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.



55 yuan / share, corresponding to PE of 21.



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

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.

Social security, pension fund investment roadmap exposed in three quarters: bets on soaring stocks

Social security, pension fund investment roadmap exposed in three quarters: bets on soaring stocks
Social security funds and basic endowment insurance funds have always been known for their prudent investment style, and have been regarded by investors as valuable investors.  With the disclosure of the first three quarterly reports in 2019, the shareholding trends of social security funds and basic pension funds that have received much attention have gradually shown to the public.  In the third quarter, did they fall in love with certain areas?And what kind of company did you “ruthlessly” leave?  1 The warehouse was busy. According to the statistics of Oriental Fortune, the reporter of the International Financial News found that in the third quarter of this year, many old social security funds bought 8 new stocks such as Ophelia, 杭州桑拿 Negotiable Food, and Willie; many social security old funds reduced their holdingsIncluding six listed companies such as Fiyta A, Antarctic E-commerce, Qiaqia Food, etc., and many old social maintenance funds withdrew from the top ten circulating shareholders of some stocks.  Data source: Oriental Fortune Choice data shows that the National Social Security Fund has 105 portfolios and 117 portfolios. Both of them have become the top ten circulating shareholders of Qiaocha Foods, each holding 662.360,000 shares, 3.6 million shares.The National Social Security Fund 115 portfolio has reduced its holding of 200,000 shares of Qiaqia Foods, with the latest holding of 10 million shares.In addition, the basic pension insurance fund 805 portfolio also reduced its holdings of Qiaochao Food a little, with the latest holding of 9.6 million shares.  At the same time, many social security funds are optimistic about Xinghui Entertainment.Data show that the National Social Security Fund 102 portfolio holds Xinghui Entertainment for three consecutive quarters, and the number of shares held remains 1,718.50,000 shares remain unchanged.In the third quarter, the 108 portfolio of the National Social Security Fund increased its holdings of 18 million shares to 35.08 million.  The Hongqi chain was also increased by the National Social Security Fund 115 portfolio and the Basic Pension Insurance Fund 805 portfolio, each holding 2288.950,000 shares, 18 million shares.  It is obvious that the two social security funds of the National Social Security Fund Group 101 and 108 Groups withdrew from the top ten circulating shareholders of Muyuan; the National Social Security Fund group 604 withdrew from the top ten circulating shareholders of Changliang Technology.  2 According to the data that has been disclosed, the three quarterly reports show that individual stocks held by social security funds and basic pension insurance funds have performed well.  Oriental Fortune Choice data shows that among the 16 stocks currently held by the social security fund and the 3 stocks held by the basic pension insurance fund, the net profit attributable to the mother is all positive, indicating the social security and pension fund’s operating quality requirements for the investment targetHigher.  From the perspective of industry preferences, the social security and pension funds previously added positions in the third quarter were mainly electronics, food, environmental protection, and entertainment companies.  According to Wind data, as of the close of October 18 this year, the stocks currently held by social security and pension funds have grown, and at the same time, a large number of gains have outperformed the broad market.Among them, Xinghui Entertainment, Hongqi Chain, Qiaqia Foods, Welley, Antarctic E-commerce, Aosikang, Lanxiao Technology performed well, with gains of 75.1%, 69.25%, 71.26%, 64.11%, 58.91%, 57%, 52.43%.  Reporter Luo Gemei

Tebao Bio (A19016): Leading company in long-term modified protein focuses on functional cure for hepatitis B

Tebao Bio (A19016): Leading company in long-term modified protein focuses on functional cure for hepatitis B

Investment highlights: Leading long-acting modified protein company is a leader in the field of long-acting PEG-proteins in China. The products currently on the market include one country’s first-class new biological products-pegbin and three former countries’ second-class new organisms.Products (Terri, Telzin, Telcon).

The average value of the three products under study in the clinical project is a polyethylene glycol modified product, and the research and development varieties have realized the transformation from imitation to independent innovation, from known targets to completely new mechanisms.

In 2016-2018, the company’s main operating income was 2 respectively.

78, 3.

23, 4.

4.6 billion, with net profit of 2931, 517, and 16 million yuan respectively; the change in net profit in 2017/2018 was mainly due to the increase in sales expenses.

Focusing on the field of chronic hepatitis B treatment, functional cure for 10% of the dominant population. Currently, the most common treatment for hepatitis B is small-nucleotide drugs for antiviral therapy, but these drugs need to be taken for a long time, and random withdrawal may have the risk of rebound., And long-term medication will occur repeated mutations.

Functional cure for hepatitis B is currently one of the hottest areas in global drug development. According to clinical research data from Professor Xie Qing of the 2018 American Liver Diseases Conference, Roche’s Paroxin (PEGylated interferon α2a)The probability of functional cure in patients with hepatitis B rose from 5% to 56.


The scope of the dominant population is 10% of the population using nucleotide drugs such as entecavir and tenofovir. At present, there are more than 3 million patients using nucleotide antiviral therapy for hepatitis B, and the dominant population is about 350,000.

With the national advancement of centralized procurement of 4 + 7, nucleotide drugs such as tenofovir will spread to more patients and the dominant population will also increase significantly.

Pegabin (polycholesterol interferon alpha-2b injection) as the first domestically-produced polyethylene glycol (PEG) modified interferon variety in Treasure Bio.Xin has conducted a head-to-head controlled trial with similar efficacy, safety, and significant immunogenicity as a comparison drug. At present, Treasure Bio’武汉夜网论坛s Pegbin Hepatitis B Healing Clinical Phase 2 has also been completed.

After Pegabin was approved for listing at the end of 2016, it was quickly recognized by doctors and patients, and its sales in 2018 were close to 200 million.

Tonghua Dongbao (a shareholding in Xiamen Tebao) benefiting from the investment proposal; paying attention to Gree Pharmaceutical (the only domestic company in DAA hepatitis C innovative drugs; long-acting interferon in the field of hepatitis B cure, PD-L1, and small molecule innovative drugs are also being studiedNASH, an innovative drug for liver cancer), Guangshengtang (Hepatitis B, the rapid development of NASH innovative drugs).

Risk warning: product commercialization does not meet expected risks, drug development risks.

Mingyang Intelligent (601615): Offshore wind turbines plan to show their leading strength

Mingyang Intelligent (601615): Offshore wind turbines plan to show their leading strength

Event: Mingyang Intelligent issued an announcement that the company intends to win the bid for the procurement of wind turbine equipment for the Three Gorges New Energy Yangxi Shapa Phase III (400MW) offshore wind power project and the purchase of wind turbine equipment for the Three Gorges New Energy Yangxi Shapa Phase V (300MW) offshore wind power projectThe total amount of winning bids is about 32.

9.5 billion.

The share of winning 西安耍耍网 bids is as high as 70%, and the large-scale offshore wind turbines have strong production capacity, demonstrating absolute strength: the total amount of this bid is about 32.

95 trillion, accounting for 47 of the company’s 2018 revenue.

74%, the average bid price of 6,591 yuan kw, the installed capacity of 500,000 kilowatts, accounting for more than 70% of the total capacity of the Three Gorges New Energy Yangxi Shaba Phase III and Phase V project, highlighting the company’s absolute top in the field of offshore wind power.

In addition, the company announced this time won the bid for alternative locations6 for the two offshore wind power projects of Three Gorges New Energy.

45MW, combined with the data disclosed in the three quarterly reports, the current company6.

The 45MW prototype is expected to exceed 1GW in hand 厦门夜网 orders, which will become the company’s offshore wind turbine.

The external diameter of 5MW outside the main force, the company’s large offshore wind turbine production capacity is evident.

Adequate orders in hand ensure long-term growth of the company’s performance: According to the announcement, in the past year, the company has won three bids for large-scale offshore wind power projects of the Three Gorges Group, and the amount of bids has gradually reached 57.

110,000 yuan, accounting for 82% of the company’s total revenue in 2018.


As of 2019Q3, the company has orders up to 12.

56GW, of which offshore wind power orders around 4.

1GW, with a total amount of more than 25 billion U.S. dollars, and excess orders in hand will effectively guarantee the long-term growth of the company’s performance.

At the same time, with the rescue peak coming in 2020, the company’s high-level wind turbine delivery scale is expected to reach 5GW, sometimes doubling; in addition, according to variable analysis, the company’s low-cost orders in 2018 have been basically digested, and the gross profit margin has returned to the rising channel.The performance of the fan will be accelerated in 2020.

The project transfer strengthened 2020 performance, and Faili Offshore Wind Turbine consolidated its competitive advantage: Recently, the company transferred 85% equity of 4 wholly-owned subsidiaries of wind power generation. The transfer is expected to be completed in Q1 2020 at a transaction price of 5.

49 trillion, a premium of 6,487.

670,000 yuan, premium rate 13.

40%, after the completion of the transaction is expected to increase the total profit before tax in 2020 of 52 million yuan.

At the same time of the transfer, the company is still actively investing in the construction of wind farms. As of 19Q3, the company holds a wind farm of 650MW with a construction scale of 844MW. Recently, the company raised USD 1.7 billion through the issuance of convertible bonds, of which 1.3 billion will be used for a total of 200MW wind power.Project development.

In addition, with the advent of the wind power bidding parity era, large-scale wind turbines have become an inevitable trend, and the company has laid out earlier.

First-mover advantage of wind turbines of 0MW and above.

Recently, the issuance of convertible bonds of US $ 1.7 billion has been successfully completed. The company announced that it will invest another 1 trillion to develop 10 MW-class offshore wind power plants and key components. The advanced technology will ensure the company’s competitive advantage in the offshore wind turbine field.expand.

Investment suggestion: We expect the company’s net profit for 2019-2021 to be 7, respectively.

05 billion, 11.

2.1 billion, 14.

4.9 billion yuan, with net profit growth rates of 65%, 59%, and 29%, respectively; Maintain Buy-A investment rating with a target price of 16.

2 yuan.

Risk warning: domestic onshore wind power, offshore wind power installed capacity is less than expected, etc.

Zhonghuan (002129): Performance in line with Shen Wanhongyuan’s expectations that large silicon wafers will expand smoothly

Zhonghuan (002129): Performance in line with Shen Wanhongyuan’s expectations that large silicon wafers will expand smoothly

Event: The company released the 2019 first quarter report on April 23, 2019. The report stated that the company realized operating income of 38.

23 ppm, an increase of 36 in ten years.

45%; net profit attributable to mothers1.

88 ppm, an increase of 50 in ten years.


Key points of investment: The performance is in line with Shen Wanhongyuan’s expectations, and the expansion of production capacity has promoted profit growth.

The company released the 2019 first quarter report on April 23, 2019, reporting that a series of companies realized operating income38.

23 ppm, an increase of 36 in ten years.

45%; net profit attributable to mothers1.

88 ppm, an increase of 50 in ten years.


The reported increase in operating income of major companies was mainly due to the increase in sales scale.

The report is significant, with development expenditure increasing by 33.

90%, mainly because some of the research and development projects supplemented in this period have entered the development stage, which meet the prescribed capitalization conditions and start capitalization.

The single crystal faucet continued to expand, and the scale of production capacity improved the company’s performance.

As of the end of 2018, the company’s solar-grade silicon materials Phase IV and Phase IV transformation projects have all reached production, with a total design capacity of up to 25GW.

Through digitalization and intelligent manufacturing transformation, the company’s actual annual production capacity reached 30GW in advance.

Committed to the company’s advanced technology and management advantages in the field of silicon materials for solar energy, the company and Hohhot Municipal Government have reached a cooperation on the investment and construction of the “Central 5th Phase 25GW Monocrystalline Silicon Project”.

The total investment of the project is about 9 billion U.S. dollars, and the annual production capacity will reach 25GW after completion and the initial investment per GW will be only 3.

600 million, actually lower than the industry average.

Low depreciation coupled with low electricity prices in Inner Mongolia will significantly reduce the production cost of new capacity.

With the release of large-scale production capacity, the company’s performance is expected to further improve, and the leader will be more stable.

Large wafer capacity was launched, and semiconductor expansion was smooth.

The company is one of the few domestic companies with only 8-inch semiconductor wafer production capacity, and the 12-inch crystal part has also entered the process evaluation stage.

In 2018, the company used the accumulation of early-stage technology to quickly advance customer certification and realize the rapid increase of 8-inch polishing pads. The 8-inch production line in Tianjin expanded to full production.

The 8-12-inch semiconductor wafer production line for integrated circuits in Wuxi is planned to have a production capacity of 750,000 8-inch polished wafers and 150,000 12-inch polished wafers per month.

Maintain profit forecast and maintain “overweight” rating: The company is a national team of semiconductor materials, 武汉夜网论坛 shouldering the historical responsibility of large wafer domestication, and the leader of photovoltaic single crystal wafers is firmly fixed.

We estimate that the company’s net profit attributable to mothers will be 11 in 19-20.

53, 15.

01, 19.

95 ppm, corresponding EPS is 0.

41, 0.

54 and 0.

72 yuan / share.

At present, the corresponding PE is expected to be 26, 20 and 15 times respectively, maintaining the “overweight” level.

Zhongzhi shares (600038): Interim report performance exceeded expectations High boom supports high growth

Zhongzhi shares (600038): Interim report performance exceeded expectations High boom supports high growth

Zhongzhi’s 2019H1 net profit increased by 35.

5%, performance exceeded expectations, maintain “Buy” rating.

The company released its 2019 Interim Report and achieved revenue of 69.

00 ppm (+28.

75%), net profit attributable to mother 2.

4.1 billion (+35.

50%), net profit after deduction is 2

3.2 billion (+35.


We believe that the company is fulfilling the booming logic of accelerating the upgrade of active helicopters and the heavy volume of new advance stages, and is striving to enter a new round of high-growth cycles.

We maintain our previous profit forecast and expect net profit for 2019-2021 to be 6.



97 ppm, EPS is 1.



69 yuan, corresponding to 42/33/27 times PE, maintain “Buy” rating.

Focusing on the main business to improve quality and efficiency, various major financial indicators continued to improve, confirming the high prosperity of the helicopter industry chain.

1) Operating results: The company’s revenue, net profit attributable to mothers, and net profit attributable to non-mothers all achieved high growth. The earlier growth rates of 2018H1 increased by 27 respectively.

81%, 19.

52 pct and 20.

97 pct.

2) Profitability: Gross profit margin was 12 in 2018H1.

64% dropped to 11.

28%, but the net profit margin is 3.

23% increased to 3.


3) Cost control: During 四川耍耍网 the period, the three expense ratios (including R & D) decreased by 1.

33 pct to 7.

42%, of which management fee rate (excluding R & D), financial rate and sales rate decreased by 1.



20pct, the research and development expenses increased by 96%.

4) Advance receipt and inventory: 2019H1 company contract debt42.

9.6 billion (+4.

5%), of which aviation products accounted for 99%, inventory of 135.

800,000 yuan (+2.

6%), of which approximately 64% are in-process products, all maintained at historically high levels, indicating that the company is full of deliveries and continued high growth performance can be expected. Military helicopters have begun a new round of high-boom cycles, and the civilian aircraft business is poised for growth.

1) In terms of military aircraft: The development of military 苏州夜网论坛 helicopters in developing countries lags far behind that of the United States, and there are problems such as small numbers and incomplete tonnage genealogy.

The most demanding and urgent 10-ton helicopters and the 20-ton heavy helicopters still rely on imports.

The current modernization of national defense is accelerating. We believe that under the background of military expenditure tilted to aviation equipment, conventional military helicopters will usher in a new round of rapid growth.

2) In terms of civil aircraft: In 2018, the company conducted in-depth research on civil aircraft scientific research, such as “first flight of one aircraft”, “one aircraft demonstration”, and “two aircraft certification”. The sales of all types of helicopters have been steadily progressing, and the main products have been gradually improved.Stand firm in the market.

At the same time, he went to Africa to carry out the promotion of Y12 and AC312, and worked hard to promote the development of the “Belt and Road” market.

We believe that with the support of policies such as the opening of low-altitude airspace, the company’s civil aircraft business attempts to significantly benefit.

Risk reminders: 1) Breakthrough in variability in military orders; 2) Mass production schedule of the new model is less than expected.

Hongqi Chain (002697): The gross profit margin continues to increase and the profit side maintains rapid growth

Hongqi Chain (002697): The gross profit margin continues to increase and the profit side maintains rapid growth
Investment Highlights Event: 2019Q1 The company achieved operating income18.92 ppm, a 10-year increase2.7%, achieving a net profit attributable to shareholders of listed companies of 0%.79 ppm, an increase of 45 in ten years.7%.Operating income has grown steadily. After the increase in net profit in 2015-16, it has maintained a relatively high growth rate. It is expected that future profits will remain in the upward channel. The income side remained stable, the increase in investment income contributed to profits and the overall profit side maintained rapid growth.In the first quarter of 2019, the company achieved overall operating income18.92 ppm, a 10-year increase2.7%, the growth rate crystallizes but remains robust.Realize net profit attributable to mother 0.79 ppm, an increase of 45 in ten years.7%, the high growth rate of the profit side is mainly affected by the increase in investment income.2019Q1 realized investment income of 28.68 million yuan, an increase of 232 over the same period last year.19% is mainly due to the income generated from investing in Xinwang Bank. The adjustment of the commodity structure and the increase in the proportion of value-added services revenue have contributed to the continuous improvement of comprehensive gross profit margin.The company achieved a comprehensive gross profit margin of 29 in Q1 2019.89%, an increase of about 2 over the same period last year.5pct, maintaining the trend of continuous improvement in gross profit margin.The company continued to expand its wide-value-added business types based on commodity sales. In 2018, service revenue accounted for 8%. The revenue growth effect of service revenue was obvious, and its operating costs were zero, which helped improve the company’s overall gross profit margin. 都市夜网 Expense rate increased by 2.41pct: Reports potential sales expense ratio, management expense ratio and financial expense ratio are 24 respectively.46% / 1.6% / 0.19%.The sales expense ratio increased by 2 compared with the fourth quarter of 2018.2pct, the management expense rate drops by about 1.76 points.The continuous increase of previous rental costs has promoted the continuous growth of the expense ratio. After cooperating with Yonghui for store upgrades, it is expected that the store renovation costs will increase to a certain extent. Investment suggestion: The convenience store industry is in a period of rapid development. As the leading Southwest regional convenience store chain company, the regional penetration rate has gradually increased, and the development of fresh food business in cooperation with Yonghui is 青岛夜网 expected to have a significant impact on the same store revenue increase., Earnings are expected to enter the rising channel.With reference to the median assessment value of peer companies, we give companies 25-30 times PE.The company is expected to achieve revenue of approximately 76 in 2019-2021.31/80.96/85.8.7 billion, a five-year growth of 5.69% / 6.09% / 6.06%.Realized net profit attributable to mother about 3.49/3.79/4.31 ppm, a ten-year increase of 8.16% / 8.47% / 13.92%.Diluted grain income is 0.26/0.28/0.32 yuan.The current market value corresponds to a PE of about 23/21/18 in 2019-2021. Risk reminder events: (1) The store display speed is slower than expected, the brand effect in the second-level urban area has not been formed, and the new store incubation period is expected; (2) the fresh food business development is less than expected; (3) the competition in Sichuan’s supermarkets has intensified and Yonghui Green LabelThe rapid development of stores, mini-shops, RT-Mart, etc. has created greater competitive pressure on the Hongqi chain.

Poly Real Estate (600048) July 2019 sales data review: slow sales growth and take positive ground

Poly Real Estate (600048) July 2019 sales data review: slow sales growth and take positive ground

Event: On August 9, Poly Real Estate announced July sales data, and in July, it achieved a contract value of 270.

400 million, ten years +13.

2%; Achieve contracted area of 187.

50,000 square meters, +11 a year.


Added surface 313 in July.

30,000 square meters, +40 per year.

2%; total land price 209.

500 million, +5 in ten years.


Opinion: Sales of 27 billion yuan in July, a year-on-year increase of 13%, January to June 27

9.7 billion, an increase of + 17%, sales continued to increase steadily in July the company achieved a contract amount of 270.

400 million, -57.

5%, +13 per year.

2%, an increase of 7 from last month.

4pct, slightly lower than the average monthly interval in July of the mainstream 50 real estate companies in Kerer +15.

8%; Achieve contracted area of 187.

50,000 square meters, -54.

2% for one year +11.

7%, an increase of 15 from last month.

9pct; the average selling price is 14,422 yuan / square meter, and the chain price is -7.

2%, ten years +1.


From January to July, the company realized a total of 2,796 contracts.

600 million, +16 a year.

9%; cumulative contracted area of 1,823.

90,000 square meters, +12 per year.


The average selling price was RMB 15,333 / sqm gradually, with the average price rising by 4 in the earlier 18 years.


The company continued to grow steadily at a minimum in July. Considering the company’s abundant soil reserves and its layout is mainly located in first- and second-tier cities with tight supply and demand relations, it is expected that sales will continue to increase steadily in the 19th year under the current relatively stable first- and second-tier markets.
In July, the land acquisition was 21 billion yuan, + 6% over the past year, and the land acquisition / expectation ratio was 78%. The land acquisition gradually turned positive. In July, the company was in Guangzhou, Tianjin, Chengdu, Changsha, Hefei, Changchun, Qingdao, Foshan, Dongguan, Zhuhai, etc. 14The city obtained a total of 17 projects, corresponding to 313 new construction areas.

30,000 square meters, +35.

8%, +40 per year.

2%, of which 65 are newly added equity.

5%; corresponding to the total land price of 209.

500 million, +16.

7%, +5 per year.

9%, taking up 77% of the land.5%, an increase of 49 from the previous month.

3 points.

The average floor price is RMB 6,687 / sqm, which is -14 MoM.

0%, the average land price +7 in the earlier 18 years.

3%, the company’s land acquisition in July is still mainly the provincial capital and the Pearl River Delta region.

From January to July, the company won a total of 61 projects, increasing the planned area by 1,140.

7.IWC, -32 every year.

9%; corresponding land price 742.

3 ‰, -41 per year.

4%; the average floor price is 6,507 yuan / square meter, +4 before 2018.

5%; take up land accounted for 26 diesel.

5%, taking the average price of land as an average selling price of 42.

4%, a decrease of 0 from 18 years.


The company’s land acquisition cost decreased steadily from January to July, but the land acquisition structure continued to improve.

Investment suggestion: The sales should grow steadily, take the land gradually and actively, and maintain the “strong push” rating. The company’s positive transformation began in 17 years. In terms 重庆耍耍网 of goals, Chairman Song Guangju proposed to return to the top three in the industry in the next three years, revealing the leading spirit of central enterprises;In 17 years, a vigorous follow-up investment program was launched to lead the highest level of central SOEs to eliminate the lack of incentives. In terms of resource integration, the acquisition of real estate projects affiliated to AVIC Group has been completed, and Poly Real Estate’s equity acquisition has also made breakthrough progress, showing the advantages of resource integration;The company actively acquires land, focusing on the first-tier and second-tier cities and urban areas. The optimization of the structure of land acquisition and the steady decline in costs mean that the company’s sales have maintained rapid growth.

We maintain the company’s forecasted earnings for 2019-212.

07, 2.

48, 3.

00 yuan, currently 19-20 PE is limited to 6.

5 and 5.

5 times, 3% discount on NAV, 18A, 19E dividend yields of 3 respectively.

7% and 4.

8%, maintain target price of 20.

62 yuan, maintaining the “strong push” level.

Risk warning: The real estate industry’s policies have tightened more than expected and industry funds have tightened more than expected.

Haida Group (002311): Feed business volume rises and drives growth

Haida Group (002311): Feed business volume rises and drives growth

Event: On April 23, the company announced the first quarter report of 2019: the report realized an operating income of 88 for the first time.

75 ppm, an increase of 22 in ten years.

25%; net profit attributable to mothers1.

22 ppm, an increase of 21 in ten years.

81%; net profit after deduction to mother 1.

2 ppm, an increase of 28 in ten years.


Our analysis and judgment: 1. Feed sales growth is expected to be the main reason for driving performance growth.

Affected by the swine fever epidemic in Q1 2019, the average price of live pigs was about 13.

According to the company’s annual report, according to the company’s annual report, the “company + farmer” breeding cost in the second half of 2018 was controlled to within 12 yuan / kg. Considering the increase in epidemic prevention costs and amortization of other expenses, it is expected that the company’s pig breeding in the first quarter of 2019 will be slightlyimprove.

From the information in the annual report, based on the steady growth of supplementary feed varieties, the company’s fast-growing growth in special aquatic feed products and broiler feed in poultry feed segmentation.High growth rate, meanwhile, the increase in the price of poultry feed in the second half of 2018 has further promoted profit growth; affected by African swine fever, the downstream hog inventory has changed, and the sales of pig feed are expected to be 南京夜网 stable overall; aquatic feed is expected to maintain its business by focusing on customer demand20% sales growth.

We believe that the company’s feed sales volume maintained a growth rate of about 20% in the first quarter, and the growth of feed sales volume was the main factor driving the growth of performance.

We believe that the company has excellent cost management capabilities, strong market development ability, and the feed sector is expected to grow steadily. The impact of the conversion of hog production capacity is reflected in the rise in hog prices and the hog breeding sector will contribute profits./1.8 million head; through the rebound in pig prices, the breeding sector is expected to promote rapid growth in performance.

2. Expenses continued to improve and the asset-liability ratio increased slightly.

2019Q1 sales expense ratio is about 3.

22%, a decline of 0 every year.

5pct; management expense ratio 2.

82%, down by 1 every year.

03pct, operating management efficiency continued to improve.

The financial expense ratio increased slightly, increasing by 0 every year.

16pct, mainly due to the significant increase in short-term borrowings in Q1 2019, an increase of about 11 compared with the end of 2018.

3 trillion, asset-liability ratio rose 3.

7 points to 56.


3. Promote employee stock ownership plan and improve incentive mechanism.

The company announced the draft of the third phase of the employee shareholding plan of the core team: it is planned to implement the employee shareholding plan to no more than 30 core personnel of the company, including directors, supervisors, senior management personnel of no more than 4, and other core personnel of no more than 26;The source of funds was 30.18 million yuan from the special fund of the company’s shareholding plan.

Continued promotion of employee stock ownership will help bind employees’ interests and establish a long-term benefit-sharing mechanism.

Investment suggestion: Estimated company net profit for 2019-2021.



19 trillion, corresponding to EPS 1.



85 yuan, 6-month target price of 35 yuan.

Risk reminder: the price of aquatic products rises less than expected; the price of pigs rises less than expected; the risk of outbreaks on pig farms; the sales of feed are less than expected; the risk of natural disasters