Month: March 2020

The brokerage sector rose across the board and Northbound funds quietly increased their positions.

The brokerage sector rose across the board and Northbound funds quietly increased their positions.

On Friday, the Shanghai and Shenzhen stock markets fluctuated widely.

The GEM said that it once broke the 2100-point integer mark in the early trading, but the technology stocks began to fall in the afternoon and the growth rate also narrowed.

  The final close, the Shanghai Composite Index reported at 2917.

01 points, up 0.

38%; SZSE Component Index was reported at 10916.

31 points, up 0.

48%; GEM refers to 2069.

22 points, up 0.

twenty two%.

  The disk, real estate and securities companies sectors performed strongly.

None of the stocks in the brokerage sector fell, and Guoyuan Securities increased by 9.

31%, Zheshang Securities, Hongta Securities, etc. rose more than 2%.

  Brokerage stocks rose during the trading session. In the early trading session, brokerage stocks changed. Guoyuan Securities took the lead in the rally. At the time, the daily limit rose. Huaan Securities and Nanjing Securities followed suit.

  In the recent market, brokerage stocks have repeatedly risen in intraday trading.

On February 12, the brokerage sector collectively moved in the afternoon. At 13:27, Hua’an Securities pulled up to block the growth and other brokerage stocks followed suit.

On February 13, the brokerage sector also surged in early trading.

  Data show that the overall brokerage sector has increased by 2 this week.

合肥夜网01%, distorting the unexpected trend of democracy.

More than 30 securities firms in the sector achieved growth, with Hua’an Securities, Zhongyuan Securities, Hongta Securities and other leading gainers.

  Funds have also gradually increased the layout of brokerage stocks.

Data on margin financing and securities lending on February 13 showed that Haitong Securities received a net purchase of 20.31 million in financing.

Hua’an Securities and Orient Securities also raised over 10 million yuan in net purchases.

  From the perspective of Northbound funds holdings, since February 3, there have been too many brokerage stocks to gain positions in Northbound funds. First Venture, Caitong Securities, etc. have increased their holdings by more than 10 million shares., Founder Securities (right protection) and other shares were increased by more than 3 million shares.

  The performance advantage of the securities firm on the right is obvious. As of February 14, 31 A-share listed securities firms have announced their performance data for January this year, and achieved a total operating income of 191.

2.6 billion, achieving a net profit of 78.

01 billion.

Excluding Hongta Securities, which has incomparable data, the revenue of 30 securities firms rose by 23 in January.


  The monthly financial data of Guoyuan Securities, which led the gains yesterday, shows that the company’s operating income in January 20204.

1.4 billion, down 19 from the previous month.

6%, an annual increase of 58.

3%; net profit 2.

USD 8.8 billion, an increase of 425% from the previous quarter and an increase of more than 263%.

  Judging from the chain data, the net profits and revenues of listed securities companies that have been announced so far have mostly declined in January, but their performance over the years is still remarkable.

Excluding Hongta Securities, which has incomparable data, the revenue of 24 securities firms rose by more than 6 in January.


  From the perspective of a single brokerage firm, the performance of the brokerage firm on the right still maintained strong growth. In total, five large brokerage firms had revenues of more than US $ 1 billion in January. They were CITIC Securities, CITIC Construction Investment Securities, Haitong Securities, GF Securities and China Merchants Securities, Respectively, to achieve revenue 19.

04 billion, 13.21.5 billion yuan, 13.

2.1 billion, 12.

2.2 billion and 11.

4.5 billion.

  Guotai Junan believes that the trading volume in the first week after the Spring Festival increased by 15% from the previous month, and the epidemic had a greater impact on the performance of securities companies.

It is expected that the gradual implementation of relevant policies will facilitate the landing and the steady increase of the leverage ratio of the securities firms, and the brokers will gradually make progress and maintain the upward trend.

Depth-Company-CCB Research Group (002398): Fourth-quarter results change slightly, main industry growth is good

Depth * Company * Jianyan Research Group (002398): Fourth-quarter performance changes slightly, main industry growth trend

The company released its 2018 annual report with temporary revenue of 27.

15 trillion, the same increase of 35.

94%; net profit attributable to mother 2.

49 trillion, an increase of 30.

37%; EPS0.

36 yuan, an increase of 28.


Shanghai and Hainan inspections missed expectations and asset impairment dragged down fourth-quarter results, but the growth of the main business is good and is expected to remain.

The main points of the support level are that the expected performance is better, and the detection and impairment have dragged down the performance: the company’s 2018 performance reached a new high, but the fourth quarter revenue was 8.

2.8 billion, an increase of 24.

87%; net profit attributable to mother 0.

46 trillion, the same minus 20.


The growth rate was significantly shifted from the previous month.

The first is that the Shanghai and Hainan regional inspection business has not been carried out as expected, resulting in a decrease in revenue; and the company’s Shanghai Zhongpu Inspection and Beijing Prospecting Institute accrued an impairment of about 10 million yuan and 佛山桑拿网 Kanglian imagined an impairment of 9.9 million yuan.A bit of a drag.

The company’s other businesses are normal, and the management expense ratio has decreased year by year1.

56 points, cash ratio increased, debt ratio increased by 4.

77pct, other indicators of financial reports are basically stable.

The water-reducing agent business is still strong, and the market share reaches the first in the market: the company gradually produces and sells 95 water-reducing agents, of which the third-generation water-reducing agent accounts for 70%.

The unit price per ton is 2,050 yuan, and the gross profit per ton is close to 480 yuan.

Water reducing agent, as the company’s main business, has been incorporated into the new high level of housing starts and has continued to expand and improve market share.

It is expected that 青岛夜网 future sales volume will reach the first in the market.

The layout of the two-wheel drive is reasonable, and the performance growth point still exists: Southwest, as the company’s superplasticizer advantage area, will gradually increase its penetration in the future; Zhejiang, as the main subdivided key area, has also made significant progress in its performance, and expected more capacity growth in the future.

The transformation of inspection business The acquisition and promotion of Hebei Pu’an and Shanghai Zhonghe are also expected to restart.

The number of projects under construction has increased after the construction of the currently completed houses exceeded expectations. The demand for water reducing agents has been steadily supported, and the company has no worries about product placement.

It is estimated that considering the company’s future growth expectations, we slightly increase our performance expectations. It is expected that the company’s revenue will be 29 in 2019-2021.

02, 31.

63, 33.

4.7 billion; net profit attributable to mothers was 3.

46, 4.

18, 4.

52 trillion; EPS is 0.

500, 0.

604, 0.

652, maintain the company’s buy rating.

The main risks faced by the rating: The performance of the acquiring company is worse than expected, the demand for housing and construction is reduced, and the cost of raw materials changes

Hengbang shares (002237) major event comments: major shareholders plan to subscribe for non-public offering debt structure to improve performance release

Hengbang shares (002237) major event comments: major shareholders plan to subscribe for non-public offering debt structure to improve performance release

The company intends to raise no more than 31 funds through non-public offering.

700 million will effectively reduce the company’s asset debt ratio and financial costs.

Among them, the controlling shareholder plans to subscribe for 10.

330,000 yuan, the employee share plan plans to subscribe for 1.

The US $ 200 million will further strengthen the synergy with shareholders, improve the company’s actual capacity conversion basis, and demonstrate shareholders and shareholders’ confidence in the company.

The company has the industry’s leading gold smelting capacity. It is expected that during the upward price cycle of gold, the profit flexibility will increase year by year, and it maintains a “buy” rating.

   The company intends to raise no more than 31 funds through non-public offering of shares.

700 million.

Announced on February 14, 2020, the company intends to use 11.

The non-public offering of 61 yuan / share does not 武汉夜生活网 exceed 2.

7.3 billion shares, raised less than 31.

700 million.

  The major shareholder Jiangxi Copper plans to subscribe for 10.

US $ 3.3 billion, Hengbang’s employee shareholding plan plans to subscribe1.


  After the completion of the issuance, the company’s controlling shareholder and actual controller remain unchanged.

Of this amount, US $ 2 billion will be used to repay and repay debt, and the rest will be used to replenish working capital.

   After the completion of the issuance, the company’s asset-liability ratio and financial costs were effectively reduced.

The asset-liability ratio of the company in Q3 2019 was 69.

6%, 2019Q1-Q3 company’s financial expenses are 2.

After the completion of the non-public offering of shares and the repayment of 2 billion euros with interest-bearing retirement, according to the company’s 2019Q3 financial 厦门夜网 data, the company’s asset-liability ratio will drop to 52.

31%, annual financial cost can save 1-1.


It is conducive to optimizing the company’s capital structure and enhancing financial stability, and at the same time helps reduce the company’s financial expenses, effectively enhances the company’s profitability, and enhances the issuer’s overall profitability, which is the basis for the company’s continued and stable development in the future.

   Increasing holdings of controlling shareholders will further extend the advantages of the industrial chain, and employees will increase their confidence in the subscription of shareholding plans.

The company’s gold production capacity is 50 tons / year, and the Q1 to Q3 capacity utilization rates in 2018 and 2019 were 75.

87% / 86.

09%, there is a certain surplus in production capacity.

After the completion of this non-public offering, the controlling shareholder Jiangxi Copper will hold 29% of the company’s equity.

99% increased to 30.

59%, further realizing the company’s role as the gold platform of Jiangxi Copper, on the basis of optimizing liquidity and working capital, and using the industrial synergy with major shareholders to further increase the company’s actual output of precious metals.

The company’s employee stock ownership plan is planned to subscribe1.

2 ppm, the average planned subscription amount per employee is as high as 23.

20,000 yuan, the lock-up period of 3 years, further shows the confidence in joining the company’s operation.

   Liquidity continues to be loosely stacked to avoid the support of dangerous emotions, and the price of gold is in an upward cycle.

Affected by the following factors: 1) uncertainties brought to the economy by overseas epidemic risks, 2) weak US economic data and lower U.S. debt yields, 3) domestic liquidity release and replacement, gold prices alternate upward cycles, and it is expected that The average annual price of gold is 1600 USD / GBP.

Companies that are principally engaged in the smelting of precious metals such as gold and silver will continue to benefit from the release of performance from rising gold prices.

   Risk factors: the risk of price fluctuations of major products; the company’s project construction progress is less than expected; the risk of uncertainty in Jiangxi Copper’s ownership and asset injection.   Investment suggestion: As a high-quality target for gold smelting, the company has obvious advantages in technology and scale, and its cost advantage enhances profitability. It is expected that after the completion of the non-public offering, the company’s capital structure and debt structure will be improved, and the company’s core profitability will be enhanced during the upward price cycle of gold.
It is estimated that the net profit attributable to the parent company for 2019-2021 will be 3 respectively.



43 ppm (was 4).



29 ppm, adjusted according to the gold price and mineral gold assumptions), the corresponding EPS forecasts are 0.



82 yuan (not considering non-public offering), maintain “Buy” rating.

Tianqi Lithium (002466) 2018 Annual Report Comments: Comment on the continued downward cost advantage of lithium prices to support the company’s profitability

Tianqi Lithium (002466) 2018 Annual Report Comments: Comment on the continued downward cost advantage of lithium prices to support the company’s profitability

Company dynamics The company released its 2018 annual report.

In 2018, the company achieved operating income of 62.

4.4 billion, an increase of 14 every year.

16%; realized net profit attributable to shareholders of the parent company of US $ 2.2 billion, an increase of 2 per year.


Matter comments The continued decline in lithium prices has dragged down the company’s profitability.In 2018, the company’s lithium compounds 深圳桑拿网 and derivatives-related products converted 37,656 tons, an increase of 16.

25%; realized operating income of 40.

4.1 billion, an increase of 9 per year.

33%, business gross margin 65.

25%, down 4 each year.

16 averages.

As of the end of 2018, the market price of battery-level lithium carbonate was at 7.

Near 90,000 / ton, a 50% decrease from the peak of 160,000 / ton at the beginning of 18 years.

The main considerations are: a large number of newly-built lithium carbonate projects began to release their capacity in early 2018, coupled with the expansion of production capacity by large foreign traders, the supply-demand relationship in the internal lithium carbonate market reversed, from a fundamental shortage of supply to a phased excess, leading to price changes fromOutstanding high slip.

At least, the demand for the downstream new energy vehicle market in 18 years turned to ternary batteries, and the demand for lithium iron phosphate transition materials was weak, and the price of lithium carbonate was increasingly under pressure.

The international layout is accelerating, and the company has obvious cost advantages. While promoting the company’s endogenous growth, the company continues to carry out an outbound M & A layout around strategic goals.

In 2018, the company successfully purchased SQM 23.

77% equity, becoming its second largest shareholder.

According to the Roskill report, SQM is the world’s largest producer of lithium chemical products.

The transaction will further strengthen the company’s industry scope and generate sustainable, stable and sustainable long-term financial returns.

The company-controlled Thalesson currently has the largest and best-quality spodumene mine in the world, Greenbush, Western Australia.

The company achieved full self-sufficiency of lithium concentrate through its holding of Thaleson.

Due to its mature operation for many years, the Green Bush mine has the lowest lithium concentrate production and operation cost in the industry, which is located at about 120 US dollars / ton, and the remaining Australian concentrate production and operation costs are around 200-300 US dollars / ton.

Earnings forecast and estimation We expect the company’s operating income in 2019, 2020 and 2021 to be 74.

67, 89.

72 and 102.

8.5 billion yuan, with growth rates of 19.

58%, 20.

15% and 14.

63%; net profit attributable to shareholders of the parent company is 2.

09 billion, 2.

4.4 billion and 2.

8.5 billion yuan, with growth rates of -4.

90%, 16.

48% and 16.

76%; Fully diluted earnings per share were 1.

83, 2.
13 and 2.
49 yuan, corresponding to 18 for PE.

81, 2.

13 and 2.

49 times.

In our judgment, in the short term, we may benefit from the rush-load effect of downstream new energy vehicles to compensate for the downhill transition, and the cost of lithium iron phosphate will gradually increase, and the price of the company’s lithium carbonate products may stop falling and stabilize.

But in the medium term, the lithium carbonate market is still in an oversupply pattern, and lithium prices may continue to fall.

Covered for the first time, giving the company a “cautious overweight” rating.

Risks suggest that downstream demand growth is slower than expected, the price of lithium-related products has fallen more than expected, and the company’s capacity release has fallen short of expectations.

Changdian Technology (600584): The 3Q19 single-season turnaround loss of Xingke Jinpeng’s integration plan gradually landed to maintain the outperform industry

Changdian Technology (600584): The 3Q19 single-season turnaround loss of Xingke Jinpeng’s integration plan gradually landed to maintain the outperform industry
The 3Q19 results are in line with our 深圳桑拿网 expectations. Changdian Technology announced the 3Q19 results: Driven by the driving force of localization of the supply chain of major customers such as Huawei and the global semiconductor industry’s demand side gradually coming out of the bottom, the company’s single quarter in the third quarterRealize income.500 million US dollars, a year-on-year increase of 4%, a substantial increase of 52%; net profit attributable to mothers was 77.02 million yuan, a year-on-year increase of 1065%, a significant turnaround from the previous month, in line with our expectations. Development trend 3Q19 turned around and landed on schedule, continue to be optimistic about domestic substitution and the recovery of industry demand: We mentioned in the rating adjustment report on the 9/10 that Changdian Technology will be the main benefit of Huawei and other large customers seeking localization of the packaging and testing supply chainBy.Driven by this positive factor, from 2H19 the company ‘s Changdian Headquarters, Changdian Advanced and Xingke Jinpeng Jiangyin ‘s production capacity have improved, prompting an increase in revenue, a gradual rebound from the previous month, and a continued improvement in gross profit margin1.4ppts to 11.9%, basically the same as 3Q18.According to our industry chain research, as the demand for smartphones from major customers improves, Changdian ‘s Korean production capacity has picked up, and the company’s single-quarter profit in 3Q19 turned positive under the dual benefits. Xingke Jinpeng plans to jointly invest with a large fund and other external shareholders to establish a joint venture: Changdian Technology announced on October 29th that it plans to evaluate the 14 proprietary technologies owned by Xingke Jinpeng and the 586 patents it contains.Make a price, invest jointly with the major shareholder National Integrated Circuit Industry Investment Fund Co., Ltd. and other external shareholders, and set up a joint venture in Shaoxing with a registered capital of 5 billion yuan.Xingke Jinpeng invested in technology and patent rights9.500 million yuan, accounting for 19% of the registered capital, the industrial fund plans to contribute RMB 1.3 billion, and the remaining shareholders will contribute 27.500 million yuan.According to the announcement, as of June 30, 2019, the book value of Xingke Jinpeng’s intangible asset portfolio was 630.$ 10,000.After the establishment of the joint venture, Changdian Technology can still use the above technologies and patents for free.We believe that in the short term, the company is expected to expand its revenue by establishing a joint venture with related parties and promote the optimization of the company’s resource allocation in the long term. The company’s board of directors approved the additional investment forecast: The company’s board of directors approved the proposed additional fixed asset investment of RMB 4 on October 29.The budget of 300 million US dollars will be mainly used for the replacement of the Singapore factory building and the expansion of production capacity for key customers (the corresponding products are mobile phone chips, tablet chips, smart watches, etc.).We think this will optimize the company’s overseas operations 都市夜网 and eliminate low-margin businesses. Earnings forecasts and estimates We maintain the company’s 2019 and 2020 revenue and net profit forecasts unchanged, and continue to be optimistic about the structural changes in the industry recovery and domestic substitution in the packaging and testing industry.The company currently generally corresponds to 2.0 times 2020 P / B ratio, maintain outperform industry rating and 27.5 yuan target price (47% growth space), corresponding to 3.0 times P / B ratio in 2020. Risks of domestic substitution progress gradually; macroeconomic downturn affects the demand recovery of the semiconductor industry

Guizhou Moutai (600519) 2019 Interim Report Review: Dilute Volatility, Steady and Far

Guizhou Moutai (600519) 2019 Interim Report Review: Dilute Volatility, Steady and Far
Highlights of the report Event description Guizhou Moutai disclosed the 2019 semi-annual report: 19H1 realized total operating income of 411.73 ppm, an increase of 16 in ten years.80%, net profit attributable to mother is 199.51 ppm, an increase of 26 in ten years.56%; 19Q2 achieved a total operating income of 186.92 ppm, an increase of 10 in ten years.89%, net profit attributable to mother 87.30 ppm, an increase of 20 in ten years.29%.Considering advance receipts (after tax), 19H1 income + △ advance receipt 400.55 ppm, an increase of 27 in ten years.64%, of which 19Q2 income + △ advance receipt 194.64 ppm, an increase of 38 in ten years.34%. Incidents commented that the growth rate of revenue in the first half of the year exceeded expectations, and the initial growth rate in the second and third quarters was mainly due to smooth advances in the quarter.Total operating income for the first half of 2019 was approximately 411.73 ppm, an increase of 16 in ten years.80%, higher than the expected revenue index of about 14%, of which the total operating income in the second quarter alone was 186.9.2 billion, an increase of 10 in ten years.89%, the growth rate in the first quarter (22.(21%) decreased. The release of a large number of advance receipt transactions in the main category in the last two quarters resulted in a higher revenue base in the second quarter of last year. Based on the advance receipt indicators, 19Q2 revenue + △ advance receipts exceeded the growth rate of 38.34%. From a product and channel perspective, high-end wine and wholesale channels remain the company’s main source of income.In terms of products, Moutai’s revenue in the first half of 2019 was about 347.950,000 yuan, an increase of 18 in ten years.42%, the expected contribution to the income is greater than the price factor; series wine income 46.55 ppm, an increase of 16 in ten years.57%, due to the adjustment of the series of liquor dealers (494 dealers were eliminated in the first half of the year, 21 dealers were added), the sales progress was slightly lower than planned.By channel, direct sales revenue in the first half of 201916.02 billion, down 37 every year.85%, the proportion of alcoholic beverage income replaced 4.06%; wholesale income 378.48 ppm, an increase of 22 in ten years.89%, accounting for about 95% of alcohol revenue.94%, direct marketing channel reform is one of the important reasons affecting the elasticity of revenue growth in the first half of the year. Benefiting from structural upgrades and lower fees, profitability improved significantly in the first half.In the first half of 2019, the company’s gross profit margin was 92.20%, a year to raise 0.78pct, mainly benefiting from the structural upgrading effect brought by the heavy volume of non-standard 武汉夜生活网 wine.Taxes and surcharges fell (about -1.65pct), during which the rate of expense fell (about -1.66pct), the net profit attributable to mothers increased by 26 each year in the first half of the year.56%, significantly faster than the growth rate of income, and the net profit attributable to mothers was extended and increased by 3.74pct reached 48.46%. Dilute quarterly fluctuations and continue the long-term stable growth trend.It is recommended to dilute the quarterly fluctuations caused by non-demand attenuation. It is expected that the company’s growth and growth will remain relatively large and stable, driven by the three factors of “structural upgrade + channel adjustment + advance receipt reservoir”.We expect EPS to be 34 in 2019/2020.41/41.15 yuan, corresponding to the current expected PE of 28 times / 23 times, 杭州桑拿网 maintain “Buy” rating. Risk Warning: 1. High-end demand did not meet expectations, and channel adjustments did not meet expectations; 2. Liquor consumption tax adjustment and other policy risks.