Stable growth signals are released everywhere and more than conventional expectations are issued_1

Strong growth signals are released everywhere

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  Original title: The release of strong growth signals from various places is expected to be released more than usual. Reporter Liang Min ○ Editor Lin Jian While doing a good job of epidemic prevention and control, the trend of local work focus on economic development is becoming more and more obvious.

  ”Efforts to achieve this year’s economic and social development goals” “Research and formulate greater measures to support economic development efforts” “Take extra-conventional alternatives” . Recently, various places have held meetings to deploy a series of work priorities, and many contents and expressions have been passed onStrong signal of solid growth.

  Analysts believe that more local policies for stable growth are expected to be introduced, further increase tax and fee reductions for local enterprises, and accelerate government industry fund support for advanced manufacturing.

  To make up for the losses caused by the epidemic, in order to implement the relevant spirit of the Central Committee, various localities have recently participated in conferences to study and research opinions, and deployed the next step of work.

  Judging from the contents of the conferences in various places, localities are expected to do a good job of the “six stability”, effectively turn pressure into power, turn crisis into possibility, minimize the impact of the epidemic, and ensure the completion of economic and social development goals and tasks.

  The pressure for steady local growth is not small.

According to Shanghai Statistical Daily reporter’s rough statistics, 30 provinces have announced their economic growth targets for this year.

Except for Tianjin, Heilongjiang, Jilin, and Xinjiang, the GDP growth targets are lower than 6%, and other regions are all over 6% or set to 6%.

  ”The publication date of any local government work report is before January 21, 2020, when the new crown pneumonia epidemic had not yet occurred, and these expected targets had high estimates.

“Wang Hongju, a researcher at the Institute of Financial Strategy of the Chinese Academy of Social Sciences, said.

  Although the epidemic has affected the local economic operation to some extent, many places have clearly stated that the inertia and causes of economic growth still exist, and the fundamentals that have improved for a long time have not changed.

The governments of various places have put forward the need to pay close attention to the prevention and control of the epidemic, and to step up economic and social development, and do everything possible to make up for the losses caused by the epidemic.

  For the construction of major projects, clicking the “Fast Forward Key”
will play a key role in effective investment in the deployment of follow-up work, and promote the opening of key projects.

  For example, Sichuan proposed to implement in-depth actions to supplement shortcomings in key areas of infrastructure, accelerate the construction of major transportation projects, and strengthen the guarantee of land, funds, and other aspects.

Combined with the “Fourteenth Five-Year Plan”, we will plan ahead for large-scale projects based on the advancement of the dual-city economic circle in Chengdu and Chongqing; Ningxia requires to strengthen economic operation and scheduling, stabilize enterprise production and operation, grasp major project construction, and maintain stable economic operation;Hebei also pointed out that we must pay close attention to investment and construction of key projects, continuously expand consumer demand, and ensure a good start in the first quarter.

  The construction of major local projects has already clicked the “fast forward button”

SSE newspaper reporters combed and found that in the past two weeks, Shandong, Jiangsu, Anhui, Henan, Guizhou, Sichuan and other places have successively signed a large number of major projects or started construction, involving an investment scale of over one trillion yuan.

  In essence, Beijing, Fujian, Henan, Yunnan, Jiangsu and other places have also released a list of investment plans for major projects in 2020, with a total investment of more than 11 trillion yuan, of which infrastructure investment is still an important part.

  Su Jian, director of the National Economic Research Center of Peking University, said in an interview with the Shanghai Securities Journal: “The shortcomings of infrastructure construction are still an important starting point for steady local growth.

It is necessary to speed 武汉夜生活网 up the issuance of local debt, and to long-term improve the capital system for major infrastructure projects that meet the requirements of special claims.

“Advanced planning to promote the replacement of consumption. Actively promoting consumption is also the next priority for local work. Many places have proposed to plan ahead to respond to consumer demand that may be released quickly after the epidemic has ended.

  Guangxi proposes to vigorously promote the upgrading and upgrading of traditional consumption, and do a good job of “going home with cinnamon products” to boost consumer confidence and promote consumption replenishment.

  The relevant person in charge of the Tourism and Culture Department of Hainan Province revealed recently that Hainan is working out a plan to revive the tourism industry after the epidemic.

After the epidemic is stable, the International 南京夜网论坛 Tourism Consumption Year series will be fully implemented, giving priority to attracting activities that are highly attractive and stimulating consumption power, and increasing the strength of attracting tourists from outside the island. It will quickly resume charter flights abroad, restore potential and open up the inbound tourism market.
  In addition, many places are outstandingly expanding emerging consumption.

Among them, Guangxi proposed to vigorously develop new economies such as the digital economy, platform economy, creative economy, and flow economy; Sichuan stated that it is actively developing new technologies such as intelligent manufacturing, unmanned distribution, online consumption, medical health and online education, digital entertainment, and digital life.New business model.

  Hu Yuexiao, chief analyst at the Shanghai Securities Research Institute, said that despite the short-term impact of the epidemic, after the weather warms, retaliatory consumption growth will show up, and consumption and industry will jump up after squatting.

  More stable growth policies are expected to be promulgated, and strong signals of stable growth policies have also been released at relevant meetings.

  Guangxi mentioned that it is necessary to comprehensively analyze the research, determine with firm confidence, adopt an ultra-conventional alternative to replace the impact of the epidemic, grab back the lost time, and ensure that the economic and social development goals and tasks are completed; Yunnan is outstanding, and it is determined to prevent systemic risks from occurringBottom line, we should study and formulate more measures to support economic development in a timely manner.

  It seems that there are many references to “adopting supernormal replacements” in work deployments.

In this analysis, Zhang Jun, chief economist at Morgan Stanley Huaxin Securities, said: “Extraordinary means can be supported by advanced tax reduction and subsidy policies, guided by industrial development funds, and strengthened support for advanced manufacturing.Speed up economic restructuring.

Tang Jianwei, the chief official of the Bank of Communications, also told the Shanghai Securities Journal that the central government has recently introduced a number of steady growth measures, and that local governments mainly implement central policies.

In addition, local governments can increase tax and fee reductions for local enterprises, depending on the strength of local fiscal revenue.

  In Su Jian’s view, stable car consumption is also a policy option.

Relevant Air Force ministries have explicitly encouraged localities to introduce new energy vehicle consumption based on growth changes, adapt to local conditions, increase restrictions on the purchase of traditional vehicles, and carry out replacements for old and new vehicles.

China Torch Hi-Tech (600872): Performance meets expectations and puts forward five-year double hundred goal to accelerate development

China Torch Hi-Tech (600872): Performance meets expectations and puts forward five-year “double hundred” goal to accelerate development

Investment Highlights: Event: The company releases its 2018 annual report.

Revenue for FY 2018 was 41.

66 ppm, an increase of 15 in ten years.

43%; realize net profit attributable to shareholders of listed companies.

07 million yuan, an increase of 34 in ten years.

01%; net profit attributable to non-recurring gains and losses attributable to shareholders of listed companies5.

720,000 yuan, an increase of 37 in ten years.


Among them, the 18Q4 company achieved revenue of 10.

2 billion, an annual increase of 13.

77%, achieving net profit attributable to shareholders of listed companies.

22 ppm, an increase of 23 in ten years.

44%; Realize net profit attributable to shareholders of listed companies in place of non-recurring gains and losses1.

20,000 yuan, an increase of 19 in ten years.


The company plans to distribute a cash dividend of 2 for every 10 shares.

3 yuan (including tax), a total of 1 cash dividend distribution.

8.3 billion.

Investment Ratings and Estimates: We raise our revenue for 2019-20 to 47.

6, 55.

700 million (previously 46.

75, 55.

4.5 billion), and new revenue forecasts for 202166.

0 ppm, an increase of 14 each year.

2%, 17%, 18.

5%; raise the net profit forecast for mothers in 2019-20 to 7.

32, 9.

22 (previous 7).

17, 9.

07 billion), adding a profit forecast for 202111.

5 ppm, corresponding to EPS prediction of 0.

92, 1.


44 yuan, an increase of 20 each year.

5%, 25.

9%, 24.

8%, the latest closing price corresponding to 19-20 years PE is 40, 32x, maintain BUY rating.

Continue to be optimistic that the company’s condiment business will maintain steady growth in the dual indicators of revenue under the strategic guidance of regional improvement and regional + channel + category expansion. At the same time, it will benefit from the continuous launch of new production capacity and improved operating efficiency to achieve a steady increase in profitability. The growth rate of condiments in Q4 fluctuated. It is expected that the growth rate will increase in Q19 in 1919, and the contribution of real estate business will increase: the company achieved revenue of 10 in 18Q4.

0.6 million yuan, an increase of 14 in ten years.

3%, an acceleration from the previous quarter.

Among them, the condiment segment realized income 8.

9.9 billion yuan, an annual increase of 6.

6%, which is expected to be a short-term operating change brought about by the change of the actual controller, and will achieve revenue of 38 in 18 years.

1.7 billion, an increase of 10 in ten years.

56%, reached the initial plan, completed in 19 years with the change of the actual controller, short-term, medium- and long-term development plans were successively introduced, at the same time market expenditure will also be changed from conservative to active, overall business promotion continued to improve, 19 years of condiment revenue growthSpeedup from the previous month.

The real estate sector recognized revenue in the fourth quarter of more than 40 million yuan, which has nearly tripled each year, and is expected to remain stable in 19 years.

Soy sauce remained stable, small categories performed well, and the proportion of income outside the southeast coast increased. In terms of products, soy sauce achieved an income of 25 in 18 years.

90 ‰, an increase of 9 in ten years.

1%, sales increase by 7 per year.

8%, continue to maintain the steady development rhythm of both volume and price; oyster sauce and cooking wine in the small category performed well, and in 18 years oyster sauce achieved income1.

400,000 yuan, an increase of 41 in ten years.

8%, cooking wine achieved 57.68 million income, an increase of 68 throughout the year.


At present, the company’s production capacity distribution of non-soy sauce condiments has been completely completed, and the production capacity side is relatively completed, but the effect of continuing to drive the growth of small categories through the kitchen brand and channel advantages has improved.Revenue from non-soy sauce condiments is expected to accelerate growth.

In terms of regions, the income of the eastern, southern, central western, and northern regions increased by 9 in 18 years.

95%, 8.

02%, 12.

47%, 17.

62%, the two regions outside the southeast coast have faster revenue growth than the whole. Under the company’s strategic guidance of a five-level division of the market, 18 new prefecture-level cities and 178 dealers were newly developed in 18 years.However, the current development rate of the company’s prefecture-level cities reaches 77%, and there is still a difference between the distance from the industry leaders. In the future, the development efforts of blank prefecture-level cities and tertiary market districts and counties will continue to expand.It is expected to continue to improve and help the steady progress of nationalization.

The overall profitability has continued to improve, the gross profit margin of condiments has fluctuated slightly due to the impact of costs, and the profitability of the Yangxi base has maintained a high level: the company’s net profit margin in 18Q4.

19%, an increase of one year.

47 points, mainly due to the year-on-year increase in gross profit margin in 18Q41.

83pct, we believe that the improvement in gross profit margin in 18Q4 is related to the revenue structure and the decrease in the cost of raw materials in the current period; in terms of expense ratio, 18Q4 sales expense ratio was 12.

26%, a substantial increase of 3 per year.

64pct, it is expected that the company’s market investment will change from cautious to positive. Looking forward to 19 years, it is expected that the sales expense ratio will continue to slightly increase.

As far as the condiment business is concerned, the gross profit margin for condiments in 18 years was 39.

31%, a decline of 0 per year.

63pct is mainly due to the cost pressure brought by the rising prices of 18H2 raw materials. Although the company responded by improving production efficiency and other methods, it still had a certain impact on gross profit margin.

The delicious fresh subsidiary’s 18-year net margin was 16.

51%, a year up 0.

3pct, 四川耍耍网 18H2 net profit 15.

98%, a decline of 0 every year.

23pct, affected by the decline in gross profit margin and intensified market expansion.

In terms of production bases, the net profit margin of Yangxi base is 18H221.

11%, a decline of 0 per year.

87pct, but still maintained at a high level; Zhongshan base 18H2 net profit 12.

53%, down by 1 every year.69pct, the difference between the net profit margin of Yangxi Base and the expansion to 8.

57 points.

In the future, as the new capacity of the Yangxi Base is gradually put into operation and the revenue share increases, the overall net profit margin of the condiment business is expected to continue to increase steadily.

The initial plan is positive, the long-term thinking is clear, and the development is expected to accelerate after the mechanism is optimized. In the release of the annual report, the company clearly defined the long-term goal of focusing on the development of the main business of healthy food and the five-year development plan to achieve the “double hundred goals”.The main body of development, supplemented by extensional development, will achieve the goal of tens of billions of revenues and millions of tons of sales by 2023, and the corresponding growth rates of revenue and sales will be 21 respectively.

2% and 15.


We believe that after the company’s transition from a state-owned organization to a private system, the operating efficiency and incentive mechanism are expected to achieve substantial improvements. The gradual establishment of a market-oriented mechanism will fully realize its potential to accelerate development and reduce competition differences with industry leaders.

Catalysts for gradual increase: Condiment business revenue grows faster than expected, synergistic incentives brought about by mechanism change improve the unexpected core risks: increased competition in the industry, higher-than-expected cost rises, and uncertainty in system reform

Qianfang Technology (002373): Alien takes off with two-wheel drive in traffic security

Qianfang Technology (002373): Alien takes off with two-wheel 杭州桑拿 drive in traffic security

The company’s main business is smart transportation and intelligent security. It is expected to benefit from the ETC market outbreak, the acceleration of rail transit construction, and the construction of the Xueliang project. Together with Alibaba, it will help accelerate the company’s business and give it an overweight rating for the first time.

Investment Highlights: Coverage for the first time, give overweight rating.

The company’s main business is smart transportation and intelligent security. Among them, the intelligent transportation business is expected to benefit from the ETC market outbreak and the acceleration of rail transit construction. The intelligent security business benefits from the construction of the Xueliang project. Together with Alibaba, it will help accelerate the company’南京夜网论坛s business.Net profit attributable to mother 9.



950,000 yuan, EPS 0.



94 yuan, using PE, PS two estimation methods, given a target price of 22.

37 yuan, increase.

Smart transportation: Benefit from the outbreak of the ETC market and the acceleration of rail transit construction.

1) The state proposes that by the end of December 2019, the ETC of expressway toll stations will be fully covered, and the ETC industry will usher in a golden period of development. The company is a leading domestic supplier of highway electromechanical engineering solutions, which is conducive to the explosion of the ETC industry.

2) In July 2018, the state resumed the approval of rail transit projects. Since then, a large number of projects have been approved. The company has obvious advantages in the field of on-board PIS and directly benefits from the acceleration of rail transit construction.

3) The company joins hands with Alibaba and is committed to rapidly expanding the market through M & A and close cooperation with local governments to achieve rapid business development.

Intelligent security: It is at the forefront of the industry and benefits from Xueliang Engineering.

1) Under the background of Xueliang project advancement and intelligent upgrading, the high prosperity of the security industry is expected to continue.

2) Yushi Technology has strengthened its strength in the field of security, second only to Hikvision and Dahua. Considering the synergy between smart security and smart transportation, we believe that Yushi is committed to continue to benefit from the rapid development of the industry.

Catalyst: The company’s cooperation project with Alibaba expands rapidly. Risk of prompting: Rail transit construction is less than expected, and the company’s cooperation with Alibaba is less effective than expected.

Changchun High-tech (000661): The first quarter report has a beautiful forecast and it is expected that Jinsai will maintain rapid growth

Changchun High-tech (000661): The first quarter report has a beautiful forecast and it is expected that Jinsai will maintain rapid growth
The company released the first quarter performance forecast, and the net profit in the first quarter of 2019 maintained a rapid growth. The company released the first quarter performance forecast for 2019: the company expects to achieve net profit attributable to its mother.RMB 370,000-3.79 ppm, an increase of 60% -80% over the same period last year.The company’s overall performance exceeded market expectations.The increase in net profit attributable to mothers in the first quarter was mainly due to the increase in the income of the holding key pharmaceutical companies and the excess of the settlement income of the company’s real estate development projects. The growth rate of the subsidiary Jinsai Pharmaceutical Industry may exceed 50%, and the real estate business confirms the revenue contribution performance increase. In terms of business segments, we estimate that the subsidiary Jinsai Pharmaceutical Industry ‘s high growth hormone growth and high-tech real estate business ‘s real estate business revenue will drive one.High-speed growth.Benefiting from the continued high prosperity of growth hormone, we estimate that the core subsidiary Jinsai Pharmaceutical’s 2019Q1 net profit growth rate may exceed 50%.In 2018, the subsidiary Baike Biotech’s net profit growth rate reached 63%. It is estimated that the net profit in the first quarter will continue to grow, and the conservative estimate is that the growth rate will be about 30%.The unrecognized revenue of the real estate business of the subsidiary Gaoxin Real Estate in the first quarter of last year led to a slight extension of the real estate business of the company last year. In the first quarter of this year, the recognized revenue of the real estate business reached a net profit from negative 佛山桑拿网 to positive. It is estimated that the recognized net profit of the real estate business in the first quarter was about 50 million yuan. The company adheres to a differentiated market strategy and continues to increase marketing efforts. The number of new pediatric patients has increased sharply. The hospital’s gradual coverage of medicines has gradually increased, which promotes the continued high growth of Jinsai Pharmaceutical.Phase IV clinical research of long-acting growth hormone products completed in 2018, providing a basis for subsequent high-volume mutations. PDB sample hospital data shows that the company’s growth rate of long-acting growth hormones has exceeded 90% in 2018; at the same time, it is also worthy of potential diversity to regenerate human follicle-stimulating hormones and so on.look forward to. The 合肥夜网 official release plan intends to purchase 30% equity of Jinsai Pharmaceutical, and continuously strengthen the core competitiveness. The company issued an announcement to issue shares and convertible bonds to purchase assets and raise supporting funds and related party plans. The transaction target is 30% equity of Jinsai Pharmaceutical.If successfully completed, Kinsey will become a wholly-owned subsidiary of the company.The company is expected to further enhance its independent research and development capabilities and continue to strengthen its core competitiveness through the acquisition of the remaining equity in Kinsey.At the same time, the increase in profits will be attributed to the net profit of the mother, and the listed company will further strengthen the management and control of Jinsai, help strengthen the support for Jinsai Pharmaceutical, and enhance the profitability of listed companies. We are optimistic about the company’s continuous and rapid development. We maintain the “Buy” rating for the time being without considering the purchase of minority stakes in Jinsai. We expect the company’s EPS to be 7 in 2019-2021.94, 10.47, 13.46 yuan, corresponding to PE is 36, 27, 21 times.The company’s performance continues to grow rapidly, and the subsequent acquisition of the remaining equity of Jinsai Pharmaceutical is also expected to enhance the company’s core competitiveness and profitability. It is optimistic that the company will continue to develop rapidly as a leader in bioengineering pharmaceuticals, maintaining the company’s “Buy” rating. Risk reminder: slow progress in bidding, long-acting growth hormone, recombinant human follicle stimulating hormone release rate is gradually expected, the purchase of minority stakes in Jinsai is expected to progress

Luolai Life (002293): Interim report results are in line with expectations

Luolai Life (002293): Interim report results are in line with expectations
1H19 results are in line with our expectations. Luolai Life announced the first half of 2019 results: revenue 21.9 ‰, reduced by 0 every year.4%; net profit 2.0.7 million yuan, a decrease of 5 per year.1%, the corresponding return is 0.25 yuan, the performance is in line with expectations.Single quarter revenue in the second quarter of 19 increased by 1.7%, net profit increased by 1.2%, an improvement from 1Q19. In terms of channels, while consolidating the advantages of the first- and second-tier markets, the company actively penetrated into the third- and fourth-tier markets. Until the end of June 2019, the number of terminal stores of various brands was nearly 2,800, which has increased by about 100 year-to-date.In terms of products, the total revenue of standard kits and cores, which contributed about 60%, has improved. The revenue of other products has increased, and sales of pillows have increased by 24.3%.Regionally, the decline in sales in the Northeast and Southwest regions has decreased, while the remaining regions have remained relatively stable. Lexington, a high-end brand, achieved US revenue in the first half of 20194.1 ppm, an increase of 5 in ten years.4%, with a profit of 10.25 million yuan, a decrease of at least 43%. Lexington and LOVO cover the high-end and mass markets, respectively, and complement the mid-to-high-end positioning of the main brand of Rollei. Financial Review: Decrease in gross profit margin1.7ppt to 43.6%; sales management expense ratio increased by 0.5ppt to 32.0%; cash flow from operating activities changed from a net alternating of RMB 34.06 million to a net inflow of 2.68 ppm, mainly due to digestion of inventory and control of commodity purchases. 深圳桑拿网 Development Trend Business lines are shrinking, focusing on home textiles and franchisee management transformation is still ongoing.With reference to the interim results of companies in the same industry, we believe that the consumption of the home textile industry is still facing the uncertainty of distorted macro environments; it is expected that the relatively leading urban occupation rate, reputation, popularity and emerging social media marketing of Luolai Life will provide it withStronger performance. Earnings forecasts and estimates remain unchanged from 2019 and 2020 earnings forecasts.72 yuan and 0.78 yuan is unchanged, corresponding to an annual increase of 12.3% and 7.6%. Currently corresponds to December 2019/2020.9 times / 11.9 times price-earnings ratio. We maintain our Neutral rating, but as the home textile industry as a whole is relatively sensitive to consumption uncertainty, we lower our target price by 15.1% to 10.14 yuan corresponds to 14.0 times 2019 P / E ratio and 13.0 times 2020 price-earnings ratio, compared with the recent merger of 8.9% upside. The risk inventory is high in risk; the risk of improper M & A integration.

BYD (002594) Annual Report 2018 Review: New Energy Vehicles High-growth New Product Cycle Continues to Advance

BYD (002594) Annual Report 2018 Review: New Energy Vehicles High-growth New Product Cycle Continues to Advance

Company dynamics The company released its 2018 annual report and achieved a total operating income of 1,300.

5.5 billion, an annual increase of 22.

79%, net profit attributable to shareholders of listed companies.

8 billion, down 31 each year.


Matters commented that the decline in performance narrowed quarter by quarter, the revenue from the automotive business increased by 34%, and the company achieved total operating revenue of 410 in 18Q4.

73 ppm, an increase of 28 in ten years.

43%, a growth rate higher than 17 in the first three quarters.

54%, 22.

60%, 20.

54%, net profit attributable to mothers12.

5.3 billion, down 1 year.

72%, a decrease smaller than -83 in the first three quarters.

09%, -66.

28%, -1.


Initial automotive business achieved revenue of 760.

07 trillion, a growth rate of 34.

23%, including 524 of new energy vehicle revenue.

220,000 yuan, an increase of 34.

21%; the mobile phone and photovoltaic business was affected by the downturn in the downstream market and the growth rate was broken down to achieve revenue of 422.

3 billion, 89.

500,000 yuan, an increase of 4.

34%, 2.

06%; sales income from other main businesses 28.

68 ppm, an increase of 5576.


Due to the decline in gross profit margins of automobiles, photovoltaics and other businesses, the annual gross profit margin in 2016 was 16.

40%, down 2.

61 points.

The reduction in the sales expense ratio improved the period expense ratio by zero.

57pct to 12.


The world’s new energy vehicle sales champion, the new product cycle continues ahead of time. The company adopted the new design language “Dragon Face”, and continued to launch the Yuan EV360, a new generation of Tang DM, a new generation of Song, Qin Pro and other models.Reached 52.

07 thousand vehicles.

The new generation of Tang DM, the new generation of Song DM, the Qin DM and other plug-in models and e5, Yuan EV and other pure electric models can sell new energy models, replacing new energy vehicle sales of 24.

The sales volume of 780,000 vehicles in the first 17 years has more than doubled, and the domestic new energy vehicle market share has been close to 北京桑拿会所 20%, and has been the world’s new energy vehicle sales champion for four consecutive years.

This year, the company will launch a new generation of Yuan EV, a new generation of Tang EV and Song Max DM, and the new product cycle continues. IGBT technology breaks through the overseas technology monopoly, and actively researches and develops SiC MOSFET companies. Since 2005, it has been laying out the IGBT industry. At present, it has become the first domestic auto company to achieve mass production of automotive-grade IGBTs.

At the end of 18, the company released IGBT4.

0 technology, compared with the mainstream IGBT in the market, IGBT4.

0 The current output capacity is increased by 15%, the comprehensive loss is reduced by 20%, and the temperature cycle life is increased by more than 10 times.

At the same time, the 重庆耍耍网 company is deploying SiC MOSFETs developed by the third-generation semiconductor material SiC. In the future, each electric vehicle will gradually install SiC electronic control, and the overall vehicle performance will be improved by 10% on the existing basis.

IGBT is the core component of the electric vehicle drive system, accounting for about 5% of the total vehicle cost, but 90% of the share is monopolized by foreign manufacturers such as Infineon, Siemens, and Mitsubishi.

The release of 0 marks the company’s further competition in the field of new energy vehicles.

The main business of the separated seat business is to promote the continuous open supply system of power battery external supply companies. It will establish a joint venture with Faurecia to separate the seat business, while promoting the external sales of power batteries, expanding customers such as Dongfeng, and signing with Changan Automobile.Strategic cooperation agreement, the two parties will jointly establish a battery factory with an annual output of 10GWh to supply power batteries for Changan.

According to the data of the power battery application branch, the company’s new energy vehicle power battery installed capacity in 2018 was 11.

43GWh, with a market share of 20.

1%, the second in the country.

The external supply of power batteries will effectively promote the company’s power battery business development.

The investment proposal estimates that the company’s net profit attributable to shareholders of the parent company from 2019 to 2021 will be 40.

7.3 billion, 49.

2.5 billion, 58.

5.6 billion yuan, corresponding to an EPS of 1.

49 yuan, 1.

81 yuan, 2.

15 yuan, the corresponding PE is 37 times, 30 times, 25 times, the first coverage, given the “overweight” rating.

Risks indicate that car sales are less than expected; risks from changes in industry policies.

Hualan Biological (002007): Flu vaccine in line with expectations has entered demand season

Hualan Biological (002007): Flu vaccine in line with expectations has entered demand season

Event: Third Quarterly Report: Revenue 26.

3.8 billion, a previous growth rate of 29.

6%, net profit 9.

6.4 billion, a year-on-year growth rate of 26.

9%, net operating cash flow 7.

620,000 yuan, EPS 0.

69 yuan; of which Q3 income of 12 in the third quarter.

35 ‰, 48 per year.

1%, net profit 4.

5.7 billion, 49 per year.

0%, performance is in line with expectations.

Opinion: Performance is in line with expectations, and demand for flu vaccine is strong.

Revenue in the first three quarters of 19 was 26.

3.8 billion, a previous growth rate of 29.

6%, net profit 9.

6.4 billion, a year-on-year growth rate of 26.


By business segment, the vaccine business is expected to contribute equity net profit1.


500 million US dollars, of which more than 6 million flu vaccine sales, the annual vaccine sector is expected to contribute 3.

Net profit of about 6 billion, and deposits may exceed expectations; the blood products sector contributed 7.

Net profit of 500-800 million yuan, an annual growth rate of about 10%, annual blood products are expected to contribute over 1 billion net profits, an annual growth rate of about 10%, the net profit of Q3 blood products in a single quarter increased slightly from the same period last year, mainly last yearThe high base in the third quarter, as well as the strengthening of academic promotion, resulted in an increase 佛山桑拿网 in the sales expense ratio of blood products in 19 years.

In the field of research projects covering monoclonal antibodies and vaccines, the layout of the large biological industry has steadily advanced.

The company established the Hualan Biological Vaccine and Hualan Genetic Engineering Layout Vaccine and Monoclonal Antibody business to realize the big biological layout of blood products, vaccines, and biopharmaceuticals, and cultivated new profit growth points for the company.

1) mAb projects: Trastuzumab, bevacizumab, rituximab, and adalimumab have been approved for clinical use, of which trastuzumab, bevacizumab, and rituximab are in clinical practice 3 Phase; Panitumumab, Denitumab, and Ipilimumab were approved for clinical use.

2) Vaccine project: adsorption tetanus vaccine, 10μg (pediatric dosage form) regenerate hepatitis B vaccine, 20μg recombinant hepatitis B vaccine, freeze-dried second-generation mad vaccine report is under approval, and it is expected to be approved in 20 years, AC combined with clinical phase 3,H7N9 influenza vaccine phase 2 clinical.

Profit forecast and investment suggestions: The company’s overall operation is stable, and the tetravalent influenza vaccine has entered a period of strong demand. It is estimated that the net profit for 19-21 years will be 14 respectively.



200 million, a previous growth rate of 23.

7% / 16.

4% / 11.

At 2%, blood products grew steadily, the flu vaccine leader was solid, and the company’s medium- and long-term development momentum was solid.

The layout of blood products, vaccines, and biopharmaceuticals. If a breakthrough is made in future biopharmaceuticals, the medium-term market value is expected to exceed 70 billion yuan, maintaining a “buy” rating.

Risk warning: Sales are lower than expected, new product replacements are approved as scheduled, industry black swan incident, etc.

Zhongnan Construction (000961) April 2019 Comments: Sales continue to pick up, soil storage structure optimization

Zhongnan Construction (000961) April 无锡桑拿网 2019 Comments: Sales continue to pick up, soil storage structure optimization

Key points of the report: From January to April 2019, the company’s cumulative contracted sales amount was approximately 462.

800 million US dollars, an annual increase of 29%, the cumulative sales area is about 378.

0 million square meters, an increase of 35%.

Incident review The gradual sales growth continued to pick up.

In April 2019, the company realized contract sales of about 154.

1 trillion US dollars, an annual growth of 39%; sales area is about 127.

90,000 square meters, an increase of 47% in ten years.

The cumulative contracted sales amount from January to April 2019 is approximately 462.

800 million US dollars, an annual increase of 29%, the cumulative sales area is about 378.

0 million square meters, an increase of 35%.

Sales continue to pick up since March.

The cost of land has decreased, and the proportion of land acquisition in second-tier cities has continued to increase.

In April 2019, the company’s land acquisition area was 36.

450,000 square meters, the total price is 15.

2.5 billion, the land area is Zhenjiang City and Huaian City, Jiangsu Province.

From January to April 2019, the company gradually acquired land for 229.

230,000 square meters, with a total land price of 147.

100,000 yuan, the average price of land is 6417 yuan / square meter.

From January to April 2019, the company’s cumulative average sales price was 12,243 yuan / square meter, and the ratio of converted land acquisition prices to the cumulative average sales price was 52.

41%, a decrease from January to March 2019, and the cost of land is further reasonable.

From January to April 2019, the company continued to expand its land acquisition efforts in second-tier cities. The proportion of land acquisition in second-tier cities increased from 37 in 2018.

0% increased to 49.

8%, the soil storage structure continues to be optimized.

The growth of gross profit margin picked up, and the performance in the first quarter continued to grow.

Affected by the decline in the completion of the construction sector, the company achieved operating income of 84 in the first quarter of 2019.

71 ppm, a decrease of 25 per year.


The company achieved net profit attributable to mothers in the first quarter4.

820,000 yuan, an increase of 27 in ten years.


There are two main reasons for the performance increase: First, the company’s gross profit margin and net profit margin in the first quarter of 2019 were 24.

34%, 6.

19%, an increase of 4 over the same period last year.

55 points, 2.

23pct; Second, the pace of land business settlement has steadily improved, and the company recognized development income 62 in the first quarter.

600 million, an annual increase of 23%.

Investment suggestion: Deeply plow the Yangtze River Delta region and maintain a “Buy” rating.

Based on the Yangtze River Delta, the company achieved steady growth in sales and continued to optimize its urban layout.With the continuous advancement of the urbanization construction process and the gradual release of restrictions on settlement, the company strives to fully benefit.

It is expected that in 2019 and 2020, the EPS will be approximately 1.

10 yuan, 1.

89 yuan, corresponding to the current sustainable PE is 7 respectively.

3 times, 4.

3x, maintain “Buy” rating.

Risk Warning: 1.

Uncertainty in the liquidity environment; 2.

There may be uncertainties in the adjustment policies of the real estate business.

Goldwind Technology (002202) In-Depth Report: The Value of Wind Power Is Reassessed

Goldwind Technology (002202) In-Depth Report: The Value of Wind Power Is Reassessed
The performance of wind power generation is sustainable and strong, parity is coming, and the cash flow quality will be improved. It can be analogized to hydropower: compared with wind turbine equipment, power generation enterprises’ income, profits and cash flow are more stable.Only two provinces, Gansu and Xinjiang, are red forecast areas in 2019, and the abandonment rate in the first three quarters of the country will drop by 3%.5 points to 4.2%, the problem of abandoning wind power in the northern region has improved significantly, and market-based bidding has also eased concerns about the consumption of renewable energy.At present, some arrears are added, and the ratio of net cash flow to net assets of wind power companies operating can still reach zero.23-0.3. The net asset payback period is only 4 years, which is comparable to hydropower.The transition from wind power to full parity in 2019-2021, the proportion of new projects to supplement will shrink, the cash flow quality of wind power companies will further improve, and wind power assets will be fully comparable to high-quality hydropower assets in the future. Goldwind has steadily promoted the construction of wind farms and extended its business to the entire industry chain: Goldwind has maintained its stability in the industry’s downward cycle from 2016 to 2018 by increasing its power generation business. In the first three quarters of 2019, new equity installed capacity of 195MW was added.Yingying Wind Farm’s equity installed capacity is 4,596MW, and the power generation capacity is 5,923GWh. The wind power generation business continues to rise steadily.Through self-operated wind farms, Goldwind has accumulated accumulated operation and maintenance experience, combined with intelligent operation and maintenance systems, to successfully develop the service market after wind power.In 2018, there have been 6.year.97GW, of which 2.31GW is a non-gold fan set.At the same time, related businesses such as front-end site design and consulting EPC have developed smoothly. Using the technical advantages of the wind power field, the business field has been extended to the entire industry chain to 杭州桑拿 increase profitability. The cash flow model estimates that the IRR of Goldwind ‘s domestic wind farms is as high as 29%, and the overall power generation business is estimated at 30.5 billion. The market generally pays little attention to Goldwind ‘s power generation business. It is simply measured by PE and cannot reflect its true value.The wind power project budget and investment amount in the project, determine the project capacity and equity ratio according to the bidding information, and combine the wind power utilization hours of each province where the project is located to construct a wind farm cash flow and rate of return model.The calculation results show that the total NPV of national projects is 303.94 ppm with a PI of 3.0, the internal rate of return is as high as 29%, and the rate of return is very considerable. It is estimated to be 249 by DCF.6.8 billion yuan.Overseas projects are estimated at 2 PB 55.23 trillion, the total power generation business is estimated at 304.9.1 billion. In 19-20, wind power was clearly installed, prices and gross margins rebounded, and the volume and price of wind turbine business went up: the price of wind turbines hit the bottom of 3100 yuan / kW in the third quarter of 2018.In the third quarterly report, the company’s orders in hand reached another 23.5GW, in order to prepare for 20 years of rush installation, the company actively communicated with the upstream to reserve capacity and increased some stocks. The three-quarter reported inventory increased by 86% to 100 per year.72 ppm, the company’s fan business will enter the upward cycle of both volume and price in 20 years. Investment suggestion: We raise the company’s profit forecast. It is estimated that the EPS in 19-21 will be 0.67, yuan, give 15 times PE, raise the company’s 2020 target price to 17.4 yuan, continue to give “strongly recommended” investment rating. Risk warning: major changes in wind power policy, the company’s wind turbine order delivery is less than expected; wind turbine prices fell more than expected.

Tianwei Food (603317): Actively develop dual products and dual channels to add flavor to life

Tianwei Food (603317): Actively develop dual products and dual channels to add flavor to life

Report Summary: The company’s compound condiment industry has a broad space and rapid growth, which is the future development direction of condiments.

The market size of Chinese compound condiments increased from RMB 5.57 million in 2013 to RMB 109.1 billion in 2017, with an annual compound production capacity of 15.


However, China still focuses on the consumption of single condiments such as soy sauce and vinegar, and the proportion of compound condiments is still very small, only 26%, which is far lower than the proportion of consumption of more than 59% in other countries, which has broad development space.

From the perspective of demand, the 天津夜网 restaurant chain’s homemade compound seasonings are inefficient and cannot be standardized, and catering companies are purchasing more and more compound seasonings.

As for the family, the demand for younger consumer groups is increasing, and the demand for convenience and speed has become stronger and stronger, and the future growth rate of compound condiments is considerable.

According to Frost & Sullivan’s forecast, from 2015 to 2020, the growth rate of Chinese-style compound seasonings will be increased by 16.

9% compound annual average; followed by hot pot seasoning, compound strength will reach 15%.

These are the two major business segments in which Tianwei Food is involved. They are categories that can achieve a large single product strategy and can generate scale advantages.

Tianwei Food is at the forefront 杭州桑拿网 of the industry, ranking third in the hot pot bottoms industry and No. 1 in Sichuan cuisine seasonings. It already has high-quality product capabilities, C-end channel capabilities, and upstream and downstream management capabilities.

In the end, the company keeps launching new products and launching 1-5 new products every year. Half of the revenue increase comes from new product sales.

But compared to the previous, the company’s brand power still needs to be strengthened.

The company strictly controls the procurement process, strengthens supplier management, and solves the problems of high proportion of raw materials, complex procurement, and food safety management.

At the same time, the company’s marketing channels are becoming more basic, which helps the company understand the market.

In addition, the company will focus on developing B-end meal tuning customers in the future, which will have an impact on the company’s overall gross profit margin, but the maintenance costs will be low in the future.

Use of raised funds: The company publicly issued no more than 41.32 million ordinary shares of RMB. The raised funds were used for the expansion and expansion of the home production base, the expansion and expansion of the Shuangliu production base, the marketing service system and the comprehensive supporting construction of information technology. The main purpose was to expand hot pot.The production capacity of base materials and meals enhances the quality of service and enhances the company’s industry advantage.

Earnings forecast: EPS for 2019-2021 is expected to be 0.

83, 0.

98, 1.

2 yuan, corresponding to PE is 55 times, 46 times, 38 times, the first coverage, given “overweight” rating.

Risk warning: food safety issues; changes in raw material prices