Gree Electric (000651): 3Q19 results are not astounding. The future will focus on mixed reform of state-owned enterprises

Gree Electric (000651): 3Q19 results are not astounding. The future will focus on mixed reform of state-owned enterprises

The 3Q19 results were in line with our expectations of the company’s 3Q19 results: operating income of 577.

4.2 billion, previously flat; return to net profit 83.

670,000 yuan, an increase of 0 in ten years.

7%.

Corresponds to 1550 in 1Q-3Q19 operating income.

400 million, an annual increase of 4.

3%; net profit attributable to mother 221.

2 ‰, an increase of 4 in ten years.

7%.

The company’s performance is in line with our expectations.

Product price reduction in 3Q19, retail improvement: 1) In 1H19, Gree’s high product pricing led to a decline in retail market share. Online and offline retail sales accounted for -3 respectively.

3ppt, -2.合肥夜网

4ppt.

2) 3Q19 Gree products are appropriately reduced in price.

In June, the online and offline price differences between Gree and Midea were 923 and 783 yuan / unit, respectively, and the price difference narrowed to 900 and 436 yuan / unit in September.

3) After the price reduction, the decline in Gree’s retail share has improved significantly. In September, Gree’s offline retail sales accounted for 45%, an increase of 15 ppt from the previous month, and an increase of 2.

2ppt.

Behind the 3Q19 results are not surprising: 1) 3Q18 companies have too much inventory, which leads to a high base in 3Q19.

The ability to achieve revenue and profit stability has demonstrated the company’s strong industrial chain control.

2) 3Q19 gross profit margin 28.

7%, down by 1 each year.

6ppt, down 2 from the previous month.

6ppt is definitely the company’s significant retail price reduction in 3Q19.

In addition, we estimate that the domestic sales of air conditioners have a small margin, and the sales structure also has an impact.

3) Abundant cash. Net cash flow from operating activities from 1Q to 3Q19 was 3.27 million yuan, + 117% over ten years; the balance of monetary funds was 136.2 billion yuan.

4) The balance of advance receipts 113.

500 million US dollars, the highest level in history over the same period, reflecting the market downturn.

Development Trend The air-conditioning industry is in a slump cycle, and 2H18 companies are overstocking. Under the background that the existing high channel inventory has not been fully digested, the market does not expect the company’s income statement to show high growth.

From the financial statement indicators, the company has a very strong control of the industrial chain.

Considering the company’s low estimate and the high dividend expectation after the mixed reform of state-owned enterprises, we are optimistic about the company’s forecast to increase.

In the fourth quarter of 19, the net profit for the same period was low, and we expect the company’s net profit to grow at a high rate.

Earnings forecasts and estimates remain at 2019 / 20e EPS forecast4.

74 yuan / 5.

20 yuan.

Maintain Outperform rating and 71.

00 yuan target price, corresponding to 15.

0 times 2019 P / E ratio and 13.

6 times 2020 price-earnings ratio, 21 compared with the same period last year.0% upside.

The current sustainable correspondence is 12/2019/2020.

4 times / 11.

3 times price-earnings ratio.

Risk Market demand fluctuates; State-owned enterprise mixes improve more than expected risks.

Yifeng Pharmacy (603939): High-growth continuous performance in line with expectations

Yifeng Pharmacy (603939): High-growth continuous performance in line with expectations
Yifeng Pharmacy announced the third quarter of 2019 report on October 29, 2019.The company achieved revenue of 73 in the first three 南京夜网 quarters of 2019.89 ‰, an increase of 58 in ten years.36%; net profit attributable to mothers4.180,000 yuan, an increase of 35 in ten years.48%; net profit deducted from non-attributed mothers4.12 ppm, an increase of 42 in ten years.75%.The company’s overall performance was dazzling and in line with our expectations. Store expansion continued, with a total of 4,416 stores (including 335 franchisees).The company’s net increase of 289 stores, newly opened 211 stores (including 79 newly opened franchise stores), acquired 103 stores and closed 25 stores in the single quarter of 2019Q3.From a regional perspective, there were a net increase of 166 in Central and South China, 124 in East China, and 19 in North China, which still maintained relatively rapid growth.As of Q3 2019, the total number of stores in Central and South China 四川耍耍网 is 1979, in East China is 1896, and in North China is 541. The consolidation effect decays seasonally.Q1-Q3 revenue growth was 66.67%, 70.59% and 39.95%, non-profit growth rates were 47.98%, 45.57% and 32.82%.Hebei Xinxing Pharmacy’s weakening of the consolidation effect of quarterly replacement of income and profit growth, we expect endogenous to maintain a relatively rapid growth.The company’s gross profit margin for the first three quarters was 39.63%, a decline of 0 every year.86 points; selling expenses 25.69%, down by 1 every year.80 points; management costs 4.49%, rising by 0 every year.95pct; financial expenses 0.71%, rising by 0 every year.45pct; Net margin is 6.33%, a decrease of 0 per year.55 points. Earnings forecast: We expect net profit attributable to mothers to be 5 in 2019-2021.6.3 billion, 7.4.9 billion, 9.99 ppm, a year-on-year increase of 35%, 33%, 33%, the company’s EPS for 2019-2021 is 1, respectively.50 yuan, 1.99 yuan, 2.65 yuan.The corresponding PE for 2019-2021 is estimated to be 59X, 44X and 33X.Maintain the company’s “Highly Recommended” rating. Risk reminder: the acquisition is not progressing as expected; coupled with the profitability of internal department stores is less than expected; uncontrollable factors appear on the expense side.

Zaisheng Technology (603601): Made in China for Clean Energy Saving Industry

Zaisheng Technology (603601): Made in China for Clean Energy Saving Industry

Microfiber glass wool faucet, which is committed to “clean air” and “efficient and energy saving”, is one of the major domestic glass fiber filter paper manufacturers and one of the first domestic companies to produce VIP core materials.

At present, the company’s products mainly include two series of “clean air” and “high efficiency and energy saving”, which respectively serve the clean and energy saving fields.

At present, the company has a microfiber glass wool production capacity of over 6 tons per year, a filter paper production capacity of over 9,000 tons, VIP core materials and AGM segment production capacity of nearly 1.

5 representatives, is the largest microfiber glass wool production base in China, the production and sales of glass fiber filter paper ranks first in the country, accounting for nearly 10% of the global market share, about 40% of the domestic alternative market, widely serving AAF,CAMFIL, Ahlstrom, Panasonic, Toshiba, BOE, Tianma, Huaxing Optoelectronics and other well-known domestic and foreign enterprises.

The application area of clean demand upgrade is extended, and the demand for “clean air” continues to grow. Glass fiber filter paper is an ideal air filter material, and it is the material of choice for high-efficiency / ultra-high-efficiency air filters. Currently, a large number of industrial clean rooms are compressed and gradually penetrated into the civilian commercial field.extend.

In 2018, the domestic industrial clean room, air purifier and fresh air system newly installed filter paper market space was 1.1 billion, 3.7 billion, and 300 million US dollars respectively. Because filter paper is a consumable, if you consider the replacement cycle, the size of the market space.

Substitute advantages gradually emerged. The VIP board of high-end refrigerators broke through. It is expected that the VIP board has both the advantages of environmental protection and energy saving. It is currently the most advanced high-efficiency thermal insulation material. It is mainly used for energy-saving thermal insulation materials such as refrigerators, freezers, and cold 都市夜网 chain logistics.

Global demand for VIP boards in 2017 was nearly 45 million square meters, and domestic demand was 7.4 million square meters, corresponding to a market size of approximately 4.5 billion and 7.

US $ 500 million. At present, the average penetration rate of VIP boards as insulation materials in refrigerators and freezers is only 3%. If you refer to the penetration rate of 70% in Japan, the market prospects are broad. Cold chain logistics is expected to become an important market for VIP boards in the future.Gradually, the cold chain logistics industry is still in the development stage, and the promotion of cold chain construction is expected to release huge demand.

In addition, VIP boards are mainly used to replace traditional thermal insulation materials such as polyurethane foam boards. Through energy-saving and environmental protection policies, the gradual implementation of the Montreal Protocol, VIP boards’ replacement of polyurethane boards is worthy of special attention.

The demand for capacity release is growing, high growth is inevitable, maintaining the “Buy” rating. In the short term, the company ‘s capacity distribution will be carried out in an orderly manner, which will bring higher growth for the company. In the medium and long term, the industrial chain layout has been basically completed, and the domestic marketThe import substitution of products has been promoted in an orderly manner. The new product layout and business are expected to blossom more. The future development space is huge. The continuous growth of performance can be expected. EPS in 19-21 is expected to be 0.

34/0.

44/0.

55 yuan / share, corresponding to PE of 21.

9/16.

9/13.

4x, maintain “Buy” rating.

Risks indicate that the growth rate of production capacity is less than expected; the extension of the industrial chain is less than expected; new products and new market expansion are less than expected

(002440) 2018 Annual Report and 2019 First Quarterly Report Comment: Dye prices are steadily rising and optimistic about supply and demand continues to optimize

(002440) 2018 Annual Report and 2019 First Quarterly Report Comment: Dye prices are steadily rising and optimistic about supply and demand continues to optimize
Benefiting from the increase in the prices of main products, the company’s 2018 net profit grew steadily.We are optimistic that the small-capacity industry in the industry will be gradually cleared by the security incident in northern Jiangsu, and the supply and demand layout will continue to be optimized; the company’s production capacity will expand in an orderly manner and its profitability 北京桑拿会所 will continue to increase.The company’s EPS for 2019-21 is predicted to be 1.68/2.06/2.30 yuan, raise target price to 20 yuan, maintain “Buy” rating. Net profit has grown steadily in 18 years, and significant cost growth has dragged down 19Q1 results.Benefiting from the rise in main product prices in 18 years, the company achieved revenue of US $ 6.4 billion, a year-on-year increase of 7%; and achieved net profit attributable to mothers12.800 million, ten years + 36%.In 1Q1, due to the increase in raw material prices, the company’s performance was dragged down, and its operating income reached 1.8 billion US dollars, an annual increase of 13%; net profit attributable to mothers was realized2.6 yuan, at least -15%. The impact of the security incident in northern Jiangsu lasts, and the prices of its main products are expected to rise steadily.After the Xiangshui explosion in northern Jiangsu, the prices of m-phenylenediamine and disperse dyes have both increased rapidly.As the downstream printing and dyeing industry’s starting load declines, the off-season of the industry is about to come. We expect the product prices to stabilize in the off-season in May and June. After the coming of the subsequent peak season, the product prices once again welcome growth. The industry’s small capacity is gradually cleared, and the supply and demand pattern continues to be optimized.Dye production capacity will be limited in the future. With the start of environmental protection in northern Jiangsu, some small-scale production capacity will be gradually phased out, and the industry’s supply structure will continue to be optimized. Although the demand side has experienced a short and rapid increase in prices, it has affected downstream demand to a certain extent.However, dyes are just needed for downstream clothing and the cost ratio is extremely low. Against the background of the decline in downstream inventory, demand is expected to pick up again; then the price elasticity of dye products will promote display. The scale of production capacity increased, and profitability increased.The company’s total production capacity is nearly 19 pounds, including 11 for disperse dyes, 6 for reactive dyes, and 2 for other dyes. The sales market share of the products ranks first in the domestic dye market.In May this year, the company’s preliminary reactive dyes project is expected to be put into production, providing a basis for the company’s performance growth and optimistic about the company’s long-term development under the high industry boom. Risk factors: Uncertainty in trade friction; product demand has dropped sharply; the company’s new production capacity has fallen short of expectations. Investment suggestion: As the security incident in northern Jiangsu drives product prices higher than expected, raise the company’s 2019-20-20 net profit forecast to 19.33/23.68 ppm (previous forecast was 15.47/16.97 ppm), plus a return to net motherhood profit forecast for 2021 of 26.45 million, 北京桑拿洗浴保健 corresponding to 1 for 2019-21 EPS.68/2.06/2.30 yuan.Taking into account the long-term performance growth brought by the dye industry to maintain a high business climate and capacity expansion, the company was given 12 times PE in 2019, raised its target price to 20 yuan (the original target price was 16 yuan) and maintained a “buy” rating.

Daily limit rebound: Shanghai stock index Wulianyang medical waste concept stocks staged a daily limit tide

Daily limit rebound: Shanghai stock index Wulianyang medical waste concept stocks staged a daily limit tide

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  Sina Finance News February 7 news, the three major indexes opened mixed, after opening, the index maintained a volatile situation, disinfectant, cloud office sector continued to be strong.

The index is about to close in the morning, and the index’s decline has expanded.

Afternoon, the market recovered again after a weak shock. All three major indexes turned red and ended in a tail. The index remained volatile. In general, stocks in the two cities rose more and less, market sentiment improved, and the profit-making effect rebounded.

The final close, the Shanghai Composite Index reported at 2875.

96 points, up 0.

33%; Shencheng Index reported 10611.

55 points, up 0.

10%; 2015 Index.

80 points, up 0.

18%.

  From the perspective of the disk, medical waste treatment, cloud office, cloud computing and other sectors are at the top of the list, and biovaccine, influenza, and Chinese medicine are the top of the list.

  First, the daily limit data of the Shanghai and Shenzhen daily limit of 186 (covering new shares and ST), 4 limit, an increase of 2308 stocks, flat 151, down 1406 stocks.

  Second, the attractions sector: 1, mask Teda, Ogilvy Medical, Xinlong Holdings, Zhende Medical, Nanwei and other collective daily limit.

  According to the information, according to the requirements of the epidemic protection, under the guidance of local governments, plans to expand the capacity of medical masks, protective clothing and other products are being implemented. However, due to the need for funds, workers, and raw material supplies, and some inter-provincial logisticsNon-productive factors such as transportation accidents. Although the government supports and coordinates the production of medical masks and protective clothing, objectively recovering and expanding production capacity still requires a cycle.

  2. Cloud computing Youkude, Dr. Peng, Halo New Network, Honghe Technology, Fangzhi Technology, Nanxing Co., Ltd., Murray Cloud, HNA Technology and other stocks.

  Third, today’s daily limit stock analysis Today’s daily limit stock analysis name rise current price daily limit analysis open number N Rockchip 44.

01% 13.

94 chips 0 Arcsoft Technology 20.

00% 87.

72 others 0 Lanqi Technology 20.

00% 108.

54 science and technology board 0 excellent carved 20

00% 88.

51 science and technology board 9 Shenwu environmental protection 10.

37% 1.

49 oversold and rebounded 8 Zhuhai Zhongfu 10.

19% 2.

38 Guangdong-Hong Kong-Macao Greater Bay Area 6 Ningbo Dongli 10

16% 3.

47 wind power 0 Xinxiang chemical fiber 10.

13% 4.

35 new virus protection 2

12% 2.

83 online games 0 storm group 10.11% 3.

05 oversold rebounded 2 Suzhou High-tech 10.

10% 5.

34 other 0 Mida shares 10.

10% 4.

36 other 2 Lianchuang shares 10.

10% 3.

38 disinfectant 4 Jia Linjie 10.

10% 3.

38 New Virus Abstracts 0th Century Dingli 10.

09% 5.

89 Online Education 1 Fuhuang Steel Structure 10.

09% 5.

89 contracts won 0 Yaben Chemicals 10.

09% 4.

8 new viral genes 0 Huafang shares 10.

北京夜网09% 6 textile and apparel 0 Tianjin Songjiang 10.

09% 2.

4 others 1 Hongri Pharmaceutical 10.

09% 6.

22 Anti-virus concept 6 Runbang shares 10.

09% 5.

13 new viral genes 0 Aoteca 10.

08% 2.

62 Tesla 1 Guangdong Rongtai 10.

08% 5.

24 cloud computing 0 Sansheng shares 10.

08% 6.

88 Medicine 0 Shenzhen Konka A10.

08% 6.

88 chip concept 0 Huasheng shares 10.

07% 4.

59 other 0 TEDA shares 10.

07% 8.

2 masks 0 in color shares 10.

07% 5.

03 Nonferrous metals 2 Jinhua shares 10.

06% 7 other 0 billion Tong Technology 10.

05% 8.

21 Robots 3 Xingsen Technology 10.05% 10.

73 other 0 Jinke culture 10.

05% 4.

38 cloud games 1 Yinglit 10.

05% 9.

09 disinfectant 0.

04% 12.

27 others 1 Changjiang Health 10.

04% 5.

15 Medicine 0 China Haicheng 10.

04% 8.

11 others 1 Yangpu Medical 10.

04% 13.

81 Antivirus Concept 3 Southern Media 10.

04% 11.

18 Cultural Media 1 Fengzhu Textile 10.

04% 5.

7 other 6 Xiuqiang shares 10.

04% 5.

81 Tesla 0 Okahua 10.

04% 11.

95 medical equipment 1 New Beiyang 10.

04% 11.

95 others 4 Dr. Peng 10.

04% 6.

14 online education 0 three five interconnected 10.

04% 12.

39 cloud office 0 two six three 10.

04% 9.

32 cloud office 0 Beiqi Blue Valley 10.

03% 6.

47 others 1 Haoyun Technology 10.

03% 14.

48 Huawei concept 1 MMS shares 10.

03% 18.

87 Huawei Concepts 0 Hengshi Technology 10.

03% 18.

98 chip concept 2 Xinghu technology 10.

03% 7.

9 Pre-increasing performance 4 Xingyuan Environment 10.03% 4.

06 Medical waste treatment 2 All-round education 10.

03% 8.

78 online education 0 entrepreneurial dark horse 10.

02% 22.

5 Cloud Office 8 Yongqing Environmental Protection 10.

02% 4.

83 medical waste treatment 0 Chinese sports industry 10.

02% 9.

66 others 0 Shenghong shares 10.

02% 19.

98 performance pre-increased 1 Central Equipment 10.

02% 10.

43 environmental protection 5 Bo Baolong 10.

02% 10.

43 masks 3 focus technology 10.

02% 26.

57 Cloud Computing 2 United Ring Pharmaceuticals 10.

02% 21.

52 anti-virus concept 8 silver round shares 10.

02% 11.

09 Auto parts 1 Snow wave environment 10.

02% 11.

64 medical waste treatment 1 Xinjie Electric 10.

02% 30.

2 Others 3 Central Environmental Protection 10.

02% 13.

07 environmental protection 1 Bangxun technology 10.

02% 6.

7 other 6 farming environment 10.

01% 7.

91 environmental protection 4 digital certification 10.

01% 42.

19 Blockchain 3 Netsu Technology 10

01% 8.

68 cloud computing 1 Weihai Guangtai 10.

01% 17.

47 others 7 Tianjin Pullin 10.

01% 9.

12PCB7 Tony Electronics 10.01% 28.

57 wireless headphones 4 Nenco shares 10.

01% 29.

12 Smart Manufacturing 6 Qiaoyin Environmental Protection 10.

01% 20.

22 medical waste treatment 5 Annie shares 10.

01% 10.

22 Blockchain 4 Huali Chuangtong 10.

01% 10.

77 Beidou Navigation 1 Ogilvy Medical 10.

01% 55.

28 masks 5 Xinlong Holdings 10.

01% 11.

76 anti-virus concepts 13 Minde Electronics 10.

01% 24.

62 mobile payment 4 Shanghai environment 10.

01% 12.

31 environmental protection 0 Boteng shares 10.

01% 25.

39 new virus genes 0 good wife 10.

01% 12.

86 other 0 Tianfu Communication 10.

01% 40.

56 other 0 Yangfan new materials 10.

01% 14.

51 New Material Concepts 7 Gimhae Environment 10.

01% 14.

84 environmental protection 1 Gel software 10.

01% 47.

05 other 3 Daun shares 10.

01% 18.

47 new virus genes

01% 42.

44 results pre-increased 1 Taihe Technology 10.

00% 47.

83 new shares 0 will communicate 10.

00% 48.

16 cloud office 0 Baoxin software 10.

00% 50.

47 results pre-increased 5 halo new network 10.00% 25.

73 Cloud Computing 4 Honghe Technology 10.

00% 72.

36 online education 12 Quartet Jingchuang 10.

00% 39.

15 others 4 Zhende Medical 10.

00% 48.

5 anti-virus concept 0 Yu Hetian 10.

00% 68.

53 Medical Waste Treatment 0 Chengmai Technology 10.

00% 218.

9 Huawei industry chain 1 Yang Jie technology 10.

00% 26.

18 chips 7 palm fun technology 10.

00% 7.

37 Online Games 0 New Cape 10.

00% 11.

88 Online Education 0 Willy 10.

00% 7.

7 other 0 Taiwan base shares 10.

00% 19.

03 chips 0 Bojie shares 10.

00% 60.

28 new shares 0 Zhenshitong 10.

00% 15.

07 Cloud Office 10 Gao Le shares 10.

00% 4.

07 toys 0 Asian Development 10.

00% 7.

92 other 6 Fenghua Hi-Tech 10.

00% 16.

17MLCC0 Set Friends shares 10.

00% 44.

66 others 6 Hongyuan Electronics 10.

00% 53.

68 others 0 Austrian Pharmaceutical 10.

00% 29.

15 Medicine 10 Ningbo Construction Engineering 10.

00% 3.

74 Cloud Computing 3 China Satcom 10.00% 17.

27 new shares 6 Jiangsu Sunshine 10.

00% 2.

42 Textile and Apparel 2 Wuzhong, Jiangsu 10.

00% 10.

78 new virus protection 0 Boxin shares 10.

00% 28.

16 wireless headphones 0 bull group 10.

00% 94.

17 new shares 0 Tailin Bio 10.

00% 82.

95 new shares 0 Zhilai Technology 10.

00% 63.

81 other 2 city shares 10.

00% 29.

38 performance pre-increased 5 Star semiconductor 10.

00% 24.

43 chips 0 South Wei shares 9.

99% 20.

91 masks 6 Yuxin Technology 9.

99% 41.

16 other 2nd century Tianhong 9.

99% 17.

28 Online Education 0 Cambridge Technology 9.

99% 31.

485G3 three love rich 9.

99% 14.

64 Online Education 0 Ryoma Sanitation 9.

99% 13.

54 medical waste treatment 2 Wansheng shares 9.

99% 12.

22 Others 1 Dawn of Science 9

99% 46.

24 cloud computing 2 HKUST 9 national innovation.

99% 22.

68 others 1 Fangzhi Technology 9.

99% 21.

03 online education 0 Dongjiang environmental protection 9.

99% 10.

24 Medical Waste Treatment 3 Jianghua Micro 9.99% 38.

87 other 2 enlightenment environment 9.

99% 9.

69 environmental protection 1 Landy Group 9.

99% 18.

94 New Viral Therapy 2 Positive Element Wisdom 9.

99% 16.

74 Online Education 5 Beixinyuan 9.

99% 8.

26 Cloud Office 6 Botian Environment 9.

99% 8.

04 environmental protection 1 and Ertai 9.

98% 14.

325G8 Murray Cloud 9.

98% 7.

05 Cloud Computing 0 Deep Sunda A9.

98% 13.

44 intends to acquire 0 Yongtai Technology 9.

98% 18.

62 new viral genes 2 Shanghai Hugong 9.

98% 18.

4 Robots 0 High Energy Environment 9.

98% 11.

57 Medical Waste Treatment 6 Yueyang Xingchang 9

98% 10.

47 disinfectant 8 Nanxing shares 9.

98% 18.

96 cloud computing 6 Veken technology 9.

97% 7.

83 Tesla 0 clear water source 9.

97% 10.

92 medical waste treatment 6 Hongbo shares 9.

97% 7.

28 others 0 Sanyou Chemical 9.

97% 7.

17 new virus protection 21 cultural Great Wall 9.

97% 3.

53 Online Education 4 Publishing Media 9.

97% 10.

59 cultural media 0 million Bangda 9.97% 6.

84 medical waste treatment 0 Yaguang Technology 9.

97% 13.

46 results pre-increased 8 Lingyun shares 9.

97% 9.

71 Tesla 2 AVIC Hi-Tech 9.

96% 12.

03 military industry 5 HNA technology 9.

96% 2.

87 Cloud Computing 1 Xianhe Environmental Protection 9.

96% 8.

28 environmental protection 0 Hubei Radio and Television 9.

96% 5.

41 Radio and Television Department 0 Mitutoyo Intelligent 9.

96% 8.

06 Robot 0 Fucheng shares 9.

96% 7.

73 others 2 Rongke Technology 9.

95% 6.

74 other 1 Huilong shares 9.

95% 6.

41 chemical fertilizer 6 Shangrong Medical 9.

95% 8.

51 new viral genes 0 Wuhan Holdings 9.

94% 7.

63 sewage treatment 0 Dasheng culture 9.

94% 3.

76 oversold rebounded 2 Aerospace Electronics 9.

94% 6.

97 Aerospace Defense 0 Shuangcheng Pharmaceutical Industry 9.

93% 6.

75 medicine 7 Shengtong shares 9.

93% 4.

87 robots 0 Central Plains Environmental Protection 9.

93% 6.

42 environmental protection 0 Shengyun environmental protection 9.

92% 1.

44 solid waste treatment 5 Shuanglin shares 9.

92% 5.

54 automobile l parts 0 CICC environment 9.92% 3.

99 medical waste treatment 0 La Chapelle 9.

91% 5.

1 other 1 Shelley 9.

91% 2.

44 New Energy Vehicles 1 Security Control Technology 9.

88% 3.

67 chips 0 Kerong environment 9.

87% 3.

34 medical waste treatment 3 Qin Shang shares 9.

87% 3.

34 Online Education 7ST Tianrun 5.

29% 1.

79ST plate 1 * ST Hemet 5.

23% 1.

81ST plate 0 * ST infront of 5.

20% 1.

82ST plate 5 * ST energy saving 5.

15% 1.

43 oversold rebounds 2 * ST Bei Xun 5.

08% 1.

86ST plate 0 * ST Hehua 5.

06% 4.

57ST plate 0 * ST medium cashmere 5.

04% 1.

46ST plate 2 * ST Xinhai 5.

00% 1.

89ST plate 2ST silver billion 5.

00% 1.

47ST plate 0 * ST Opal 4.

76% 1.

32 oversold rebounded 0 four, yesterday’s daily limit stock performance today, yesterday’s daily limit stock performance today, name rise, current price yesterday’s daily limit analysis, open times Zhuo Yi Information 11.

44% 110 cloud computing 0 Xinxiang chemical fiber 10.

13% 4.

35 new virus protection 0 Lianchuang shares 10.

10% 3.

38 disinfectant solution 1 Jia Linjie 10.

10% 3.

38 New Virus Abstracts 0th Century Dingli 10.

09% 5.89 Online Education 0 Yaben Chemistry 10.

09% 4.

8 new viral therapies 0 Hongri Pharmaceutical 10.

09% 6.

22 Anti-virus concept 0 Runbang shares 10.

09% 5.

13 new viral genes 0 Aoteca 10.

08% 2.

62 Tesla 1 Sansheng shares 10.

08% 6.

88 Medicine 0 Shenzhen Konka A10.

08% 6.

88 chip concept 0 Teda shares 10.

07% 8.

2 masks 0 Vtron shares 10.

06% 5.

69 equity transfers 0 billion Tong Technology 10.

05% 8.

21 Robots 3 Jinke Culture 10.

05% 4.

38 cloud games 1 Yinglit 10.

05% 9.

09 disinfectant 0 Changjiang health 10.

04% 5.

15 Medicine 0 Yangpu Medical 10.

04% 13.

81 Antivirus Concept 3 Southern Media 10.

04% 11.

18 culture media 1 Xiuqiang shares 10.

04% 5.

81 Tesla 0 Okahua 10.

04% 11.

95 medical devices 1 Dr. Peng 10.

04% 6.

14 online education 0 three five interconnected 10.

04% 12.

39 cloud office 0 two six three 10.

04% 9.

32 Cloud Office 0 Haoyun Technology 10.

03% 14.48 Huawei Concept 1 Xinghu Technology 10.

03% 7.

9 Pre-increasing performance 4 Xingyuan Environment 10.

03% 4.

06 Medical waste treatment 2 All-round education 10.

03% 8.

78 online education 0 entrepreneurial dark horse 10.

02% 22.

5 Cloud Office 8 Yongqing Environmental Protection 10.

02% 4.

83 medical waste treatment 0 Central equipment 10.

02% 10.

43 environmental protection 5 focus technology 10.

02% 26.

57 Cloud Computing 2 United Ring Pharmaceuticals 10.

02% 21.

52 anti-virus concept 8 Huali Chuangtong 10.

01% 10.

77 Beidou Navigation 1 Ogilvy Medical 10.

01% 55.

28 masks 5 Xinlong Holdings 10.

01% 11.

76 anti-virus concepts 13 Botten shares 10.

01% 25.

39 New Virus Abstracts 0 Yangfan New Materials 10.

01% 14.

51 new materials concept 7 Daun shares 10.

01% 18.

47 new virus genes 0 Taihe Technology 10.

00% 47.

83 new shares 0 will communicate 10.

00% 48.

16 cloud office 0 Baoxin software 10.

00% 50.

47 results pre-increased 5 halo new network 10.

00% 25.

73 Cloud Computing 4 Honghe Technology 10.

00% 72.

36 online education 12 wave information 10.

00% 43.77 cloud computing 7 Zhende Medical 10.

00% 48.

5 Anti-Virus Concepts 0 New Cape 10.

00% 11.

88 online education 0 Taiji shares 10.

00% 19.

03 chip 0 really see 10.

00% 15.

07 Cloud Office 10 Gao Le shares 10.

00% 4.

07 toys 0 Austrian pharmaceutical industry 10.

00% 29.

15 Medicine 10 China Satcom 10.

00% 17.

27 new shares 6 Jiangsu Sunshine 10.

00% 2.

42 Textile and Apparel 2 Wuzhong, Jiangsu 10.

00% 10.

78 new virus protection 0 Boxin shares 10.

00% 28.

16 wireless headphones 0 Tailin Bio 10.

00% 82.

95 new shares 0 city shares 10.

00% 29.

38 results pre-increased 5 South Wei shares 9.

99% 20.

91 mask 6th century Tianhong 9.

99% 17.

28 Online Education 0 Cambridge Technology 9.

99% 31.

485G3 three love rich 9.

99% 14.

64 Online Education 0 Ryoma Sanitation 9.

99% 13.

54 medical waste treatment 2 Fangzhi Technology 9.

99% 21.

03 Online Education 0 Landy Group 9.

99% 18.

94 new viruses Malaria 2 and Ertai 9.

98% 14.325G8 Yongtai Technology9.

98% 18.

62 new viral genes 2 Shanghai Hugong 9.

98% 18.

4 Robots 0 High Energy Environment 9.

98% 11.

57 Medical Waste Treatment 6 Yueyang Xingchang 9

98% 10.

47 disinfectant 8 Dongyin shares 9.

97% 17.

31 new virus genes 0 dimensional technology.

97% 7.

83 Tesla 0 clear water source 9.

97% 10.

92 medical waste treatment 6 Sanyou Chemical 9.

97% 7.

17 New virus protection 21 Release media 9.

97% 10.

59 cultural media 0 million Bangda 9.

97% 6.

84 medical waste treatment 0 Yaguang Technology 9.

97% 13.

46 results pre-increased 8 Lingyun shares 9.

97% 9.

71 Tesla 2 Mitutoyo Smart 9.

96% 8.

06 Robot 0 Huilong shares 9.

95% 6.

41 chemical fertilizer 6 Shangrong Medical 9.

95% 8.

51 new viral genes 0 Wuhan Holdings 9.

94% 7.

63 sewage treatment 0 aerospace electronics 9.

94% 6.

97 Aerospace Defense 0 Shuangcheng Pharmaceutical Industry 9.

93% 6.

75 medicine 7 Shengtong shares 9.

93% 4.

87 robots 0 Shellett 9.

91% 2.44 New Energy Vehicles 1 Youzu Network 9.

09% 32.

16 online games 7 worth buying 8.

99% 176.

97 new shares 11 full electronic 8.

91% 30.

79 chip concept 8 in bead medical 8.

72% 2.

12 Medicine 0 Huashu Media 7.

58% 12.

78 radio and television 1 Hainan Haiyao 7.

57% 9.

1 medicine 2 huilun crystal 6.

89% 24.

83 Passive components 0 Binhua shares 6.

86% 5.

92fluoride 3 Shanghai Tianyang 6.

76% 15.

48 wireless headphones 0 Zhenhua Technology 6.

67% 20.

79IGBT6 大 立 科技 6.

34% 20.

3 new viral genes 0 Shinye Textile 6.

32% 3.

7 textile and apparel 0 and Ren Technology 6.

31% 32 Medical Informatization 0 UFIDA Network 6.

31% 38.

1 cloud computing 0 agricultural products 6.

25% 5.

44 agricultural products 0 sincerity pharmaceutical industry 6.

24% 32.

37 Medicine 5 Chunzhong Science and Technology 6.

11% 48.

8 cloud office 7 new media shares 5.

86% 199 new shares 0 German square nanometers 5.

82% 172.

36 new energy vehicles 9 Dongfeng shares 5.

82% 6.

73 medical equipment 0 Guolin Technology 5.

79% 52.58 sewage treatment 0 Northern Huachuang 5.

75% 144.

96 chips 0 Wanda information 5.

70% 17.

42 Medical Informatization 10 Bosch Section 5.

47% 12.

53 medical waste treatment 0 Shandong Weida 5.

38% 5.

48 robots 8 Yanjiang shares 5.

23% 20.

33 yuan depreciation benefit 0 * ST profit side 5.

20% 1.

82ST plate 5 Jilin chemical fiber 5.

19% 2.

23 viscose fiber 0 Dechuang environmental protection 5.

08% 9.

51 environmental protection 0 * ST riverization 5.

06% 4.

57ST plate 0ST Galaxy 5.

05% 2.

08ST plate 2 robot 5.

05% 16.

03 Robot 0 Zhejiang Number Culture 4.

97% 10.

14 Blockchain 3 Digital Government Communication 4.

94% 13.

18 domestic software 1 Dunhuang seed industry 4.

88% 4.

51 Agricultural Planting 0 Sinosteel International 4.

88% 4.

73 masks 0 Onli education 4.

77% 23.

96 Online Education 6 Unity Group 4.

58% 17.

8 Cloud Office 5 Hongda Xingye 4.

56% 4.

59 new virus protection 3 Nanjing Securities 4.

54% 13.

6 Brokers 3 Changjiang Media 4.

22% 6.42 Online Education 5 German Union Group 4.

20% 7.

2 Tesla 4 Red Flag Chain 4.

18% 8.

23 new retail 1 new friends shares 4.

18% 4.

74 Tesla 0 Kuangda Technology 4.

14% 3.

02 masks 1 Wolong electric drive 4.

03% 13.

68 new energy vehicles 1 China Satellite 3.

89% 38.

16 Beidou industry chain 0 Eurobit 3.

88% 13.

4 satellite navigation 4TCL technology 3.

83% 5.

69 LCD panel 2 extension dimension information 3.

73% 12.

52 Online Education 2 Hundred Holdings 3.

58% 22.

55 cloud games 3 wins electronics 3.

46% 26.

92 Tesla 4 Chinese Media 3.

15% 15.

4 Culture Media 0 Chutian Expressway 2.

80% 3.

31ETC Concept 3 US Jim 2.

74% 10.

88 Online Education 0 Hongyu New Materials 2.

72% 6.

8 robots 0 Debon shares 2.

71% 11.

38 Express 4 New Open Source 2.

67% 19.

61 medicine 2 convinced 2.

62% 184 Cloud Computing 2 German New Transport2.

62% 19.

6 Infrastructure 0 Makihara Shares 2.

59% 92.

45 breeders 2 ramblers 2.54% 21.

38 masks 7 Qingsong shares 2.

49% 13.

97 masks 0 electroacoustic shares 2.

36% 23.

88 Net Red Economy 3 HKUST Intelligence 2.

34% 8.

3 robots 2 Harbin Pharmaceuticals 2.

02% 6.

06 new viral moles 0 Changchun Jingkai 1.

95% 11.

48 Tesla 0 radio and television measurement 1.

80% 40.

06 new shares 2 Zhongchuang Logistics 1.

73% 14.

67 logistics 0 sea king creature 1.

70% 7.

17 Anti-Virus Concepts 22 Network Software 1.

58% 25.

14 performance pre-increased 1 Lanfeng Biochemical 1.

57% 5.

83 Medicine 2 Yanan Bikang 1.

53% 15.

93 masks 2 Eston 1.

53% 11.

96 robots 0 Fuchun shares 1.

36% 4.

485G1 Jiangsu Beiren 1.

35% 34.

43 science and technology board 0 Boya biology 1.

27% 36.

64 medicine 6 contact interaction 1.

21% 3.

35 Blockchain 0 Dezhan Health 1.

21% 6.

7 medicine 0 Kangtuo infrared 1.

07% 14.

13 new virus moles 4 Hainan Ruize 0.

77% 6.

52 Hainan 1 Caesar Culture 0.49% 6.

1 game 2 Haishun new material 0.

41% 12.

28 New Virus Journals 0 Xinlun Technology 0.

24% 8.

37 masks 5 long volume shares 0.

22% 22.

4 Epidemic concept 0 Elekta 0.

22% 36.

4 military industry 0 Boji medicine 0.

10% 20.

59 Medicine 0 Yiduoli 0.

08% 12.

08 new virus gene 0 in Shun Jierou 0.

00% 14.

3 Papermaking 5 Fengle Seed Industry-0.

47% 8.

43 agricultural planting 0 Jiuzhou Pharmaceutical-0.

58% 22.

38 new viral genes 2 Binhai Energy-0.

68% 7.

25 Online Education 8 Luyan Medicine-0.

83% 9.

58 Medicine 6 * ST Bio-0.

92% 7.

52ST plate 2 Cixing shares -1.

11% 4.

46 robots 2 Huaping shares -1.

16% 5.

13 Cloud Office 2 Gaode IR-1.

39% 41.

88 infrared detection 7 days silver electromechanical-1.

56% 12.

58 results pre-increased 9 New Wufeng-1.

80% 7.

08 breeding 0 Kangzhi Pharmaceutical -1.

82% 7.

01 Anti-virus concept 1 Jinyi Film & TV-1.

85% 13.

27 Film and Television Media 1 Huahai Pharmaceutical -1.89% 20.

29 Medicine 2 Tailong Pharmaceutical Industry-1.

98% 7.

93 new virus moles 1 Yuantong Express-2.

02% 15.

5 Express Logistics 9 Sihuan Bio-2.

12% 7.

86 Anti-Virus Concepts 0 Macro and Tech-2.

14% 12.

35 new shares 1 China Reserve shares -2.

26% 4.

76 Express Logistics 12 Jiangsu Thorpe-2.

27% 9.

48 sour vinegar 0 shift remote communication -2.

39% 196.

05 new shares 3 new agricultural development -2.

46% 5.

16 agricultural planting 0 Li Sichen -2.

49% 16.

05 Online Education 2 Netac Smart-2.

58% 21.

18 robots 0 Pengpao environmental protection -2.

59% 13.

91 plans to repurchase shares 2 Xingfa Group-2.

63% 10 new virus protection 50,000 ze shares -2.

69% 9.

76 military industry 2 Akoli-2.

86% 34.

25 fuel cells 1 Hong Tao (Jin Qilin analyst) shares -2.

93% 3.

31 Online Education 1 Tianma Technology-3.

14% 7.

71 Feed Processing 1 Lukang Medicine-3.

30% 16.

13 new virus crystals 0 molding technology-3.

33% 14.

24 Tesla 5 Golden Shield shares -3.

39% 9.

12 results pre-increased 0 Shenma Power -3.

42% 17.5 new shares 1 Zhongnan Media-3.

44% 12.

34 Culture Media 1 Guofa Shares -3.

48% 4.

71 Medicine 2 Hongdou Shares-3.

61% 4.

8 new virus protection 5 chlor-alkali chemical -3.

75% 10.

27 New Virus Journals 0 Essential Pharmaceuticals-3.

79% 6.

6 Anti-Virus Concepts 7 Noble Shares-3.

80% 28.

12 new virus genes, 5 liters of technology -3.

91% 11.

79 new virus mole 21 Jinling Pharmaceutical-4.

08% 8.

23 Medicine 9 Temple of Heaven Biology-4.

20% 35.

12-cell immunotherapy 9 Songfa shares-4.

39% 15.

91 Online Education 4 Shanghai Rice-4.

43% 9.

5 Medicine 0 Huifa Food-4.

43% 13.

36 Food Plate 2 Hualan Bio-4.

49% 41.

1 immune cell therapy 2 Hengkang Medical-4.

50% 3.

18 Antiviral Concepts 1 Aibo Medical-4.

57% 49.

09 performance increased by 9 Tianhua Supernet -4.

58% 8.

54 new energy vehicles 0 Shenyang Chemical Industry-4.

61% 4.

76 Disinfectant 2 Xinhua Pharmaceutical-4.

73% 10.

06 new virus moles 1 Morimoto shares -5.

02% 3.

03 GEM Shell 0 Tianci Material-5.

06% 29.1 new energy vehicle 14 Saito Bio-5.

06% 33.

79 new coronavirus 1 Hisun Pharmaceutical-5.

28% 14.

52 new virus genes 0 Ruikang Medicine-5.

54% 8.

02 New Viral Gene 5 People’s Tongtai-5.

55% 9.

87 new virus moles 2 Qianjin Pharmaceutical-5.

68% 9.

97 new virus moles 11 Shenlian Biological-5.

70% 23.

5 Animal Health 0 Libang Instrument-5.

79% 9.

92 medical equipment 4 Shuanglin Biological-5.

83% 34.

87-cell immunotherapy 7 Weiguang Biological-6.

04% 66.

23 Medicine 1 Menova-6.

07% 25.

68 new virus moles 6 Shutaishen-6.

66% 16.

12 Novel Viral Genes 1 SINBON PHARMA-7.

55% 6 Pharmaceuticals 0 Asia Pacific Pharmaceuticals-8.

15% 8.

57 Medicine 3 Guoxuan Hi-Tech-8.

77% 26 new energy vehicles 4 people Fu Medicine-9.

56% 15.

89 new virus genes 6 Anjie Technology-9.

99% 29.

2 Tesla 3

Focus Media (002027) 2018 Annual Report, 2019 First Quarterly Report Review: Performance Meets Expectations High-speed Expansion Costs Under Pressure

Focus Media (002027) 2018 Annual Report, 2019 First Quarterly Report Review: Performance Meets Expectations High-speed Expansion Costs Under Pressure

Event: Focus Media released its 2018 annual report and achieved operating income of 145.

51 ppm, an increase of 21 per year.

12%, net profit attributable to mother 58.

22 ppm, 10-year average3.

03%, net profit after deduction is 50.

26 ppm, an increase of 3 per year.

58%, the company received a total of government subsidies in 20188.

5.4 billion.

At the same time, the company released the first quarter report of 2019, and achieved operating income of 26 in Q1 of 2019.

11 ‰, a ten-year average of 11.

78%, net profit attributable to mothers3.

40 ‰, 71 years average.

81%, net profit after deduction to mother 1.

16 ‰, 89 years before.

17%, the company received government subsidies in the first quarter2.

4 billion.

In addition, the company expects net profit attributable to mothers in the first half of 20197.

40-11.

00 ppm, 67-year average.

12% -77.

88%.

Focus Media’s expense ratio increased in the first quarter of 2019, the gross margin of sales, and the rate of change in net profit margin.

The company’s annual gross sales margin for the company in Q1 2019 is 36.

54% compared to epoxy 20.

71 averages, net sales margin 12.

68% compared to epoxy 14.

63 units.

The company’s high-speed expansion management costs have increased significantly, the expense ratio has increased, and the proportion of three fees has increased4.

25 units.

Including selling expenses 4.

8.6 billion yuan, accounting for 18% of operating income.

61%, up 1 every year.

36 units, administrative expenses1.

310,000 yuan, accounting for operating income5.

02%, up 2 every year.

57 per share, financial expenses-720,000 yuan, of which interest income increased by at least 97%.

twenty one%.

The company’s R & D expenses are 48 million yuan, an increase of 41 each year.42%, which is mainly used for R & D promotion of new equipment and salary increase for R & D personnel.

We believe that the performance growth of Focus Group in early 2018 and Q1 in 2019 is mainly due to the following two reasons: (1) Media resources are affected by high-speed expansion costs and competition pressure.

Focus Media has expanded and expanded the media resources of elevator buildings since Q2 of 2018. As of Q1 of 2019, the media resources of elevators have exceeded 275.

50,000, media rents, equipment depreciation and labor costs have increased significantly, but new points have a relatively high lag.

At the same time, competition pressure from peers has also affected rental costs to a certain extent.

(2) Advertisers may be affected by the accelerating growth of social consumer goods retail integration and the decline of Internet investment enthusiasm.

In 2018, Focus Advertiser’s industry was dominated by consumer goods and the Internet, of 北京桑拿洗浴保健 which the proportion reached 43.

27%.

In the first quarter of 2019, total retail sales of consumer goods grew at the fastest rate8.

3%, the growth rate since September 2018, the poor consumer goods industry is bound to have a size that will affect advertisers ‘projections.

At the same time, the investment and financing scale of the Internet industry began in the second half of last year, and the investment budget of some Internet companies may be reduced.

We believe that the current market ‘s expectations for Focus are mainly divided into the following three points: (1) The macro economy has expected differences.

Social financing scale supplement in March 20192.

86 trillion yuan, the scale of social financing in the first quarter supplemented 8.

20 trillion, an increase of 2 every year last year.

34 北京夜网 trillion.

At the same time, M2 increased 8 ahead of schedule in March.

60%, an increase of 0 from February.

60 averages, M1 in March increased by 4 per second.

60%, an increase of 2 from February.

60 units.

Overall, the current wide credit policy continues to increase.

The advertising marketing industry is affected by macroeconomic expectations, and the expected improvement is expected to benefit first, leading to increased sector risks and expected repair expectations.

(2) The prosperity of some industries of advertisers bottomed out.

The top three advertisers of Focus Media are consumer goods, Internet and transportation.

Total domestic retail sales of consumer goods in March 3.

17 trillion yuan, an increase of 8 in ten years.

7%, the growth rate is still lower than the same period last year, but increased by 0 compared with the previous 2 months.

5 units.

In March, there were 2.02 million domestic passenger car sales, with 6 replacements each time.

88%, a decrease of 10 from the previous two months.

47 averages.

We believe that the data of the consumer and transportation industries are in a pick-up situation. At the same time, the industry boom is low and high. At the same time, the rapid development of the 5G industry in the Internet industry is also expected to usher in a new round of technological revolution.The main investment budgets are in a steady growth trend.

(3) The attributes of the media are continuously strengthened.

As of the end of March 2019, the total number of media media resource points reached 275.

50,000, although high-speed expansion brings short-term cost pressure, but in the long run, it will help the company to consolidate the leading surface and maintain its competitive advantage.

Cooperate with Alibaba for online and offline global marketing.

At the beginning of 2019, Alibaba and Focus Media jointly announced the promotion of the “U Public Plan”. We believe that the “U Public Plan” is a new start for Ali and Focus to enable brand marketing with productization strategies and strategies to achieve full online and offline connectivity., Marketing visualization can be quantified and optimized.

At present, through digital transformation, the company has integrated brand global marketing and enhanced the core platform of brand consumer assets, which can help brands to accurately target, interact with screens and end traffic, and help brands increase sales conversion rates in the digital age.

We continue to recommend Focus Media, a leading building advertising company.(1) The macro economy has poor expectations. The expected improvement will bring increased risks to the sector and estimated recovery expectations. The company’s top three advertisers’ business climate will pick up; (2) The total number of media media resource points at the end of March 2019 will reach 275.

50,000 media attributes are constantly strengthened, which is conducive to consolidating the leading category and competitive advantage; (3) in cooperation with Alibaba, digital marketing with interactive screen-side traffic interaction, assisting brand global marketing, and improving marketing conversion rate.

We expect the company to return net profit to its parent in 2019-2021.

02, 40.

92, 52.

2.4 billion, currently corresponding to 32 times PE in 19 years.

Risk reminders: risks of changes in the macro environment, policy risks in the advertising industry, and competition risks in building advertising

Shanghai stock index regains 2900 points, plate strength reverses cycle + consumption makes up

Shanghai stock index regains 2900 points, plate strength reverses cycle + consumption makes up

China Securities Net Sun Yue on Tuesday, the Shanghai and Shenzhen markets fell slightly in the early trading, and then the Shanghai index took the lead in counterattack, closing successfully to recover 2900 points, the Shanghai index achieved seven consecutive Yang, six consecutive gains.

However, the GEM index, which led the terror rally, fell all the way, closing down 0.

67%.

  On the disk, there is a seesaw effect in which the strength of the industry reverses.

Mask concepts, medical waste treatment, disinfectant, telecommuting and other major main durations; coal, steel, building materials, big finance and other sectors led the strong rise; real estate, tourism, catering and other sectors affected by the epidemic also appeared to increase their competitiveness.

  Cycle and consumer sector to meet price increases Since the beginning of this week, the hot stocks in the online office and pharmaceutical sector have continued to be active. However, due to the resumption of work, the cycle sector appears to be moving.

  Following the collective surge in cement stocks on Monday, the steel sector also ushered in to make up.

Yesterday, the steel industry rose strongly, and the sector as a whole increased by one.

70%.

As for individual stocks, Anyang Iron & Steel, CITIC Special Steel, and Bayi Iron & Steel rose more than 6%.

  In addition, the consumer sector, which has been more affected by the epidemic, also has the highest rise.

The household appliances sector as a whole rose by 2.

72%, Midea Group, Shenzhen Konka A rose more than 4%.

In the liquor sector, Laobai dry liquor and Luzhou Laojiao rose by more than 4%.

  China National Securities believes that in terms of the repair opportunities of some sectors after the future epidemic situation, two main lines can be laid out: First, with the introduction of counter-cyclical hedging policies, steel, building materials, chemical, machinery and other cyclical industries may usher in repairs.

The second is that the suppressed consumer demand in the early stage may usher in explosive growth, and the recovery in demand will drive the profitability and cash flow of consumer companies to improve.

Especially for film, aviation, catering, tourism, commerce and other service-type consumer industries, the impact of the epidemic may only cause consumers to postpone consumption, and then the epidemic situation is transferred, and consumer demand may be released intensively.

  The main line of the financing customer plus warehouse technology is still optimistic. Since February, the transaction size of the two financial markets has gradually picked up, and the financing balance this week has continued to grow.

According to Oriental Fortune 深圳spa会所 Choice data, as of February 10, the balance between the two cities and the two financial institutions was 10,418.

3.2 billion yuan, an increase of 59 over the previous trading day.

7.5 billion yuan.

  Judging from the changes in the financing balance of individual stocks, keen financing funds also actively increase positions in some industries that are expected to improve cyclical stocks.

For example, the biggest increase in financing surplus on Monday was San Aifu, the latest financing surplus of the stock3.

5.7 billion yuan, an increase of 132 over the previous trading day.

53%.

In addition, Xingyuan Environment, Yangnong Chemical Co., Ltd., and other rising stocks also ranked among the top.

  Looking ahead, BOC International believes that from a high-level perspective, the current position will become the most certain allocation opportunity during the year.

In terms of industry configuration, in the short term, banks and medicines are used as defense, and they can intervene in technology leaders at dips.

From an overall perspective, the value of technology mainline allocation is still prominent.

The downstream demand of new smart phones, smart wearable devices, semiconductors and new energy vehicles is weakly related to the epidemic, and the trend of the industry’s prosperity is more clear.

  Zhang Xia, chief strategy analyst of China Merchants Securities, believes that under the expectation of steady growth, the financial, real estate, construction, and automotive sectors that have been affected by the policy have increased their attention; in the medium and long term, they believe that A-shares are in the two and a half years that will start in 2019Cycle, the blessing of 5G technology and the increasing demand for information technology will become the direction in which the technology sector will continue to grow in the next few quarters.

Yingfeng Environment (000967): Steady growth in equipment sales continues to lead industry development

Yingfeng Environment (000967): Steady growth in equipment sales continues to lead industry development
I. Overview of the event The company released its 2019 Interim Report and achieved revenue of 6.1 billion times +4 in the first half of the year.5%, to achieve net profit attributable to the parent company6.400 million a year + 72%. 2. Analysis and judgment: The sales of sanitation equipment increased steadily. New energy sanitation vehicles, unmanned vehicles and other bright spots. Net Zoom Heavy Industry achieved net profit in the first half of the year5.3.4 billion, accounting for 83% of all profits.Among which sanitation equipment revenue is +8 for ten years.5%, lower than the first half of the sanitation vehicle 22.The 5% industry sales growth rate is considered to be mainly due to the company’s high-end product market share, while the first half of the low-end sprinklers, municipal vehicles grew faster.The subsequent conversion of new energy and environmental sanitation equipment to accelerate the upgrading of traditional fuel equipment, and the use of waste separation policies to drive meals and kitchen utensils. The effect of reducing the demand for garbage trucks has been significant.Sanitation service revenue increased by 68% annually. In the first half of the year, the company signed 13 new sanitation projects with a total contracted annual cost of 58/4.700 million, signing capacity increased by 1 compared to 2018.In addition, the company’s new energy sanitation equipment calibration has ranked first in the industry, incubating the world’s first 5G unmanned sanitation robot formation, and introducing Italy’s advanced organic wastewater treatment technology and project management experience to expand the kitchen waste disposal project.Relying on the strong strength of Yingfeng Capital, it continues to lead the development of the industry. Stripping off non-core business, focusing on the solid waste industry chain. In August, the company announced the transfer of 100% of wind power, division of wind turbines, electromagnetic lines, environmental management projects and other non-core businesses. This transaction is expected to generate 1.5.5 billion investment income.According to the agreement, the original monitoring business of Yuxing Technology will be undertaken by Guangdong Yingfeng Technology Company, and it shall not be engaged in monitoring business for five years.The company’s cash flow is expected to continue to improve, and in the future, it will focus more on the entire solid waste industry chain integrating sanitation robots, sanitation equipment, sanitation 武汉夜生活网 services, waste sorting and domestic waste terminal disposal. Significant improvements in quality and efficiency, cash flow needs to be improved in the first half of the company’s sales expenses, and management costs have been extended.0% and 13.5%, optimized personnel structure and good cost control.Although cash flow from operating activities increased by 41%, it was still -9.70,000 yuan, mainly due to an increase in operating receivables by 14.800 million, reducing payable items by 3.800 million, still needs to be improved in the future. Third, investment advice As an industry leader, the company will continue to benefit from the rapid growth of the large solid waste industry. As the company plans to divest non-core businesses, slightly adjust 2019?EPS to 0 in 2021.49/0.54/0.62, corresponding to the current expected 合肥夜网 PE14 / 13 / 11x, lower than the average forecast PE of the sanitation vehicle industry in 2019 of 17x, maintaining the “recommended” level. 4. Risk warnings: 1. Intensified competition in the sanitation market; 2. Difficulty in receivables; 3. Risk of impairment of goodwill.

MSCI’s biggest increase in A shares during the year will be fulfilled tomorrow

MSCI’s biggest increase in A shares during the year will be fulfilled tomorrow

Original title: MSCI’s biggest increase in the year A will come into effect tomorrow Source: Securities Daily News reporter Meng Ke On November 8, the international index MSCI announced that the proportion of large-cap stocks will increase from 15% to 20%The 20% ratio is divided for the first time.

This is the third time that MSCI increased its A share weight in May and August this year, and this is the third increase in A share weight during the year.

The promotion of A’s re-launch was officially effective after the close on November 26.

  Suning Financial Institute’s special scientist He Nanye told the Securities Daily reporter that according to the previous two MSCI estimates of the scale of funds brought by the A share re-allocation, MSCI’s three appreciation of A-share weight will bring about US $ 300 billion in overseas growth.This is the largest incremental capital inflow in the year.

  According to CICC ‘s earnings, this MSCI is expected to bring about 250 billion to 300 billion US dollars of incremental funds to the A-share market after the A-share weight increase, which is equivalent to the increase in equity weight in May and August this year.The inflow of funds increased by about 50% to 70%.

  ”Based on the good foundation of the previous two upgrades of the A share redistribution, the capital invested in this A share upgrade will further expand the investment scale and dimensions. This translates into the fact that a stock that has not gone out of the good market in the previous period will gradually be dug out to helpPush the creation of new attractions and attractions stocks.

He Nanye said.

  ”From the perspective of MSCI’s process of continuously increasing the weight of A shares, it has gone through 4 stages, which will have a boost effect on A shares in the short term.

“Zhanshan Securities Chief Economist Li Zhan told the Securities Daily reporter that in stages: On June 1, 2018, A shares were replaced by MSCI for the first time with a replacement factor of 2.

5%, the market has continued to grow for three trading days since then, and a month after the change in the proportion, the net inflow of funds to the north gradually increased to 274.

7.5 billion yuan; On September 1, 2018, the A-share divisor coefficient was increased to 5%. One month after this change, the net inflow of funds from Beijing to the north gradually increased to -7.

6.4 billion yuan; On May 28, 2019, the dividend factor was increased to 10%, and a gradual net inflow of funds to the north was 380 after a change.

14 trillion; On August 27, 2019, the A-share division coefficient was increased to 15%. After a month of change, the net capital of the Northbound Group was converted to 683.

1.3 billion yuan.

  Talking about the MSCI’s increase in A’s equity, one of the boards will benefit, He Nanye believes that from the previous investment funds of the Northbound Capital, overseas funds are more inclined to leading companies with stable profits and abundant cash flows.

In fact, at the end of the year, the capital market’s investment style has changed in the same way as in previous years. Banks, real estate, infrastructure and other stocks have become the focus of institutional allocation.

Therefore, in view of the combination of the two, this time the weight of A shares will be increased, and the excess will focus on computer communications, large consumption, medical health, financial real estate, infrastructure and other stocks. These sections will be replaced first.

  “The MSCI index has increased the investment value of domestic long-term institutional investors, such as the incremental and retirement benefits brought by A. The investment target has a high degree of overlap. Its stock selection standards and investment philosophy will profoundly affect the A-share market and its qualityListed companies are prone to stand out. On the whole, the internationalization and institutionalization of the A-share market will have a relatively long-term impact, which will help the capital market optimize resource allocation and promote the maturity of the A-share market.

Li Zhan said.

  With the continuous injection of overseas funds, the internal capital market should also improve the following reorganizations. Li Zhan said that the reorganization will further promote the deepening 成都桑拿网 reform of the capital market and expand the interconnection of internal capital markets; gradually, it is necessary to strengthen the construction of the regulatory system for the A-share marketTo avoid foreign impact on China’s securities market and effectively prevent financial risks.

Yutong Bus (600066): Market share steadily increased waiting for industry clearing

Yutong Bus (600066): Market share steadily increased waiting for industry clearing

The company’s recent situation Yutong Bus released the June production and sales report, with monthly sales of 4,550 units, an increase of 13 per year.

2%, of which 1,647 bus sales, a decline of 16 per year.

2%, Chinese passenger sales of 2,249 vehicles, an annual increase of 54.

4%, light passenger sales were 654, an increase of 9 per year.

4%.

Cumulative sales in the first half of the year were 25,429 units, an increase of 2 per year.

6%.

Comment on sales performance in line with expectations, the product structure is improving.

In the first half of the year, the total sales volume of Yutong’s large and medium-sized customers was 21,578, and the proportion of large customers increased slightly by zero in ten years.

3ppt, the proportion of Chinese customers increased by 2 every year.

0ppt.

We estimate that the sales volume of new energy buses in the first half of the year is about 9,000 units. Due to the impact of rushing to install under the subsidy expectation, the sales performance of the new energy bus industry was weak in the second quarter.

The performance in the first half of the year is in line with expectations, and sales are expected to achieve positive growth. The core depends on the performance in the fourth quarter.

The logic of industry clearing may gradually materialize.

From the perspective of market structure, according to data from the China Automobile Association, from January to May, the CR10 of medium-sized buses increased by 5 respectively.

2ppt, 5.

At 5ppt, the market share of the right-hand companies has increased significantly, and the performance of the top three and four companies has increased significantly.

As for Yutong, sales of large and medium-sized passengers over 7 meters reached 17,686, with a market share of 39.

0%, the highest 佛山桑拿网 level in history, an increase of 4 compared with 2018.

5ppt.

In the segmented market, benefiting from the performance of new energy buses, the market share of the bus market has increased most significantly, while the seat bus market, which already has a high market share, is still breaking through.

Entering the final countdown to the decline of compensation, the bus companies have basically reached the critical point of profitability, and low-price rush orders are expected to decline, and the industry layout has ushered in a marginal improvement.

From the highest point of view, the demand for passenger cars is still affected by the increase in the number of seats sold, and compensation for changes in declines. In the short term, the internal increase is still in school buses, RVs and mid-to-high-end product segments.And whether the export market can break through.

From the perspective of the company budget, the absolute amount of compensation for the decline of the slope can be replaced, and Yutong can achieve a steady increase in gross profit margin by reducing costs and upgrading prices.

In the longer term, vigorously develop key technologies that help Yutong develop and research, and are best able to respond to domestic passenger car demand upgrades and overseas mid- to high-end market expansion in the first time.

For B’s business, we believe that the core stock selection logic is to find leading companies in a segmented industry with a relatively better competitive landscape.

Maintain the company’s outperform industry rating, maintain 2019 and 2020 profit forecasts, maintain a target price of 18 yuan (17 times P / E in 2019), which is 31 compared with the current one.

5% upside.

The impact of the risk subsidy decline on profitability exceeded expectations; the industry’s clearance rate was slower than expected.