Hangzhou Bank (600926) Interim Review: Asset Quality Continues to Improve

Hangzhou Bank (600926) Interim Review: Asset Quality Continues to Improve

Event: On August 28, 2019, Hangzhou Bank announced the 2019 interim 杭州评茶阁 results. Investment highlights: profit growth before provision increased by 30.

6%, with an expected annual increase in risk assets of 17.

1%: In the first half of 2019, operating income will increase by 25 per year.

7%, to achieve a 30% annual increase in profit before provisioning.

At 6%, net profit attributable to mothers will increase by 20 per year.


The balance of deposits increased by 6.

43%, loan budget increased by 10 compared with the beginning of the year.


The financial report data show that the net interest margin in the first half of the year exceeded 5BP per year: From the perspective of daily average data, the continued upward of the net interest margin is still benefiting from the debt-side peer resistance and the substantial decline in the cost of issuing bonds.

In addition, the rapid increase in retail consumer loans and operating loans will also help to improve interest margins.

The main contribution of new loans came from the corporate business: from the perspective of the structure of the new credit, the new corporate and retail loans accounted for 72% and 28% of new loans.

The increase in corporate loans was mainly concentrated in the areas of infrastructure construction and real estate; the increase in retail loans was mainly concentrated in personal consumer loans and operating loans.

On the debt side, the proportion of demand deposits declined slightly.

Net fee income is increasing by 45% per year: from the perspective of itemized data, the income from public and intermediate business has increased, including the contribution of custody business, bond underwriting, guarantee commitment and financing consulting business.

However, the fee income from retail-related card business remained basically stable.

The quality of total assets continued to improve: the non-performing loan ratio decreased by 7BP from the end of the previous year to 1.

38%; annualized variable of negative net generation rate is 0.

87%, a decrease of 34BP, and the negative net production after write-off was reduced to 1.

09%, a decrease of 28BP; the proportion of overdue loans was basically the same; the proportion of attention-oriented loans1.

11%, a decrease of 15BP from the end of last year.

Profit forecast and investment proposal: The fixed increase plan has been approved by the shareholders’ meeting, and the market is an alternative measure for capital replenishment.

The company’s profitability has improved and asset quality continues to improve.

The company currently expects the corresponding 2019-2020 PB estimate to be zero.

82 times, 0.

73 times, maintain “overweight” rating.

Risk factors: The economic recession is better than expected; the market decline presents systemic risks.

SINBON PHARMA (002390): The rapid development of industrial cannabis testing.

SINBON PHARMA (002390): The rapid development of industrial cannabis testing.

Basic situation of the company: Medical services, pharmaceutical circulation, and pharmaceutical industry. Tripod Libon Pharmaceuticals covers the entire industry chain of the pharmaceutical industry. It is mainly divided into three major sectors: medical services, pharmaceutical distribution, and pharmaceutical industry. It is based on endogenous development and episodic M & A to buildHigh-tech medical group.

The company’s medical service covers a wide range of hospitals with nearly 6,000 beds. The pharmaceutical distribution business is centered on Guiyang and the distribution network covers the whole province of Guizhou. The testing business in the pharmaceutical industry sector involves cannabinoid detection, which can lead in the field of industrial cannabis detectiongrade.

In the first half of 2019, the company achieved operating income of 32.

780,000 yuan, the net profit attributable to shareholders of the listed company is 1.

2.1 billion.

Industry: The positive effects of cannabinoids have been discovered, the rapid development of the testing industry, and the positive effects of cannabinoids such as industrial cannabis extract CBD have been discovered.

On this basis, overseas policies have been further liberalized.

On December 20, 2018, industrial cannabis was legalized at the federal level in the United States.

In addition, as of the end of July 2019, 33 states in the United States have legalized medical marijuana.

Rising market demand and policy requirements are driving the rapid development of the cannabinoid product testing industry.

According to ZIONMarket Research data, the global cannabinoid detection market value is about 9 in 2017.

$ 100 million.

We believe that under the background of the rapid development of the cannabinoid industry, the related testing business is also expected to maintain a high growth rate. In the future, the global cannabinoid detection scale is expected to exceed $ 10 billion.

The company’s testing business: Leading in cannabinoid detection technology, a new generation of products entered overseas markets. The company’s subsidiaries entered the field of in vitro diagnostic reagents in 2005 and obtained certification from the US FDA and other agencies.

In 2018, the company’s sales of THC-containing diagnostic 无锡桑拿网 reagent products exceeded 80 million, and the products were mainly sold to the United States, Canada, Europe and other overseas markets.

Against the background of the rapid development of industrial cannabis in overseas markets, Kangyong Biological will launch a new detection equipment-CBD cannabinoid extract detection equipment, which was developed by the company’s team located in the Silicon Valley R & D Center in the United States.

The new generation products have the advantages of high accuracy and fast detection time.

We believe that the development of the North American market and the requirements of policies are opportunities for rapid development of cannabinoid testing companies. The technical advantages and benefits of Kangyong Bio’s cannabinoid testing in the United States and other overseas market channels will help 北京桑拿洗浴保健 the company to quickly open overseas markets.To further contribute to the company’s performance.

Earnings forecast and investment recommendations We expect the company’s operating income for 2019-2021 to be 64.

7.6 billion, 72.

9.4 billion, 85.

1.9 billion yuan.

Because the company’s business types are diverse, we use the segment estimation method to estimate the company. It is estimated that the corresponding market value of the three parts of medical services, pharmaceutical distribution and the pharmaceutical industry will be 27 in 2020.

27, 13.

08, 136.

US $ 7.1 billion, the company’s reasonable total market size is US $ 17.7 billion, and the corresponding target price is 11 yuan, covering a series of “buy” ratings for the first time.

Risk reminder: Industrial cannabis should be strictly differentiated from intermediate cannabis, recreational cannabis / drugs, and resolutely oppose the legalization of recreational cannabis. Industrial cannabis-related businesses may contain risks of policy changes, legal compliance risks, business management risks, transaction risks, tax risks, Natural risks, R & D operational risks, and uncertainties in cooperation; industrial marijuana that has not yet been approved for use in medical and food additions; there is uncertainty about the specific implementation progress and effects; liquidity pressures such as reduced net cash flow from the company’s operating activities.Impairment and inventory pressure

Hangcha Group (603298): Steady growth in performance and better cash flow

Hangcha Group (603298): Steady growth in performance and better cash flow

The growth rate of the single quarter performance rebounded, the company with better cash flow released the third quarter report, and the first three quarters of 19 revenue 67.

500 million, an annual increase of 4.

47%; net profit attributable to mother 4.

8 ppm, an increase of 11 in ten years.

2%; of which Q3 single quarter revenue was 21.

40,000 yuan, an increase of 0 in ten years.

8%, net profit attributable to mother 1.

3 ppm, an increase of 13 in ten years.

3%, the growth index Q2 has improved.

The company’s cash flow situation has increased significantly. Operating net cash flow in the first three quarters.

28 ppm, an increase of 110 in ten years.

7%, mainly due to the 北京夜网 expansion of sales scale, increased margin for recovery, and government subsidies.

Q3 single quarter gross profit margin 20.

82%, an increase of 0 every year in the same period last year.


The growth rate of downstream demand and the company’s market share have continued to increase. This year, downstream demand has changed, and forklift sales have improved on the basis of last year’s high base.

According to the Industrial Vehicle Association, the country ‘s cumulative sales of forklifts from January to August of 19 were 40.

10,000 vehicles in the past year 1.

97%; of which overseas exports gradually9.

60,000, 12 in the past ten years.

8%, while domestic demand remained stable, with cumulative sales of 30.

50,000 units, an increase of 2% a year.

In terms of products, electric storage rack storage vehicles are up and down 22.

6%, a decrease; sales of pedestrian storage vehicles increased by 3 due to price increases.


Forklifts have weak demand cycle attributes. As one of the industry’s double leaders, the company actively expands its sales network in the context of low growth rates, and its revenue growth rate is higher than the industry average, achieving a steady increase in market share.

Q3 single quarter company sales expense ratio 6.

9% year-on-year growth of 0.

69 pct, a high of nearly 3 years.

Investment suggestion: The company’s revenue is expected to be 88 in 19-21.



06 ppm, EPS is 0.



34 yuan / share, the current sustainable corresponding PE is 12x / 11x / 9x respectively.

As one of the domestic double-headed forklifts, under the trend of intelligent and electrified industries, the company will continue to grow through the product layout that precedes the industry. We give the company an average of 19 years of PE15x according to industry comparable companies, corresponding to a reasonable value of 14.

88 yuan / share, maintain “Buy” rating. Risk reminders: the risk of fluctuations in raw material prices, the deterioration of the international trade environment, the risk of exchange rate changes, and changes in sales growth caused by 南京夜网论坛 changes in downstream manufacturing investment demand.

Vaccine incident hits 700 stocks in concept stocks

Vaccine incident hits 700 stocks in concept stocks

Vaccine stocks are now black swan. Many funds step on mine. Source: Beijing Commercial Daily Recently, the “fake” incident of Changsheng Biological (002680) vaccine continued to ferment, spreading in public opinion during mood fluctuations, and only reached the A-share market.

On July 23, the concept stock of biological vaccines declined collectively. Hundreds of public funds were also unfortunately fired.

In the first half of the year when pharmaceutical stock funds rose, whether the pharmaceutical sector will be affected by the black swan incident of vaccine concept stocks, and how fund investors should respond, has also attracted market attention.

  Vaccine incidents hit the concept stock Longevity biological vaccine “fake” The impact of the incident has been transferred to the A-share market, on July 23, the A-share pharmaceutical sector suffered a heavy blow.

  From the perspective of the disk, the pharmaceutical manufacturing sector has led the decline, ending the July 23 close, and the overall decline in the pharmaceutical manufacturing sector was 3.


According to statistics, the pharmaceutical manufacturing sector has a total of 227 stocks, and 197 stocks have declined to varying degrees, and 56 stocks have fallen by more than 5%.

From the perspective of the concept sector, the top 10 decliners are also related to medicine, including monomer concepts, exclusive medicines, Chinese medicine, and immunotherapy.

  As of the close of July 23, the biovaccine sector fell by 2.


According to Oriental Fortune statistics, there are 52 stocks in the biovaccine sector, of which 10 stocks may decline.

In the bio-vaccine section, in addition to Changsheng Bio, Changchun High-tech, Zhifei Bio, Kangtai Bio and Watson Bio all had “one”
daily limit on July 23.

  In addition, Taihe Health, Hualan Biological fell more than 9% on July 23.

Changchun High-tech, Zhifei Biological and other bio-vaccine concept stocks fell and multiple institutions staged a “great escape”.

According to the after-hours trading information announced by the exchange, on July 23 the five institutions’ seats sold a total of about 1 in Changchun High-tech.

08 trillion; three institutions sold about 2 Hualan Bio on the same day.

66 trillion, Shenzhen Stock Connect bought Hualan Bio about 2132 on July 23.

920,000 yuan, Shenzhen Stock Connect also sold Hualan Bio about 1 on the same day.

1.6 billion.

  The frontier has been hit hard, and the market value of related biovacuum concept stocks has also shrunk significantly.

Taking Zhifei creatures as an example, as of July 23, Zhifei creatures closed at 44.

1 yuan / share, a decline of 10%.

Calculated on the basis of the total share capital of 1.6 billion yuan of Zhifei Biotechnology, the market value of Zhifei Biotechnology has decreased by 7.8 billion yuan on a trading day on July 23.

The market value of Changchun High-tech and Watson Bio on July 23 also evaporated by 40.

600 million, 32.

700 million.

  Wind data from over 700 funds show that at the end of the second quarter of this year, a total of 789 public fundraising funds hold 35 biological vaccine concept stocks, with a market value of 226 positions.

7.6 billion yuan.

Among them, the stocks held by public equity funds with relatively high stock market values include Changchun High-tech, Kangtai Biotech, Zhifei Biotech, etc., each holding a stock market value of over 3 billion, respectively, reaching 81.

7.7 billion, 36.

8.3 billion, 32.

9.8 billion yuan.

  In addition, from the perspective of the number of fund managers of vaccine concept stocks, Changchun High-tech is held by more than 66 fund managers, accounting for nearly half of the total public fund managers.

Data show that as of the first half of 2018, Castrol Fund, Wells Fargo Fund, Boshi Fund, Penghua Fund, China Merchants Fund, Shanghai Investment Morgan and other affiliated public equity fund companies have more than 10 funds affiliated with Changchun High-tech.

  In addition, Zhifei Biological, Kangtai Biological, and Biological Holdings have 3 biological vaccine concept stocks. This year, the number of public fund holdings in China also exceeded 30, 46, 33 and 32 respectively.

From the perspective of the proportion of public vaccine funds holding biological vaccine concept shares in circulating shares, the fund holds Kangtai Biological, Changchun High-tech, and Jianyou shares account for more than 20% of circulating shares, respectively, reaching 24.

76%, 21.

12% and 20.73%.

However, the long-lived organisms that are about to cause the vaccine concept stock Black Swan are not much held by the fund, and only two funds step on the mine, namely the E Fund biotechnology index grading fund and Dongfang Liqun hybrid initiated fund.

  As early as July 15, after Changsheng Biological exposed the existence of records of rabies vaccine fraud, a large number of fund companies lowered their valuations.

As of July 23, companies such as Boshi, Anxin, E Fund, Guangfa, Jiutai Fund, Teda Manulife and other companies have downgraded the longevity biological variables, among which E Fund, Jiutai Fund, and Boshi Fund, etc.

5 yuan for estimation.

GF Fund, China Merchants Fund, Anxin Fund, etc. have lowered their longevity assessment to 16.

11 yuan.

As of July 23, Changsheng Biotech had fallen below the estimated adjustment price of the aforementioned fund company, and the closing price of the day was 13.

05 yuan / share.

  Beijing Business Daily reporter noticed that after July 16, Teda Manulife was called Changsheng Biological 16.

After the adjustment of the estimated price of 11 yuan, the stock price was lowered again on July 23, and the estimated price was reduced to 10.

57 yuan.

In addition, on the same day, Rongtong Fund, BOC Fund, Wells Fargo Fund, Changsheng 杭州夜网论坛 Fund, etc. also evaluated and adjusted the vaccine concept stocks of their securities investment fund holders. For example, Rongtong Fund adjusted the Kangtai Biological of the combined fund holder.The adjusted estimate is 46.

95 yuan, 57 than the closing price.

96 yuan, equivalent to nearly two daily limit.

The BOC Fund adjusted the valuation of Kangtai Biological held by some of its funds (except ETF funds) to 42.

25 yuan.

In addition, Wells Fargo Fund made adjustments to the stocks of Kangtai Bio, Zhifei Bio, Changchun High-tech and other stock holders of its securities investment funds. Kang Tai Bio follows 42.

25 yuan for estimation, Zhifei creatures follow 39.

69 yuan is estimated, Changchun High-tech follows 192.

78 yuan for estimation.

Changsheng Fund adjusted the estimates of Shanghai R & S held by some of the company’s funds, and the estimated price was adjusted to 12.

67 yuan / share.

  Short-term persistence risks Beijing Business Daily reporters noted that some fund companies are relatively optimistic about the follow-up medical sector. For example, E Fund Medical Health and Yang Fang Xiao, the theme fund manager of E Fund Health, believe that the medium-term and long-term medical sector still has high configuration value.Directions such as innovative medicines deserve special attention.

In Yang Yixiao’s view, the core logic supporting the long-term development of the pharmaceutical industry is the change in the structure of domestic consumers’ medication.

In the short term, he said that there was no need to over-intervene.

“The pharmaceutical sector has few problems in logic and performance, most of which are mainly due to excessively high short-term forecasts, adjustments to adjustments, and risks may also be released.

“From the perspective of the impact on the longevity holding fund, Wang Tai, a senior researcher at the Datai Jinshi Research Institute, pointed out that this incident was mainly concentrated on longevity, but in the newly released second quarterly report, 11 longlife holdings in the first quarterThe funds have all fled. The top ten heavy warehouses, including Changsheng Biological’s active management fund, have only one Oriental Liqun mixed, and the impact on public funds in terms of quantity is not large.

  However, in terms of the impact of the entire medical theme fund holding vaccine concept stocks, Wang Yan admitted that the pharmaceutical stocks performed well in the first half of the year. In addition to the performance recovery of the pharmaceutical industry, they were also stimulated by the medical reform policy.Indeed, it has attracted the attention of public offering funds. Public offering funds pursue relative returns based on performance comparison benchmarks. As a result, the fund estimates the convergence of its asset allocation. The industry likes to focus on holding stocks and holding concept stocks to adopt stable management performance.Role, but at the same time will increase the risk, once the stocks of the concentrated holders emergencies, it is difficult to escape quickly, easy to step on the black swan.

The theme funds or industry funds hold relatively concentrated stocks and the risks are relatively high. It is still necessary to make a portfolio investment beforehand to diversify investment risks. If you judge the influence of black swan interactions, it is recommended to stop losses in a timely manner.

  Wang Ye pointed out that in the second half of the year, there are many unfavorable news for pharmaceutical stocks. Except for Changsheng Bio, Shapu Aisi, Huahai Pharmaceutical and other companies have exposed large and small scandals, the trend of the pharmaceutical industry in the second half will be moreAffected by the transactions caused by these Black Swan incidents, especially after the continuous rise in the first half of the year, pharmaceutical stocks may have overdrawn the industry’s good expectations. Once investors’ pessimistic expectations of the industry spread, the pharmaceutical sector will bear the brunt.

From the perspective of the entire market, the performance of the funds on the market is from one sector to another, so before the event of Changsheng Biological is properly resolved, there is still risk in the pharmaceutical stocks in the short term.

However, the gradual strengthening of supervision will gradually withdraw from companies that are not standardized, which will also be beneficial to the long-term development of the industry.

  Beijing Business Daily reporter Su Changchun Liu Fengru / Wen Wangfei / Watchmaking

France warns EU-UK talks could become hand-to-hand war British response

France warns EU-UK talks could become “hand-to-hand war” British response

France warned Britain on the 16th that the trade talks between the European Union and the United Kingdom may interfere in fierce bloody battles and reversed each other on fishing rights.

At the same time, the French side is pessimistic about the possibility of reaching an agreement by the end of this year.

  The United Kingdom responded that it does not ask for special treatment from the European Union, but only wants to obtain terms of 成都桑拿网 trade with friendly countries like Canada and other EU countries.

  [French bloody battle]French Foreign Minister Jean-Yvre Drian said during a security conference in Munich that the EU and Britain will tear each other’s hands when negotiating trade disruptions and future relations, but this is part of the negotiations and each side will defendSelf-rights.

  Britain formally withdrew from the European Union on January 31, and subsequently entered a transitional period with the European Union. Trade with the European Union maintained the status quo.

The two sides hope to reach an agreement on trade, security, etc. covered by future relations before the end of the transition period at the end of this year.

  Agence France-Presse reported that 27 European Union sovereignty outside the UK are making their own demands for future relations, of which France is particularly tough, leading many countries to publicly announce continued fishing in British waters.

But Britain wants full autonomy and restricts access to EU fishermen.

  Ledrion, from Brittany, the French province of fisheries, said on the 16th that if EU ships were banned from entering British waters, France would ban the EU from banning British sales of catches on the European continent.

He said that the British dumped more than 70% of their catch on the European continent, and the French government would not compromise on this step.

  After Brexit, talks on British-European relations are scheduled to begin next month.

The two sides have shown conflict over the related two times.

Michel Barnier, the EU ‘s chief negotiator in charge of Brexit, previously stated that the EU ‘s primary focus is on fisheries and safety measures, and ensuring that EU companies have fair terms of trade.

  Barnier said last week that the United Kingdom is deceiving itself, thinking that the European Union will allow British financial services companies to enter the EU market without any additional conditions.

  On the 16th, Ledrien expressed doubts about the agreement reached by the end of this year.

He said: I hope the negotiations can be completed as soon as possible, but both sides must have a lot of discussions and some difficult issues.

  [Britain calls for fairness]In response to the French warning, the British government quickly responded that the two sides may still cooperate amicably.

A representative of the Prime Minister’s Office said that Britain did not require any special, customized or unique alternatives, but only hoped to reach an agreement with the European Union similar to the friendly EU and Canada and other friendly countries.

  The British “The Times” reported on the 17th that Brexit negotiators have determined their position last week.

Chief Representative David Frost Ross gave a speech in Brussels, Belgium on the evening of the 17th, announcing the outlook for the future relationship between the UK and the European Union.

  A recently completed assessment report by the British government concluded that conditions set by the European Union in trade agreements with Canada, South Korea and Japan were relaxed, including agreeing to eliminate at least 98% of tariffs, but the EU drafted stricter trade negotiations with Britain.

  Brexit negotiators have reached agreement on phasing out compliance with EU legal, tax, labor rights and environmental protection.

They are about to propose that Britain wants the same conditions as other countries.

  According to The Times, if France receives exceptional support from other European Unions and continues to be tough on the EU-UK negotiations, the goal set by British Prime Minister Boris Johnson to end the settlement agreement may be difficult to achieve.

  Johnson 佛山桑拿网 said earlier this month that if the two sides couldn’t talk about it then, Britain would be an advocate of global free trade, preferring to accept EU customs rather than EU regulations.

(Marine) (Xinhua News Agency Special) Original title: France warns Britain: EU-British negotiations may become “hand-to-hand war”

Shenzhen Gas (601139): Slight changes in short-term performance, long-term optimism about the optimization of gas source structure

Shenzhen Gas (601139): Slight changes 深圳spa会所 in short-term performance, long-term optimism about the optimization of gas source structure

EventShenzhen Gas released the 2019 performance report

09 million yuan, an increase of 9 in ten years.

95%, realizing net profit attributable to mother 10.

55 ppm, a 10-year increase2.


In addition, the company achieved net profit attributable to mothers in the fourth quarter of 20191.

3.4 billion, a decrease of 27 per year.


  According to the factory performance report, we calculated that the company achieved gas sales in the fourth quarter of 20198.

9.5 billion cubic meters, an increase of 46 in ten years.

34%, of which the sales volume of plant gas has increased due to the addition of some new customers to supplement gas-fired power generation hours, and the gas sales volume reached 2 in a single quarter.

5.8 billion cubic meters, an increase of 344 in ten years.

8%, gas sales of other users achieved 6.

3.7 billion cubic meters, an increase of 15% in ten years.

In this case, the company’s gas sales revenue in the fourth quarter reached 24.

460,000 yuan, an increase of 27 in ten years.


As the company Toyota obtained the advanced enterprise certification, its diabetes cost in the fourth quarter of 2018 was -0.

USD 5.8 billion, and the company’s expected growth in the fourth quarter of 19 will turn positive, so we judge this short-term factor is the company’s fourth-quarter performance growth trend, the company’s overall operating conditions are still good.

  Since the operation of its own LNG receiving station, the company’s gas source structure is expected to continue to be optimized. Starting in the third quarter of 19th, the company continued to import low-cost LNG gas from overseas through Dapeng LNG receiving station, which reduced the company’s unit gas purchase cost.

In addition, the company’s own LNG receiving station with a receiving capacity of 1 billion m3 / year was officially put into operation last August. We expect the company to further expand the proportion of low-cost overseas gas sources through its own LNG receiving station in the future.

According to our calculations, due to the large amount of LNG production capacity in the United States, Australia and other major LNG exporting countries in the past three years, and the low demand for LNG in Japan and South Korea, we judge that the international LNG prices will remain at the current level in the next two years.The company’s profitability is expected to continue to increase through the expansion of the proportion of overseas low-cost gas.

  Multi-factors, the company’s gas sales will continue to grow rapidly. We believe that the company’s gas sales will face multiple factors in the next few years and continue to increase: First, the transformation of Shenzhen’s “urban village” continues to advance, and the company’s residential gas sales continue to maintain 10-15% growth; Second, the company has vigorously developed gas-fired power generation projects in Shenzhen in recent years. According to the “Thirteenth Five-Year Plan” for Shenzhen Energy Development, there will be a large number of supplementary gas-fired power plants in Shenzhen in the future.The growth space for gas consumption continues to be transmitted. Third, the company continues to promote its off-site business layout, which is currently a major driving force for the company’s gas sales growth.

  Pipeline company established, natural gas industry scale is expected to reshape In December 2019, the national oil and gas pipeline network company was formally established. The assets expected to be divided after the establishment of the national oil and gas pipeline network company include: 1) the three major oil companies wholly-owned or controlledNatural gas main pipelines; 2) Major crude oil and refined oil pipelines wholly-owned or controlled by the three major oil companies; 3) Provincial pipe network company shares held by the three major oil companies;Gas storage.

The transfer of related assets and personnel is expected to be completed in the second half of 2020.

We believe that in the future, after the establishment of the national pipeline network company, the alternating separation of three barrels of oil in the midstream pipeline infusion will be broken to achieve the separation of the upstream gas source and the midstream pipeline infusion, so that the midstream pipeline 深圳SPA会所 can fairly reach the upstream gas sources and the downstream city.The opening of fuel-burning enterprises will help reduce the expected total gas supply and reduce the cost of mid-stream pipeline transportation, thereby gradually reducing the cost pressure on downstream city-burning enterprises.

  Maintaining the Shenzhen Gas “Buy” rating takes into account the continuous growth of the company’s gas sales and the optimization of the gas source structure will bring the company’s overall profitability to continue to increase. We expect that the company will achieve operating income of 140 in 2019-2021.

09 million yuan, 162.

1.5 billion, 177.

09 million yuan, achieving net profit attributable to mother 10.

5.5 billion, 14.

2.6 billion, 16.

270,000 yuan, maintain “Buy” rating.

Dongfang Yuhong (002271): Growing at the Right Time

Dongfang Yuhong (002271): Growing at the Right Time

Description of the event Dongfang Yuhong issued an announcement that some directors and senior management of the company plan to reduce their holdings of the company’s shares by no more 北京夜生活网 than 10.16 million shares in a manner permitted by the China Securities Regulatory Commission and Shenzhen Stock Exchange (including block transactions, centralized bidding and agreement transfers) (0% of the company’s total share capital.


Comment on the event The reduction of shares is due to some directors and senior executives’ personal funding requirements. Most directors and executives have announced plans to reduce the company’s shareholding again.

Some of the directors, senior executives, etc. of this reduction are due to personal funding requirements, especially the need to pay for the taxes and fees required to distribute incentives.

Other executives such as chairman Li Weiguo, directors Xiang Jinming, Yang Haocheng, Zhang Ying, Zhang Zhiping, and chief engineer Wang Xin did not announce plans to reduce 杭州桑拿 the company’s shares.

The cutting-edge concentration trend of the waterproof material industry is obvious, and Oriental Yuhong is still growing.

After 2016, the national standard products of the waterproof material industry have ushered in a period of rapid growth, the industry concentration has accelerated, and the leading revenue has grown significantly faster than the industry.

Dongfang Yuhong has the advantages of cost, brand, and multi-regional layout. It will fully benefit from the increasing concentration of the industry, leading to growth. Considering only 10% of the current market share, revenue still has room to double.

Real estate sales exceeded expectations and the overall credit environment improved significantly.

As the real estate transaction data in first- and second-tier cities in March surpassed expectations, pessimistic expectations for real estate sales this year were gradually repaired, and infrastructure may contribute new demand increases.

In addition, the overall credit environment this year has improved significantly compared with last year. Oriental Rain Iris benefits from a cyclical upward trend due to its strong β attribute, and its market share has increased rapidly due to the risk of rising raw material prices. It is expected that the company’s revenue and profits will increase this year.Both are over 25% and have alpha properties.

Investment suggestion: The current downstream demand has reached a certain level, and the infrastructure business has contributed new marginal increases. Considering the large optimization space of the waterproof material industry (national standard instead of non-standard, waterproof standard improvement, etc.), the share of leading cities in the future is expected to continue to increase.
It is expected to achieve EPS1 in 2019-2021.

31, 1.

71, 2.

25 yuan, corresponding to PE is 13, 13, 10 times, maintain BUY rating.

Risk Warning: 1.

Downstream demand has increased significantly, and raw material prices have risen sharply; 2.

Accounts receivable risk.

Wei Shitong (002268) quarterly report comments: performance in line with expectations Net security national team leader attempts to benefit policy bonus

Wei Shitong (002268) quarterly report comments: performance in line with expectations Net security national team leader attempts to benefit policy bonus

Performance is in line with expectations.

In the first three quarters of 2019, the company achieved total operating income10.

420,000 yuan, an increase 无锡桑拿网 of 0 in ten years.

13%; net profit is -6360.

40,000 yuan, an increase of 13 in ten years.

42%, performance is in line with expectations.

The policy clearly supports the development of cyber security companies, and the company, as a leading company in the national team, has priority to benefit directly.

The Ministry of Industry and Information Technology recently issued a public solicitation of opinions on “Guiding Opinions on Promoting the Development of the Cyber Security Industry (Consultation Draft)”.

The Guiding Opinions are based on the basic principles of innovation-driven, coordinated development, demand guidance, and open cooperation. The goal is to cultivate a network security company with annual revenue of more than $ 2 billion by 2025, and form a number of internationally competitive network security 淡水桑拿网 backbones.The scale of enterprises and the network security industry exceeds 200 billion yuan.

As a leading cyber security company and national team, the company is committed to significantly benefiting from policy dividends.

The security product upgrade is basically ready.

The company announced that the main work of the development of comprehensive embedded security SE has been basically completed; the development of ultra-low-power security chips and mobile terminal security chips is progressing steadily; Gigabit PCI-E password cards, software password modules and other products have been obtainedQualified qualifications; financial data ciphers have started export-oriented product development and FIPS certification; IPSec VPN, SSL VPN and other network security use the latest network security technologies to achieve hardware platform and software architecture upgrades, product cost-effectiveness, network adaptability and ease of useThe usability has been greatly improved; the safety operation supervision system has improved in terms of product platformization, availability, maintainability, ability to analyze based on multiple data sources, and ability to analyze abnormalities / violations.

Investment suggestion: As a national team of information security, the company is one of the best performers of the national will. Breakthroughs in the security service model of central enterprises and the future 5G security business are expected to be the basis for high growth of the company’s performance.

The company’s EPS for 2019-2020 is expected to be 0.

17 and 0.

23 yuan, “overweight-A” investment rating, 6-month target price of 30 yuan.

Risk warning: New business progress is not as expected; information security policies are not as expected.

Hengli Petrochemical (600346) Semi-annual Report Review: Interim Report Exceeds Expectation of Refining & Chemical Production and PTA’s High Profit in the Second Quarter

Hengli Petrochemical (600346) Semi-annual Report Review: 成都桑拿网 Interim Report Exceeds Expectation of Refining & Chemical Production and PTA’s High Profit in the Second Quarter

The company announced its 2019 interim results and reported that the combined company realized operating income of 423.

33 ppm, an increase of 60 per year.

0%; net profit 40.

21 trillion, a sharp increase of 113 in ten years.

6%, 4 of them in the first quarter.

8 billion, 35 in the second quarter.

5.1 billion.

The company’s profit in the second quarter was very bright for two reasons: 1) The increase in the 2000 / year integration of the refining and chemical integration project put into operation, and the report can generate Hengli Refining (refining and chemical business) to achieve net profit.

61 ppm; 2) In the second quarter, PX price profit fell, PTA connectivity was high, and Hengli Petrochemical (PTA business) achieved net profit18.

2.9 billion.

The refining and chemical production, large performance increase report predicts that the company has successfully completed the full operation of the refining and chemical integration project in 2000 / year, and achieved 227 chemical product output.

98 cobalt, 45 refined oil.

24 For the first time, and completed the sales work equally well, the production and sales ratio of chemical products and oil products all reached more than 99%, contributing a net profit of 13.

6.1 billion.

In terms of product structure, the reported output of chemical products far exceeds that of oil products. At the beginning of the project, due to factors such as commissioning of various units and ramp-up of production capacity, there are certain differences from the project design product plan. It is expected that the operation of the refinery will gradually stabilize.The Oil Products / Chemicals Ratio Association is gradually moving towards design solutions.

PTA had high production and sales in the first quarter and 19H1 in the second quarter. Hengli Petrochemical (PTA) achieved a net profit of 18.

29 trillion, far higher than the level of 18H1 / H2, the report actually realized 292 tons of PTA sales (Q1 / Q2 achieved PTA sales of 165/127 tons, respectively), the net profit of production of PTA tons was 626 yuan; in terms of spread (PTA-0.

65PX) Q1 / Q2 are 840/1273 yuan / ton respectively. The company achieved more PTA production and sales in the first quarter, but the profit in the second quarter was much higher than the first quarter.

The benefits of polyester and film business were affected by the upstream extrusion company’s full-caliber sales volume of 128.

8 Initially, Hengli Chemical Fiber achieved 114 sales of civilian filament + industrial filament + polyester chips.

4 samples, net profit 6.

5.4 billion yuan, with an estimated net profit of about 572 yuan / ton; Yingkou Kanghui Petrochemical achieved sales of engineering plastics + polyester films for a total of 14.

36 cobalt, net profit 0.

3 billion, the report predicts that PTA will generate more strength, which will inevitably form a certain squeeze on the downstream.

Ethylene, PTA, polyester new materials and other new production capacity started. The subsequent growth was terminated. On June 30, the 150 euro / year ethylene project has accumulated 18 investments.

900 million, accounting for 8% of the total investment.

57%, is expected to be completed and put into operation in the fourth quarter of 19; Hengli PTA-4 project and PTA-5 project are progressing in sync, and entered the peak period of equipment installation, until June 30 respectively invested 8.


2 billion, accounting for 29% of the total investment.

28% / 11.

21%; gradual investment in new polyester material projects15.

400 million, accounting for 12 of the total investment.

53%, opening up subsequent growth space.

Company profit forecast, estimation and investment rating report The company has achieved a net profit of 40%.

21 trillion, surpassed the outstanding performance answer sheet, we will forecast 19/20/21 net profit from 68.



8 million up to 82.6/109.


90,000 yuan, currently corresponding to 19/20/21 year PE10.



5x, maintain “Buy” rating.

Risk Warning: Refining and Chemicals, Polyester Profits Decline, Ethylene / PTA Project Progress Is Less Than Expected, etc.

Ruichuang Micro / Nano: the core driver of infrared thermal imaging technology

Ruichuang Micro / Nano: the core driver of infrared thermal imaging technology
Key points of investment: Integrated circuit companies focusing on the core technology of infrared thermal imaging.The company was founded in 2009. Its products mainly include uncooled infrared thermal imaging MEMS chips, infrared thermal imaging detectors, infrared thermal imaging movements, infrared thermal imaging cameras and photoelectric systems. They are widely used in military and civilian fields: 1) military productsIn terms of night vision, precise guidance, photodiodes, and auxiliary driving systems for military vehicles, etc .; 2) civilian products are widely equipped with security monitoring, automobile assisted driving, outdoor sports, consumer electronics, industrial temperature measurement, forest fire prevention, medical detection equipment,Many fields such as the Internet of Things.In 2018, the global military infrared market was approximately $ 8.9 billion and the civilian infrared market was approximately $ 4.6 billion.The company is one of the few domestic companies with independent R & D capabilities and mass production of detectors, mainly including FLIR, ULIS, Gaode Infrared, Dali Technology and Northern Guangwei.The company’s customers mainly include listed companies and industry leading companies such as subsidiaries of central SOEs and scientific research institutes, Hikvision. Ma Hong directly and indirectly holds the company18.0% shares are the controlling shareholder and actual controller of the company.Other shareholders holding more than 5% of shares include Li Weicheng (12.17%), Liang Jun (5.68%) and Shenzhen Venture Capital (5.63%).The actual control person Ma Hong has many years of integrated circuit design, MEMS sensor design and manufacturing, device packaging and testing technology, image processing algorithm research and development experience. Revenue and net profit grew rapidly.The company realized revenue of 0 in 2016-18.60/1.56/3.8.4 billion, 杭州夜网 corresponding to net profit attributable to mothers was 9.69 million / 64.35 million / 1.250,000 yuan, with a combined gross profit margin of 67.3% / 66.6% / 60.1%.In 2016-18, the company’s net cash flow from operating activities was -35.3 / -747 / 36.25 million yuan; the company’s research and development expenses in 2016-18 were 1794/2676 / 60.50 million yuan, accounting for 29% of the annual revenue.8%, 17.2% and 16.9%. The company has long-term research and development capabilities and plans to raise funds4.5 trillion towards international advanced.At present, the company has 221 R & D personnel (591 in total, accounting for 37).4%), multiple breakthroughs in the field of million-level infrared optoelectronic chips, 12 and 17 micron detectors. At present, only a few countries in the world, such as the United States, France, Israel and China, have mastered uncooled infrared chip design technology.The company plans to raise funds 4.500 million US dollars for the technical transformation and expansion of uncooled infrared focal plane chips, infrared thermal imaging terminal application product development and industrialization projects, and Ruichuang Research Institute construction project. In the future, we are interested in becoming the world’s leading infrared imaging solution provider. The company’s estimated market value, net profit and revenue scale are applicable to the listing standards of the science and technology board. “(1) The estimated market value is not less than RMB 1 billion.Or the estimated market value is not less than RMB 100,000, the net profit in the last year is positive and the operating income is not less than RMB 100 million. “We recommend using the relative estimation method (PE) for estimation.Comparable companies in one stock include Gaode Infrared, Dali Technology. Risk warning: cash flow is not yet able to support long-term decision-making, the risk of price reduction of single products, and high customer concentration.