Kanghong Pharmaceutical (002773) Company Research: 100 Billion Market Spirit, Compaq’s Swordsman (Research on Innovative Drugs Series 4)

Kanghong Pharmaceutical (002773) Company Research: 100 Billion Market Spirit, Compaq’s Swordsman (Research on Innovative Drugs Series 4)

Looking at China: The four major indications have created a market space of over 600 billion for Compaq Sip, and sales are expected to reach over 8 billion.

The total indications of Compaq’s four indications are about 21.4 million people, about twice as much as disclosed in the 2015 prospectus. The market is expanding rapidly, and the compensation is based on a single annual medication amount of 30,000 yuan. The theoretical market space is over 600 billion.
If you conservatively consider the expected situation, follow 3.

2% of the patients received VEGF drug treatment, and the percentage of Compaqap City was 50%. The annual amount of single drug consumption increased by 15,000 yuan, and the sales of Compaqap in China alone were expected to exceed 8 billion.

With the entry of Compaqip into medical insurance, as well as the aging of the population and the continuous increase in the myopia population, it is expected that Compaqip will continue to maintain rapid volume.

Look at the pattern: Comparix has obvious advantages in benchmarking imported drugs, and a few players have divided up huge market space.

Current anti-VEGF drugs for the treatment of ocular diseases include ranibizumab, aflibercept, compaqip, bevacizumab, and tubular gathanib.

The fundus vascular disease drug market in domestic sample hospitals is almost divided by ranibizumab and compaqip.

Compaq is a full-body monoclonal antibody, with no immune response, half-life onset, higher binding efficiency, higher safety, better patient compliance, and the cheapest price. In 2017, the accelerated volume of negotiating medical insurance has obvious advantages.

Looking overseas: Directly through III clinical, sales are expected to reach 2 in advance.

6 billion dollars.

Compaq is the first domestic biopharmaceutical that has direct access to the US Phase III clinical trials.

USD 300 million cooperation with American CRO company to accelerate clinical and listing applications, and is expected to be approved for listing in 2022.

At present, the number of wAMD patients in the United States is estimated to be about 1.2 million, and it is expected to reach 1.5 million by 2020. The market space is broad. After Compaq’s listing, it is expected to replace the 5% market share and gradually expand the sales scale.

天津夜网6 billion dollars.

Looking to the future: The layout of the anti-VEGF platform is expected to produce a linkage acceleration effect.

The success of bevacizumab to ranibizumab and aflibercept to Zaltrap has revealed that VEGF antibodies have great potential for indication expansion.

Kang Hong has extended the ophthalmic indications from the fundus to the ocular surface, and the layout of KH906 has entered the phase I clinical stage.

In the field of oncology, KH903 has entered the phase II clinical stage.

Looking at the inventory: The non-biopharmaceutical sector has grown steadily, providing stable cash flow for the company.

The company’s non-biopharmaceutical plate variety is comprehensive. Currently, a total of 12 varieties are on the market. According to the 2014 annual report data, six major varieties have exceeded 100 million yuan in annual expenditure.

It is expected that after the end of the company’s marketing line reform, a comprehensive layout will be adopted, and the revenue of the non-biological medicine segment can maintain a compound annual growth rate of 5-10%.

Profit forecast and estimation.

According to the segment estimation method, we believe that the reasonable market value in 2020 is about 41 billion, and there is still room for up to 9 billion.

We believe that the company’s Compaq Sip will continue to maintain rapid volume in 2019-2021, chemical drugs and Chinese medicines continue to provide stable cash flow, and EPS grows rapidly; the adjustment of the non-biological medicine sector in the second half of 2019 has been completed, and it has slowly resumed positive growth.

It is estimated that the net profit attributable to mothers in 2019-2021 will be 8 respectively.

6.6 billion, 9.

3.3 billion, 10.

76 trillion, corresponding to a growth rate of 24.

6%, 7.

7%, 15.

4%, EPS is 0.

99 yuan, 1.

07 yuan, 1.

23 yuan, corresponding PE is 38X, 35X, 30X.

Covered for the first time and given a “Buy” rating.

Risk reminder: Compaqop’s volume is less than expected risk; Compaq’s risk of clinical failure in the United States; non-biological drug sector adjustment speed exceeds expected risk; research on the risk of failure of new drug development.

Yi Jiahe (603666) in-depth report: Accelerating the volume of live-operating robots will double-click Davis

Yi Jiahe (603666) in-depth report: Accelerating the volume of live-operating robots will double-click Davis

The first new-type live working robot is the first in 北京夜生活网 China, which is included in the industry blank.

There is homogeneous competition in traditional product inspection robots and manufacturers’ integration, such as Shandong Luneng and Shenhao Technology.

Yijiahe’s new live-operating robot is the first of its kind in China with high technical barriers. Yijiahe is currently the only company that can provide commercial products, demonstrating the company’s independent research and development capabilities.

The space for live-operating robots is expected to reach 20-30 billion yuan.

According to the calculation of the number of domestic live working teams and the unit price of live working robots, the domestic live working robot market capacity has reached 20-30 billion U.S. dollars, and the development prospect is broad, which will bring sufficient performance depth to the company.

The sales channels were fully opened.

Since Jiangsu Province accounted for about 70% of the company’s inspection robot sales in history, market competition is worried about cross-provincial breakthroughs.

A joint venture company is about to be established. Yijiahe’s research and development capabilities are strongly integrated with the sales channels of the State Grid to open up national sales channels, and the company’s growth is gradually eliminated.

Maintain “Buy” rating.

The company is the leader of national power inspection robots. New live-operating robots began to increase in volume at the end of 2019, bringing performance flexibility.

Therefore, we raise the company’s performance expectations. Based on the orders 成都桑拿网 in hand at the beginning of 2018 and the current year’s revenue estimates, the revenue for 2019-2021 will be 7 respectively.

0.6 billion, 10.

1.4 billion, 15.

5.4 billion, net profit attributable to mothers was 2.

5.1 billion, 3.

7.2 billion, 5.

8.7 billion, corresponding to PE of 33, 23, 14 times, the company will welcome Davis double-click.

Risk reminders: The industrialization progress of live-operating robots is less than expected; generally, the progress of the construction of electric power Internet of Things is less than expected; the risk of high customer concentration; the risk of developing markets outside the province is less than expected;

Lao Fengxiang (600612) Company Annual Report Comments: 18 Years of Revenue Increase 10% Net Profit Increase 6% Steady Growth

Lao Fengxiang (600612) Company Annual Report Comments: 18 Years of Revenue Increase 10% Net Profit Increase 6% Steady Growth
Investment Highlights: Lao Fengxiang released the 2018 annual report on April 26.Realized revenue of 437 in 2018.8.4 billion, an increase of 9 in ten years.98%; net profit attributable to mother 12.50,000 yuan, an increase of 6 in ten years.02%; deduct non-net profit 10.8.3 billion, a five-year growth of 5.78%.The basic EPS is 2.3 yuan, the expected average return on net assets is 20.26%. Profit distribution plan: It is planned to end in 18 years 5.2.3 billion shares are the base, and a dividend of 11 yuan (including tax) is distributed for every 10 shares. The company also announced that it achieved revenue of 150 in 19Q1.50,000 yuan, an increase of 6 in ten years.23%, net profit attributable to mother 3.7.4 billion US dollars, an annual increase of 11.94%, deducting non-net profit 3.48 ppm, a ten-year increase of 8.98%. Brief comments and investment recommendations 1. In 2018, revenue increased by 10% to 43.8 billion, and comprehensive gross profit margin dropped by 0.1 unit.By product, jewellery revenue was 33.8 billion yuan, a year-on-year increase of 14.2%, accounting for 77% of main income, gross margin decreased by 0.44 excellent to 10.16%; the company continues to adjust and optimize the product structure, in which jewelry, Caibao, pearls and other non-gold jewelry continue to maintain a good momentum of development, thereby transforming and achieving sales4.9 billion, an annual 南宁桑拿 increase of 4.54%; K gold jewellery achieved sales 11.93 ppm, an increase of 28 in ten years.29%.Gold trading income 57.500 million, down 2 every year.49%, accounting for 13% of main income, gross margin decreased by 0.16 averages to -1.01%. 2. There will be a net increase of 347 stores in 2018 and 120 new stores planned in 2019.At the end of 2018, there were a total of 3,521 Laofengxiang stores (including 19 overseas silver buildings), a substantial net increase of 347, of which 182 self-operated silver buildings (offices) (including 18 overseas), a net increase of 5 and 3339 chain franchise stores, netIt has increased by 342, and the number of new franchise stores during the year has been nearly five. In 2019, it plans to add franchised stores and 120 outlets (counters). The company continued to accelerate the overseas market layout with Hong Kong, China as the core. In 2018, it opened 6 overseas stores (1 in the United States and 5 in Hong Kong, China), and terminated 19 overseas stores at the end of the year, achieving annual revenue3.96 ppm, an increase of 30 in ten years.43%, the scale effect of overseas development gradually appeared.In 2019, the company will continue to promote its overseas layout strategy and enhance the brand’s international influence. Lao Fengxiang Hong Kong Company will further optimize the layout of silver buildings in the Hong Kong market in China and plans to establish 5-10 new retail stores.(Note: The overseas markets included in the report include overseas markets and Hong Kong, China.)2. During the period, the expense ratio is reduced by 0.06 averages to 3.At 17%, the sales and management expense ratio continued to decline.Among them, the selling expenses increased by 49.13 million yuan, and the expense ratio decreased by zero.04 averages to 1.62%; administrative expenses increased by 13.08 million yuan, and the expense ratio decreased by 0.07 single to 1.07%; financial expenses increased by 40.19 million yuan, the expense ratio increased by 0.05 averages to 0.48%. 3. Revenue growth expense ratio decreased, operating profit increased by 9.84% to 21.09 million yuan.Non-operating net income decreased by 4.28 million, and the effective tax rate increased by 2.08pct to 27.26%, the minority shareholders’ profit and loss increased by 25.14 million yuan, we estimate that it is mainly related to Lao Fengxiang’s limited profit growth, and ultimately the net profit attributable to the mother increased by 6.02% to 12.05 ppm, increase by 5 after deduction.78% to 10.8.3 billion. 4. Quarterly Report for the First Quarter of 19: Revenue 150.05 trillion increased by 6.23%; gross profit margin increased by 0.28 averages to 7.46%; the expense ratio increased slightly by 0 during the period.05 averages to 2.89% (of which sales expense ratio increased by 0.05 per share, the management expense ratio decreased by 0.05 per share, financial expense ratio increased by 0.05 averages), the effective income rate decreased by 0.3 up to 24.46%, minority shareholders’ profits and losses increased by 15.58 million yuan, and the final attributable net profit increased by 11.94% to 3.US $ 7.4 billion, starting from the first quarter of 2018 and a quarter-on-quarter, and improving in the fourth quarter of 2018, deducting non-net profit increased by 8.98% to 3.4.8 billion. Maintain judgment of the company.The company is a domestic leading gold and jewellery leader with both historical heritage, scale channels and brand value. Until the end of 2018, the total number of stores was 3,521 leading in the industry.In 2019, it introduced the main battle investment in Shanghai Central Enterprise Guoxin Holdings (Guoxin Zhangchuang Shareholders), set up a special “Arts and Crafts Fund”, employee shareholding associations and executive-owned subsidiary Shanghai Lao Fengxiang limited equity transfer and central enterprisesFunds, 38 core backbones in turn subscribed for the shares of central enterprise funds in cash, which is full of incentives. Update profit forecast.The company is expected to have revenues of 484 trillion, 534 trillion and 585 trillion in 2019-21, an increase of 10 in ten years.6%, 10.2% and 9.7%; net profit attributable to mother 13.500 million, 1.5 billion and 16.500 million, an increase of 11 in ten years.7%, 11.3% and 10%, the corresponding diluted EPS is 2.57 yuan, 2.86 yuan and 3.15 yuan.With reference to the average PE of major gold and jewellery companies in 2019, and considering the premium of Lao Fengxiang as the leader of A shares, the company is 17-19 times PE in 2019, corresponding to a reasonable value range43.71-48.86 yuan, given a “preliminary market” rating. risk warning.Gold price and exchange rate fluctuation risks, market downturn and overcapacity risks, inventory management risks.

Agricultural Bank (601288) Quarterly Report Review 2019: Asset Quality Maintains Stability

Agricultural Bank (601288) Quarterly Report Review 2019: Asset Quality Maintains Stability

Agricultural Bank of China disclosed the first quarter of 2019. Agricultural Bank of China achieved net profit of 613 trillion in the first quarter of 2019, a long-term increase of 4.


The annual decline in net interest margin dragged down ROA14 in the first quarter of 2019.

6%, down by 1 every year.

The seven averages are mainly affected by the warp tail effect of the fixed increase in the second quarter of last year, followed by the decline in ROA.

ROA1 in the first quarter of 2019.

07%, a decrease of 4 basis points in a year, the core reason is that the net interest rate / average assets (we restore FVPL investment income to income income) decreased, while last year dragged down ROA’s asset impairment losses / average assets, in the first quarter of this yearImproved and eased (but still dragged on ROA9bps); other non-interest income / average assets increased by 15bps, which contributed a lot to ROA, mainly due to the variability of increase in fair value income.

The cost of deposits rose, and the net interest margin fell month-on-month from the beginning and end of the first quarter of 2019.

11%, 10bps less than the fourth quarter of last year, mainly due to rising debt costs.

Cost of debt in the first quarter1.

72%, an increase of 7bps compared with the fourth quarter of last year, mainly due to the increase in the cost of deposits. We expect to optimize the company’s debt structure and gradually increase the rate of decrease.

It should be noted that the increase in the cost of deposits is not the only problem that ABC faces alone, but the problem that the entire industry is facing under the general trend of financial disintermediation.

Therefore, the rise in the cost of deposits will be a relatively long-term trend. However, in the short-term background of 南宁桑拿 the decline in interest rates in the money market, the increase in deposit costs of small and medium-sized banks has been replaced by the decline in interbank financing costs.The rise in the cost of debt caused by the rise in savings costs is more pronounced.

Asset quality remained stable. Asset impairment losses accrued in the first quarter increased by 25 each year.

1% is still a drag on ROA.

However, from the perspective of asset quality indicators, the non-performing loan ratio at the end of the first quarter was 1.

53%, a decrease of 6bps from the end of last year; the provision coverage ratio at the end of the first quarter was 264%, an increase of 12 percentage points from the end of last year, so we believe that the company’s overall asset quality should be relatively stable.

Investment advice The fundamentals of the Agricultural Bank of China remain relatively stable and we maintain a “Buy” rating.

Risks suggest that the continued weakening of macroeconomic expectations may adversely affect the quality of bank assets.

Jinjiang Hotel (600754) 2019 Third Quarterly Report Review: New Store Opening and Mid-end Maintain Strong Trend

Jinjiang Hotel (600754) 2019 Third Quarterly Report Review: New Store Opening and Mid-end Maintain Strong Trend
Key Investment Events: Company Announcement: 2019Q1-Q3 achieved revenue 112.82 ppm, a 10-year increase2.97%, of which, Q1 / Q2 / Q3 growth rate is 2 respectively.66% / 3.18% / 3.04%; net profit attributable to mother 8.73 ppm, a ten-year increase of zero.15%; net profit of 80,000 yuan deducted from non-attributed 深圳桑拿网 mothers, an annual increase of 18.08%, of which, Q1 / Q2 / Q3 growth rate is 2 respectively.45% / 16.58% / 22.09%; operating net cash flow of 160,000 yuan, a year-on-year decrease of 36.59%, EPS is 0.91 yuan / share. Comments: Vienna / Platinum’s strong new store openings led to continued outstanding performance. The catering business contributed steady growth performance. With the continuous decline of Cheng Yilong, etc., the investment income continued to decrease, the operating efficiency increased, and financial expenses decreased.Reporting intelligence, the company achieved revenue of 112.82 ppm / + 2.97% of the limited service hotel business realized 110 revenue.94 ppm / + 2.92%, of which 80 realized income in mainland China.2.6 billion / + 4.27% (upfront service fee income / +20.13% income from continuing franchise 北京男士spa会所 fees / +11.45%, accounting for 72.34%), income from mainland China 30.68 ppm / -0.43%, income from food and catering business1.88 ppm, a six-year increase of 6.32%; 19Q3 hotel series data: in terms of revenue, Platinum Tao +2.16% / Vienna +20.75% / Jinjiang Star-16.73% / Louvre +2.01% / Louvre Asia-22.23% / fashion journey +0.73%; In terms of net profit attributable to mothers, Platinum Tao (excluding the expected increase in fair value changes of Tongyi Yilong) +10.71% / Vienna +66.54% / Jinjiang Star-10.61% / Louvre +6.74% / Louvre Asia-12.57% / fashion journey-10.2%. Gross profit margin increased in 19Q3, and sales and financial expense ratio continued to improve.The company’s overall gross profit margin improved significantly in 19Q3, which is expected to be related to the increase in franchise income, and the gross profit margin will increase by 0.68pct, the increase in labor costs and the increase in research and development expenses, the management expense ratio (including research and development expenses) continued to rise 19Q3 rose 0.At 64pct, the decrease in revenue and sales management expenses decreased by 0.34pct and 0.95 points. Newly opened stores and contracted stores have accelerated significantly, mid-to-high-end brands have continued to develop their strength, and major brands have performed well.The report totaled 1,107 newly opened hotels (841 in the same period last year), 389 opened and withdrawn hotels, and a net increase of 718 hotels (499 in the same period last year). Of these, 21 directly operated hotels decreased and 739 franchised hotels increased.The number of models decreased by 37, and the number of mid- to high-end increased by 755. Until the end of 19Q3, there were 991 directly-operated stores with 112,936 rooms and a proportion of 13.89%, down 1 from the beginning of the year.86pct, 3,218 mid-range hotels, 389,772 rooms, accounting for 47 rooms.93%, an increase of 6 earlier.57pct; 4,229 stores have not been opened (457,055 rooms), setting a new historical high. It is expected that over 80% of these locations will be mid-to-high-end, which will provide protection for new stores in the future;/ 喆 brown / Greek bank 112/52/60 respectively) and Vienna (392) of mid-end brands continued to open stores quickly. In 19Q2, the overall operating data in China continued to decline, and the improvement in the occupancy rate narrowed. The number of overseas hotels increased substantially, and Q2 improved.; The overall RevPAR of domestic hotels 19Q1 / Q2 / Q3 increased by 1.15% / 0.26% /-1.49% (ADR increased by 7.28% / 4.94% / 3.73%, OCC bid 4 respectively.27 points / 3.55 points / 4.16pct); from the same-store data, the decline rate of the 19Q3 time growth rate intensified in the first half of the month. The same-store ADR growth rate in 19Q3 remained positive but the growth rate continued to decline.The expansion of OCC and ADR’s downward impact on the same store RevPAR accelerated the decline, the overall same store RevPAR decline slightly intensified compared with the first half, better than peers; overseas hotels, the overall average growth, 19Q1 / Q2 / Q3RevPAR increased respectively.06% / 4.46%, of which ADR increased by 1.86% / 2.13% / 1.61%, OCC increased by -0 respectively.47 points.53pct / 0.35 points. Profit forecast and investment rating: Benefit from strong new store openings and the rapid increase in the proportion of mid-to-high-end rooms. The company’s 19Q3 operating data and performance are outstanding and better than its peers. The company’s store size, mid-to-high-end space proportion, and brand and geographical distributionSignificant advantages; Adopt the construction of “one center, three platforms”, optimize resource allocation, promote deep integration, and steadily advance internal integration. In addition, the cash flow continues to be repaid and financial expenses are reduced. Reporting expenses and expenses have improved, and profitability has improved.We slightly raised our profit forecast for 19-21, and we expect EPS for 19-21 to be 1.25/1.43/1.69 yuan, PE corresponding to the closing price on October 30, 19 was 17/15/13 times, maintaining the level of “prudent increase”. Risk reminders: Macroeconomic growth rate, store expansion and revpar growth rate are less than expected, management improvement and internal integration progress are less than expected, goodwill impairment loss, state-owned enterprise reform progress is less than expected, shareholders reduce risk of holding, etc.

Pinggao Electric (600312): Faster growth in revenue, net profit turned losses

Pinggao Electric (600312): Faster growth in revenue, net profit turned losses

Investment Highlights: The company releases its 2019 semi-annual report.

In the first half of 2019, the company’s revenue was 31.

30,000 yuan, an increase of 18.

44%; 重庆耍耍网 net profit attributable to mother is 5,440.

280,000 yuan, -1 in the same period last year.

31 ppm; combined gross margin of 15.

92%, an increase of 4 a year.

53 points.

The company’s comprehensive gross profit margin has increased significantly, and we expect it to be mainly due to the increase in the delivery of UHV products with relatively higher gross profit levels.

During the period, the rate of expenses dropped significantly.

In the first half of 2019, the company’s sales expense ratio was 5.

31%, down one year.

89 points; management and R & D expense ratio 5.

99%, 0 in ten years.

61 points; financial expense ratio 2.

13%, 0 in ten years.

74 points.

The company’s overall expenses during the period are highly stable. Through the rapid growth of sales revenue, the expense ratio during the period has dropped significantly, and the overall decline2.


The operations of Pingzhi Switch, Tianjin Pinggao, Shanghai Tianling, Pinggao GM and other subsidiaries have improved significantly.

In the first half of 2019, Pingzhi Switch achieved revenue3.

20,000 yuan, net profit -587.

970,000 yuan, an increase of 3629 every year.

850,000 yuan; Tianjin Pinggao realized income 5.

2 billion, net profit -1514.

910,000 yuan, an increase of 5295 per year.

180,000 yuan; Shanghai Tianling achieved a net profit of 825.

240,000 yuan, an increase of 4258 per year.

340,000 yuan; Pinggao General Motors achieved a net profit of 139.

480,000 yuan, an increase of 4,663 every year.

240,000 yuan.

GIS leader, UHV brings profit elasticity.

As one of the leading GIS companies in the country, the company has enhanced research and development capabilities and strong technological innovation capabilities, with a market share of about 40% -45%.

In September 2018, the Energy Bureau issued the “Notice on Quickly Promoting the Planning and Construction of Supplementary Transmission and Transformation Key Projects” to accelerate the construction of 12 UHV lines. Currently, Zhangbei-Xiongan, Zhumadian-Nanyang and other lines have been approved in succession.Tendering has begun, and we expect that the remaining lines will also be approved in advance.

We expect that the accelerated UHV project, the GIS requirements corresponding to the 7 exchange projects will be about 100-120 intervals, and it is expected that the company will continue to increase profits in 2019-2021.

Marketing continues to strengthen.

The company has steadily advanced the construction of a “big marketing” system, optimized the incentive and restraint mechanism, and continued to strengthen its marketing professional management and business support capabilities.

State Grid collects bids, the market share of the bidding section of the UHV special tender is the highest; new business development has achieved obvious results, winning 227 one-key sequential control transformation projects, and the market share first; successfully winning the bid of Changchun Tiebei 252kVGIL, achieving the firstSet of performance cultivation.In addition, the company stepped up market development along the “Belt and Road” and won the bids for Thailand and Laos Vang Vieng projects.

Profit forecast and estimation.

We estimate that the company’s net profit attributable to the parent company for 2019-2021 will be 5.

00 ppm, 6.

8 million yuan, 7.

17 trillion, corresponding to EPS are 0.

37 yuan, 0.

45 yuan, 0.

53 yuan.

Given 20-25X PE for 2019, the corresponding reasonable value range is 7.


25 yuan, maintain the “primary market” rating.

risk warning.

Investment in power grids is gradual; UHV projects are progressing more than expected.

US Jim (002621): US Jim’s consolidated financial results officially changed its name to start a new development

US Jim (002621): US Jim’s consolidated financial results officially changed its name to start a new development
Company dynamics The company released its 2018 annual report and realized revenue in real terms2.6.5 billion yuan, an increase of 49.78%; Attributable net profit was 31.55 million yuan, an increase of 71.90%, net non-attributable net profit was 15.22 million yuan, an increase of 10.82%, EPS is 0.09 yuan / share, ROE = 2.60%.The company plans to increase 7 shares for every 10 shares and pay 0.2 yuan.The company’s securities abbreviation was officially renamed as “US Jim”. The review commented on the outstanding performance of education.1.6 billion, an increase of 103.23%, income share increased by 11.45pct to 43.53%, gross margin 63.68% (-0.02pct).US Jim’s annual revenue is 3.6.2 billion yuan, an increase of 67%, attributable to net profit1.9.1 billion yuan, an increase of 118%, completing 1.$ 800 million in performance commitments and a 12% increase in net margin.2pct to 52.6%.US Jim started consolidation in December 2018, with consolidated revenue of 33.01 million yuan, accounting for 12 of the company’s total revenue.44%, consolidated net profit of 21.59 million yuan (70% of shares), accounting for 55% of the company’s total net profit.34%, the performance increased significantly.Kaide Education’s senior management revenue was 68.36 million yuan, an increase of 20%, with a net profit of 28.93 million yuan, an increase of 26%, fulfilling the performance commitment of 26 million yuan, and an increase in net interest rate by 2.1 point to 42.3%.The company’s original plastic pipe manufacturing equipment and high-end machine tools achieved revenue1.2.3 billion (+19.45%) and 26.64 million yuan (+55.03%), with gross margins of 42.01% (+12.13 points) and 53.35% (+ 39.79 points). The increase in gross profit margin, after deducting the share-based payment profit, the improvement of cash flow was affected by the increase in the proportion of higher gross profit margin in education business income and the significant improvement in the original industrial business gross profit margin.44 points to 52.59%.The company’s selling expense ratio is 5.58% (-0.48pct); management expense rate 28.58% (+11.29pct), mainly due to the increase of 25.15 million yuan in share-based payment of equity incentives. If this effect is excluded, the actual management expense ratio is 19.10%; R & D expense ratio 2.88% (-1.22pct), which is mainly for the research and development of new products by Third Base Technology; the financial expense ratio is -1.01% (-0.68pct), mainly due to the increase in interest income from deposits.The company’s top management achieved a net profit of 31.55 million yuan, an increase of 71.90%, net 杭州桑拿 interest rate 11.89%. Excluding the effect of share payment, the net profit attributable to the company was 56.7 million yuan, an increase of 208.94%, net interest rate 21.37%, a significant boost in earnings.Affected by the rapid growth of education business, the company’s cash flow improved significantly, and net cash inflow from operating activities.8 billion yuan, an increase of 464 over the beginning of the period.38%, of which net cash inflows from operating activities in the fourth quarter1.5.5 billion yuan.At the end of the termination period, the company’s book advance balance was 1.4 billion yuan, an increase of 468 over the beginning of the period.44%, of which the pre-collection franchise service fee / pre-collection fee / pre-collection course fee were 75.44 / 4432 / 205.3 million yuan. Taking US Jim as a new base and accelerating the development of the education industry, the company successfully acquired the early education leader Mei Jim in 2018, and the education landscape was further expanded.By the end of the period, there were a total of 434 early childhood education centers across the US, with a net increase of 105 during the year, which was higher than the predicted value of the reorganization report of 424, and the network layout accelerated.In 2019, the company will enrich the US Jim product system, ensure the replacement of quality, accelerate the opening of new direct sales and franchise stores, expand overseas markets such as India, Russia, Hong Kong, Macao and Taiwan, and develop online products to seize market share.Kade Education now has 7 directly operated centers in Beijing, Shanghai, and Shenzhen, leading the quality of training services and outstanding teacher reserves.The company will continue to invest in mergers and acquisitions of international education groups with synergies, and gradually establish and consolidate leading categories. The investment proposal considers the consolidation of US Jim and the expected debt financing will increase the financial costs. We adjust the profit forecast for 19-20 and increase the profit forecast for 21, and the estimated net profit attributable to 2019-2021 is 1.72/1.83/2.28 ppm, corresponding EPS is 0.49/0.53/0.66 yuan / share, corresponding to PE is 45/42/34 times (based on the closing price of 2019/4/16), if you consider the conversion to increase the diluted share capital, the corresponding EPS is 0.29/0.31/0.39 yuan / share.In the context of the high prosperity of the early education industry, US Jim has accelerated the development of blank areas in second- and third-tier cities. The theoretical capacity of 1100 continues, and the current penetration rate is only 40%.Taking into account the successful acquisition and consolidation of US Jim, and the growth of the leader in the industry’s high prosperity, we raised the level to “overweight.” Risks include the risk of increased costs caused by the regulatory upgrade of the early education industry, the risk of increased competition in the industry, the risk of impairment of goodwill, and the loss of new Jimmy ‘s stores.

Daun shares (002838): TPV continued heavy volume and Haier’s new material consolidation helped boost performance

Daun shares (002838): TPV continued heavy volume and Haier’s new material consolidation helped boost performance
Event Overview The company released its third quarter report for 2019 and achieved operating income for the first three quarters19.0.94 million yuan, an increase of 148 in ten years.45%, net profit attributable to mother 1.27 ppm, a 44-year increase of 44.72%, net profit after deduction 122 ppm, an increase of 52 in ten years.25%, EPS0.31 yuan, expected average ROE12.73%.Among them, Q3’s operating income and net profit attributable to mothers were 6, respectively.9.5 billion, 0.48 ppm, an increase of 159 per year.87%, 50.81%.  Analysis and judgment: Haier’s consolidation of new materials and continued heavy volume of TPV led to a large increase in performance. The company’s average revenue and net profit increased in the first three quarters, mainly due to the consolidation of Haier’s new materials and continued heavy volume of TPV.The company acquired 80% equity of Haier New Material in cash in November 2018, and Haier New Material promised to increase its net profit to 1.85 ppm, after the acquisition the company’s modified plastics capacity increased by 12 to 19.In 1 second, it ranked third in the country.The 杭州桑拿体验网 company is the third largest TPV company in the world and the largest domestic TPV company, with a production capacity of 2.Phase 2, including one month of production in June 2018, with major customers such as GM, Nissan and other leading automobile manufacturers. The continuous release of production capacity releases the continued development of the market. The sales volume of TPV increased by 30% this year. According to the company’s investor relations activities in August 2019Disclosure, replenishment early next year 1.1In the early stage, the market share will continue to grow.The company’s gross profit margin in the first three quarters was 16.85%, net sales margin 6.76%, a slight increase from the interim data.  HNBR and TPIIR have become new profit growth points. New products will continue to emerge. HNBR (hydrogenated 深圳桑拿网 nitrile rubber), due to its high heat resistance, oil resistance and other characteristics, is widely used in oil pipe oil seals, seals, tire materials, the market space is huge.The company put into operation a production capacity of 1,000 tons at the end of March 2019. It is expected to sell hundreds of thousands of tons within the year, with higher prices and gross profit margins.TPIIR is mainly used for medical rubber plugs to replace thermosetting bromobutyl rubber. The market demand is about 6 tons. The company increased its production capacity by 2,000 tons in the second quarter of 2019. According to the company’s interim report, the use of grade TPIIR project is under construction. It is estimated that 2020In the second half of the year, it is ready for use.In addition, the company’s TPU (polyurethane thermoplastic elastomer) and DVA (tyre gas barrier layer) will also be important growth points of the company’s future profits.  Issuing convertible bonds to continuously improve Haier’s new materials market competitiveness. The company announced in June 2019 that it plans to issue no more than 3.The 6 billion US dollars of convertible debt is used to reduce the construction of Haier’s new materials in order to solve the pressure of Haier’s new materials supply shortage, while also reducing the company’s financial costs.  The investment proposal estimates that the company’s operating income for 2019-2021 will be 25.92/33.71/42.2.7 billion, net profit attributable to mothers was 1.86/2.66/3.62 trillion, EPS is 0.46/0.66/0.90 yuan, the current corresponding PE is 27/19/14 times.The company is a leader in the TPV industry. It is deeply cultivating dynamic vulcanization platforms, hydrogenation platforms and esterification platforms. Existing products are continuously heavy and new products are successively relayed. The company’s future growth is highly certain.Covered for the first time, giving “overweight” rating.  Risks indicate the risk of rising raw material prices; the risk of new product markets such as HNBR developing less than expected; the progress of capacity construction is not as expected.

Hesheng Silicon Industry (603260): Performance in line with expectations

Hesheng Silicon Industry (603260): Performance in line with expectations

Event description: The company disclosed its 2018 annual report on April 22 and actually realized revenue of 110.

76 ppm, an increase of 59 in ten years.

37%; net profit attributable to mother 28.

05 ppm, an 84-year increase.

92%; realized gross profit margin of 40.

84%, net interest rate is 25.

74%, earnings per share were 4.

19 yuan.

The company plans to distribute a cash dividend of 8 per 10 shares to all shareholders.

2 yuan (including tax), 4 shares for every 10 shares of all shareholders.

Incident Comment: The performance increase comes from the increase in production and sales, and the cost is low.

The company produced industrial silicon 65 in 2018.

95 for the first time, with an annual increase of 58.

23%; sales 51.

49 for the first time, growing 57 per year.

51%; for own use 8.

95 inches.

Production of silicone 31.

93 initial, sales 18.

95 maximum, since the amount of 12.

79 ounces.

The main costs of silicon production are electricity costs and raw material costs.

The company takes root in Xinjiang, produces electricity and uses coal at low prices; its subsidiaries supply graphite electrodes entirely to reduce raw material costs.

The company’s period rate is only 8%.

The company’s production capacity has expanded, silicon has integrated upstream and downstream, and has a strong synergy effect.

The company is currently the largest industrial silicon company in China and the top ten in the world’s organic silicon industry.

The company’s overall industrial silicon production capacity has been increased from 40 microns to 80 microns; in organic silicon, the company’s existing production capacity is 33 tons, and it is expected to raise 10 tons of transistor production capacity.Production is expected to start in 2020Q4-2021Q1.

The silicon industry benefits from supply-side reforms, and leading companies are expected to fully benefit.

The concentration of the organic silicon industry is constantly increasing, and environmental protection and safety supervision are under high pressure, which is conducive to the continuous optimization of the supply structure.

The market share is concentrated on the leading players. As the largest silicon producer in the country, the company’s industrial silicon market share is 25% and organic silicon market share is 15%, which will fully benefit from market reforms and rising product prices.

The operating income plan for 2019 and 2018 杭州桑拿 will increase by about 20% or more.

Investment rating and estimation: According to the profit forecast, the company’s revenue in 2019 is 127.

600,000 yuan, net profit of 31.

2 billion yuan, corresponding to PE of 12.

62, the initial “recommended” rating.

Risk reminder: the risk of a significant drop in product prices; the risk of new capacity being released less than expected; the risk of downstream demand being less than expected

Lao Fengxiang (600612) 2018 Annual Report and 2019 First Quarterly Report Review: Steady Operation, Deepening State Reform Bonus, Expected

Lao Fengxiang (600612) 2018 Annual Report and 2019 First Quarterly Report Review: Steady Operation, Deepening State Reform Bonus, Expected
Core point of view 2018A / 2019Q1 revenue growth + 10% / + 6%, attributable net profit growth rate + 6% / + 12%, stable operation, growth rate to replace the industry.As a gold jewellery leader, the company’s comparative advantages in brand, channel, and product are increasingly enhanced; following Lao Fengxiang Limited21.After the transfer of 99% unconventional equity, the original share-holding executives and backbones merged with Yangdi Xiang (Shanghai) and took a stake in Lao Fengxiang Limited, the company promoted the introduction of a wider range 淡水桑拿网 of incentive programs with better plans to further stimulate vitality. Growth in the front-end industry, terminal sales are expected to continue to pick up.2018A / 2019Q1, the company’s operating income was 437.8 billion / 150.1 billion, the previous + 10% / + 6%, the same period of corporate gold and silver jewelry retail sales +7 over the same period.4% / + 2.6%; Attributable net profit 12.100 million / 3.7 ‰, ten years ago + 6% / + 12%; the company’s long-term growth industry, market share has further increased.The optional consumption in 2018Q4 bottomed out. In 2019Q1, the liquidity margins were loose, the macro economy stabilized, and the growth of consumer policies stimulated the growth rate of pick-up. In 2019, it gradually increased to a lower level and then to a higher level, picking up quarter by quarter.In 2018苏州桑拿网Q4 / 2019Q1, Chow Tai Fook’s mainland same-store sales were -7% / + 9%, with a growth rate of -12 / + 2pcts. Gross profit, expenses have remained stable, operating cash flow has been disturbed, and the overall operating conditions are stable.2018A / 2019Q1, the company’s gross profit margin is 8.2% / 7.5%, three expenses rate 3.twenty two.9%, attributable net interest rate 2.8% / 2.5%, basically the same every year.2018A / 2019Q1 Operating Cash Flow -3.700 million / -8.900 million US dollars, the company’s inventory of 8.9 billion / 10.2 billion US dollars in the same period, corresponding to the inventory turnover rate of 5.0/1.5, ten years + 0 / -0.2. Turnover is affected by the downward influence of the jewellery terminal boom, and inventory is expected to continue to digest as the terminal warms up. Both switches are used to optimize the store structure, and product innovation speeds up and consolidates brand advantages.In 2018, there were 347 net openings, the largest number in the past five years (2015/16/17: + 221 / + 31 / + 186); meanwhile, the company expanded its store optimization efforts, and in 2019Q1 29 net closings.As of the first quarter of 2019, the company has a total of 3,492 terminal stores (including 19 overseas), of which 176 / 3,316 are self-operated / joined; the store can be the largest in the Chinese market (3,375 Chow Tai Sang and 3,134 Chow Tai Fook).In 2018, retail / wholesale revenue was +10 for ten years.9% / + 14.6%, overseas income +30 per year.4%.Innovation boosts product strength, with a product update rate of 27% + in 2018; non-gold jewelry has been sold for $ 5.8 billion, +4 per year.5%; K gold jewelry sales 12 million, +28 throughout the year.3%; gold / set self-produced ratio reaches 35% / 52%. Take “Double Hundred Actions” as an opportunity to further deepen the national reform.On January 22, 2019, the implementation of the transfer of limited non-state-owned shares of the core holding subsidiary Lao Fengxiang was completed, reorganizing and dating the capital of state-owned enterprises, optimizing the shareholder structure, and leveraging the advantages of central-land integration; 38 key business technology backbones could pass the “central-region fusion process”The “Art Fund” indirectly holds Lao Fengxiang Limited 3.47% equity, core team incentive continued.The company is in a fully competitive industry and is one of the key enterprises of the “Double Hundred Actions” of the State Reform. It is expected to introduce a longer-term incentive mechanism with a wider coverage in the future to further optimize corporate governance. Risk factors: Weak consumption and sluggish consumption of gold jewelry; the national improvement exhibition is lower than expected. Investment advice: Global jewelry brand CR5 is limited to 8.1%, Lao Fengxiang took 1.The 7% market share ranks third, and the market share will continue to increase in the future.It is expected that the company will maintain rapid expansion and optimize the store structure, accelerate product innovation and increase added value, and improve the “five-in-one” marketing model, channels, brands, and marketing three-dimensionally to consolidate market share.Maintain 2019-2020 vested net profit forecast at 13.500 million / 15.4 trillion, and the forecast for 2021 is 17.70,000 yuan, the corresponding EPS is 2 respectively.58/2.95/3.38 yuan, given a target price of 53 yuan, corresponding to 21x PE in 2019, maintain “Buy” rating.