Tianma Technology (603668): Special aquatic feed leader migrating in the blue ocean of the industry

Tianma Technology (603668): Special aquatic feed leader migrating in the blue ocean of the 重庆耍耍网 industry

Tianma Technology is a national key leading enterprise in agricultural industrialization specializing in the research and development, production and sales of special aquatic compound feed.

The product covers all stages of artificial breeding from the seedling stage to the growing stage.

Among them, the production and sales of eel compound feed ranks among the top in the world. The production and sales of compound feed for big yellow croaker, grouper, and catfish are among the highest in the country.The production and sales of special aquatic compound feeds such as turtles, cormorants and California seabass rank among the top in the country.

From 1961 to 2016, the average annual growth rate of global consumption of food fish (3.

2%) faster than population growth (1.

6%), which is also higher than the growth rate of meat consumption of all terrestrial animals (2.

8%), as well as poultry meat (4.

9%) other animal meat.

At present, it has become the world’s largest consumer of aquatic products, with aquatic products accounting for more than 40% of total global output.

With the improvement of residents’ living standards, the consumption structure has been continuously optimized and improved, and the proportion of aquatic products in the alternative structure has continued to increase. The average annual consumption has increased at a rate of 3%.

The demand for aquatic products has shifted to “quality, health”, environmental protection restrictions, outstanding cost-effective advantages of aquatic compound feeds, and low expansion rates of special aquatic feeds have determined that the demand for special aquatic feeds is increasing and the development space is huge.

The company is one of the most complete types of special aquatic compound feed in China.

Beginning in 2017, the company actively builds a “ten fish” strategy and is committed to achieving ten species of special aquatic feed split products (eel, big yellow croaker, grouper, catfish, abalone, sea cucumber, catfish, shrimp, puffer fish) in the short term., Lanziyu, Turtle) production and sales of the country’s first.

At the end of 2018, the company has completed the construction of 22 subdivision business units, and expanded a comprehensive sales network covering the coastal areas of China from the north to the north of the Bohai Bay to the north. The expansion of the division of sales radiation is beneficial to the “ten fish”Completion of strategy.

The company’s feed product gross profit margin ranks first among aquatic listed companies. The continuous high R & D investment guarantees the company’s rapid introduction of new products and high profitability of its products.

It is estimated that the net profit attributable to mothers will be 1 in 2019 and 2020.

00, 1.

180,000 yuan, EPS is 0.


35 yuan, corresponding to the current total PE is 28.

72, 24.

43 times, give “overweight” rating.

Risk warning: raw material price fluctuations, natural disasters, aquatic diseases, environmental protection policies, etc.

Dongzhu Ecology (603359) Interim Review: New high-income employee shareholding in the new decade shows confidence

Dongzhu Ecology (603359) Interim Review: New high-income employee shareholding in the new decade shows confidence

The company’s performance has grown steadily, and high profitability companies have achieved operating income in 2019H110.

2.9 billion, an annual increase of 21.

81%; net profit attributable to mother 2.

One million yuan, an annual increase of 11.

43%; deduct non-net profit 1.

9.7 billion, an annual increase of 23.


2Q19 achieved operating income 5.

9.9 billion yuan, an annual increase of 24.

27%; net profit attributable to mother 1.

1.9 billion, an annual increase of 11.

21%; deduct non-net profit 1.

1.5 billion, an annual increase of 30.


The company’s gross profit margin for 19H1 was 28.

1%, the same period in the earlier 18 years, basically unchanged, with a net interest rate of 19.

4%, a decrease of 1 over the same period in 18 years.

8pct, profitability is significantly higher than other garden companies.

The company’s 2019H1 operating cash flow net alternation3.

1.5 billion, the net value of the earlier 18H1 increased by 0.

7.1 billion yuan, which is expected to be mainly affected by the tightening of the current financing environment.

As of the end of 19Q2, the company’s assets and liabilities were reinvested46.

9%, an increase of 3.

3 points.

The new level has a high increase in orders, and there are too many orders in hand to ensure future revenue growth. According to the operating data announcement, the company’s new winning projects / new subdivision projects in 19H1 were 79.


US $ 200 million, an increase of 224% / 539% each year; previously, the company’s new winning projects / new subdivision projects were 84.


2 trillion, about 80 trillion 武汉夜网论坛 orders on hand, about 5 times the revenue of 18 years, sufficient orders on hand, to protect the company’s future revenue growth.

In the subsequent gradual improvement of the financing environment, the company’s new growth is expected to continue to grow.

Among them, the company jointly won the bid for Hangzhou Jiangdong Avenue project with China Railway in April, amounting to 41.

US $ 200 million. This project is a Hangzhou Asian Games project. The successful bidding of the project demonstrates the company’s business strength and promotes the company’s ability to undertake more Asian Games projects in the future.

The wetland area has absolute advantages, and the employee’s shareholding shows the company’s confidence in the continuous development of ecological wetlands and construction. It is a leading domestic wetland.武汉夜生活网 According to the company’s interim report, the company won the bid for the construction of the Changge Shuangyuhe National Wetland Park in Henan Province until the end of July 19And other wetland projects.

The company successfully hosted the “Yangtze River Delta Wetland Protection Forum and the Fourth Standing Intervention of the Chinese Wetland Protection Association” for 18 years, which clearly shows the company’s first-mover advantage in the field of ecological wetland restoration.

In addition, according to the company’s announcement, the company recently implemented the first phase of the employee shareholding plan for 19 years, and raised less than 50 million yuan, demonstrating the company’s confidence in its future development.

Earnings forecast and investment rating In the general environment of poor financing and PPP liquidation, the company’s performance still achieved steady growth, which demonstrated the company’s control of project risks.

Recently, the company’s new starting point has increased rapidly, supporting the company’s future revenue and performance growth.
It is estimated that the company’s net profit attributable to the mother in 19-21 will be 3 respectively.


7.3 billion.

The company’s 19 years PE is about 13.

5 times, the 18-year revenue of A shares is between 5-30 trillion, and the average PE of a comparable company that is similar to the company’s business model in 19 years is about 18.

Five times, we give the company 18 times PE in 19 years, and the company’s EPS is expected to be 1.

25 yuan / share, the corresponding reasonable value is about 22.

5 yuan / share, maintain “Buy” rating.

Risk reminders: The financing environment continues to be tight; the progress of PPP projects is less than expected; the risk of repayment is increased; the borrowing and leverage are weaker than expected; the risk of brain drain.

NavInfo (002405): Passed ASPICECL2 international certification tire pressure monitoring chip has mass production capacity

NavInfo (002405): Passed ASPICECL2 international certification tire pressure monitoring chip has mass production capacity

Officially passed ASPICE CL2 international certification.

According to the official public account of NavInfo, NavInfo officially passed the international certification of ASPICECL2 (Automotive Industry Software Process Improvement and Capability Evaluation Model Two), and the ASPICE architecture model was compiled by the German Automobile Industry Association (VDA).The purpose of the model framework for evaluating software development capabilities is to promote the software development process of automotive component R & D manufacturers and improve the quality of on-board software.

We believe that the adoption of the ASPICECL2 certification system marks that NavInfo has obtained the highest quality certification in the industry in the field of autonomous driving maps at the current stage, and more importantly, its long-term, standardized and sustainable products for the future.Affirmation of output and R & D technical capabilities.

The tire pressure monitoring chip is capable of mass production.

The company’s subsidiary Jiefa Technology independently developed a tire pressure monitoring sensor chip successfully developed and has mass production capabilities.

The tire pressure monitoring sensor chip is used for real-time monitoring of tire pressure while the car is running, and prevents tire leakage and low pressure to ensure driving safety.

  The tire pressure monitoring sensor chip independently designed by the company is a full-featured single-chip solution for car-standard TPMS (tire pressure monitoring sensor chip) independently designed and launched by the Chinese brand.Acceleration sensor, temperature sensor, LF & RF (high frequency radio 天津夜网 frequency technology and radio frequency radio frequency technology) in one high-performance tire pressure monitoring dedicated chip, with small size and high integration, low noise, high-precision sensor measurement, dual-axis acceleration self-positioning advantages.
The tire pressure monitoring chip is expected to contribute profits next year.

In 2013, the National Standards Committee of the National Standards for “Performance Requirements and Test Methods of Tire Pressure Monitoring System for Passenger Cars” also stated that from January 1, 2020, all passenger cars in production will begin to implement tire pressure monitoring systems (TPMS)) mandatory installation requirements.

The success of the upcoming Jack Technology tire pressure monitoring sensor chip breaks through the situation where tire pressure monitoring sensor chips are currently monopolized by foreign manufacturers, and will bring positive support to the industrial development of domestic tire pressure monitoring systems.

We believe that TPMS will actively contribute profits to the company next year.

Earnings forecasts and investment advice.

We believe that the company’s penetration depth in the autonomous driving industry chain has gradually increased. With the maturity and development of the industry, the company’s initial expansion will gradually be realized. We expect the company’s net profit attributable to mothers to be 3 in 2019-2021.

470,000 yuan, 5.

1.1 billion, 6.

39 trillion, EPS is 0.

18 yuan, 0.

26 yuan, 0.

33 yuan, combined with the industry’s future accelerated development trend and the company’s scarce part in the field of driverless and automotive chips, and taking into account the special characteristics of the company’s internal stage, it will be given a dynamic PE of 60-70 times in 2020.15.


2 yuan, given “preliminary market” rating.

risk warning.

Jiefa’s scientific and technological achievements did not meet expectations, the advancement of autonomous driving fell short of expectations, and new products and new business development efforts were not as fast as expected.

China Unicom (600050) 2018 Annual Report Comment: Revenue Growth Industry Continues to Lead, Profitability Has Bounced Back

China Unicom (600050) 2018 Annual Report Comment: Revenue Growth Industry Continues to Lead, Profitability Has Bounced Back

Event: The company released its 2018 annual report, which is expected to achieve an operating income of USD 263.7 billion, an increase of 5 years.

9%; EBITDA reached 85.2 billion yuan, a year-on-year increase of 4.

3%; total profit of 121 million US dollars, an annual growth of 408%; net profit attributable to the parent company of 41 million US dollars, a long-term growth of 858%; performance in line with expectations.

The growth rate of the mobile business continued to lead the industry, and the innovation business continued to drive the increase in fixed-line revenue. Affected by the fee reduction policy, the overall growth rate of the industry improved in the second half of the year.

The company deepened its innovation and transformation, and its business growth still led the industry.

Company headquarters revenue growth rate 5.

9%, ahead of the industry average of 3%.

In terms of mobile business, the annual revenue was US $ 1,651 million, with an annual increase of 5.

5%, ahead of the industry average of 0.

6% increase.

In terms of fixed network business, the 南京桑拿网 decline in broadband access revenue has narrowed, and the industrial Internet business revenue has reached 23 billion, an increase of 45%. Benefiting from the rapid growth of innovative business, the overall revenue has been US $ 96.3 billion, an increase of 6%.

The ARPU value has declined, and the 4G share has further increased. Due to the impact of fee reduction policies and fierce competition in the mobile market, the company’s ARPU has declined. Among them, the mobile billing user ARPU 45.

7 yuan, down 2 every year.

3 yuan; broadband access ARPU 44.

6 yuan, down by 1 every year.

7 yuan.

In the initial period, the company’s 4G subscribers increased by 45.05 million, reaching a total of 2.

200 million households, the market share increases by 1 every year.

3 digits; net fixed-line broadband subscribers increased by 4.34 million to 80.88 million.

The latest January operating data shows that the company’s 4G subscribers have further increased to 2.

With 2.3 billion households, the number of fixed-line broadband subscribers further increased to 81.51 million.

The rapid growth of 2I2C users continues to deepen content aggregation. Cooperation companies in the industrial Internet and other fields have deepened Internet interconnection cooperation with Tencent, Ali, Baidu, JD.com, Didi, etc. 2I2C user throughput has increased by 44 million net users, reaching a total of about 94 million.
Content aggregation and dating of high-quality video content such as Baidu, iQiyi, and Tencent enhance the competitiveness of IPTV and mobile video services.

Focus on cloud computing, big data, the Internet of Things and AI, and deepen business cooperation with Internet companies.

Established cloud product cooperation with Ali and Tencent. Established joint ventures such as Cloud Granular Intelligence, Cloudscape Cultural Tourism, and Yunji Intelligence with Ali and Tencent to develop network products to accelerate development opportunities in the industrial Internet field.

Maintain “Buy” rating and target price of 9.

96 yuan to maintain the company’s 19-20 EPS is 0.


28 yuan, continued to 2021 EPS forecast 0.

33 yuan, the company is expected to promote continuous growth in performance through business transformation + optimization of corporate governance structure, maintaining a target price of 9.

96 yuan, “Buy” rating.

Risk Warning: Risk of intensified competition in mobile services

Kitakami Capital buys Ziguang State Micro on dips and suffers 1 billion mainselling

Kitakami Capital buys Ziguang State Micro on dips and suffers 1 billion mainselling

Funds 重庆桑拿网 from Kitakami were bought on dips, and Ziguang Guowei was sold by a 1 billion main force on the 4th. A-share pork stocks, sub-new stocks, rare earth permanent magnets and other popular concepts were replaced at high levels.

  On the 4th, the Shanghai Composite Index closed down 0.

96% reported at 2862.

28 points; SZSE Component Index fell 1.

23%, closed at 8748.

27 points; ChiNext Index fell 0.

87%, closed at 1456.

27 o’clock.

  The total turnover of the two cities was 4223.

1 billion yuan, an early decrease of 567.

1.4 billion.

  The main funds were re-altogether 333.

7 billion US dollars, can be converted to a new high in 10 days, of which oversized orders and large orders replaced 143 respectively.

5.5 billion and 190.

1.5 billion; medium and small orders reversed into 21.

5 billion and 312.

2 billion yuan.

The main force accelerated the departure and retail investors continued to grab the chips.

  In the industry sector, the 5G sector has continued to strengthen; Heilongjiang has actively planned the construction of a free trade zone, Longjiang Transportation, and Longjian’s daily limit; gold stocks have once again been sought after by safe-haven funds; agricultural sectors, second-new stocks, and rare earth permanent magnets have significantly reduced.

Of the 28 Shenwan Tier 1 industries, only the communications industry rose slightly.

21%, the rest all turned green; defense industry, construction materials and agriculture, forestry, animal husbandry and fishery led the decline, with declines of 2 respectively.

84%, 2.

70% and 2.


  In terms of capital flow, all of Shenwan ‘s first-tier industries have suffered major sell-offs, among which the leisure services, comprehensive, and automotive industries have been less aggressively sold, becoming 0 respectively.

6.7 billion yuan, 1.

7.3 billion and 2.

60ppm; electronic, computer and agriculture, forestry, animal husbandry and fishing quotas have been extended to 43 respectively.

3.1 billion, 28.

9 billion and 27.

3.8 billion yuan.

  Specific to the sub-sectors, the other three major industries of other fibers, other rubber products and machine tools are most favored by the main force, which flowed into 4 respectively.

7.7 billion, 0.

4.1 billion and 0.

3.6 billion; liquor, integrated circuits and communication transmission equipment were sold off, replacing 19 respectively.

5.6 billion, 16.

1.2 billion and 13.

7.9 billion yuan.  Today, there were 774 stocks bought by main funds in the two cities, and 2822 stocks fled from the main funds.

52%; there were 672 stocks that turned red against the market, and 2852 stocks closed down, with a profit effect of 19.


  Northbound funds flowed in today.

6.3 billion yuan, a net inflow on the second day.

Among them, the inflow of Shanghai Stock Connect was 11.

3.8 billion yuan, Shenzhen Stock Connect reversed 0.

7.5 billion yuan.

  The venture capital sector was active in the afternoon, and Suzhou Gaoxin was at 1.

8.4 billion main funds assisted in closing the daily limit; Meijin Energy fell for two consecutive days, 1.

The $ 5.9 billion main latent dip; Quanfeng Motors staged a “swing swing” market, yesterday’s “sky floor”, today “ground plate”; banking stocks were favored by the main force, Agricultural Bank of China and 杭州桑拿网 Industrial and Commercial Bank of China poured in 1.

35 billion and 0.

9.1 billion US dollars of main funds; Recently, the ice and snow equipment industry development action plan was issued, the ice and snow industry stocks responded to a sharp rise in prices, and CITIC Guoan poured in to zero.

8.3 billion main funds, an increase of more than 6%.

  After the daily limit of Ziguang Guowei yesterday, the main capital of more than 1 billion US dollars sold it today, leaving it in a bag; liquor stock leaders Guizhou Maotai and Wuliangye were abandoned respectively.

6 billion and 6.

3.4 billion, both closed down; the performance of agricultural stocks was sluggish, Zhengbang Technology was 4.

6.5 billion main sales, down more than 6%.

Overseas Chinese Town A (000069): Diversified Business Steady Development and Profitability Steady and Rising

Overseas Chinese Town A (000069): Diversified Business Steady Development and Profitability Steady and Rising

Performance summary: In the first half of the year, the company achieved operating income of 176.

500 million, an annual increase of 20.

0%, total profit 41.

0 ppm, an increase of 23 in ten years.

2%, net profit attributable to shareholders of listed companies28.

10,000 yuan, an increase of 40 in ten years.


  Revenue performance increased steadily and profitability rose steadily.

In the first half of 2019, the company’s revenue has increased by 20% per year, of which the real estate development business achieved a settlement amount of 121.

30,000 yuan, an annual increase of 22.

5%, tourism integrated business operations are stable, achieving revenue 57.

20,000 yuan, an annual increase of 22.

5%, the company’s affiliated hotel business realized 7 trillion in revenue, an annual increase of 7.


In terms of profitability, the company’s settlement gross margin in the first half of the year was as high as 80 due to the significant increase in the average settlement price of land business and the significant land cost advantage.

6%, an increase of 13 per year.

9 partnerships, leading the industry.

Due to the boost from the real estate industry, the company’s consolidated gross profit was 65 in the first half of the year.

4%, an increase of 8 per year.

7 units.

Attributable net interest rate 15.

9%, an increase of 2 a year.

2 units.

Due to the increase in the settlement unit price, the corresponding land yield is higher. In the first half of 2019, the company’s business taxes and additional expenses.

20,000 yuan, accounting for 28 of operating profit.

4%, an increase of 7 per year.

4 shares per share, in addition the company’s management expense ratio and financial 武汉夜网论坛 expense ratio in the first half of the year were 6.

1% and 7.

7%, which is increased by 0 each year.

7 and 0.

8 units.

  Accelerate the de-allocation and estimate the cash repayment, and reset the land acquisition ability.

According to the company announcement, in the first half of 2019, the company insisted on “cash is king” and accelerated the launch of the market. In the first half of the year, sales were gradually signed, and sales repayment or average value increased.

In the first half of the year, the company reserved sufficient resources at the lowest cost in accordance with the “investment by investment” strategy, and replenished 18 projects in total, 12 of which were transacted at the reserve price.Land amount 181.

400 million, with 436 new equity plans.

80,000 countries, up 90 each year.

  The company sets the pace for cultural tourism real estate and realizes the use of high-quality cultural IP.
In the first half of the first half of Beijing’s Happy Valley, Nanchang Maya Paradise opened as scheduled, Chongqing Happy Valley dated overtime Fei Xia IP, and achieved a breakthrough in the use of high-quality IP.Happy Valley, Wuhan Happy Valley, Chongqing Happy Valley increased by more than 10%.

At the end of the first half of the year, the company had a total of 19 attractions, 24 hotels and a travel agency, and it gradually received 17.82 million tourists, flat each time.

  Earnings forecasts and investment advice.

The EPS for 2019-2021 is expected to be 1.

51 yuan, 1.

85 yuan, 2.

23 yuan, considering that the company’s credit advantage is obvious and the turnover is significantly accelerated, the company is given a 7x estimate for 2019, corresponding to a target price of 10.

57 yuan, maintain “Buy” rating.

  Risk warning: performance release or lower than expected, Happy Coast reproducibility or lower than expected, etc.

Tianci Materials (002709) Coverage Report for the First Time

Tianci Materials (002709) Coverage Report for the First Time

Introduction to this report: Tianci Materials is a domestic leading enterprise. We believe that prices may rise and stabilize, and the growth of the company’s size is expected to bring sustained and stable growth in company performance.

Investment highlights: first coverage, overweight rating.

Tianci Materials is a leading domestic oxide company. By stabilizing product prices, the company is expected to achieve sustained and stable growth in performance.

The EPS is expected to be 1 in 2018-2020.

35, 0.

85, 1.

51 yuan, given a target price of 43.

8 yuan, corresponding to 29X PE in 2020.

First coverage, overweight rating.
Cobalt ushered in an era of stable price and volume.

Benefiting from the rapid growth of new energy vehicle sales and the pull of power battery installations, the volume of waste has also increased rapidly.

The highest number in the ten-year period reached 14 inches in 2018, an increase of 27 throughout the year.

3%, we expect that the growth rate of expansion in 2019 is still expected to maintain a growth rate of more than 25%.

At the same time, through the stabilization of the solvent DMC price and the recent rise in the price of lithium hexafluorophosphate, we believe that the circulation price will gradually stabilize and the industry as a whole will enter an era of stable price and volume.

The initial volume has steadily ranked first in the industry, and the overall layout has opened up the industry’s industrial chain.

The company’s restructuring volume has been ranked first in the industry since 2016, and the company’s restructuring volume reached 3 in 2018.

57 growth rate, market share reached 25.


Eventually the company’s growing tungsten carbide industry chain: 1) The company’s current lithium hexafluorophosphate production capacity exceeds 1 ton and has achieved self-sufficiency. At the same time, it has actively deployed new lithium salts and has made good progress; 2) Subsidiary increased capital in Anhui Tiantianfu and gradually deployed lithium hexafluorophosphateUpstream material hydrofluoric acid; 3) The company expanded its production in Liyang, Jiangsu 10 and gradually increased its market position.

We believe that the company’s entire industrial chain layout can better leverage the synergies between businesses, while stabilizing the company’s performance by shifting product prices to achieve sustained and stable growth.

Catalyst: The company’s increased production capacity landing risk reminder: new energy vehicles supplemented with alternatives, 杭州桑拿网 and the increase in production capacity was less than expected

Edifier (002351) Performance Express Review Comments: Performance in line with expectations continues to be bullish on TWS brand scarcity

Edifier (002351) Performance Express Review Comments: Performance in line with expectations continues to be bullish on TWS brand scarcity

Event: On February 20, 2020, the company released the 2019 results flash report, resulting in revenue of 12.

4.3 billion, an increase of 41% previously, net profit attributed to mothers1.

2.3 billion, an annual increase of 130%.

  We commented as follows: The performance was in line with expectations, and the sharp increase in Q4 results verified that TWS established an inflection point.

The company released its 2019 performance report on February 20, 2020, with an initial revenue of 12.

4.3 billion, an increase of 41% previously, net profit attributed to mothers1.

2.3 billion, an increase of 130% each year, the overall performance in line with expectations; the corresponding quarter of Q4 single revenue is 4.

5.5 billion, an increase of 65% in the past, an increase of 65% from the third quarter, and the single-quarter performance was 0.

4.3 billion, an increase of 115% from the previous quarter, and a year-on-year increase in profitability. The company ‘s Q4 performance increased significantly and led to a beautiful performance.Products, we expect TWS products to be sustainable and competitive.

We expect the company’s performance in 2020-2021 to grow 144% and 36%, respectively.

In the first year of TWS headset outbreak, scarce brand manufacturers focused on it.

2019 via Bluetooth 5.

0 Technology promotion, and chip vendors such as Qualcomm to support more stable solutions, flagship phones cancelled 3.

The 5mm interface and terminal prices have returned to a reasonable range, and the wireless headset market has shown good jet growth. According to the GFK forecast, the global TWS headset displacement will be about 65 million units in 2018, and the output 厦门夜网 will be about 1/2 billion in 2019-2020, especially the conversion.Airpods pro is constantly stocking more than expected, and the penetration rate of tws headsets has increased beyond expectations.

We believe that in the short term, the brand A products will integrate the guidance and innovation. In the medium and long term, the positioning of Android mobile phones and brand manufacturers in the low-end market will effectively enjoy the dividends of the consumer groups in the mid-end market. From chip-component-ODM,-Terminals, the brand terminal rambler that mainly recommends value-added and elastic bonding, especially the company’s cost-effective features based on sound quality brands will enhance the company’s competitive advantage in the brand field.

Profit forecast: We forecast the company’s operating income from 201天津夜网9 to 2020 will be 12 respectively.

43, 23.

3.3 billion, a year-on-year increase of 41% and 88% respectively, achieving net profit attributable to mothers respectively1.

23, 3.

00 (+ 6%) billion US dollars (Slightly revised performance in 2020 was mainly due to the application for funding of KN95 masks produced by Dongguan Lifa Air Air Purification System Co., Ltd., a subsidiary of the company, and we reduced some asset impairment losses), Which increased by 130% and 144% respectively, corresponding to PE of 103-42 in 2019-2020; considering that the company benefits from the rapid growth of the TWS industry and continues to develop into its sustainability, the competitive advantage and scarcity of independent brands, and the valuation of comparable companies, Maintain “Buy” rating.

Risk Warning: Sales volume is less than expected; market competition risk

Huawei’s mysterious code implies black technology?

High growth of these stocks + foreign buying

Huawei’s mysterious code implies black technology?
High growth of these stocks + foreign buying

Big Financial Detonates Quotes Huawei Concept Stocks Have Drama!

Come to Sina University of Finance and listen to the opening column of the Trading Day Financial Morning Post.

  Many Huawei fans look forward to the launch of the new machine, and A-share partners are eager to move.

  Huawei ‘s first release of the year of the mouse breaks through the focus on new folding screens. Following Xiaomi ‘s release of the Xiaomi Mi 10 series of the annual 5G flagship phone last week, Huawei also announced the restart of the “5G Full Scene” series of antique Huawei terminals on February 24th, releasing mobile phones and PCs., Tablet, IOT (Internet of Things) and other 5G new products.

  Although the MWC 2020, which was originally scheduled to be held in Barcelona at the end of February, has been officially canceled, according to the official Weibo news of Huawei Terminal, Huawei ‘s “5G Full Scenario” series conference will still become a separate antique.

  Before the Global Mobile Communications Systems Association (GSMA) announced the cancellation of MWC 2020, Huawei’s terminal had announced on its official Weibo that it had released a warm-up poster for the “5G Full Scenario” series of press conferences. The poster showed that Huawei’s global new product conference was scheduled for 2On May 23, the theme was “Enable Huawei’s Smart Life in All Scenes”, and a mysterious code such as 1 + 8 + N, 5G, and communications appeared in the preheating map.

  As Huawei’s first launch conference this year, many Huawei fans and technology enthusiasts have been waiting for a long time, and Huawei also previewed several new products in advance.

According to the announcement announced by Huawei, the long-rumored Huawei folding screen new Mate Xs will be the protagonist of this conference.

  It is reported that Huawei Mate Xs will be equipped with Kirin 990 5G processor and support dual-mode 5G. Compared with the previous generation, the performance and control can be improved.

At the same time, the key folding screens and hinges of Mate Xs will be fully upgraded, which will bring quality and user experience.

The products of this conference also include 5G version of MatePad, PC and other new products.

  Huawei concept leaders continue to set new heights. Through Huawei new machine launch conferences, Huawei concept stocks in the A-share market have long been restless.

Lixun Precision, which has the highest market value among Huawei concept stocks, rose sharply yesterday.

86%, the closing price hit a record high again, the latest market value reached 265.8 billion yuan.

Lixun Precision specializes in R & D, production and sales of connection cables and connectors. It is one of Huawei’s core suppliers.

  Securities Times · Statistics show that the Huawei Concept Index has gradually increased by more than 10% this week, far exceeding the broad market over the same period.

Yesterday, the concept stocks of Huawei again raised the tide limit. Jinlong Mechanical and Electrical, Tongyi Shares, TCL Technology, Zhuoyi Technology, Invic and others had daily limit.

As of now, the number of Huawei concept stocks has reached more than 300, and the total value of the A stock market is 4.

82 trillion yuan, both in terms of quantity and market capitalization, are in the forefront of the upper and lower sections of the A-share market.

  Since the Spring Festival of the Year of the Rat, the two cities have stabilized after a vertical mutation in the first week. Many Huawei concept stocks have reached a record high after the split seam. Lixun Precision is only one of them.

Data show that 18 Huawei concept stocks hit a record high yesterday, including Shenzhen Technology, Huatian Technology, Wingtech, Hetai, Jingfang Technology, and Huiding Technology.

  In essence, some Huawei concept stocks may be sought after by Beijing Capital. The data shows that there are more than 90 Huawei concept stocks that have been won by Beijing Capital in the past month. Of these, 13 shares have been increased by Beijing Capital in excess of 10 million shares.

The largest increase in the number of shares is BOE A, the company is the domestic LCD panel industry leader, the stock rose sharply 7.

66%, the latest closing price hit a new high in one year.

The following is a list of Huawei concept stocks increased by Kitakami Capital: Among the many Huawei concept stocks, which of the listed companies ‘performance data last year and this year are worth looking forward to?

According to the annual performance forecast and the unanimous forecast data of more than 5 institutions, the average growth rate of the net profit of 19 Huawei concept stocks last year and this year is expected to exceed 30%, such as Wingtech, Xinyisheng, Jingyan Technology, and Opec Light.The following table: The top figures indicate that the gradual release of the conference will increase the focus of the short-term market on consumer electronics and Huawei’s industrial chain.

From the medium and long-term perspective, 5G is leading the widespread commercialization of the new generation of information technology. 武汉夜生活网 The wave of machine replacement will push consumer electronics into the boom cycle, and the turning point of leading consumer electronics performance has already appeared.

Domestic chips will benefit from the transfer of semiconductor industry to the mainland and import substitution.

The investment logic of the electronics industry has not changed, and the midline can continue to be bullish.

  As the highlight of this new Huawei press conference, the Mate Xs folding screen mobile phone is indeed the biggest focus, and Huawei’s mobile phone industry chain may benefit first.

Guotai Junan Securities has sorted out a list of Huawei’s mobile phone industry chain companies for readers’ reference. For details, see the following figure: Dragon Tiger List Tracking Funds Most Favorable These Stocks February 20th. The net purchase of seats and funds in the institutions and 杭州夜网 business departments of the Dragon Tiger ListInto 14.

0.6 billion, of which 15 net stocks were bought.

The top three stocks for net purchases were TCL Technology, Oriental Fortune, Flush, etc., and the net purchase amount accounted for 8 of the day’s turnover.

56%, 4.

27%, 15.
  From the perspective of the market capital flow, the main capital inflows exceeded 50 million and there were 12 stocks bought on the Dragon Tiger List. Among them, Oriental Fortune, TCL Technology, BYD and other stocks had the largest net inflows.

The stocks with the largest net inflows were Tongpu, HNA Innovation, Oriental Fortune, and the net inflows were 55 respectively.

86%, 47.

5%, 25.


  Longest consecutively rising stocks: BYD funds have accumulated up to the latest closing. A total of 684 stocks in the two cities have continuously increased for more than three trading days, and 297 stocks have continuously exceeded five trading days. The top three with the most consecutive rising days are showStrong shares (13 days), Beibo shares (12 days), Hesheng shares (12 days).

The top three stocks that increased the most during the consecutive rise were Xiuqiang shares (215.

4%), Beibo shares (108.

71%), dry photo optoelectronics (76.


  Among the 684 consecutively-growing stocks, 55 stocks gradually increased their net inflows during the period to more than US $ 100 million.

Among them, BYD has the most accumulated capital inflows, and the main capital has accumulated inflows.

7.9 billion yuan.

  143 short-term moving average cash forks such as Huifa Food are the latest. The 5-day moving average of 143 A-shares has actively crossed the 10-day moving average. Among them, the 5-day moving average of Huaping, Huifa Food, Fuxiang and other stocks is 10-day moving averageThe distances are the largest, reaching 2 respectively.

88%, 2.

8%, 2.


  It is obvious that the main capital inflows of BYD, China Satellite, Yili and other stocks ranked first, reaching 5, respectively.

300 million, 2.

3.3 billion yuan, 1.

400 million yuan.

  32 stocks have recently been increased. The latest data of 9 shares including Yunnan Copper has surged. The latest data shows that 32 listed companies have been increased in the last ten trading days, and the total number of increased shares is 1.

6.5 billion shares, increasing its market value by 10.

US $ 4.2 billion (changes in the increase in holdings are subject to the last day of the change in the announcement).

Among them, Inner Mongolia Huadian has the largest increase in the number of shares held, reaching 25.5 million shares, accounting for 0 shares of A shares in circulation.

44%; Liaoning Chengda has the largest increase in market capitalization, reaching 1.

8.5 billion; and the company with a higher proportion of increased shares in circulating A shares is Xinyuan Technology, which has an increase of 2%.


  In terms of consolidated annual results (performance forecast), the net profit of Yunnan Copper, Huiyuan Communications, Dagang Holdings and other companies increased by 449.

01%, 393.

41%, 145%.

Hengrui Pharmaceutical (600276): The company’s performance is in line with expectations

Hengrui Pharmaceutical (600276): The company’s performance is in line with expectations

Company performance Recently, the company announced the 2019 first quarter report. The overall performance was in line with expectations, and R & D investment continued to expand.

Realized income 49.

67 ppm, 28 per year.

8%; net profit attributable to mother is 11.

9.3 billion, about 25 a year.

6%; net profit after deducting non-attribution is 11.

55 ppm, 27 per year.

8%; budget benefit is about 0.

27 yuan.

Opinions The company’s performance is in line with expectations, and the growth rate of the profit side is lower than that of the income side, which is mainly due to the continuous growth of R & D expansion: the company’s revenue growth rate is about 28.

77%, we expect to be related to the sales volume of new batches of varieties last year, such as pirlotinib, 19K, albumin paclitaxel, etc.

The gross profit margin is about 南京夜网论坛 86.

4%, basically the same every year; the sales expense ratio is about 35.

75%, about 0 per year.

5%; R & D expenses are about 6.

6 billion, the previous growth rate was about 56.

67%, accounting for 2% of the income each year.

4%; the growth rate of return to motherhood is lower than the expected growth rate of revenue related to the increase in research and development expenditure.

In addition, external operating expenses have increased by 190% each year, which is expected to be related to donation expenditures; operating net cash flow has increased at a rate of approximately -13 several times.

79% is expected to be related to the increase in bills receivable.

R & D investment continues to increase, and the company’s clinical progress and future prospects for new drugs are worth looking forward to.

The blockbuster variety PD1 is about to be approved, focusing on the clinical progress of the major indications: The company’s blockbuster innovative drug variety PD-1 (carelizumab) is currently declared for production and there is a priority review sequence. We expect to have completed the review and replacement.Pursuit was recently approved for listing.

At present, many foreign and certain domestic PD-1s have been approved for listing, and the company is expected to be approved for listing on the first echelon.

In addition, the company’s PD1 is expected to have more than 20 clinical trials. This year, it is expected to end clinical trials for major indications such as diabetes and declare production.

We expect to participate in the medical insurance negotiations in the next year, and currently only domestic PD1 and Merck have been approved for the prevention of indications.

R & D costs continue to increase, and early clinical potential varieties and overseas clinical focus are worthy of attention: the company’s R & D expenses in the first quarter were about 6.

62 trillion, accounting for about 13.

3%, about 56 per year.


Recently, the company SHR0302 has been approved by the FDA clinical, SHR1702, INS068, SHR1701 and other clinical approvals have been obtained. SHR1210 combined with apatinib FDA has entered phase III clinical trials.

We expect that there will be no shortage of new drugs in the new clinical varieties. It is recommended to pay attention to the development of new drugs such as CDK46, PD-L1 / TGFβ, PD-L1 in domestic clinical practice, and the progress of first-line clinical programs for liver cancer with PD-1 combined with apatinib overseas.

Earnings forecast and investment recommendations take into account the company ‘s concentrated listing and sales contribution of innovative drugs, and domestic and international high-quality generic drugs have been approved, and the performance has grown steadily. We maintain the company ‘s “Buy” rating.

We expect EPS to be 1 in 2019-2021.



86 yuan, corresponding PE is 54.


4/34.8 times.

Risks suggest uncertainty in the procurement of generic drugs.

There is uncertainty in the progress of subsequent development of innovative drugs.

There is uncertainty about the clinical and approval of overseas generic drugs and innovative drugs.

The impact of zero tariff on anticancer drugs entering China is uncertain.

There are uncertainties in changes in items such as prepayment, investment income, and non-operating expenses.