Fund Industry Golden Nine Issues New Record Survey

Fund Industry “Golden Nine” Issues New Record Survey

Original title: Investigation of the fund industry’s “Golden Nine” launching a new high. Left-handed solid income and right-handed ETF new products. The scale of the competition is beyond traditional products, and the company is focusing on the layout of distinctive innovative products.

Maybe, for example, the first batch of commodity futures ETF products recently launched in the market has attracted a lot of attention from the market.

  In September, the issuance scale of public funds’ new funds climbed for a longer period of time, until the issue size on September 25 exceeded 140 billion US dollars.

  21st Century Business Herald reporter statistics show that in September, there were 61 funds raised in total (share share statistics), of which 22 were medium- and long-term pure debt funds, and 19 were passive index funds, the two with the largest number.Fund type.

  In fact, these two products with relatively concentrated distribution recently represent to some extent the trend of the public offering market this year.

  The left-handed right-handed ETF has become the “standard” for many public funds.

  The reporter combed and found that, for example, many fund companies such as Yinhua Fund, Haifutong Fund, Tianhong Fund recently promoted fixed income products, and fixed income products have become the trend of the annual guest list.

  In addition to fixed income products, the other hottest player of the year is ETF.

Data show that as of September 25, the size of non-monetary ETF funds totaled 5505.

1.5 billion yuan, compared with 3769 at the end of last year.

The scale of 37 trillion has increased by 1735.

7.8 billion.

  Seeing the end of the year in the scale of public fundraising wars, companies have begun to move, the “scale war” horn has sounded.

  Countdown to the end of the year-end war “We mainly focus on ETFs and fixed income products.

“On September 26, a public fundraiser in South China told a 21st Century Business Herald reporter.

  For ETF products, explosions are frequent.

  On September 20, 4 state-owned enterprise innovation-driven ETFs belonging to 4 fund companies belonging to the four fund companies of Boshi Fund, Harvest Fund, GF Fund, and Wells Fargo Fund were formally established, and the total issued share of the four funds reached 406.

8.7 billion shares, of which the first fundraising scale of the Bosi central enterprise innovation-driven ETF fund was 167.

3.5 billion shares, the largest ETF fund raised since September.

  Subsequently, the first Guangdong-Hong Kong-Macao Greater Bay Area themed ETF issued by Ping An Fund was established on September 23. The initial fundraising scale of Ping An Guangdong-Hong Kong-Macao Greater Bay Area ETF was 60.

100 million copies, second only to the Bosi Fund, Harvest Fund, and GF Fund’s three state-owned enterprise innovation-driven ETFs.

  According to our reporter, there are 7 ETF products that have been established since this year.

In addition to the four in September, there are the rich country CSI military leader ETF established in July, the Huitian CSI China Securities Yangtze River Delta integrated development ETF and the ICBC Shanghai and Shenzhen 300 ETF established in May.

  Prior to this, in October last year, the number of ETFs issued by the structural adjustment of central enterprises issued by a number of Chinese companies also exceeded 10 billion, 252 respectively.

22 billion copies and 158.

88 billion copies.

  It is precisely for this reason that when communicating with our reporters, some fund companies said that ETF products are still one of the focus of promotion.

  Perhaps, for example, Huaxia Fund said that ETF funds in the products to be launched are relatively speaking; Penghua Fund, Tianhong Fund, CCB Fund and other companies at the time instructed continuous marketing of index products.

  ”Unified, the rapid development of ETFs provides investors with diversified trading tools.

Historical data statistics show that combined with the experience of other mature markets, the liquidity of the stock market shows a trend of head stock concentration, and the liquidity of some small and medium market capitalization stocks will decline significantly in the future.

Therefore, the exchange of less liquid constituent stocks for ETF shares will not only avoid the risk of black swan stocks for ordinary investors, but also enjoy better liquidity of ETF products.

“Talking about the reasons for the popularity of ETF funds, Chen Long, the proposed fund manager of Penghua CSI 500 ETF, said.

  At the same time, several fund companies, including Yinhua Fund, Haifutong Fund, Tianhong Fund, etc., also proposed a layout in the fixed income business.

  ”In addition to index funds, for institutional customers such as banks, we still mainly use fixed income products to operate.

A person in Tianhong Fund said, “At the same time, the demand for fixed income products on the Internet is also delayed, and it can also fill the currency fund to a certain extent.

“Yinhua Fund and Haifutong Fund also focused on the promotion of” fixed income + “products in the near future.

  ”The overall macro environment is more favorable for the bond market.

“Zou Weina, Yinhua Fund’s fixed-income public investment director, said.  The number of new bond funds issued this year has also clearly sharpened the enthusiasm of companies.

  Wind data shows that there are a total of 448 medium- and long-term pure-debt funds and short-term pure-debt funds issued as of September 25 this year (shared statistics), an annual increase of 62.

32%, of which there are 108 short-term pure debt funds, with an annual increase of 620%.

  Another remarkable feature of the strong reversal of innovative products is that, in addition to traditional products, most companies are focusing on the distribution of a variety of unique and innovative products.

  Maybe, for example, the first batch of commodity futures ETF products recently launched in the market has attracted a lot of attention from the market.

  On September 24, the Huaxia Feed Soybean Meal Futures Fund affiliated to the Huaxia Fund was formally established with the first fundraising of 2.

6.6 billion.

  Huaxia Fund said that soybean meal futures ETF is an important asset allocation tool. Soybean meal was selected because the correlation coefficient between soybean meal and stocks and bonds was converted to a negative value, so that the allocation of soybean meal could disperse asset risks.The trading volume of agricultural futures ranked first; the price of soybean flour futures of Dashang Exchange was linked with the international market, and the market was high.

  In fact, the launch of the first batch of commodity futures ETF products has also spurred the enthusiasm for the layout of more public funds.

  According to the 21st Century Business Herald reporter, CCB Fund is about to launch the CCB Energy and Energy Futures ETF.

  ”Combination, commodity futures and stocks, debts have low correlation. Adding commodity futures to the portfolio can effectively diversify portfolio risks; transformation, the trend of commodity futures is a direct reflection of commodity prices, and is an important component of general price levels.It is more sensitive to inflation, and adding commodity futures to the portfolio can hedge the risk to a certain extent.

“The CCB Fund said.

  In addition, there are more fund companies with special industries and concept ETF products.

Perhaps this is the ETF launched by Penghua Fund to track the wine index; the first ETF launched by Ping An Fund in the Guangdong-Hong Kong-Macao Greater Bay Area; and the recent technology-based ETFs launched by many fund companies such as Huabao Fund and Huaxia Fund.

  In addition to stocks, bond ETF products have become the blue ocean in the eyes of too many public funds.

The Air Force, the Haifutong Fund and other merged companies have successively launched local 杭州桑拿网 debt ETFs.

  ”The local debt ETF is not a better product innovation direction, but also an important part of strengthening the construction of the local debt market ecosystem.

“Sun Haizhong, assistant to the general manager of Haifutong Fund and director of fixed income investment, believes.

  Relatively speaking, some special ETFs have also gained a good scale.

Among the 49 ETFs set up this year, among the first products with a scale of more than 2 billion, the featured theme products cover the innovation-driven ETFs of central enterprises, the Guangdong-Hong Kong-Macao Greater Bay Area ETF, local government debt ETFs, and so on.

  The intellectual property rights of the content published in the 21st Century Business Herald and its clients belong to the Guangdong 21st Century Global Economic News.

No one may use it in any way without written authorization.

Click 北京夜生活 here for details or to obtain authorization information.

Linglong Tire (601966) 2018 Annual Report Review: Supporting High Growth 5 + 3 Strategy Steady Progress

Linglong Tire (601966) 2018 Annual Report Review: Supporting High Growth “5 + 3” Strategy Steady Progress

Profits grew steadily, and the performance was in line with expectations. The company achieved revenue of 153 in 18 years.

02 trillion, with an increase of 9.

94%, net profit attributable to mother 11.

810,000 yuan, an increase of 12.

73%, deducted non-net profit attributable to the mother 11.

62 ppm, an increase of 14 per year.

71%. The difference between the net profit and the performance report is the litigation compensation expense of 65.69 million yuan, which will not affect the company’s future operations.

Against the backdrop of declining car sales, the company’s cumulative sales in 2018 were 5,345.

330,000 (+8.

85%), in which the output of semi-steel radial tires increased by +10.

76%, production and sales achieved steady growth, and performance was in line with expectations.

Three fees are stable, exchange rate gains are reduced as the three fee report for financial expenses.

40%, slightly decreased in one year.

Of which selling expenses are 5.

94%, an increase of 0.

48pct, due to the increase in advertising fees, transportation and storage service fees, and management fee expenses2.

94%, an increase of 0.

32pct, financial expenses1.

52%, a decrease of 0.

95pct, mainly due to the devaluation of RMB, realized exchange gains of 86.9 million yuan.

The company’s gross profit margin is 23.

70%, basically the same every year.

Supporting development is progressing smoothly, ASP increased the market income of supplementary supporting market which can be expected to increase16.

12%. In September 2018, the joint venture brand-Ford New Furuis main tires will be provided, and North American Ford F150 will realize the supply of full-size spare tires.

Volkswagen’s new sub-brand Jetta VS3 / VS5 / VS7 with 19 years of main tires has been unveiled at the Shanghai Auto Show recently.

We believe that the company’s spare tires have entered mainstream car companies such as Dongfeng Nissan, Volkswagen, Ford, etc. The product has a significant price advantage. Under the background of OEMs’ cost reduction and efficiency improvement, the main tires can break through and it is expected to usher in the aftermarket brand image and ASPContinuous improvement.

Advancing the “5 + 3” strategy, the production capacity continued to expand. The company’s production capacity in 2018 was 64.45 million, of which 55.5 million were semi-steel tires, 8.95 million were all-steel tires, and 1 million were skew tires.

The company has four major bases in China: Shandong Zhaoyuan, Shandong Dezhou, Guangxi Liuzhou and Hubei Jingmen. The Serbian project construction was started this year to steadily advance the “5 + 3” development strategy.

In 19, it is expected to add 8 million semi-steel and 2.05 million all-steel, an increase of 16% over 2018, and continued to expand.

Domestic semi-steel tyre leader, maintaining the overweight rating, we expect the profit in 19/20/21 will be 1 respectively.



81 yuan, corresponding to a dynamic price-earnings ratio of 16.



5x, with a one-year target price of 21.

06 yuan-23.

40 yuan to maintain the overweight level. Risk warning: The sales volume of the automotive industry 杭州桑拿 is declining, the prices of raw materials are rising rapidly, and the progress of supporting facilities exceeds expectations.

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.

Dongfang Yuhong (002271): Significant improvement in operating quality in 19 years

Dongfang Yuhong (002271): Significant improvement in operating 苏州桑拿 quality in 19 years

Key Investment Events: The company disclosed its 2018 annual report, reporting and realizing operating income of 140.

4.6 billion, an annual increase of 36.

46%; realized net profit attributable to mother 15.

08 million yuan, an increase of 21 in ten years.

75%; net profit after deducting non-return to mother 13.

23 ppm, an increase of 15 in ten years.

95%, basic profit income 1.

01 yuan.

The company intends to distribute preliminary cash dividends to all shareholders3.

00 yuan (including tax).

  Opinion: The growth momentum is not diminishing, and the revenue growth rate is increasing quarter by quarter.

Driven by the strong start of real estate in 2018, the company achieved a year of revenue of 36.

46% growth rate, including 37% annual increase in waterproof membranes, 34% increase in waterproof materials, and 38% increase in waterproof construction.

In terms of quarters, Q1 to Q4 2018 saw quarterly revenue growth of 27.

16%, 31.

84%, 38.

63%, 42.

82%, the growth rate increased quarter by quarter.

We think that the fourth-quarter revenue exceeded the expected growth, or benefited from a slight rebound in infrastructure investment growth in 18Q4.

  Gross profit margin and financial impact on Q4 results.

The growth rate of the company’s Q1-Q4 attributable net profit was 25 respectively.

5%, 25.

2%, 32.

2%, 6.


We think Q4’s performance growth has exceeded the expected level of revenue growth, mainly due to the decline and impact of gross profit margin.

The company’s Q1-Q4 gross profit margins were 35.

9%, 37.

4%, 36.

1%, 30.

7%, the fourth quarter of the single quarter gross margin increased by 5.

4 averages.

We believe that it may be related to the company’s cost calculation method. Most of the asphalt cost calculated by the company in Q4 is the purchase price of Q3, which is at a high level, so the gross profit margin has decreased.

In the case of the suspect, some subsidiaries of the company received the government subsidy, and according to the new accounting standards, they need to calculate at the tax rate of 25%. Therefore, the company gradually increased the actual tax rate to 17.

1% (13 in 2017.


  Receivables management was strengthened and operating cash flow improved.

The company’s Q4 revenue was 47 trillion, and accounts receivable decreased by 6 compared with Q3.600 million to 45.

1.1 billion, but bills receivable increased significantly by 11 compared with Q3.

7.4 billion to 15.

4.7 billion.

At the highest level, the company’s accounts receivable turnover rate reached 3.

19 times, the best level of 2015 past.

The company’s operating net cash flow in 2018 reached 10.

1.4 billion, of which Q4 single quarter 15.

4.5 billion, an increase of 122% over the same period last year.

The initial operating net cash flow / net profit reached zero.

67, the best level in the past 5 years.

  Investment suggestion: The company is a leading waterproof material company with a national layout. Then the real estate developers expanded the obvious improvement of concealed projects and the company’s own production capacity expansion, which further widened the gap with the second echelon.

At the same time, relying on waterproof materials, the company has entered the market of architectural coatings and insulation materials, and the customer’s synergy is obvious, which is expected to become a new profit growth point.

  We adjust our profit forecast and expect the company’s net profit attributable to its mothers to be 19 in 2019-2021.

300 million, 23.

500 billion and 27.

70,000 yuan, the closing price on March 27 corresponds to PE of 16.

3 times, 13.

4 times and 11.

4 times, maintaining the level of “prudent increase”.

  Risk Warning: Demand Exceeds Expectations, Raw Material Prices Exceed Expectations

Han’s Laser (002008) 2019 first quarter performance preview comment: the performance stage is under pressure in 2019, focusing on new energy batteries and OLEDs

Han’s Laser (002008) 2019 first quarter performance preview comment: the performance stage is under pressure in 2019, focusing on new energy batteries and OLEDs

The company is a leader in domestic laser companies. Laser products have benefited from the increased OLED industry explosion rate. At the same time, it has actively explored the battery field and power market.

In the short term, because the sales volume of consumer terminals and innovation are less than expected to affect the company’s performance, we cut the company’s EPS forecast for 2018/19/20 to 1.



87 yuan (previous forecast was 1.



83 yuan), long-term still optimistic about the company’s leading laser equipment components, giving 30 times PE in 2020, corresponding to a target price of 56.

01 yuan, maintain “Buy” rating.

The company issued a forecast for the first quarter of 2019 and reported that the merger would achieve net profit attributable to mothers1.


64 ppm, with a 10-year average of 55% -65%.

Our comments are as follows: The first quarter is a traditional off-season, and last year was mainly due to non-economic profit and loss driven performance.

Looking back at the company’s quarterly performance, Q1 and Q4 are traditional off-seasons. The abnormal performance of net profit attributable to mothers in Q1 2018 was mainly due to handling the Mingxin test and PRIMA equity acquisition.

7 billion US dollars in revenue, combined with the increase in Q1 2019 software acquisition and withdrawal revenue decreased by about 50 million yuan, resulting in a decrease of 55% -65% of net profit returned to mothers in the first quarter of 2019Is 1.


65 ppm, with a ten-year average narrowing of 7% -28%.

15.33 million shares were repurchased for employee shareholding or equity incentives to share the company’s development bonus.

The company announced the repurchase plan in the early stage. As of February 26, 2019, 15.33 million shares have been repurchased, and the payment amount is 4.

US $ 9 billion, which is subsequently proposed for employee stock ownership plans or equity incentives, if not implemented, it will be replaced.

The client income is stable, and the Android terminal continues to develop.

The company is capable of supporting self-produced ultra-fast pulsed UV laser equipment with sub-micron processing accuracy, precision welding equipment, linear motors, fingerprint modules and USB automatic welding systems.

Revenue from customers is expected to be relatively stable in 2019, approximately $ 2.5 billion.

The company actively expands non-A customers and cooperates with Samsung, Huawei, Xiaomi, etc. These customers are expected to contribute incremental revenue.

The demand for new energy battery equipment is constant, and the outlook for OLED is optimistic.

In terms of new energy batteries, in 2018, it realized revenue of about 600 million US dollars, which doubled in one year. Customers include Ningde Times.

Looking ahead to 2019, it is expected that high-speed growth will continue to be driven by demand and contribute over 1 billion in revenue.

In terms of OLED, domestic manufacturers led by BOE, Shentianma, and Huaxing Optoelectronics continued to expand investment in production lines, and the investment in BOE’s four 6th generation lines alone reached 200 billion.

The company’s laser equipment supplies domestic mainstream panel manufacturers, providing four types of solutions: laser cutting, laser repair, laser replacement and automatic screen inspection. Currently, it has deployed OLED 80% laser processing equipment, and independently researched and developed about 10 laser processing. Estimated revenue in 2019The scale reaches about 500 million.

Risk factors: The performance of core customers is lower than expected, the ability to integrate new businesses is weak, and market competition is intensifying.

Investment suggestion: In the short term, due to the weaker-than-expected innovation on the mobile phone side, the company’s performance is under pressure, and we lower the company’s EPS forecast for 2018/19/20 to 1.



87 yuan (previous forecast was 1.



83 yuan), long-term still firmly optimistic about the company’s leading laser equipment accessories, ultra-narrow bezels and non-porosity of mobile phone terminals in 2020 is expected to increase the penetration rate, the demand for 成都桑拿网 upstream laser equipment may pick up, and the company ‘s profits will meet the growth channel again, so we give 202030 times PE, corresponding to a target price of 56.
01 yuan, maintain “Buy” rating.

Asia Pacific Technology (002540): 1H19 results fell year-on-year 134%

Asia Pacific Technology (002540): 1H19 results fell year-on-year 134%

1H19 performance year-on-year decline Asia-Pacific technology announced 1H19 results: operating 合肥夜网 income of 1.5 billion US dollars, a year-on-year decrease of 14%; net profit attributable to mothers1.

50,000 yuan, corresponding profit 0.

12 yuan, a year-on-year decrease of 21%, basically in line with expectations. The decline in the first half of the year was mainly affected by the decline in aluminum sales.

In addition, the company plans to distribute 1 for every 10 shares.

6 yuan cash dividend, the dividend ratio is 134%, and the half-year dividend income is injected into 3.


The company’s operating income in the second quarter of 19 8.

100 million US dollars, a year of -11% / chain + 15%, net profit attributable to the mother is 7,655 million, corresponding to 0 profit.

06 yuan a year, -28% / mom + 6%.

Comments: 1) Aluminium production and sales decreased.

1H19 company’s total output of aluminum 深圳桑拿网 profiles, pipes and rods6.

8 at least, down 6 each year.

2%, sales 6.

7 At least, 9% per year.

2) Gross profit margin is basically stable.

1H19 company’s gross profit margin (gross profit before tax and surcharge) is 20.

1%, basically unchanged for a year, with a gross profit margin of 20 in 2Q19.

1%, ten years -0.

4ppt / ring ratio -0.


3) 1H19 company sales, management and R & D expenses for half a year -1.

2%, +3.

3% and + 14% to 0.

29 ppm, 0.

7.6 billion and 0.

7.6 billion.

4) The financial expenses for 1H19 were +6.56 million to 1.58 million, mainly due to the increase in discounted interest expenses on deferred bill financing.

5) 1H19 assets + credit impairment losses decreased by more than 162 million to -702 million, mainly due to the increase in bad debts of receivables and the decline in inventory price losses.

6) 1H19 change in fair value + investment income + 127% / 0.

3 billion to 0.

5.3 billion.

Development Trend Capacity continues to expand.

As of the end of 2018, the company’s total aluminum pipe, profile and bar production capacity reached 20 pieces / year.

Currently, the company is promoting 8 preliminary lightweight advanced aluminum extrusion projects, 6.

5 Initial new energy vehicle aluminum projects and 4 lightweight environmentally friendly aluminum alloy projects are expected to drive the company’s scale expansion.

It is expected to benefit from the trend of lightweight transportation.

On January 7, 2019, China’s new energy vehicle sales totaled 700,000, a year-on-year increase of 41%. The short-term growth rate may be affected by the subsidy decline, but the long-term positive trend remains unchanged.

Lightweighting is an effective way to improve the life of new energy vehicles and save energy and reduce emissions. The trend of lightweighting traffic will benefit the company’s demand for aluminum products. Earnings Forecasts and Estimates We maintain our 2019/20 earnings forecasts of zero.


28 yuan.

The current sustainable correspondence is 202014.

9 times price-earnings ratio.

Maintain Outperform rating and 6.

A target price of 00 yuan corresponds to 21.

4 times 2020 price-earnings ratio, 44 more recently included.

2% upside.

Risk Aluminum demand is less than expected, the company’s project progress is not smooth

Dongfang Cable (603606): Submarine cable business benefits from high growth of offshore wind power

Dongfang Cable (603606): Submarine cable business benefits from high growth of 北京桑拿洗浴保健 offshore wind power

Offshore wind power drives the outbreak of submarine cable business, and Oriental Cable’s performance is elastically constrained.

According to the NDRC’s “Notice on Improving Wind Power On-Grid Tariff Policy”, for offshore wind power projects approved before the end of 2018, if all units are connected to the grid before the end of 2021, the on-grid tariff at the time of approval will be implemented; all units will be connected to the grid by 2022 and onwards, The guide price for the year of grid connection.

We believe that if the existing generators still want to maintain the high on-grid tariffs at the time of approval, they must be connected to the grid before the end of 2021, and the installed enthusiasm for offshore wind power in the next three years is guaranteed.

Submarine Cable’s listed companies mainly include Dongfang Cable, Zhongtian Technology, Hengtong Optoelectronics, and Han cable.

The total revenue of the submarine cable related businesses of the four companies reached 34 in 18 years.

800 million US dollars, a year-on-year increase of 127%.

Among them, Dongfang Cable’s submarine cable revenue accounted for the highest proportion, reaching 35% in 18 years, benefiting from the elastic bonding of the growth of submarine cable business.

The submarine cable business has a high gross profit, and the company’s performance is high.

The company’s main products are cables, including land and submarine cables.

The revenue 18 years ago was mainly contributed by the land cable business, which is relatively stable. The current increase is the submarine cable business.

The submarine cable business has the characteristics of high growth and high gross profit margin.

72 ppm, a 10-year increase of 8.

03 times, gross profit margin 29.

8%, significantly higher than the traditional land cable.

Benefiting from the growth of the submarine cable business, the company’s 18-year return to motherhood profit reached 1.

710,000 yuan, an increase of 242% in ten years.

The 19-year high-performance growth momentum continued, and the semi-annual report for 19 years indicated that the company’s return to mother’s profit reached 1.

84 ‰, an increase of 227% in ten years, deducting non-profit1.

810,000 yuan, an increase of 228% in ten years.

Company orders are plentiful.

The company order amount is from 6 in 2016.

97 million rose to 23 in 2018.

9.2 billion yuan, the amount of orders from January to July 19 reached 20.

5.3 billion.

Among them, the amount of submarine cable orders in 2018 was as high as 19.

63 ppm, an increase of 49 in ten years.

51%, accounting for 82 of the total order amount.

08%, we expect the order amount will achieve a new round of growth this year and next year.

The gross profit margin is not significantly affected by the price of copper.

The company’s copper materials account for more than 70%, and raw materials have a penetrating effect on costs.

However, because the company’s business model combines forward and spot orders and locks processing fees, gross materials are not affected by raw material prices.Strong control ability.

Profit forecast and estimation.

We estimate that the company’s net profit attributable to the parent company for 2019-2021 will be 3.

52, 4.


56 trillion, the corresponding EPS is 0.

54 yuan, 0.

68 yuan, 0.85 yuan.

With reference to comparable companies, the company is given PE 20-25X in 2019, corresponding to a reasonable value range of 10.


50 yuan, covering for the first time, given a “continuous market” rating.

risk warning.

Offshore wind power installed capacity was lower than expected; competition intensified and gross profit margin decreased.

Guangdong-Hong Kong-Macao Greater Bay Area will be the fourth investor in the Greater Bay Area

Guangdong-Hong Kong-Macao Greater Bay Area will be the fourth investor in the Greater Bay Area
Shuipi talk show | Guangdong-Hong Kong-Macao Greater Bay Area will be the fourth Greater Bay Area in the world!Investors began to stir up. “The Greater Bay Area” is an economic term. There are now three already formed Greater Bay Areas in the world. One is the New York Bay Area, the other is the San Francisco Bay Area, and the other is the Tokyo Bay Area. These baysBecause of the convenient waterway transportation and the accumulation of high-tech capital, the district often becomes the engine of the local and even the economy of this country. The effect is seen by everyone.  The Outline of the Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area was launched in China and we are also engaged in regional development. We know the Yangtze River Delta, Beijing-Tianjin-Hebei, and the recent development of the Guangdong-Hong Kong-Macao Greater Bay Area approved by the State Council.If we must do the corresponding, the Guangdong-Hong Kong-Macao Greater Bay Area should correspond to the San Francisco Bay Area. We know that this is a Bay Area with technology and Silicon Valley as its core.According to the “Plan” approved by the State Council, the Guangdong-Hong Kong-Macao Greater Bay Area also has the possibility of developing or benchmarking in this area.  The construction plan of the Greater Bay Area involves the nine cities of the Pearl River Delta, Hong Kong and Macau. The nine cities of the Pearl River Delta are Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen, and Zhaoqing.The total area of the city which is “9 + 2” is 5.60,000 square kilometers, with a total population of about 70 million at the end of 2017.  The planning of this Greater Bay Area was personally planned, deployed and promoted by General Secretary Xi Jinping. It is a national strategy and is positioned as a vibrant world-class city group.The planning is from 2022 to 2035, and the long-term is to 2035. The Guangdong-Hong Kong-Macao Greater Bay Area is regarded as the fourth growth pole of the global economy in the future, and it is of course a new practice to promote the development of “one country, two systems”.  Many cities in the Guangdong-Hong Kong-Macao Greater Bay Area were originally areas with relatively strong economic development in China. According to 2017 statistics, the total GDP of the “9 + 2” cities in the Greater Bay Area has exceeded 10 billion.In the 南京桑拿网 future, “9 + 2” is definitely greater than 11.  Highlights in the “Planning Outline” The first point in the “Planning” is that it is in a relatively special area, in the context of one country, two systems, three customs zones, and three currencies.Said to be the first case.  Therefore, the “Planning” also pointed out that we must first improve transportation, strive to achieve one-hour access between major cities in the Greater Bay Area, promote public transport operations, and promote “one-ticket” joint services and “one-card” services.In addition, the financial market must be interconnected, including the wealth management market. There has been a certain response in the market. Bay local banking institutions can conduct cross-border RMB borrowing, forward foreign exchange transactions and RMB derivatives.It can also issue bonds 杭州桑拿网 to expand the cross-border investment space for Hong Kong, Macau and Mainland residents. In the future, it can also gather RMB to invest in Hong Kong’s capital market. In fact, this is an upgraded version based on Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect and Bond Connect.  In fact, the Guangdong-Hong Kong-Macao Greater Bay Area is also the place with the most A-share listed companies. According to statistics, as of February 18, 2019, there were 3,586 listed A-share companies, and 526 were registered in Guangdong cities.89 of A-share listed companies in Guangdong.6%, accounting for 14 of all A-share listed companies.67%.  As of February 18, 2019, the total market value of A shares was 48.At 84 trillion yuan, the market value of these 526 listed companies over the same period was 9.18 trillion, accounting for 18 of the total market value.79%, close to 20%.I think if we count the market value of Hong Kong and the market value of Macao, the value will be higher. Therefore, the first reaction of the introduction of “Planning” on the capital market is the ups and downs of local companies, which is inevitable.A major plus.  It is foreseeable that after the introduction of the Plan, the talents, capital, information, technology, and policies of the Greater Bay Area have an advantage that no other place has. Therefore, it will be a matter of time to become a world-class city group in the future.  ?

Huaheng (833444): Based on industrial robot automation equipment supplementary orders3.

800 million

Huaheng (833444): Based on industrial robot automation equipment supplementary orders3.

800 million

Event: The company released its semi-annual report for 2019, which reported operating income2.

870,000 yuan, an increase of 12 in ten years.

26%, net profit attributable to mothers was 15.98 million yuan, a year-on-year increase of 73.

44%, deducting non-attributed net profit of 14.07 million yuan, an annual increase of 206.


Huaheng shares: specializing in the research and development, production and sales of industrial robot automation equipment.

The company is one of the few domestic companies with complete independent R & D and production capabilities for core modules of robotic automation equipment.

The main products include complete sets of welding robots, special equipment for welding automation, all-position tube welding equipment, cutting automation equipment, logistics storage automation equipment, planetary cycloid (RV) reducers, etc., which are widely used in engineering machinery, petrochemicals, rail transportation,Mining, shipbuilding, aerospace, military, marine engineering, nuclear power, medicine and other high-end equipment manufacturing fields and other important national economic industries.

Report quantity supplement order 3.

800 million, the domestic and foreign markets have developed steadily.

The total number of reports, the company’s orders as a whole rose, and a total of 3 supplementary orders.

800 million.

Among them, affected by favorable factors such as the promotion of the development of the robot and intelligent manufacturing industry in the country, the company’s downstream energy, petrochemical, engineering machinery and other industries’ fixed asset investment has steadily rebounded, and traditional industrial robots and welding / cutting automation equipment have increased orders and increased steadily.Report information, the company’s sales income of welding robot complete equipment1.

390,000 yuan, an increase of 47 in ten years.

21%, revenue accounted for 50%.

In addition, logistics and warehouse automation equipment achieved revenue of 3,558.

700,000 yuan, an increase of 138 in ten years.

35%, sales accounted for 5 from the same period last year.

24% increased to 12.


However, at the same time, the technology of the intelligent logistics equipment project is relatively complicated, the investment quota is extended, the contract period is long, and the number of intelligent logistics equipment increase orders has decreased.

There are outstanding independent research and development, production technology, and many products are in the domestic leading and international advanced level.

The company is a national-level demonstration enterprise of intellectual property advantages. Recently released, the company has 266 authorized patents in China, including 113 invention patents and 164 software copyrights in China.

The company is a key emerging company of the National Torch Program, with national enterprise post-doctoral workstations and national welding robot training centers, China-Ukraine welding process technology international joint laboratory, Jiangsu Province welding automation equipment key laboratory and other key research and development institutions, with international advancedLevel of experiments, processing, testing equipment, undertaken a number of national and provincial scientific research projects.

Among them, the company ‘s QXB series cycloidal planetary reducer products have replaced the strength of imported similar products after a long-term use test. The report shows that the company has processed the core patented reducer products of elastic compensation technology (ECT).Improve and upgrade, have started mass production and market application.

(Company semi-annual report) Continue to expand investment in research and development, with technical personnel accounting for 39%.

Reporting information, the company invested 2978 in research and development.

430,000 yuan, an increase of 8 in ten years.

68%, with R & D funding accounting for 10.

4%; the report added 21 additional engineering and technical personnel, the technical team expanded to 317, the proportion of personnel reached 39%.

In the first half of 2019, the company’s top five customers accounted for 24.

33%, Hangcha Group (603298.

SH), Eddie Precision (603638.

SH) is also the company’s top five customers.

Adopting a combined sales model, the sales expense ratio has decreased year by year.

The company adopts a combination sales model of direct sales, distributors, leasing services, overseas, and internet. In terms of direct sales, it has established companies in Kunshan, Shanghai, Xuzhou, Changsha, and Chengdu, and has more than 20 offices across the country. In terms of distribution,Has established long-term cooperation with more than 70 dealers in China; the company is equipped with equipment 厦门夜网 leasing companies to provide customers with high-quality equipment leasing services; overseas markets, the company has subsidiaries in Malaysia and India, in the United States, Europe, Brazil, Southeast AsiaHave agents in other places.In 2017, the company’s sales expense ratio continued to decrease, reaching 31 in the first half of 2019.

20%, reducing by 1 every year.

25 points.

Profitability has steadily improved, and cash flow performance has been outstanding.

The company’s profitability continued to improve, with a gross profit margin of 38 in the current period.

61%, an increase of 0 from the previous period.

97pct, net interest rate 5.

58%, an increase of 1 from the previous period.

9 points.

Net cash flow from operating activities for the period was 309.

890,000 yuan, an increase of 269 in ten years.


The number of reports and the decrease in inventory turnover rate were mainly due to changes in the production cycle and delivery cycle of engineering products. There was an increase in undelivered orders. In order to meet the timely delivery of orders, inventory needs to be prepared.

Investment suggestion: The company is expected to close at 2.

01 yuan / share with a market value of 5.

21 ppm corresponds to a PE (ttm) of 15.

52X, investors are advised to pay attention.

Risk reminder: risks of accounts receivable and inventory surplus, technology substitution risks, and fierce market competition.

China Chemical (601117) 2019 Interim Report Review: Performance Achieves High-Growth Transformation and Accelerates at the Right Time

China Chemical (601117) 2019 Interim Report Review: Performance Achieves High-Growth Transformation and Accelerates at the Right Time

The results were initially realized, and petrochemical and infrastructure orders achieved high growth. In the first half of 2019, the company achieved operating income of 385.

1.7 billion, an increase of 13 in ten years.

26%; net profit attributable to mother 16.

02 billion, a 47-year growth of 47.

75%. The growth rate of net profit is greater than the growth rate of revenue. The increase in profitability of the reporting company and the adjustment of the applicable interest rate are the main reasons. The revenue from the main business project contracting was 324.

2.杭州夜生活网8 billion, an increase of 13 in ten years.


Progressive new single 893.

2.3 billion, an increase of 11 in ten years.

55%, of which petrochemical and infrastructure orders increased by 99.

47%, 334.


The profitability has improved, and the company’s operating capacity has improved to 12 in the first half of 2019.

29%, 0 per year.

36pct, the initial increase in gross profit margin is that the gross profit margin of some newly started projects fell in the same period last year and gradually recovered this year;

42%, an increase of 0 every year.

95 points.

Period expenses6.

20%, a decline of 0 every year.

18 points; of which, the management expense rate decreased by 0.

07pct to 5.

54%, the financial expense ratio decreased by 0.

01pct to 0.

23%, the sales expense ratio decreased by 0青岛夜网.

10pct to 0.


Total asset turnover is 0.

39 times, 2.

63%, accounts receivable turnover investment2.

17 times, a promotion of 5 a year.

85%; budget of assets and liabilities 64.

95%, an increase of 1 over 2018.

04 points.

Achieve operating net cash flow of -15.

5.4 billion, a decrease of 48 previously.

4.9 billion.

Q2 performance maintained high-growth companies 18Q3, Q4, 19Q1 and Q2 completed revenue of 196 respectively.
1.4 billion, 278.
2.3 billion, 177.

19 billion, 207.

9.8 billion, an increase of 46 in ten years.

36%, 37.

50%, 18.

77%, 8.

95%; net profit achieved 5.

4.1 billion, 3.

0.6 billion, 6.

2.3 billion, 9.

8 billion, an increase of 21 in ten years.

66%, 15.

59%, 55.

61%, 43.


The company’s net profit continued to maintain high growth in the second quarter.

The expansion of the environmental protection field has achieved initial results. The overseas business steadily advancing the report signed new environmental protection project orders for sewage, sludge treatment and waste incineration power generation34.

2.5 billion, accounting for 3 of total orders.

83%, an annual increase of 7.


The company further promoted the development of the engineering market along the “Belt and Road”, and achieved overseas revenue of 128 during the first half of the year.

50,000 yuan, an increase of 19 in ten years.

09%, accounting for 33% of total income.


Investment suggestion: chemical leader, raise profit forecast, maintain “Buy” rating and raise EPS to 0 in 19-21.



87 yuan, PE is 10 respectively.



3 times.

The reasonable estimate for maintaining the 19-year PE is 14-15 times, corresponding to a value of 7.


95 yuan, maintain “Buy” rating.

Risk reminder: bad debts of accounts receivable, fixed asset investment period, order conversion rate is lower than expected, etc.