Month: March 2020

China Software (600536) Company Research: Establish a joint venture with China Electronics to overweight the Fei Teng + Kirin system ecosystem

China Software (600536) Company Research: Establish a joint venture with China Electronics to overweight the “Fei Teng + Kirin” system ecosystem

Event: The company’s subsidiary Chinasoft Systems plans to co-invest with China Power (Hainan) Digital Technology Industry Group Co., Ltd. to establish the China Power (Hainan) Joint Innovation Research Institute Co., Ltd., with the registered capital of the target company at USD 500 million, of which ChinasoftInvested 95 million yuan, accounting for 19% of the registered capital.

Established a joint venture with China Electronics to accelerate the development of the “Feiteng + Kirin” system.

Chinese software subsidiary Chinasoft Systems, China Electronics, and digital technology jointly invested in the establishment of the Hainan Joint Innovation Research Institute, mainly to focus on tackling key problems and promote the innovative development of the “Fei Teng + Kirin” (PK) system, thereby accelerating the maturity and development of PK system products.Improve the ecology, realize transformation and upgrade, comprehensively support the large-scale development of independent innovation projects, better serve the transformation and upgrade of traditional information systems in the core areas of the country and key industries of the national economy, expand the 佛山桑拿网 business scale slenderly, enhance comprehensive strength, and enhance corporate competitionLili.

CEC has increased its localization and established an independent technology industry ecosystem of “Feiteng CPU + Kirin OS”.

China Electronics has released the “Three-Year Action Plan for China’s Electronic Science and Technology Innovation.” In the next three years, in response to major scientific and technological issues in the development of the national internet information industry, it will achieve major breakthroughs in scientific and technological achievements and significantly increase the industry’s contribution.

Based on the independent technology industry ecosystem of the ARM architecture “Feiteng CPU + Kirin OS”, China Electronics has established an independent controllable software and hardware joint research base, organized more than 140 manufacturers to jointly innovate, and developed the world’s highest performance ARMV8 architecture general-purpose chipCreate domestic independent controllable software and hardware systems.

Encore’s industrialization landed and ecology became the core competitiveness.

From an industrial point of view, PC terminals installed with domestic operating systems have met office application requirements. Alibaba Cloud, Tencent Cloud, and Huawei Cloud platforms can run smoothly on domestic operating systems, and domestic operating systems and terminals have integrated a wide range of application foundation.

With the advancement of the localization replacement process, national production terminals and servers will enter a large accumulation period of users, and the needs of users will be transformed into basic offices. Whether the ecology can meet the needs of users has become the core competitiveness of the industry.

Maintain “Buy” rating.

According to the company’s annual report disclosure business plan, we expect the company’s revenue for 2019-2021 to be 60.



8.4 billion, net profit attributable to mothers was 2.



56 billion, EBITDA is 4 respectively.



15 billion.

We use the EV / (ebitda + R & D expense) assessment method. Considering the large number of R & D needs for operating system adjustment and ecology, it is assumed that the company’s R & D investment compound growth will be 21% in 2018-2020, and R & D expenses will reach 14.

72 billion, maintain “Buy” rating.

Risk warning: domestic technology has gradually evolved to expectations; government investment in autonomous and controllable products has fallen short of expectations; key assumptions may have a risk of error.

Hasson Shares (603958) 2019 Interim Report Review: Channel Adjustments Continue Performance Pressure

Hasson Shares (603958) 2019 Interim Report Review: Channel Adjustments Continue Performance Pressure

In 19H1, revenue decreased by 13%, and net profit also decreased by 77%. The gap in performance pressure in the first half of 2019 achieved the company’s revenue6.

3.4 billion, down 12.

50%, deducting non-net profit of 163.

320,000 yuan, down 71.

98%, net profit attributable to mother 882.

850,000 yuan, down 76.

77%, EPS is 0.

04 yuan.

The decrease in net profit over revenue was mainly due to lower gross profit margin and higher sales expense ratio.

In terms of quarters, 18Q1-19Q2 company revenue 苏州夜网论坛 increased by -3.

80%, -9.

53%, -12.

52%, -14.

55%, -11.

88%, -13.

26%, net profit attributable to mother increased by -4.

40%, -69.

43%, expansion, expansion, expansion, -44.

63%, from profit to loss.

In 2019H1, there were 56 net closed stores, and at the end of the period, there were 1,532 stores, and the channel extension decreased by 5.

95%, 2019Q1-Q2 revenue continued to decline; 19Q1 profit margin fell significantly, mainly due to the decline in gross profit margin, sales expense ratio increased, other income decreased, 19Q2 asset impairment losses increased.

The gross profit margin decreased due to the decline in the proportion of direct sales revenue, and the expense ratio was basically stable.

78PCT to 52.

63%, mainly due to the contraction of high gross profit margin direct sales channels, direct sales revenue decreased by 17%.

The gross profit margin of distribution channels increased by 64%.

90PCT, revenue share increased.

The company’s gross profit margins were 54.

93% (+2.

39PCT), 53.

79% (+0.

38PCT), 49.

54% (-0.

46PCT), 49.

84% (-1.

57PCT), 52.

92% (-2.

01PCT), 52.

27% (-1.52PCT).

During the 2019H1 period, the expense ratio (considering research and development expenses) will also decrease by 0.

16PCT to 47.

88%, of which the sales expense ratio increased by 1.

56PCT to 42.

46%, mainly due to the substantial increase in expenses such as the budget of the sales staff; the overhead rate (considering R & D expenses) also decreased by 1.

61CT to 5.

54%, mainly due to large dismissal benefits during the same period last year, a large cost base, and reduced R & D personnel expenses; the financial expense ratio fell slightly to 0.

09PCT to -0.


The competition in the women’s shoes industry is fierce, and the channels continue to adjust. The IPO restricted shares are listed and circulated. We judge: 1) The demand for women’s shoes industry is still weak and the competition is fierce. The company’s continued decline in offline stores has dragged down revenue.

At present, the company continues to optimize its brand image, marketing network, R & D design and other aspects. It is expected that the decline in revenue in the future is expected to narrow.

2) The proportion of direct sales channels of H1 companies in 2019 was 82.

54%, 87 compared to the same period of 18 years.

70% decline, leading to a decline in gross profit margin.

In the future, the company will continue to optimize the structure and management of direct sales channels, actively deploy channels such as online and shopping malls, strengthen channel cost control, and improve profitability.

3) Announcement on the listing and circulation of IPO restricted shares issued on June 25, 2019.

5.1 billion shares, with a circulation date of July 1, 2019.

As the company’s net profit fell more than the expected maximum level, we lowered the EPS for 2019-20 to 0.


04 yuan (the original value is 0.


05 yuan), EPS is predicted to be 0 in 2020.

05 yuan, currently expected to correspond to 191 times PE in 2018, maintaining a “neutral” rating.

Risk warning: weak consumption, substantial increase in asset impairment, and increased competition in the industry.

Hong Kong stocks US stocks adjust for a week

Hong Kong stocks US stocks adjust for a week

Which industries have resumed the epidemic?

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

  Original title: Hong Kong stocks US stocks adjust for a week, emotionally adjust where A shares go. The week from February 17 to February 21, A shares investors continue to be excited, and transactions have exceeded the trillion mark for several consecutive days, driving the GEM stock market.The Shanghai Stock Exchange Index returned to more than 3,000 points after a new high. However, in the past week, US stocks have continued to adjust. The Hong Kong stock market, which is affected by both US stocks and A-shares, has also made repeated adjustments since the afternoon of the 17th.

  The main person believes 夜来香体验网 that the A-shares involved by retail investors are out of the independent market, while the Hong Kong stock market is more involved by institutions and affected by more overseas markets. Because of the new coronavirus pneumonia epidemic (hereinafter referred to as the “outbreak”)Proliferation worldwide, so the adjustment of the overseas market layout remains, whether A shares can continue to be independent market is controversial.

  Against the background of the overall adjustment of US stocks on Friday, important Chinese stocks such as Alibaba (BABA) and (JD) also experienced declines of more than 2.

With a 5% adjustment, Tesla (TSLA) grew 0 against the trend.

18%, Apple (AAPL) fell 2.

26%, the continued adjustment of the opening of Hong Kong stocks on Monday is almost sustainable, and the A-share related 深圳桑拿网 industry chain sector may also be disrupted on the opening of the market on Monday.

  In fact, in the past week, A-shares have not experienced a general increase. Some of the core assets of foreign holdings, such as home appliances, liquor, and real estate, have only been relatively limited. Some of them have continued to be sideways. It seemsAn intermediate route was chosen between A shares and the outer disk.

  Hu Yu, chief investment adviser of Hualin Securities, told the First Financial Reporter that the A-shares that started trading after the Spring Festival have been driven by the Tesla industry chain. Overall, the risks of the Tesla industry chain outweigh the opportunities.Look, the trillion-day trading volume generally cannot last for too long; shrinking, there is still room for adjustment in Hong Kong stocks, the Hang Seng Index may even have to test 25,000 points in the first half of the year, and the overvaluation bubble of U.S. stocks will burst at any time, and it will alsoAdjust the space.

  Hu Yu believes that in the short term, from the perspective of internal factors, it is still necessary to evaluate the performance of high-evaluation companies such as technology concept stocks, science and technology boards and ChiNext. From the perspective of external factors, U.S. stocks need to peak.Impact on A shares.

Although the probability of a short-term market slump may be small, more than some industry indexes continue to rise, and the expectation that the growth of high-estimation sectors will eventually lead to a test of performance confirmation or falsification.

  Wen Tianna, CEO of Broad Capital, told First Financial that the Hang Seng Index once fell below the 27,300-point mark on Friday. The Hong Kong stock market has formed relatively obvious selling pressure. Investors need to pay attention to the spread of the epidemic in the world and to the real economy.At present, foreign investors also have a certain wait-and-see attitude. The market is in an adjustment pattern, including large-cap stocks and technology stocks. Changes, transportation and aviation stocks are under pressure. Most Macau stocks have become entertainment venues and reopened.It is still in a wait-and-see state, and auto stocks have risen due to policy support and formed a bright spot.

As for the proportion of Hong Kong stocks, A shares have more retail investors participating in the market.

  Fan Jituo, a strategy analyst at New Age Securities, believes that the current high probability of A-share GEM turnover is unsustainable, but the possible volatility will not be too large, but it is similar to 2013 to 2014.Period fluctuations.

  On February 21, FTSE Russell (FTSE Russell) announced the quarterly adjustment results of its flagship index in February 2020.

This quarterly adjustment will increase the replacement factor of Chinese A shares from 15% to 25% as scheduled. The above changes can take effect before the opening on March 23, and the inflow of passive funds will be all before the closing on Friday, March 20.In place.

Hua Zhi Securities analyst Tan Zhiyong said that this is the first phase and third phase of the FTSE Russell A-share split arrangement, which is expected to increase passive funds by 28 billion yuan.

Sinoma Science & Technology (002080): Steady business development performance and steady growth

Sinoma Science & Technology (002080): Steady business development performance and steady growth

Event: The company released the third quarter report of 2019, and the total revenue in the first three quarters was 95.

34 ppm, an increase of 22 in ten years.

21%; Realized net profit attributable to mother 10.

190,000 yuan, an increase of 36 in ten years.

66%; net profit deducted from non-attributed mothers9.

62 trillion, an increase of 47 in ten years.


In a single quarter, the company achieved revenue of 34 in 19Q3.

71 ppm, an increase of 13 in ten years.

62%; net profit attributable to mothers3.

67 ppm, an increase of ten years.

50%; net profit deducted from non-attributed mothers3.

4.9 billion, an annual increase of 17.


Stable business performance and steady increase in performance: The report consolidated the company’s business segments to achieve stable development: 1) Wind power blades: The beneficiary demand side continued to flourish, and product sales and profitability gradually increased through product innovation and capacity layout adjustment; 2)The prosperity of the glass fiber industry has declined. The company continues to optimize the production capacity and product structure, further promote cost reduction and efficiency, and gradually increase the volume of new products, and gradually develop the industry against the trend. 3) Lithium battery segmentation: expansion of production and acquisition of bothThe rate continues to increase, production capacity accelerates, and market share increases significantly. 4) Gas cylinders: The commercial vehicle and unmanned aerial vehicle market has been deployed, and the average sales volume and gross profit margin have increased significantly.

The demand side continues to be strong and the profitability of the blades continues to increase: At present, the volume and price of tenders continue to rise, 2.


In September, the average bidding price of 0MW wind turbines was above 3800 yuan / kw, which continued to increase from the previous month. The gradual bidding volume reached 50GW, which increased by more than 100%, which will ensure that the industry will continue to maintain a high prosperity next year; and through wind power bases such as UlanchabuProjects have started one after another, coupled with the traditional peak season for wind power, parts and components companies have full orders, and the company’s gradually expanding volume is expected to reach 8-9GW.

The company currently has a total annual output of 8.

35GW wind power blade production capacity, of which high-power and large-leaf blades account for more than 20%, ranking the industry leader.

Since this year, the supply and demand of high-power and large-leaf blades have been tight, and the company is expected to benefit significantly.

Continue to optimize the capacity scale and maintain stable development of the fiberglass business: In the first half of the year, due to the increase in the production capacity of the industry and the friction between China and the United States, the volume and price of glass fiber were under pressure, and the performance of most of the industry’s enterprises declined.

Through continuous optimization of production capacity and product structure, the company has further promoted cost reduction and efficiency enhancement as well as the gradual volume increase of new products. The main products of spun yarn, wind power yarn and thermoplastic yarn have maintained a high level of profitability.

Among them, in the third quarter, Sinoma Jinjing, a holding subsidiary, will deploy R & D, production and sales of glass fiber wet felt and high-pressure glass fiber reinforced plastic pipes.

At present, the actual annual production capacity of the company’s glass fiber 上海夜网论坛 has exceeded 90 tons, and it has continued to steadily advance in internationalization and new product development. Through the continuous expansion of glass fiber product business, the structure has been further optimized, and the proportion of high-end and high-end products has continued to increase.It has exceeded 50%, and the comprehensive cost of the glass fiber industry will be further reduced under the scale effect.

The expansion of production paralleled the acquisition, and the profitability of lithium membranes was steadily improved. According to GGII, it ranked second in the second quarter. The overall scale slightly increased, and the growth increased.

8%, an increase of 10 from the previous month.

1%; The company’s budget for the first three quarters of the wet process reached 800 tons, and the report was 南京夜网论坛 extended. The four production lines of the first phase project of Sinoma’s lithium film lithium battery separators are operating well, and at the same time, they will increase capital to Hunan Zhongli 9.

9.7 billion acquired 60% of its equity. The combination of expansion and acquisition will rapidly increase the company’s scale of production capacity and market share.

In terms of market development, the company is still in full swing. At present, the company has provided bulk supply for conventional domestic battery companies, and has long-term cooperation agreements with some well-known battery manufacturers. At the same time, it actively develops international customers. It is expected that small-volume supply will be achieved in the second half of the year.
With the effective release of production capacity and the concentration of production capacity to the companies on the right, the company’s lithium battery breakthrough industry profitability has continued to improve.

Investment suggestion: We expect the company’s 19/20/21 revenue to be 141/163/177 billion, with a growth rate of 23% / 15% / 9%; net profit attributable to the mother14.



8.7 billion, a growth rate of 56% / 20% / 14%.

Maintain the company’s Buy-A rating and target price of 13.

05 yuan.

Risk warning: glass fiber, subdivision price increases significantly, etc.

Top Group (601689) Quarterly Review: Excellent customer structure and continuous extension of product chain

Top Group (601689) Quarterly Review: Excellent customer structure and continuous extension of product chain

Matters: The company released the third quarter report of 2019: the first three quarters achieved operating income37.

700 million, a year -15.

5%; net profit attributable to mother 3.

400 million, -45 per year.

3%; budget benefit 0.

32 yuan, net assets 6.

88 yuan.

  Ping An’s point of view: The gross profit margin is slightly supplemented, and the R & D expense ratio remains high.

The first three quarters of 2019 achieved revenue of 37.

7 ‰, at least -15.

5% in the third quarter revenue 13.

3 ‰, at least -3.

9% in the third quarter, the passenger car industry wholesale sales growth of 6%.

Gross profit margin in the third quarter 苏州夜网论坛 was 26.

4% a year -1.

The five singles are mainly due to the decline in the industry’s prosperity and the decline in scale effects.

The third quarter sales expense ratio 8.

5%, increase by 0 every year.

5 units, of which the sales expense ratio increased slightly, and the R & D expense ratio was 6.

3%, increasing by 0 every year.

8 levels, continue to strengthen the layout of automotive electronics business.

High-quality customer structure and expected heavy volume of chassis business: The company’s major downstream customers are GM, Geely, SAIC and other high-quality brands, and the introduction of shock absorption and other advantageous products. Customers are expected to gradually expand to German, Japanese and open new growth space.

The lightweight chassis is equipped with BYD, Volvo, Tesla and other new energy products. With Tesla’s domestic production of its products, the supporting value and quantity of its bicycles are also expected to increase, expanding new sources of revenue.

The product line is expanding along the chassis, and the value of supporting bicycles is expected to continue to increase.

The company’s competitive products are shock absorbing parts + interior parts. Its future product line layout will extend to lightweight chassis, chassis electronics and other fields, increase the value of supporting bicycles, and realize import substitution in combination with advantageous independent brands.

The company has experienced high capital expenditure of 17-18 years, and the release of multi-capacity capacity will gradually enter the harvest period. According to the order production progress, the depreciation stalls will be strictly controlled for sale.

Earnings forecast and investment advice: Due to industry pressure and adjusted performance forecasts, it is expected that EPS for 2019-2021 will be 0.

46, 0.

56, 0.

66 yuan (expected 2019-2020 EPS forecast is 1 respectively.

40, 1.

67 yuan).

The company benefits from deep domestic alternatives, overcomes the mature base layout of the country, and expands against the trend. It is expected to usher in 2020-2021 and maintain the “recommended” rating.

Risk reminders: 1) The passenger car market is weaker than expected, and the company ‘s downstream customers are selling less than expected, resulting in pressure on the company ‘s revenue side; 2) The raw material has risen more than expected, and the company ‘s upstream has been affected by the macro boom, trade war, and raw materialsThe company ‘s gross profit margin caused by excessive prices is under pressure. 3) The expansion of new products is less than expected. The company plans to reduce the weight of its chassis business.

Emeishan A (000888): Reform of fee control continued to make breakthroughs in extension

Emeishan A (000888): Reform of fee control continued to make breakthroughs in extension

I. Overview of the event The company released its semi-annual report for 2019: Realizing revenue5.

3 trillion, an increase of 0 in ten years.

8%; net profit attributable to mother is 0.

800 million, an increase of 10 in ten years.

1%; net profit after deduction is 0.

7 trillion, an increase of 5 in ten years.


Second, analyze and judge that the passenger flow is stable, and the ticket revenue is least affected by the policy. The cableway welcomes the increase of 160 people in the company’s scenic spots in the first half of the year, which increases slightly by 0 each time.

1%, but ticket income is affected by price reductions, achieving income 2.

2 ‰ /-7%, the per capita budget is downgraded by 7% quarterly, resulting in a 6% decrease in gross profit margin of the ticket business.


The ropeway business was affected by the suspension and upgrading of the 10,000-year-old ropeway in the first quarter of last year. This year has ushered in a low-base recovery. The whole mountain ropeway transformed and transported 323 tourists.

70,000 person-times, realizing income from ropeway1.

800 million / + 22.

6%, gross margin is affected by increasing depreciation, alternating 3.

7pct; Hotel and other business income decreased by 6.

2%, the gross margin decreases by a constant of 5.

9 points.

Internal reforms have continued to advance, and costs have been improved to a minimum. Since Chairman Wang Dong took office in April 2017, the company has continuously improved its governance and organizational structure to streamline and strengthen cost control. In the past two years, sales and management costs have been continuously optimized.

In the first half of the year, the company’s sales expenses decreased by at least 22% to 5.41 million yuan, of which advertising costs, leasing, and other expenses were greatly reduced, which led to a decrease in sales expense ratio of 0.

5 points; every 6 points in management expenses.

From 7% to 36.84 million yuan, the management expense ratio also decreased by 2.

7pct, the continuous effect of the reform is significant.

The proposed increase in capital “Only Mount Emei” officially cuts into the tourism performing arts company. Although the company has a famous mountain resource, it avoids environmental protection pressure on the mountain, has limited space for operation, has a single income structure, and the ticket + cableway income accounts for over 70%.

In addition, the progress of the tourism 杭州桑拿网 performing arts projects scheduled to increase investment in 2013 is also lower than expected, with operational changes and relatively insufficient space.

  IPO announcement, it is planned to use the fixed increase project in 2013 to invest in the construction of the Emeishan Tourism and Cultural Center project1.

2.1 billion funds were changed to increase the capital and share of Emeishan Yunshang Tourism Investment Company.

After the capital increase and share expansion, the company will hold 40% of the equity of Yunshang Tourism. The tourism investment airlines controlled by Sichuan Tourism Investment Group and the company’s associated legal entity E Tourism Investment Group will hold 34% and 26% of the shares respectively.

In terms of governance structure, the company’s discourse weight on cloud tourism.

Among them, the board of directors consists of 6 members, of which 3 were appointed by the company, 2 were nominated by Lutou Aviation, the chairman was appointed by the company, and the board was elected.

  Emeishan Yunshang Tourism Investment Company is the main body of the pre-construction construction and operation of the “Only Emeishan” cultural performing arts project. This project was created by the famous director Wang Chaoge and the project covers an area of about 7.

80,000 square meters, the indoor theater has 6 viewing spaces, the real scene village theater completely retains 26 courtyards, the entire project daily maximum amount of visitors can reach.

50,000 people, the first performance is expected in September this year.

According to company estimates, the annual average operating income of the project after its maturity period is expected to be nearly 200 million yuan, with an average annual net profit of 49.68 million yuan and a net profit margin of approximately 24.

9%, according to the company’s 40% shareholding ratio, it is estimated that the average annual contribution to the mother’s net profit will be nearly 20 million yuan, which is equivalent to thickening the mother’s net profit to 10% in 2018.

  Third, investment proposals are affected by the price reduction of tickets and the relatively single business structure. The company’s revenue and profit growth have been significantly significant in the past two years.

This increase in capital and share expansion into the tourism performing arts market will become the overall driving force for the company ‘s traditional prospects, thicken the company ‘s performance, and the transformation also shows its determination to forge ahead. It can still be expected to integrate regional tourism resources in the future.

It is expected that the company’s EPS for 2019-2021 will be 0.46, 0.

50, 0.

55, corresponding PE is 13X, 11X, 11X, maintaining the “recommended” level.

  Fourth, risk reminder: the performance of the performing arts project is less than expected; the risk of price reductions for tickets and ropeway tickets; force majeure such as natural disasters.

Anjing Food (603345): Catering channels continue to expand production capacity

Anjing Food (603345): Catering channels continue 杭州桑拿网 to expand production capacity

Event: Yasui Food released its 2018 annual report: operating income was 42.

$ 5.9 billion, an increase of 22 per year.

25%; realize net profit attributable to mother 2.

700 million, an annual increase of 33.


In the fourth quarter, it achieved revenue of 13.

1.9 billion, an annual increase of 26.

11%; net profit attributable to mother is 0.

$ 7.4 billion, an increase of 16 per year.

55%, achieving EPS1.

25 yuan.

The company also announced a dividend plan, which is planned to be 3 for every 10 shares.

RMB 76 cash bonus (including tax).

  Key points of investment: Catering power, strong areas continue to increase.

  In terms of different products, the revenue of hot pot products was 27.

62 ppm, a ten-year increase of 8.

36%, a decrease of 6 compared to 2017.

39%, mainly because the company is optimistic 苏州桑拿网 about the development of the catering industry in the future. It will upgrade other product categories including Qianye Tofu, egg dumplings, tempura fish and shrimp into alternative products, and realize revenue in 18 years.

9.5 billion.

The other two categories of frozen frozen surimi products and frozen meat products benefited from the expansion of production capacity to achieve revenue of 15%.

67 ppm and 11.

95 ppm, an increase of 21 in ten years.

29% and 20.


The noodle products are subdivided into high-end food and beverage products while the capacity of the Wuxi base is being released, achieving revenue of 10.

98 ppm, an increase of 18 in ten years.


Under the new product structure adjustment, the company has formed hot pot products (accounting for 64.

85%), noodle products (proportion 25.

79%) and refractive index products (9.

28%) Three-legged product layout.

In terms of regions, East China has completed 22 on the basis of a high base as a core region.

High growth rate of 49%; Central / Southwestern China also maintained a rapid growth trend, respectively 33.

51% / 22%; North China / Northeast / Northwest growth rates were 18 respectively.

52% / 18.

88% / 19.

8%, each region has maintained steady growth based on capacity expansion.

  Raising prices eased pressure on costs, and capacity expansion continued.  The company’s gross profit margin in 18 years was unchanged from 17 years, which was 26.

51%, affected by African swine fever in the second half of the year, the company adopted imported pork substitutes, the cost went up. In October and December of 18, the company raised the price of its products to hedge the cost, covering part of the cost.

On the expense side, under the company’s scale effect, the 18-year sales expense ratio and management expense ratio decreased by 0.

64% and 1.

57%; and the financial expense ratio due to new capacity and loans issued by convertible bonds increased by 0 every year.

3% to 0.


Benefiting from the decline in the expense ratio during the period, the company’s 18-year net profit margin increased by 0 compared with the 17-year extension.

54% to 6.

35%, profitability has improved.

  The company has started the nationwide production capacity distribution since 2011. Currently, it has production bases in Xiamen, Taizhou, Wuxi, Liaoning, Sichuan and Central China.

In 2018, after the new capacity of Xiamen, Wuxi and Liaoning was put into production, the output was gradually realized4.

3. Maximum production capacity reached 116%.

It is expected that the production capacity of Sichuan Plant 2 in 19 years and the second phase of Taizhou and Liaoning will gradually increase the production capacity by about 7 by increasing equipment and technological transformation.

The annual release of production capacity guarantees the reduction of expenses and costs under the effect of scale.

  Earnings forecasts and investment advice.

  We are optimistic about the company’s later capacity expansion and expected product contribution performance. We estimate that the revenue for 2019-202 will be 51.



7.7 billion, +21.

39% / 21.

48% / 19.

05%; net profit attributable to mothers is 3.



1.1 billion, +22 per year.

89% / 23.

3% / 24.

88%, EPS is 1.



37, corresponding to PE is 26/21/17 times.

Maintain the “Recommended” level.

  Risks suggest that new product launches and capacity releases are less than expected, and food safety issues.

China Unicom (600050): 5G co-construction and sharing solution landing company relatively benefited

China Unicom (600050): 5G co-construction and sharing solution landing company relatively benefited

On the evening of September 9th, the company announced that the company and China Telecom will jointly build a shared signature agreement on 5G, and will jointly build a 5G access network nationwide.

The two sides will demarcate the area and construct it by district, and each will be responsible for building a 5G access network within the demarcated area. Who will construct, invest, maintain, and bear the network operating costs.

Brief comment 1. The pace of landing on 5G co-construction and sharing has exceeded expectations.

In August 2019, the company explicitly cited the 5G co-construction and sharing scheme at its interim results conference.

However, there are opinions 杭州桑拿网 in the market that the co-construction and sharing scheme involves a wide range and it is expected that implementation will still be difficult.

In our opinion, the plan itself is similar to the presentation of the performance conference, so the content is generally in line with expectations, but the pace of landing is accelerating and exceeds market expectations.

2. The joint construction and sharing scheme is relatively more favorable to China Unicom.

According to the “5G Network Co-construction and Sharing Framework Cooperation Agreement” signed by the company and China Telecom, the company will cooperate with China Telecom to build a 5G access network nationwide, with the core network being constructed separately.

The construction method of 5G access network is divided into zones: among them, 5G networks 淡水桑拿网 will be constructed in 15 cities (Beijing, Tianjin, Zhengzhou, Qingdao, Shijiazhuang, 5 cities in the north). The construction area ratio between Unicom operation company and China Telecom is 6:4; Shanghai, Chongqing, Guangzhou, Shenzhen, Hangzhou, Nanjing, Suzhou, Changsha, Wuhan, and southern Chengdu 10 cities. The ratio of China Unicom’s operating company to China Telecom’s construction area is 4: 6).

China Unicom’s operating company will independently build 9 cities in Guangdong Province, 5 cities in Zhejiang Province, and 8 provinces in the north (Hebei, Henan, Heilongjiang, Jilin, Liaoning, Inner Mongolia, Shandong, Shanxi); China TelecomIt will independently build 10 prefectures and cities in Guangdong Province, 5 prefectures and cities in Zhejiang Province, and 17 southern provinces outside the succession area.

We believe that 5G co-construction and sharing will reduce the size of both parties’ capital expenditures. However, since co-construction and sharing can bring about construction speedup, it is expected that the respective capital expenditures of the two sides will need to increase from 2019 to 2021, but it may decline rapidly in the future.

Overall, China Unicom is more favorable.

First, from the perspective of the region, the company’s construction area is relatively small, so the overall control of the future capital scale will help improve the company’s cash flow and reduce future depreciation.

Second, the two parties made it clear that they do not use settlement as a means of profit, so although the company’s network construction area is relatively small, there should not be too much pressure on settlement.

3. Co-construction and sharing can accelerate the pace of 5G network construction and is expected to inject new development momentum.

5G has the characteristics of “high speed, high reliability, large connection, and low latency”, which is expected to empower the industry and bring prosperity to the industrial Internet.

The company and China Telecom jointly build and share 5G. The two parties can leverage each other to complete the 5G network construction as soon as possible, which will help the company not be at least disadvantaged in the 5G competition.

Then merged the company to change and date many heavy strategic investors to accelerate the landing of 5G networks and application scenarios. The company is conducive to the development of the industrial Internet and the development of B-side business has become a new driving force for the company’s performance growth.

4. The effect of the company’s mixed reforms appeared, and its performance stabilized and rebounded.

As a pioneer in the reform of state-owned enterprises, since 2017, strategic investors such as Tencent, Baidu,, and Alibaba have cooperated intensively to actively promote the innovative operation of the telecommunications business, improve the corporate governance structure, and promote the establishment of a model of mixed reform of central enterprises.
At present, the effect of the company’s mixed reform has begun to appear. From 2018 to 2019, H1’s innovative business performed strongly, reducing costs and increasing efficiency, and leading the industry in profit growth.

During the mixed reform process, the company launched a period of equity incentives, clarified performance commitments, and provided a margin of safety.

5. The company is expected to benefit from the four major industry trends, and the performance has been upwardly flexible.

First, the mixed reform has been pushed forward in depth. Yunnan Unicom has achieved significant benefits in the mixed reform. The revenue increase in 2018 increased by 17%.

7%, profit reduced by 2.

500 million US dollars, “Yunnan model” is expected to promote replication in other provincial subsidiaries, and further release the mixed reform bonus.

Second, the company and China Telecom have reached a consensus on 5G co-construction and sharing. It has entered the substantive operation stage and is expected to reduce the company’s future capital expenditures and depreciation amortization. At the same time, it will accelerate the construction and application of 5G networks and promote cost reduction and efficiency.

Third, the company expects to build 410,000 new 4G base stations in 2019, more than 40,000 5G base stations, 4G capacity expansion and 5G commercial use, which is expected to drive the company’s B-side business to accelerate the development and the company is conducive to the development of industrial Internet.

Fourth, the unlimited package (up to speed limit) will be gradually phased out. It is expected that the company’s tariff reduction will be generally controllable in the future, and the company’s performance is expected to usher in improvement.

6. Profit forecast and grade: We estimate that the company’s net profit attributable to the parent from 2019 to 2020 will be 61 trillion, 85 trillion, and EPS will be 0 respectively.

20 yuan, 0.

27 yuan, corresponding PE is 32X, 23X, PB is 1.

32, 1.

27. Maintain the “overweight” rating.

Risk warning: increased competition, accelerated customer churn; speeding up and reducing fees, leading to a rapid decline in ARPU for users; 5G co-construction and sharing solutions fell short of expectations.

Health Yuan (600380): Repurchase shares show confidence and focus on the progress of rehabilitation preparations

Health Yuan (600380): Repurchase shares show confidence and focus on the progress of rehabilitation preparations

Event: Recently, Health Yuan intends to repurchase the company’s shares by means of centralized bidding, with a repurchase amount of 1.

500 million to 300 million.

40% of the repurchased stock is used for employee shareholding and 60% is used for equity incentive plans.

The repurchase period is within one year after the performance of the board of directors is passed.

The repurchase price does not exceed 15 yuan / share.

Investment Highlights: Repurchased shares demonstrate confidence.

The company’s stock closed at 10 on February 10.

49 yuan, the upper limit of the repurchase price is 43% higher than the closing price; calculated based on the upper limit of the repurchase price, the overall repurchase program accounts for 0% of the company’s total share capital.

51% -1.

03%; the number of shares repurchased, showing the company’s previous confidence in the merger.

Long-term optimistic about the company’s development of rehabilitation agents.

In 2019, Health Yuan has two injectable preparations that replace bromotoluene, and levosalbutamol is on the market. Looking forward to 2020, budesonide suspensions will be filed in February 2019, and will be issued in November.Health Yuan and China Biopharmaceuticals; domestic cost of this species exceeds 4 billion US dollars, and only one original research.

There are more than 20 research and development reserves of health yuan extract preparation products, which is expected to continue the business development of the supplement preparation sector in recent years.

At present, listed companies have fewer participants in injectable preparations, and the absorption preparations have higher barriers than oral dosage forms. Under the background of centralized procurement, the layout is better.

Maintain the “Recommended” level.

In the short term, it is expected that the antiviral particles and test kits (Rizhu) in new coronary pneumonia will perform better; in the long term, the company and its subsidiary Livzon Group propose a medium and long-term partner shareholding plan, and the prospects for self-implantation are goodOverlapping the growth expectations of Livzumab, long-term optimistic about the company’s development.

It is expected that the EPS for 2019-2020 will be 0.

45 yuan, 0.

50 yuan, 0.

58 yuan, corresponding to the closing price on February 10, PE is 23, 21, 18 times.

Maintain the “Recommended” level.

Risk warning 7-ACA price reduction risk; the application of the recovery preparation is less than expected; the risk of the product entering the national collective procurement

Nasda (002180): Embrace the blue ocean of security chips

Nasda (002180): Embrace the blue ocean of security chips
The era of 5G Internet of Things promotes the vigorous development of the network security chip market.An important feature of the 5G era 厦门夜网 is the wide coverage and massive connectivity of the network, and the security issue of device connection in the network is essentially.Security issues are mainly related to identity verification, communication security, storage security, and information security, etc., which has opened a wide space for the network security chip market demand. Product advantages are obvious, and optimistic market share is rapidly increasing.The company’s IPSec-based IoT security transmission has a high safety factor, convenient network connection, a single chip for security protection and easy integration into equipment, reuse, and reduced operation.Provide different levels of security protection, various security hardware, trusted software, security protocols, etc.The chip design advantage comes from a trusted CPU + a secure CPU. At the same time, this advantage is also a continuation of Apex’s advantage of encryption and unlocking in printer consumables and main control SOC fields. With a wide range of applications, it is expected to quickly cut into the field of power grids and smart homes.At present, the SCS series chips launched by the company have been connected to the power grid IoT communication network, and subsequent products will continue to be supplied.The demand for smart homes comes from appliances, home security, lighting systems and connection control equipment. Looking at the routers and video surveillance equipment with the greatest exposure to the Internet of Things in the future, optimistic follow-up products will continue to penetrate the smart home and other fields. Investment rating and estimation: The company’s printer sales remain stable, financial costs continue to reorganize, and the company is actively expanding its product line, which is expected to usher in high-speed growth. We expect the company to achieve a net profit of 19-21 years9.4, 15.6, 19.0 billion, corresponding to 36, 22, 18 times the current market value of PE, maintaining the “strongly recommended” level. Risk reminders: 1) The industry’s access control capability is fiercely competitive; 2) Each terminal needs to be deployed, and the deployment cost is high; 3) The ARM authorization model is challenged by trade friction.