Boss Electric (002508): The company’s traditional kitchen appliances are firmly connected in series and actively deploy new channel business

Boss Electric (002508): The company’s traditional kitchen appliances are firmly connected in series and actively deploy new channel business
Event description 2019H1 company achieved operating income of 35.27 ppm, an increase of 0 in ten years.88%, achieving net profit attributable to shareholders of listed companies.7 ppm, an increase of ten years.52%. Q2 achieved revenue of 18.67 ppm, a decrease of 1 per year.98%, an increase of 12 from the previous month.45 pct; net profit attributable to mother 3.51 ppm, a decrease of 2 per year.11%, an increase of 9 from the previous month.73. Event Comment The traditional kitchen appliance market is sluggish, and the company’s main categories still rank first in the industry.Zhongyikang’s monitoring shows that in the first half of 2019, the retail sales of kitchen appliances’ main categories of range hoods, gas stoves and disinfection cabinets increased by -5.86%, -4.09%, -17.72%.As a leading enterprise in the kitchen appliance industry, the company continues to maintain the number one position in the range hood, gas range and built-in oven industries.In 2019, the company has established a steam box division, which is the first time in history that a separate division has been established for one category.From the perspective of the new category of steam boxes, the speed of new model launches and the sales speed of terminals, the embedded (sterilizer, steam box and all-in-one machine) ranked second in the industry. Due to the adjustment of the company’s channels, its operating capacity declined in the short term.The company’s selling expenses increased by 2.62%, management expenses fell by 6.83% and financial expenses decreased by 38.42% mainly refers to the decrease in income.In terms of operations, there were declines to varying degrees, of which the inventory 武汉夜生活网 turnover rate fell by 0%.14. Turnover rate of accounts receivable decreased by 1.32. The turnover rate of fixed assets decreased by 0.07; Net cash flow from operating activities decreases by 41 each year.3%.We believe that the company’s vigorous expansion of engineering channels and innovative channels, compared with the traditional retail channels, have led to a continuous short-term decline in the company’s operating cash flow and operating performance compared to the traditional retail channel. The company dug deep into engineering channels and innovation channels.The company continued to optimize the specialty store system in the retail channel, and strengthened the integration of multiple channels to achieve online and offline collaborative development.In terms of engineering channels, according to the “Thirteenth Five-Year Plan for the Development of the Construction Industry” released in 2017, the goal of 30% of full renovations by 2020 was clearly stated.The cooperation between Country Garden, Sunac and other real estate developers, while the central range hood continued to help the development of strategic customers for engineering channels, and the investment in engineering channels increased by 80%.According to the monthly monitoring data of the fine decoration of Aowei Real Estate, the market share of the “boss brand” range hood is 37.8%, ranking first in the industry.Innovating channels, the company actively explores new retail models. Through in-depth cooperation with cabinet companies such as Europa, Smi, and home improvement companies such as Love Space, Golden Mantis, and Dongyi Risheng, it explores innovative channel outlets and stimulates the vitality of the home improvement market. The company focuses on research and development and actively builds smart kitchens.In the first half of the year, the company applied for a total of 274 patents, of which 64 were invention patents; it obtained a total of 237 patents, including 8 invention patents, and has been called “environment-friendly range hood”, “steaming and baking machine” and other industry standardsFormulation.In order to improve the consistency and timeliness of delivery, reduce work in progress and sluggish inventory, the company also actively promotes the construction of informatization capacity of production systems.In addition, the construction of the Maoshan Intelligent Manufacturing Science and Technology Innovation Park project has proceeded smoothly. After completion, it will promote the company’s intelligent, integrated and other high-end kitchen and electrical product conversions, intelligent manufacturing upgrades, and solidify the company’s long-term development foundation. Investment suggestion that the company’s reputation as a high-end kitchen appliance giant and its brand influence have produced premiums well above the market average.In recent years, the company has continued to dig into third- and fourth-tier cities. It has recognized the breadth and depth of channels, and achieved full coverage of the high-end, low-end kitchen appliances market through “boss + reputation”.In addition, the company continues to develop traditional smoke cooker products on the basis of actively developing the embedded kitchenware market to meet market development needs. It is expected that the company’s EPS for 2019-2021 will be 1.95\2.16\2.37 , PE 为12\10/8\9.9, maintain the “overweight” level. There are risks of raw material price fluctuations, channel sinks are lower than expected, and the real estate market continues to weaken.

Haige Communications (002465): Dual markets + four major businesses that meet performance expectations to drive continued growth in the future

Haige Communications (002465): Dual markets + four major businesses that meet performance expectations to drive continued growth in the future

Event: On February 20, the company issued a 2019 annual performance forecast, and it is expected that the company will achieve operating income 46 in 2019.

23 ppm, an increase of 11 years.

58%; net profit attributable to shareholders of the listed company is 5.

19 ppm, an increase of 19 in ten years.


Comments: 1. The performance is in line with expectations, and the steady development of the business drives the company’s performance to continue to grow.

23 ppm, an increase of 11 years.

58%, net profit attributable to mother 5.

19 ppm, an increase of 19 in ten years.


The company achieved net profit attributable to mothers in the first three quarters3.

11 trillion, preliminary estimates for the fourth quarter single-quarter performance is about 2.

08 million yuan, a year-on-year growth rate of 19.


The company’s annual and fourth quarter results were in line with expectations, and the company’s operations developed steadily.

We believe that the growth of the company’s performance is mainly due to the continuous extension and implementation of the contracts signed by the company with special institutional customers, including wireless communications (including satellite communications), Beidou navigation products and supporting equipment, and other high gross profit margin-related business revenues.Revenue from information services and other sectors also achieved steady growth.

2. Occupy the core technology high ground, the company is expected to seize changes in the military products + civil dual market. At the end of 2019, the company announced that it had signed contracts with customers of special institutions with a total contract amount of about 7.

170,000 yuan, accounting for 17 of the company’s audited operating income in the most recent fiscal year.

63%, the contract supply time is from December 2019 to 2020, the corresponding month, the specific time is implemented in accordance with the contract provisions, it is expected that the signing of the relevant scheduled 厦门夜网 contract will continue to have a positive impact on the company’s operating income and operating profit in 2020.

In addition, the company’s products have been at the forefront of multiple scientific research projects for national defense informatization during the “Thirteenth Five-Year Plan” period. The transformation of military reforms has been successfully advanced and the construction of national defense informatization in the mid-to-late period of the “13th Five-Year Plan” has continued to be strengthened. It is possible to foresee the future market of special institutionsThe potential is vast and there is room for breakthrough and growth.

In the first half of this year, Beidou III will launch the last two geostationary orbit satellites to complete the launch of all networked satellites.

The company has 西安耍耍网 constructed a full-chip solution for Beidou III applications, carried out the development of Beidou III series terminals, and relied on core capabilities to provide “platform + service” system solutions.

As an important equipment supplier of Beidou Navigation, the company is in a leading position in the market of Beidou Navigation-related special institutions and the civilian market, and has a broad market prospect.

3. The strategic positioning is clear. The future development of the four-wheel-drive company whose main business is the military communications leader will still focus on the four major business areas of “wireless communication, Beidou navigation, aerospace, software and information services”, and continue to maintain a high proportion of scientific research and investment.The road of independent innovation drives the company’s performance to achieve rapid growth.

Wireless communication: Existing business is stable and multiple breakthroughs are achieved.

While actively consolidating the short-wave, ultra-short-wave, and second-generation satellite stock businesses, the company has achieved breakthroughs in short-wave communication systems and multi-mode intelligent terminals, which has broadened the company’s future profitability.

BeiDou Navigation: keep ahead in technology and continuously develop applications.

The company masters the core technology of Beidou navigation, independently develops chips, ensures its competitive advantage in the market, seizes the possibility that Beidou III is about to complete networking, and firmly grasps the market of this high gross profit margin industry.

Aerospace: The civilian market has developed smoothly.

The traditional simulation and simulation product line has developed steadily. Capricorn Innovation has signed a simulator contract with Xifei and institutional customers to grasp the progress of domestic autonomy of civil aviation equipment and make breakthroughs in the foreign civil aviation market. The subsidiary Chida Aircraft wholly-owned in ChengduEstablished a subsidiary of 50 million yuan, improved the layout of the aviation manufacturing industry chain, and successfully passed the supplier qualification review of Airbus to enter the international market.

Software and Information Services: A New Breakthrough.

The subsidiary, Haige Yichuang, has integrated rich industry experience in the fields of comprehensive network maintenance, engineering construction, and accumulated technical strength and talent advantages. In 2019, it has announced that it has won more than 1.5 billion U.S. dollars in bids and integrated network maintenance in China Mobile.The procurement project further explored the high-quality business market in North China, and for the first time entered the generation and maintenance markets in the populous provinces such as Henan and Shandong, and achieved breakthrough market breakthroughs.

Up to now, Haige Yichuang has provided 15 provinces with comprehensive maintenance services for China Mobile, which has guaranteed the company’s operating income in the next two to three years.

4. Military communications + Beidou navigation leader, dual market + four main business drivers, maintaining the “strong recommendation-A” rating company is the domestic military communications + Beidou navigation leader, with full coverage of wireless communication technology commercial capabilities and the entire industry chainThe layout of Beidou navigation equipment manufacturing capabilities has been successfully promoted by the military reform and the strengthening of national defense informatization construction during the mid and late period of the “13th Five-Year Plan”.Dual market space.

In addition, the company’s aerospace, software and information services have also made breakthroughs. With wireless communications, Beidou Navigation has formed four major business segments, which strongly support the company’s future development.

We expect net profit for 2019-2021 to be 5, respectively.

1.9 billion, 6.

$ 5.6 billion and 7.78 ppm, corresponding to 54 PE in 2019-2021.

1 X, 42.

8 X and 36.


Maintain “Highly Recommended-A” rating.

Risk warning: military orders are less than expected, Beidou system construction is less than expected

East China Pharmaceutical (000963) 2018 Annual Report Comments: Fourth-Quarter Performance Exceeds Expectations Commercial Segments Rebound

East China Pharmaceutical (000963) 2018 Annual Report Comments: Fourth-Quarter Performance Exceeds Expectations Commercial Segments Rebound

This report reads: The company’s 2018 performance exceeded market expectations, and industrial growth in the fourth quarter increased.

Business bottomed out and maintained overweight rating.

Investment Highlights: Maintain “Overweight” rating.

The company announced its 2018 annual report and achieved operating income of 306.

6.3 billion, an increase of 10 in ten years.

17%; net profit attributable to mother 22.

6.7 billion, an increase of 27 in ten years.

41%; net profit deducted from non-mothers22.

3.6 billion, an annual increase of 28.

52%, the fourth quarter performance exceeded market expectations.

We raise our earnings forecast EPS1 for 2019-2020.

93 (+0.

05) / 2.

36 (+0.

09) yuan and forecast EPS2 in 2021.

80 yuan, considering the impact of changes in the industry recruitment rules on the chemical generics sector estimation system, we lowered our target price to 42.

46 (-10.

22) yuan, corresponding to PE22X in 2019, maintaining the “overweight” rating.

Industry is growing steadily and rapidly, and business is picking up.

Reports on emerging companies manufacturing growth24.


Core subsidiaries Sino-US East China revenue increased 24.

13%, profit increased 39.

24%, exceeding market expectations.

The main varieties are expected to maintain a good growth trend, and the growth rate of second-line varieties such as compound pioglitazone is higher.

Business growth 5.

47%, continued to pick up in the second half of the year, the impact of the two-vote system was gradually digested, and gradually recovered in 2019.

Accelerating innovation and internationalization.

With continued high investment, R & D has been advanced rapidly.

Report major company R & D investment7.

0.6 billion, an increase of 52.

9%, the key varieties of liraglutide, mehuatinib, HD118, TTP273, insulin and other continuous progress, consistency evaluation, generic drug declarations have continued to advance, research and development work is practical and efficient.

The pace of internationalization has accelerated, and pantoprazole 武汉夜生活网 injection US ANDA has been approved, and subsequent applications have been steadily advanced.


The core business grew faster than expected, the innovation transition continued to advance, the pace of internationalization continued to advance, and the research and development progress exceeded expectations.

risk warning.

Volume purchase policy affects risks, and core product prices fall significantly

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

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.


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.


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.


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.


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

Guizhou Moutai (600519): Q2 high base steady growth waiting for the transformation of the marketing system

Guizhou Moutai (600519): Q2 high base steady growth waiting for the transformation of the marketing system
The event company released its 2019 Interim Report and achieved revenue of 411 in the first half of 19 years.7.3 billion (+16.8%), net profit attributable to mother 199.5.1 billion (+26.56%), deducting non-net profit of 200.3.1 billion (+26.11%). 19Q2 achieved operating income of 186.9 trillion, ten years +10.89%; net profit attributable to mother 87.3 ‰, +20 per year.3%; deduct non-net profit 87.3 ‰, +18 a year.4%. Key points of investment Q2 report shipments were lower than expected, mainly due to package material replacement + channel integration.The company’s revenue in 19H1 was 347.9 trillion, ten years +18.4%.Taking into account the high base of the 18Q2 statement, the revenue / profit was US $ 16.9 / 7.3 billion, respectively, which increased by 46/42% year-on-year, and the revenue / profit of 19Q2 increased by 11/20%.The 18Q2 report confirmed that the shipment volume was about 6,800 tons, and the advance receipts decreased by 3.2 billion from the previous month.Combined with grassroots research, it is estimated that the shipments confirmed in the off-season of 19Q2 are about 7,000 tons, exceeding market expectations.The main reasons are 1) because the packaging materials were changed from “Moutai” to “Guizhou Moutai”, the supply was slightly disrupted during the replacement of packaging materials; 2) channel integration.Due to the adjustment of the company, the adjustment of the distribution system structure of the distributors and the group, the progress of direct shipments by channel was slow, and the execution of distributors was accelerated.At the end of June, most dealers have already implemented the July plan, and some of them have been replaced in August; 19H1 company’s direct 都市夜网 sales channel revenue of 16 trillion, -37.8%, it is estimated that in the first half of the year, direct shipping channels shipped 868 tons.With the increase in the off-season investment, the price of Feitian is still high. Except for the slight change after the speech of Secretary Li Baofang at the end of June, the high level of 2050-2100 yuan was maintained, which verified that the demand gap had not been met for a long time.19H1 gross profit margin 91.87%, ten years +0.93pct, estimated non-standard share increase + expected tax rate reduction total contribution; 19H1 sales expense ratio4.83% a year -1.4pct; management expense ratio 6.6%, -0 per year.4pct, jointly driving net profit +3.5pct to 51.5%. Advance receipts increased, showing expected cash flow.Advance payment 122 at the end of the second quarter.57 trillion, +9 trillion chain.At the end of June, the company required dealers to make payments to the company in the second half of the year. Although some channels reported that the company returned some funds, we gradually made actual payments better than last year. The production of base wine has been completed beyond the planned amount, waiting for the transformation of the marketing system.Production of base wine was completed in the first half of the year4.53 Initially, the output of Moutai base wine was 3.44 For the first time, the output of a series of wine-based wines1.09. According to the information of the Moutai Group meeting, the production capacity of Moutai liquor-based wine exceeded the plan 129.8%, 70% of the annual target is completed.04%.The number of reported distributor channels is still being sorted out, and at least nearly 100 Moutai distributors have been reduced. It is expected that the adjustment is coming to an end.The second half of the year awaits the launch of the group’s marketing company structure and plans. Direct sales, group purchases, e-commerce, and supermarkets are expected to accelerate volume.In the medium and long term, while the group marketing company is exploring group purchases by major customers, through well-known e-commerce, commercial and other mature channel resources, it will help channel breakthroughs and price stability. Profit forecast and investment grade: We expect the company’s revenue to reach 898/1033/1163 billion in 19-21, with a long-term growth of 16% / 15% / 13%; net profit attributable to mothers will reach 431.51 / 501/57 billion, an increase of more than 22% /16% / 14%; corresponding PE is 28/24 / 21X, maintain “Buy” rating. Risk reminder: the risk of falling demand for high-end wine, the production capacity distribution is not up to expectations, food safety risks, and the growth of series of wines is not up to expectations.

Meinian Health (002044) Company Research: Signing a cooperation agreement to continuously improve the quality of physical examination

Meinian Health (002044) Company Research: Signing a cooperation agreement to continuously improve the quality of physical examination
Event: The company announced a cooperation agreement with Shenzhen Bo and Aidikang.The company and Shenbo Medical Institutions ‘“ Procurement Framework Agreement ”will purchase automatic breast ultrasound system equipment and supporting frameworks from Shenbo Medical Institutions. It is estimated that the total procurement will be 30 million by 2020.Purchase medical examination information management software from Aidikang for a total price of 11 million yuan.  The introduction of automatic breast ultrasound system, technological innovation is the company’s genes.We believe that the research and development investment of Meinian Health is not solely based on R & D expenses, but through the position of its medical examination leader, huge business volume goes upstream for research and development, capsule gastroscopes for syringes, cardiac MR and other projects.The system is the embodiment of the company’s scientific and technological innovation genes, and the quality of medical examinations continues to improve on the project: the automatic breast ultrasound system independently developed by Shenbo Medical is the first in China and has a leading position.Shenzhen Bo obtained the registration certificate of innovative 南宁桑拿 medical device products in September 2019. The rest are only Siemens, GM and other foreign companies that have been automated breast ultrasound systems. The automatic breast ultrasound system is expected to solve the problems of high missed diagnosis of breast ultrasound screening and the relative overcoming of doctor gaps in the future, and further improve the quality of physical examination. The estimated purchase amount of 30 million yuan in 20 years corresponds to 50 machines. After the pilot, it is expected that the national replication will further reduce the purchase price.Shenzhen Bo promises to give Meinian the best price under the same conditions. If a large-scale purchase is formed after the completion of future pilots, the price of a single machine will be further reduced.  Continue to cooperate with Aidikang,深圳桑拿网 and introduce cost-effective medical laboratory information management software.The company and ICL, one of ICL’s leading companies, are affiliated companies and have achieved long-term strategic cooperation (September 18, Meinian intends to take a stake in 5% of Idikon’s overseas parent company, but it has not yet been completed; February 19Reached a strategic cooperation with Aidikang; in February 20th, cooperated with Aidikang on the detection of new coronavirus nucleic acid), this time purchasing medical test information management software from Aidikang will further improve the quality of Midea’s tests, meanwhileHigh cost performance: The contract price of 11 million yuan is a one-time fee, and thereafter is 69.The maintenance cost of 250,000 yuan / year is calculated based on the 700 stores in Midea. The average price of each store is only 1.570,000 yuan, with super high cost performance among similar providers.  The impact of the epidemic has gradually diminished, and the Midian Health Examination Center has continued to work.Judging from the data of the current epidemic situation, the addition of confirmed diagnosis and supplementation seems to have continued to decline, and the impact has been gradually reduced. The company resettled and began to apply for resumption of work in various places on February 24 (the specific situation needs to be based on the requirements of the local health committees).During the recovery period, special screening for returning to work will be mainly used. Cross-infection can be avoided under the strict expectation of the peak shift schedule. At the same time, a physical examination can be arranged flexibly, and the CT part will be done first, and other projects will be completed on time.  Earnings forecast: We expect the company’s net profit attributable to its parent to be 8-20 in 2019-2021.68, 11.69, 15.62 ppm, a five-year increase of 5.7%, 34.7%, 33.7%, the current sustainable corresponding PE is 63x, 47x, 35x.The company is the leader of private medical examination. Although it is temporarily affected by the epidemic, it does not affect its long-term value and maintains a “Buy” rating.  Risk reminder: there is uncertainty in the time of resumption of the operation of medical examination centers in various places.

Risk capital in the third quarter of heavy storage bank stock market value exceeds 500 billion yuan

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.

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.