McGrady Technology (603990) Incident Review: Major Shareholders Substantially Subscribe to Increase IVF Integration Ability

McGrady Technology (603990) Incident Review: Major Shareholders Substantially Subscribe to Increase IVF Integration Ability
Event: On February 26, the company announced the plan for the non-public issuance of A shares in 2020: 39.The price of 38 yuan / share is issued to no more than 2539 to 5 specific investors.360,000 shares (inclusive), and the total amount of raised funds shall not exceed RMB 10% (inclusive) to supplement the company’s working capital.  Investment points: The actual controller subscribes for 500 million yuan, and the stability of control is improved.This time, 5 specific investors will be added for cash subscription, of which the actual controller of the company, Weng Kang, will subscribe for about 1269.680,000 shares at a subscription price of 5 trillion; Chen Jixia subscribed for approximately 507.870,000 shares with a subscription price of 2 trillion; Shanghai Yuehai Asset Management Co., Ltd. subscribes for 457.08,000 shares at a subscription consideration of 1.800 million; Wells Fargo Fund subscribed for 152.360,000 shares with a subscription consideration of 60 million yuan; Minsheng Securities subscribed for 152.360,000 shares, the subscription consideration of 60 million yuan.The company’s actual controller has a direct and indirect shareholding ratio of 14.99%, controlling its total shareholding ratio with those acting in concert to 21.74%.After the completion of the additional issue, the company’s actual controller Weng Kang and his concerted parties 武汉夜网论坛 will hold a total shareholding ratio of 26.95%.In our opinion, a substantial proportion of the company’s actual controllers subscribe for the company’s shares, and the company’s control will be more stable, which also reflects the company’s confidence in the company’s development prospects.  The company’s competitiveness has been further enhanced, and its IVF integration capabilities have been enhanced.The company is a domestic leader in clinical medical informatization (CIS). Its DoCare series of clinical medical management information system products, Doricon digital operating room and comprehensive solutions for digital ward and digital emergency platform being promoted have formed a leading market comparison in the field of CIS.High and high brand awareness.The funds raised this time will further strengthen the company’s capital 重庆耍耍网 strength and help the company increase efficiency. The company will take advantage of its existing market share, customer group and business understanding depth as an advantage, and transform users, markets and technologies through transformation to promote the company’s existing product depth.Applications and promotion of new products further enhance the company’s competitive advantage.The replenishment of working capital will optimize the company’s capital structure, reduce interest rates, and improve the company’s ability to resist risks.In fact, we believe that the supplement of working capital will enhance the company’s ability to integrate assisted reproductive resources.  Earnings forecast and investment rating: Maintain “Buy” rating.We believe that the company is a leader in the domestic CIS segment. Raising funds will further enhance the company’s competitiveness and anti-risk capabilities. At the same time, the company’s ability to integrate IVF resources will also be improved. The actual control of the proportion of people who subscribe reflects its confidence in the company’s development.We expect the company’s EPS for 2019-2021 to be 0.64/0.85/1.11 yuan (regardless of the impact of the fixed increase on the company’s performance and equity), corresponding to the current progress of PE is 97/73/56 times, maintaining the “Buy” rating.  Risk reminders: 1) Risk of failure of non-public stock issuance; 2) Company performance is less than expected

Xianfeng Pharmaceutical (002332): Development turning point re-optimistic about long-term space

Xianfeng Pharmaceutical (002332): Development turning point re-optimistic about long-term space

Third-quarter results exceeded expectations.

The company disclosed three quarterly reports and achieved revenue of 27 in the first three quarters.

69 ppm, a 杭州桑拿网 ten-year increase4.

49%; net profit attributable to shareholders of the listed company is 2.

910,000 yuan, an increase of 37 in ten years.

40%, deducting non-net profit is 2.

830,000 yuan, an increase of 39 in ten years.

96%, exceeding our expectations and the market; quarterly, Q3 achieved revenue of 9 in a single quarter.

09 million yuan, an increase of ten years.

02%, net profit is 1.

170,000 yuan, an increase of 32 in ten years.

54%, deducting non-net profit is 1.

20 ppm, an increase of 38 in ten years.

30%, the third quarter results continued to maintain rapid growth.

We expect that the company ‘s profit growth rate is higher than the income growth rate mainly due to two reasons: 1. The company ‘s 18-year distribution business of US $ 200-500 million has been affected by the two-vote system.It has improved, but the profit level has a small impact; 2. In the first half of the year, the company’s drug substance factory was relocated, and the company made certain structural adjustments to the drug substance orders.This also makes the company’s profit growth rate higher than the income growth rate to a certain extent. At present, the company’s new plant has been relocated and passed the FDA on-site inspection in October.In the rapid development stage, the preparation business continues to grow rapidly and is expected to continue in 2020.

In terms of business, we expect that the preparation-side business will continue to grow rapidly. It is expected that the growth rate of respiratory and dermatological line products will maintain a growth rate of more than 50%. The growth rate of anesthesia line products will be about 20-25%.About 10%, the overall growth rate of the drug end is about 5-10%.

In terms of expenses, the selling expenses cost 30.

24%, a decrease of 1 per year.

25 units, management costs 9.

41%, an annual increase of 0.

19 units, basically stable.

Inflection point reconstruction, optimistic about the company’s development prospects in the next few years.

We believe that the company has ushered in a new development point. The restructuring company’s high-profit preparation products have already reached a certain volume and are in a period of rapid development. Anesthesia, breathing, and skin products will continue to work hard to maintain in the next few yearsHigh-speed growth; gradually, from the perspective of policy trends, the industrial position of APIs in the pharmaceutical industry will become higher and higher. At present, the company’s industry leader in the field of steroidal raw materials is no doubt, even at the international leading level, and its competitive advantage is obvious.The 杭州夜网 inflection point is improving. The next few years will be a new stage of the company’s rapid development, and we are optimistic about the company’s long-term development.

Financial Forecast and Investment Suggestions We maintain the company’s EPS forecast for 19-21 to be zero.



76 yuan, based on a comparable company, gives the company a 21-year estimate for 20 years, and the corresponding target price is 12.

18 yuan, maintain BUY rating.

Risks remind that preparations sales fall short of expectations; API business falls short of expectations

Guizhou Moutai (600519) 2019H1 performance evaluation: patience and watch for strong demand is the key

Guizhou Moutai (600519) 2019H1 performance evaluation: 成都桑拿网 patience and watch for strong demand is the key
Event: Guizhou Moutai released its 2019 Interim Report, which actually realized a total operating income of 411.73 trillion, the same increase of 16.8%, (of which operating income is 394.8.8 billion, an increase of 18.24%), achieving net income of 199.5.1 billion yuan, an increase of 26.56%, basic basic income.8.8 billion, an increase of 26.56%.Among them, the second quarter achieved total operating income of 186.92 trillion, with an increase of 10.89% (of which operating income is 178.4.4 billion, an increase of 12.01%), achieving a net profit of 87.30 trillion, the same increase of 20.29%. Growth slowed down in the second quarter and financial indicators were sound.1) The growth rate of revenue in the second quarter slowed down.The company’s Q2 operating income increased by 12.01%, first-class Moutai, series of wine achieved revenue of 15.3 billion, 25.200 million yuan, an increase of 12 respectively.3%, 9.4%.The drop in Q1 growth rate from Q1 was mainly due to a large amount of apparent shipments in 18Q2: According to previous channel tracking, the actual shipments of Moutai were about 7,000 tons, while the apparent shipments of 18Q2 were about 6,700 tons (the actual shipments during the same period were about 5500 tons).Driven by lower rates and higher ton prices (increasing non-standard Moutai investment in the second quarter), net profit increased by 20 in the second quarter.29%, relatively ahead of revenue growth.2) The channel system is still fine-tuned, and direct sales channels have yet to be extended.At the end of the period, the number of domestic dealers was 2,415, a decrease of 39 from the end of the first quarter. Among them, the number of Moutai liquor dealers was lower than that of Q1. The company’s channel rectification is still ongoing but it is expected to be nearing completion.In the first half of 19, direct sales accounted for 4%.1%, down from Q1 Q2 in the second quarter, and grassroots research shows that the layout of direct-operated stores has increased, which is expected to be related to the approval of the receipts and the adjustment of the caliber.First choice.3) Advance receipts remained high and cash flow performance was good.Closing advances 122.5.7 billion, an increase of about 1 billion from Q1, an increase of 23% over the same period last year.Cash from sales of merchandise in Q2 was 205.700 million, an increase of 34.93%. The expense ratio continued to decline, and profitability continued to improve.1) Expense control is good.The initial cost control was good. The management expense rate and sales expense rate were 5 in 19Q2.97%, 6.74%, a year-on-year decrease of 1, respectively.47pct / 0.71 points.2) Profitability continued to improve.As the company’s series of wine actively adjusted the company’s gross profit margin, the gross profit margin in 19Q2 decreased and increased by 0.89pct to 91.15%; slight increase in gross profit margin increases the rate of decline, and increases the decline in net interest rate by 3.65pct to 46.70%. The understanding of the two leading indicators of advance payment and approval price: dealer rectification and sales policy adjustment disturb the expectations of advance payment, and approval price tracking only replaces Feitian.In the second and third quarters, the advance receipts increased by about 1 billion, which is lower than the market’s optimistic expectations. The preliminary system is: 1) The dealers’ rectification led to an increase in the follow-up deviation of advance receipts.The tracking caliber has changed; 2) Moutai’s payment policy has been adjusted since 19 years. Channel tracking shows that in mid-late March and late June, Moutai changed its 18-year monthly payment policy.The dealer’s funds have been refunded.Due to the above two reasons, the advance payment is expected. We believe that the advance payment as a leading indicator reflects the enthusiasm of dealers to draw money and reflects the demand situation. The qualitative ratio is gradually reduced. The channel and terminal tracking show that Moutai is still in an absolute market.Therefore, the contradiction in demand is due to the disturbance of advance receipt data.For the tracking of Moutai prices, we believe that we should comprehensively consider other products to interpret, such as boutique wine, zodiac and other products.Judging from the initial tracking situation, the price difference between Pfeiffer, Zodiac, and boutique products is gradually narrowing. In terms of particularity, scarcity, and quality of wine, the zodiac and boutique products are better than slender ones, while the price of Feitian is rising and the zodiac productsThe weak price rise may be reflected in the overall shortage of the supply side and the structural zodiac. There are relatively many fine products. Channel tracking shows that the proportion of various non-standard products may account for 30% of the entire Moutai revenue.In addition, in the context of investment and collectible attributes leading to the prominent financial attributes of Feitian, the consumption attributes of products such as zodiac and boutique products are prominent, which is an important supplement to the study of consumer demand. The demand for Moutai is strong, and the quarterly data does not need to be interpreted too much. It is recommended to watch patiently.1) Moutai demand is strong and the fundamentals of the industry are still solid.Since April, the sector’s attention has continued to rise. The market is discrete and sensitive to the short-term changes in Moutai. However, the data is often affected by changes in the company’s sales policy adjustments and short-term considerations.We believe that fluctuations in short-term internal loss data do not mean that Moutai ‘s demand has cooled. Channel surveys have reported that Moutai ‘s actual demand is strong, while other famous liquor sales have also confirmed that the fundamentals of the industry are still solid, and high-end liquors continue to enjoy consumption upgrades and increase cash flowEnjoy squeezing growth opportunities in the battle.2) It is not necessary to interpret the quarterly data too much. It is recommended to watch 武汉夜网论坛 patiently.Moutai’s quarterly results are affected by factors such as sales policies and cannot reflect terminal demand, so it is not recommended to read too much.For Moutai, medium- and long-term growth certainty and robustness are the fundamentals of bullishness. The high moat brought by absolute leading brands is the core of recommendation. Strong short-term demand is to buy and rest assured. It is recommended to watch patiently. Earnings forecast and investment advice: We maintain our previous earnings forecast, with EPS expected to be 33 in 19-21.13 yuan / 40.25 yuan / 46.27 yuan, maintain the “prudent increase” rating. Risk reminders: Macroeconomic risks, improper Moutai price control, direct sales channels failing to meet expectations, and market systemic risks.

Tengda Construction (600512): Hangzhou Asian Games reorganization accelerates order conversion, investment profit progress significantly improved in the first quarter

Tengda Construction (600512): Hangzhou Asian Games reorganization accelerates order conversion, investment profit progress significantly improved in the first quarter
Mainly engaged in engineering construction business, companies in the Yangtze River Delta region are mainly engaged in urban roads, railways, elevated roads, rail crossings, sewage treatment, highways, building construction and other projects, and have expanded to the investment field and real estate industry.The company’s business development area is currently based in the Yangtze River Delta region and gradually expands to the central and western regions. At present, most of the successful bid projects are concentrated in Hangzhou, Taizhou, and Shanghai.The company has obtained a number of qualification certificates issued by the Ministry of Construction, has a qualification advantage, and has won a lot of honors in engineering construction projects. It has established a good reputation in the municipal and highway construction markets in the Yangtze River Delta, and has gained a competitive advantage in the municipal engineering construction business.  Orders continue to reach record highs, and order conversion revenue is expected to accelerate.After 2018, the integration development of the Yangtze River Delta continues to accelerate.In November 2018, President Xi Jinping delivered a keynote speech to support the development of the Yangtze River Delta regional integration and become a national strategy.At the end of 2018, the National Development and Reform Commission intensively approved rail transit projects in the Yangtze River Delta region, with a total investment scale of approximately US $ 700 billion.The company’s business is based on the Yangtze River Delta city group for a long time, and it has the advantage of getting a bill in the Yangtze River Delta region. It is expected to benefit from the accelerated development of the integration of the Yangtze River Delta.In 2022, the Asian Games will be held in Hangzhou. It is necessary to build a good infrastructure before the Asian Games. At present, the Hangzhou subway construction gap is 270 kilometers, and the investment scale is about 200 billion yuan.The company’s rail delivery orders in Hangzhou account for more than 60%, and rail delivery orders continue to grow in the next two years.The company’s new chronic single 82 in 2018.0.4 billion, of which 77% were orders from Hangzhou.The company’s revenue growth rate in recent years has clearly exceeded the order growth rate. The integration of the Yangtze River Delta and the Hangzhou Asian Games promotes accelerated order conversion. It is expected that the revenue conversion speed will substantially increase in 2019 and 2020, achieving approximately 50 billion and 64 billion revenues, respectively., Increased by about 25% and 深圳桑拿网 29%, respectively.  The investment profit in the first quarter is expected to increase significantly.89 yuan through the 2018 company performance forecast, we expect 2018 Shaanxi State Investment.The Trust Program No. 71 is temporarily cancelled.500-300 million.The trust scheme is 2.4 billion in size and leveraged, with the company holding 62.5% equity.As the stock market conditions improve in 2019, by calculating the average return rate of Jinglin Assets for the first quarter of 2019, we believe that if the stock market maintains the first quarter level, the trust plan in 2019 aims to make the company profit about 2.500-300 million.From 2018 to 2019, the actual controller of the company increased its holdings of 400 million market capitalized shares, accounting for 8% of the total share capital.56%, increase the average price of 2.89 yuan, similar to the company’s sustainable current price.  Investment suggestion: It is expected that the performance of the first quarter will change. The integration of the construction of the Yangtze River Delta with the “Buy” rating and the antiques of the Hangzhou 2022 Asian Games will release a lot of traffic construction and infrastructure needs.The rapid development of the shipping business is expected to accelerate the conversion of orders into revenue.Based on the stock market’s first quarter of 2019 results, it is expected that trust products in 2019 are expected to bring 2 to the company.500-300 million profit, so the company’s profit situation in 2019 is expected to improve.We expect the company to achieve a net profit of about 300 million in the first quarter of 2019, and the deviation in performance will reverse.The company’s EPS for 2018-2020 is expected to be 0.02, 0.34, 0.38 yuan / share, corresponding to PE is 165, 8 and 8 times.Covered for the first time, giving the company a “Buy” rating.Target price 3.73 yuan.  Risk warning: The growth rate of investment in fixed assets declines; the project advances less than expected; the trust plan income of the company’s investment will change with the stock market.

Franchise (603966) company dynamic comment: consolidated the company’s performance and acquisitions highlight synergies

Franchise (603966) company dynamic comment: consolidated the company’s performance and acquisitions highlight synergies

Event: On October 8, 2019, the company issued a third-quarter 2019 pre-announcement announcement.

The company expects to achieve net profit attributable to its mother in the first three quarters of 2019 of 7,129.

500,000 to 8,080.

100,000 yuan, an increase of 50% to 70% a year; net profit after deduction is 6,786.

610,000 yuan to 7,662.

300,000 yuan, an annual increase of 55% to 75%.

The target company’s profitability is strong, and the company’s performance is significantly increased. In December 2018, the company completed the acquisition of 100% equity in Austrian RVH and RVB companies, and finally realized 100% control of Voithcrane.In addition, the company’s initial business development has been stable and stable. The company expects that net profit attributable to mothers will increase by 50% -70% in the first three quarters of 2019, and net profit attributable to mothers will increase by 55% -75%.

The profitability of the initial target company is strong, which has significantly increased the company’s performance. Before the acquisition, the three companies, RVH, RVB, and Voithcrane, had operating income of 3,631 from February 1, 2017 to January 31, 2018.

170,000 Euros (about RMB 2).

8.9 billion) and net profit after tax was 465.

470,000 Euros (approximately RMB 3,699.

650,000 yuan), accounting for 57 of France’s 2017 net profit.

97%; after the completion of the acquisition, 2019H1 Voithcrane achieved revenue 9501.

830,000 yuan, accounting for 21 of the company’s total revenue.

37%, achieving a net profit of 1363.

130,000 yuan, accounting for 31 of the 杭州桑拿 company’s total net profit.

48%, the preemptive layout of overseas markets significantly increased the company’s profit.

Further outsourcing mergers and acquisitions consolidate the industry’s leading advantages, and the synergy effect of multiple acquisitions shows: the company continuously seeks outbound mergers and acquisitions to continuously improve the industrial layout.

Except for Voithcrane, the company fully promoted the acquisition of 75% equity of Guodian Power on July 15, 2019, and is expected to complete the acquisition on August 20, 2019. At the same time, shareholders can make deductions of non-net profit for 2019-2021 not less than 2000, respectively.With a profit commitment of 2800 and 37.5 million yuan, the CAGR in the next three years will reach 23.

31%, after the acquisition, the company’s profitability promoted further improvement.

The company’s multiple acquisitions have significant synergies, creating a win-win situation.

The expansion of the acquisition of Guodian Power and Voithcrane will help the company’s rich business structure, further enhance its R & D and service capabilities, expand new industry customers, and consolidate the company’s leading position in the intelligent material handling industry; the target companies will also rely on lawLantec’s listing platform gains more business development resources to give full play to its scale advantages and expand its business scale.

The mid-to-high-end crane market has great potential. The company is the best choice for the leader: Compared with the traditional Soviet-type cranes and domestic cranes, the European-style cranes are small in size and light in weight. They can reduce the overall investment of the plant, improve production efficiency, and runStable, lowered lowered.

With the transformation and upgrading of the manufacturing industry, crane lightweighting, intelligence and energy saving will become the industry trend. Demand for high-end European cranes will also increase accordingly, and its current market share is less than 10%, with great development potential.

Frantech is a leading domestic high-end European crane company, with a market share of about 20-30% in the mid-to-high-end market. After the acquisition of Voithcrane to form a synergistic effect, the company is expected to seize more market share under market development and its performance is expected to further increase.

Investment suggestion: Considering the company’s high profitability, it is the first to lay out the dividend performance of overseas markets. According to our model calculations, it is estimated that the net profit attributable to mothers in 2019-2021 will be 1.

02 ppm, 1.

2.5 billion, 1.

56 trillion, EPS is 0.

48 yuan, 0.

59 yuan, 0.

74 yuan, PE is 20.

64 times, 16.

89 times, 13.

50 times.

Risk reminder: risk of fluctuations in raw material prices; exchange rate risk; market risk that the fixed asset infrastructure investment scale does not meet expectations and the company ‘s crane and other business revenues do not meet expectations

Shanghai stock index opened a record 23-year record gold pit cashing?

(Latest View)

Shanghai stock index opened a record 23-year record gold pit cashing?

(Latest View)

How 杭州评茶阁 to buy A-shares after the market opens?

Come to Sina University of Finance and listen to the annual column “Business Day Financial Morning Post”, free trial before February 9!

  Today’s A-share opening fell much more than expected!

However, in the case of a serious dips in funds, the major stock indexes rebounded rapidly.

Northbound funds swept nearly 4 billion yuan in 25 minutes.

  Today, the first trading day after the Spring Festival of A shares, affected by the new crown pneumonia epidemic, Shanghai and Shenzhen did not unexpectedly open lower.

The Shanghai Composite Index opened lower by 8.

73%, ChiNext refers to a lower opening of 8.

23%, all industry sectors fell, one stock fell on a large scale, more than 3,000 stocks opened at the limit, pharmaceuticals and medical stocks were severely polarized, while 南宁桑拿 anti-flu, masks and other protective medical equipment stocks had a large daily limit, while other general pharmaceutical stocksThe daily limit, tourism, science and technology board, chip, military industry, etc. fell the most.

Judging from the historical decline, the Shanghai Index today is 8.

A 73% drop is a record since 1997.

  The market fell sharply, the demand for hedging increased sharply, and the main contract for issuing 10-year Treasury futures rose by 1 at the time of publication.

71%, the main contract of 5-year Treasury futures rose 0.


  A-share pharmaceutical sector United Ring Pharmaceutical (5th board), Lukang Medicine (4th board), Sihuan Biological (Protection of Rights) (4th board), Jiangsu Wuzhong (3th board) today’s collective bid limit; medical devicesPlates Ogilvy Medical (3 consecutive boards), Nanwei shares, Teda shares (4 days 3 boards) call auction daily limit.

  Northbound funds clearly bottomed out A shares today, with a net inflow of 3 billion in the first 6 minutes of opening; 25 minutes after the opening, the net purchase of northbound funds reached 4 billion.

  PetroChina opened down 8.

87%, another record low; Sinopec opened 8 lower.


  Peripheral markets have risen in succession. In other Asian stock markets, major indexes have opened lower and higher.

The Nikkei 225 index opened lower by nearly 2% in early trading before rebounding, and the press was terminated. The Nikkei index fell less than 1.


As for the South Korean stock market, the South Korean KOSPI index fell 0.


The Hang Seng Index opened 0 lower.

47%, blue chip stocks fell, consumption, oil and gas, real estate stocks led the decline, Tencent against the market rose more than 1%, pharmaceutical stocks increased.

In the final release, the HSI rose by 0.


  Hong Kong stocks drug stocks and flu stocks moved higher.

In the final release, Fusen Pharmaceutical increased by more than 65%. The announcement announced that it would adjust the production capacity of Shuanghuanglian Oral Liquid to enter market demand.

China Pioneer Pharmaceuticals rose 8.

02%, Tai Ling Medicine rose 7.

02%, Shenwei Pharmaceutical rose 6.

21%, Shanghai Pharmaceuticals rose 5.

92%, Baiyun Mountain rose 3.

77%.Last week it was up 1607.

96% of China’s medical group once exceeded 50%.

  After the FTSE A50 index opened lower, it clearly rose, terminated publication, and rose 0.


  In the commodity market, domestic crude oil futures fell sharply by nearly 8% at the beginning of the opening; gold and silver became safe havens, and gold futures rose by nearly 3%; and thermal coal futures became one of the few growing commodities due to factors such as transportation.

  Latest brokerage strategy: “Golden Pit” becomes mainstream Anxin strategy: Grasp “Golden Pit” and seize strategic opportunities From the perspective of various historical experiences, epidemic situation may only be the core contradiction of the market in the most rapid development period.See if the market is still moving in the direction determined by the endogenous trend.

Because the overall situation of coronary disease in the short term will affect the economy to a certain extent, it will also cause a temporary downward movement of the overall market index platform. The market may quickly make up after the holiday to complete the expected adjustment, but the market ‘s medium-to-long-term trendAnd the structure of the main line logic has not been destroyed by the coronary epidemic.

The epidemic situation will always pass. The essence of the market’s fall next week actually brings a “golden pit” of strategic layout, especially the rare opportunities brought by the adjustment of high-quality technology stocks.

  The perspective extends to the whole world. If ROE and ROIC of A-share listed companies can stabilize and even rebound, then the A-share market in the financial opening era will still be the most valuable investment in the context of low interest rates and low growth in the world.One of the assets, A shares as a whole is still expected to move towards a long-term slow bull golden age.

Therefore, although it is expected that the new crown epidemic situation will bring some pressure to the short-term market, in the medium term, it will instead be a good allocation period for high-quality companies in various industries.

  In the short-term, it is expected that after the market quickly compensates for the decline, structural markets will be developed around industries whose fundamentals are less affected by the epidemic. In the near future, the industry will focus on: media (games, Internet, etc.), new energy vehicles (Tesla industry chain, etc.),Medicine, public utilities, gold, etc. The theme suggest to pay attention to the house economy, science and technology board, etc.

  Southwest Securities: The recent epidemic of core assets plunging, buying small and buying small will have two major impacts on the market: First, in the short term, the impact is distorted and the market is expected to show clear signs.

Secondly, in the medium and long term, the epidemic will not change the basic trajectory of market operation. If the amplitude is too large in the short term, it will be an excellent period to increase quality assets.

  In terms of short-term shocks, it is mainly achieved by lowering investors’ expectations for the economy.

Overall, the epidemic will depress economic growth in the first quarter by 1-2 examples.

From the perspective of specific industries, the epidemic situation will constitute a direct negative on the consumption-related industries, such as transportation, tourism, catering, hotels, agriculture, animal husbandry, and liquor industries. The profit forecast for the first quarter will be significantly reduced.

Of course, there are also industries that will benefit from the epidemic, such as online games, biomedicine, etc.

  In the medium and long term, the epidemic will not change the trend of China’s economic development, nor will it change the long-term growth trend of imported substitutes in related industries.

Core assets in the fields of medicine, communications, electronics, computers, etc., if there is a significant replacement in the post-holiday shock, it is an excellent time to lay out related assets.

  In general, there are shocks in the short term and not pessimism in the long term.

As far as core assets are concerned, big plunges and big buys, small plunges and small buys, persist for a long time.

  Huatai Strategy: Short-term four-point configuration ideas Before the arrival of the peak of suspected cases (Jin Qilin analyst), the overall market risk appetite, especially the bearish industry, is still under downward pressure.

  Short-term four-point configuration guidelines: 1) Optimize the pre-holiday epidemic escalation period, and the strong varieties such as medicine and electric vehicle industry chain when the market falls; 2) Optimize the technology manufacturing that declines in the short term due to the general mood, but the most logical in the medium term;) It is preferred that upstream and midstream equipment and component manufacturers with overseas production capacity and be located in the supply chain of major overseas customers; 4) Short-term attention to online education / online shopping / games / quick-frozen and fast-moving foods that may directly benefit from the epidemic.

  In the medium term, the three main lines of the annual strategy: the electric vehicle chain / computer / electronics, and the equipment and parts sector under the manufacturing investment logic also comply with the short-term relative income allocation logic, and gradually move towards “the return of the king”.

  China-Thailand strategy: Actively deploy hard technology and new generation consumption.

  During the outbreak of SARS, the market panic dropped by 10% and rose by 7% in the later period.

Therefore, there is no need to be afraid of panic decline.

There are two main concerns in the short-term market. One is the change in the epidemic situation, such as the growth rate of newly diagnosed cases; the other is the policy hedging tool, when it will be introduced, and how much effort will be made.

It is recommended to focus on avoiding two aspects. One is the stocks that are most affected by the epidemic, such as the sectors that have suffered short-term consumption shocks (catering, tourism, transportation, film and television, retail, etc.), listed companies in Hubei Province, etc., and the second is the financing purchase.In contrast, the determinants of equity rounds with a high equity pledge are the increase in liquidity and risk appetite.

Before the outbreak, the market believed that the macro economy had stabilized in the short term, at least the pace of monetary policy cuts and interest rate cuts would improve.

However, in contrast, the release of economic data in December and January, and the enthusiastic quotations of hard-tech and new-generation consumption in the era in January have broken the market’s illusion of macroeconomic recovery.

Then the epidemic’s economic growth rate is expected to cause the market to believe that liquidity will be further loosened, so the denominator market can still continue.

However, the increase in risk due to the epidemic situation will be replaced by part of the benefits brought about by the expectation of loose liquidity (this is mainly reflected in the panic period, when the panic period is over, the risk reduction will return to the current level).

We still maintain our judgment on the market structure in 2020.

Don’t expect a big bull market.

Choose structurally and continue to firmly recommend industries and stocks of the era of hard technology and new generations of consumption.

  CITIC’s strategy: The impact of the “Golden Pit” epidemic on the way to the “Xiao Kang Niu” ended the rehearsal of the “Xiao Kang Niu” that began in December last year, but at the same time provided a rare configuration opportunity.

We still continue our annual strategic view. We believe that in the second quarter of the transition, the economy will gradually return to the right track.

The “golden pit” dug by the market in February due to the impact of the epidemic will be the best time for configuration.

Short-term trading and long-term deployment opportunities co-exist: 1) Short-term trading opportunities brought by the epidemic itself, focusing on diagnostics companies in medicine, Chinese medicine companies, low-value consumables companies, and retail platforms. Other industries include chemicals for disinfection.Online education, leading supermarkets, games and videos, property management, etc.  2) For the allocation of funds, we still think that the technology sector represented by consumer electronics, semiconductors and new energy vehicles and the medicine represented by innovative drugs are the main lines of transfer. Shortening the adjustment is expected to recover quickly, but the adjustment will bring a lot ofGood chance to get on the bus.

In addition, due to the severe impact of the epidemic, the estimated space has been set aside, and the plate with little actual impact has also ushered in the best allocation time. For the detailed industry, see the main body of the report.

  GF strategy: The combination of “economic stabilization + currency easing” at the beginning of 2020 was partially destroyed. The current round of economic impact may be wider than in 2003, and the policy coverage is expected to increase from 2003.

The short-term emotional shock amplitude refers to the decline in the A / H market index of 9-12% in 2003 and the fall of the FTSE China A50 index during the Spring Festival.

4%, the time is slightly shorter than the 8 trading days in 2003; through the epidemic control to clear the market to stabilize, the core logic of the next stage or switch to the more friendly change of the denominatorThe discount rate drives down the main logic of the financial supply side).

  In terms of industry configuration, it is expected that the liquidity shock caused by the continuous decline in the market after the holiday will lead to the adjustment of the GEM ratio. However, if the rebound is stabilized, it should also be a leading technology growth.

By 2003, the period in which the fundamentals were affected periodically by the epidemic was (affecting the construction of labor-intensive construction) and offline consumption (such as catering and tourism, cinema lines, traditional retail, and transportation), which had a relatively small impact on technological growth.

It is recommended to use the opportunity of reduced risk expectations and staged discounts of liquidity to configure technological growth (consumer electronics, new energy vehicles, games).

  Northeast Securities: The probability of strategic emerging industries being killed by mistake. The inflection point of financial expectations depends on the marginal inflection point of the epidemic data. The impact and inflection point of the real economy are at least cross-quarter, and it depends on the strength of policy support.

The overall strategy is: 1. Industries that are indirectly harmed by the epidemic, such as strategic emerging industries, controversy over the probability of missed opportunities, and pay attention to the core main lines of each industry we introduced; 2. Those affected by the epidemic, such as delivery, tourism, Catering, construction, etc., we must pay close attention to the recovery of passenger flow and industry recovery, and then there will be a rebound space for breakthroughs.

But maybe in the second and third quarters.

  Securities Times’s new media platform focused on listed companies

Depth-Company-Moutai, Guizhou (600519): Strong demand releases momentum and is expected to continue to exceed expectations in the next 2 years

Depth * Company * Guizhou Moutai (600519): Strong demand and strong performance release momentum enough to continue to exceed expectations in the next 2 years

Guizhou Moutai issued a performance forecast. In the first quarter of 2019, total operating income increased by about 20%, and net profit increased by about 30%.

  Key points to support the rating 1Q19 total operating income increased by about 20%, net profit increased 北京桑拿洗浴保健 by about 30%, significantly exceeding market expectations.

(1) Terminal demand is very strong.

According to the release plan announced before the Moutai Festival, the amount of Moutai liquor released during the Spring Festival of 19 years has gradually increased, which may exceed 10%.

According to our grassroots research, the price of income continues to rise. In 2018, the price of General Mao’s income was in the region of 1550 to 1800 yuan.

(2) The number of Moutai liquor dealers decreased by 437 in 2018, and the internal rectification continued in 2019. The traditional dealers were further replaced, so the proportion of direct sales and non-standards can be significantly increased, which will increase the average price.

(3) The accounts received in advance at the end of 18 years have reached 135.

800 million, an 杭州夜网 increase of 24 from 3Q18.

100 million, according to our grassroots survey, in March 19, the dealers have paid for the second quarter, so we judge that the company may confirm the advance payment in some cisterns, so that the 1Q19 final statement advance payment can be maintained at a reasonable level.

(4) According to Moutai’s official Weibo news, sauce-flavored wines maintained a rapid growth rate in the first quarter, with a year-on-year increase of 26%, and single-season sales revenue exceeded 2 billion yuan.

(5) The income with a higher net profit growth rate is included in the increase in the average sales price of Maotai liquor, and the replacement may cause a series of wine expense growth rates.

  Under the background of internal remediation, channel profits continue to transform, and the company ‘s performance release momentum is declining, and the performance in 19-20 is expected to continue to exceed expectations.

Vertical and horizontal comparison shows that the current channel profits of Moutai are relatively high.

In 18 years, the personnel of Moutai continued to change. The company carried out special rectification activities and worked hard to create a positive marketing environment. The number of Moutai liquor dealers decreased by 437.

We think the internal improvement of Moutai will help the channel profit to continue to return.

The chairman of the board of directors on December 28, 18, highlighted the principle of “fast, fast, no room, no retreat”. In addition, the chairman was at the Boao Forum in March 1919. He hoped that by the end of the year,The actual results will be better than planned, which also shows that the company’s performance is scheduled to release momentum.

  Estimated EPS 35 in 19-20.

20, 42.

48 yuan, an increase of 25 in ten years.

6%, 20.


Moutai demand has maintained a strong growth trend. Under the background of internal remediation, channel profits will continue to fall back, and the performance may continue to exceed expectations. Maintain a BUY rating.

  Inventories of major risk channels facing ratings exceeded expectations.

Ministry of Foreign Affairs responds that U.S. warships entered China’s Nansha Islands without permission

Ministry of Foreign Affairs responds that U.S. warships entered China’s Nansha Islands without permission

Xinhua News Agency, Beijing, August 10th. Foreign Minister Geng Shuang said on the 10th that the USS McCain guided missile destroyer granted permission on behalf of the Chinese government on that day to enter the adjacent waters of the Nansha Islands in China.

The Chinese side was therefore strongly dissatisfied and raised rigorous suspicions with the US side.

  A reporter asked: According to US officials, the USS McCain guided missile destroyer carried out free navigation in the waters near the Meiji Reef in the Nansha Islands.

Please confirm with China, and what comments does China have from this?

  Geng Shuang said that on August 10, the USS McCain guided missile destroyer was allowed by the Chinese government to enter the adjacent waters of the islands and reefs of China’s Nansha Islands without authorization to conduct the so-called freedom of navigation.

The Chinese army immediately dispatched warships to verify and identify U.S. ships in accordance with law, and warned them to leave.

  He said that China has indisputable sovereignty over the Nansha Islands and its surrounding waters.

The related actions of the US ship violated Chinese law and international law, seriously jeopardizing China’s sovereignty and security, and seriously endangering the lives of frontline personnel on both sides.

The Chinese side was therefore strongly dissatisfied and raised rigorous suspicions with the US side.

  Geng Shuang said that since the reorganization, with the joint efforts of China and the ASEAN countries, the cooling and cooling of the South China Sea has slowed down, and it has continued to show a positive development trend, especially the China-ASEAN Foreign Ministers ‘meeting in the Philippines’ antiques recently adopted the framework of the South China Sea behavior model.

Against this background, some extraterritorial forces are moving against the current and continue to search for nourishment under the banner of freedom 苏州夜网论坛 of navigation in an attempt to disrupt the current hard-won good performance.

This clearly shows who in the end does not want to see the South China Sea maintain stability, and who is the biggest factor driving the militarization of the South China Sea.

  He said that China’s determination to safeguard its territorial sovereignty and maritime rights and interests is consistent, and China’s will to maintain peace and stability in the South China Sea is unwavering.

Such a provocation by the United States must also take measures by the Chinese side to further improve its national defense capabilities.

  China urges the U.S. to earnestly abide by China’s sovereignty and security interests, effectively target the joint efforts of regional countries to maintain peace and stability in the South China Sea, and play a constructive role. Don’t do anything that undermines mutual trust and regional stability.

Geng Shuang said.

Original Title: The Ministry of Foreign Affairs responds that US warships are good at entering the relevant waters of the islands and reefs of the Nansha Islands in China.

AVIC Capital (600705): Steady performance of trust leasing combined with production and investment

AVIC Capital (600705): Steady performance of trust leasing combined with production and investment

The 18-year results are in line with expectations. The 2018 results announced by AVIC Capital: operating income 138.

7 trillion, an annual increase of 27%; net profit attributable to the parent company 31.

700 million, an annual increase of 14%; mainly driven by the growth of leasing, trust and financial subsidiaries.

Development Trends Trust and leasing subsidiaries have grown steadily, contributing to the group’s main 南宁桑拿 earnings.

1) Trust subsidiary income increased by 9% to 29.

900 million, net profit increased by 13% to 18.

50,000 yuan, profit contribution 35%.

At the end of 18 years, the scale of trust assets reached 4% to 632.7 billion yuan, of which collective, single, property management rights accounted for 59% / 39% / 2% respectively.

2) Revenue from leasing subsidiaries increased by 29% to 71.

600 million, net profit increased by 24% to 12.

US $ 600 million, a 34% profit contribution; of which, the annual contract value of the leasing subsidiary for 18 years increased by 75% to US $ 77.9 billion.

3) Revenue of financial subsidiaries increased by 48% to 23.

400 million, net profit increased by 15% to 7.

70,000 yuan, 8% profit contribution.

The financial subsidiaries strengthened the centralized management of funds, and the total amount of loans issued at the end of 18 increased by 13% to 26 billion yuan.

4) The income of securities subsidiaries decreased by 12% to 8.

500 million yuan (vs.

Industry -15%), net profit decreased 44% to 1.

50,000 yuan (vs.

Industry-41%), profit contribution 4%.

Among them, non-capital business potential, self-operated business contributed major performance.

Ten billion battles were put in place, and capital operations were steadily advanced.

The subsidiary AVIC Investment introduced six strategic investors, including China Life Insurance, for a total of US $ 10 billion in capital increase and share expansion for the 18 years, opening up growth space for the military industry production and investment platform.

In essence, the company completed capital increases of 5 billion and 3 billion in leasing and securities subsidiaries in 18 years to support its business development.

With the launch of the war and the expansion of subsidiaries, the company’s capital strength has been further enhanced, and future exhibitions can be expected.

Earnings forecasts are based on the steady development of trusts and leasing subsidiaries. Securities subsidiaries’ profits are picking up with the market and industrial investment income is increasing. We have raised our 2019 / 2020e earnings forecast by 9% / 18% to 36.

0 ppm / 41.

500 million.

Estimates and recommendations The company is currently trading at 19e 1.

6x P / B and 14.

1x P / E, maintain “Recommended” rating.

Taking into account the company’s stable ROE return level and the recent industry sentiment recovery brought about by market sentiment recovery, we raise our target price by 25% to 6.

9 yuan, corresponding to 17.

2x 19e P / E, 2.

0x19e P / B ratio and 22% growth space.

The quality of risk assets was lower than expected; the progress of the industrial investment platform exceeded expectations.

Longjing Environmental Protection (600388): The non-electricity business is unique and the big environmental protection platform is taking shape

Longjing Environmental Protection (600388): The non-electricity business is unique and the big environmental protection platform is taking shape
Pioneered the “fume gas environmental protection island” model. The predecessor company of the national atmospheric control company was Longyan Radio Factory, which was established by the overall restructuring of Fujian Longjing Enterprise Group Co., Ltd., and went public in December 2000.The company has deeply cultivated the field of atmospheric governance for many years, expanding from traditional power plant desulfurization and denitrification to non-electricity and non-gas fields, creating a large environmental protection platform, and committed to becoming a comprehensive service provider for environmental governance. After years of deep cultivation, since the establishment of the leading enterprise of electric desulfurization and denitrification, the company has deeply cultivated the field of atmospheric control, and has been in the leading position in the power and atmospheric control sector.In 2北京夜网018, the newly commissioned power desulfurization and out-of-stock units accounted for 23 respectively.47%, 10.50%.Since the peak period of the power desulfurization and destocking market has passed, the company has made strategic adjustments, focusing on expanding from power desulfurization and denitrification to non-electricity and non-gas fields. The non-electricity business is unique and opens up new growth space. The company has obvious technical advantages in the non-electricity field, rich customer resources, business covers industrial wastewater treatment, VOCs treatment, flue gas bleaching, glass furnaces, etc.The company successfully won the bid for ultra-low-emissions transformation orders from key steel-making enterprises such as Shougang Jingtang, Tanggang Group, and China Railway Equipment.As of the end of 2018, the company’s newly signed contract for non-electric coal-fired flue gas desulfurization projects handled 8621 flue gas.33Nm3 / h.As of the first half of 19 years, the company has 103 non-power orders in hand.1.1 billion, with too many projects in hand, non-electricity will become the main source of performance growth. Many points in the non-gas field blossom, creating a large environmental protection platform. Faced with the shrinking of the traditional coal power market, the company actively expands its business in the non-gas field.In January 2018 and June 2019, it successively acquired Fujian New World Environmental Protection and Dechang Environmental Protection, entered water pollution management, solid waste management, soil remediation, garbage incineration and other environmental protection fields, and created a large platform for environmental protection.New VOCS contract signed in 20181.3.7 billion, soil remediation contract 0.1.7 billion, pipe belt transportation contract3.40,000 yuan, industrial wastewater treatment contract1.81 trillion, non-gas business has begun to take shape. Risk warning: the project construction progress exceeds expectations; increased investment leads to tight cash flow. Investment suggestion: Maintain “overweight” rating and reasonably estimate 11.88-12.The 87 yuan company has obvious technical advantages in the non-electricity field, high customer recognition, and excessive orders; the non-gas field has completed its preliminary layout, and the big environmental protection platform strategy has gradually been implemented.The company’s EPS for 2019-2021 is expected to be 0.85, 0.99, 1.09 yuan, earnings forecasts remain unchanged, corresponding estimates are 11/9/8 times.We maintain our Air Force forecast and consider the company’s one-year stock to have a fair value of 11.88-12.87 yuan, relative to the current sustainable growth of 29% -39%, maintaining the “overweight” level.