Placco (603566) Commentary Report: Poultry vaccines will be researched and promoted in next city

Placco (603566) Commentary Report: Poultry vaccines will be researched and promoted in next city

On October 31, the company announced that it had successfully acquired a 50% equity interest in Nanjing Melia held by Qian Yuanhao, and intended to transfer 50% equity of Nanjing Melia obtained by China Marine Bio from the French Melia office. The company will hold 100% of Nanjing MeliaEquity, also known as “Plaike (Nanjing) Biotechnology Co., Ltd.”.

Operational analysis In the context of the high prosperity of the poultry industry, the company will cut into the largest bird flu product avian influenza (H5 + H7) vaccine market; the Nanjing Merial company acquired by the company owns highly pathogenic avian influenza (H5 + H7) vaccine productsThe production qualification will cooperate with the company’s rich product structure. The highly pathogenic 北京体验网 avian influenza (H5 + H7) vaccine is the largest single category in the market. In 2019, the government will exempt the highly pathogenic avian influenza bivalent inactivated vaccine.Changed to a trivalent inactivated vaccine. According to the bidding purchase price this year, the increase in the price range of the new vaccine will also lead to the expansion and expansion of the bird flu vaccine market. Under the current high boom cycle of the poultry industry, the poultry marketWith the rise in volume and price, the company will fully benefit.

High R & D investment creates multi-product transformation. The company will be committed to the upgrading of highly pathogenic avian influenza (H5 + H7) vaccines from whole virus vaccines to genetically engineered vaccines. The company is one of the few companies with independent research and development capabilities in the veterinary medicine industry.In the first half of 2019, the company’s R & D promotion accounted for Dada.

21%, ranking first in the industry; Currently, according to the National Veterinary Medicine Basic Database, a total of 11 manufacturers of avian trivalent vaccines have initiated inactivated vaccines. The company will use its next-generation genetically engineered vaccine technology to upgrade bird flu vaccines toGenetically engineered vaccines give full play to their technological advantages and maintain their leading position in the poultry market vaccine direction.

Possessing the largest single breed vaccine in the market for livestock and poultry vaccines, and realizing the layout of the entire industry chain; the single species with the largest scale in the poultry vaccine market is highly pathogenic avian influenza (H5 + H7) vaccine, and the single species in the largest market for poultry vaccinesFoot-and-mouth disease vaccine has been accumulated by the company in the past two years. It has initially captured two major species in the industry. The pig pseudorabies gE gene deletion inactivated vaccine is still to be marketed. At the same time, the company’s advanced genetic engineering vaccine research and development technology platform fully supports the research and development of non-pest vaccineIt is expected to further expand the wide product matrix through its R & D platform in the future.

Investment suggestion: The company has high R & D investment + multi-product layout, and continues to be optimistic about the company’s future R & D achievements. Without counting the replacement of currently unlisted products, the company will be given 0 EPS in 2019-2021.



61 yuan / share, corresponding to a PE of 53/44/39 times. Maintain “Buy” rating.

Risks suggest fluctuations in the downstream breeding industry, risks of epidemics, risks of new product sales falling short of expectations, and increased market competition, risks of changes in government bidding and procurement policies, merger and acquisition integration risks, and brain drain risks.

New Coordinates (603040) Quarterly Report Review: Confirmation of Performance Meets Expected Operating Turning Point

New Coordinates (603040) Quarterly Report Review: Confirmation of Performance Meets Expected Operating Turning Point

Net profit for the first three quarters of 2019 increased by 10.

29% of companies released the third quarter report of 2019 on the evening of October 24, and achieved operating income 2 in Q1 2019.

3.7 billion (+8.

15%) and realized a net profit of 8708.

70,000 yuan (+10.

29%), deducting non-net profit 7693.

30,000 yuan (+10.

40%), corresponding to EPS 1.

11 yuan, performance in line with expectations.

The company’s performance increased. The hydraulic tappets of gas-phase valve transmission products were exported to Europe and the diesel tappets of diesel engines gradually increased. The net profit attributable to mothers increased by 10 in the third quarter.

90%, an increase of 12 from the previous month.


We maintain the company’s profit forecast for 2019-2021, and expect the company’s EPS for 2019-21 to be 1.

60, 2.

01, 2.

72 yuan with a target price of 32.


2 yuan, maintaining the “overweight” level.

  The cost control ability is strong, the net profit rate will not rise but the company’s 2019 Q1-3 net profit will increase by 10 every year.

29%, a ten-year growth rate over operating income (+8.

15%) high 2.

14 points.

2019Q3 operating income increased by ten in ten years.

68%, an increase of 7 from the previous month.

45%; net profit attributable to mothers increases by 10 per year.

90%, an increase of 12 from the previous month.


The company’s gross profit margin for the first three quarters was 62.

49%, down by 1 every year.

7pct, the net interest rate is 37.

70%, rising by 1 every year.

48pct, the initial increase in net interest rate is: every 10 decrease in selling expenses.

55%, and management costs fall by 16 each year.

69%, financial expenses fell 166.

22% (resulting from exchange gains), the growth rate of research and development expenses (+ 4%) is lower than the growth rate of revenue (+8).


Cash flow from operating activities was 8132.

0.2 million yuan (+10.74%), the improvement is due to the extension of customer credit cycle, sales of goods, and increased cash received for labor services.

  The company will benefit from the growth of exports and diesel engine mechanical tappets in the future. According to statistics from the China Automobile Industry Association, China ‘s auto production and sales 西安耍耍网 in January-September 2019 decreased by 11 from the same period of the previous year.

4% and 10.

3%, we expect the company’s third-quarter performance growth to continue the mid-report logic, mainly from exports and diesel engine tappet growth.

The export of hydraulic tappets and the delivery of mechanical tappets for diesel engines are on the slope, and mass production and sales of Volkswagen in Brazil, Deutz in Germany, and Generac in the United States will help support the company’s future growth.

The company’s larger overseas layout has gradually applied for a number of overseas patents for tappets, rocker products and core processes through the PCT and Paris Convention channels.

  We maintain the company’s profit forecast for 19-21 and maintain the “overweight” rating. We maintain the company’s profit forecast for 2019-2021 and expect the company to achieve 3 in 2019-2021.



5.2 billion yuan of income, net profit attributed to the mother1.



16 trillion, corresponding to EPS 1.

60, 2.

01, 2.

72 yuan.

Comparable companies have a PE average of 17 times in 2019 (previous value: 16 times). Considering the company’s profitability and leading position in segmented industries, the company is given 20-22 times PE (previous value: 19-21 times) with a target price of 32.


2 yuan, maintaining the “overweight” level.

  Risk warning: poor customer sales affect the company’s sales; new capacity release of precision cold forgings for valve groups is not up to expectations; downstream customers, slower-than-expected development of new overseas markets; capacity utilization is not up to expectations after the subsidiary goes into production

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

The two Rongyings dropped by nearly 13 billion yuan last week, and the number of investors reached nearly 4.5 billion.

The two Rongyings dropped by nearly 13 billion yuan last week, and the number of investors reached nearly 4.5 billion.

Liangrong’s balance fell by nearly 13 billion US dollars last week. Finkers refused to allocate nearly 4.5 billion pounds of capital to lay out 94 stocks. Ren Renyu, a reporter of the newspaper, last week (August 5-August 9).Shrinked to 8925 on August 9.

7.9 billion yuan, down 129 from August 2.

5.7 billion yuan.

  It is worth mentioning that the Securities Regulatory Commission recently instructed the stock exchange to revise the “Implementation Rules for Margin Financing and Margin Trading”, in which the number of stocks under the two financing targets will be increased from 950 to 1600, the largest single expansion in history; for 130The% liquidation line will also be released to expand the scope of collateral.

Boosted by this, on August 12th, the Shanghai and Shenzhen markets continued to fluctuate after opening higher, and then began to surge, the liquor sector strengthened, the brokerage sector subsequently exerted force, and the market capitalization was expected to gradually rise, pushing the Shanghai index to return to 2800 points.

  Analysts generally believe that the expansion of Liangrong has a great boost to A shares. The most recent one was the end of 2016. The number of Liangrong targets increased from 873 to 950. Soon after, blue-chip stocks ushered in momentum.Trend.

However, all A-shares are currently facing downward pressure on the global economy as a whole, which is beneficial to a certain extent.

Because the current market speculation attractions can not be sustained, the short-term operation direction can pay attention to the semi-annual report found excellent performance varieties, and the recent financing investors in-depth involvement in high-quality targets to try to open the rebound mode in the shock market, it is worth paying attention.

  In fact, there were 219 securities net purchases last week, accounting for 22 of the total stocks of the Shanghai and Shenzhen stock markets.


Among them, 94 bonds last week gradually raised a net purchase amount of over 10 million yuan, and the net purchase amount of gradual financing was 44.

With 8.6 billion US dollars, these target stocks have been pre-empted by the financing investors, and the market performance is worthy of attention.

  Specifically, Shandong Gold, Zhonghuan, Yili, Huayou Cobalt, China Merchants Shekou, Rongsheng Petrochemical, Hengbang, Shengyi Technology, Intime Resources, Pudong Development Bank, COFCO Sugar and other 11 securities during the continuous financing periodNet purchases were above 1 ppm. Pengxin Resources (9737.

380,000 yuan), Jingchen shares (9561.

530,000 yuan), Zijin Mining (9371.

100,000 yuan), Bai Chu Electronics (9087.

250 thousand yuan), Ningbo Yunsheng (8374.

920,000 yuan), Midea Group (8298.

400,000 yuan), Hengli Petrochemical (6462.

500,000 yuan), northern rare earth (5709.

200,000 yuan), Agricultural Bank of China (5449.

550,000 yuan) and China Software (5055.

550,000 yuan) and other securities during the gradual financing period, the net purchase amount is also more than 50 million yuan.

In addition, 73 internal coupons including China Southern Airlines, Makihara Shares, Eastern Communications, Gold Molybdenum Shares, Guanglianda, Dahua Shares, and Changchun High-tech are also sought after by 10 million financing customers.

  In the pursuit of financing customers, the above stocks performed well on Monday.

Statistics show that of the 94 target stocks with a net purchase of more than 10 million in the above financing, 65 stocks gradually increased this Monday, accounting for nearly 70%.

Among them, the two stocks of Sunlord Electronics and Shengyi Technology achieved daily limit on Monday. Huanxu Electronics (8.

46%), blue cursor (7.

95%), Dahua shares (6.

14%), Wald (5.

70%), Hengli Petrochemical (5.

28%), Central Shares (5.

28%), Lansi Technology (4.

68%), Zhongsheng Pharmaceutical (4.

61%) and Wei Ning Health (4.

50%) and other stocks also performed relatively prominently on the same day, with gains 杭州桑拿网 exceeding 4%.

  It is worth mentioning that out of the 94 stocks with a net purchase of more than 10 million yuan in financing mentioned above, a total of 43 stocks have been sought after by the mainstream funds in the market since July.

3.3 billion yuan.Specifically, in the old warehouse in Luzhou, the average net inflow of funds for two large stocks of Yili Co., Ltd. was more than 100 million US dollars, respectively, at 16,243.

220,000 yuan, 11735.

100,000 yuan, including Dahua shares (9749.

230,000 yuan), Central Shares (9319.

10,000 yuan), Guohai Securities (7087.

110,000 yuan), China Software (6625.

06 million), blue cursor (5996.

850,000 yuan), Agricultural Bank of China (5605.

960,000 yuan) and Guotai Junan (5146.

22 million) and other internal 22 stocks were also funded by large single funds of more than 10 million yuan on the same day, the above 24 potential stocks attracted a total of gold.

5.5 billion yuan.

  Regarding investment opportunities in the market, Huatai Securities said that from the perspective of fundamentals, estimates, liquidity reorganization and distribution, A-share allocation opportunities are gradually becoming apparent.

TCL Group (000100) Quick Review of Major Events: Investing in Overseas Equity Funds to Build a Technology Industry Group

TCL Group (000100) Quick Review of Major Events: Investing in Overseas Equity Funds to Build a Technology Industry Group

Event: TCL Group Announcement: The company intends to invest $ 25 million in the Sierra Fund, a venture capital fund, through its subsidiary holding company Li Rong Development Co., Ltd. as a limited partner.

Comment: After the reorganization, the technology industry group will be relocated, and the focus will be on the development of technology-driven high value-added semiconductor display and material businesses after the reorganization of the main business company.

Promote Huaxing Optoelectronics to achieve product technology leadership, maintain efficiency, and benefit from leading advantages, create industry group linkages, and establish global industrial competitive and synergistic advantages.

TCL Finance and TCL Capital continue to retain the body of listed companies with stable profit contribution, which helps to balance the cyclical changes in the semiconductor display industry. It also chooses to lay out relevant core high-tech industries to cultivate new momentum for growth, and enhances it through independent research and development, incubation and other methods.Internal technological innovation capabilities, and actively use strategic cooperation, investment, mergers and acquisitions and other methods to achieve expansion opportunities in new technology, new materials, and new applications and other industry core value chains, to nurture and expand the main industry competition.

The main directions invested by the Sierra Fund are SaaS, cloud services, the Internet of Things, AI robotics, VR, and network security.

The company’s investment in the Sierra Fund will help make better use of the resources and advantages of overseas professional institutions, promote the layout of the group’s core technology strategy, and accelerate the company’s transition to a high-tech industry group.

The panel industry bottomed out in 19 years, and Huaxing Optoelectronics’ performance continued to increase. Since March 19, the prices of small and medium-sized TV panels, mainly 32-inch and 43-inch TVs, have stabilized and rebounded. Our previous industry depth report “Standing in a new round of the panel industry””The beginning of the cycle” pointed out that the mainstream size panel prices will bottom out in March 19, and is expected to usher in a rebound after Q2.

It is estimated that in this round of rebound, the price of 32-inch panels will increase by more than 22%, and the net profit margin for panel manufacturers will increase by 2?
3 percentage points.

Huaxing currently has two main products, 32-inch and 55-inch, expanding to the second in the world. With the T1 production line entering the end of depreciation and further exploration of costs, Huaxing is expected to benefit significantly from this round of panel rise cycles.

At the same time, the climb of new production lines such as T6, and the expansion of the T3 LTPS production line while improving profitability, the increase in the replacement of the module will bring Huaxing’s performance increase.

The steady growth of the financial venture capital business promotes the company’s core technology strategic layout. After the reorganization of the company, TCL Finance and TCL are basically still in the listed company. The Group’s venture capital business focuses on the development of core core businesses and focuses on forward-looking and technological innovation investment 北京夜生活网 opportunities. Key investmentsIn new materials, new energy, large consumption and high-end manufacturing industries.

The size of the fund currently managed by the venture capital business is 93.

6.5 billion yuan, with a total of 108 investment projects.

TCL Capital Venture Capital currently holds stocks of listed companies such as Jiejia Weichuang, Setex, Ji Chuang North, Biology, Zhongjia Bochuang, Ningde Times, etc., as well as Cambrian, Wuxi Dike and Xinghuan TechnologyAnd other companies’ equity, as well as the first batch of acceptance companies Li Yuanheng as the LP investment science and technology board.

Simultaneously held 712 (603712.

SH) 19.

07% equity, Fantasia Holdings (01777.

hk) 20.

08% equity, and Bank of Shanghai (601229.

SH) 4.

With 99% of equity, its stable return helps to balance the restructuring mutation shown by semiconductors.

We are optimistic about the company’s transformation of the technology industry group and maintain a “buy” rating. We are optimistic that the company will become a high-tech industry group focusing on the semiconductor display and materials business after restructuring.
21 years return to mother net profit 43.



510,000 yuan, EPS 0.



42 yuan, a growth rate of 24.

4% / 15.

7% / 15.

1%, PE 12 is currently sustainable.



We are optimistic about the company’s transformation into a technology industry group and maintain a “Buy” rating.

Risk reminders: First, the panel price has not risen as expected, causing semiconductor display performance to fall short of expectations.

Second, the progress of the financial venture capital business did not meet expectations.

Brother Technology (002562) Comment Report: Rising upstream raw material prices push up vitamin product prices

Brother Technology (002562) Comment Report: Rising upstream raw material prices push up vitamin product prices

Report reading event: Affected by the “South Africa power cut” incident, South Africa ‘s chromium ore export shifted, creating a certain supply gap. The price of imported chrome ore rose after the year, driving up the prices of downstream products.

The company’s 北京养生会所vitamin K3 product prices have risen.

Key points of investment: The price of vitamin K3 has risen, driving the company’s performance to improve. The company’s main products are vitamin products and leather chemicals. Vitamin products are the main source of company profits. The company’s main vitamin products are vitamin K3, vitamin B3, vitamin B1, andthbrthdrexvbdr.
Vitamin K3 accounts for more than 20% of the company’s business revenue.

The upstream raw material of vitamin K3 is sodium in red employees, and sodium in red employees is the downstream product of chrome ore. The increase in the price of vitamin K3 is mainly due to the increase in the price of chrome ore to the price of downstream products.

The major increase in the price of chrome ore prices in the southern category was affected by the blackout event. According to China News Agency, in early February, the South African National Electric Power Company announced through the official website that it has started to implement second-level blackouts across the country (South African blackout sub-levels).), “Level 1” means a reduction of 1,000 MW in the State Grid, “Level 2” means a reduction of 2,000 MW, and so on).

On the 11th, the State Power Corporation of South Africa raised the power restriction level to “Level 4 power restriction”.

It is worth mentioning that this is the first time that South African Guodian Corporation implemented a four-level power restriction.

The expansion of vitamin B3 and B5 has a short-term impact on gross profit margin. New project construction continues to advance the company’s annual output of 13,000 tons of vitamin B3, 5,000 tons of calcium pantothenate and 2,000 tons of 3-cyano free radical projects.


In the next 1-2 years, the two varieties will provide incremental revenue and profit for the company.

Due to changes in the supply structure and industry demand in the short term, the company’s vitamin B3 and B5 prices have fallen to low levels, so the expansion of production capacity will affect the company’s gross profit margin in the short term.

The company’s major varieties are already part of the industry leader. In the future, under the high pressure of environmental protection, it will gradually enjoy the market dividend brought by the increase of industry concentration.

At present, the company continues to plan 1,000 tons of iodine contrast agent raw materials and intermediate projects, and 20,000 tons of hydroquinone and 31,100 tons of hydroquinone derivatives continue to advance.

Established a pharmaceutical industry fund, and long-term growth-quality companies have gradually started to develop their vitamin business after listing. The original main business was leather chemical products, vitamin K3 and a small part of vitamin B1. After listing, the company’s financing strength increased.The technological improvement of the vitamin K3 process has improved gross profit, and the production capacity of medical-grade vitamin B1 and vitamin B3 has been increased. Subsequently, the construction of vitamin B5 power generation is planned and is currently in production.

At present, the company has set up four major business divisions, and the Jiangxi production base plans to use 3,000 acres of land. The current usage is less than half. In addition to making strong substitute products such as small varieties of vitamins, it will expand stable cash flow varieties such as perfume intermediates and iodine contrast agents.With the development model of “DSM”, it has become a domestic high-quality raw material and intermediate company.

Earnings forecast and forecast The company is expected to achieve operating income for 2018-202015.

9.4 billion, 19.

02 ppm, 24.

50,000 yuan, the growth rate is 1.

93%, 19.

32%, 26.


Net profit attributable to parent company is 0.

3.1 billion, 1.

2.9 billion,合肥夜网 2.

1.8 billion yuan, with growth rates of -92.

19%, 312.

68%, 68.


The company’s EPS is expected to be 0 in 2018-2020.

04, 0.

15, 0.

25 yuan / share, corresponding to PE of 109.

82, 26.

61, 15.


Risk Warning 1. The price of vitamin products has fallen sharply.


New project construction progress is less than expected

Haitong Securities (600837) 2019 first quarter performance review: net profit attributable to mother increased by more than double

Haitong Securities (600837) 2019 first quarter performance review: net profit attributable to mother increased by more than double

Net profit attributable to mothers increases by 117 per year.


In the first quarter of 2019, the company’s operating income was 99.

5.4 billion, an annual increase of 74.

48%; net profit attributable to mother 37.

7 billion, an annual increase of 117.

66%; net profit after deduction is 34.

USD 8.1 billion, an annual increase of 136.

92%; basic profit return is 0.

33 yuan, an annual increase of 120%; ROE (expected average) is 3.

14%, an increase of 1 each year.

67 points.

Thanks to the rebound in the securities market, net income from proprietary operations increased, and net profit attributable to mothers doubled.

Net income from operating income and sales of subsidiaries doubled.

In the first quarter of 2019, thanks to the overall growth of the stock market, the company’s net operating income (net income from investment-investment income from associates and joint ventures + net exposure to hedges + net income from changes in fair value) was 48.

3.5 billion US dollars, an annual increase of 282.

83%, of which net investment income increases by 84 each year.

97%, while net gains from changes in fair value changed from losses to losses, with a loss of 0 in the same period last year.

18 ppm, net income for the first quarter of 2019 was 23.

9.7 billion yuan.

Benefiting from the substantial increase in sales revenue of subsidiaries each year, other business income was 22.

8.6 billion, an annual increase of 78.


Net income from credit business decreased significantly.

In the first quarter of 2019, the company’s credit business net income9.

1.5 billion, a decline of 24 every year.

95%, mainly due to the following reasons: First, the 厦门夜网 size of financial assets under repurchase agreements has dropped significantly29.

10%; Second, the scale of funds raised exceeds 9%.

14%; Third, interest expenses increase by 3 each year.

01%, while interest rate income is reduced by 4 per year.


The net income of other main businesses did not change much from the last ten years.

In the first quarter of 2019, the company’s brokerage business, investment banking business and asset management business net income were 9 respectively.

6 billion, 5.

$ 8.5 billion and 4.

0.6 billion yuan, with annual growth rates of 6.

73%, 1.

51% and -9.21%, little change from last decade.

In the second quarter of 2018, the net income of the brokerage business decreased month-on-month, and it is expected to increase in the second quarter of 2019. Therefore, the net income of the brokerage business in the second quarter of 2019 will achieve a breakthrough growth.

The proportion of revenue from credit business and self-operated business changed the most.

In the first quarter of 2019, the company’s brokerage, investment bank, asset management, credit, self-employed and other business revenue ratios were 9 respectively.

64%, 5.

87%, 4.

08%, 9.

19%, 48.

58% and 22.

97%, of which the revenue from self-employment and other business revenue accounted for area, and the combined total revenue accounted for 71.


Compared with the same period of last year, the proportion of revenue from credit business and self-operated business changed the most, decreasing by 12 respectively.

18 points and an increase of 26.

44 points.

Investment advice: Maintain a cautious recommendation level.

Benefiting from the recovery of the securities market, the company’s net profit attributable to its mother increased by more than double in the first quarter of 2019, the highest growth rate among large securities firms in the first quarterly report.

As of April 25, 2019, the company’s PB was 1.

34 times, it is estimated to be at a historically low level, and it is the second lowest estimate among securities companies. There is still room for improvement.

risk warning.

The economy exceeded expectations, the stock market fell sharply, and the stock market’s trading volume shrank sharply.

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.

Suzhou High-tech (600736) Company Annual Report Review: Steady Annual Results and Diversified Business

Suzhou High-tech (600736) Company Annual Report Review: Steady Annual Results and Diversified Business
Investment Highlights: Events.The company announced its 2018 annual report.At the core of the report, the company achieved operating income of 72.82 million, an increase of 16 per year.64%; Net profit attributable to shareholders of listed companies.11 ‰, increasing by 0 every year.84%; fully diluted expected return of 0.41 yuan.  In 2018, driven by the increase in the number of carry-over commercial buildings, the company’s revenue increased by 16%.64%; At the same time, the company achieved net profit attributable to mother 6.11 ‰, increasing by 0 every year.84%.According to the company’s 2018 annual report, in 2018, the company completed the contracted sales area of commercial housing 47.840,000 square meters, a decrease of 4 a year.25%; contract sales amount 67.13 ppm, an increase of 2 per year.99%.As of the end of the reporting period, the company has completed construction on sale and is under construction.930,000 square meters, including 111 houses.710,000 square meters, business 20.220,000 square meters.During the year, the company’s newly-built commercial land reserve area was 43.790,000 square meters, with a total building area of 73.440,000 square meters.In 2018, the company’s tourism real estate enhanced the added value of its products by enhancing the linkage effect between tourism projects and surrounding residential development.Among them, the Suzhou New Suzhou Paradise supporting projects include Encounter Mountain, Jade Seasons, and Elephant Mountain 天津夜网 House, which expanded the sales area at the end of the consecutive reporting period.210,000 square meters, sales amount 46.0.8 billion; Xuzhou Paradise supporting projects in Xuzhou area include Wanyue City and Future City, and the sales area at the end of the reporting period was terminated at 34.890,000 square meters, the sales amount is 30.04 billion.In 2018, the company’s tourism business completed revenue1.6.1 billion, 127 tourists.170,000 person-times.In 2018, Dongling Vibration achieved operating income3.57 ppm, an increase of 11 years.56%.As of the end of the reporting period, the company’s Ronglian Fund has completed a total of 21 investment projects with an investment amount of 2.US $ 80.2 billion, withdrawing from three projects. The shares of Lihu, which have been invested in, have been listed in October 2018, and two other invested companies are planning to enter the IPO process.  According to the company’s 2018 annual report, in 2019, the company’s commercial housing planned construction area is 195.270,000 square meters, 106 new construction area.910,000 square meters. The planned new commercial housing projects are Suzhou Industrial Park Lots 3 and 4, Lot 4 Industrial Park Project, Hefei Central Mansion Project, etc.Promote the construction of Suzhou World Forest World, Xuzhou Paradise Happy World, and upgrade the company’s tourism products.  Investment Advice.Establish the strategy of “cultivating and investing operators in emerging industries” and “integrated market” rating.  Based on the strategic positioning of “emerging and developing investment industries for emerging industries”, the company focuses on the layout of innovative real estate, energy conservation and environmental protection, upgrading and upgrading of strategic emerging industries, strengthening the integration and development of non-bank finance and other industries, and gradually realizing industrial structure adjustment and development through the development of industrial investment.Layout, establish a two-round value-driven business model of “innovative real estate + emerging investment”.We expect the company’s EPS to be 0 in 2019 and 2020, respectively.62 and 0.77 yuan, the corresponding RNAV is 14.85 yuan.We refer to the 2019 average dynamic assessment of innovation and transformation parks, and companies have 16-20 times dynamic PE in 2019, corresponding to a reasonable value range of 9.92-12.40 yuan, maintaining the company’s “preliminary market” rating.  Risk Warning: The company faces risks of interest rate hikes and policies, as well as the risk of unsuccessful transformation.

Where is the safe haven in Europe and the United States?

International asset management giant-Masukura A shares

Where is the safe haven in Europe and the United States?

International asset management giant: Masukura A shares

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  The new crown pneumonia epidemic has spread in many countries, the European and American stock markets have been hit hard, and various risk assets have also been sold off frequently!

  Dare to ask at this time, where should the hedge funds go?

  Recently, the global trillion-level asset management giants BlackRock, UBS, Fidelity, and Invesco have all yelled: It’s time to increase A shares!

  With the downturn in the external market, A shares show a different kind of attractiveness.

Today, the three major A-share stock indexes opened higher. The GEM index rose nearly 2%, and the energy and Internet sectors led the gains.

  Hazardous asset differentiation is intensifying. At present, the world has entered a hedging mode. The panic index VIX has surged by 63% in two days, reaching the level at the end of 2018, which means that market worries have sharply increased.

  US stocks have plummeted for two consecutive days this week. The Dow has gradually fallen by more than 1900 points over the past two days. Over 60% of the S & P 500 stocks have fallen into the consolidation range.

The three major US stock indexes out of the inverted V market on Wednesday. The Dow once rose more than 460 points and then fell.

Finally closed on Wednesday, the Dow was reported at 26957.

59 points, a decrease of 0.

46%; the S & P 500 is down 11.

82 points, a decrease of 0.

38%; Nasdaq reported 8980.

78 points, an increase of 0.


  In essence, the performance of hedge assets is differentiated.

In recent days, the price of spot gold and palladium has rebounded, and the price of gold breaks through the $ 1,650 mark.

However, affected by investors’ profit-taking operations, the international gold price fell sharply on Tuesday.

  Relatively speaking, the safe-haven nature of U.S. Treasury bonds is prominent, and prices continue to grow.


  The once-haven safe-haven yen has been overshadowed for days.

“But the yen-dollar-dollar exchange rate since last Thursday has fallen from a year low of 112.

22 rebounded to 110.

43, a large number of financial institutions still believe that the current yen no longer has the nature of a safe-haven currency.

“JPMorgan Chase analyst Benjamin Shatil said.

  The global hedging situation will continue.

UBS believes that if the epidemic can be consistent around the end of the first quarter, the price of gold will be around $ 1,650 in June and will remain at $ 1,600 until March next year.

However, once the epidemic spreads globally, the price of gold will not be ruled out to rise to $ 1,700 to $ 1,800.

  The international 武汉夜网论坛 asset management giants are unanimously unanimously: China is now being added, and the addition of Chinese stocks has become the unified pace of the international asset management predators.

  Ben Powell, chief investment strategist for the Asia-Pacific region of BlackRock, one of the world’s largest asset management agencies, said in an interview with the media that adding the Chinese market is of strategic significance.

In view of the easing of long-term policy stances in emerging markets and the slowdown in the rise of the US dollar, BlackRock thinks of 2020 to be more bullish on emerging market stocks and bonds with relatively higher returns.

  As far as A-shares are concerned, they experienced a large increase in the fourth quarter of last year, and have recently been affected by the epidemic.

BlackRock has always expressed its long-term optimism on the Chinese market.

“China’s capital market has a large scale, liquidity transfers, and relative errors in the correlation with other total assets. Coupled with the opening up of the Chinese capital market, it is easier for international investors to enter the Chinese market.

“Kristina Hooper, Invesco’s chief global market strategist, said that the current market environment has created some investment opportunities.The impact of the epidemic on China’s economy is short-lived, and supportive policies can take a buffer to determine the direction of risky assets.

China has implemented a proactive fiscal policy and a flexible and stable monetary policy, and the rate of resumption of work is rising.

As China’s economy continues to improve, its stocks will usher in attractive buying opportunities.

  UBS Global Wealth Management also advises its high net worth clients to take advantage of this opportunity to increase their holdings of Chinese stocks.

“We continue to be bullish on emerging market equities and believe that the recent decline in MSCI Asia (except Japan) has created attractive long-term entry opportunities.

“Public information shows that UBS Global Wealth Management Corporation manages about two.

With US $ 6 trillion in assets, Invesco Group manages globally1.

$ 2 trillion in assets; as of the end of 2019, BlackRock (BLK.

N) Assets under management reach 7.

$ 43 trillion.

  Edit: Yan Jian