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.

China Railway (601390) In-Depth Tracking Report: Rail Track Spring Wind Is Rising, Income Structure Gets Better

China Railway (601390) In-Depth Tracking Report: Rail Track Spring Wind Is Rising, Income Structure Gets Better

The railway has entered a new year of completion, and after the restart of the urban rail plan, the boom will continue.

We expect that the company’s railway and urban rail orders will gradually pick up in 2019, and the acceptance of municipal orders will gradually realize the revenue, and the gross profit margin will continue to improve.

We maintain our 2018-20 profit forecast and the corresponding EPS is 0.



88 yuan, giving the company 11 times PE in 2019, corresponding to a target price of 8.

8 yuan, maintain “Buy” rating.

One of the world’s largest construction engineering contractors: rooted in railways, full bloom.

Since its establishment in 1950, the company has participated in two-thirds of China’s railway construction with railway engineering as its main business. At present, its business covers almost all infrastructure areas (railroad, highway, urban rail, municipal engineering, housing construction, etc.), among which railway / cityRail construction market share is above 45% all 佛山桑拿网 year round.

Structurally, railway / municipal / urban rail / highway is the main sector of infrastructure business. In 2018, the proportion of railway / municipal / urban rail / highway orders accounted for 17 respectively.

7% / 44.

8% / 16.

5% / 21.

0%, constant, municipal and urban rail sectors have become a new driver of growth in infrastructure orders.

Railway investment remained at a high level, and the boom of the urban rail transit boomed, and the municipal PPP started again.

National infrastructure is expected to recover moderately at around 8% in 2019, with improvements in various sub-sectors, among which railways, urban rails and municipalities are the sectors with better growth.

1) In 2019, the railway is expected to take the lead in the overall recovery of the infrastructure sector: from the policy 杭州夜网论坛 surface, railways are the direct investment infrastructure of the central government. In the environment of limited leverage for preventing local hidden risks and solving the problem of corporate leverage, the central government may have financial overweight.In a better direction, it is expected that railway investment will maintain a high level of more than 8,000 ppm. From the perspective of construction planning progress, only an increase of 21% in the “13th Five-Year” operating mileage plan will be completed in 2016-17, and about 1 will be completed in 2019-2020.

70,000 kilometers, accounting for 56% of the total traffic mileage during the “Thirteenth Five-Year Plan” period. We believe that 2019-20 will be a year of railway completion and investment. Railway projects under construction will accelerate construction.

2) The city rail planning plan was approved to restart, and it still maintained a high degree of prosperity midway: in terms of new mileage, the total operating mileage CAGR of the city rail in the next three years is expected to be 18%; in terms of cost, the cost per kilometer will steadily increase, and the city rail is expected to increase in the next three yearsThe cost per kilometer is 800-900 million, and we estimate that the total investment in urban rail will be about 3 in the next three years.

2 trillion, of which about 1 trillion in civil investment.

3) Through the detailed advancement of the “remediating shortcomings” and the PPP is ready to go after the supervision and regulation, the municipal engineering is expected to gradually pick up in 2019.

Three major advantages help the company lead the infrastructure and benefit from the high structural prosperity of the infrastructure.

1) Leading qualifications and technology, laying down half of the country’s urban rail.

The company has 18/17 top-level qualifications for railway / city rail construction, ranking first in the industry. Technically, it has 3 national key laboratories. Under the environment of increasing railway bridge-tunnel ratio and rapid development of urban rail, the company is building railways.The advantages of the tunnel spindle technology will enhance the competitiveness of the acquisition project.

With qualified technical advantages, the company has participated in the construction of more than 60% of national railways and urban rails.

2) The proportion of high-margin business income such as urban rail and municipal services has increased year by year, and the optimization of the business structure has promoted the company’s infrastructure business gross profit margin to steadily increase.

3) The company makes full use of the capital market for financing, and the financial expense ratio and capital cost are low in the industry.

With the above advantages, the company is competitive in railway, urban rail and municipal construction, and can fully benefit from the current high prosperity of the infrastructure structure.

Railway rail orders are expected to meet the turning point, and the company’s gross profit margin continues to improve.

For the “14th Five-Year” railway construction planning, we believe that the amount of bidding will reverse the trend since 2016 and it is expected to pick up. Railway orders are expected to grow steadily in 2019. Benefiting from the intensive planning approval since the second half of last year, orders in 2019 are expected to be in succession.It is expected that the turning point of urban rail order orders will pick up in 2019; combined with our expectations of steady increase in highway and municipal orders, it is expected that the company’s infrastructure order growth rate will increase in 2019.

At the same time, the conversion of existing municipal orders will gradually realize the revenue, the proportion of municipal business revenue will continue to increase, and the gross profit margin of infrastructure will continue to improve.

In addition, the advancement of debt-to-equity swaps will provide more positive growth momentum. Combined with the company’s steady increase in orders, sufficient orders in hand and improved gross margin, we expect the company’s performance to grow steadily.

Risk factors.

The bidding volume of railways and urban railroads fell short of expectations, and the debt-to-equity swaps fell short of expectations.

Earnings forecasts, estimates and investment ratings.

The railway and urban rail industry are expected to meet the point in 2019. The railway enters the year of completion. The urban railroad will continue its high prosperity after the planned restart.

We expect that the company’s railway and urban rail orders will pick up in 2019. Municipal orders received in the past will gradually realize the revenue, improve the quality of revenue and increase performance.

Taking into account the dilution of debt-to-equity equity in 2019, we maintain our 2018-20 profit forecast and the corresponding EPS is 0.76/0.


88 yuan.

With reference to the assessment level of similar companies, we give the company 11 times PE in 2019, corresponding to a target price of 8.

8 yuan, maintain “Buy” rating.

Yijiahe (603666) 2019 Third Quarterly Report Review: Long-term Performance of Double Increase in Inventory Predictable

Yijiahe (603666) 2019 Third Quarterly Report Review: Long-term Performance of Double Increase in Inventory Predictable

The report guide reads the company’s announcement for the third quarter 上海夜网论坛 of 2019 and reports the realization of main business income3.

69 ppm, an increase of 31 in ten years.

89%; net profit attributable to the parent company1.

24 ppm, an increase of 38 in ten years.


The revenue recognition of the robot business in Q3 is at a normal pace. Due to the R & D investment and the layout of internal provinces, the increase in sales expenses and management expenses is in line with our expectations, so the level of profitability is comparable to our expectations.

At the end of the third quarter, the company’s inventory was 1.

7.4 billion, an increase of 65 in ten years.

83%, a ten-year advance increase of 381.

74%, which confirms that the company’s subsequent growth momentum is sufficient.

Last year’s orders in hand have not been fully confirmed. In addition to a new year’s order, the 杭州桑拿网 company has too many orders in hand. According to the rhythm of the company’s revenue recognition, the fourth quarter is the peak period of revenue recognition.Expected growth rate.

Live working robots break through technical barriers and are expected to bring increased performance next year. At present, the company’s live working robots have entered the user trial and test stage, and orders are expected to land next year.

Live working robots are used for ground line maintenance and construction. Machine replacement is just needed, and the potential market space is 20-30 billion. Live working robots try to open up the company’s market space outside the province, and at the same time significantly increase the company’s technological competition barriers.

Pan American Electricity Internet of Things white paper is released, inspection robots are expected to usher in large-scale inspections Recently, State Grid released the “Pan American Electricity Internet of Things White Paper 2019”. State Grid intelligent investment has promoted from about 12 billion to 40-50 billionSpace improvement, inspection robots as intelligent data collection terminals, is expected to usher in large-scale in the next three years, providing the core driving force for the company’s development in the next three years.

Earnings forecast and estimation We expect the company’s net profit for 2019-2021 to be 2 respectively.

600 million / 3.

5.4 billion / 4.

5.1 billion, an increase of 41 in ten years.

22% / 36.

37% / 27.

3%, corresponding to an EPS of 2.



6 yuan / share, corresponding to PE is 24/17/14 times.

We are optimistic about the company’s inspection robots to accelerate penetration and the amount of live work to maintain the “buy” level.

Risk reminder: core control component price increases.

Jiangling Motors (000550): Performance Exceeds Expectations, Waiting for New Cars

Jiangling Motors (000550): Performance Exceeds Expectations, Waiting for New Cars

Event: The company released its 2018 annual report: 2018 realized operating income of 282.

5 ‰, a ten-year average of 9.

9%; net profit attributable to mother 0.

9 ‰, an average of 86 in ten years.

7%; deduct non-net profit -2.

8 ‰, 269 ten years ago.

5%; intends to distribute a cash dividend of 0 for every 10 shares.

4 yuan (including tax).

  The intensified competition in the auto market has led to sales growth and pressure on performance. In 2018, the domestic auto market boom has been sluggish, and the sales volume of automobiles has changed.

8%, passenger car sales decreased by 4 each time.


The company’s overall sales in 2018 were 28.

50,000 vehicles in the past ten years8.

1%, causing the company’s operating income to decrease by at least 9.


The company’s net profit attributable to its mother temporarily decreased by 86.

7%, exceeding the margin far exceeds revenue, which was initially caused by the company’s promotion of promotion costs and changes in sales structure in response to increased competition in the auto market.

In a single quarter, the operating income of the company in 2018Q4 was 80.

6 ‰, 9 years ago.

6%, net profit attributable to mother -1.

3 ‰, 367 from the previous decade.

8%, there have been 2 single quarter quarters in a row, showing that the company’s performance is still bottoming out, but the company’s net cash flow from operating activities in 2018Q421.

90,000 yuan, compared with -13 in 2018Q3.

$ 800 million reversed.

In general, the company’s product power has declined in the past few years, the business climate of overlapping industries has been sluggish, and performance has been inevitable, but lower than our expectations.

  Promotions affect gross profit margin, and the expense ratio drops significantly. The company’s gross profit margin in 2018 was 13.

6%, compared to 6 in the same period in 2017.

5pct is basically: 1) The downturn in the domestic auto market has led to increased competition, and the company expanded terminal discounts to benefit consumers.

  2) The decline of the company’s model product power has led to pressure drops on some models.

The company’s three rates for 2018 are 12.

4%, compared with the same period last year 4.

1pct, basically caused by the sharp increase in the sales expense ratio, the management expense ratio and financial expense ratio were basically the same as the same period last year.

The company’s sales expense ratio in 2018 was 天津夜网 4.

3%, compared to the same period last year 4.

3pct, the main reason is that the company changes the accounting standards and does not count the fare.

In our opinion, the conversion company’s new car market was listed, the company’s product structure was optimized, and its gross profit margin tried to stabilize and recover.

  Earnings forecast and investment recommendations The listing of new aircrafts in the industry to optimize the product structure will bring breakthrough performance elasticity. Whether the company is expected to be extremely successful, and the performance restoration is worth looking forward to.
Expected company 2019?
In 2021, the EPS will be 0.
69 yuan, 0.

83 yuan, 0.

93 yuan, corresponding to 2019?
In 2020, the PE will be 31.

3 times, 26.

0 times, 23.

1 times.

Upgrade the company’s 深圳桑拿网 rating to “overweight.”

Shengyi Technology (600183) Semi-annual Express Report 2019: Performance Exceeds Expectations 5G Drives New Growth Cycle

Shengyi Technology (600183) Semi-annual Express Report 2019: Performance Exceeds Expectations 5G Drives New Growth Cycle

19H1 deducted non-net profit + 23%, 19Q2 deducted non-net profit + 59%, the market is expected to be 59% in 19H1.

73 ppm, a ten-year increase2.

85%, net profit attributable to mother 6.

2.9 billion, an increase of 18% year-on-year, net of non-net profit5.

920,000 yuan, an annual increase of 23%.

2Q19 achieved revenue of 32.

280,000 yuan, an increase of 9% in ten years, net profit attributed to the mother3.

80 ‰, an increase of 34% in ten years, deducting non-net profit3.

68 ppm, a 59% increase in ten years.

The company’s net profit grew faster in the first half of the year, and faster than revenue growth. It is expected that mainly due to the higher growth rate of Q2’s high value-added products, and large domestic downstream customers will accelerate the transfer of some orders to the company due to trade war.Therefore, the company’s high gross profit products have significantly improved, driving the company’s profitability.

Q2 net profit margin increased, Q2 net profit margin increased.

72%, increase by 1 every year.

5 units, up nearly 2 units from the previous quarter.

We believe that the company’s higher-frequency high-speed copper-clad laminate growth than expected is the core reason for the increase in net interest rate. Nantong’s high-frequency production line has been able to release its production capacity quickly since 19 years, and gradually large downstream customers 成都桑拿网 will transform their product orders from overseas suppliers to the company.Therefore, the company’s high-frequency products supply and marketing boom, it is estimated that the company’s Q2 high-frequency products monthly revenue is expected to exceed 1 billion.

At the same time, the subsidiary Shengyi Electronics has more revenue and profit release, mainly due to the significant increase in demand for 5G and communications by large customers, and the estimated net profit has increased by 100%.

The two jointly boosted the company’s second quarter profit growth.

Independent innovation, high-frequency products break through overseas monopolies. The company has evolved from a cycle to growth. The company has been in the high-frequency field for more than ten years.

In 19, the company’s Nantong factory high-frequency production line was officially put into operation and will form an annual production capacity of 1.5 million square meters. At present, it has obtained certification from well-known manufacturers and began to supply in large quantities.

The company’s breakthrough in high-frequency and high-speed products is a typical industrial upgrade.

The new products will bring a substantial increase in the company’s profitability.

Therefore, in the 5G era, companies are no longer simply inheriting the company or entering the accelerated growth stage through industrial upgrading.

5G is a high-quality copper-clad faucet, which is worth looking forward to, giving the company a “Buy” rating of 19Q2 ROE of 9.

70%, the ring is relatively fast, showing more outstanding profitability.

The company, as a leading domestic copper-clad laminate, is accelerating the transition to 5G commercial use. The company’s high-frequency copper-clad laminate project is expected to usher in explosive growth demand. We slightly increase our profit forecast and expect a net profit of 2019-2020.


2.3 billion (originally 11.


93) billion yuan, an annual increase of 29% and 26%, corresponding to a PE of 25/20 times, given a “buy” rating.

Risks suggest that the PCB industry is weaker than expected

Zhou Dasheng (002867): Consumption starts to expand, gross profit increases

Zhou Dasheng (002867): Consumption starts to expand, gross profit increases

Event On April 22, Zhou Dasheng released the 2018 annual report, and the company achieved a total operating income of 48 in 2018.

70 ppm, an increase of 27 in ten years.

97%; realized net profit attributable to mother 8.

0.6 billion, an annual increase of 36.

15%; net profit after deducting 佛山桑拿网 non-attribution to mother 7.

52 ppm, an increase of 32 in ten years.


In terms of quarters, the company’s Q1 / Q2 / Q3 / Q4 single-quarter revenue in 2018 was 9 respectively.

38, 11.

86, 14.

17, 13.

28 ppm, an increase of 16 each year.

91%, 36.

26%, 36.

34%, 21.

53%; net profit attributable to mothers is 1.

61, 1.

92, 2.

42, 2.

11 ppm, an increase of 28 each year.

74%, 38.

57%, 58.

67%, 20.


On April 28, Zhou Dasheng released the first quarter of 2019 report, and the company achieved operating income of 10 in 2019Q1.

97 ppm, an increase of 17 in ten years.

04%, achieving net profit attributable to mother 1.

9.4 billion, an annual increase of 20.

81%, realizing net profit deduction for non-attribution1.

850,000 yuan, an increase of 23 in ten years.


Brief Comment 1. The channel development efforts are effective, and the business performance is reported steadily and well. The company continues to focus on the concept value of the “Zhou Dasheng” brand, accelerate the upgrade of marketing strategies, vigorously develop channels, optimize market layout, and improve operational capabilities.

Driven by multiple factors, the company’s brand, products, channels, and supply chain have been comprehensively upgraded, driving the company’s main business to maintain a rapid growth rate in 2018 and 2019, and its market share has steadily increased.

I. In terms of products: 1) Embed jewelry business to achieve revenue of 30.

830,000 yuan, an increase of 33 in ten years.

17%, the proportion increased by 2.

47 points to 63.

30% are mainly franchised channel stores, and store efficiency is boosted. 2) Revenue from prime gold jewelry business11.

37 ppm, an increase of 15 in ten years.

15%, the proportion dropped by 2.

60pct to 23.

34%, despite the impact of the 18-year downturn in the consumption environment, but continued to maintain rapid double-digit growth; 3) Franchise management fee 3

30 ppm, an increase of 26 in ten years.

01%, the proportion decreased by 0.

11 points to 6.

77%; 4) Revenue from franchise management services 1.

72 ppm, an increase of 26 in ten years.

01%, the proportion decreased by 0.

04pct to 3.

53%; 5) Other businesses (including other jewellery, supply chain services, microfinance finance and other businesses) combined to achieve revenue1.

49 ppm, an increase of 41 in ten years.

61%, the proportion increased to 0.

89pct to 3.

06%; It is mainly due to the comprehensive development of new business including Baotong Microfinance Finance and Supply Chain Services.

Second, from the perspective of channels: 1) self-operated stores to achieve revenue11.

27 ppm, an increase of 10 in ten years.

86%, the proportion dropped by 3.

58pct to 23.

14%, the number of self-operated stores of the company returned to positive growth in 2018, while the core product revenue of single stores declined.

2) Franchise stores realized revenue of 32.

470,000 yuan, an increase of 23 in ten years.

69%, an increase of 3%.

53pct to 66.

67%, mainly contributed by the accelerated development of franchised stores within 18 years; 3) Internet channel revenue3.

50 ppm, an increase of 26 in ten years.

01%, the proportion decreased by 0.

25pct to 7.

18%; the company’s online sales are mainly concentrated in the Tmall flagship store channel, accounting for 96 of the overall Internet sales.

twenty four%.

In 2019, the company will continue to cultivate its channels and maintain the pace of franchising in third- and fourth-tier cities.

In 19Q1, the company exhibited 88 franchised stores, driving a 17% increase in revenue.

04% to 10.

9.7 billion.

At the same time, the level of profit increased significantly, and net profit attributable to mothers increased by 20.

81% to 1.

9.4 billion.

2. The profitability reached a new high, and the expenses during the period increased in 2018. The company achieved a comprehensive gross 青岛夜网 profit margin of 34.00%, a year increase by 1.

72pct, mainly because the gross profit margin of prime gold jewelry improved (+2.

76pct), and the contribution of franchising channels with a higher gross profit margin;

55%, a year to raise 0.

99 points.

In terms of period expenses, the company’s sales expenses subsidy in 2018 10.

66%, a decrease of 1 per year.

05 points; administrative expenses 2.

79%, increasing by 0 every year.

80pct, mainly due to amortization of equity incentive expenses; financial expenses 0.

54%, an increase of 0 every year.

71pct, mainly due to the increase in bank borrowings and the gold lease index during the year.

The company’s gross profit margin in 2019Q1 was 37.

35%, a substantial increase every year 2.

43pct, the highest value of the company in the past 8; net interest rate is 17.

67%, an increase of 0 every year.

55 points.

Period expenses have increased, and the company’s selling expenses in the first quarter of 201912.

43%, a decrease of 0 per year.

57 points; administrative expenses 2.

74%, an increase of 0 every year.

89pct, mainly due to the increase of equity incentive expenses and amortization of intangible assets; financial expenses reset -0.

17%, increase by 1 every year.


Mainly due to the increase in cutting-edge and exchange losses.

3. The overall speed of store development has increased steadily. The efficiency of single-store stores has been steadily improved. Since 2018, while the company has stabilized the existing market, the channel expansion has been speeded up. In 2018, 872 new stores were opened, a net increase of 651, of which affiliated stores increased by 625 There were a net increase of 26 self-operated stores, and 10 stores were added to achieve operating income.

1.5 billion, further refined channel management.

The company’s pace of opening stores in Q1 2019 improved from the same period in the previous 18 years, but it still maintained a rapid pace of development.

The report has a total of 82 net increase stores, including 88 net increase in franchise stores and 6 decrease in self-operated stores.

As of March 31, 2019, the company has a total of 3,457 sales stores, including 296 self-operated stores and 3,161 franchised stores.

Single-store revenue has steadily increased. Driven by the increase in the proportion of jewelry included, the company’s single-store revenue in 2018 saw a double growth in gross profit.

Among them, self-operated shop single shop revenue was 396.

840,000 yuan, an annual increase of 11.

64%, the gross profit of self-operated single store was 118.

730,000 yuan, an annual increase of 12.

07%; single store revenue of franchise stores 118.

07 million yuan, gross profit 39.

810,000 yuan, an increase of 11 over the same period last year.

15%, 15.
4. The consumption environment has picked up in 2019, and the benefit of jewelry consumption has boosted the indicators of improvement in the domestic consumption environment since 2019: the zero-to-two growth rate of the company has stabilized, and it has rebounded significantly since March.

According to the monitoring data of the All-China Business Information Network, the retail sales of 50 major large-scale retail enterprises nationwide increased in March 20192.

5%, the growth rate from January to February increased by 3.

9 points.

In terms of categories, the retail sales of all categories have achieved positive annual growth, and the growth rate of retail sales of most categories has improved from January to February.

Retail sales of clothing, gold and silver jewellery, and household appliances increased by 0.

3%, 6.

4%, 2.

1%, the growth rate from January to February increased by 7.

0pct, 7.

2 and 10


The retail sales of grain, oil, food and daily necessities have achieved 1 respectively.

6%, 0

Positive growth of 6%.

With the recent gradual improvement of the macro economy, the loosening of the monetary environment, plus a series of policies to promote the economy, and the consolidation of sound policies and measures, the zero growth rate of the company is expected to maintain a stable and good trend, and optional consumption of jewelry will help improve.
Investment suggestion: We expect the company’s operating income from 2019 to 2020 to be 60.

14 ppm and 73.

08% is 10%, with annual growth of 23%.

49%, 21.

52%; net profit attributable to mother is 9 respectively.

9.8 billion, 12.

08 million yuan, an annual increase of 23.

87%, 21.

01%, EPS is 2.

05 yuan / share, 2.

48 yuan / share, the corresponding PE is 16 respectively.

8x, 13.

9x, maintaining “overweight” rating.

Risk factors: optional consumption growth is lower than expected; channel expansion is lower than expected.

Strengthen the long-term performance guidance of fund companies and vigorously guide incremental funds into the market

Strengthen the long-term performance guidance of fund companies and vigorously guide incremental funds into the market

Original title: Strengthen the long-term performance guidance of fund companies and vigorously guide the increase of medium- and long-term funds into the market. Host Liu Weijie: The “Deep Reform 12” proposed by the Securities Regulatory Commission recently clarified the task of capital market reform in the next stage.

Aiming at the contents mentioned in “Promoting more medium- and long-term funds to enter the market”, “Optimizing reorganization and listing, refinancing and other systems”, and “Improving the effectiveness of audit and law enforcement”, this newspaper interviewed experts today to conduct in-depth interpretation and analysis from different perspectivesanalysis.

  Our reporter Liu Qi released a comprehensive list of capital market deepening reforms.

The “Deep Reform 12 Articles” proposed by the CSRC clarified the task of capital market reform in the next stage.

Public funds, as an important part of the capital market, have also been cited many times.

The “Deep Reform 12” put forward the need to promote more medium- and long-term funds to enter the market, including: strengthening the long-term performance guidance of securities fund operating institutions; promoting the classified supervision of public fund managers; promoting the relaxation of the proportion and scope of various types of medium- and long-term funds entering the market;Part of the public fund for individual personal retirement retirement business pension investment scope.

  Yang Delong, chief economist of Qianhai Open Source Fund, said in an interview with the Securities Daily that a prosperous capital market is an important driving force for economic transformation and industrial upgrading.

The capital market is both an economic barometer and a great booster for economic growth.

Vigorously develop the capital market, attract long-term funds to the market, create good returns for investors, and create a good market environment, then the internal capital market is expected to usher in the “golden decade” of great development.

  Anxin Securities pointed out that the policy of promoting public funds to supplement the personal deferred commercial pension investment scope was re-extended, and public funds were gradually expanded and expanded.

More long-term funds continue to enter the market, which will gradually improve the investor structure of the A-share market and enhance the stability of the A-share market.

  Strengthening long-term performance-oriented “Many short-term funds are guided by short-term performance and reorganized. As fund investors pay too much attention to short-term performance and fund rankings, switching fund managers repeat too much short-term performance to cater for investors’ choices; instead, fund companies often face long-termThe contradiction between investment and short-term sales, in order to promote new fund sales, may expand short-term performance and ignore long-term performance.

“Yang Delong told the Securities Daily reporter.

  The “Deep Reform 12” put forward the need to strengthen the long-term performance guidance of securities fund operating institutions.

Yang Delong believes that by strengthening the long-term performance guidance of the fund industry and promoting the long-term investment habits of investors, gradually leading more long-term funds into the market, and guiding fund companies to do a good job of long-term investment, not to cater to investors’ short-term preferences too much.The long-term healthy development of the fund industry is very beneficial.

  Sha Yu, deputy general manager of China Merchants Fund, said in an interview with the “Securities Daily” reporter that strengthening the long-term performance-oriented assessment mechanism will guide the fund to further transform into value investment, pay more attention to long-term performance returns, and help fund companies to build professional capabilities, Reduce operating costs and stabilize the talent team.

Future capital market sources of budget funds, performance evaluation, investment channels, regulatory arrangements and other aspects will be launched to provide more support for medium and long-term capital entry.

In addition, this will also bring a “stabilizer” effect to the capital market, which will help fund products to perform more robustly.

  Promoting the classified supervision of public fund managers While strengthening the long-term performance orientation, the “Deep Reform 12″ also clearly requires the promotion of classified supervision of public fund managers.

Yang Delong said that the idea of fund classification supervision is to score according to certain criteria, and then to carry out differentiated supervision on companies with different rating levels.

It is more accurate to adopt appropriate supervision methods as far as possible; instead, this may become a reference tool for some institutional customer selection committees in the future. It does not rule out that certain banks refer to the classification and rating results and decide whether to entrust funds to the management of fund companies.

  ”Securities Daily” reporter noted that actions have been taken above the supervisory level.

For example, the “Administrative Measures for the Information Disclosure of Publicly Raised Securities Investment Funds”, which came into effect on September 1, this year, proposed that the China Securities Regulatory Commission can regularly evaluate the quality of information disclosure of fund managers, and at the same time conduct the fund manager’s classification supervision and evaluation index system.

  Regarding how to properly conduct classified supervision, Yang Delong believes that the fund classification and scoring standards must be fully discussed to reflect the comprehensive strength of a fund company. Just like Moody’s and S & P’s rating on bonds, it should reflect the bond’s quality.Overall characteristics.

The basis of classification supervision can be considered in a comprehensive manner in terms of asset management scale, three-year average performance of equity funds, company brand value, and fund manager stability.

  ”The classification and supervision of fund companies is a key progress in supervising and guiding hierarchical competition from the top to the bottom, which will help reshape the healthy and prosperous layout of integrated large-scale fund companies and characteristic small and medium-sized fund companies.”Bigger and stronger, providing comprehensive services will guide the consolidated business capabilities of public funds to play an important role in promoting the deepening of market reforms; small and medium-sized fund companies can explore differentiated development paths by combining their own resource endowments to improveProfessional customer and long-tail customer service systems are equally important to stimulate market vitality.

  Public funds are divided into “personal tax deferrals”. It is worth noting that “Deep Reform 12” proposes that public funds should be changed to individual progressive deferred commercial pension investment scope.

In fact, since the “Notice on the Implementation of the Pilot Scheme of Individually Expected Deferred Commercial Endowment Insurance” (hereinafter referred to as the “Notice”) issued in April 2018, the public offering industry has begun to struggle.

  The “Notice” shows that the trial of personal income tax deferred commercial endowment insurance will be implemented from May 1, 2018, and the trial period is tentatively set for one year.

When the pilot is completed, according to the pilot situation and in conjunction with the construction of the third pillar of the endowment insurance system, the scope of participating financial institutions and products will be expanded in an orderly manner, and products such as public offering funds will replace the scope of personal commercial pension investment.

  Sha Yi believes that the principle of personal tax-deferred commercial endowment insurance is safe, prudent, and long-term 无锡夜网 stable. The pursuit of low-risk and stable income balance performance indicators in asset allocation is one of the typical representatives of long-term funds.

If you can date, it can largely help to solve the problem of the remaining surplus of public funds in the long-term.

  Penghua Fund related persons said in an interview with the Securities Daily that the introduction of the “tax deferral policy” is of great significance to individual investors, public funds and the capital market.

For individual investors, “tax extension” can significantly enhance the purpose of their retirement investment. Investors gradually accumulate pension wealth through long-term fixed investment, and strive to improve their living standards after retirement.

For public funds, the “tax extension” will bring new development opportunities and 佛山桑拿网 will reshape the development of public funds.

Public equity funds can better satisfy investors’ demands for the preservation and appreciation of pension wealth by leveraging their advantages in long-term investment and equity investment.

As far as the capital market is concerned, long-term funds can provide a continuous flow of capital in the capital market, provide support for the financing of physical enterprises, and in turn will promote the improvement of the pension security system.

  走出“牛短熊长”怪圈  “推动放宽各类中长期资金入市比例和范围,有利于为资本市场带来稳定长期资金,降低国内股市的波动性,促进价值投资理念的落实,走出‘熊长牛短’的怪圈。Long-term funds in the market include social security reserve funds, basic pension insurance funds, etc.

The above-mentioned person of Penghua Fund stated that the proportion of social security reserve funds and basic pension insurance funds investing in stocks was further relaxed, which is conducive to the preservation and appreciation of pension funds.

In the context of population aging, “retirement” is closely related to all people, and it is of great significance to make good investment in pensions.

In addition, in order to further improve the ability of talents to serve the real economy, the deep reform of the capital market is also inseparable from long-term funds to lay a solid foundation.

  In Sha Ying’s view, for the capital market, the appointment of medium and long-term funds will mainly have several effects: First, the investment style represented by insurance funds is more stable, and the target cycle of its strategic asset allocation strategy is moreThe long-term will help guide the capital market to be more rational, long-term, and value-oriented investment, which is expected to become a “ballast stone” for market stability. Furthermore, the entry of medium and long-term funds into the market has increasingly enriched the source of funds in the market and can be moreEffectively stimulate the vitality of the capital market.

  At the same time, he said that the reform of the readjustment of the capital market was further promoted. This year’s policy scale has made clearer guidance for capital entry. For example, it plans to increase the proportion of insurance funds entering the market. Recently, it has also introduced a policy to cancel the restrictions on QFII and RQFII market quotas.More medium and long-term funds are expected to gradually enter the market.

  Guo Libo, president of the China Investment Research Institute, said in an interview with the “Securities Daily” reporter that promoting the relaxation of the proportion and scope of various types of medium- and long-term capital entering the market is conducive to the professionalization of the capital market and sustainable and healthy development, and is conducive to improving capital market services.Efficiency and quality of the real economy.

Chunzhong Technology (603516): Diligently practicing internal skills, the performance of the turning point may have benefited from the demand for video display, continued high growth can be expected

Chunzhong Technology (603516): Diligently practicing internal skills, the performance of the turning point may have benefited from the demand for video display, continued high growth can be expected

Event: In the first half of 2019, the company’s operating income was 178.

37 million yuan, up 31 before.

42%, net profit attributable to parent company was 58.

72 million yuan, an increase of 32 in the future.

17%, the basic EPS is 0.

45 yuan, the average ROE is 7.

67% of revenue and profits “double growth”, gross profit continued to be stable and optimistic: after the initial period gradually entered the income period, while the state’s favorable policies continue, the military industry orders gradually recovered, driving the overall performance of steady growth, the company’s turnover in the first half of 2019Revenue and net profit increased by more than 30% on average over the same period last year.

At the same time, gross profit margin was 69 in 2019Q2.

47%, an increase of 1 from the previous quarter.

With 17 PCs, the gross profit margin will continue to improve.

Continue to expand R & D investment and maintain the industry’s leading edge: the company’s R & D continues to increase, and the company’s R & D expenditure in the second quarter of 2019 was 10.

67 million yuan, an increase of 14 over the previous quarter.


The continuous 北京夜网 large amount of R & D investment can ensure that the company expands its product range based on a high level of R & D quality, and integrates software and hardware in depth to improve the overall user experience and go hand in hand from multiple perspectives to ensure that the company’s products and services can truly meet customer business needs.

The video display market continues to thrive, as the “brain” of video display will continue to benefit: gradually the ultra-high-definition video industry is about to enter an explosive growth phase. Through the expansion of 4K / 8K terminal products and the expansion of the scale of ultra-high-definition video users, front-end equipment and core devicesIt will be gradually industrialized, and Chunzhong Technology will take the lead in benefiting as a leader in the display control 杭州桑拿 equipment industry.

Profit forecast and investment grade: We continue to be optimistic about the Chunzhong Technology business. It is estimated that the company’s operating income for 2019-2021 will be 344 million yuan, 442 million yuan, and 577 million yuan, respectively, and the net profit attributable to the mother will be 130 million yuan., 173 million yuan, 226 million yuan, EPS is 0.

99 yuan, 1.

32 yuan, 1.

72 yuan, corresponding PE is 28/21 / 16X.

We are optimistic about the company’s profit prospects in the field of ultra high-definition video and give a “Buy” rating.

Risk reminders: Macroeconomic fluctuations, downstream demand reduce risks; industry barriers collapse, market competition intensifies risks; new product development is less than expected risks.

Great Wall Motor (601633): In February, Great Wall Motor sales increased by 18 year-on-year.34%

Great Wall Motor (601633): In February, Great Wall Motor sales increased by 18 year-on-year.34%
Event: Recently, the company announced the February sales express report. The Haval brand sold 49,316 vehicles in February at 16 per year.95%, WEY brand sales of 6,205 vehicles, -27 throughout the year.25%.A total of 69,037 cars were sold, an increase of 18 per year.34%.The opinion is as follows: Great Wall Motor ‘s sales in February were significantly better than the industry: Great Wall Motor ‘s vehicle sales in February have been 18.34%, 1 month ago was 1.52%, a total ten-year growth rate of 7 from January to February.4%.Among them, the Haval brand 2 has a growth rate of 16 twice a month.95%, 9 in January.8%, the gradual growth rate from January to February was 12.3%.WEY brand was -27 2 months ago.25%, compared with -49 in January.9% effective narrowing.Pickup 2 37 once a month.66%, compared with 4 in January.0%.据乘联会,1\2 月乘用车批发数据同比均为-17%,长城表现大幅好于行业,得益于新车型较多贡献增量,以及较低的经销商库存水平. Haval F series contributed major increments: H4 / F5 / F7 were launched in March, September and November 2018, respectively. H4 sold 2040 units in February, F7 was 10665 units, F5 was 2133 units, and F series contributed major increments.。南宁桑拿F series sales in February accounted for 25 of the Haval brand.9% (23 in January.4%).The Haval H6 sold 25,728 vehicles, running through -14.96%, the initial growth rate in January was -23.8%, the decline narrowed.For other Haval models (Haval 1/5/7/8/9), the increase in sales volume in February was narrower than that in January. VV6 contributes the WEY brand increase: VV6 went on sale in August 2018, and the sales volume stabilized to more than 5,000 units in the second half of 2018, and 6,205 units were sold in February 2019.Sales of the VV5 and VV7 in February continued to decline, at 1,037 and 1,013, respectively, until -76.1% and -75.8%, but the decline was narrower than in January. In the long run, Great Wall Motor can further execute its power and accurately capture the needs of users. The research and development strength of Great Wall has been continuously enhanced, and its operating efficiency has been improved by integrating the parts supply system.In the short term, demand for the automotive industry is recovering in 2019, and the inventory level of Great Wall Motors is significantly lower than that of the industry. The continued sales of the F-Series continue to boost profitability. We expect the EPS for 2018-2020 to be 0 respectively.59 yuan, 0.67 yuan and 0.75 yuan, corresponding PE is 14x / 12x / 11x; Great Wall Motors H-share corresponding PE is 9x / 8x / 7x, given a “recommended” rating risk reminder: the automotive market boom continues to decline, new model promotion is less than expected

CNOOC Engineering (600583) Interim Report 2019: Middle East projects drag on performance and do not change

CNOOC Engineering (600583) Interim Report 2019: Middle East projects drag on performance and do not change

The Saudi project may drag down the first half of the results, while other projects are operating stably and normally.

The company’s workload and order trends are improving, of which overseas orders are contracted + 800%, and the scale of new orders has increased.

Maintain profit forecast and “Buy” rating.

The Saudi project dragged down profits and achieved its goals.

In the first half of the year, the company realized revenue and net profit attributable to shareholders of listed companies of 45.

6 and -7.

1 ‰, +27 a year.

5% and -291.

5%; of which, Q2 realized revenue and net profit of 27.

7 and -4.

5 ‰, +19 a year.

2% and profit become profitable, +54.

7% and -42.


The company’s revenue and net profit were lower than expected, which was mainly dragged down by the Saudi project, which achieved a breakthrough5.

600 million (including 1).

6.6 billion euros for operation and peace.

94 trillion impairment provision), replacing the Saudi project, the company Q2 profit1.

10,000 yuan.

The company stated that under the background of great operating pressure, the goal of maintaining long-term profitability remains unchanged.

The workload is full and the order trend continues to improve.

In the first half of the year, the company operated 32 projects, an increase of more than 5, including 25 offshore oil and gas field developments and 5 onshore constructions, each +12 and 3; completed the construction of 9 jackets and 2 blocks at the same time., 7 jackets, 3 modules for offshore installation and 196 km of submarine pipeline conduits, 8 modules and 1 jacket are under construction.

The daily volume of steel processing and installation of offshore expansion vessels have increased, and the scale of unit projects has increased.

In terms of orders, it won 112 in the first half.

400 million, +12 a year.

8%, a sharp increase overseas, with orders at the end of the period of $ 25.2 billion, +43 per year.


The company’s domestic orders have declined, and due to national requirements and CNOOC’s “Seven-year Action Plan” goals, it is expected that CNOOC’s domestic investment may catch up later.

CNOOC’s long-term plan guarantees the intensity of capital expenditure and the company’s workload.

CNOOC has formulated a “Seven-Year Action Plan” with a target of compound annual growth in grain storage22.

5% / 17.

5%, which is expected to drive an average annual investment of over 2000 trillion, which is three times the 2015-2018 average.

The national income of CNOOC projects accounts for 15-20% of CNOOC’s capital expenditures. If CNOOC’s expenditures are in place, it is estimated that CNOOC’s domestic revenues can reach 30 billion, which is higher than the previous high boom.

The market prospects for offshore oil and gas development engineering services and onshore LNG liquefaction modules are bright.

The engineering service industry cycle rebounded in three stages: orders picked up-> major equipment utilization increased-> price increases, the current industry leading orders have picked up 2-3 quarters.

Rystad predicts that most of the increase in global crude oil production in 2016-2025 will come from offshore.

With the coming of the international oil company’s output as the stage of connecting resources, investment in offshore crude oil development is bound to increase.

wood mackenzie predicts that there are currently more than 400 offshore projects to be developed around the world, and the offshore projects approved in 2019-2020 will be + 100%.In terms of LNG, according to IHS statistics, as of the beginning of 2019, the nominal production capacity of LNG is 379 million tons, and 9,700 destinations are under construction. The plan is 220 million tons. The market space is still broad.

Risk factors: Party A’s spending continues to be insufficient; the company’s lack of overseas operating experience leads to a reduction in its projects; the sudden increase in workload and service costs increase beyond expectations; the decline in international oil prices weighs on overseas investment; the exchange of ETFs by central enterprises causes the company’s stock to be reduced.
Investment suggestion: As a whole, the company’s fundamentals have bottomed out. Based on 2019 orders will be delivered in 2020, and domestic market orders will start to be released in 2019. We raise the net profit return to motherhood for 20-21 years to 17.


9 trillion (the original forecast was 12/17 trillion). Taking into account the drag on overseas projects in the first half of the year, the 19-year forecast was lowered to 0.

85 ‰ (the original forecast was 8 ‰), the corresponding EPS prediction is 0.



63 yuan, currently expected to correspond to PE 280/14/9 times, with reference to international counterparts, according to 20 times in 2020, 8 is given.

00 yuan / share target price, maintain “Buy” rating.