Xiang Piao Piao (603711) 2019 Interim Report Review: Juice and Tea Volume Drives High Performance

Xiang Piao Piao (603711) 2019 Interim Report Review: Juice and Tea Volume Drives High Performance
Event: The company released its 2019 Interim Report.In the first half of 2019, the company achieved total operating revenue13.7.7 billion, an annual increase of 58.26%; net profit attributable to mother is 0.2.4 billion, an annual increase of 143.11%, performance exceeded expectations. Opinion: The continuous heavy volume of juice tea drives high performance.In the first half of 2019, the company’s juice tea achieved revenue5.8.9 billion yuan, continued heavy volume, revenue accounted for nearly 43%.Revenue from brewing milk 厦门夜网tea7.1.2 billion, down 2 every year.81%; of which the classic series achieved revenue 4.6.7 billion, an annual increase of 7.9%; Good material series achieved revenue 2.4.4 billion, down 18 every year.34%.Liquid milk tea achieved zero revenue.6.3 billion, down 50 each year.6%.The high growth in the first half of the year was mainly due to the continued volume of fruit tea. Achieve rapid growth online and offline.In the first half of 2019, the dealer channel achieved revenue12.9.4 billion, an annual increase of 57.16%; of which the East China market realized revenue 4.9.9 billion, an annual increase of 29.57%; Southwest and Central China markets achieved revenue2.2.5 billion and 2.08 million yuan, an annual increase of 60.38% and 90%.59%; Northwest, South China, North China, and Northeast markets achieved revenue1 respectively.3.4 billion, 0.9.2 billion, 0.8.5 billion and 0.$ 5.1 billion, an increase of 55 each year.26%, 77.48%, 120.19% and 324%.E-commerce channel realized zero revenue.5.7 billion, an annual increase of 64%.In the first half of the year, there was a net increase of 90 dealers, bringing the total number of dealers to 1,377. Profitability has improved.In the first half of 2019, the company’s comprehensive gross profit margin increased by 6 supplements to 36 per year.97%; period expense rate drops by 5 per year.02 excellent to 37.1%, in which the sales expense ratio decreases by 8.09 perfect to 28.38%, the management expense rate increases by 2 every year.92 good to 8.57%, the financial expense ratio increased by 0 in ten years.15 perfect to 0.16%.Benefiting from higher gross profit margins and lower expense ratios, net profit margins increased by 7.98 perfect to 1.71%. Maintain a cautious recommendation level.The company’s EPS for 2019-2020 is expected to be 0.95 yuan and 1.13 yuan, corresponding to PE and 41 times and 3杭州桑拿网 4 times.The company’s juice tea is expected to continue its heavy volume, and its capacity expansion is advancing in an orderly manner.Maintain a cautious recommendation level. Risk warning: food safety risks, etc.

Baiyun Airport (600004): International passenger flow growth will drive tax-free income growth

Baiyun Airport (600004): International passenger flow growth will drive tax-free income growth

Investment points After 19Q1, the production cycle will continue to be optimized. In April 18, the company’s T2 terminal was put into production. It is expected that after 19Q1, the possible impact of the cost side due to new depreciation will be eliminated.

With the increase in passenger traffic and the maximization of production capacity, the company’s profitability is expected to continue to increase.

The company’s third phase expansion plan is currently under planning, including the fourth and fifth runways and T3 terminal, and it is expected to start production around 2025.

Therefore, the company’s production cycle in 19-20 will continue to optimize.

International passenger traffic is expected to continue to grow. The company is the only core gateway airport in the nationally rebuilt Zhongnan Airport Group. The relatively high on-time rate enables the company to obtain higher time increments.

The third air terminal and the T2 terminal were put into production in February 2015 and April 18 respectively, and there is still ample capacity.

The scope of cooperation between the company’s base airline, China Southern Airlines and International Airlines, has been expanding, and the explosion of international passengers has continued to grow.

It is expected that the compound annual growth rate of tungsten for international passengers will increase by 10-20 years.

9%, the proportion will exceed 25% in 2020.

The unit price of duty-free sales is expected to increase the area of duty-free venues by 3 after the T2 terminal is put into operation.

Six times, the duty-free product category is expected to be enriched.

After the completion of the 51% equity acquisition on the day of the acquisition, China Exemption is expected to increase the attractiveness of duty-free products through channel advantages and scale effects.

The cooperation between China Southern Airlines and American Airlines and British Airways is committed to increasing the company’s share of international passengers in Europe and the United States, and optimizing the structure of international tourists.

The state’s regulation of overseas purchasing through channels such as e-commerce has increased the attractiveness of duty-free shops.

The above will help increase the unit price of tax-free sales.

The increase in tax-free income will bring about double growth in performance and estimates. It is expected that the company’s net profit attributable to the parent will be 11 in 18-20.

5 billion, 8.

8 billion, 12.

900 million, the previous growth rates were -27.

6%, -23.

6%, 46.


19-year reasonable PE38 calculated with reference to relative estimates.

9 times and an absolute estimate of a reasonable market value of 422.

200 million, the current company is undervalued.

The average unit price of international passenger explosions and duty-free sales continued to increase, supporting the company’s tax-free business income growth.

The increase in tax-exempt business income is expected to bring the company’s performance and estimates to double, and for the first time, the company will be given a “buy” rating.

Risks indicate that the explosion 武汉夜生活网 rate of international passengers has fallen short of expectations, and the unit price of duty-free sales has grown less than expected.

China Railway Construction (601186): Infrastructure business grows steadily Q2 net profit growth increases

China Railway Construction (601186): Infrastructure business grows steadily Q2 net profit growth increases

Event: The company achieved revenue of 3529 in the first half of 2019.

35 ppm, an increase of 14 in ten years.

23%; operating profit of 103.

1.7 billion, an annual increase of 16.

00%; net profit attributable to mother is 92.

84 ppm, an increase of 15 in ten years.

93%; EPS is 0.

65 yuan, the expected average return on net assets is 5.


Comments: 1. Engineering contracting and industrial manufacturing support high revenue growth. In terms of sub-businesses, which saw an improvement in the second quarter, the company’s engineering contracting business was US $ 311 billion, a continuous growth16.

39%; survey and design business is 770,000 yuan, a year-on-year increase of 9.

37%; real estate development business is 98 ppm, a reduction of 0 per year.

78%; industrial manufacturing business 9 billion yuan, an annual increase of 21.

48%; logistics materials trading business was 3.44 million yuan, a year-on-year increase of 8.


By region, domestic revenue was 33.71 million yuan, an increase of 15 per year.

74%, foreign revenue of 1.58 million yuan, a year-on-year decrease of 10.


By quarter, Q1 and Q2 achieved revenue of 1,571 trillion, 1958 trillion, an increase of 19.

32% vs. 10.

44%, the second quarter revenue growth indicator; net profit attributable to mother, Q1 and Q2 were 38.

86 and 53.

99 ppm with a growth rate of 13 respectively.

56% vs. 17.

69%, the growth rate of net profit in the second quarter increased, and net profit attributable to mothers was 92 in the first half.

84 ppm, an increase of 15 in ten years.


The company’s non-recurring profit and loss for the first half of the year was 7.

5.7 billion, so the company’s first half of the net profit deducted to the mother’s net profit was 85.

27 ppm, an increase of 19 years.


2. The gross profit rose steadily, the accounts receivable continued to increase, and the net increase in cash flow expanded. In the first half of 2019, the gross profit index increased by 0 in the same period last year.

1 to 9.

8%, mainly due to changes in business structure.

In terms of business, project contracting decreased by 0 compared with last year.

09% to 7.

61%, survey and design fell by 1.
77% to 31.
95%, industrial manufacturing dropped by 0.

93% to 22.

74%, real estate development increased by 5.

76% to 28.

44%, logistics materials increased by 1.

29% to 12.


Period expenses5.

53%, of which the selling expense ratio and financial expense ratio always decrease, which are 0.

03% vs. 0.


The management expense ratio increased by 0 compared with the same period last year.

01% to 4.


Consolidated company’s first half net profit 2.

92%, an increase of 0 compared with the same period last year.


Operating cash flow -458 compared to the same period last year.

8.8 billion rose to -324.

72 ppm, mainly due to the increase in cash received from sales of goods and services.

Due to the expansion of business scale, accounts receivable grows by 13 each year.

60% to 135.

1.4 billion.

Accounts receivable turnover rate increased by 1 over the same period last year.

15 to 3.

13. The inventory turnover rate decreased by 0 杭州桑拿网 compared with the previous one.

15 to 1.

85. Enterprises’ ability to pay debts has increased.

Asset-liability ratio rose by 0.

68 pp to 78.


3. In the first half of the new year, the annual growth rate was 18.

01%, the project business is significantly affected by national policies, the company’s growth rate in the first half of 2019 the company’s new contract value of 7,186.

97 ppm, an increase of 18 years.


Among them, the project contracting business was 6118.

92 trillion, the same increase of 23.

14%; survey and design salesman 77.

75 trillion, down 34 a year.
83%; industrial manufacturing 98.
54 ppm, a decrease of 6 per year.

89%; logistics materials business 432.

0.94 million yuan, an increase of 0 in ten years.

63%; real estate business 398.

32 ppm, a decrease of 2 per year.


The growth rate of the company’s engineering business is obviously affected by national policies. The urbanization construction and shantytowns, and the old and old residential quarters support engineering business.

The survey business fluctuated due to market influences, but due to its small volume, it has less impact on the company as a whole.

4, policy overweight orders are expected to continue to improve, maintaining the “strongly recommended -A” level.

The company is the country’s largest and most powerful infrastructure central enterprise, with engineering contracting as its core, diversified distribution of logistics, real estate and other fields to increase the company’s performance.

With the expected improvement in infrastructure recovery, the company will take the lead as a leader to benefit.

Expected 19, 20 EPS1.

50 yuan, 1.

68 yuan, corresponding to PE 6.

1 times, 5.

4 times, maintaining “strongly recommended” level.

5. Risk warning: receivables default risk, investment risk, cash flow risk.

TCL Group (000100): Renamed as TCL Technology to start a new journey for technology companies

TCL Group (000100): Renamed as “TCL Technology” to start a new journey for technology companies

Event: The company issued an announcement. In order to accurately reflect the company’s business scope and operating conditions, and to clearly break through the company’s strategic positioning of leading global technology companies, the company intends to change its name to “TCL Technology Group Co., Ltd.” and the English name will be changed accordinglyChanged the stock short name to “TCL Technology” and the stock short name to “TCL TECH”.

Divide the terminal and 武汉夜生活网 supporting businesses and focus on the development of the technology industry.

In order to further adapt to the rapid development of 5G, Internet of Things, AI, cloud and other technologies, break through development breakthroughs, and improve operating efficiency, listed companies have completed major asset reorganizations in early 2019, replaced terminal and supporting businesses, and focused on semiconductor display technology and materials businesses.”TCL Technology” is more in line with the company’s current business composition and development direction.

At present, TCL Huaxing has the world ‘s third-largest panel insertion volume, and LTPS mobile phone panel insertion volume is second. AMOLED products have achieved mass production conversion, interactive whiteboards, commercial display, automotive, notebooks and other high value-added products and applications are constantly enriched.

In the future, the company will seize opportunities for industrial adjustment and reshuffle, accelerate the extension and horizontal integration of the industrial chain, and carry out ecological layout in areas such as basic materials, continuous display materials, and key equipment in new technology processes.

Panel prices bottomed out and ushered in an upward cycle in 2020.

Since 2019, the prices of large-size panels have continued to decline. By the fourth quarter of 2019, many panel manufacturers have shown replacement or expansion.

In 2020, the supply side will continue to shrink production capacity through overseas panel manufacturers, and a new domestic production expansion cycle is nearing its end to supplement the change in production speed. On the demand side, new catalysts such as the Tokyo Olympics and the European Cup appear. We believe the industry is expected to welcome in 2020.Come new cycle.

According to the price quoted by the third-party agency in early January, the mainstream panel price will increase in January.

Huaxing Optoelectronics, as a leading global panel manufacturer, is expected to take the lead in benefiting from the rebound in the industry.

Maintain efficient operations and further increase the profit flexibility.

In 2019, in the context of the industry’s downturn, the company further improved its operating efficiency and efficiency leading edge, and the company’s net profit per capita in 19Q3 increased from 2.

90,000 yuan to 7.

60,000 yuan, the group expense ratio from 16.

The 1% interest rate is 13%, and the asset-liability ratio is 68.

4% recovered 60.

3%, the capital structure remained stable, and net operating cash inflow was 76.

10,000 yuan, the company’s sustainable development capacity is further enhanced.

The transformation industry will pick up in 2020, and the company’s profitability will be huge.

Earnings forecasts and investment advice.

It is estimated that the company’s net profit attributable to the parent in 2019-2021 will be 35.

800 million, 41.

2 ppm and 45.

30,000 yuan, with reference to the estimated level of panel companies in the same industry, maintain “Hold” rating.

Risk reminder: the risk of panel price fluctuations; the risk of factory capacity climbing less than expected; the risk of customer certification progress falling short of expectations; the risk of exchange rate changes.

13-day IPO fund size nearly 48 billion equity funds have growing momentum

13-day IPO fund size nearly 48 billion equity funds have growing momentum

Since the opening of the Securities 杭州桑拿网 Daily in 2020, the issuance of new funds has been “opening.”

“Securities Daily” reporter noted that as of January 13 when the reporter published a press release, only 13 days in the public fundraising fund market had established 12 new funds, the total first fund size of 12 funds reached 394.

3.6 billion, a nearly 6-fold increase over the same period last year.

  In addition, on the day of January 13, there were three funds that ended the fundraising at the same time, namely the Yinhua Science and Technology Innovation Theme Mix, Penghua Science and Technology Innovation Theme Mix and Hongde Fengrun Three-year Holding Period Mix.

  ”Securities Daily” reporter learned that the first two science and technology theme funds were triggered by the 1 billion fund-raising senior executives to end the fundraising in advance, and the placement was proportionate.The scale of closed-term active equity funds has the highest record.

  Based on this calculation, the 12 new funds that have been set up this year and the 3 funds that have ended the fundraising in advance will have an initial fundraising scale of about 48 billion this year.

  It is worth noting that among the newly issued funds this year, the equity funds are gaining momentum, and the scale of equity fund raising is as high as 235.

3.6 billion.

In fact, last year, the average A-share market got out of a structural bull market. Only public equity funds with professional investment and research capabilities achieved great returns last year. Over the past year, investors have been enthusiastic about participating in the equity market.Upward, the discovery and healthy development of equity funds will attract more attention.

  Statistics show that as of January 13 this year, 12 new funds have been established in the public fund market, with a total initial fundraising scale of 394.

3.6 billion yuan, compared with 57 in the same period in 2019.

12 trillion points, a sudden increase of nearly 6 times a year.

Eleven funds including Huitianfu Fund, Huaan Fund, and Invesco Great Wall Fund took the lead in welcoming “newborns”.

Among them, Huitianfu’s first-stage core assets reached 11.3 billion yuan, becoming the first new fund with a scale of 10 billion yuan this year.

  According to this calculation, since 2020, the average issue size of a single new fund has reached 39.

400 million US dollars, this data is significantly higher than the average level of a single fund in the same period last year. The hot trend of new fund issuance is becoming increasingly apparent, and it is striking that equity funds have become the new darlings.

  Investors’ recognition of equity funds has also improved significantly. Last year, the number of newly established funds reached 1,077, with a total raised share of more than one.

4 trillion copies, a new record high.

  Specifically, the equity funds that are gaining momentum account for the largest proportion of the newly issued funds, with a total initial size of 235.

3.6 billion, accounting for nearly 60%.

  According to 杭州夜网 the statistics of the “Securities Daily” reporter, out of the 12 new funds that have been established this year, partial equity funds accounted for 4 and the total size of the first fundraising reached 213.

4.5 billion.

  Hu Lifeng, head of the Galaxy Securities Fund Research Center, published a paper in an interview with “Securities Daily” reporter: “Currently, for this public fund, the most important thing is to vigorously develop stocks that are brave enough to assume securities responsibilities and have the courage to take long-term investment responsibilityEquity funds with a position of not less than 80%, and promoting the healthy development of equity funds has become an important issue for the industry.

New natural gas (603393): endogenous + extension results in a sharp increase in performance The 2018 annual report exceeded market expectations

New natural gas (603393): “endogenous + extension” results in a sharp increase in performance The 2018 annual report exceeded market expectations


Event 2018, the company achieved operating income16.

32 ppm, an increase of 60 in ten years.

58%; net profit attributable to mother is 3.

350,000 yuan, an increase of 26 in ten years.

88%; net profit after return to mother 2.

10 ‰, a decrease of 11 per year.

74%, budget benefit 2.

09 yuan.


Our Analysis and Judgment (1) “Endogenous Growth + Outward Expansion” Drives a Significant Increase in Revenue The traditional city gas business maintains steady growth.

In 2018, the company’s urban gas sector achieved revenue11.

71 ppm, an increase of 15 in ten years.


Among them, in terms of natural gas supply, gas sales amounted to 6.

50 billion cubic meters (+17 compared with the same period last year).

8%); the average price benefited from the increase in the proportion of industrial gas, which increased slightly to 1.

48 yuan / party (2017.1.

46 yuan / square), contributing 9 income.

630,000 yuan, an increase of 19.


In terms of home installation business, the increase in the maturity of the regional market has led to an improvement in the number of new users. The number of installations completed in 20183.

110,000 households, down 26 before.


However, the installation unit price increased from 4,972 yuan / household in 2017 to 6,704 yuan / household, realizing business income2.

08,000 yuan, stable for one year.

Asian American Energy operates well, and mergers and acquisitions have led to a significant increase in total revenue.

In 2018, the company made an 厦门夜网 offer to acquire Yamei Energy, and completed the consolidation in August.

Due to the orderly progress of gas field development, the number of production wells has increased rapidly, which has driven Panzhuang. The natural gas extraction volume of the two major blockchains in Mabi has reached 7.

05, 0.

9.7 billion cubic meters, an annual increase of 23.

4%, 65.


Due to the rapid growth of domestic natural gas consumption and relatively tight supply and demand, the average viscosity of coalbed methane has been changed from 1.

30 yuan / square increased to 1.

64 yuan / square.

Rising prices and prices have driven a substantial increase in Asian and American energy revenues (12.

580,000 yuan, +71.0%), the company confirms the coalbed methane mining business according to the consolidation time4.

6.1 billion.

Driven by the growth of traditional businesses and new businesses, the company achieved main business revenue in 201816.

32 trillion, an increase of 60.


(2) The discounted acquisitions increase the company’s performance, and the mergers and acquisitions result in increased expenses during the period, which is expected to fall in the future.

Affected by factors such as M & A domestic and external intermediary service fees, increase in employee compensation caused by consolidated statements, and termination of labor contract compensation, etc., the company’s management costs reached 2 in 2018.

63 ppm, an increase of 514.

8%, accounting for 16 of operating income.

1%, an increase of 11.

9 units.

As a result of the use of cash acquisitions, the company raised financing by USD 1.5 billion.

The corresponding interest rate expense increased to 1.

30 ppm, financial expenses increased substantially.

Considering the completion of the acquisition and abundant cash flow to ensure the repayment plan, we believe that the expense ratio in the future period will facilitate the fall to normal levels.

Discounted mergers and acquisitions offset the adverse effects of increased one-time expenses.

Company with 1.

75 Destroyed / Shares Acquired 50 of Amer Energy.

5% equity, because the purchase price is lower than the net asset value, corresponding to the recognition of non-operating income2.

10,000 yuan.

The non-operating income brought by discounted purchases must have been expanded to the one-time expense centralized confirmation and brought about adverse effects, leading to the differentiation of net profit growth trends before and after deductions.

The company achieved net profit attributable to mothers in 20183.

350,000 yuan, an increase of 26.

9%; net profit after return to mother 2.

10 megabits, budget 11.


(3) Natural gas supply and demand are still tight, and there is ample room for future growth. Natural gas supply and demand are tight in 2019, and we are optimistic about the company’s business growth space.

According to the prediction of relevant agencies, natural gas consumption in 2019 will reach 308 billion cubic meters, an annual increase of 11%.

4%; corresponding output is only 170.8 billion cubic meters, an increase of 8.


We expect natural gas prices to remain stable under tight supply and demand patterns.

As the company’s upstream and downstream businesses expand steadily, the company expects to mine coalbed methane in 20198.

8.1 billion cubic meters, city gas supply 6.

9.8 billion cubic meters; plans to achieve 2.5 billion operating income and net profit5.


The replacement filing system for coalbed methane cooperation projects is beneficial to the company’s business development.

The National Development and Reform Commission of the Democratic People’s Republic of China (NDRC) and the Energy Bureau will approve the overall development plan for oil and gas foreign cooperation projects (ODP), simplify the project process, reduce the construction cycle of the project, and strengthen the independent decision-making power of the resources.

The company has leading mining technology and has many years of cooperation experience with China United Coal and PetroChina.

Against the background of deepening the opening up of natural gas, the company can use its existing foundation to deepen business cooperation, which is conducive to the development of new regions in the future.

3.Investment suggestion As a city gas leader in Xinjiang, the traditional business has grown steadily.

Regarding the coalbed methane mining business, with the relatively tight supply and demand of natural gas in 2019, the development of conversion gas fields has promoted the strong growth of coalbed methane revenue.

Although the merger and acquisition caused the company’s management expenses to increase significantly in 2018, it is expected to fall back to normal levels in the future.

We predict that the company will have an EPS of 2 in 2019 and 2020.

91 yuan, 3.

75 yuan, the current total corresponds to 14.

0 times, 10.

9x, maintaining the company’s “recommended” rating.


Risks suggest that the downstream demand growth is lower than expected; the cost of unconventional gas development is too high or the output is not up to expectations; the terminal price may be lowered.

Honglu Steel Structure (002541): Rapid revenue growth, falling gross profit margin, dragging down profit growth

Honglu Steel Structure (002541): Rapid revenue growth, falling gross profit margin, dragging down profit growth
Matters: On August 27, 2019, the company released its 2019 interim report.Total operating income was 47.79 trillion, an increase of 52 over the same period last year.90%; net profit attributable to shareholders of the listed company is 1.7 billion, an increase of 4 over the same period last year.81%; Blacks earn 0.3239 yuan, an increase of 0 over the same period last year.0149 yuan / share. Comment: In the first half of the year, the operating income increased, but the profit growth rate slightly followed the first half of 2019. The company’s total operating income increased by 52 compared with the same period last year.90%, operating profit increased by 18 over the same period last year.05%, the total profit decreased by 3 compared with the same period last year.47%, net profit attributable to shareholders of listed companies increased by 4 over the same period last year.81%,公司收入较快增长但利润增速替代跟随上,基本上是新产能释放带动收入增长但是生产及管理成本相对较高,另外本期公司收到的政府补贴较去年减少约3500万 总体The average gross profit margin of the business appeared in the report period. The company’s comprehensive gross profit margin was 12.30%, compared with 17 in the same period last year.92%, a decline of 5 per year.62 units. The gross profit margin of the steel structure business was 9.75%, a decline of 5 per year.13 averages, gross margin of enclosure products is 12.27%, a decline of 3 per year.27 grades, other gross profit margin is 41.72%, a decline of 22 per year.For 65 units, the significant decrease in gross profit margin was mainly due to fluctuations in steel prices and new production capacity; the total expense ratio during the period increased and the total reported expense ratio was 6.44% (-3.35pct), achieving a significant decline, of which the sales expense ratio is 1.07%, a decrease of 0.78 units; management expense ratio 4.18%, down 1.64 units; financial expense ratio 1.20%, a decrease of 0.The 92 singles reflect a certain scale advantage and the company’s good control over period expenses.In the reporting year, the net cash flow from operating activities was 42.32 million yuan, compared with 85.10 million yuan in the same period last year, a year-on-year decrease of 50.27%; there are sufficient orders on sale, and the production capacity continues to increase. The total number of new contracts signed in the first half of 2019 is about 69.600,000 yuan, an increase of 52% over the same period last year.The engineering order is 9.75 ppm, material order is 59.8.5 billion.Since 2016, the production bases have been rationally distributed throughout the country. The current production capacity has reached more than 210 tons, and the output during the reporting period reached 81.At the beginning of 1996, it increased by 30 compared with the same period last year.30%. By continuously increasing production capacity, the company has strengthened its ability to fulfill large orders with particularly tight schedules.At the same time, the company has undertaken major projects such as Zhejiang Petrochemical, Xiong’an High-speed Railway Station (Second Tender Section) project, Jinan Supercomputing Center Science and Technology Park project and other major projects to further enhance the company’s brand awareness. Continuously expanding research and development This year, the company continued to increase research and development expenditures. During the reporting period, the company invested 8546 million in research and development, introducing welding robots, spraying robots, automatic turning machines, automatic double-arc and double-wire submerged arc welding production lines, automatic shearing and distribution production lines, and plating.Zinc production lines and other equipment and related process technologies have accelerated the intelligent transformation of steel structure production lines, and have successfully developed domestic leading intelligent manufacturing equipment such as automatic square pipe production lines and cross-pillar production lines with independent intellectual property rights.The company has formed three major technical systems: “Integrated high-rise steel structure residential complete technology”, “High-end intelligent garage access technology”, “Prefabricated low-rise residential integrated technology” and other three technology systems, which are in a leading position in China. Maintaining the “Buy” rating, we expect the company to have operating income of 110 to 2021.800 million, 147.500 million, 184.1 ppm, an increase of 40 each year.7%, 33.1%, 24.8%; net profit attributable to mothers is 4.400 million, 5.200 million, 6.2 billion, an increase of 6 南京夜网 each year.5%, 18.2%, 18.2%.It is expected that the EPS for 2019-2021 will be 0.85 yuan / share, 1.00 yuan / share and 1.18 yuan / share, the corresponding PE is 9/7 / 6x. Prefabricated buildings try to embrace leapfrog development under the encouragement of policies. As a leading company in the steel structure industry, the company will benefit from the increase in the penetration rate of steel structures.The annual income will maintain a rapid growth. Due to the changes in government subsidies, we expect profit growth to be slower than income. Considering that the company’s current estimate exceeds the industry average, maintaining the “buy” rating risk suggests macro policy risks; steel price fluctuation risks;Risk of rising labor costs.

Tan Tailai (603659): Waiting to replenish graphitization, carbonization capacity contributes performance flexibility

Tan Tailai (603659): Waiting to replenish graphitization, carbonization capacity contributes performance flexibility

Brief evaluation of the company’s operating income in 2019H121.

80,000 yuan, an increase of 58% in ten years; net profit attributable to mothers2.

64 ppm, a ten-year increase2.

6%; net profit attributable to non-attributed mothers2.

400,000 yuan, an increase of 8 in ten years.

5%; gross margin is 26.

9%, the same, down 8 than the previous month.

6pct, 2.


By quarter, 2019Q2 company achieved revenue of 10.

300 million, the same, an increase of 43%, 12%; the net profit attributable to mothers1.

3.5 billion, the same, an increase of 4 from the previous month.

7%, 4.

5%; net profit of non-attributed mothers is realized1.

2.6 billion, the same, an increase of 7 sequentially.

4%, 10.

6%; gross margin 27.

3%, more than ten years.

5pct, up 0 from the previous month.

8 points.

Performance was basically in line with expectations.

Operational analysis The significant growth of the company’s gross profit margin in 2019H1 is mainly due to 深圳丝袜会所 the increase in raw material prices, and new cost-cutting capacities such as graphitization and carbonization have not yet been put into production: the company’s business involves continuous lithium battery, replacement machines, filling, aluminum plastic film, etc.The company’s revenue is 64% and its contribution is about 1.

800 million, accounting for about 69% of the company’s net profit attributable to the mother, is an important part of the company’s business.

The final raw material needle coke Q2 price remained high, and the net profit per ton remained stable compared with Q1, which has been expanding. In order to cause the company’s profit growth to be significantly higher, it is necessary to increase revenue itself.

New graphitization is added in 2019H2, and the carbonization process is expected to restore initial 北京桑拿洗浴保健 profitability and contribute to the elasticity of performance: the price per ton of graphitization processing is about 1.

80,000, accounting for 30% -40% of the monthly cost.

Based on the advantages of electricity costs, the subsidiary Inner Mongolia Xingfeng increased graphitization capacity by about 3500 yuan / ton cheaper than Shandong Xingfeng and 5000-6000 yuan / ton cheaper than outsourced graphitization processing.

The graphitization of Inner Mongolia Xingfeng has been completed in the first half of the year. With the gradual release of production capacity, the initial profitability can be restored.

In addition, the company’s supplemental carbonization processing capacity will replace some outsourced processing and will also play a positive role in improving long-term profitability.

In the long run, the price of coke raw materials is expected to decline steadily, and the company’s joint-stock subsidiary, Revitalizing Carbon, has entered the trial of coal-based needle coke, and will play a positive role in reducing the price of raw materials.

Replacing mergers as the company’s second growth pole: reporting mergers, corporate mergers and reorganizations2.

400 million flats, an increase of 850%; corresponding revenue 3.

4 ‰, an annual growth of 295%; the corresponding net profit is about 0.

7.7 billion, a year-on-year increase of 991%.

Incorporating business is the company’s second growth pole.

Profit adjustment and investment recommendations take into account that the industry ‘s high-end additional capacity is released slightly more than expected, and competition has intensified. Adjust the company’s net profit attributable to the parent to 7 in 2019-2021.

51 percent (-17%), 9.
5.1 billion (-24%), 11.
3.6 billion (-23%), maintain “Buy” rating.

Risks indicate that product returns are less than expected; monthly gross profit margins continue to decline; new energy vehicle growth is below expectations.

Aerospace Electric (002025): Performance in line with expectations ROE hits record high in recent ten years; military and civilian products are on the upswing and bullish on company performance growth

Aerospace Electric (002025): Performance in line with expectations ROE hits record high in recent ten years; military and civilian products are on the upswing and bullish on company performance growth
Event: The company 深圳桑拿网 recently released the 2018 performance report, and the company achieved revenue of 28 in 2018.08 million yuan, an increase of 7 in ten years.48%, net profit attributable to mother 3.61 ppm, an increase of 16 in ten years.08%.Corresponds to EPS 0.84 yuan. Core point of view performance is in line with expectations, profit growth is faster than revenue growth, ROE hit a new high in the past ten years.Continuing the first three quarters of 2018, the company’s profit growth rate was 16.08% is higher than the income growth rate of 7.48%, ROE is as high as 14.38%, a new high in the last ten years.In 2018, the company’s military and civilian products orders were full, and the growth rate of revenue was mainly caused by revenue recognition clues.Q4 single quarter revenue and profit increased by 4 every year.38% and 13.25%.The company’s rapid profit growth is mainly due to (1) optimization of product structure, increase in the proportion of military products, (2) reduction of production costs such as intelligent manufacturing, supply chain management, and (3) increase in revenue scale and dilution of “three fees.” The military and civilian product boom is on the rise, and the company’s revenue growth rate is expected to increase significantly.(1) Military products: In the context of our army’s informatization construction, there is a strong demand for optoelectronic transmission devices.The company is a leader in military connectors and has a high market share in the aerospace and missile markets.The mid-to-long-term high-altitude aerospace + actual combat exercise consumes missiles, and the company’s military business boom is expected to increase.(2) Civilian products, 5G launch, driving rapid growth of communications business.The company has been supplying domestic and foreign communications giants for a long time and is actively deploying 5G.With the launch of 5G construction in 1919, businesses such as connectors and optical devices will grow rapidly. The overseas market continues to expand. In 18 years, it has doubled and further increased in the overseas market. In recent years, the company’s internal management has improved significantly, reducing costs and increasing efficiency, and expanding the market.(1) The company improves output, product yield and stability through intelligent manufacturing and automation equipment, and effectively controls costs and expenses, and gradually improves gross and net profit margins.(2) The company actively develops new markets, and newly establishes Guangdong Huayu to expand its ability to supplement civilian communications, expand scale advantages and transform the company’s technological achievements, gradually enter new consumer electronics markets, and expand civilian scale. Financial Forecast and Investment Recommendations Based on the performance report, we fine-tune the 2018-2020 earnings forecast to 0.84, 1.07, 1.32 yuan (last time was 0.89, 1.10, 1.34 yuan).As the company’s 2018 performance bulletin has been disclosed, we will convert the valuation to 2019, referring to the adjusted average valuation level of the comparable company, and giving the company a price-earnings ratio of 30 times in 2019, corresponding to a target price of 32.10 yuan, maintain “Buy” rating. Risk warning: military orders and revenue recognition are worse than expected

4 Nikko-based 4 days!

CCB China Merchants Yongying Science and Technology Theme Fund Crashes Gold

4 “Nikko-based” 4 days!

CCB China Merchants Yongying Science and Technology Theme Fund Crashes Gold

Science and technology theme fund crazy money!

Four “Nikko-based” four days, the online sales of the channel broke the new economy e-line during the extraordinary period of explosive funds unexpectedly gathered.

  On February 15, 2020, the CCB Fund announced the announcement of the subscription confirmation ratio of the CCB Technology Innovation Hybrid Securities Investment Fund.

According to the “Announcement on the Issuance of Shares of the Jianxin Technology Innovation Hybrid Securities Investment Fund”, the fund’s first fundraising scale was RMB 1 billion (excluding the interest rate during the fundraising period).

  The fund manager may appropriately adjust the fundraising time according to the subscription situation and make a timely announcement, but the longest shall not exceed the statutory fundraising period.

As of February 13, 2020, the amount of temporary valid subscription applications raised by the Fund has exceeded the limit of US $ 1 billion.

  According to the provisions of this Fund’s issuance announcement, the CCB Fund’s subscription application on February 13, 2020 was partially confirmed using the doomsday ratio confirmation method.

The Fund’s subscription application confirmation ratio result on February 13, 2020 was 13.


  It is known that in the short period of one day after the issuance of CCB Technology Innovation, the inflow of subscription funds from investors has reached 74.

700 million.

In fact, this is also the third “Nikko-based” that appeared in the four days from February 10th to 13th.

Statistics show that CCB Technology Innovation, China Merchants Technology Innovation and Yongying Technology Driven these three “Nikko-based” companies have attracted more than 25 billion funds to subscribe.

  At the same time, CCB Science and Technology Innovation is the first batch of science and technology theme funds to obtain a “birth certificate” since 2020.

The Air Force, Guolian An, China Life Security, and Puyin Ansheng Fund each have a three-year closed operation science and technology theme fund approved.

  ”Currently, this special period is a comprehensive test of the fund’s ability to sell online.

However, recently there have been news of new funds issuing explosive funds.

It can be seen that the preliminary test results are satisfactory, and the online sales system of the channel has been initially mature, and has gradually passed the major test.

“Yes, some market people have told the new economy e-line.

  The science and technology theme fund crazyly attracted new economic e-line noticed that although the market fluctuated sharply on the first trading day of the year of the mouse, it subsequently reversed strongly.

In essence, fund issuance is in full swing, and a fund bull market is coming.

  In particular, the science and technology theme fund has reproduced the hot scene of crazy money absorption last year.

In addition to CCB Technology Innovation, China Merchants Technology Innovation and Yongying Technology Drivers issued in the same week were “sold out in one day”.

  On February 10, China Merchants Technology Innovation Mixed single-day gold absorption far exceeded the 1 billion raise limit. The fund company announced that it would close the fundraising in advance and open the proportion placement, becoming the first “Nikko-based” company of the week;The technology-driven hybrid officially launched on February 12. It also attracted a large amount of capital inflow that day and exceeded the 8 billion raise limit set by the fund. Without exception, it announced the opening of proportional placement.

  It is reported that China Merchants Technology Innovation Subscription Application Confirmation Proportion Result Announcement indicates that the company will partially confirm the application of “Doomsday Proportion Confirmation” for the subscription application on February 10, 2020.

The fund’s subscription application confirmation ratio result on February 10, 2020 was 12.


Calculated based on the maximum scale of 10 trillion raised by the fund, the day’s subscription funds reached 78.

500 million yuan.

  Similarly, the announcement of Yongying Technology-driven subscription application confirmation ratio announcement shows that the fund’s effective subscription application confirmation ratio on February 12, 2020 is 82.

118683%, corresponding to 97 subscription funds.

400 million yuan.

  High-level, last year the first batch of science and technology theme funds of the wholesale bank noticed that the number of 1 billion raised limit was set, too many science and technology theme funds were “sold in one day” at the time of issue, the average number of subscribers exceeded 200,000, and the fund was raised on a single dayWith a scale of more than tens of billions of dollars, the fund share that can be obtained by placing in a relative proportion, this type of fund has also become the hottest “explosion product” in the past year.

  Among them, Huaxia, South, Rich Country, Huitianfu, and Harvest combined 5 science and technology theme funds, which eventually led to the pursuit of hundreds of billions of funds, the scale of all-day subscriptions exceeded 10 billion US dollars, and the fund subscriptions exceeded 20 billion US dollars.

By the end of last year, the Guangfa technology innovation mix managed by Liu Gezhen was “sold out in one day”, and the single-day subscription amount exceeded 30.3 billion.

  With the rise of technology stock market since last year, the theme fund of science and technology funds has made an outstanding effect.As of February 12 this year, of the 19 science and technology theme funds established last year, the best-performing Southern Science and Technology Innovation Hybrid Fund has achieved 79.

87% of the returns, E Fund Technology Innovation, Huaxia Science and Technology Innovation, Harvest Scientific and Technological Innovation, and other 12 funds since the establishment of 12 funds have more than 30%.

  In addition, the star fund manager’s “in command” is also an important incentive for some fund explosions to reappear.

For example, Yongying Technology Driven Fund Manager Li Yongxing was originally a veteran of the Bank of Communications. His management wins profit and wins. Winwin is leading the way. When the winwin high-end manufacturing is established, the Shanghai Stock Index index is around 3,000. For each productSince the establishment of the Shanghai Stock Exchange Index, they have all fallen, but these funds have still achieved good investment excellence.

  Take Yongying Huitianli as an example. In the nearly 20 months since its establishment at the end of May 2018, the fund has returned nearly 80%, and in the past 6 quarters, it has beaten the Shanghai and Shenzhen 300 every quarter.Shows good stability of investment returns.

  According to the announcement of the fund’s issuance, Huaxia Xiangyang will be opened for two years, Bank of Communications Schroderius for three years, Ruiyuan’s balanced value for three years and other funds will be led by star managers. The release of these equity funds in the next week will be subject toAffected by the market, the initial materials may trigger a new wave of funds explosion.

  Among them, Bank of Communications Schroder’s Bank of Communications Schroder Reiss, a three-year closed-operation hybrid fund, was launched on February 17, with a fund distribution of 50 billion yuan and a doomsday ratio placement. Fund manager Shen Nan since May 5, 2015Since then, he has served as a fund manager. Currently, he manages the preferred combination of BOCOM themes. The BOCOM state-owned enterprise reform flexibly allocates and mixes two funds. Since May 5, 2015, he managed the BOCOM themed preferred funds. His term of return has been 98.


  Immediately following the three-year blend of Ruiyuan’s value equilibrium value issued on February 18, it was even more eye-catching. In addition to deducting 60 billion, a doomsday proportional placement, and each subscription fund locked for three years, the proposed fund manager Zhao FengHe also announced a high-profile self-purchase of 30 million, and the fund manager’s self-purchased funds were locked for 4 years, and he did not participate in the placement.

  The sale of explosive rockets on the online channel has a sudden new coronavirus epidemic that affects everyone’s heart. The situation of new fund raising since the opening of the Spring Festival has also attracted much attention.

  However, China Merchants Bank’s channel-based channels used their strong online sales channels to kick off the post-holiday explosion fund launch.

On February 6th, as the first explosive fund in the New Year in 2020, Penghua’s value growth ended with an initial launch of nearly 7 billion in advance.

  It is reported that in the past, the establishment of explosive funds in the past was a custom fund for China Merchants Bank and Penghua Fund.

Initially, the successful launch of Penghua Value Growth Fund in one day was an effective exploration and practice of the marketing model of China’s public equity fund industry during the extreme event period, and also confirmed the strong online sales capabilities of various channel partners such as China Merchants Bank.

  Penghua Fund related persons told the New Economy e-line that China Merchants Bank has a strict screening mechanism for retail funds. The customized requirements of China Merchants Bank are to conduct long-term review and in-depth research. Only the fund managers and products they really recognize will have the intention of further cooperation.

  ”China Merchants Bank, based on its in-depth understanding and grasp of customer needs, uses data coverage as the basis and qualitative research as its core method to identify outstanding fund managers in the entire market.

“, Said the relevant person of the above-mentioned Penghua Fund.

  This person is outstanding. This issuance of the explosive fund reflects the power of the bank’s channels to “examine the outstanding fund managers of the entire market-listed fund products-product issuance-after-sale investment consulting”.

  Similarly, on February 7 this year, Oriental Red Hengyang, the fund custodian of China Merchants Bank, started to issue mixed funds for five years. This is the launch of a five-year closed product by Oriental Red Asset Management after more than one year.

On the same day, data from China Merchants Bank and other channels showed that the product’s omni-channel sales have exceeded 9 billion, and a doomsday placement will be carried out.

  This is also the first fund product to sell more than one day since the market opened in the Year of the Rat.

On February 12, the announcement of the confirmation ratio of the subscription application disclosed by the fund showed that the effective subscription amount on the first day of issue reached 92.

300 million, with a placement ratio of 21.


  Democracy. In the management of Dongfanghong assets managed by China Merchants Bank, it is divided into a series of Dongfanghong products. For example, the growth of Dongfanghong ‘s domestic demand was 10 billion yuan a day on the opening day, of which China Merchants Bank sold 8.9 billion US dollars, accounting for nearly 90%; DongfanghongRuifeng also achieved a daily sales of 9.5 billion, of which China Merchants Bank sold a total of about 8.5 billion, accounting for close to 90%.

Today, Dongfanghong has become a golden signboard of China Merchants Bank’s channel, and it has given China Merchants Bank more power to speak on behalf of funds.

  ”In order to usher in a ‘starter’, reseller banks often expand their marketing efforts in the first quarter to accelerate the collection of new funds.

“Successors in the market told the New Economy e-line.

  It is reported that, including China Merchants Bank and CITIC Securities’ supplementary banks, the brokerage channel has begun to notify customers one by one, creating a three-year mixed momentum for the forthcoming Ruiyuan value equilibrium value.

  It can be said that the top five commercial banks, including those within China Merchants Bank, have become difficult to shake “predators” in the fund consignment business.

As of the end of 2019, according to the scale of the first fundraising during the period, the top five fund custodian banks were Industrial and Commercial Bank of China, China Merchants Bank, SPDB, China Construction Bank, and Bank of Jiangsu, respectively, reaching 1846.

200 million, 1739.

700 million, 1464.

700 million, 1242.

3.1 billion, 1162.

0.8 billion yuan.

The reason is that its main advantages are that it has many business outlets and a well-developed sales network.

At the same time, online banking customers have a high utilization rate, and customers can purchase funds directly from online banking.

  According to Wind statistics, as of February 14th, among all fund custodians, according to the scale of funds established and established, China Merchants Bank has been established with 17 funds this year, with a scale of 366.

600 million yuan topped the list.  Construction Bank was followed by 17 funds with a fundraising scale of 286.

200 million yuan.

And Minsheng Bank was established with 7 funds, ranking third in the scale of 27.1 billion.

There are three remaining funds raised above 10 billion US dollars, 杭州桑拿洗浴会所 namely Industrial and Commercial Bank of China, Bank of China, and SPD Bank, each with 260.

300 million, 15.5 billion, 12.7 billion.

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