Zhongguo Education (002607) Interim Review: The interim results surged 132%, the public test was stable, new business speeded up or retained high growth

Zhongguo Education (002607) Interim Review: The interim results surged 132%, the public test was stable, new business speeded up or retained high growth

New business such as public entrance examinations, postgraduate entrance examinations, and online research witnessed rapid growth. The company’s interim results increased by 132%. In the first half of 2019, the company achieved total operating income of 36.

37 ppm, an increase of 48 in ten years.

79%; realize net profit attributable to shareholders of listed companies.

930,000 yuan, an increase of 132 in ten years.


This is mainly due to the company’s public examination business, which has grown by 26% against the backdrop of a sharp decline in enrollment, comprehensive training for graduate entrance examinations, and an online business growth of more than 200%.

The company’s civil service revenue ratio replaced 50.

0%, a decline of 8 per year.

Percentage points; the combined revenue of teachers, integrated and online businesses reached 43.

41%, a promotion of at least 10 units.

This reflects the rapid growth in demand for teaching, examination, and online training markets.

The company’s gross profit margin decreased slightly, and the expense ratio brought about by the scale and brand effects decreased. The company’s comprehensive gross profit margin in 2019H1 was 57.

52%, about 59 at the end of 2018.

08% decreased slightly.

This is mainly due to the increase in the proportion of relatively low gross profit business such as the main sum of face-to-face training and post-graduate training.

2019H1 company selling expenses 6.

750,000 yuan, an increase of 26 in ten years.

16%; administrative expenses 4.

99 ppm, an increase of 27 in ten years.


In the first half of the year, the growth rate of the company’s sales expenses and management expenses were slower than revenue growth, indicating that the company’s scale advantage and market brand influence continued to increase, resulting in a decline in the company’s expense.

The company’s training numbers and customer unit prices both continued to increase. The leading additions highlighted the first half of 2019, and the company’s expanded training numbers reached 178.

900,000, an increase of 44 in ten years.


Among them, the number of face-to-face training was 93.

09 million, an increase of 30 in ten years.

80%; online training is 85.

810,000, an annual increase of 62.


The release of the leading effect has led to a further increase in the unit price of passengers. The unit price of civil servant training and comprehensive training has increased by about 15% each year, and the unit price of online training has increased substantially.

The company has established 880 outlets covering 319 prefecture-level cities, an increase of 25 from 701 at the end of 2018.


We are optimistic about the company’s training market leader and the rapid development of new businesses, and maintain the “strongly recommended” rating. We predict that China Education will achieve revenues of 92 in 2019-2021.

68 ppm, 124.

4.6 billion, 162.

15 ppm, an increase of 48 in ten years.

6%, 34.
3%, 30.
3%; net profit attributable to mothers is 16 respectively.

9.9 billion yuan, 23.

50,000 yuan, 30.

27 ppm, an increase of 47 per year.

4%, 35.

7%, 31.

3%; EPS for 2019-2021 are 0.

28 yuan, 0.

37 yuan, 0.

49 yuan.

Focusing on the firmness of the company’s 杭州夜网论坛 public test training market leader, the rapid development of teaching, test, postgraduate and online training business, maintaining the “strong recommendation” level.

Risk reminder: policy risk, market competition risk, management risk

Semir Apparel (002563) 2019 First Quarterly Report Review: Endogenous Extensions Promote Continuously High Revenue Growth Supply Chain Upgrade Promotes Profitability

Semir Apparel (002563) 2019 First Quarterly Report Review: Endogenous Extensions Promote Continuously High Revenue Growth Supply Chain Upgrade Promotes Profitability

Investment Highlights: Event: The company disclosed the 2019 first quarter report, and the company realized 深圳桑拿网 operating income of 41.

180,000 yuan, an increase of 63 in ten years.

90%, net profit attributable to shareholders of listed companies.

47 ppm, an increase of 11 years.


Performance growth was in line with expectations.

KIDILIZ’s consolidated income increased rapidly, excluding the endogenous growth factor of the consolidated factor, the growth rate was close to 30%.

In the first quarter, the company’s overall growth rate was the fastest, and the company still maintained rapid growth.

The company’s endogenous growth in the first quarter is based on categories: children’s wear has maintained rapid growth, with a growth rate exceeding 27%; adult casual wear has maintained steady growth, with a growth rate of 20% -25%.

In terms of channels: offline, the company’s new store openings in 2018 will be reduced, and it will start to contribute revenue growth in the first quarter of 2019; on the online side, online growth in the first quarter is still booming, with an expected growth rate of over 30%.

Looking into the future, the incremental increase of new stores and the deterministic replacement of high increase in online channels and high revenue growth.

The speed of opening stores is maintained, and overseas markets can be expected.

The company opened new stores in 2018 for the time being, and there will be digestion time in 2019. It is expected that the new stores will be slightly distorted earlier than 2018, but it is expected that there will be more than 200 new stores each for children’s and casual wear (the number of stores will increase by 5%)the above).

In addition to the extension of store openings, the internal store-same store, benefiting from the company’s internal reforms in the past few years, especially the upgrade of the supply chain, the company’s store efficiency will continue to improve.

At the same time, the company is expected to aim at the development of overseas markets. The overseas business online and offline are making great efforts to contribute more increments in 2019. The offline stores of the company are mainly directly operated stores. The refined management will help the sustainable development of overseas business.On the online front, the company cooperates with Ali’s cross-border e-commerce “AliExpress” to launch cross-border business and penetrate the global market.

Global supply chain integration is expected to further improve the company’s efficiency, help Kidiliz reduce losses, and improve overall profitability.

The company’s gross profit margin for Q1 2019 was 41.

68%, an increase of 2 per year.

59 pct, mainly because Kidiliz’s gross profit is higher than domestic business, and consolidated the overall gross profit level.

In terms of expense ratio, the company’s expense ratio for the period of 2019Q1 increased by 7.

7pct, is mainly a consolidation factor.

Endogenously, the company’s original business profit growth in the first quarter was about 20%, which was slightly lower than the revenue growth mainly due to the company’s rapid business development and increased expenses.

In terms of consolidation, Kidiliz overall is still in the shortening period, and consolidation factors will drag down the accumulated net interest rate level.

However, the company has now reached a relatively high level of supply chain integration capabilities, and the efficiency of the company will increase with the effective use of global suppliers.
Profit forecast and investment rating: We believe that the company has gained a number of mature brand operation experience. In the future, multi-brand development can be expected, and the company can enjoy a higher profit premium.

We raised the company’s profit forecast 北京夜网 and expect the company to achieve operating income of 214 in 2019-2021.

1.2 billion, 244.

5 billion, 279.

920,000 yuan, an increase of 36 in ten years.

22%, 14.

19% and 14.

49%; realized net profit 19.

8.4 billion, 23.

93 ppm and 28.

07 million yuan, an increase of 17 years.

97%, 20.

65%, 17.

31%.Give 20X estimate, target price 14.

8 yuan, with 31% space.

Maintain the “Highly Recommended” rating.

Risk warnings: 1. Terminal consumption expectations continue to be sluggish; 2. New store development is less than expected

Yonghui Supermarket (601933) First Coverage Report: National Supermarket Leader: New Milestones, New Growth

Yonghui Supermarket (601933) First Coverage Report: National Supermarket Leader: New Milestones, New Growth

High-growth national supermarket leader.

Yonghui’s fourth national market share in 2018 (3.

9%), the market share has steadily increased; in 2018, the scale of revenue exceeded 70 billion, with a total of 708 stores and ROE7.


Since the company’s listing (2010-2018), the compound growth rate of revenue has been 24.

37%, the compound growth rate of net profit attributable to mothers 21.

80%, maintaining a long-term stable growth capacity.

The foundation of Yonghui’s efficient operation lies in the partnership system.

The advantage of Yonghui’s organizational structure lies in the innovative application of the partner mechanism and the horse racing mechanism. The partners actively seek to maximize the individual and collective value under the incentive of profit distribution.

The partner mechanism uses independent management to stimulate small teams to improve performance, and the horse racing mechanism is used to promote the experience replication and iterative upgrade of store management, ensuring the vitality of the entire organizational structure.

At the end of the 18th, Yun created a table, adjusted its structure, and focused on the main business of the supermarket.

Yonghui made major adjustments to the internal structure at the end of 2018. Yunchuang and Yunshang’s statement will help the company’s income statement to reduce losses while strengthening the focus on the traditional main business sector.The modern governance structure of the company is more clear. A large supply chain division and a large science and technology data department have been set up in the middle and back offices to promote the improvement of management efficiency.

With fresh characteristics as a traffic entrance, it helps to expand in different places.

Yonghui’s freshness characteristics 北京男士spa会所 have been widely recognized by consumers, improving Yonghui’s entry into new regions.

Efficient supply chain and refined management enable Yonghui’s fresh produce to achieve high quality and low prices, and the price is 20-30% lower than the surrounding farmer’s markets, becoming the core of gathering customers for Yonghui’s regional expansion.

Yonghui’s fresh produce accounts for 45%, which is much higher than the general supermarket’s 20%, increasing store passenger flow and boosting store floor efficiency.

The new format Yonghui mini focuses on the fresh potential of the community.

In 2019, Yonghui focused on the main business of the supermarket and opened a new format Yonghui mini. The advantage of community freshness lies in the small format and high flexibility. The mini is more grounded in display and operation.

It is expected that Yonghui mini will benefit from Yonghui’s fresh food management and brand effects, and has a large growth space. In the next three years, it will be based on a large supermarket store radiating 2-3 mini stores and opening space of 2000-2400.

Profit forecast and investment advice: We believe that the company, as a national supermarket leader, has strong long-term growth, covering it for the first time, and gives it an “overweight” rating.

The company’s revenue is expected to be 874 in 2019-2021.



37 trillion, with a growth rate of 24.

07% / 23.

02% / 19.

61%; net profit attributable to mothers is 23 respectively.



28 trillion, a growth rate of 57.

8% / 16.

8% / 33.

0%; EPS is 0.



38 yuan.

According to Yonghui’s high growth, its estimate is basically in a reasonable range.

Assume that Yonghui Supermarket will bring double increase in revenue and profitability through the continuous strengthening of scale effects, and benchmark the specific proportion levels of global retail giants Wal-Mart and Costco. We believe that Yonghui’s leading attributes and high growth will enjoyA certain premium, and its relative estimate range is 9.29-12.

00 yuan / share.

Risk reminders: Consumption boom is declining, same store growth is weak; Yonghui mini’s new business expansion is not up to expectations; industry competition is intensifying.

Ocean King (002724) Company’s Third Quarterly Report Review: Performance Meets Expected Profitability Continues to Improve

Ocean King (002724) Company’s Third Quarterly Report Review: Performance Meets Expected Profitability Continues to Improve

I. Event Overview Event: Recently, the company released three quarterly reports: revenue from January to September 8.

870,000 yuan, an increase of 10 in ten years.

7%, net profit attributable to mother 1.

40,000 yuan, an increase of 30 in ten years.

2%, net profit after deduction is 80.04 million yuan, an annual increase of 47.


Second, the analysis and judgment of Q3 results are in line with expectations, and the continued improvement of profitability is in line with our previous judgments.

Q3 single quarter revenue 3.

37 ppm, a ten-year increase of 8.

5%, an increase of 13.

1%, net profit attributable to mother is 64.3 million yuan, an annual increase of 38.

9%, an increase of 246.

2%, net profit after deduction is 58.39 million yuan, an annual increase of 62.


Q3 single-quarter gross margin was 74.

4%, ten years +4.

8pct, QoQ + 13pct; Q3 single quarter net profit 19.

1%, ten years +4.

2pct, +12.

8 points.

The performance growth mainly benefited from: the optimization and integration of product structure and the use of new technologies, the gross profit margin expansion significantly increased; the scale effect continued to appear, and profitability continued to improve.

Leading supplier of special lighting, transforming to “lighting + Internet” The company’s products involve three major series of fixed lighting equipment, mobile lighting equipment and portable lighting equipment, including more than 200 models, which can meet the requirements of, Strong corrosion, high and low temperature, high humidity, high pressure, electromagnetic interference, wide voltage input and other special environment lighting requirements.

Absolutely, the company continues to develop intelligent lighting products, actively transform to “lighting + Internet”, and at the same time provide customers with intelligent, operation and maintenance service products, including intelligent control, operation and maintenance and contract energy management services.

It is planned to increase the purchase of Mingzhihui and cut into the field of lighting engineering. The synergy effect is obvious1. The company intends to issue shares and pay cash to 2.

713.2 billion acquired 51% of Mingzhihui’s equity projects at an issue price of 5.

63 yuan / share, the transaction consideration is 75%, and 25% are paid in shares and cash respectively.

Ming Zhihui’s military lighting engineering construction, design, maintenance and decoration engineering business has obtained “Special Grade A Lighting Engineering Design”, “Class I Professional Contracting for Urban and Road Lighting Engineering”, and Class I Professional Contracting for Architectural Decoration””, “Special Grade A of Architectural Decoration Engineering Design” and other qualifications.

2, the revenue of Mingzhihui in 2018 was 3.

98 ppm, an increase of 36 in ten years.

6%, gross margin 24.

25%, the net profit attributable to the mother is 49.01 million yuan, the evaluation of the acquisition of PE is 1深圳spa会所1 times, and comparable companies in the construction engineering industry are estimated to be 26 times.

Performance commitment: 19-21 years after deduction of non-return to the mother’s net profit were 56 million yuan, 61 million yuan, 64 million yuan, three-year cumulative commitment to net profit1.

8.1 billion.

As of September 23, Ming Zhihui has a total of 7 orders in hand.

100 million US dollars, of which 2 have been contracted for construction.

600 million.

3. We believe that the company has many large state-owned enterprise customers distributed in many fields such as electricity, metallurgy, petrochemicals, public security, etc. The special business environment lighting equipment requires a large number of lighting engineering business cooperation, and has established a nationwide sales system and acquisitionMingzhihui can realize the collaboration among customers, business, and sales networks. At the same time, Mingzhihui’s lighting engineering industry experience can meet customers’ one-stop needs for lighting and subsequent installation and maintenance, extending the industrial chain and helping to improve the company’s overall service capabilities. Third, the investment proposal considers the improvement of the company’s profitability and raises the company’s performance. Without considering the acquisition and consolidation, the company’s net profit attributable to the parent in 19-21 is predicted to be 2.
4.8 billion, 3.

1.3 billion, 3.

93 ppm, corresponding estimates are 19 times, 15 times, and 12 times.

Reference SW electronics manufacturing industry PE is 35 times, considering the company’s leading position in the special environment lighting industry, maintain the “recommended” level.

4. Risk warnings: 1. The proportion of the expense ratio during the period will increase; 2. Macroeconomic fluctuations and fluctuations in downstream industries; 3. Intensified industry competition; 4. Fluctuations in raw material prices

Shengnong Development (002299): The industry’s prosperity continues to grow steadily

Shengnong Development (002299): The industry’s prosperity continues to grow steadily

In 2019, the tight supply of chicken meat will intensify the demand growth, the price of chicken will rise significantly, the company’s integration of unique integrated industrial chain advantages and management advantages will steadily increase, and profitability will increase significantly.

Looking forward to 2020, the pig supply gap still exists. Chicken meat is the main force to supplement the animal protein gap. The high prosperity market of the broiler chicken market has continued, and we continue to strongly recommend Shengnong development!

Event: On December 9, the company released a monthly sales briefing.

In November 2019, the company sold chicken 8.

06 First, it falls by 2 every year.

98%, a decrease of 0 from the previous month.

92%; realized sales income11.

5.5 billion, an increase of 18 per year.

84%, down 1 from the previous month.

twenty four%.

The company’s sales of chicken meat have increased, mainly due to the dual effects of shortage of chicken market supply and rising demand. The industry’s prosperity has continued to increase, driving the overall price of chicken meat.

The tight supply has exacerbated the growth of demand. In 2020, the progress of the broiler industry continued to be high. Affected by the introduction and transformation in 2018, the recovery of the breeder stock was slow.

At the same time, under the background that the swine fever in Africa has not stabilized, and the pig inventory has been extended significantly, the pig supply gap is obvious.

As the main force of the protein gap in rehabilitation animals, chicken demand has increased significantly.

With tight supply and rising demand, chicken prices have risen significantly. According to data from the National Development and Reform Commission, the average retail price of chicken meat in 36 cities across the country was 14 on November 29.

69 yuan / jin, up 24 before.


According to data from the Ministry of Agriculture, as of the end of November 2019, the number of fertile sows in stock was 20 million, a decline of 34 per year.


Affected by the uncertainty and repetitiveness of the non-plague epidemic, the rate of production recovery is slow. Therefore, looking forward to next year’s supply gap for pigs, chicken is the main substitute for pork, and the broiler market will continue to boom in 2020.

During the period, the expense ratio decreased and profitability increased.In 2019, the company strengthened internal control, improved production and operation efficiency, and effectively controlled operating costs and expenses.

Financial expenses for the first three quarters1.

300 million, a decline of 24 every year.

62%; selling expenses 2.

700 million, down 7 every year.

57%; administrative expenses 1.

1.8 billion, down 7 every year.


In the future, with the company’s continuous expansion of production capacity and management efficiency, the company’s market share and performance stability will gradually increase.

Earnings forecast and estimation: It is estimated that the company’s net profit attributable to mothers in 2019-2021 will be 36.



93 billion, corresponding to EPS 2.



58, give 10-12 times PE in 2020 to obtain a target price of 31.


04 yuan, the earlier current price has 30%-56% growth space, maintaining the “strongly recommended -A” grade. Risk warning: Chicken meat demand declines, chicken prices rise less than 成都桑拿网 expected, sudden large-scale uncontrollable epidemic diseases, and raw material price fluctuations.

Yingliu (603308): Two-machine blades with rapid performance in line with expectations

Yingliu (603308): “Two-machine” blades with rapid performance in line with expectations

Summary: The company’s three quarterly results are in line with expectations, and the expected net profit is expected to grow by 70% -90% per year.

  Maintain 2019 EPS to 0 respectively.

29, 0.

43, 0.

53 yuan; maintain target price of 16.

4 yuan, overweight.

  The company’s three quarterly results are in line with expectations, and its long-term net profit is expected to increase by 70% -90%.

① The company reported revenue of 14 in the third quarter of 2019.

2 ‰, an increase of 11西安耍耍网 in ten years.

0%; net profit attributable to mother 1.

0.6 million yuan, an increase of 52 in ten years.

8%; net profit after deduction to non-mother 0.

78 ppm, an increase of 53 in ten years.


The company’s three quarterly report results are in line with expectations.

②The company’s announcement predicts that the net profit will increase by 70% -90%, about 1.

2.4 billion-1.

39 ppm; mainly benefited from the substantial growth in revenue of the “two-machine” and nuclear power business segments.

③ The company continues to invest in gas turbine and aero engine blades, and projects under construction9.

76 ‰, an increase of 47% in ten years; research and development costs1.

480,000 yuan, an increase of 46% in ten years.

Net operating cash flow 4.

$ 200 million, a significant improvement each year.

④ The company received the non-public issuance approval on August 12, which is valid for 6 months; the company plans to raise no more than 9.

500 million, expanding the production capacity of 200,000 high-temperature blades.

  The company’s “two-machine” blades are heavy, and operating leverage brings high flexibility in performance.

① Yingliu’s benchmark PCC company has introduced the GE supply chain, which will help start the long-term growth.

Benefiting from the global industrial chain transfer, the company’s “two-machine” blades are on the verge of entering the performance release period.

② Taking into account the global aviation investment casting business scale of 6 billion US dollars, if Yingliu shares cut into 5% share, corresponding to about 2 billion revenue.

③ The company depreciates about 1 every year.

7 trillion, interest rate expenditure 1.

100 million, “two aircraft” blades, heavy nuclear power orders, operation, and financial leverage bring high 佛山桑拿网flexibility in performance.

  Catalyst: Obtained bulk orders from customers such as GE and aero engines.

  Core risks: Expansion of orders for blades of two engines exceeded expectations, and approval of nuclear power units exceeded expectations.

Can’t sleep well, blood vessels suffer

Can’t sleep well, blood vessels suffer
Junior expert: Yu Canqing, associate professor of the Department of Epidemiology and Health Statistics, School of Public Health, Peking University Sleep is an important way for people to recover their mental and physical strength. The quality of sleep at night directly affects mood and physical health.Recently, a new study by Professor Li Liming’s team at the School of Public Health of Peking University was published in the American Journal of Neurology. According to a large-scale study of 500,000 people in China that stretched for more than 10 years, insomnia and even torturePhysiology is also an independent risk factor for cardiovascular disease.  One of the researchers, Yu Canqing, an associate professor in the Department of Epidemiology and Health Statistics, School of Public Health, Peking University, said that the analysis of this study showed that the average ranking was 9.During the 6-year period, Chinese adults with early insomnia, difficulty falling asleep or difficulty in maintaining sleep, daytime sleepiness, and other symptoms of insomnia at least 3 days per week had a risk of cardiovascular disease of 7%, 9%, and 13%.The more symptoms of insomnia, the higher the risk of cardiovascular and cerebrovascular diseases.Compared with people who have no symptoms of insomnia, those with 1, 2, or 3 symptoms of insomnia have an increased risk of cardiovascular disease by 7%, 10%, and 18%, respectively.Furthermore, people with symptoms of insomnia have a significantly increased risk of myocardial infarction, stroke (stroke) or other cardiovascular and cerebrovascular diseases.Although the incidence of insomnia is higher in the elderly, studies have found a stronger association between insomnia and cardiovascular risk in young people.In addition, insomnia is also very harmful to people who did not have high blood pressure before.  Yu Canqing said that insomnia has become a common problem in modern life. Some people have active insomnia and some have passive insomnia.Whether it is active or passive, long-term sleep poor or stay up late, the biological rhythm will be disrupted.Lack of sleep will further cause sympathetic nerve excitement, increase the secretion of catecholamines in the human body, promote metabolic reactions, lead to the occurrence and development of cardiovascular diseases such as hypertension, coronary heart disease, heart failure and arrhythmia, and increase the incidence of related cardiovascular events.Incidence.Therefore, patients with insomnia should take clinical intervention measures as early as possible to reduce their damage to the body and the occurrence of various cardiovascular events.  Cardiovascular diseases caused by insomnia will be recurrent and even worse for patients with existing cardiovascular diseases. In the long run, persistent hypertension 无锡桑拿网 will damage the heart and brain, increase the burden on the left ventricle, cause myocardial hypertrophy, and enlargement of the heart.Dyspnea and other symptoms of cardiac insufficiency.It can be seen that both healthy people and patients with cardiovascular disease need to ensure adequate sleep.  7 hours is the ideal sleep. If the sleep time is not reached or the sleep quality is poor, Yu Canqing suggests that you can adjust your life habits.First, improve bad bedtime habits.Do activities that allow you to relax about an hour before bedtime, but avoid using electronic equipment or exercise, and go to bed when you feel sleepy.If you can’t fall asleep in bed for 20 minutes, you should leave the bedroom and do some simple activities, and then sleep when you are sleepy. Do not do anything unrelated to sleep in bed.Basically, 天津夜网 regardless of how short the previous night’s sleep was, you should keep up at regular intervals.Finally, if the normal life is still ineffective and there is a long-term problem with sleep, you must go to the relevant department of the authoritative hospital to undergo a comprehensive examination from the distance, brake early for treatment, and do not abuse drugs.(Reporter Gao Jiayue)

Enjie (002812): Proposed to acquire 100% equity of Suzhou Jili to further consolidate the leading level

Enjie (002812): Proposed to acquire 100% equity of Suzhou Jili to further consolidate the leading level

The company’s recent situation Enjie announced on August 4 that it had copied with Shengli Precision the “Agreement on the Equity Transfer of Suzhou Jieli New Energy Materials Co., Ltd.” and planned to use cash for 20%.

2 yuan to acquire 100% equity of Jieli in Shengli Precision, 9 of which.

500 million for the transfer transaction equity, 10.

700 million is less than 10 for Jieli’s victory precision.

700 million other payables budget.

Commenting on the acquisition of Jelly further increased market share.

According to CIAPS data, in terms of wet zoning, Enjie and Geli 1H19 respectively account 深圳桑拿网 for 33% and 9% of the output share, ranking first and second in the industry.

After completing the acquisition, Enjie will cover a total of 42% of the wet volume expansion rate, further consolidating the industry’s market share.

The customer base is high quality, and the acquisition brings synergy.

Geli currently has a total of 8 production lines with a high production capacity of about 400 million square meters (semi-finished base film), an average monthly volume of more than 30 million square meters, and a product yield of more than 90%.

Geli Power mainly supplies 9-12um scattered to CAL, with monthly supply exceeding 10 million flats. In terms of consumption, it has mass-produced 5-7um high-end ultra-thin sheets for consumer batteries to international Japanese and Korean customers.

Enjie is currently one of the major suppliers of CATL, and it is cutting into the global supply of power batteries for LG Chem.

We believe that the acquisition of MRT power can strengthen the supply share in CATL, and at the same time form a customer base synergy between 3C and Power’s overseas customers, further enhancing overseas competitiveness.

We expect the completion of the acquisition to increase the short-term asset-debt ratio.

The company terminated 1Q19 currency cash4.

54 trillion, notes receivable 3.

500 million.

We believe the completion of the US $ 2 billion cash consideration transaction will bring an increase in short-term asset-liability ratio.

It is estimated to maintain a net profit forecast of 19 / 20e8.


6.1 billion.

Currently, it can sustain 19 / 20e 32 / 23xP / E and maintain target price 41.

78 yuan corresponds to 19 / 20e 40 / 29x P / E and 26.

9% space, maintain outperform industry rating.

The risk acquisition was not completed successfully, the expansion demand was less than expected, and the company’s market share was less than expected

East China Medicine (000963): Minutes of the 2019 Mid-term Strategic Meeting

East China Medicine (000963): Minutes of the 2019 Mid-term Strategic Meeting

Company dynamics Company status We recently invited company leaders to participate in CICC’s second half of 2019 investment strategy meeting.

We believe that the company is actively developing second-tier varieties and increasing R & D to promote new product listings, in order to resist the risks of volume purchase policies.

  Comment on the industry: the growth of second-tier varieties is bright, and the grassroots channels have further developed.

We expect Bailing Capsules to maintain 10% + growth in 2019, mainly due to channel sinking and retail channel development (currently, retail channel revenue accounts for about 15% of Bailing Capsule revenue).

Diabetes line, acarbose. We expect to maintain a growth rate of more than 20% in 2019. The company reserves a large amount of raw material drug production capacity to cope with the volume purchase policy. We expect to gradually put Jiangdong Phase II into production at the end of next year; the second-line variety piroglitazoneMethylbisphenol’s 2018 revenue was 1.

500 million US dollars (100% + annual growth rate), is expected to become a large variety of 1 billion US dollars in the future.

Immune line products (the competition pattern in this field is expanding and stabilizing) We expect to maintain a sustainable growth of about 30%.

  In addition, tintinbutin and daptomycin will also become growth drivers.

  Medical Beauty: Become one of the future strategic directions.

The company acquired a 100% stake in Sinclair, a British medical beauty listed company, in 2018, and consolidated from November 2018.

We expect Sinclair’s revenue growth rate to reach 50% this year. Europe, Taiwan, Brazil and other places have entered the company’s important markets.

We expect Sinclair to turn a profit next year.

At present, the company is actively preparing to start the company’s 佛山桑拿网 corporate release in China.

In addition, the company’s hyaluronic acid business of South Korea’s LG company increased by about 6% in 2018, and the growth rate has improved, which has led to fierce competition in the domestic low-end hyaluronic acid market.

Currently the company is actively launching new products, and we expect revenue to accelerate this year.

  R & D: Build a multi-mode R & D system.

At present, the company has formed a new drug research and development model combining “independent R & D + cooperative entrusted development + external mergers and acquisitions and product authorization transfer”.

We estimate that R & D expenses will increase by 30% -40% annually in 2019, reaching a scale of 9 billion to 1 billion.

We expect that new products such as liraglutide, caspofungin injection, anastrozole tablets, compound omeprazole sodium bicarbonate capsules, sitagliptin dimethylbisphenol tablets, etc. may be marketed in the past two years.

According to the company announcement, there are currently three innovative drug products under development (TTP-273, Mehuatinib, HD 118).

  It is estimated to maintain the 19/20 forecast EPS of RMB1.

92 yuan and 2.

35 yuan, corresponding to an annual increase of 24% and 22%.

The current total corresponds to a 19/20 market surplus of 12.

8x / 10.

5x, maintain “Outperform” rating and maintain target price of RMB36.

52 yuan, corresponding to 19/20 market surplus of 19.

0x / 15.

5 times, there was 48% room for growth earlier.

  The price of risky core products fell more than expected, and products under development fell short of expectations.

Zhonghuan (002129): Stable development of photovoltaic business and active layout of large silicon wafers

Zhonghuan (002129): Stable development of photovoltaic business and active layout of large silicon wafers

Event: The company recently released its 2018 performance report and achieved total operating revenue of 13,855,173,021.

65 yuan, an annual increase of 43.

66%; realized operating profit of 756,609,717.

31 yuan, an annual increase of 16.

53%; net profit attributable to shareholders of listed companies was 600,838,616.

91 yuan, an annual increase of 2.


Seize the potential of localization of silicon wafers, mass production of 12-inch large silicon wafers is imminent.

At present, domestic 12-inch silicon wafers basically rely on imports. Through the 杭州桑拿 rise of new demand such as the Internet of Things, artificial intelligence and new energy vehicles, the demand for silicon wafers will increase.

The state is currently implementing policies, funding and technology research and development to vigorously promote the process of domestic silicon substitution.

In this environment, the company actively seized the opportunity to expand its layout in Mongolia, Tianjin, and Jiangsu. According to the company’s January 2019 announcement, the company planned to invest $ 5 billion in Wuxi integrated circuit projects and build 750,000 8-inch polished lensesAnd 1250,000-inch polishing film production line with a monthly production capacity of 150,000 pieces, with a construction period of 3 years.

The photovoltaic industry has a bright future, and monocrystalline wafer prices have started to pick up.

According to the national energy development planning plan, it is expected that photovoltaic parity will be fully implemented online after 2020.

At the same time, according to CCCME statistics, in 2018, India, the United States, the European Union and some emerging markets have broken the local crop gap, which is China’s main export market for photovoltaic products.

Driven by strong overseas demand, the company’s orders are full, and a price increase was conducted at the end of January.

Based on the development of the industry, the company actively expands the capacity of monocrystalline silicon wafers.

According to the company’s announcement, the fourth phase of the photovoltaic project has all reached production, and it is estimated that the production capacity will reach 23GW in 2019.

At the same time, the company’s multi-channel layout has actively carried out the development of photovoltaic poverty alleviation power plants and spontaneous self-use distributed power stations to avoid the single commercial power station development model.

Investment suggestion: It is expected that the company’s revenue from 2019 to 2020 will be 183.

6.6 billion, 240.

1.9 billion, with a net profit of 9.

8.6 billion, 14.

One million yuan.

Target price of 13.

50 yuan, give Buy-A rating.

Risk reminder: The PV market is weaker than expected, and the wafer production progress is slower than expected.