Mei Nian Health (002044): Date Good War Investment Brings Double Benefits

Mei Nian Health (002044): Date Good War Investment Brings Double Benefits
Incident Mei Nian Health Announcement Evening announcement by the controlling shareholder and concert parties of the equity transfer company, the controlling shareholder Shanghai Tianyi Assets and concert parties and other shareholders were on October 25, 2019 with Alibaba (China) Network Technology Co., Ltd., HangzhouXintou Information Technology Co., Ltd., Shanghai Qijun Investment Center (Limited Partnership), “Share Transfer Agreement”, transferred to Alibaba Networks, Hangzhou Xintou and Shanghai Qijun in total to share the total share capital of the listed company.16% of shares, the transfer price is determined to be 12.01 yuan / share, the total amount is 72.6.5 billion.After the completion of the implementation of the share transfer, Alibaba Networks and Hangzhou Xintou, as concert parties, will hold the company10.82% of the shares, Shanghai Qijun will hold the company5.34% of the shares, Mr. Yu Rong and his concerted parties total holders22.88% of the shares remain the actual controller of the company. Brief comment on the high-quality dating investment, the company and the controlling shareholder multiple benefits Alibaba Networks is an important strategic subsidiary of Alibaba Group in the field of information technology. The release of Alibaba Networks, Hangzhou Xintou and Shanghai Qijun as important strategic shareholders and partners of the company can helpThe improvement of Meinian’s health improves the company’s digital and intelligent development level, which is conducive to enhancing the company’s “overhaul, inventory, management, medical, insurance” business to further synergize and improve customer service capabilities. For the controlling shareholder’s Tianyi Assets and those acting in concert, the large amount of funds obtained from the transfer will quickly solve the problem of the excessive equity pledge rate that the market was worried about at the same time. At the same time, it will obtain funds to develop a listed company’s external physical examination stores and further improve the externalThe operating conditions of the stores are conducive to the overall coordinated development. At the same time, as the largest Internet company in China, Alibaba’s participation in the Meinian Health System will help increase market awareness of private medical examinations and enhance investors’ long-term investment confidence in the private health management industry and Meinian Health. Leading in the field of health examinations, maintaining the level of increase in holdings. The health of the United States is based on health examinations. From professional prevention, health protection to intelligent management, the development strategy of health big data applications 深圳桑拿网 is clear. The company has quickly grown into an absolute leader in the domestic health management industry.The second release of Ali as a strategic investor of the company is expected to further increase the company’s barriers. We maintain the company’s profit forecast for 2019-2021 is 9 respectively.8.4 billion, 12.6.8 billion and 15.7.6 billion, an increase of 19 each year.9%, 28.9% and 24.3%, EPS per share are 0.30, 0.38 and 0.47 yuan, currently expected to correspond to 51, 39 and 32 times the PE in 2019-2021, maintaining the overweight level. Risk reminder: M & A integration effect is less than expected, leading to goodwill impairment risk; store expansion is slower than expected; health management industry events affect company assessment

Depth-Company-Microchip Biotech (688321): Small molecule innovative drug company insisting on independence

Depth * Company * Microchip Bio (688321): Small molecule innovative drug company insisting on independence

The company specializes in the original research and development of small molecule drugs. It is a landmark company in domestic research and development of small molecule patented innovative drugs. The integrated drug innovation and early evaluation system based on chemical genomics is its core technology. Based on this technology, the company successfully discoveredAnd developed a series of new molecular entities, including cidabenzide, ciglitazone and sirononi, and original and innovative drugs with novel mechanisms of action.The total maturity period may reach $ 2.9 billion.

The company’s EPS is expected to be zero in 20-21.


24 yuan / share, a reasonable price range of 16 yuan.



49 yuan / share.

The main points of the official rating The company specializes in the original research and development of small molecule drugs. It is an iconic company in domestic research and development of small molecule patented innovative drugs. The integrated drug innovation and early evaluation system based on chemical genomics is the most popular international new drug development today.One of the important means, its important technical characteristics are shown in the use of microarray gene chip technology for drug screening (Chip-screen Biosciences), using a large number of known gene expression data, to evaluate the molecular pharmacology and toxicology of new compounds andPredict and continuously optimize the structure of the target compound so that the lead compound with the best comprehensive evaluation index will enter the next stage of development.

Based on this core technology, the company successfully discovered and developed a series of new molecular entities including cidabenzamide, ciglitazone and sioroni, and original innovative drugs with novel mechanisms of action, as well as CS12192, CS17919, CS24123, CS17938,CS27186 and other molecular weight new molecular entity derivative drugs, the product chain covers different stages from marketed to early discovery research, 南京桑拿论坛 different disease areas.

The total maturity period of cidabenamide, ciglitazone, and theoronine is expected to reach 2.9 billion yuan.

Cedaramide is the first-line drug for T-cell lymphoma. The conversion of Cedarbenamide to the hormone receptor antagonist HER2-negative advanced diabetes is justified and listed on the market. It is used for non-small cell metabolism in phase 2/3.In the clinical phase, the sales of Cestabenamide in the above indications are expected to exceed 1.7 billion.

Siglitazone sodium is a new generation of PPAR all-agonist sensitizer which has completed phase III clinical trials, and it is also the first PPAR all-agonist to complete phase III clinical trials globally.

As a novel mechanism for the treatment of type 2 diabetes, it can not only control blood sugar, but also treat patients with 南京夜网 diabetes with lipid metabolism disorders. It is expected that its expected sales will reach at least 4.

7.5 billion.

Sioroni, as a multi-target and multi-path selective replacement inhibitor, belongs to the innovative small molecule anti-tumor agent. It currently targets Phase 2 of cancer, small cell cancer, non-Hodgkin lymphoma, liver cancer and other indications.In clinical trials, Sioroni is expected to reach 700 million yuan in maturity.

Independent research and development company.

The company has stable cash flow and good financial status.

As a start-up R & D company, the company is one of the few companies with self-hematopoiesis function (very few profitable entrepreneurial innovative drug companies).

The company’s sustainable development, the operating net cash flow has remained positive for a long time, and the amount of financing is very small. Many similar companies frequently raise hundreds of millions or even billions of financing funds. Long-term profits have been lost. The cash flow is always negative.It has also taken a different path for new drug development.

We estimate EPS0 in 2019-2021.

10 yuan / 0.

17 yuan / 0.

24 yuan, DCF estimates a reasonable price range of 16.


49 yuan.

Main risks: The market expansion of new products is lower than expected, the development of new drugs and indications fails, and the company’s business stability.

Maanshan Iron & Steel Co., Ltd. (600808) Company Annual Report Comment: De-capacity task completed 2018’s beautiful performance

Maanshan Iron & Steel Co., Ltd. (600808) Company Annual Report Comment: De-capacity task completed 2018’s beautiful performance
Key points of investment: The company produced iron, steel, and billets in 1800, 1964, and 1870 titles in 2018, respectively.The company announced its 2018 annual report on March 21, 2019. The company produced iron, steel, and billets in 2018 of about 1800, 1964, and 1870, respectively, which were 0.94%, -0.36%, 0.54%. Among them, the plates, long products, and axles produced by the company are 940, 909, and 22, as shown in the figure, and the proportions are 50.27%, 48.58%, 1.15%, the proportion of long products rose slightly, the axle output increased significantly. The company expects 1820 steel output in 2019 is expected to exceed the decline 2.67%.In 2018, the company shut down two blast furnaces and two converters, withdrew from the initial ironmaking capacity of 100, and inserted steelmaking capacity of 128. It fully completed the three-year goal of capacity reduction, and gradually withdrew from ironmaking capacity of 224 and steelmaking capacity of 2.56 million tons.Iron, steel, and volume are 1833, 2170, and 1970 lengths, respectively.With the exit of production capacity and the overhaul of No. 1 blast furnace of the Second Iron and Steel Plant, the steel production and sales in 2018 continued to increase slightly.In addition, the company plans to produce iron, steel, and steel in 1772, 1921, and 1820 spindles in 2019, which will reduce the number by 1.56%, 2.19%, 2.67%. The company achieved net profit attributable to mothers in 201859.43 ppm, an increase of 43 in ten years.94%.The company achieved operating income of 819 in 2018.52 ppm, an increase of 11 per year.91%, net profit attributable to mother 59.43 ppm, an increase of 43 in ten years.94%, Q1-Q4 net profit attributable to mothers were 14 respectively.18, 20.11, 21.55, 3.59 ppm, a 57-year increase of 57.25%, 171.09%, 96.53%, -74.10%, the company ‘s fourth-quarter profit decline was mainly due to the narrowing of profits caused by the decline in steel prices in the fourth quarter. In 2018, the company realized a gross profit of 649 yuan per ton of steel and a net profit of 317 yuan per ton of steel.The company sold the most steel in 1873 in 2018, of which plates, long products, and axles were sold at positions 941, 910, and 22, respectively.Calculated based on sales volume, the company achieved a gross profit of 649 yuan per ton of steel in 2018, an increase of 25 in the future.22%, realized a net profit of 317 yuan per ton of steel, an increase of 43 per year.40%, of which Q1-Q4 steel gross profit is 512, 762, 734, 584 yuan / ton, net profit per ton of steel is 297, 424, 440, 84 yuan / ton. The company plans to send a total of 0 cash dividends in 2018.36 yuan / share.The company issued a cash dividend of 0 in the middle of 2018.05 yuan / share, and plans to pay 0 cash dividends at the end of 2018.31 yuan / share, a total of 0 cash dividends will be distributed in 2018.36 yuan / share, accounting for 46% of net profit attributable to the mother.6%. Earnings forecasts and investment advice.We expect the company to achieve net profit attributable to mothers of 44 to 2020 respectively.09, 43.57 trillion, corresponding to EPS are 0.57, 0.57 yuan.The company’s corresponding net assets 西安耍耍网 in 2019 were 3.98 yuan, according to the closing price of 4 on March 21.01 yuan calculation, the corresponding PB is 1.01 times.Comparable companies correspond to PB in 2019, and we give companies 1 in 2019.1-1.4 times dynamic PB, with a reasonable value range of 4.38-5.57 yuan, given a “preliminary market” rating.risk warning.Demand has increased significantly; the steel premium in Anhui Province has shrunk sharply; the company’s output growth of axles has fallen short of expectations.

Bank of Nanjing (601009): The fixed increase plan has repeatedly reduced the fundamentals to maintain the first echelon

Bank of Nanjing (601009): The fixed increase plan has repeatedly reduced the fundamentals to maintain the first echelon

Event: The Bank of Nanjing disclosed the revised version of the non-public fixed increase plan, and the number of non-public shares issued this time did not exceed 15.

2.5 billion shares, the scale of raised funds does not exceed 116.

1.9 billion, issued to the Bank of France and Pakistan, Communications Holdings and Jiangsu Tobacco Company.

  Despite the withdrawal of Zijin Investment, the total fundraising amount exceeded the excessive reduction, and its withdrawal is expected to be related to the investment ratio requirements of internal non-financial institutions as promoters of commercial bank legal persons.

Based on the comparison between the five-month fixed increase plan and the revised draft, according to the calculation of the maximum number of shares raised and the maximum amount of funds raised, the amount of capital contributed by Faba Bank and the tobacco company will remain unchanged, 10 trillion and 30 trillion, respectively.The two shareholding ratios are 13 respectively.

92% and 3.

93% (the first and fifth largest shareholders), which were respectively increased by 0 under the earlier May plan.

33 and 0.

36 shares per share, the proportion of capital contribution and the upper limit of the number of subscription shares increased by 2 and 5 to 9% and 26% respectively compared with the previous May plan; the amount of capital contribution of Transportation Holdings decreased slightly, and the shareholding ratio after the increase was determined from10% of the May plan fell to 9.

99% (the third largest shareholder), and the proportion of capital contribution compared with the upper limit of the number of subscribed shares increased by 6 percentages to 66% in the May plan.

With the exit of Zijin Investment, its shareholding ratio will be 12 in 1Q19 after the fixed increase.

41% dropped to 10.


According to the latest “Implementation Measures for Administrative Licensing Matters of Chinese Commercial Banks of China Banking Regulatory Commission” in 2018, “Internal non-financial institutions, as promoters of commercial bank legal entities, their equity investments should not exceed 杭州桑拿论坛 50% of the company’s net assets(Consolidated statement caliber), except for investment companies and holding companies stipulated by the State Council. ”

At the end of 2018, Zijin Investment’s net assets were 341 trillion, except for its holders12.

41% Bank of Nanjing equity (latest closing price to calculate market value of 87.

700 million), and also holds Nanjing Securities27.

14%, Zijin Rural Commercial Bank 8.

96% and a total of 20 companies, and it is expected that the increase in equity may lead to an equity investment surplus of more than 17.1 billion.

At present, the management of domestic commercial banks ‘banks’ shareholders is becoming severe. Zijin Investment carefully withdrew from the initial fixed increase while still guaranteeing the restructuring as the second largest shareholder arrangement of Nanjing 杭州桑拿网 Bank, but it remained unchanged in the subsequent business development and confidence of Nanjing Bank.

  In the future, the fixed increase will effectively strengthen the bank’s capital strength. It is expected that the fundamentals of the interim report will remain the first echelon.

Based on the static calculation of 1Q19 data, 11.6 billion fixed-increasing finished products will increase the core tier one, tier one and total capital adequacy ratios.

38 single to 9.

90%, 11.

07% and 14.

16%, significantly enhanced capital strength.

The forthcoming 2019 Interim Report is expected to continue to improve in size. Bank of Nanjing did not issue interbank certificates of deposit and cost only in the most stressful weeks after the contractor incident, and issued relatively low liquidity in June.Before the cost of interbank certificates of deposits even exceeded 524, we expect the 2Q19 net interest margin to increase by 1bp to 1 quarter-on-quarter.

97%; It is estimated that the asset quality is expected to remain stable and improve. It is expected that in 2Q19, when the provision coverage rate trend is upward, the non-performing ratio will decrease by 1bp to 0 quarter-on-quarter.


It is estimated that the operating income of Nanjing Bank in 1H19 and the net profit attributable to mothers will increase by 28 each year.

5% and 15.

1%, maintaining a relatively stable situation with the first quarterly report.

  Company’s point of view: The newly set increase plan of Bank of Nanjing has been reduced again by an excessive amount, and the participants are expected to form a strong business resource support for Bank of Nanjing.

And the fundamentals belong to the first echelon. The 2019 Interim Report is expected to perform steadily and for the better, and the dividend rate will remain at a high level of 30%. It is expected that the change rate in 19 will be 5.

55% (second from listed banks).

The current maximum corresponding to 19 years is only 0.

91XPB, the former Ningbo Bank discounted 42%. We estimate that Nanjing Bank’s net profit attributable to mothers will increase by 18 in 2019-2021.

0%, 18.8%, 18.

8% (maintain profit forecast), maintain “Buy” rating, target price corresponding to 1.

2X 19-year PB, 32% upside, repeating the first combination of A shares.

  Risk reminder: adverse risks caused by economic substance.

Jinjiang (600754): Fast-growing hotel performance in line with expectations

Jinjiang (600754): Fast-growing hotel performance in line with expectations
The revenue grew steadily, and the non-performing performance was stable, in line with expectations of the company’s 18-year revenue of 14.7 杭州桑拿 billion / + 8.21%, net profit attributable to mother 11 billion / + 22.76%, net profit after deduction to mother 7.4 billion / + 9.88%, in line with expectations.The government’s implementation of measures such as large-scale tax reductions has helped hotel demand to stabilize and rebound. The March PMI index was 50.5%, a new high in five months, is expected to accelerate the improvement of macroeconomic improvement expected, the hotel sector is expected to continue to repair.In the long term, the domestic hotel chain market has ample space, and the leading group’s franchise management method will increase market share. At the end of February 19, the company opened 7,559 hotels, the largest in the country, and the comprehensive effect continues to appear. It is predicted that the EPS in 19-21 will be 1.33/1.42/1.54 yuan target price 北京夜网 of 33.34-34.67 yuan to maintain the overweight level. The Territory Hotel segment contributed the most to performance. Platinum Tao and Vienna have grown rapidly for 18 years. The net profits of Territory Hotels / Overseas Hotels / Catering are at 6 respectively.06/2.69/1.8 billion.Excluding the minority shareholders’ profit and loss and the effects of depreciation and amortization, the net profit of the internal hotel book.81 ppm / + 17.06%, a faster growth.Among them, Platinum Tao’s 18 years income 43.3.3 billion / + 1.15%, mainly due to the seven days and IU’s partial shutdown and upgrading and 12% increase in consolidated equity profits, attributed to net profit4.06 billion / +49.84%; Vienna income 27.2.3 billion / + 20.49%, net profit attributable to mother 2.6.2 billion / + 12.47%; the company’s original Jinjiang Department revenue was 29.3.9 billion / + 2.37%, net profit 1.25 billion / -46.98%, mainly due to Jinguang Express 0.Impairment of 2 billion goodwill and additional government subsidies received by Jinjiang Star.Revenue from overseas hotels Louvre 41.02 billion / + 5.43%, net profit 2.6.9 billion / -12.26%. The expansion of franchised hotels has accelerated, and the proportion of mid-range hotels has continued to increase. In February, OCC recovered. 1,243 new stores will be opened in 2018, and the plan of over 900 will be completed. Among them, there will be 749 net opening hotels, 799 mid-range net openings, and economic net clearance of 50Family.According to the announcement, in January / February 19, the company net opened 67/49 hotels, and continued to open stores relatively quickly.As of February 19, mid-range hotels accounted for 34%; franchise hotels accounted for 79% by type.51%.4Q18 mid-range hotel RevPAR / ADR / OCC exceeded the added value of 0.34% / 4.78% /-3.62 pct, the budget hotel RevPAR / ADR / OCC increased by 0 adjacently.88% / 3.10% /-3.07 points.On January 22, 19, the mid-term hotel occupancy rate decreased by 8.47/0.28pct, house prices increased by 0.86% / 3.28%, economical housing rate decreased by 8.47/1.02pct, house prices increased by 1.16% / 1.74%, OCC stabilized mainly due to the Spring Festival effect. Franchise expansion is faster, benefiting from March ‘s PMI exceeding expectations. It is estimated that there is enough room for repair. The government ‘s implementation of measures to reduce taxes and other measures will help hotel demand to stabilize and rebound. March ‘s PMI index exceeded expectations to accelerate the acceleration of macroeconomic improvement. The hotel sector is expected to improve.Estimated to continue to repair.In the long run, the domestic hotel chain market has ample space. The company is the largest hotel chain in China. The integration effect will release the performance elasticity.The company’s occupancy rate from January to February was still declining, and the original forecast was EPS1 in 19-20.39/1.55 yuan, fine-tune and increase the 21-year forecast, forecasting EPS for 19/20/21 is 1.33/1.42/1.54 yuan.The average PE of the comparable company in 19 years is 26 times, and the PE of 25-26 times in 19 years is corresponding to the company’s target price of 33.34-34.67 yuan to maintain the overweight level. Risk warning: the economy continues to decline; the company’s store opening speed is slower than expected; business integration is lower than expected.

Bank of Ningbo (002142): Interest rate continues to rise and asset quality and safety rise

Bank of Ningbo (002142): Interest rate continues to rise and asset quality and safety rise

Bank of Ningbo achieved operating income of 289 in 2018.

3 billion, an annual increase of 14.

3%; net profit attributable to mother is 111.

900 million, an annual increase of 19.

9%; Defective rate decreased by 4bp to 0.

78%, ROE dropped to 0.

3 up to 18.


Loan pricing has risen, debt costs have stabilized, and interest margins have rebounded for four consecutive quarters.

The company’s net interest margin in 2018 was 1.

97%, a 7bp increase from the previous 3 quarters.

The company’s loan pricing continued to increase in the second half of the year, while interest-bearing debt costs remained stable.

In the second half of the year, the yield on public debt increased by 11bp, and the yield on personal loans increased significantly by 33bp.

The company’s personal consumption loans increased by 31 in 2018 in ten years.

7%, accounting for 79% of personal loans from the end of the half year.

7% increased to 83.


The cost of deposits rose slightly by 4bp in the second half of the year, but the interbank deposit certificate issue rate fell by 30bp, and the cost of interest-bearing liabilities remained flat overall.

The overall asset quality has remained stable, and provisions have been made for high security.

In 2018, the company added back the write-off of non-performing net to replace 0.

43%, 0 before 2017.

62% dropped 19bps; the pressure on asset quality increased in the second half of the year, and the non-performing net formation in the fourth quarter was zero.

85%, an annual increase of 34bp and 53bp respectively; we have observed a significant rebound in BMPMI in March, and we expect the company’s asset quality to remain stable in 2019.

Due to the increase in write-offs in the fourth quarter (7 quarterly write-offs in the fourth quarter.

300 million, written off in the first three quarters4.

100 million), thus the non-performing ratio fell 2bp to 0 from the third quarter.


At the end of the year, the company’s provision coverage ratio and loan-to-loan ratio reached 522% and 4.

08%, continued to increase by 19 units and 6bp, the safety pad is sufficient.

Fee income decreased slightly every year, and other non-interest income increased sharply.

Fee income is reduced by one each year.

7%, which is mainly affected by the new rules on asset management, accounting for 52%.

8% of agency business process costs have fallen by 11 per year.

9%, while credit card installment fees increased rapidly, accounting for 28.

9% bank card fees increase by 15 per year.

7%; other non-interest income increased by 32 in ten years.

6%, mainly due to the increase in investment income of money funds.

At the same time, both high 四川耍耍网 ROE and high growth are preferred by city commercial banks.The company’s 2018 ROE was 18.

7% is the highest level among listed banks. We believe that the progress of China-US trade negotiation breakthrough probability predictions has made positive progress, and the concerns about the company’s asset quality and the logic of suppressing estimates will gradually be eliminated.

We believe that the company can maintain a compound growth of close to 20% in the next three years, and it is expected that the company’s net profit will increase by 18 each year from 2019-2021.

3% / 19.

5% / 20.

5%, the company is expected to currently trade at 1.

47x19PB, maintaining “Highly Recommended-A” rating.

Risk warnings: 1) The economic downturn exceeds expectations; 2) The Sino-US trade talks have fallen short of expectations.

Guangfeng Technology intends to raise 1 billion yuan and over 30% for replenishment industry

Guangfeng Technology intends to raise 1 billion yuan and over 30% for replenishment industry

Sina Finance News On the evening of March 27, the Shanghai Stock Exchange announced the list of the second batch of IPOs of the science and technology board, and a total of 8 companies applied for listing.

Guangfeng Technology, the main laser display technology, is among them.

  According to the prospectus, Guangfeng Technology plans to raise US $ 1 billion for the R & D and industrialization of next-generation laser display products, the R & D center project of Guangfeng Technology headquarters, the information system upgrade construction project, and supplementary liquidity.

  Revenue and accounts receivable increase in synchronization with cash flow. General Guangfeng Technology was established in October 2006 with a registered capital of 3.

USD 800 million. The company’s main business is laser display core devices, research and development, production, sales and leasing of laser light sources. This core device is combined with film, television, education, engineering and other display scenarios to develop laser display products and system solutions.Program.

Guangfeng Technology successfully developed a commercialized blue laser-based fluorescent laser display technology in 2007, and laid out a basic patent around the technology architecture, and registered the ALPD trademark for the technology.

  ALPD is the fluorescence laser display technology.

According to the prospectus, this technology has the advantages of high brightness, long life, wide color gamut, and low noise, which solves the problems of cost, efficiency, reliability, speckle, and other aspects of traditional display technologies. In terms of brightness, color gamut,Consumption and other aspects have more advantages.

  From the perspective of the company’s financial situation, the company’s applicable listing standards are: “Estimated market value is not less than RMB 1 billion, and the net profit in the last two years can be forwarded and gradually converted to a net profit of not less than RMB 50 million, orThe market value is not less than RMB 10 ppm, the net profit in the latest year is positive and the operating income is not less than RMB 1 ppm. ”

  From 2016 to 2018, the operating income of Guangfeng Technology was 3 respectively.

500 million, 8.

100 million, 13.

8 trillion, with a combined strength of 97.

58%; net profit was 1801.

50,000 yuan, 1.

100 million, 2.

1ppm; Revised return on equity is 35.

24%, 197.

26% and 41.

25%, of which the 2017 ROE data is abnormal, but the company did not explain the reason in the prospectus.

  On the whole, the company’s revenue, net profit and return on net assets have maintained a substantial growth momentum.

However, it may correspond to significantly increased accounts receivable and potential cash flow pressure.

  At the end of each reporting period (2016-2018), the face value of the company’s accounts receivable was 2,819, respectively.

800,000 yuan, 7,133.

40,000 yuan and 11,971.

580,000 yuan, accounting for 156 of the current profit.

53%, 64.

85% and 57.


  During the reporting period, the company’s net cash flow from operating activities was -4,276.

430,000 yuan, -11,517.

960,000 yuan, 11,777.

350,000 yuan.

Regarding the decrease in cash in 2016 and 2017, the prospectus stated that there are mainly two reasons.

  1) The company is in the period of rapid business development in the normal reporting period. In order to meet the needs of orders in hand, the company continues to expand the procurement scale, which leads to the increase in cash for purchasing goods and accepting labor service payments; 2) The company’s new millet communications in 2017 and other importantThe customer has granted a certain credit period, which has caused a delay in the cash received for selling goods and providing services.

  Among the funds to be raised this time, 3.

3.3 billion US dollars replenish liquidity, accounting for 33%.

  The asset-liability ratio exceeds the industry’s average exchange rate risk. At the end of each reporting period, the company’s asset-liability ratio (combined caliber) was 81.79%, 87.

33% and 60.


  The company’s asset-liability ratio was relatively high from 2016 to 2017. The prospectus explained that it was mainly caused by shareholders paying investment funds to overseas financing entities under the overseas structure, instead of directly transferring to the company. This resulted in the demolition of the company’s overseas structure and the transfer of overseas equity.Back in the territory, the shareholders paid the company investment funds 苏州夜网论坛 and the rapid development of the company’s product lines, the company’s asset-liability ratio fell at the end of 2018 and returned to a reasonable level.

  However, compared with companies in the same industry, this level of assets and liabilities is still above average.

  In essence, because the company has a high proportion of overseas procurement in the production process, the company has a foreign currency settlement business, mainly settled in US dollars, so the exchange rate changes the company’s operating performance, mainly reflected in: First, the company’s overseas procurement, andCurrently, the company mainly sells in the country. The operating cost and gross profit margin of the RMB exchange rate change will have a certain impact. Second, the RMB exchange rate change will directly affect the company’s exchange loss gains. Third, the company will focus on developing overseas business in the future.Customers and sales will increase, and exchange rate changes will directly affect product price competition and foreign currency revenue, which will have an impact on operating performance.

  The report decreased, and through business expansion, exchange gains (negative numbers are losses) were -128.

140,000 yuan, 65.

590,000 yuan, 2,422.

07,000, began to have a significant impact on profits, especially the exchange gain of 2422 in 2018.

07 million yuan, already accounted for 11 of the current profit.


  In addition, the industry competition risks mentioned in the prospectus are very important.

  In order to cut into the booming new field of laser display, many international companies and local enterprises have quickly entered, and market competition has intensified.

The prospectus states that if the company cannot maintain a competitive advantage in terms of technology, products, costs, services, etc., or traditional display device manufacturers change their business strategies and business models, or merge with each other, integrate and concentrate their respective advantages, orThe world’s top technology companies increase their investment in the field of laser display. The company will face the risks of operating income scale, operating income growth rate, gross profit level, profitability and market share.

  From the comparison of the peers in the table above, we can see that the laser display market is currently in the “melee” stage, and no industry giant has appeared.

However, there are not a few companies that are larger than the company and well-known. Among them, Hisense, IMAX, and Honghe Technology must be more well-known than the company, and the revenue scale is also above the company. The company faces severe competition pressure.

Shaanxi Coal (601225): 19Q1 performance fell slightly.35% slightly more than expected

Shaanxi Coal (601225): 19Q1 performance fell slightly.35% slightly more than expected
Net profit attributable to mother was 27 in 19Q1.75 ppm, ten-year average2.35%, slightly more than expected. The company announced the first quarter report of 2019, and its operating income in Q1 2019 was US $ 14.4 billion, exceeding its value-added by 14.4%, net profit attributable to mother 27.75 ppm, ten-year average2.35%, an increase of 30 from the previous month.34%, net profit after deduction is 24.97 ppm, with a ten-year average of 12.31%, non-recurring gains and losses are mainly investment returns on financial assets2.90南京夜网论坛,000 yuan (included in the profit and loss of changes in fair value).In addition, the company achieved investment income1 in 19Q1.900 million, compared with 2 in the same period last year.9.7 billion.The company’s revenue growth was due to the increase in trade coal volume.The increase in performance was due to a decrease in the production of self-produced coal and an increase in costs. The company’s coal mine resumption progress was better and the coal price in the producing area was firm, which resulted in slightly higher-than-expected results. In 19Q1, coal production increased, coal prices in producing areas rose, and coal production and sales increased in cost: The company’s coal production in the first quarter was replaced by 2,396, and replaced by 5.13% or 130 budgets are mainly derived from 1.12 The Shenmu Coal Mine accident led to a large-scale shutdown of the Yulin Coal Mine. The company’s coal mines involved were: Red Willow Forest (1500 tons), Zhangjiabang (1000 tons) resumed production in mid-late March, Caragana Tower (1800 tons), and Sun Family Breakthrough (400Tactical) Resumption on March 1.In the later period, the Xiaobaodang Phase I (1500 tons) has entered trial production, with an estimated output of 800-1000 tons in 19 years, combined with the impact of the Shenmu coal mine accident. It is expected that the overall company’s coal output will increase by 600-800 in 19 years. In terms of coal prices: the price of coal in the producing area rose, and the Shaanxi thermal coal index averaged 165 in the first quarter.85, an increase of 5 a year.In terms of cost: According to the “2019 Yulin Municipal Government Work Report”, the resource tax rate in Yulin increased from 6% to 9% (starting on January 1, 19), which increased the cost per ton of coal by about 10 yuan / ton (only in Yulin(Regions)); According to the company’s annual report, the Environmental Fund accrued (beginning August 1, 18), raising the cost of ton of coal by 8 yuan / ton, and after calculation, the cost of ton of coal in 19 years may increase by 9-10 yuan / ton. Main points of interest: Improved sales structure, Xiaobaodang coal mine put into operation According to the planning of the National Railway Administration, the long-term capacity of the Menghua Railway is 200 million tons. It is expected to be put into operation in the fourth quarter of 2019. The initial capacity of the company is about 7,000.Land sales accounted for a relatively high proportion (59% in 2018), which partially affected the company’s profitability and transformed Menghua Railway into production. As one of the investors, the company will benefit from the increase in volume and price brought by the improvement of railway transportation capacity. According to the company’s annual report, the Xiaobaodang Phase I and Yuandatan Coal Mine have entered the trial operation stage. The Xiaobaodang Phase II is expected to start production in the fourth quarter of 2020, and the company’s output will be promoted year by year.In addition, according to the announcement of the Development and Reform Commission on February 13, it agreed to the changes in the content of the Xiaobaodang Phase I and Xiaobaodang Phase II. The capacity was increased from the original 800, 800 increments to the 1500 upper limit and 1300 tons, respectively.Total capacity from 1.1.4 billion tons increased to 1.2.6 billion tons, an increase of 10.5%. Profit forecast and investment advice The company has outstanding growth, expanded, and carried out the first phase of Xiaobaodang, Yuandatan Coal Mine, and the second phase of Xiaobaodang.At the same time, the company’s sales structure is expected to gradually optimize.Menghua Railway is expected to be put into operation in the fourth quarter of 2019 every year, and the company will benefit from the increase in volume and price brought by the improvement of railway transportation capacity in the medium and long term.In terms of profit forecast, the company’s EPS for 2019-2021 is expected to be 1.16 yuan, 1.23 yuan and 1.31 yuan, 19 years PE7.59 times, we are optimistic about the growth of the company’s earnings and the sustainability of medium and long-term earnings. With reference to historical estimates, it has given PE 19 times in 19 years, a reasonable value of 12.76 yuan / share, maintain “Buy” rating. Risks suggest that the macroeconomic growth rate is higher than expected, downstream demand is lower than expected, coal prices are lower than expected, and the company’s new mine construction progress exceeds expectations.

Follow the path of performance adjustment for QFII and social security funds

Follow the path of performance adjustment for QFII and social security funds
With the disclosure of the semi-annual reports of listed companies, the investment paths of long-term investors such as QFII and social security funds have gradually surfaced.Data show that as of August 5, 193 A-share listed companies disclosed their semi-annual reports for 2019.Among them, QFII and Social Security Fund appear in the list of the top ten circulating shareholders of 15 and 29 stocks respectively.It is worth mentioning that, although the idea of adjusting positions is different, 6 stocks including Haida Group, Lutai A, Hongfa Co., Ltd. have won the favor of QFII and social security funds at the same time.  The growth of QFII’s reduction of consumption and increase in storage positions has entered the second half of the year. Through the continuous innovation of science and technology board trading, the market structure of A shares has undergone subtle changes. Consumer stocks such as liquor and household appliances that have strengthened in the early stage have begun to shake and adjust. With chips, 5G, and cloudAccording to calculations, a large number of growth stocks represented by the mobile phone industry chain and other sectors are exerting their strength.Judging from the latest semi-annual report of listed companies, QFII’s operations in stock adjustments and stock exchanges also fit this market trend, and the typical representatives are Guizhou Maotai and Dongfang Wealth.  On July 1, this year, the “share king” of A shares in Guizhou Maotai hit 1035.An all-time high of 6 yuan.Since then, the stock has continued to fall, and has repeatedly hovered around 950 yuan.Data show that at the end of the first quarter of this year, there were two foreign exchange seats among the top ten circulating shareholders of Maotai in Guizhou, namely E Fund Asset Management (Hong Kong) Co., Ltd. and Singapore Government Investment Co., Ltd.By the end of the second quarter, only QFII on the list of the top ten circulating shareholders was only E Fund Asset Management (Hong Kong) Co., Ltd., and the agency also reduced its holdings by 535.80,000 shares.  In sharp contrast is QFII’s attitude towards Oriental Wealth.At the end of the second quarter, the world ‘s largest sovereign wealth fund Abu Dhabi Investment Bureau entered the top ten shareholders of tradable shares of Oriental Fortune for the first time, holding 2,951 shares.60,000 shares.This is also the first time that Fortune has listed QFII in its top ten shareholders of tradable shares since its listing in 2010.  Taken together, of the 193 listed companies that have disclosed semi-annual reports, 15 companies are held by proprietary QFII funds including central banks, pension plans, government investment bureaus and other countries.Among them, Dongfang Fortune, Ophelia, and Beicom were purchased by QFII. Lutai A, Jerry, Liling Power, Suzhou Jiaotong, Hongfa, Linglong Tire and other six stocks have gained QFII holdings.  Social security funds focus on 29 stocks because of their stable holdings and expected long-term value investment. The idea of social security fund stock selection is usually also worth doing.  The data show that as of August 5, the social security fund appeared in the list of the top ten circulating shareholders of 29 stocks.Among them, Fuling mustard and Haida Group were simultaneously held by 3 social security funds, and 6 stocks, such as Klai Mechanical and Electrical, Jianyou Shares, Jinleishe, Gloria, Jin Xinnong and Lutai A, were held by 2 social security funds at the same time.  From the perspective of increasing and reducing positions, the Social Security Fund opened a position in the second quarter of domestic chip stocks Beijing Junzheng, Shuangyi Technology and Jinlei shares in the wind energy sector, genetic 重庆耍耍网 mutation Mike Bio, medical device stocks General Medical, and pork concept stock Jin Xinnong, etc.In the meantime, the Social Security Fund carried out lightening operations on 13 stocks including Huanxu Electronics, Suken Agricultural Development, Zhejiang Digital Culture, and Yueda Investment.  In essence, there are 6 stocks that have won the favor of both social security funds and QFII.According to statistics, as of the end of the second quarter, the social security funds and QFII appeared in the top ten circulating shareholders of Haida Group, Lutai A, Hongfa, Jerry, Linglong Tire and Liling Power, while Lutai A, LinglongTires and Fuling Power also gained large sums of money in the second quarter.  Regarding the current market environment, many people believe that through the gradual repetition of semi-annual reports, performance is king is the main stock selection idea in the current market, especially the social security funds and QFII, which are known for their stable investment styles.Leading companies in various industries are often more worth looking forward to when their stocks are selected to rebound.

Shentong Express (002468): Releases Ali as a Strategic Investor to Provide Positive Catalyst to Re-Recommend

Shentong Express (002468): Releases Ali as a Strategic Investor to Provide Positive Catalyst to Re-Recommend

Event Shentong Express announced that Deyin Investment and Mr. Chen Dejun, Ms. Chen Xiaoying and Alibaba signed the “Framework Agreement”: the actual controller (Mr. Chen Dejun, Ms. Chen Xiaoying) or Deyin Investment will set up new subsidiaries A and B, respectivelyHolds listed companies 29.

9%, 16.

1% of the shares, of which the new company A becomes Alibaba as a strategic investor, holding 49% of the shares of the new company A, which is equivalent to 14 of the listed company.

651% of the shares, Alibaba paid a consideration of 46.

65 ppm corresponds to an estimated 318 for listed companies.

41 million, about 2% of the latest market capitalization before the announcement earlier.

The company’s control remains unchanged before and after the equity change.

Comment on Ali’s investment to provide a catalyst: We believe that the representative of Ali’s strategic investment represents Ali’s recognition of the value of Shentong, especially under the current valuation, and gradually replaces the long-term consideration of investors who may fall behind for Shentong. According to the announcement, both parties follow upIt will further explore cooperation in logistics technology, express delivery, new retail logistics and other fields to improve its expected level.

Fundamentals improved and business volume picked up.

After acquiring 15 transshipment centers in 2018, the company’s self-operated transshipment centers will reach 60, the proportion will increase to 88%, and the proportion of transshipment center construction and mainline self-operation will be increased to continue to improve service quality and timeliness.

Beginning in the second half of the year, the company’s business volume increased significantly.

The third and fourth quarter of 2018 (41%) is significantly higher than the first half (19%) and higher than the industry. In December, it was even a high growth rate (48%) in the industry, changing the situation of the continuous decline in the market over the past three years. 2018年 年市场份额比2017年回升0.

3 units.

We believe that through the increase of business volume growth and the gradual adjustment of the adjustment measures after the acquisition of the transfer center, it will help bring into play the scale effect and reduce the unit cost, and the fundamentals are expected to continue to improve.

The first quarter is expected to exceed expectations.

As the company’s business volume growth rate in the first and second quarters of 2018 was only 19% and 18%, which is a low base, we expect that the company’s business volume will continue to maintain the high growth trend since the fourth quarter in the first half of this year.

What if 1Q19 business volume grows by 40% per year?
45% (43% increase in 1 month, actually exceeding the industry’s 13.

5% growth rate and offsite parts 18% growth rate), is it expected to drive a 25% increase in net profit?
30%, or will exceed the industry average.

Shentong estimates the lowest, and the expected difference is large.

The current priority corresponds to 15 of 2019.

The 4x price-earnings ratio is the lowest among A-share peers. We re-recommend the rating with a target price of 27.

69 yuan, 重庆耍耍网 corresponding to 19 times the 2019 price-earnings ratio, compared with current expectations of 23% growth space.

The growth of risk business volume exceeded expectations, unit prices fell sharply, and fuel and labor costs rose.