it is an incremental reform of the capital market, resulting in a relatively sound differentiation arrangement in terms of profitability and equity structure.

Fu Lichun said that during the investigation, the company’s shareholder structure and financial status were restructured to carry out targeted investigation planning.

“Because the specific situation of different companies may be quite different, the findings of some companies cannot be modeled as in the past, especially since many companies have not yet carried out research, so the previous discovery task will be heavier and the research publishedReports must be accountable to investors.

Tongwei (600438) annual report and first quarterly report comments: high-efficiency batteries continue to produce strong performance growth can be expected

Tongwei (600438) annual report and first quarterly report comments: high-efficiency batteries continue to produce strong performance growth can be expected
Event: The company released its 2018 annual report and first quarter report. In 2018, the company initially achieved operating income of 2,753,517.30,000 yuan, an increase of 5 in ten years.53%; net profit attributable to shareholders of listed companies was 201,874.600,000 yuan, an increase of 0 in ten years.51%.In the first quarter of 2019, the company achieved operating income of 616,901.320,000 yuan, an increase of 18 in ten years.14%; realized net profit attributable to shareholders of listed companies 49,063.330,000 yuan, an annual increase of 53.36%. The production capacity of silicon material reached the production smoothly, and the cost reduction was obvious.According to the number of reports, in order to meet the growing demand for single crystal materials, Yongxiang continued to strengthen scientific and technological research and technological innovation, and effectively increased the proportion of single crystal materials while ensuring the steady increase in output and continuous leading cost replacement.The proportion can reach 70%.With 杭州桑拿网 Baotou, Leshan’s two “five-hole high-purity crystalline silicon and supporting new energy projects” Phase I projects have been put into production in the fourth quarter of 2018, and the company’s high-purity crystalline silicon production capacity has entered the top three global ranks.At the same time of scale growth, the new production capacity has taken full advantage of many years of technical accumulation and scientific research results, and has made dozens of optimizations and improvements in advanced process design and system operation reliability, and the production cost will be reduced by 4 million tons. The production capacity of battery cells ranks first in the world, further consolidating the advantages of scale.As of the end of the reporting period, Tongwei Solar ranked first in the global solar cell manufacturing 淡水桑拿网 industry with a capacity of 12GW.In March 2019, the company launched the fourth phase of Chengdu and Meishan new projects. It is expected that the company’s solar cell scale will reach 20GW by the end of 2019, which will further increase the concentration of the industry and consolidate the company’s scale advantage in solar cell scale.In terms of modules, Tongwei Solar has independently developed more than 420W high-efficiency shingled modules, and its 72-chip modules have a maximum power output of 421.9W, broke the PERC module world record, and obtained the test of Chengdu National Photovoltaic Product Quality Supervision and Inspection Center to verify that the module conversion efficiency can reach 20.7%. The fishery-light integrated project has been steadily launched.The company takes “Photovoltaics to change the world” as its core concept, and has the unique advantage of resource integration in photovoltaic terminals. It has formed an innovative development mode of fishing and light integrated with “upper power generation and lower fish farming”. This model improves the traditional photovoltaic power generationThe operation and income methods, combined with the company’s “365 healthy breeding model”, have expanded the field of photovoltaic technology application and formed the company’s unique core competitiveness.As for the investment cost of photovoltaic power plants, the company has been practicing the “543” cost strategy for many years. Through design optimization and technological innovation, it has reduced the investment cost of photovoltaic power plants year by year.At present, the comprehensive investment cost of the project has fallen from 6-7 yuan / W two years ago to less than 5 yuan / W; through continuous technological advancement and further optimization of the design plan, the cost will be replaced by 4 yuan / W in 2019, which will accelerate the overall speedAchieve the parity of Internet access and promote the sustainable and healthy development of the industry. Investment suggestion: The company’s photovoltaic sector continues to exert its strength, its capacity expansion is steadily advancing, its products are favored by the market, and its profitability continues to increase.It is expected that the company’s net profit for 2019-2021 will be 30.19, 37.29 and 42.0.94 million yuan, corresponding to EPS0.78, 0.96 and 1.11 yuan / share, corresponding to PE17, 14 and 12 times, given a “buy” rating. Risk reminder: less-than-expected capacity expansion and less-than-expected product sales.