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.

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.

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.

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

Ziguang (000938) company research: ICT business-driven growth enjoys 5G peak and server layout improvement

Ziguang (000938) company research: ICT business-driven growth enjoys 5G peak and server layout improvement
Event: The company released its 2019 Interim Report and achieved operating income of 228.74 ppm, an increase of ten years.92%, achieving net profit attributable to shareholders of listed companies.47 ppm, an increase of 15 in ten years.51%, realizing non-recurring net profit attributable to shareholders of listed companies5.98 ppm, a ten-year increase2.39%. Meet market expectations. ICT digital equipment led to revenue growth and IT distribution business stabilized.1) Digital infrastructure and service projects are mainly driven by profit, with an annual increase of 15%.05%, mainly including network equipment and server products. The overall gross profit margin was 33.98%, a decrease of 2 over the same period last year.43 units.2) The value-added of IT product distribution and supply chain service projects has slowed down, increasing year by year2.84%, and gross profit margin is also stable.3) Non-recurring gains and losses are mainly government subsidies with an amount of 2.9.4 billion. Continue to invest in research and development, during which costs stabilized.R & D funding 18.22 ppm, an increase of 15 per year.21% of the company’s patent applications have consistently accumulated more than 10,100, of which over 90% are invention patents.Selling expenses 17.41 million, an increase of 10 per year.08%, administrative expenses 3.6.8 billion, an increase of 7 per year.96%.Finance costs 0.7.7 billion, a decrease of 32 every year.29%, mainly due to Ziguang Digital, the cash discount paid by Xinhua San Group decreased. The peak period of 5G construction is coming, and key markets have continued to break through in the first half of the year.With the new round of construction and expansion of the bearer network brought by 5G construction, the company launched a full range of 5G mobile backhaul bearer network products RX8800 / RA5000 in the operator market in the first 南京夜网 half of the year.The cloud-based managed router CR19000 continues to break through the operator market and high-end core scenarios for enterprise customers, completes large-scale deployment, and is commercially available in some operator markets.The company released Wi-Fi 6 series products and won the bid for some operators’ WLAN equipment collection and acquisition projects in 2019 with the largest share. The server business has accumulated for many years and is expected to enjoy the improvement of the competitive landscape.1) Xinhua III server business is integrated from HPE China, with rich brand and technology background. It also recognizes that H3C self-developed product series has won the Red Dot Design Award.In the first half of the year, the company released a new generation of self-developed 8-way key business 深圳丝袜会所 server H3C UniServer R8900 G3.2) Huawei and Shuguang Fiber Optic Factory are affected by trade frictions, and the domestic server industry’s competitive landscape has improved. The company’s server market share is expected to rise. Maintain “Buy” rating.Based on key assumptions and interim reports, adjusted profit forecast, it is estimated that the operating income for 2019-2021 will be 551.2.8 billion, 629.03 billion and 715.3.4 billion (564 before adjustment).8.8 billion, 653.6.9 billion and 748.1 billion), net profit attributable to mothers was 17 respectively.7.9 billion, 23.6.8 billion and 31.7.2 billion (20 before adjustment).9.1 billion, 28.5.4 billion and 37.15 billion).Considering the advent of the 5G era and improved competition in the server industry, we maintain a “Buy” rating. Risk reminders: prospects for downstream demand growth; increased competition in the hardware equipment industry; macroeconomic risks.

Sanan Optoelectronics (600703): Standing at the starting point of a new round to see Sanan

Sanan Optoelectronics (600703): Standing at the starting point of a new round to see Sanan

Highlights of the report Event description On the evening of October 28, 2019, Sanan Optoelectronics released the “Sanan Optoelectronics Co., Ltd. Third Quarterly Report 2019”.

The company achieved operating income of 53 in the first three quarters.

320,000 yuan, net profit attributable to mother 11.

5.2 billion yuan, the company achieved operating income in the third quarter alone19.

4.5 billion, net profit attributable to mother 2.

6.9 billion yuan.

Incidents commented that revenue grew month-on-month and inventory stabilized, and the worst phase of the industry will pass.

In general, the LED chip industry entered the peak season in the second and third quarters, and the company achieved revenue of 19 in the third quarter.

4.5 billion, an increase of 17.

24%, combining the third-quarter inventory with the second-quarter inventory that is basically the same (the inventory of Sanan integration business will increase as its inventory volume increases, it is said that the LED chip-related inventory should be basically flat), the company’s business has stabilized possession, the worst stage of the industryWill pass.
The demand for Mini LED is on and the product structure continues to improve.

At present, Mini LED applications are divided into display and backlight. Among them, Mini LED backlight has made rapid progress in the introduction of large-size LCD products. Integrated brand manufacturers (such as Apple, TCL, Konka, Hisense, Asus, etc.) have released related products, and it is expected to be introduced in the future.Medium-sized end products.

In the early days of the emergence of new applications, terminal brands were appropriately cautious in terms of supplier selection, and leading companies with deep industry technology accumulation had priority to benefit.

The integrated circuit business is advancing steadily, and the 厦门夜网 RF, power electronics and optoelectronics business has ample space.

Sanan’s integrated business layout includes radio frequency, power electronics and optoelectronics. The radio frequency and optical chip business will deeply benefit from the historical wave of 4G to 5G upgrades. The value increase will replace the implementation of Davis double-click, and the space is huge; SiC and GaN power electronics productsIn the long run, it is also a disruptive product in the field of high-power energy conservation, and the market space has gradually opened.

As the most powerful compound semiconductor foundry platform in China, San’an has a sound business layout and long-term space.

Changsha Jianxin increased capital in Sanan Electronics, and the pressure on shareholders’ funds has further eased.

At present, the scale of the 北京夜网 shareholders of Sanan Optoelectronics has gradually received financial support from Quanzhou, Xingye International Trust, Hubei Province, Changsha and other parties, and the financial pressure on the interests of major shareholders has gradually eased.

It is expected that the shareholders of Sanan Optoelectronics will further release the pledge and the capital situation will be significantly improved.

We estimate that the company’s net profit attributable to its parent for 2019-2021 will be 13 respectively.

6.9 billion, 20.

5.7 billion and 28.

20,000 yuan, the corresponding EPS is 0.

34 yuan, 0.

50 yuan and 0.

69 yuan, maintain “Buy” rating.

Risk Warning: 1.

The company ‘s demand for Mini LED products was lower than expected; 2.

IC customer expansion is lower than expected

Science and Technology and Environmental Science (002322) In-depth Research Report: Environmental Protection + Energy Two-Pronged Approach to Create an Intelligent Integrated Information Service Provider

Science and Technology and Environmental Science (002322) In-depth Research Report: Environmental Protection + Energy Two-Pronged Approach to Create an Intelligent Integrated Information Service Provider

Energy and the environment go hand in hand.

The company deeply cultivated power monitoring, informatization and environmental monitoring, and repaired two major sections.

Electric power monitoring, as the company’s traditional main business, includes a complete product matrix such as an intelligent substation online monitoring system and a transformer oil chromatography online monitoring system.

At the same time, the company cut into the power engineering project construction information service field through the acquisition of Bowei new technology, and fully assisted in the construction of the power Internet of Things.

In terms of environmental protection business, the company’s Shangyang Huanke Group and Azure Huanke Group have undertaken environmental monitoring and soil remediation, and all business segments can collaborate on customer resources and informatization.

Monitoring and soil remediation have a huge market potential.

The company’s environmental protection field mainly includes water quality, online automatic monitoring and supporting services for the atmosphere, and soil remediation services.

At present, the focus of the monitoring industry has been built by the network, and pollution source monitoring has shifted to the improvement of overall monitoring quality. We estimate that the total market size of environmental quality monitoring + pollution source monitoring in 2018-2020 is expected to reach 90.4 billion, and CAGR remains above 15%.

The company’s water quality monitoring technology and operating experience are outstanding, with new orders added in 20186.

40,000 yuan, orders in hand at the end of 20188.

500 million.

Among them, the national-level water quality monitoring orders since 2018 have further consolidated the company’s leading category. In 2018, the revenue of Shangyang Huanke increased by 102% to 4%.

200 million, net profit increased 43% to zero.

8.3 billion.

The soil remediation market is also promoted by policies such as ten soils and soil embedding methods. The market space for soil remediation of sites and arable land in 2018-2020 will exceed 270 billion.

The company’s soil governance benefits and profits improved due to the impact of engineering volume, but the company still has a stable advantage in terms of technology, customer resources, etc., transforming the release of market demand and the rationalization of the project, and the collaborative monitoring and monitoring business of the soil remediation business will improve the performance of the environmental protection sector.

The lower part of the faucet with complete power monitoring products is stable, and informatization will help the construction of the Internet of Things to realize software-consulting value-added services.

Driven by the advancement of the construction of the electric power Internet of Things, the company’s electric power monitoring system, as an important terminal for the supporting layer of the electric power Internet of Things, has gradually transformed the demand for supporting monitoring of low-voltage equipment in various places to achieve stable growth, and the company’s broad product coverageAnd leading market expansion is expected to further open the growth ceiling.

Power informatization takes Bowei’s many star products (power engineering cost tool software, power engineering customized software, etc.) as its spear, and cuts into the power grid and power engineering operations from multiple dimensions such as design consulting, information services and data operations.

Bowei’s strong R & D strength and high market share have taken the lead to benefit from the upcoming peak period of intelligent power construction.

The continued advancement of repurchases demonstrates confidence.

The company implemented repurchases in early 2018 and early 20返回码: 500 网站打不开?重查19, and announced in January 2019 that it intends to use zero.


0 trillion repurchase of shares (not more than 5% of total shares).

As of the end of February, the company gradually repurchased 5.23 million shares, accounting for 1.

32%, average repurchase price 9.

56 yuan / share.

The company’s two-year repurchase for fair incentives is not only conducive to continuous management and efficiency, but also shows the company’s full confidence in future development.

In addition, the actual cost of the Air Controller’s actual controller increase is about 23.

3 yuan / share, with the current expected degree of inversion is still possible.

Earnings forecasts, estimates and investment ratings.

We expect the company to achieve net profit attributable to mothers in 2019-2021.

4 billion, 4.

4 billion, 5.

300 million, an annual increase of 32%, 28%, 23%, corresponding to PE is 18, 14, 11 times.

Considering that the company has synergistic effects in monitoring (electricity, environment) and information business in terms of data and services, coupled with the ubiquitous construction of the electric power Internet of Things and its close integration with the company’s business, it has a significant boost to the estimation.

Therefore, based on the estimated net profit of the company’s various businesses and with reference to the price-earnings ratios of various sectors, we give the company 25 times PE in 2019 and raise the target price to 21.
25 yuan, maintaining the “strong push” level.
Risk warning: Project advancement and power engineering projects are less than expected; intensified industry competition reduces profitability.

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.

Riyue Co., Ltd. (603218) convertible bond review report: plans to add 12 new finishing capacity to improve the voice of global wind power castings

Riyue Co., Ltd. (603218) convertible bond review report: plans to add 12 new finishing capacity to improve the voice of global wind power castings

Incident On May 20, 2019, the company issued a convertible bond plan: the proposed convertible bond issuance does not exceed 1.2 billion US dollars, after deducting issuance costs8.

41 million US dollars investment in the construction of 12 large-scale offshore wind power key components finishing production line construction project, 3.

$ 5.9 billion to supplement working capital.

Comment added 12 Short-term offshore wind power key component finishing capabilities, enhance the global wind power castings voice. Consider the company’s IPO to raise production capacity, expansion projects, technical transformation and this convertible bond investment project, the company will form 40 annual wind power castings in the future.And 22 inserts the finishing capacity, becoming the world’s largest wind power casting production and finishing enterprise, the global market share of wind power castings will reach about 34%.

Offshore 深圳丝袜会所 wind power is developing rapidly, and the large-scale wind power castings production capacity and finishing capacity are seriously insufficient. According to CWEC data, the annual installed capacity of offshore wind power in 2018 reached 1655MW, a year-on-year increase of 42.


The offshore equipment products show a trend of large-scale and precision. Traditional outsourcing processing enterprises are not large enough to match large-scale CNC precision processing equipment and corresponding operation and management talents due to their general scale and insufficient capital strength, which greatly increases the company’s product delivery capabilities.
Constantly deepening cooperation and increasing order volume, we have achieved large-scale supply capacity with GE, Siemens Gamesa and other international customers; meanwhile, the company focuses on the development and production of large megawatts and offshore wind turbine products, and the research and development costs increase every year.


In the early period, the proportion of high gross profit overseas income and offshore wind power income will continue to increase.

The company’s gross profit margin is expected to further improve.

Earnings Forecast and Estimates As the price and quotation of convertible bonds to stocks have not yet been determined, we will not consider the substitution effect and increase of refund fees brought about by the issuance of convertible bonds.

We estimate that the company’s net profit attributable to the parent will be 5 in 2019-2021.

8 million yuan, 7.

7.6 billion, 10.

310,000 yuan, corresponding to PE18.

52 times, 12.

11 times and 9.

12 times.

Maintain BUY rating.

Risk warning: adverse changes in domestic wind power policies; overseas orders exceed expectations; raw material prices have risen sharply.

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.