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Guojin Securities (600109) 2018 Annual Report Comments: Performance and Industry Securities Investment Business Increased Adversely

Incident Description The company released its 2018 annual report and achieved operating income of 37.

6.6 billion, down 14 each year.

22%, net profit attributable to owners of the parent company10.

10 ppm, a decrease of 15 per year.

89%; estimated average return on net assets is 5.

28%, a decrease of 1 per year.

34 units.

Event reviews strictly control costs, and performance can be industry average.

In 2018, the company’s return to net profit can replace 15.

89%, far lower than the industry’s net profit reduction of 41.

04%.

The first is that the company has a good market-oriented mechanism and implements an effective incentive system. It adjusts the compensation structure according to market changes, strategic objectives, and other aspects, and optimizes the evaluation and incentive mechanism.

86%, operating costs fell by 13.

32%.

Under the prudent strategy, investment business has grown significantly.

In 2018, the company strictly controlled investment risks, adopted a prudent investment strategy, proactively reduced credit risk substitution and appropriately expanded the scale of bond investment, seized certain opportunities in fixed income and derivatives business, and 杭州桑拿 realized income from securities investment business7.

9.5 billion yuan, an increase of 248 over the previous year.

51%.

Investment banking business was frustrated under the strict regulatory environment.

As of the end of December 2018, the company had a total of 137 registered sponsor representatives, ranking 5th among all sponsors. However, due to the impact of macroeconomic and regulatory environment, the company realized investment banking income in 20187.

02 billion, down 48 a year.

21%, a drop higher than the industry average of 27.

40%.

The investment strategy predicts that the company’s EPS for 2019-2021 will be 0.

37\0.38\0.43, net assets are 7.

10\7.74\ 8.82, corresponding to the company’s closing price of 10 on March 29.

74 yuan, PB for 2019-2021 is 1 respectively.

51\1.39\1.22. For the first 厦门夜网 time, give a “buy” rating.

Risky secondary market declines severely; capital market reforms fall short of expectations

Risk capital in the third quarter of heavy storage bank stock market value exceeds 500 billion yuan
Source: Securities Daily Bank shares have always been the main target of risk capital holdings, and the end of the third quarter of this year is no exception.According to “Securities Daily” reporter combing according to Oriental Fortune Chioce data, at the end of the third quarter of this year, insurance capital appeared in the list of the top ten shareholders of tradable shares of 12 bank shares.Judging from the changes in the position adjustment, the insurance capital increased its holdings of Industrial and Commercial Bank of China, 杭州夜网 Agricultural Bank of China, Ping An Bank and Bank of Shanghai in the third quarter; it reduced its holdings of Bank of China.　　Overall, the market capitalization of the heavy stock holders (entering the top ten shareholders of outstanding shares) of the insurance capital at the end of the third quarter totaled 506.9 billion U.S. dollars, and the stock market value increased by 6% from the 477 billion at the end of the second quarterRisk capital holds the total market value of all stocks (1.32 trillion) of 38.6%.Judging from the rankings, at the end of the third quarter, the market capitalization of Ping An Bank, China Merchants Bank and SPD Bank ranked the top three with 1753 respectively.100 million, 875.0 billion, 688.300 million yuan.　　Why do insurance funds love bank shares?The president of a large-scale insurance company equity investment said in an interview with the Securities Daily: “Insurance capital’s preference for bank shares is determined by the assets of insurance capital. Among various types of financial institutions, the requirements for profitability of insurance capital are not the highest.However, there is a continuous and stable return requirement on assets, which is also determined by the premium side. In each sector, the bank shares are in compliance with this requirement. In the long run, the banking sector is still the target of heavy capital holdings.”Increasing the holdings of 4 bank shares and reducing the holding of 1 overall, in the third quarter, insurance capital was in an increasing trend of holding bank shares.　　”Securities Daily” reporter according to statistics from Oriental Fortune Chioce shows that at the end of the third quarter of this year, the top ten shareholders of tradable shares of 12 banking shares appeared risky capitals, with a total market value of 506.9 billion U.S. dollars, excluding Ping An of China’s Ping An Bank.Holding stocks, the value of insurance stocks held by banks at the end of the third quarter also reached 331.6 billion yuan.　　Specifically, the insurance capital held Ping An Bank, China Merchants Bank, SPDB, Minsheng Bank, Industrial Bank, Industrial and Commercial Bank of China, Huaxia Bank, Agricultural Bank of China, Bank of China, Bank of Shanghai, Bank of Hangzhou, China Everbright Bank, and held stock market value at the end of the third quarter.Respectively 1753.100 million, 875.0 billion, 688.300 million, 525.400 million, 489.600 million, 256.800 million, 205.800 million, 121.100 million, 61.100 million, 46.300 million, 29.800 million, 16.300 million yuan.　　”Securities Daily” reporter compared the risk of the second quarter of heavy capital bank stocks found that at the end of the third quarter of this year, the twelve bank shares of the heavy capital risk are the same as the end of the second quarter.But different from the second quarter, in the third quarter of this year, insurance funds increased their holdings of 4 bank shares and reduced their holdings of 1 bank share.　　Specifically, in the third quarter, Ping An Bank was greatly increased by insurance capital by 12.With 9.5 billion outstanding shares, the number of increased outstanding shares ranks first among the 4 increased shares.Insurance funds also increased their holdings of ICBC3.400 million outstanding shares.Agricultural Bank of China and Bank of Shanghai also increased their holdings by 1 respectively.500 million outstanding shares and 1.100 million shares outstanding.It is worth noting that in the second quarter of this year, insurance capital increased its holdings in Agricultural Bank9.With 700 million shares outstanding, insurance capital has increased its holdings in Agricultural Bank for two consecutive quarters.　　Except for the four bank shares that were increased by the insurance capital, the insurance capital reduced the Bank of China1 in the third quarter.5.9 billion outstanding shares.”Securities Daily” reporter found that Bank of China had been increased by 9 in the second quarter of this year.With 300 million outstanding shares in the third quarter, risk capital was slightly lightened.　　Insurance capital favors large market capitalization bank shares. The above-mentioned insurance company equity investment president said: “Although insurance capital is a long-term fund, it has a natural substitute for the target of stable and sustainable returns. Whether it is a primary market or a secondary market,Preference attributes will not change, and this trend is likely to strengthen in a low interest rate environment.”From the perspective of bank stocks, the above-mentioned risky bank stocks have a stable operation and can bring long-term stable dividend income. Bank stocks are high dividend stocks, which have always paid dividend income.For example, China Merchants Bank may send 0 in 2018.94 yuan, dividends total 237.07 billion; SPDB is divided into 0.35 yuan, dividend strength 102.7.3 billion; Minsheng Bank priced 0.345 yuan, dividends total 151.0.5 billion.Excluding Ping An Bank, the market capitalization of these three stocks at the end of the third quarter also ranked among the top three.　　In addition to the above characteristics, in the third quarter, the minimum bank stocks held by the insurance capital holdings are the largest market value stocks.According to the Haitong Securities Research Report, in terms of industry allocation, insurance companies mainly configure banks, real estate and non-banks. The total value of these three securities holdings accounts for 80% of the total market value of the shares held.6%.From the perspective of market capitalization characteristics, insurance capital only loves large market capitalization stocks. Insurance capital holds 69% of the market value of companies with a market value of more than 50 billion yuan, which is much higher than social security funds.　　From the perspective of bank share allocation value, since the third quarter, a large number of bank shares have a PB of less than 1, which is conducive to the layout of insurance capital.Guotai Junan believes that in the future, the bullishness of bank stocks will gradually increase, and the bullish logic is as follows: First, it is estimated to be low.The current consensus has fully expressed the market’s expectations for bank stocks; the second is a high dividend yield.Third, fundamentals have improved.Similarly, Tianfeng Securities said that statistics show that the average probability of bank sector growth from October to December and the fourth quarter is 85 in turn.7%, 64.3%, 64.3%, 78.6%, significantly higher than other months.In some perspectives, the necessary conditions for the launch of the banking sector at the end of 2019 may already exist.

Taiji shares (002368): income structure improved but investment in transition period is still large

Announcement: The company announced the 2018 annual report, with operating income of 60.

1.6 billion, an increase of 13 in ten years.

52%; net profit attributable to mother 3.

1.6 billion, an annual increase of 8.

29%; net profit of non-attributed mothers 2.

45 ‰, a decrease of 2 per year.

68%.

Expenditure during the transition period is still large, and overall performance is in line with expectations.

Revenue growth in 201813.

52%, cloud and network security are the two main driving forces, and the income structure validates the conversion direction.

Cloud services business achieved growth27.

31%, big security business achieved 47 growth.

25%, the performance of budget business is outstanding, and the contribution rate of performance is constantly increasing (the proportion of revenue from 6 respectively.

92% and 16.

08% increased to 7.

77% and 20.

85%), revenue from traditional system integration services business increased.

35%, basically the same as last year.

Improved income structure and verified transition direction.

Q4 The progress of the Encore pilot project exceeded expectations, and the low gross profit margin of the pilot project was the key reason affecting the overall gross profit margin (the overall gross profit margin was 22).

02% rose to 22.

twenty two%).

In addition to the system integration business, the company focuses on: 1) the development of domestic basic software and hardware integrated solutions, and cooperation with internal industry partners to create a safe and reliable industrial ecosystem; 2) R & D of the core product NPC Jincang.
The progress of the Encore pilot project in the fourth quarter of 2018 exceeded expectations, but the gross profit margin of the pilot project was flat. In order to affect the gross profit margin indicators in the fourth quarter and above, it is evidenced that the gross profit margin improved in the first three quarters.

66%, gross margin fell 7 in the fourth quarter.

69%.

The increase in R & D investment in the transition period is the reason that affects the growth rate of profits.

The company’s strategic direction is completely locked in digital services, which will further focus on government, information security, large state-owned enterprises and other industries, but the transition period will still have a greater impact, and profits will increase rapidly.

The future is divided into 4 aspects: 1) the core is industry intelligent applications and digital services, upgrading the original industry-oriented solutions to digital-based intelligent applications; 2) providing private cloud services to governments; 3) the direction of security ((Including self-controllable); 4) System integration business with low gross profit (proportion is gradually decreasing).

Major security projects are progressing well, and order growth is in line with expectations.

At the beginning of 2018, it became younger, the platform of central enterprises, and the vitality of private enterprises were initially realized.

The company made a relatively large team adjustment in October-December 18, and took office in tandem after 杭州夜网论坛 70s (the new general manager of the independent and controllable core product NPC Jincang Data was 80). In the future, Taiji will rely on the electronics company’s central enterprise platform to obtain order advantages.Continuing (2018H1 single-year growth of 127% in the new decade, shortening the order cycle, gradually determined in 2019/2020).

The new president of Taiji has a private background. In the future, the private vitality advantage of Taiji shares will gradually be transformed.

Maintain the profit forecast for 2019-2020, supplement the profit forecast for 2021, and maintain the “Buy” rating.

The government affairs cloud, big data, big security, etc., which cut into the radial market space, shifted and penetrated during the transition period.

In summary, we maintain our profit forecast for 2019-2020, and add a profit forecast for 2021. It is estimated that the operating income for 2019-2021 will be 68.

2.6 billion, 80.

5.6 billion, 98.8.7 billion, net profit attributable to mother is 3.

8.5 billion, 4.

7.1 billion, 5.

8.7 billion.

Maintain “Buy” rating.

锘?

Three ways to reduce the humidity in the body in winter

1.

Dietary dehumidification glutinous rice, red beans and other common ingredients have a good dehumidification effect.

Among them, glutinous rice is beneficial to water swelling, spleen and dampness, spleen and remove phlegm, clearing heat and draining pus and other effects. Red beans have the effect of strengthening the spleen and stopping diarrhea, and diminishing water and swelling.

Rice red bean soup, Huaishan leisure set of urinary medicine Codonopsis soup, etc. have a good diuretic, dehumidification effect.

2.

The most effective effect of sweating to moisture is exercise and perspiration. Exercise can regulate the functioning of body organs and promote metabolism. In particular, sweating can promote the effective replacement of moisture in vitro.

Modern people have more brains, less physical exertion, less sweating, and can often do some running, walking, swimming, yoga, tai chi and other sweat-prone sports, which can help activate blood circulation, increase water metabolism, and help eliminate the body.A lot of moisture.

3.

Seasonings, damp ginger, onions, and garlic are all commonly used seasonings in the home. They also have irreplaceable vitamin value. You can drink a bowl of hot ginger soup to sweat and force the body’s moisture out.

Chinese medicine practitioners use aromatic plant spices to remove moisture and sweat to fight infections. Most of these aromatic plants are common seasonings.

Modern medicine has also found that many spices do have anti-viral properties, such as the octagonal that is made into a flu vaccine.

锘?

Women’s stomach is not good or related to shoes

Thin women have poor living habits and irregular diets can cause stomach problems, but what you may not know is that sometimes the stomach may not be a shoe.

銆€銆€From the perspective of Chinese medicine, the foot is the second heart of the human body, and the health of the foot affects the health of the human body.

Because the acupuncture points of the foot are connected with a plurality of internal organs, different styles of shoes may stimulate the acupuncture points on the soles of the feet, and may also cause certain stimulation and influence on the internal organs, and the shoes are too crowded to affect the appetite.

Especially for people with bad stomach, pay more attention to the style and comfort of the shoes.

If the impact and damage to the sole of the foot is too large, it will affect the normal function of the gastrointestinal function.

Therefore, the popular, fashionable high heels are the “big enemy” of the upstream road.

銆€銆€Experts suggest that if the stomach is not good, it is best to choose wedge shoes, the heel is best around 2-3 cm.

The forefoot is the massage reflection area of the stomach. This height forms a suitable curvature with the arch. Therefore, the force point is controlled in the forefoot area, and the surrounding points can be properly massaged.

Frequently wearing this kind of high-heeled shoes can protect the stomach and relieve stomach discomfort to a certain extent.

銆€銆€”At least, often before going to bed or after waking up, some abdominal massage can also help the health of the stomach.

Gao Danfeng said that when massage, the body is lying on the bed, with the navel as the center. The left and right hands alternately perform clockwise and counterclockwise repeated massage on the abdomen. It has a good effect on the digestion of the stomach or constipation.