Hengrui Medicine (600276): PD-1 combined with FOLFOX4 for first-line treatment of advanced hepatocytes was approved for III clinical indications to expand product potential

Hengrui Medicine (600276): PD-1 combined with FOLFOX4 for first-line treatment of advanced hepatocytes was approved for III clinical indications to expand product potential

Investment Highlights Event: On July 17, 2019, the company announced that Carelizumab (SHR-1210) combined with FOLFOX4 versus placebo combined with FOLFOX4 is a randomized, parallel-controlled, double-blind, multi-lineThe Phase III clinical study of the center was approved by the State Drug Administration.

In addition, carelizumab (SHR-1210) combined with capecitabine and oxaliplatin sequential carelizumab combined with apatinib mesylate for advanced or metastatic patients who have not previously received 杭州桑拿网 systemic therapyRandomized, open-label, multicenter Phase III clinical study of gastric gastric cancer (GC) or gastroesophageal junction cancer (GEJ).

Carrelizumab combined with FOLFOX4 for first-line treatment of patients with advanced hepatocellular carcinoma has been approved for phase III clinical treatment, and there is a large space for first-line treatment of large diseases in China.

GLOBOCAN 2018 research shows that in terms of incidence, liver cancer patients account for the overall incidence of cancer4.

In terms of mortality, liver cancer accounts for 8 of the total cancer population.

2%, ranking second.

The burden of liver cancer disease is greater in men than in women, and complications are greater than overall.

The incidence of liver cancer in men was ranked 10th, and death was ranked 6th. Women were not ranked in the top 10, and death ranked 7th.

According to the China Cancer Report 2018, the number of new cases of liver cancer accounted for 9%.

59%, the incidence is ranked fourth.

PD-1 products have been approved for second-line treatment of liver cancer overseas, and are in the clinical stage in China.

At present, the first-line drugs for domestic liver cancer are approved by first-line molecular alternatives, such as sorafenib, Dorgemex, and regorafenib. The first-line treatment options for domestic liver cancer include the following: surgical resection (costs about 50,000—100,000), liver transplantation (usually tens of thousands to tens of thousands), blood vessel implantation (about 10,000), radiofrequency ablation (tens of thousands).

Nivolumab is currently approved for second-line treatment of liver cancer through the checkmate040 study.

Carelizumab is the fastest in the clinical progress of PD-1 in liver cancer in China.

Domestic PD-1 products have never been approved for listing in liver cancer, of which Carelizumab is in a leading position.

The FDA, the Chinese FDA, and the Chinese NMPA have approved the implementation of “Global, Multicenter Phase III Clinical Study of Carelizumab and Apatinib in the First-line Therapy for Advanced Liver Cancer”, replacing Sorafenib.

In the first-line treatment of patients with advanced hepatocellular carcinoma with carelizumab combined with FOLFOX4 compared with placebo and FOLFOX4, the phase II clinical trial data of SHR-1210 combined with FOLFOX4 in the first-line treatment of advanced hepatocellular carcinoma showed an effective ORR of 27.

3%, the disease control rate reached 72.


In addition to Karelizumab, Tislelizumab from BeiGene has entered the first-line treatment of hepatocellular carcinoma overseas. The Phase III Karelizumab combination regimen is used to treat advanced or metastatic gastric cancer (GC) or gastroesophageal junction cancer.Phase III was approved for further development of indications According to the 2015 China Cancer Data Report, there were 67 new cases of gastric cancer each year in the past.

90,000 cases and 49 deaths.

80,000 cases, with an average of nearly 1 per day.

20,000 people were diagnosed with cancer, of which esophagus, stomach and colon cancer accounted for nearly 40%.

Globally, nearly half of new gastric cancer patients and deaths occur in China.

At present, among the domestic PD-1 manufacturers, except for Hengrui, Cinda and BeiGene, the indications for gastric cancer have entered clinical stage III, and Junshi is currently in clinical stage II.

In addition to liver cancer and gastric cancer, Karelizumab is currently in clinical stage III in non-small cell lung cancer, nasopharyngeal cancer, and esophageal cancer. It is a leading country in China, with indications developed, and the product space will continue to increase.

Profit forecast and investment recommendations are based on the company’s stable operating style, certain product lines, and rich R & D pipeline reserves. We estimate the company’s operating income for 2019-2021 to be 225.

81, 290.

32, 363.

7 billion, net profit attributable to mother is 52.

1.3 billion, 67.

3 billion, 86.

25 ppm, an increase of 28 in ten years.

2%, 29.

1%, 28.

2%, corresponding to the PE of 56X / 43X / 34X, PD-1, pirlotinib, paclitaxel albumin and other heavy products on the market bring sales growth, rich research and development pipelines to provide continuous driving force for the company’s future development.

As a leader in the industry, the company benefits from the positive effects of the innovative drugs brought by the policy and the increase in industry concentration. Therefore, we maintain the “Buy” rating.

Risks suggest that the company’s drug bidding is lower than expected; the progress of drug review and 杭州桑拿网 approval is gradually expected; the progress of the R & D pipeline is gradually expected; and the export of preparations is lower than expected.

Oupai Home (603833) 2019 Interim Report Review: Steady Performance Growth Expects Wardrobe, Large Volume of Wooden Doors

Oupai Home (603833) 2019 Interim Report Review: Steady Performance Growth Expects Wardrobe, Large Volume of Wooden Doors

On August 27, the company disclosed an interim 合肥夜网 report. In the first half of the year, it realized revenue / net profit of 55.

1 ‰ / 6.

US $ 3.3 billion, an increase of 13 each year.

72% / 15.

04%, fully diluted EPS1.

51 yuan, in line with expectations.

The profitability of operating analysis has been improved quarter by quarter, and cash flow has improved significantly.

In the first half of the year, the gross profit margin of the company’s wardrobe business increased.

5pct, leading to an increase in comprehensive gross profit margin by 0.

39pct reached 37.


Looking at the quarters, Q1 / Q2 gross margins were 34 respectively.

22% / 39.

88%, increasing by 0 each year.

31pct / 0.

5 points.

The rate of expense ratio in the first and second quarters was basically the same as that of the same period of last year. The slight increase in gross profit margin and the gradual increase in net profit margin also showed a trend of increasing quarter by quarter.

In the first half of last year, the company’s operating cash flow was 5.

44 trillion, down 11 a year.

55%, but there has been a marked improvement in the first half of this year, with an annual increase of 86.


The total number of stores is not growing fast every year, and the high number of retail stores has achieved steady growth.

In the first half of the year, the company’s total number of stores was 7,018 (excluding complete stores), which had grown in ten years.

69%, compared with a mere 4 increase in stores at the end of last year.


The company realized the advantages of the “group + service provider” model to promote the development of engineering channels. By June, it had reached strategic cooperation with 47 top 100 real estate companies.

At the same time, the company reversed the first-mover advantage of the cabinet engineering business. At present, it is gradually developing engineering projects such as wardrobes and wooden doors. In the first half of the year, the income of wardrobe and wooden door engineering also achieved rapid growth.

The company’s semi-annual full category engineering business income was 9.

29 trillion, an increase of 54% in ten years.

Excluding engineering revenue, retail revenue for the first half of the year was 44.

870,000 yuan, an increase of 8 in ten years.


Among them, direct sales channels increased by 7.

57%, the distribution channel increased by 9.


The wardrobe business is performing well, and wooden doors have the potential to accelerate shop opening.

1) Cabinet: The company uses the 15800 package as a drainage tool, the transformation of old kitchenware, e-commerce, community, community, retail engineering, home improvement and whole-channel development.

The cabinet realized income 26.40,000 yuan, an increase of 3 in ten years.

37%; 2) Wardrobe: In the first half of the year, the main line of development was “multiple order receiving and single order value”, and a multi-level package strategy was used to achieve order growth.

The half-annual wardrobe business revenue has increased by more than 20%, and the total store has grown for decades.

17%, a slight increase in same-store is expected.

At the same time, the closet business has also begun to push forward hardcover room bagging plans, and there is a possibility of heavy engineering business channels in the future; 3) Wooden doors and bathrooms: The average income from expenditure business has achieved an increase of more than 40%.

Among them, the company adopted the “full house drainage package-main push package-quality package” comprehensive package matrix to achieve volume and price increases to drive wooden door revenue growth.

At present, the average number of wooden door dealers of the company is only 0.

94 stores, lower than the number of stores opened in other businesses.

Earnings forecast and investment advice The company’s growth is mainly stable, and the wardrobe and wooden door engineering channels are likely to be heavy.

We predict that the company’s EPS after full dilution in 2019-2021 will be 4, respectively.



55 yuan (three years CAGR20.

51%), corresponding to PE of 26/21/18 times, maintaining the company’s “Buy” rating.

Risk factors The expansion of engineering channels was less than expected; the same store further reduced the risk; the risk of lifting the ban on restricted shares.

Bank of Beijing (601169): Revenue growth rate is bright and proactively increase provisioning

Bank of Beijing (601169): Revenue growth rate is bright and proactively increase provisioning

Event: Recently, Bank of Beijing released its 2019 half-year results, and the company reported and realized operating income of 327.

42 ppm, an increase of 19 years.

64%; net profit attributable to shareholders of the parent company is 128.

69 ppm, a ten-year increase of 8.

56%; EPS (diluted) is 0 each time.

61 yuan, an annual increase of 8.

92%; company non-performing rate 1.

45%, an earlier decline of 0.

01 averages.

Opinion: Provisions dragged down earnings, and net interest margin rebounded slightly.

In the first half of 2019, the company’s revenue and net profit attributable to mothers increased by 19 each year.

64% vs. 8.

56%, the growth rate is in the midstream of listed banks, and earnings have maintained positive growth.

It is obvious that the net profit growth before provisioning was 24.

7%, achieving double-digit rapid growth.

The main contributors to the growth of net profit were the increase in the size of interest-earning assets, the increase in investment income, and the increase in net interest margin, while the provision for growth increased52.

4% is the most preliminary drag on the growth rate of net profit.

In the first half of the year, the company’s net interest margin level rebounded slightly and continued to improve: the 2019 Q1 interest margin was 1.

86% in the second quarter of 2019 was 1.

95%, mainly due to the increase in loan size of high-yield customers and enhanced bargaining power.

Pressure on asset quality persists, and attention is being paid to the decline 杭州桑拿 in loan migration rates.

In the first half of 2019, the company’s overall poor implantation1.

45%, a decrease of 1BP from the end of 2018, but from a month-on-month basis, the company’s non-performing loans increased by 1.

40%, pressure on overall asset quality still exists.

But the only thing that the company is concerned about is the loan migration rate from 89.

25% (2018) of 37 abortions.

38%, meanwhile, the company continued to advance the write-off of non-performing loans, with a write-off scale of 45 in the first half of the year.

33 ppm, an increase of 49 per year.


We believe that through the improvement in asset quality and the reduction of the company’s provisioning pressure, the provision of supplementary profits will lead to a more substantial increase in the company’s profit.

Spreads 淡水桑拿网 were driven by online business, and fintech service capabilities continued to increase.

The report summarizes that the company used online business to quickly build public online loans, retail online loans, anti-fraud platforms, and risk control model platforms, comprehensively promoted joint loans, loan assistance, and self-built scene online projects, and stopped online business at the end of June.It reached 141 ppm, an earlier increase of 123 ppm, and an average interest rate of 10.

2%, driving the bank’s net interest margin to increase by 3bp.

In the first half of 2019, it released a service plan for science and technology board to support 28 companies that have been replaced by science and technology board, with cumulative credits exceeding US $ 3.7 billion.

The total number of members of the Zhongguancun Little Giant Maker Center has exceeded 1.

80,000, gradually to 2.

60,000 technology-based small and micro enterprises provide more than 500 billion credit funds.
In the first half of the year, the balance of technology finance loans was 152.6 billion, exceeding the 150 billion mark, setting a new benchmark for technology and financial services.
Earnings forecast and rating: We predict that Bank of Beijing will achieve operating income of 617 in 2019, 2020 and 2021.

3.7 billion, 664.

1.9 billion and 714.

8.9 billion yuan; net profit attributable to the parent company was 210.

1.7 billion, 225.

06 ppm and 238.

12 ppm, the corresponding benefit is 1.

00 yuan, 1.

07 yuan and 1.

13 yuan, maintaining the company’s “overweight” rating.

Risk factors: 1. The macroeconomic growth rate does not meet expectations and affects asset quality; 2. The cost rises too quickly and affects profit levels.

Hisense Household Appliances (000921) Interim Review: Main Business Income Under Pressure Central Air Conditioning Business Drives Steady Growth

Hisense Household Appliances (000921) Interim Review: Main Business Income Under Pressure Central Air Conditioning Business Drives Steady Growth

2019H1 revenue increased slightly, steady growth in performance, improved cash flow, and improved inventory turnover. The company disclosed in its 2019 Interim Report that 2019H1 revenue was 189.

500 million (YoY-7.

0%), net profit attributable to mother 9.

600 million (YoY + 21.

2%), gross margin of 20.

4% (+2 year-on-year.

0 pct), net interest rate 5.

1% (+0 compared to the same period last year).


Q2 single-quarter income was 102.

600 million (YoY-9.

9%), net profit attributable to mother 5.

400 million (+5 year-on-year.

8%), gross margin of 20.

9% (+2 year-on-year.

1pct), net interest rate 5.

2% (+0 year-on-year.


The profitability of ice washing has been significantly improved. The investment income contributed by Hisense Hitachi has made the performance of the performance significantly and become the income.

The company’s 2019 H1 operating cash flow net 19.

700 million (YoY + 209.

1%), the obvious improvement is mainly due to the increase in bills payable and accounts payable16.

900 million (+ 17% year-on-year.


In addition, the company’s inventory turnover days had to be accelerated4.

6 days.

Traditional business: Revenue is under pressure, and gross profit 杭州桑拿 margin for ice washing has increased significantly. The performance of export sales has changed.

6, 89.

10,000 yuan (YoY-3.

3%, -7.

6%), gross margin of 23.

4%, 20.

4% (+4 compared to the same period last year).

2pct, + 0pct).

The revenue comes from the pressure of industry terminal demand in the first half of the year.

The significant increase in the gross profit margin of refrigerators mainly benefited from the increase in the average retail price and the decline in raw material prices due to the upgrade of product structure. According to the data from Aowei Cloud, Rongsheng and Hisense refrigerators accounted for a relatively high offline sales, with an average price of +7.

8% / + 12.

0%; the average retail price of air conditioners due to industry promotions has reduced the cost-side dividend and thus 杭州桑拿 maintained stable profitability.By region, the domestic sales income was 110.

0 million yuan (YoY-11.

5%), export income 63.

300 million (+5 year-on-year.


Central air-conditioning: Under the pressure of the industry, it will still achieve steady growth, and the consolidated forecast will return to Hisense Hitachi’s operating income in 2019H1.

400 million (+11.

1%), net profit 9.

900 million (+24 year-on-year.

7%), contributing investment income for the company4.

600 million.

According to the data from Aiken Power Grid, due to the weak completion of the land, the overall capacity of the central air-conditioning market in 2019H1 is YoY-2.


Under the background of industry pressure, the strong performance of Hisense Hitachi’s superior engineering channels maintained a steady increase in revenue and profits.

Hisense Hitachi’s consolidation plan is currently progressing steadily. After the completion of the consolidation, the company’s overall revenue, gross profit margin, cash flow, assets, etc. will be improved.

The overall penetration rate of household central air conditioners remains unchanged, and the long-term development space is broad. The consolidation will make the company the purest central air conditioning concept stock in the stock. Industry dividends and Hisense’s competitive advantages are expected to improve the company’s size.

Investment proposal is expected to return net profit of the company to its parent in 2019-2115.

500 million, 16.

900 million, 18.

60,000 yuan, the latest closing price for 2019 is estimated to be 9.


The difference between the traditional white electricity and central air-conditioning business was breakthrough, and the company’s value was analyzed using the segment assessment method.

The central air-conditioning business is expected to contribute 8 in 2019.

With an investment income of 90,000 yuan, referring to the assessment of Daikin Industries, the international central air-conditioning leader, it is estimated that it has not yet been given a discount of 15xPE. The traditional white electricity business is expected to contribute 6 net profit.

6 billion, with reference to the average estimated level of leading tiers and taking into account the differences in various aspects to give 10xPE, the two parts add up to a reasonable market value of 200 trillion, corresponding to a reasonable value of a stock14.

69 yuan, maintain “overweight” rating.

H shares are currently discounted by more than 30% relative to A shares. Taking into account the liquidity difference between the two markets, a 30% discount on a reasonable market value corresponds to a reasonable value of H shares11.

96 Manufacturing, giving H shares Hisense Appliances an “overweight” rating.

Risk warning: The penetration rate of household central air conditioners is less than expected; the price of raw materials has risen sharply.

Minutes of the First Open Share (600376)

Minutes of the First Open Share (600376)
Basic information 1.Sales receipts: From January to March 2019, the company achieved a total contracted area of 41.650,000 square meters, an increase of 10 every year.04%; signing amount 102.7.2 billion, an increase of 2 every year.54%.From January to December 2018, the company achieved a total contracted area of 377.560,000 square meters, an increase of 27 every year.97%; contracted amount of 1007.2.7 billion, an increase of 45 per year.58%, the previous rate of removal of 65% (new push to open the opening rate of removal rate). In 2018, the area sold in Beijing was 1.24 million square meters, with a sales value of 48.6 billion yuan, accounting for 48.21%, average selling price 3.930,000 / square meter; the sales area in the northern region is 350,000 square meters, and the sales amount is 3.7 billion, accounting for 3%.72%, average selling price 1.50,000 / m2; the sales area in the southern region was 2.19 million m2 and the sales amount was 48.4 billion, accounting for 48.07%, average selling price 2.210,000 yuan / level. 2.Carry forward in advance: The balance of accounts received in advance in 2018 was 630.700 million, with 40% in Beijing.89%; the northern region accounts for 7.54%; the southern region accounts for 51.5%.The total settlement area in 2018 was 182.520,000 square meters, accounting for 44 in Beijing.09%; outside Beijing accounted for 55.91%.The settlement amount for 2018 was 395.64 billion, 55 in Beijing.21%; 44% are outside Beijing.79%.Gross settlement gross margin 32.5% (if two affordable housing projects are excluded, the estimated gross profit margin is above 40%), of which 27 in Beijing.75%, outside Beijing 38.5%.The estimated settlement amount for 2019 is 389.96 billion, 53% of the area in Beijing.53%; the northern region accounts for 0.78%; the southern region accounts for 45.69%. 3.Land acquisition and land storage: In 2018, land investment expenditures were 42.8 billion yuan, and equity expenditures were 180 billion yuan, a decrease of 65%; 23 pieces of land were acquired, and the floor area was 2.69 million cubic meters, with an equity ratio of 51%.Among them, the ground scale in Beijing area is 1.05 million cubic meters, and the equity ratio is 42%; the ground scale in the northern region is 260,000 cubic meters, and the equity ratio is 78%; and the southern area is 1.38 million cubic meters, and the equity ratio is 51%. The company’s overall unsold area is 18.45 million cubic meters, with an average value of 3.30,000 per square meter, unsold in Beijing accounted for 33%, the South accounted for 50%.Among the unsold areas, the company’s equity was 61%, Beijing’s 49%, South’s 58%, and North’s 89%.The company has 59 projects under construction in Beijing, with a total saleable area (excluding underground) of more than 10 million cubic meters, and an unsold area (excluding underground) of more than 6 million cubic meters. The estimated value is about 200 billion yuan.There are a total of 68 projects under construction in the southern region, with a total saleable area (excluding underground) totaling 1,711.20,000 cubic meters, the unsold area (excluding underground) totaled 8.48 million cubic meters, and the estimated value of the goods was 1.900 trillion yuan.In Suzhou, Hangzhou, Xiamen and Fuzhou, there are a total of 45 projects, with a total sale of more than 9 million cubic meters and unsold over 4 million cubic meters.In addition, there are 7 shed modification projects with a total land area of 974.450,000 cubic meters, with a planned total investment of 447.3.3 billion yuan; 5 reserve shed reform projects with a total land area of 614.670,000 cubic meters.Among them, it is planned that the Fengtai Wanquan Temple project in 2019 will meet the conditions for entering the market, and the Shunyi Xingfu West Street project will enter the market. 4.Business plan for 2019: The sales volume in 2019 will be kept at 100 billion yuan and it will move forward steadily.The planned sales area is 357.420,000 cubic meters, with a contracted sales amount of 1010.1.5 billion, sales of 795.5.9 billion yuan, a 53% reduction rate.It can be seen that the sales area in 2019 was 6.65 million cubic meters, and the sales task was broken down into 12%, 23%, 27%, and 38% by quarter.The key sales areas in 2019 are 1.23 million cubic meters in Beijing, 540,000 cubic meters in Fuzhou and 360,000 cubic meters in Suzhou. Question and answer 1.How will the management system change after the company’s sales scale reaches 100 billion yuan to achieve higher development goals?What is the profit of the shed reform project? After years of rapid development and scale expansion, the company has continuously researched management. This year, it has clarified the goals of the entire management structure, control 天津夜网 system, system construction, and information construction. The company also contacted the corresponding consulting agencies to start the management structure.The company is expected to realize the 13th Five-Year Plan ahead of time. The future 14th Five-Year Plan should be steadily improved in accordance with the company’s momentum of progress. As a new business sector, the shed reform business has a high degree of attention. The main considerations are: (1) policy factors: related requirements for Beijing’s population evacuation and urban master plan; (2) market factors: the improvement of the living environment of most residentsSupport for shed reform business; (3) State-owned enterprise responsibility and strong support from the municipal government. There are currently 5 shed reform projects actually started by the company. Most of the projects are expected to enter the market this year, and the company has accumulated certain experience and advantages in shed reform and dangerous reform projects.Although the investment in shack renovation projects is boycotted, the proportion of self-owned funds is not high. About 20% will immediately support the start of the project. The remaining funds are mainly through policy financing, and leverage is relatively sufficient.The development cycle is generally about 4 years, and the profit return rate is about 12%. Considering that the basic conditions of each project are different, the final profit level cannot be completely guaranteed. The company will work hard to control the cost during the construction process to achieve the development goals.The disadvantages of the shed reform project are mainly due to the relatively high asset-debt ratio, the relatively late capital recovery and profit realization.Recently, various local governments have begun to clear up hidden debts. The operation mode of the shed reform business may change in the future. The company has a dedicated team to actively track policy changes. 2.After the group reorganizes the real estate group, will there be competition in the same industry with Shoukai, how will it be resolved in the future? The Beijing Municipal Government and the Beijing Municipal Government continued to promote the reform of state-owned state-owned enterprises in accordance with the central unified deployment. Merger and reorganization is one of the multiple models adopted in recent years. The Real Estate Group was established in 2005 and was formed after the separation of the government and enterprise of the Beijing Municipal Administration of Housing Management. The original main business was real estate development, property management and construction. About 10 years ago, the municipal government identified the Real Estate Group as non-operationSexual asset platforms, that is, assets that are not easy to generate benefits during the operation of old enterprises, are mainly dormitory areas.The Real Estate Group undertook the tasks of duplication, receipt, management, operation, and disposal of non-operating assets of municipal state-owned enterprises. The 13th Five-Year Plan was classified as a special-function enterprise.As of the end of 2018, the real estate group has total assets of about 200 billion yuan, revenue of about 60 billion yuan, a profit of about 1 billion yuan, more than 3,000 employees, the number is close to that of Shoukai Group. At present, the real estate group’s main business includes: (1) Non-operating asset platform: In addition to the city-owned state-owned enterprises, it receives asset divestitures in the three central supply and one industry (power supply, heating and property management) of Beijing central enterprises.At the end of 2018, Real Estate Group received nearly 30 million Ping non-operating assets belonging to state-owned enterprises and 10 million Ping of central SOE assets (there will be 10 million Ping in the future).(2) In the process of intervening non-operating assets, select suitable projects to start new real estate business. The main mode is shed reform, and the representative project is the demolition and reconstruction of Shunyi Vinylon Plant.(3) Property management: After receiving tens of millions of flats of assets, most residential areas and a small amount of operational assets need to be managed.(4) Real estate development: The total assets of the real estate company are about 8-9 billion yuan. The projects in hand are mainly affordable and policy housing. Two of the four projects are joint ownership projects cooperating with the first company. The revenue in 2018 was 2 billion.Around, the profits are tens of millions, which is the majority of the profits of the real estate group.(5) Architectural construction: good at the construction and maintenance of ancient buildings, and has undertaken many major ancient construction repair and construction tasks in history.The particularity of the real estate group lies in the background and origin of the Housing Management Bureau, which has caused it to undertake many tasks for the central and state agencies, including office service security, property maintenance, and so on. After the reorganization of Tongfangdi Group, the changes to Shoukai Group are mainly reflected in: (1) Positioning changes: The original Shoukai Group focused on the real estate competitive industry, positioning the city revival officer, and being the vanguard of Beijing-Tianjin-Hebei development.Operating platform belongs to non-competitive industries.After the reconstruction, the municipal government’s positioning of Shoukai Group is “serving the reform and development of state-owned and state-owned enterprises, creating a nationwide leading non-operating asset management and disposal platform; exploring new paths for the connotative development of very large cities, and striving to become a comprehensive service enterprise for urban organic renewal.Among them, for the transfer of non-operating assets, both the central and local SOEs have excessive resources, and the management and service experience of central SOEs is relatively inadequate. Therefore, all of them were transferred to local SOEs for disposal. Therefore, the municipal government requested that Shoukai Group should become the new non-financial asset management.Disposal platform.The positioning of integrated service companies for urban organic centers of connotative development of very large cities is in line with the positioning of Shoukai Group.(2) Non-operating platforms and building construction were added to the main business.The construction scale of the Real Estate Group is not large, with an annual revenue of about 30 billion and a profit of about 18 million.In the future, the Group will make further efforts in the balanced development of various main business sectors.(3) Explosion of the scale of property management: The original scale of property management of the first Kaikai Group is about 20-30 million square meters. The property management area of the Real Estate Group + non-operating assets is about 70-80 million square meters.The scale of Yiping is mostly in Beijing.Even if many of them are dormitories of municipal state-owned enterprises and central enterprises, or old quarters, the location and living conditions are relatively good, and most of the residents are retired employees with stable income and relatively stable future services.In the face of significant potential resources, Shoukai Group will make great efforts to improve service and management levels. The spin-off and listing of other company’s properties will also give some inspiration to the development of the company’s relevant sections, so the company will also explore the value-added service space of major resources.(4) Areas that are likely to generate more real estate business: Communities with relatively poor living conditions in non-operating assets (dormitory areas, old communities from the 50s and 60s) have examples of successful transformation, and the Group will reviewA large number of non-operating assets are likely to form resources for new real estate projects. In principle, the related resources will be used by the stock company to do preliminary work in the future.However, the transfer of resources has just been completed and it is still in the process of finding out, and the detailed comparison and combing of the projects still takes a long time. The problem of competition in the industry may indeed exist. Some of the real estate business of the Real Estate Group, the shed reform business, and the holding property are similar to the first opening. The group also sorts out related businesses and assets at the same time. As the major shareholder of the first opening share, the group will strictlyThe market promises to properly resolve the market division of labor and technical arrangements.The Group will do more work in the transition period of urban renewal. In the future, it will spend more energy and funds for research, and will more turn to the stock market to develop stock assets. 3.The company has obvious advantages in resource integration at the Beijing State-owned Assets Supervision and Administration Commission. Is there any possibility of other resource integration in the future? At present, the reform of Beijing-owned state-owned enterprises is still in accordance with the deployment of the Municipal Party Committee and Municipal Government and the State-owned Assets Supervision and Administration Commission, and some new reform programs are introduced every year.At present, many schemes are still in the process of progress, and the integration of the real estate industry may be an option for the municipal government and the municipal SASAC.The Group and Real Estate Group have just merged and reorganized for one month. It takes a long process to adjust the management mechanism and management structure. Therefore, we have not heard of any further developments about the reform of the state-owned enterprises of Shoukai Group.However, from the perspective of the company, the efforts to promote the reform of state-owned enterprises in Beijing Municipality are still relatively large. The ladder had some guiding and programmatic opinions during the meeting. 4.What is the carry-over gross margin of more than 60 billion advances in the table?What is the scale of advance receipts for off-balance sheet items and what is the corresponding gross margin? At the end of 2018, the advance receipts of 63 billion US dollars basically corresponded to 380 billion in 2019, 140 billion in 2020, and 106 billion in 2021.Some projects such as the flash of the original, the first carry China Resources City in 2018 carry forward higher gross profit, the corresponding gross profit level in 2019 is also considerable. For non-consolidated enterprises, there were 60 project companies accounted for under the equity method in 2018, and the corresponding off-balance-sheet advance receipts were in the tens of billions. Most of the investment income in 2018 was contributed by 15 of them, and the investment income of most projects was alsoQuite impressive.At present, the scope of consolidation of the entire company is about 110. 5. What are the reasons for the difference between the completed and carried-over areas?After the first reorganization of the same real estate group, will it reduce the company’s profit margin and the space for future old renovation projects? The differences between completion and carryover are mainly: (1) some projects are transferred to existing home sales, and more than 30 billion of the more than 160 billion inventories at the end of 18 were developed products; (2) there is a time lag between completion and delivery, and some projects require about half a year after completionFine decoration or structural modification. The main body of the reorganization of Tongfangdi Group is Shoukai Group, not Shoukai Shares, so there is no direct substantial impact on Shoukai Shares.Compared with the old reform space of non-operating assets, most projects are exceptionally large, and it is difficult to determine quantitatively at present, and the first-level and second-level linkages of projects included in shed reform may be very small, basically based on the first level.There is no necessary relationship between first and second levels.More opportunities lie in property management and nurture opportunities in the community.Beijing as a whole is at a new stage of urban renewal and development. The value of community resources is more reflected in the asset-light maintenance management platform. 6.Beijing’s population policy has always been focused on control. Recently, the NDRC proposed that mega and mega cities should also be included in the streamlined settlement policy. Will it also affect Beijing? At present, only banned policies are immediate. Other NDRC, MEP and other policies need time to reflect.Even if medium-sized cities are settled, the ability of localities to attract population is still sufficient to make up for competitive advantages such as affordability and technological environment.At present, for the core areas of very large cities, it is not possible to settle down, but some marginal areas are possible, and the specific policy effects still need further observation. For Beijing, the Standing Committee of the Political Bureau of the People ‘s Republic of China passed Beijing ‘s new master plan last year. The red line of 23 million people still exists. At present, the spirit of Beijing is still being reduced, and all districts and counties are responsible for guaranteeing Beijing.The population is below the red line, so overall policy principles are not expected to change. 7 The company’s 19-year sales target was 108 billion, which is basically the same as last year. The company’s current saleable value is relatively rich. The main cities are first- and second-tier cities. The recent sales sentiment has improved. What is the assumption behind the relatively flat sales target? Recently, the media suggested that the industry should not speculate on Xiaoyangchun, and the understanding of the rebound in the sales market is still different.The company observes that the policies of more than 30 cities have been fine-tuned. The rise in sales data is that the market believes that housing prices continue to have limited downward space, leading to the belief that demand is real, and that the demand control in the previous stage is indeed too strict. Policy formulation and market conditionsThere are obvious delay effects in itself. According to the sales target, the phenomenon of stockpile development will no longer exist in the industry. The company can sell 120 billion and never sell 110 billion.The current sales target is mainly based on the fact that the initial market and policies have not changed. If the market conditions improve, no company will sell goods.Last year, the company’s sales curve was under pressure, but it insisted on not adjusting its sales target.The company’s primary goal this year is to continue to stabilize the current size. As expected by industry companies, it hopes to make the market active with a basic profit. 8.How sure is the time to market for the company’s shed reform project? At present, 4 of the 5 shed reform projects are relatively sure to enter the market this year. One project is in the final stage (there are some collection lawsuits). The government has also made up for the cost and material resources in the collection process in the early stage.Enter the market. 9.Beijing East-West City merger, the planning details and follow-up progress of the central government district? The company can provide several facts for reference. (1) At the beginning of January or February of this year, General Secretary Xi visited Beijing twice to inspect work, and once in his speech he proposed to promote the reorganization of the old city.The secretary did not explain, there should be a lot of signs called the old city, the leader’s speech needs to be judged by himself.(2) The zoning plan is continuously publicized. Everyone pays attention to when there is publicity. The publicity of the area of interest in the market is in a certain state, and who will publish the publicity.(Combined with the policy consultation of the United Nations Development and Reform Commission, “Beijing has some special zoning plans that require central approval. The planning of such Tongzhou administrative deputy centers is also discussed by the Standing Committee of the Political Bureau of the Central Committee, and other regions and counties are usually responsible for the Beijing Municipal Government.”(3) At present, the Beijing Central Axis Road is applying for a legacy, and the Municipal Party Committee and Municipal Government attach great importance to it.It is possible that there is another area in the central axis road called the plan, and what area it may be in, which deserves attention.However, there has never been an official language for the merger of the East and the West or the central government district, mainly folk rumors. 10.The company accumulates more than 600 million yuan in inventory depreciation reserves. What are the main problems of the project and is it possible to switch back in the future? The company’s Shanghai Yangxi project was acquired in the second half of 2017, which was a relatively sought-after parcel at that time, with a floor price of 5.About 50,000, the upper limit is expected to be more than 90,000, but due to the restrictions, the upper limit price is 6.About 50,000 to 70,000, so some products have fallen in inventory, and whether the price limit policy will loosen in the future still needs to be observed, but the project has not yet achieved opening sales, and the losses have not really formed.The Wuhan project is mainly at a price that the loft product market can accept at 2.About 10,000, but the project cost is about 20,000, so there is a problem of market acceptance, and other products can still be recognized by the market.

China Merchants Securities (600999): Achieving a Beautiful Growth and Expected Development

China Merchants Securities (600999): Achieving a Beautiful 南京夜网论坛 Growth and Expected Development

China Merchants Securities has disclosed the 2019 performance report in 2019, and the company’s performance is expected to increase by 26.

55 to 30.

9.7 billion yuan, an increase of 60% to 70% each year.

The non-recurring profit or loss attributable to shareholders of listed companies will increase by 26 compared with the same period last year.

7.1 billion to 31.

140,000 yuan, an annual increase of 60% to 70%.

The reported income from the company’s brokerage business, investment business, and investment banking business all achieved conversion growth over the previous year.

  The brokerage business benefited from the active market trading, and the significant increase in performance was due to the increase in the company’s brokerage business income, which was mainly due to the increase in the stock-based trading volume of the A-share market.

In 2019, the domestic securities market was active, with the average daily trading volume of stock funds in the two cities being US $ 510.8 billion, an increase of 41%.

  The investment banking business is oriented towards revenue generation. It is expected that IPO income will contribute to the investment banking business of large companies. The investment banking business will be oriented towards revenue generation, giving full play to the revenue-generating capabilities and value traction of investment banks.

In 2019, the total amount of equity underwriting of the company was 436.

34 trillion, 28 equity underwriting.

13 projects successfully passed the IPO, with a passing rate of 100%; the IPO underwriting amount was 141.

9.6 billion, ranking fourth in the industry; 12 underwriting IPOs, ranking sixth in the industry.

  Investment business grasps market potential and releases performance flexibility. The increase in investment business income of the company is expected to benefit from the recovery of the stock market and the increase in equity investment income. Second, due to the increase in investment scale of fixed income business, the increase in investment income also increased.

The company’s investment income (plus changes in fair value) in the first three quarters increased.


  Employee Shareholding Plan Enhances Investor Confidence The company launched the Employee Shareholding Plan Enhancement Plan on October 16 to help promote the company’s stock market price to match the company’s long-term intrinsic value.

  The investment proposal is for capital market reform. The company is expected to make further achievements in the areas of marketing expansion, expenditure, transformation, and stable operation. We maintain the rating of “overweight”.

  Risks suggest that market decline will bring uncertainty to the performance of brokers and estimated repairs.

Kouzijiao (603589): Structure upgrade accelerates net profit faster than expected

Kouzijiao (603589): Structure upgrade accelerates net profit faster than expected

Event: The company announced the 2018 annual report and the first quarter report of 19, and realized revenue of 42 in 18 years.

6.9 billion +18.

5%, net profit attributable to mother 15.

33 ppm + 37.

62%, earnings per share 2.

55 yuan / share, the income exceeded the initial growth of 15.

47% target, net profit significantly surpassed 21.

65% target.

15 for every 10 shares.

00 yuan (including tax), the dividend rate is as high as 58.

72%, compared with 40 in 17 years.

41% and historical dividend levels have increased significantly.

Last year’s single quarter income was 10.

6.1 billion, net profit attributable to mother 3.

910,000 yuan, an annual increase of 19.

61%, 84%, revenue in the first quarter of 19, net profit attributable to the mother was 13 respectively.

6.2 billion, 5.

4.5 billion, an increase of 8.

97%, 21.


The impact of price increases is eliminated. In the Spring Festival this year, two-digit growth will be resumed. According to the sub-structure, 18 years of high-end wine (5 years and above in the mouth cellar) income 40.

600 million with a 21 increase.

67%, mid-range, low-range 0.

92, 0.

70 ppm, a decrease of 25 per year.

19%, 20.

95%, the proportion of premium liquor to liquor continued to increase to 96.

16%, an increase of 2 per year.

14 units.

We estimate 5 + 6 years of steady growth, and products with price bands over 6 years will grow by 30%, which will gradually increase the proportion of high-end wines.

Looking at the income of Anhui Province by region 35.

6 billion increase 17.

45%, extra-provincial income 6.

6.2 billion increased by 27.

87%, the proportion increased by 1 point to 15.


Considering that the company’s earnings are smoothed in quarterly statements, and that the Spring Festival this year is 11 days ahead of last year, it is more reasonable to add Q4 and Q1 quarters together, 18Q4 + 19Q1 revenue24.

2.3 billion, an annual increase of 13.4%, we can see that 夜来香体验网 Q2 raised prices last year, dealers paid in advance, Q3 mainly digests low-priced goods, Q4 After the impact of price increases is eliminated, the Spring Festival income returns to normal two-digit growth rate range, by product to see premium wineTotal revenue for these two quarters increased by 2.3 billion15.


In addition, the single-quarter revenue growth rate in 19Q1 dropped to less than 10, which is also related to the market strategy of controlling the volume after the Spring Festival.

The company received advance payment 9 at the end of 18.

1.8 billion hit a record high, the end of the first quarter of 19 4.

8.9 billion microns increased slightly.

Notes receivable at the end of 18 8.

3.4 billion, 5 in the first quarter of 19.

8.5 billion increased by 1.

6.3 billion.

Net cash flow from operating activities in 18Q4 7.

2.2 billion trillion dropped slightly, it is estimated that the tax payment rhythm is normal at the end of 18 years, so the net current flow in 19Q1 is 0.

6.5 billion is more normal.

Benefiting from price increases and structural upgrades, the net profit margin continued to significantly increase the company’s 18-year gross profit margin74.

36% increase by 1.

46, including high-end and mid-range liquor with a gross profit margin of 75.

67%, 59.

41%, an increase of 0 every year.


43 single; tax ratio, sales expense ratio, management (including R & D) expense ratio, and financial expense ratio are 15 respectively.

93%, 7.

87%, 4.

31%, -0.

19% change over the year -1.

22%, -0.

98%, -0.

82%, 0.

09%, the total tax rate and the three fees fell by 2.

94 averages, the coefficient rate dropped by 3 points, and the net interest rate was 35.

91%, the same increase of 4.

99 points.

Benefiting from the effect of price increase, the proportion of high-priced wines in high-end wines continued to increase, with gross profit margins and net profit margins increasing by 3Q19.

11%, 4.

08% to 77.

83%, 40%, reaching a record high.

Profit forecast and rating: The Anhui market where the company is located has a consumer awareness and word of mouth of the two brands of Guzi and Gujing in the price band of more than one hundred yuan.The consumption upgrade momentum from RMB 200 to RMB 200, and the second high-end price segment is also being deployed, with a rapid growth rate.

The market outside the province was adjusted in place at the end of 17 years, with initial results in 18 years, and a better momentum in 19 years.

The company’s overall style is stable. It is expected that the expected growth rate of revenue in 15 years will be 15%. Price increase + product structure upgrade will increase the net interest rate. The expected net profit growth rate is 22%.

8 times, the lowest level of the famous liquor brand leading, 22 times PE in 19 years, with a target price of 68.

64 yuan, buy rating. Risks suggest slowing economic growth, company’s premium wine sales opportunities

China Shipbuilding (600150) Company Dynamic Comment: Integration and Acceleration of the Final Assembly Listing Platform

China Shipbuilding (600150) Company Dynamic Comment: Integration and Acceleration of the Final Assembly Listing Platform

Event: On August 23, 2019, the company released its semi-annual report for 2019, and realized revenue of 97 in the first half of 2019.

73 ppm, an increase of 27 in ten years.

95%; net profit attributable to mother is 0.

4.5 billion, down 78 a year.

29%; net profit after deduction is 0.

8.3 billion, a reduction of 2 previously.

3.7 billion.

The revenue of 2019H1 is steadily increasing, and the net profit after deduction is substantially reduced. The company achieved revenue of 97H1 in 2019.

73 ppm, an increase of 27 in ten years.

95%, the highest increase in the past six months in ten years; net profit after deduction is -0.

US $ 8.3 billion, a significant reduction in losses previously2.

3.7 billion.

Among them, the main business ship repair / offshore engineering / power equipment / mechanical and electrical equipment revenue was 69.




300,000 yuan, fluctuating 29 within a year.



63 / -1.

72pct, each business revenue accounted for 71.

47% / 0.

50% / 14.

41% / 7.

47% move 0 every year.


68 / -1.

54 / -2.

26pct. The gross profit margin of each main business is 7.

79% /-0.

35% / 9.

08% / 9.

06%, ten years change -2.

53 / -0.

21 / -3.

59 / -2.

53 points.

The increase in the prices of major raw materials such as steel plates has led to a decline in the gross profit margin of the shipbuilding and repair business. The sales of diesel engines increased compared with the same period of the previous year to achieve an increase in revenue. However, due to changes in the product sales structure, the gross amount decreased compared to the same period of last year. The goal of “more than half of the time and half of the tasks” was fully realized, and the cost rate was reduced across the board. The control fees were significantly reduced: the company conscientiously implemented the gradual implementation of development requirements, focused on the annual goal, and achieved “more than half of the time, half of the tasks.

In the first half of the year, the company completed delivery of 21 ships / 333.

One million tons of deadweight tons, 55 tons of annual plan completed.

68%; repair of 109 ships / 5 completed.

73 trillion, output value completed 78 of the annual plan.

52%; 93 diesel engines / 185 were completed.

340,000 horsepower, the number of power to complete the annual plan of 48.

41%; in terms of mechanical and electrical equipment business, the company achieved output value 6.

00 ppm, 2019H1 company has fully achieved the goal of “more than half the time, more than half the task”.

In terms of fee control, the period fee for 2019H1 is 7.

64 ppm, a reduction of 10 per year.

35%, of which sales expenses / R & D expenses / administrative expenses / financial expenses are 0.



18 / -0.

90 trillion, a short-term change of 19.

33% / 22.

21% /-1.

07% /-225.

02%, the expense ratio is 0.

90% / 3.

56% / 4.

27% /-0.

92%, a ten-year change of -0.

07 / -1.

25 / -0.

17 / -1.

85pct, of which the increase in sales expenses was mainly due to the increase in the company’s product warranty fees, and the significant decline in financial expenses was mainly due to the declining average expenditure of bank expenditures and the decline in index expenditures, while the incremental increase in US dollar deposits increased earnings.

Asset restructuring and forging assembly listed platform merged with North and South Ship merger expectations, the company’s industry substitution is highlighted: On August 15, 2019, the company released a major asset reorganization adjustment plan, put Hudong Heavy Machinery, injected Jiangnan Shipbuilding, Guangzhou Shipbuilding International, and Huangpu Wenchong.After the reorganization is completed, the company will become a listing platform for ship assembly of subsidiary ships of CSSC.

In addition, the North-South ship merger is expected to rise, and it is expected to generate excess returns based on changes in the estimates of previous military asset injections.

Focusing on naval construction, the company’s warship business is expected to welcome 100 billion market space: Currently, it is gradually promoting the modernization of military equipment and building a “blue water navy”. The military budget has been increasing against the trend.There is a military budget of 1.

$ 19 trillion, up 7 before.

5%, and the continuous adjustment of the military spending structure to the equipment upgrade, the future military equipment is heading to the inflection point, the internal aircraft carrier and supporting ship market in the next 10 years or release over 100 billion space.

In terms of civil ships, high-end and environmentally-friendly ships provide broad market space, and the company’s competitiveness is strong: under the background of structural overcapacity, high-end ships have become indispensable, and the company has made major breakthroughs in high-end ships.China Shipbuilding Carnival Cruise Line Co., Ltd.’s 2 + 4 luxury cruise ship orders set a record for the construction of the 北京夜网 first large cruise ship in China, and won the last pearl in the crown of the shipbuilding industry.

In addition, the company has successively developed more than 20 ultra-large tankers (VLCC), 8 in recent years.

50,000 cubic meters large-scale liquefied gas carrier (VLGC), 400,000 dwt ultra-large ore carrier (VLOC), wood chip ship, MR oil tanker, dump ship and other special vessels. The company has a rich product line in the high-end field and has the most core competition.The future performance of civil ship business can be expected.

In addition to high-end ship types, environmental protection ship types are strongly advocated to replace the existing ship types. The newly injected subsidiaries of the company, Guangchuan International and Huangpu Wenchong, have rich experience in the research and development of environmental 西安耍耍网 protection ship types.

The ultra-large ore vessel “Mafadi” manufactured by Guangzhou Shipyard International Co., Ltd. can reduce hundreds of disposable iron drums each time, which can effectively avoid the problem of hazardous waste accumulation and disposal. The environmentally friendly container ship being built by Huangpu Wenchong meets the current IMO Tier III nitrogen emission environmental protection requirements are the “benchmark products” of the current green world.

Through years of accumulated manufacturing experience and R & D, the company will have significant advantages in the competition of high-end ships and environmental protection ships in the future.

Investment suggestion: The company’s civilian ships will develop high-end ships, military ships are expected to meet the market space of 100 billion yuan, and the future performance of asset reorganization is expected to be further released.According to our model calculations, the net profit attributable to mothers is expected to be 5 in 2019-2021.

5.1 billion, 6.

6.8 billion, 9.

650,000 yuan, EPS is 0.

40, 0.

48, 0.

70 yuan, corresponding to PE is 56 times, 46 times, 32 times.

Risk reminder: Asset restructuring progress is less than expected risk; naval defense construction is less than expected risk; economic downturn and civilian ship recovery is less than expected risk; exchange rate change risk

Fourfold positive push up cement sector institutions favor 9 potential stocks

Fourfold positive push up cement sector institutions favor 9 potential stocks

Yesterday, the performance of the stock index was sluggish. Some of the hot minority stocks caused the cautious mood in the market. The shock consolidation continued to become the main theme of the market, while the cement sector stood out and strengthened against the market.

  In terms of individual stocks, yesterday, Sansheng Co., Ltd. and Western Construction rose by more than 4%, respectively: 4.

38%, 4.

29%, Tianshan shares (3.

58%), evergreen (3.

44%), Jinyuan shares (2.

47%), UBM Technology (1.

65%) and other stocks rose by more than 1%. Other cement stocks that achieved growth yesterday include: Qilianshan, Conch Cement, Ningxia Building Materials, Shangfeng Cement, and Huaxin Cement.

  In terms of capital flow, the Securities Daily Market Research Center found that according to the flush flush statistics, yesterday, Tianshan shares (3841.

770,000 yuan), Conch Cement (3793.

99 million yuan), West Construction (3379.

340,000 yuan), Shangfeng Cement (1684.

770,000 yuan), Qilian Mountain (1158.

610,000 yuan), Jinyuan shares (656.

670,000 yuan), Sichuan Jinding (27.

620,000 yuan) and other 7 cement stocks showed a large net inflow of funds, attracting a total of 14,542 gold.

770,000 yuan.

  Initialists generally believe that multiple positives will continue to push up cement stocks.

  First, the performance data is dazzling.

As of now, a total of 24 listed companies in the cement industry have disclosed their 2017 annual reports and performance bulletins or notices. In 2017, 21 companies achieved net profit or are expected to achieve growth, accounting for 87.


Among them, 14 companies realized or doubled their net profit in 2017, and Sichuan Jinding, Lion’s Head, * ST Qingsong and other three companies turned their performance into profit.

  First of all, resumption of work may come.

China Merchants Securities pointed out that due to the better implementation of suspension of production in most regions, and the time for resumption of production is mostly in mid-March, demand needs to be activated, and inventory is expected to adjust to normal levels.

Overall, prices are expected to rebound in mid-late March.

  Again, price increases are expected to be strong.

Anson Securities believes that through demand activation, inventory is expected to return to normal levels, and it is unlikely that the overall price will continue to fall sharply. It is expected that prices will usher in a stable rebound in the middle and late three months.

  Finally, institutions sing more collectively.

Since March, a series of institutions including Huachuang Securities, BOCI Securities, CICC and other companies have expressed optimism about the opportunities in the cement industry.

Among them, China Merchants Securities stated that it is optimistic about the short-term profit growth of the cement industry and the improvement of the industrial structure brought about by long-term supply-side structural reforms.

The medium- and long-term supply-side structural reforms will make the industry profitable in different regions and different companies, and the estimates of leading companies will also be improved in this round of industry consolidation.

It is recommended to focus on regional markets with stable demand and mature markets, such as East China; focus on western markets that benefit from investment in key infrastructure projects, such as Guizhou and Shaanxi; recommend focus on stable profits and benefit from the 深圳桑拿网 supply-side structural reform of leading companies Conch Cement.
  In terms of concrete investment opportunities in the cement industry, recently, a total of 9 cement stocks have been given optimistic ratings such as “buy” or “overweight”. Huaxin Cement Institutions ranks first, reaching five, Conch Cement, ShangfengThere are 3 institutions optimistic about 2 stocks such as cement. Other institutions are also optimistic about cement stocks: Tower Group, Jinyuan, Sansheng, Sinoma International, Jinyu Group, and Jidong Cement.

  As for Huaxin Cement, the company’s 2017 annual report performance report shows that the net profit attributable to shareholders of listed companies from January to December 2017 was 359 from the same period last year.


Haitong Securities said that the company’s performance exceeded expectations and maintained an “overweight” rating.

From the perspective of the 2018 fixed asset investment plan, the growth rate of the central China and southwestern regions where the company is located is expected.

It is expected that the company’s annual revenue from 2017 to 2019 will be 1.39 yuan, 1.

77 yuan, 1.

97 yuan, giving the company 11 times 2018 price-earnings ratio, target price of 19.

47 yuan.

Minhe shares (002234) company annual report comments: high seedling prices and profits are expected to continue to increase

Minhe shares (002234) company annual report comments: high seedling prices and profits are expected to continue to increase

Investment highlights: Minhe shares release 2018 annual report: report that the two companies realized operating income18.

180,000 yuan, an increase of 70.

31%, net profit attributable to mother 3.

81 ppm, compared to expectations for the same period last year2.

9.1 billion.

2019 first quarter performance forecast: expected net profit attributable to mothers2.



80,000 yuan, the same period last year was expected to 15.63 million yuan.

Reasons for the change in performance: The sales price of the main products of chicken broilers increased significantly compared with the same period of the previous year.

The company also issued the “2018 Non-Public Issuance of A Shares (Revised Edition)”: The company intends to issue no more than 60.41 million new shares (not more than 10(20% of the total share capital of the listed company before the issuance), and the funds to be raised do not exceed 53.047 million yuan for (1) cooked food processing projects; (2) meat processing projects; (3) supplementary working capital.

Seedling prices have skyrocketed, and the company has hit a record high since listing.

In 2018, we forecast the company’s commercial chicken sales to be approximately 2.

At 4.5 billion birds, the slaughter of commercial chickens is about 30 million birds.

In terms of commercial chicken seedlings, prices have risen since the beginning of July 2018. The 杭州桑拿 lowest point is less than 2 yuan / feather, the highest increase is more than 8 yuan / feather, and it has recently stabilized at a high level of more than 8 yuan / feather.

The sharp increase in the prices of main products drove the company’s net profit attributable to its mother to a new high since listing.

In addition, the price of chicken meat also maintained a high level in 2018. Although the company’s commercial chicken breeding slaughter volume is not high, we expect to contribute more than 50 million yuan in profits.

The industry boom in 2019 continues, and profits may continue to increase rapidly.

Since 2019, the price of the white feather chicken industry chain has continued to maintain a high level, especially for commercial chickens. Except for the abnormal period during the Spring Festival, it has remained at a historically high level. According to Boya and survey data, as of March 6,The price of chicken on behalf of the chicken reaches 8.

65 yuan / feather, at this price, we expand the company’s single feather profit is about 5.

8 yuan / feather.

The company expects net profit attributable to mothers in the first quarter2.


800 million, equivalent to the profit level in the fourth quarter of 2018.

Ding added supplementary cooked food processing projects, the industry chain will be further extended.

The company plans to raise about 5.

300 million funds, of which about 500 million will be invested in deli and meat processing projects.

The company’s current main product is the replacement of chicken seedlings. The increase in product prices has led to changes in the company’s profit growth over the years. We believe that the expansion of the industrial chain to the deepest downstream deep processing field in the future will help improve the stability of the company’s profits and will furtherImprove the company’s product value-added and profitability levels, and enhance its ability to resist risks and profitability.

Earnings forecasts and investment advice.

Assume company 2019?
In 2021, the sales volume of commercial chickens will be 2 respectively.



With 700 million birds, the slaughter volume of commercial chickens is 3200/3300/34 million.
The net profit attributable to mothers will be 7 in 2021.


880,000 yuan, corresponding EPS is 2 respectively.



95 yuan for 14 in 2019?
15 times PE estimate, reasonable value range 32.

80 yuan, corresponding to 2019 PB 5.


77 times, giving a “primary market” rating.

risk warning.

The supply of the industry has increased significantly, the price of chickens has fallen, and epidemics such as bird flu.