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.


00 ppm, 67-year average.

12% -77.


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.


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

Yili shares (600887) completed the acquisition of New Zealand WESTLAND announcement comments: acquisition of high-quality dairy companies in New Zealand to optimize the global milk source layout

Yili shares (600887) completed the acquisition of New Zealand WESTLAND announcement comments: acquisition of high-quality dairy companies in New Zealand to optimize the global milk source layout

I. Overview of the event On August 2, Yili issued an announcement that the company ‘s wholly-owned subsidiary, Hong Kong Golden Port Commercial Holdings Co., Ltd., had completed the acquisition of 100% equity of New Zealand Cooperative Dairy Products Co., Ltd. on August 1.

On the day of settlement, King Kong Holdings paid the entire settlement payment to the shareholders of the target company, and the transaction consideration was a fact.

41 New Zealand dollars, the total consideration is 2.

437.7 billion New Zealand dollars, the acquisition has been fully implemented.

Since the completion of the equity settlement, Golden Port Holdings holds 100% of the equity of the target company.

Second, the analysis and judgment of the acquisition of New Zealand’s second largest dairy cooperative, to maintain changes in raw milk supply The target of this acquisition is New Zealand’s second largest dairy cooperative, whose raw milk supply accounts for about 4% of New Zealand’s total raw milk supply.

Through this transaction, the company can obtain high-quality and stable New Zealand milk sources, thereby optimizing the company’s milk source layout and increasing competitiveness, which is conducive to consolidating the company’s leading position in dairy products.

The target company’s products are sold to more than 40 countries; its subsidiaries are engaged in the production, sales and distribution of EasiYo brand in the UK, Europe, Australia and other regions.

The acquisition assists the company to form a radiation to the global market and expand overseas business, which is of great significance to the company’s long-term development and strategic 成都桑拿网 layout.

From a PB perspective, the consideration is reasonable. The significance of the layout of the acquisition of the milk source is greater than the financial significance. The target company’s asset size for fiscal year 2017/2018 is 5, respectively.


S $ 8.8 billion; net assets are 2.


S $ 3 billion; operating income is 6.


S $ 9.3 billion; net profit was S $ 1.515 million.

Based on the purchase considerations, the PB for FY17 / 18 were 0.


07 times; PE is 163/439 times.

From a PB perspective, the company paid the consideration equivalent to the net assets of the target company and the acquisition price was reasonable.

The target company was originally a public company composed of 350 dairy farmers’ shareholders, and the largest shareholder’s shareholding was limited to 4.


After the completion of the acquisition, the long-term milk supply agreement with dairy farmers for many years is still valid, and high-quality source supply has been guaranteed for a long time.

Therefore, the significance of the layout of the milk source acquired this time is greater than purely financial significance.

Continued upstream and downstream cross-border mergers and acquisitions, and the pace of internationalization to ensure the company’s growth space In 2013, the company built a 47,000-ton-per-year infant formula project in New Zealand; in November 2018, the company acquired Thailand’s largest local ice cream company THE CHOMTHANA COMPANY, and achieved direct targets through acquisitionThe company’s mature logistics system and local market resources; the same year, the company’s “Joy Day” ice cream successfully listed in multiple cities in Indonesia.

By merging this acquisition, the company is improving its gradual industrial layout by acquiring upstream milk sources and downstream consumer dairy companies.

We believe that international expansion will become an important source of momentum for the company to maintain its growth after completing its 100 billion revenue target.

Third, profit forecast and investment recommendations The company is expected to achieve operating income of 898 in 19-21.



61 ppm, + 13% / + 12% / + 12% a year ago; the net profit attributable to the parent company is expected to be 69 in 19-21.



30,000 yuan, + 8% / + 12% / + 13% per year corresponding to the latest EPS of the corresponding EPS is 1.



45 yuan, the current expected PE is 27/24/22 times, which is 36 times lower than the overall dairy industry.

Maintain the “Recommended” level. 4. Risk warning: product sales are lower than expected, integration defects are higher than expected after the merger and acquisition, gross profit margin has increased significantly, sales costs have continued to rise, and food safety issues have risen.

Weixing New Materials (002372): Greater than expected revenue growth, focus on regional expansion and new business development

Weixing New Materials (002372): Greater than expected revenue growth, focus on regional expansion and new business development

Event: The company released the 2019 first quarter report.

The company achieved revenue in the first quarter of 20197.

82 ppm, an increase of 17 in ten years.

89%; realized net profit1.

3 ‰, an increase of 21% in ten years; net profit after deductions1.

20,000 yuan, an increase of 16 in ten years.


  The revenue growth exceeded expectations, and the increase in raw materials stocking resulted in a net decrease in operating cash flow.

Revenue in Q1 2019 increased by 17.

9%, under the decline of overall real estate demand and a high base in the same period last year, still achieved rapid growth, it is expected to benefit from the recovery of new home sales and second-hand housing transactions in first-tier and second-tier cities, the retail business continued good sales since the second half of 18 yearsGrowth trend; gross profit margin 43.

7%, down by 0 every year.

The number of seven is expected to be mainly affected by the improvement of rising raw material prices; the overall expense ratio has declined, of which the selling expense ratio has dropped by 0.

58 single items, the management expense ratio (including the R & D expense caliber) increased slightly, the financial expense ratio remained flat for ten years; the operating net cash flow was -1.

From the point of view of the cash-to-cash ratio of 4.1 billion, the cash-to-cash ratio is 87%, which has been extended by 7 ratios. The cash repayment remains good, and the cash-to-cash ratio is 124%, which has gradually increased by 28 mergers. The net cash flow is mainly affected by raw materials.Due to the increase in stockpile purchases, the company’s inventory at the end of the period7.

7 trillion, an increase of 1 earlier.

1.8 billion, an increase of 2 at the end of 武汉夜生活网 the first quarter of 2018.

6.4 billion.

  Retail, engineering two-wheel drive, waterproofing and other new businesses add new impetus.

Retail and engineering two-wheel drive. In the future, the company will continue to consolidate the core advantage areas of East China and North China, further channel sinking, and continuously increase single store sales around a concentric circle strategy. At the same time, it will accelerate the development of western and central China, and increase market share.The Xi’an production base was officially put into production in March this year to help the company’s development in the central and western regions; through the consumption upgrade trend, PPR is the core product to expand the industrial chain, from single product sales to product system promotion; two major extensions of water purification and waterproofingThe orderly progress of the business has added new impetus to the company’s development. The waterproof coatings business has followed the “product + service” differentiated competitive route. Professional services have formed and accumulated a waterproof brand image. It is expected that regional development will be enhanced in 19 years.

  Investment suggestion: The company’s “retail + engineering two-wheel drive” strategy has obvious effects, which can improve brand services and channel development, and further increase market share; engineering business expands the market in real estate, gas, municipal and other fields while ensuring income quality.

The waterproof coatings business has been promoted in an orderly manner, and product sales have been formed. As the company’s key business development, it will gradually change the existing retail channels and service systems in the future, rapidly expand the market, and bring new points of profit growth; the continued stable and high proportion of dividends make the companyBecome a high-quality “cash cow” in the capital market.

We expect the company’s EPS for 2019-2021 to be 0.

87, 1.

02, 1.

19 yuan, corresponding PE is 22, 19, 16 times; maintain the “overweight” level.

  Risk reminders: the risk of downward macroeconomic growth and related policy changes, the risk of sharp changes in raw material prices, the risk of intensified market competition, and the risks brought about by new business expansion.

Securities Daily: Capital market is continuing to fuel for the development of private enterprises

Securities Daily: Capital market is continuing to “fuel” for the development of private enterprises
The capital market continues to “fuel” for the development of private enterprises. Zhu Baochen, a small and micro enterprise, is the basic cell of the Chinese economy and plays an important role in promoting the transformation of sustainable economic growth.In order to solve the problem of financing difficulties and expensive financing for small and medium-sized enterprises, the government introduced a series of changes.The capital market, as an axis that directly connects capital with physical enterprises, is gradually becoming the main battlefield to serve the development of SMEs.  The industry believes that the capital market has a relatively mature market-oriented allocation mechanism, and through the reasonable pricing of risks and the use of decentralized social funds, it can guide a large amount of social funds to invest in the SMEs that need the most support.Therefore, the capital market 四川耍耍网 has a heavy responsibility in serving SMEs.  ”Our traditional model of the United Nations has been challenged, capital is becoming increasingly inefficient, and local debt is getting larger and larger, and it is difficult to continue.”In this model, a large amount of capital is occupied by large enterprises on local platforms, and it is difficult for SMEs to obtain substantial support.”Hu Xiaohui, General Manager of the Wenzhou Sales Department of the Federal Reserve Securities, said in an interview with the Securities Daily reporter yesterday that although we have a lot of policy guidance, in practice, banks are still leaning towards SMEs.  “在这一大背景下,迫切需要转变以银行信贷为主的这一模式,让资本市场发挥更大效能,通过央行,通过‘银行-资本市场-投资银行’的全新传导支持实体经济,支持Small and micro enterprises.Hu Xiaohui said.  In fact, statutory, the China Securities Regulatory Commission has deepened reforms, strengthened the ability to financial services in the real economy, increased the proportion of direct financing, and constantly improved the multi-level capital market system to provide multi-channel equity financing for small and medium-sized enterprises of different types and stages.  At present, the relevant supporting rules of the science and technology board are soliciting opinions.From the perspective of developing countries, as the “number one event” of the annual capital market, the launch of the science and technology board came faster than expected, and played an important role in serving the science and technology enterprises.  It is worth noting that the Shanghai Stock Exchange has made targeted and differentiated listing institutional arrangements for the functional positioning of the science and technology board and the characteristics of listed companies, and has broken through core technologies or achieved phased results through continuous research and development in key areas.Achievements, have a good development prospects, but financial performance of various types of science and technology enterprises listing requirements.  Zhao Huan, deputy general manager of the financial department of Fortune Securities Network, said in an interview with the Securities Daily reporter yesterday that many science and technology enterprises are growing-up companies that have not yet achieved profitability, but the companies themselves have relatively good development prospects.Through the platform of science and technology innovation board, such enterprises can achieve development and growth, and it is also expected to become an industry leader.  In addition to the planned science and technology board, SME board, GEM board, NEEQ and local equity trading markets, it has also directly supported many high-quality SMEs and innovative enterprises on the capital market platform to achieve rapid development and standardized governance.  In addition, the bond market has also played an important role in serving SMEs.For example, the issuance of exchange bonds has continued to be diversified and more diversified, especially the launch of innovative and entrepreneurial bonds, green corporate bonds, exchangeable bonds and renewable bonds, which has provided more convenient and efficient financing for technological innovation companieschannel.

Spring Airlines (601021) Company Depth: Mainline Airport Released at All Times to Promote Improved Revenue Level

Spring Airlines (601021) Company Depth: Mainline Airport Released at All Times to Promote Improved Revenue Level

The external performance is low fares, and the ultimate cost control is the core moat.

Compared to the three major airlines, Spring and Autumn has realized cost savings of more than 30%, which are derived from: two orders (single stack and single cabin), two highs (high passenger load and high daily aircraft utilization) and two lows (low sales costs and lowManagement fees).

Regulations bring high passenger load factor (about 6 points higher than the three major airlines) and more significant scale effects for the second and third tier aviation markets.

Short-term and medium-term valuation: The launch of new production capacity at front-line airports provides a new opportunity to try to break into hub airports.

The company’s currently most profitable routes, Shenzhen-Hongqiao, Hongqiao-Osaka, and Hongqiao-Xiamen, all connect to the first-line airports.

For low-cost airlines, operating popular routes means a smaller gap with full-service airlines, but more obvious cost advantages and turnover efficiency bring higher ROE.

Taking Daxing Airport as an example, if the spring and autumn are added two times a day for the Beijing-Shanghai line, given a load factor of 90%, the average passenger income per thousand yuan can increase the overall passenger revenue by zero.

58%, net profit attributable to mothers increased by 3.


Medium-to-long-term perspective: First-tier cities have saturated time resources, but second- and third-tier cities have relatively abundant time resources, which provides a broad market for low-cost airlines, but it also takes time to cultivate.

With the continuous improvement of urban infrastructure, the construction of small airports is accelerating. It is estimated that by 2020, there will be an increase of more than 50 civil airports to 260. At the same time, the planned terminal buildings of hub airports (such as Shenzhen Airport) will further enhance the company’s cost advantage.

The company’s strategy is constantly optimized: from high passenger load factor to high-yield management policy, strengthen base construction and increase flight frequency.

The company’s more comprehensive revenue management, high passenger load factor began to transform into high profits, 17, 18 company domestic passenger kilometer revenue increased by 16%, 8%, supply and demand improved or promoted the company’s passenger kilometer revenue increased by more than 2% in 2019,Revenue continued to rise.

In 19 years, the company opened a new base in 佛山桑拿网 Lanzhou.

It may be launched in Beijing Daxing Airport in 2020, and mature regional bases continue to develop.

If 10 aircrafts are put into effect next year, the ASK growth rate in 20 or 21 years is expected to return to more than 15%.

Investment proposals take into account the continuous increase in aviation penetration, domestic airport capacity expansion and the company’s foothold on the front line, and the strategy of overweighting the second and third lines is expected to further open up the profit space.

Affected by the macroeconomic downturn and the disruption of the company’s aircraft capacity transfer rhythm in 19H1, we expect the company’s EPS to be 1 in 2019-2021.



RMB 92 (down 11% / 10% / 8% respectively from the previous forecast), corresponding to 23/18/15 times the PE.

We give the company a 20-year estimate for 20 years with a target price of 50 yuan.

Maintain “Buy” rating.

Risks suggest that the macroeconomic growth rate is lower than expected; the introduction of transportation capacity is lower than expected; oil prices are rising too fast.

China Animal Husbandry Co., Ltd. (600195): Non-plague situation dragged down company’s profit, optimistic about welcoming the turning point of performance next year

China Animal Husbandry Co., Ltd. (600195): Non-plague situation dragged down company’s profit, optimistic about welcoming the turning point of performance next year

Event: The company released the third quarter report of 2019, and the first three quarters of 2019 achieved operating income29.

5.5 billion, down 7 every year.

47%; net profit attributable to mother 2.

72 ppm, a decrease of 19 per year.

58%; deducted non-attributed net profit 2.

67 trillion, down 20 a year.

30%; basic profit income is 0.

32 yuan.

  Comments: 1.

African swine fever has affected the company’s short-term performance and increased R & D expectations.

  Affected by the non-plague situation, the performance and degree of the company’s livestock biological products, veterinary drugs, and feed plates are different.

The company achieved operating income in the third and third quarters of 1911.

1.9 billion, down 13 a year.

69%; net profit attributable to mother 1.

1 billion, down 24 a year.


  The company realized investment income in the first three quarters of 19 years.

4.7 billion, down 16 previously.

59%, of which Jin Dawei contributed about 1.

1.8 billion; after deducting investment income, the company returns to its net profit.

2.5 billion, down 22 each year.


From the perspective of expenses, the company’s financial expenses for the first three quarters were 660.

980,000 yuan, down 81 every year.

84%, mainly due to the repayment of 1.2 billion corporate bonds, and interest expenses have decreased significantly year by year;

02 million, a decrease of one year.

3%; administrative expenses 2.

19 ppm, an increase of 9 per year.


It is worth mentioning that the company continued to increase R & D investment in the context of performance growth, and invested R & D expenses 9318 in the first three quarters.

450,000 yuan, an annual increase of 22.



The leading seed-and-foot disease picking seedlings have gradually penetrated the market seedling channels, and it is expected that they will make breakthroughs after the preemption.

While consolidating the share of FMDV harvests, the company has achieved rapid growth in market sales and further optimized its product structure.

We expect the company to achieve counter-trend growth in the FMD market this year and provide a good guarantee for the stability of its performance.

  The company has recently approved inactivated vaccine for foot-and-mouth disease type O, type A bivalent 3B protein epitope deletion (O / rV-1 strain + A / rV-2 strain), which will further enrich the company’s veterinary biological product product sequence and improve the marketCompetition has a positive effect.

In addition, the company has also obtained the qualification to restore the production of O-, A-, and Asia-type trivalent inactivated vaccines and special export for export, which will help the company to expand overseas 深圳桑拿网 sales channels.  3.

The “National Team” of animal protection and insurance is expected to obtain the qualification for the production of non-blast vaccine, and it is optimistic that the company will fully profit from it in the future.

Currently, the African swine fever vaccine is about to enter the clinical trial stage. Once the vaccine is on the market, it will bring considerable market expansion to the animal vaccine industry.

As the industry leader, and the only state-owned enterprise in the industry, it is very likely that it will become the first batch of companies to obtain production qualifications based entirely on the software and hardware conditions of vaccine production.


The reform of mixed ownership by state-owned enterprises is conducive to long-term corporate governance and development.

From the end of 2017, the company launched an equity incentive plan, set up a joint venture to establish Zhongpu Biological, and was selected as a “Double Hundred Actions” enterprise. It is steadily advancing its internal reform plan.

With the continuous release of the follow-up reform dividends, we believe that the company is expected to fully benefit from the activation of the management mechanism and the improvement of management efficiency, which will benefit the company’s long-term development.


Earnings forecast and rating: We expect the company to achieve operating income of 40-2019.



7.1 billion, net profit attributable to mother 3.



26 trillion, EPS is 0.



87 yuan, corresponding to PE is 27.

65x / 21.

56x / 18.

53x, maintain the “recommended” level.

  Risk reminder: the risk of epidemic situation in the breeding industry, the risk of policy changes in the veterinary drug industry, the risk of intensified market competition, and the risk of abnormal exchange rate changes

One-week fund scheduling chart: the main net real estate inflows surpassing 577.9 billion

One-week fund scheduling chart: the main net real estate inflows surpassing 577.9 billion

[Weekly capital plan chart]The main fund has a net amount of $ 577.9 billion. The real estate industry’s net inflow has the largest scale.


05) Shanghai and Shenzhen stock markets rose overall.

The Shanghai Stock Index has gradually increased throughout the week.

08%, SZSE Component Index gradually increased throughout the week2.

89%, GEM refers to a gradual increase throughout the week2.


In terms of capital flow, the main funds of the Shanghai and Shenzhen 武汉夜网论坛 cities gradually replaced 578 net.

7.8 billion, of which a net decrease of 62 on Friday.

2.5 billion.

  1 This week, the main capital of the two cities has gradually replaced the net.

7.8 billion this week’s main capital gradually replaced 578.

7.8 billion.

Among them, Friday (July 5) the main funds opened a net reduction of 66.

4.5 billion, a net inflow of 3.

3.5 billion, a net decrease of 62 throughout the day.

2.5 billion.

  2 This week, Shanghai and Shenzhen 300 main funds gradually replaced 196 net.

5.5 billion yuan this week, Shanghai and Shenzhen 300 main funds gradually net replacement of 196.

5.5 billion, GEM net decrease of 98.

8.6 billion yuan, a small net decrease of 116.

6 billion.

The Shanghai Stock Connect has gradually net inflows this week.

2.5 billion yuan, the Shenzhen Stock Connect gradually net inflow21.

8.2 billion US dollars (here, the net amount of China-Shanghai Stock Connect and Shenzhen Stock Connect is based on the amount used on the day, which is slightly different from the net purchase amount of the transaction, but the meaning is generally the same).

  3 The net inflow of the real estate industry this week 22.

Of the top 28 first-tier industries in Shenwan with 5.5 billion yuan, 4 industries achieved net capital inflows this week, of which 22 from the real estate industry.

5.5 billion came first.

  4 This week, the net inflow of big consumption concepts was 57.

In terms of the 8.4 billion top concept segment, there was a net inflow of capital in the concept segments such as big consumer, brand leader, QFII heavy storage, etc., of which the net inflow of large consumer concept was 57.

8.4 billion.

  5 Zhuo Shengwei’s net inflow this week was 22.

5.1 billion (Note: The main force of net inflows in this table is different from the statistical caliber in the previous and next tables)The stocks are: The top 15 stocks with the highest net selling amount of the individual stocks are: The top ten active stocks of the Shanghai Stock Connect and the Shenzhen Stock Connect on Friday 7th.

Sino-Singapore (002912) Company Review: Incentive plan binds core team business vitality and strives to fully release

Sino-Singapore (002912) Company Review: Incentive plan binds core team business vitality and strives to fully release

On the evening of December 16, the company announced that it plans to issue 320 copies of targeted stocks to 378 subjects.

160,000 shares, accounting for 3 of the company’s share capital at the time of the announcement of this plan.


  Comment: Vigorously motivate and restrain the core team and fully release business vigor. The incentive plan is planned to be issued to 378 objects and the number of inventories is 320.


First, 320.

160,000 shares accounted for 3 of the company’s total share capital.

00%, scale competitiveness.

The scale of the incentives covers 378 employees including Secretary Li Bin, deputy general manager, middle managers and core technology / business backbones, accounting for 34 of the total number of companies at the end of 2018.


Wide coverage.

  We believe that the implementation of this incentive plan is expected to fully bind the core interests of the team and enhance business vitality.

  The performance unlocking conditions are high, and the amortization cost has limited impact. The exchange rate allocation ticket unlocking performance unlocking conditions are relatively high. Among them, the first unlocking period performance conditions are: ROE for 20 years is not less than 13%, and the average net profit for 19-20 years.The growth rate is not less than 40% compared to 18 years; the second unlocking period is: the 21-year ROE is not less than 13.

5%, and the average net profit in 19-21 years is not less than 50% growth over 18 years; the third unlocking period is condition: ROE in 22 years is not less than 14%, and the average net profit in 19-22 years is more than 18 years.No less than 65%.

In addition, the company’s main business income in each unlocking period accounts for not less than 90% of the total revenue, and the net profit margin is not less than the 75th percentile of 40 comparable companies.

In terms of amortization, the total cost to be amortized under this incentive plan is estimated to be 1.

60,000 yuan, 2020-2024 amortization of 43.73 million yuan, 58.31 million yuan, 34.98 million yuan, 15.55 million yuan and 2.92 million yuan.

The large-scale incentives release the team’s vitality. Under the 5G industry dividend, the company’s performance promotes accelerated release, and the impact of amortization costs is limited.

  Investment advice The company can gradually expand the scale of big data platform products through the advantages of cutting-edge products through network visualization, and the synergy effect is significant.

We expect to accelerate the implementation through 5G construction, and the company’s previous products are expected to achieve rapid growth.

Expected net profit for 2019/20202.


30,000 yuan, optimistic about the company’s business development 佛山桑拿网 prospects, maintain a “buy” rating.

  Risk reminder: 5G construction is less than expected, the risk of industrial policy landing, and market competition intensified

Tenglong Co., Ltd. (603158): Leader card layout fully deploys fuel cells, thermal management rails and EGR

Tenglong Co., Ltd. (603158): Leader card layout fully deploys fuel cells, thermal management rails and EGR
Through the merger and acquisition to achieve the car parts card position, leading layout of thermal management channels, fuel cells, EGR, etc. The company acquired Xiamen Dajun in 2016 to get involved in the automotive brake field; acquired 54% of Lichi Leo in 2017 to deploy EGR coolers; acquired Yibin Tianruida in 2018, laid out EGR valves, and completed the EGR layout; announced the acquisition in 2019Beijing Tianyuan entered the rubber hose to supplement the company’s shortcomings in the field of hoses and commercial vehicles; in 2019, the company gradually acquired the domestic fuel cell leader Xinyuan Power21.43% equity, involved in the field of fuel cells; In 2020, the company announced a short-term letter of intent, intending to increase its holding of Xinyuan Power again16.07% equity, if the transaction shareholding ratio may reach 37.5%, will become the largest shareholder of Xinyuan Power. Thermal management system: One of the leading domestic thermal management corridors, the thermal management of new energy vehicles is more than twice as valuable as traditional vehicles, and the track is of high quality.(1) The company’s main products are automotive air-conditioning pipes and main shafts and accessories of heat exchange systems. Its main customers include high-quality customers such as Volvo, PSA, Honda, etc., and is one of the domestic thermal management floating leaders;The value is about 2 times higher than that of traditional cars.Electric vehicle power batteries, power electronics, automotive air conditioners, motors and other components all need to be managed separately.According to our expectations, the value of bicycles for traditional vehicles is about 150 yuan, and that of electric vehicles is about 500 yuan. The value of bicycles has increased by more than two times, which is one of the high-quality tracks for electric vehicles in the future. EGR business: Core component coolers and valves are self-produced. National VIb may activate the company’s EGR growth space. For commercial vehicles, SCR + EGR is the mainstream technical solution for OEMs in the future to meet the requirements of National VIb.Through the acquisition of Lichi Leo and Tianruida, the company has become one of the few domestic companies capable of producing EGR coolers and valves.Considering that Beijing and other places have implemented National VIb in advance in 2020, we expect the company’s EGR business to start accelerating in 2020. Fuel cell: The company announced that it will once again increase its stake in fuel cell leader Xinyuan Power and become the largest shareholder. In 2019, the company announced the acquisition of Shanghai Texi Investment, a new source of power held by Dalian Chemical of the Chinese Academy of Sciences3.57%, 17.86% equity; recently, the company announced once again the extension of the acquisition of the new source power 上海夜网论坛 held by Stone Appliances16.07% equity agreement of intent.If the final production transaction is reached, the company will hold Xinyuan Power37.5% equity, becoming the largest shareholder of Xinyuan Power.New energy power is the leader of domestic fuel cell stacks and systems. Its independently developed fuel cell system has developed to the third generation of products. The research and development innovation covers the key materials, key components and the entire stack system of proton exchange membrane fuel cell engine systems.In one section, it has 482 patents, including 2 international patents, and the related production capacity reaches 1,000 sets per year, leading the industry level. Earnings forecast and estimation recommendations: Considering the consolidation of Beijing Tianyuan, we expect the company to achieve 都市夜网 net profit attributable to mothers in 2019/2020/20211.19/1.93/2.20 ppm, the corresponding EPS is 0.55/0.88/1.01 yuan.The company’s traditional business operations are stable, and new business and new customers are continuously developed. New energy products are expected to continue to contribute to the performance and give an “overweight” rating. Risk reminder: the risk of falling passenger vehicle sales and the risk of new energy business development.

U.S.-Iranian relations become more tense, Iran nuclear deal facing collapse?

U.S.-Iranian relations become more tense, Iran nuclear deal facing collapse?
Although more than two years have passed since the Iranian nuclear agreement was reached, US-Iranian relations have not improved as a result.  Since this year, US and Iranian warships and military aircraft have frequently been fighting in the air and sea, reflecting the increasingly tense relationship between the two countries.Trump’s words and deeds in public also show that he is unlikely to give up his efforts to repeal the Iran nuclear deal in his next term.  Once the United States tears up its nuclear agreement, it will inevitably fuel the US-Iranian relations that are already in the turbulence.Whether Trump will take the United States on the road to war with Iran has become the most worrying issue for the US media.  Tit-for-tat, US-Iranian relations are becoming more tense. US Navy officials said on August 8 that when a U.S. fighter plane was preparing to land on an aircraft carrier in the Gulf that day, it encountered a dangerous approach from an Iranian drone.According to the United States, this is the 13th time this year that the U.S. Navy has encountered Iraqi unsafe and unprofessional approach in Gulf waters.  On the 25th of last month, US and Iraqi ships were accidentally stabbed in the Gulf region, and the US fired a warning.Foreign media claim that this is the first time that an offensive warship encounter has occurred between the United States and Iran since President Trump took office in January.  The frequent air-sea fighting methods between the United States and Iraq may only be a silhouette of the tension between the two sides.  Although the White House recognized Iran ‘s implementation of the Iran nuclear agreement last month, it was not Trump ‘s wish. The United States still accuses Tehran of not following the spirit of the nuclear agreement and blames its bad behavior in the Middle East to weaken the positive effects brought by the Iran nuclear agreementcontribution.In an interview with US media on the 10th, Trump made it clear that I personally do not think Iran complies with the nuclear agreement and they have not fulfilled the spirit of the nuclear agreement.He said: We still have time to let us wait and see . I think that if Iran fails to comply with its nuclear agreement commitments, something big will happen.  At the same time, Washington waved a stick of sanctions on Tehran to punish Iran’s continued development of ballistic missiles.On August 2, Trump signed a presidential decree to impose new sanctions on Iran’s missile test.This move triggered a strong response from Iran. The Iranian side believes that the United States is inconsistent and does not comply with its nuclear agreement commitments.  The New York Times previously pointed out that the new sanctions will lead to worsening US-Iranian relations.The Iran nuclear agreement is seen as the basis for improved relations between the United States and Iran, and this foundation is facing disintegration.  On July 14, 2015, at the United Nations Center in Vienna, Austria, representatives of all parties attended the plenary meeting.Xinhua News Agency reporters learned from sources on the same day that the six countries on the Iranian nuclear issue (the United States, Britain, France, Russia, China and Germany) have reached agreement with Iran on resolving the Iranian nuclear issue. Xinhua News Agency reporter Qian Yizhe asked Trump to take the United States on the road to war with Iran?  In fact, Trump has been very tough on Iran since he took part in the presidential election, saying that the Iran nuclear agreement is the worst agreement ever signed by the United States.  Since he took office, the United States has continued to put pressure on Iran under the pretext that Iran insists on firing missiles, and has successively introduced measures such as extending the sanction period and restricting Iranian citizens from entering the United States.Trump also asked the executive to submit a report to Congress every 90 days to assess whether Iran has fulfilled its Iran nuclear agreement commitments.  Even if Trump deliberately tears up the Iran nuclear agreement, it will not be easy to implement it.On July 17, the deadline for the State Department to confirm to Congress whether Iran is fulfilling a nuclear agreement, Trump reluctantly agreed that Iran is fulfilling the agreement.According to the German News Agency, Trump had originally planned to announce a withdrawal from the Iranian nuclear issue comprehensive agreement, but was discouraged by Secretary of Defense James Matisse, Secretary of State Tillerson and other national security aides.  Trump’s intentions have not only been obstructed at home, but US European allies are also difficult to fight alongside the United States because of economic interests.Elizabeth Rosenberg, who has served in the Obama administration and is responsible for matters related to the Iranian nuclear agreement, said that no one hopes that the Iranian nuclear agreement will fail. If the United States is the only one to go away, no other country will increase sanctions like the United States. European countries obviouslyWill choose to defend their company’s interests.  Regarding the direction of US-Iran relations, John Grasser, assistant director of foreign policy research at the Cato Institute, warned that for Trump, there is not much pressure to re-examine US policy on Iran.Moreover, Iran has made too much effort in the United States and the Middle East. The conflict between the United States and Iran will 四川耍耍网 make the problem worse. Trump must recognize the reality and acknowledge that Iran has fulfilled the provisions of the nuclear agreement.  American Atlantic Council researcher Amir Hanjani said that, to a large extent, Trump was tearing up the agreement in order to tear it up.But the problem is that the consequences of doing so will be very serious, and it will definitely fuel the US-Iranian relationship.The president of the Iranian-American National Council, Trida Passi, said that simply waving a stick at Iran will not make the United States more secure, and if Trump refuses to acknowledge this, the United States and Iran will return to the road to warNo one will be a winner.  (Creative Product Studio Li Yixing’s comprehensive text Xinhua, People’s Daily, Global Times, Jiefang Daily) Original title: Tightening US-Iranian relations Is Iran’s nuclear agreement facing collapse?