BYD (002594) 2018 Annual Report Comments: Performance Meets Expectations Leading Slider Steady

BYD (002594) 2018 Annual Report Comments: Performance Meets Expectations Leading Slider Steady

Revenue of 1300 ppm, + 23% The company achieved revenue of 1300 in 2018.

55 ppm, an increase of 22 per year.

79%, net profit attributable to mother 27.

800 million, down 31 every year.


The company expects net profit in the first quarter of 2019 to be 7 ppm-900 million, with an increase of 583 in the future.

39% -778.

65% is due to the rapid growth in sales of electric vehicle products.

  Three fees improved, R & D promoted continuous growth reports increased, three fees accounted for 8.

83%, a decrease of 0 compared with the same period last year.

88pct, of which selling expenses cost 3.

64%, down 1.

01pct, management fee 2.

89%, basically the same, financial expenses 2.

30%, slightly increased; R & D investment ratio 6.

56%, an increase of 0.

64pct, + 36% per year.

Affected by the decline in new energy subsidies, the company’s gross profit margin fell2.

61pct, which is 16.


  Passenger cars: “Dragon” is in the world, and the “Biao” wing flies in 2018. With the overall performance of the domestic auto market not increasing, BYD Auto has risen against the trend and gradually expanded its sales52.

07 million vehicles, an annual increase of 27.

09%, has become the first domestic sales of new energy vehicles for 5 consecutive years, and has become the world’s new energy vehicle sales champion for 4 consecutive years.

Long face design + core technology + open system, promote the boutique strategy, dynasty products have obvious competitive advantages. In 19 years, the company will continue to launch a series of models to welcome the traditional development of the two wings of the new energy vehicle.

  Power battery external supply + cloud rail: a new starting point for growth Since the company was founded, it has experienced a business transformation of nickel-cadmium batteries—lithium ion batteries—power batteries.

In 2018, the power battery business began to open to the outside world, and the power battery business is expected to enter a new stage of development.

BYD currently has a cumulative capacity of 100 GWh of power battery projects under construction and under contract. It will increase by 14 GWH in 2019, accelerating capacity expansion and meeting fast-growing downstream demand.

At present, urban rail transit has huge potential. Urban rail investment can effectively support the economy, stabilize the cycle, and improve people’s livelihood. Cloud rail has low cost and short construction period.
  Covered for the first time, “overweight” rating auto product cycle + external supply of power batteries + acceleration of cloud track construction, we believe the company’s performance has ushered in a marked improvement.

We estimate the company’s estimated earnings for 19-21.



30 yuan, corresponding to PE is 54.



1. Coverage for the first time and give an “overweight” rating.

  Risk reminder: The company’s new energy vehicle market share declines overlap; the cloud track construction is less than expected; the external supply process 北京桑拿洗浴保健 is gradually expected;

Hualu Hengsheng (600426): Coal Chemical Leader Shows Cost Advantage, Performance Exceeds Expectations

Hualu Hengsheng (600426): Coal Chemical Leader Shows Cost Advantage, Performance Exceeds Expectations

The company released the semi-annual report for 2019, and the company achieved revenue of 70 in the report period.

76 ppm, an increase of 1 per year.

12%; net profit attributable to mother 13.

09 million yuan, a decrease of 22 a year.

09%; net profit after deduction to mother 12.

9.3 billion, a year-on-year decrease of 23.

10%; net cash flow from operating activities 20.

43 ppm, an increase of 8 per year.


Among them, Q2 single-quarter net profit attributable to the mother 6.

67 ppm, a reduction of 29 per year.

53%, an increase of 3 from the previous quarter.


Volume increase and price decrease, cost control and efficiency improvement are obvious: thanks to the company ‘s new production capacity of urea, glucose and other new products were put into production last year, the release of new production capacity led to the company’s production and sales scale increased, the company ‘s fertilizer and polyol sales were 122 in the first half of the year.

38 for the first time, 33.

05 At least, increasing by 55% and 180% each year.

From the quarterly data, Q1 and Q2, the average annual growth rate of sales of fertilizers is more than 50%, and the sales of polyols increased by 2 each time.

2 times and 1.

5 times.

In terms of price, except for the urea market price, which remained relatively stable overall, the prices of other products continued to decline. The average market price of the main products in the second quarter was the same.19%, qoq-1%), adipic acid (yoy-18%, qoq-5%), acetic acid (yoy-46%, qoq-14%), glucose (yoy-40%, qoq-12%),Melamine (yoy-23%, qoq-5%).

The substantial increase in the sales volume of superiority, and better hedged against the adverse effects of the downward price of products, the company’s overall revenue maintained a steady growth.

The price of coal in the main raw material market is relatively stable, and the purchase price of benzene and other materials is extended by about 30%.

The company’s comprehensive sales gross profit margin for the first half of the year was 29.

36%, a decrease of 3 per year.

77pct, of which 30 in the second quarter.

17%, still up by 1 from the previous month.

6pct, the company’s excellent level of cost control was achieved.

In terms of various expenses, selling expenses1.

89 ‰, a year-on-year increase of 68%, mainly due to the increase in product sales and transportation costs

5%, + 81%) due to a significant increase each year.

R & D expenses1.

61 ppm, an increase of 1 per year.

2.6 billion US dollars, mainly due to the increase in investment in research and development materials, new technologies, new products and other research and development investment will also ensure the company’s continued market competitiveness.

Affected by the above cost increase, the company’s expense ratio totals 7%, which is increased by nearly 3 pct per year.

The company’s net profit for the first half of the year was 18.

50%, where Q2 is 18.

87%, still up from 0.

7 points. The industry boom fluctuates, and the leading coal chemical industry demonstrates cost leadership: the global economy is down, trade frictions are escalating, and downstream demand is weakening. The prosperity of the chemical industry has continued to decline since Q3 of 18, and the industry’s profitability has continued to decline.

Against the backdrop of a highly declining industry boom, the company focused on its own costs, management and control of operating efficiency, strengthened platform construction and comprehensive utilization of resources, relied on the company’s clean coal gasification technology, and leveraged the advantages of multiple co-production.

47 ppm, a significant decrease of 49% compared with the beginning of the year. The company’s production and sales levels reached a new high, and the company’s leading competitors’ cost 杭州桑拿网 competitiveness advantage was highlighted.

In the first half of the year, the level of net profit attributable to mothers exceeded US $ 1.3 billion, exceeding market expectations.

Adipic acid starts construction, a new round of capital expansion drives the company’s future development: the company plans to invest 65.

According to the semi-annual report, the US $ 5.2 billion quality improvement of adipic acid and new amide and nylon materials projects have begun construction, and the company will add 16 in the future.

66 anion refined adipic acid, 30 carbonyl caprolactam, 20 capillary cations, 20 nylon 6 chips and other production capacity.

As of the end of the second quarter of 2019, the company is under construction3.

21 trillion, an increase of 26% over the end of the previous quarter.

The company invests in the construction of amides. The advantages of the nylon industry are mainly reflected in the advantages of the raw material side brought by the coal gasification platform, as well as the synergy and technical advantages among the industrial chains.

Relying on the company’s excellent level of cost control, the release of new production capacity will soon bring considerable performance increases, and a new round of capital expenditure will also drive the company’s development in the next few years.

As one of the major chemical provinces, the Shandong Provincial Government recently stated that 85 chemical parks in Shandong will no longer be supplemented, and the company parks have gained recognition. The park’s industrial chain is complete and the advantages of integration are obvious. In terms of safety supervision, it will take over environmental protection supervision and increase the restructuring of the industryUnder the background, long-term optimistic about the development of the company’s integrated park.

Upgrade earnings forecast and maintain BUY rating: raise the company’s operating income for 2019-2021 to 145.

22, 152.

02, 164.

8.9 billion (135 before adjustment).

83, 144.

46, 160.

7.2 billion), raising net profit to 25.

42, 27.

75, 31.

2.6 billion (23 before adjustment).

12, 25.

47, 30.

350,000 yuan), the corresponding EPS is 1.


71, 1.

92 yuan / share, the corresponding PE is 9 respectively.

8X, 9.

0X, 8.

0X, maintain “Buy” rating.

Risk warning: raw material prices rise sharply; new projects are progressing less than expected

Yunnan Baiyao (000538) Company Research: The New Session of Dong Jiangao’s In-place Mixed Reform Takes Another Important Step

Yunnan Baiyao (000538) Company Research: The New Session of Dong Jiangao’s In-place Mixed Reform Takes Another Important Step

Event: On October 11, 2019, the company announced its employee shareholding plan (expense) and incentive fund management method (expenditure).

The employee shareholding plan intends 重庆耍耍网 to use 3.3 million shares that the company has repurchased (accounting for 0.

26%, about 2 at current prices.

500 million), no more than 485 employees, of which 13 are supervisors; the price is 37.

07 yuan / share, which is the average price of repurchased shares (74.

13 yuan / share), the lock-up period is 12 months, and the duration is 5 years.

Establish a company incentive fund, accrue 15% of the company’s annual net profit increase, and award it to leaders and other employees, of which 70% are directors, supervisors and executives; 30% are other personnel and core backbones; individual allocation must be assessedPosition coefficient, annual performance and on-the-job time; the constraint condition for the provision of incentive funds is that the company’s performance completion rate is above 90%, completion of 90% 杭州桑拿网 to not more than 100%, as appropriate, and completion of 100% and above.

  The employee shareholding plan was implemented, and Dong Jiangao and the participants obviously benefited, trying to activate the business.

The launch of the company’s plan means that the employee’s shareholding plan is basically finalized. From the absolute number of individuals participating in the plan, the senior vice president level is 4-6 million, and the average per capita outside Dong Jiangao is 440,000. It is attractive.The fixed lock-up period is only 1 year, and the subscription price is 37.

07 yuan / share, employees may have a high probability.

After the formal implementation of the plan, the enthusiasm of the company’s directors and supervisors and the core business backbones involved in the shareholding will be significantly improved. It is expected that the company’s operations will significantly improve and its performance will begin to accelerate.

  The previous suppression factor disappeared and exceeded market expectations.

The Air Force market generally believes that the company has repurchased a distance of 7.

The lower limit of the US $ 600 billion repurchase is far away, and it is difficult to implement employee shareholding without completing the repurchase, so keep an eye on 74.

34 yuan repo ceiling price, waiting for investment opportunities.

After the implementation of this plan, it is expected that the remaining shares may no longer be repurchased and replaced by a supplementary incentive fund, and investors do not need to consider 74 again.

The repurchase price of 34 yuan was eliminated in advance.

The company will elect the employee shareholding and incentive fund budget at the daily extraordinary shareholders meeting on October 29. If the proposal is successfully passed, it will enter the process phase in November, exceeding the market size expectation.

  Incentive funds have strong incentives, and the effect may exceed employee shareholding.

Since the incentive fund accrual amount is 15% of the current year’s net profit increment, assuming that the profit increment is 700 million and the completion degree exceeds 100%, the incentive amount will reach 1.

05 ‰, 70% allocated to Dong Jiangao and management executives, the amount is 73.5 million yuan, if the number of people is 25, the average income will reach 2.94 million yuan (tax payment is not considered for the time being); considering the incentive fund participants’ contributionThe purchase of shares has no lock-up period, and the amount is directly linked to the company’s performance and personal performance assessment. It is expected that the company’s directors and supervisors and management will complete their performance assessment indicators, improve the performance coefficient, and promote the company’s performance growth.

  An important part of the mixed reform has been implemented, and continuous growth is expected to start in 2020.

The company’s mixed reform is about to enter the harvest stage after the launch of this plan.

The implementation of short-term internal employee shareholdings and incentive funds is expected to involve executives and core backbones in their efforts to promote the development of existing businesses for the immediate benefit of the company. After the company absorbs and merges Baiyao Holdings in the medium term, the total number of cash and equivalents in 2019H1 will reach 129.

7 trillion, another 78.

100 million US dollars of transactional financial assets, the extension of the pharmaceutical and medical sectors may accelerate; Yunnan SASAC, Xinhuadu, Jiangsu Yuyue lock-up period until December 2022 and June 2023, the requirements and supervision of the three major shareholdersPromote pioneering leaders to achieve sustained growth in performance.

  Risk warning: toothpaste growth slows down; new product promotion, employee shareholding advances less than expected

Dashenlin (603233) semi-annual report comment: The semi-annual report performed well and saved the rapid development of foreign business

Dashenlin (603233) semi-annual report comment: The semi-annual report performed well and saved the rapid development of foreign business

The semi-annual report performance exceeded expectations, and the revenue and profit increased significantly in the first half of 2019, and the company achieved operating income of 52.

52 ppm, an increase of 28 in ten years.

65%; net profit attributable to mothers3.

810,000 yuan, an increase of 32 in ten years.

21%, net profit after returning to mother 3.

73 ppm; an increase of 33 in ten years.

93%, the company ‘s revenue and profit grew rapidly in the first half of 2019, which are the endogenous growth and new openings 四川耍耍网 of existing stores in the retail industry, and the performance contribution and revenue growth of new stores as a result of industry mergers and acquisitions.Effective cost control.

According to the report, the company’s net cash flow from operating activities was 5.

75 ppm, an increase of 253 in ten years.

06%, mainly due to the increase in net profit, capital investment, inventory optimization, effective control of procurement expansion, and other consolidation and improvement of operational capabilities; average return on net assets increased.

74%, an increase of 1 each year.

81 pages.

On the whole, the company’s performance in the first half of 2019 was beautiful and exceeded market expectations; endogenous and M & A stores continued to contribute performance and promote the company’s steady growth.

The expansion outside the province has steadily advanced, and the number of medical insurance stores has gradually been extended to June 30, 2019. The company has 4,153 stores, including 4,114 directly-operated stores.

In 2019, the H1 company added 313 stores, a net increase of 273 stores, of which 156 were self-built stores, 118 were acquired, and 40 were closed. Among them, closing the stores was a local plan, resource integration and strategic adjustment.

In the total number of reports, the company’s designated medical insurance stores were 3,151. In the first half of the year, 103 new medical insurance stores were added. The total number of medical insurance stores accounted for 76 of the company’s directly-operated pharmacies.

6%, an increase of about 20% each year.

The growth of the company’s operating stores contributed to the company’s steady expansion.

In terms of different regions, the company continued to cultivate the existing regions. South China has 3477 stores, accounting for about 84%, of which 164 new stores have been added in Guangdong, and operating income has increased by 22.

03%; Guangxi has 48 new stores and operating income increased by 48.


Central China has 413 stores, accounting for about 5%, and East China and North China have 223 and 40 stores, accounting for 10% and 1%, respectively.

From the point of view of store distribution, the company’s expansion of Guangdong’s outer stores has steadily increased, especially in Central China (Henan), where the number of stores and sales have grown significantly.

Expense control has improved markedly, and profitability has steadily increased. In 2019, H1’s gross sales margin and net sales margin were 40% and 7, respectively.

22%, of which the gross profit margin for sales slightly decreased, and the net profit margin for sales increased by 0.

24 pp.

From the perspective of expense control, in the first half of 2019, the company’s sales expense ratio, management expense ratio and financial expense ratio were 25.

38%, -4.

06%, 0.

28%; three expense ratios exceed those previously replaced.

We judge that the cost management and control capabilities of H1 companies will gradually improve in 2019, and there will be multiple efficient internal operating mechanisms.

The estimation and rating company is the leading pharmacy chain in Guangdong Province. After the steady promotion of markets outside the province, it is expected to maintain steady and rapid growth in the future.

The company’s net profit is expected to be 6 in 2019-2020.



910,000 yuan, maintaining the “overweight” level.

Risk Warning: M & A integration is 夜来香体验网 less than expected, business expansion outside the province is less than expected, new store cultivation time is longer, market competition is intensified, etc.

Tianqi Lithium (002466) 2019 Annual Report Results Express Review Comments: Falling lithium salt prices & financial costs dragged down company performance

Tianqi Lithium (002466) 2019 Annual Report Results Express Review Comments: Falling lithium salt prices & financial costs dragged down company performance

Investment Highlights The company released the results of the first half of 2019: the company is expected to achieve operating income of 25 in the first half of the year.

9 trillion, 21 on New Year’s Eve.

3%; achieve net profit attributable to mother 2.

06 ‰, 84 years ago.

3%; the first half performance is in line with the company’s 2019Q1 quarterly report.

The company achieved operating income in Q2 2019.

5 ‰, the ten-year average of 22.

7%, cyclic oxide 6.

3%; net profit attributable to mothers reached 94.33 million yuan, an annual 深圳SPA会所 extension of 85.

5%, compared to 15 carbonic acid.


  Fluctuations in lithium salt prices and the drag on financial costs of M & A loans have led to a significant decline in the company’s performance growth.

First, the company’s lithium carbonate was 44% and lithium hydroxide was continuously doped in the first half of 2019.

6% directly led to a significant decline in lithium salt gross margin.

The company ‘s actual lithium salt sales in the first half of the year increased by 17.

7%, reaching 1.

94 ounces.

However, due to rising prices, the gross profit margin has temporarily decreased by 17.

9 units.

In the field of spodumene, the company’s external sales for the first half of the year 19 were initial and continued for 10 consecutive years.

8%, at least basically maintained.

However, due to the increase in the initial sales volume of the company’s lithium chemical products, the self-consumption is expected to increase.

Second, M & A loans dragged down the company’s performance.

2019H1 company’s total expenditure on M & A loan interest8.

610,000 yuan, but SQM investment income recognition is limited to 2.

760,000 yuan, 5 exist.

The $ 8.5 billion gap directly affected the company’s net profit.

We expect to raise funds through the company’s rights issue and convertible bond issuance, and financial costs are expected to decrease in the future.

  Earnings forecast and grade: Adjust the company’s 2019-2020 earnings forecast and lower the 2019 performance forecast.

It is expected that net profit attributable to mothers will be achieved from 2019 to 20206.

6.1 billion, 14.

7.1 billion, 16.

1.3 billion US dollars, excluding equity rights and other changes in equity, EPS is 0.

58 yuan, 1.

29 yuan, 1.

41 yuan, with a closing price of 25 on August 1, 2019.

Calculated at 11 yuan / share, the corresponding PE is 43.

4X, 19.5 times, 17.

8 times.

Considering that the company has completed the acquisition of SQM, it has become a leader in the global lithium industry. Its product costs are highly competitive and its capacity expansion is fast in the future. We continue to maintain a “prudent increase” rating on the company.

  Risk warning: lithium price drops sharply, new capacity is not put into production as expected, overseas operating risks, other factors

Guolian (603613): Performance is close to the upper limit of the forecast TOB Pinduoduo has a bright future: Guolian

Guolian (603613): Performance is close to the upper limit of the forecast TOB “Pinduoduo” has a bright future: Guolian

The event company released the third quarter report of 2019. In the first three quarters of 2019, the company achieved operating income of 41.

45 ppm, an increase of 77 in ten years.

18%; net profit attributable to mothers reached 98.63 million yuan, a year-on-year increase of 61.

06%; net non-return to mother’s net profit of 96.34 million yuan, an annual increase of 57.


  Opinion: The performance is close to the upper limit of the notice, and Q3 growth is further accelerated. The announcement shows that the first three quarters of revenue increased by 77.

2%, net profit increases by 61 every year.

1%, both are close to the forecast limit, in line with our expectations, slightly exceeding market expectations.

Q3 single-quarter revenue increased by 88% per year and net profit increased by 71% per year, all significantly faster than the growth rate of H1.

The company model has been continuously recognized and the penetration rate has continued to increase.

  The gross profit margin decreased slightly but the gross profit increased rapidly. The company is currently more worthy of scale expansion in the first three quarters. The company’s gross profit margin is 7.

1%, about 1 lower than the same period last year.

7pct, but gross profit increased by about 43% in ten years.

The company’s slightly lower gross profit margin is due to the company’s further expansion at the current stage, and the faster than expected horizontal expansion of many platforms during the Double Tenth E-commerce Festival also confirmed this view.

The company’s TO B Pinduoduo model has been verified and started to replicate. In addition to the expected amount of paper and fat on-line in the e-commerce festival, the amount of grain and oil on-line exceeded expectations.

With reference to the performance of several TOTO platforms, we estimate that TOTO will achieve 100 million transactions this year, and may reach 600 million next year. We expect that the overall contribution of several newly established TOTO platforms is expected to reach about 2 billion next year, becoming an important growthDriving 杭州桑拿网 force.

  The Double 10 E-commerce Festival transaction volume exceeded expectations. It is expected that the incremental growth rate will further accelerate the Double 10 transaction volume beyond expectations, and the total transaction volume reached 21.

500 million, which is close to 2.4 billion in the first half in absolute terms, which is 61% of the same period last year. In terms of growth rate, the annual growth rate of 110% is faster than 70% in the first half.

The role of listing in boosting the company’s development has just begun to manifest.

Taking into account the Double Ten e-commerce transaction volume exceeded expectations, the expected growth rate is expected to be close to 80%, which is faster than the first three quarters.

In addition, the city where the company chooses to implement a change in the location of its investment projects also means that the future transaction volume is expected to continue to grow rapidly.

  Investment suggestion: The company’s “plenty and more” e-commerce model has been successfully implemented. The industry’s growth period is still far from the ceiling, the barriers are high, and it has entered a period of sustained high-speed growth performance release.

Maintain the profit forecast and expect the company to achieve a net profit in 2019-2021.



620,000 yuan, a compound growth rate of more than 50% in the next three years, maintaining the “overweight” level.

  Risk warning: Macroeconomic fluctuations affect downstream demand; commodity price fluctuation risks; subsequent category expansion is less than expected.

Hanlan Environment (600323): Underestimated environmental service providers continue to show continuous growth

Hanlan Environment (600323): Underestimated environmental service providers continue to show continuous growth

The event company released the 2018 annual report. The company issued an 18-year report and achieved operating income of 48.

48 ppm, an increase of 15 in ten years.

38%; net profit attributable to mother 8.

76 ppm, a 34-year increase of 34.

23%; net profit of non-attributed mother 7.

2.2 billion, an annual increase of 21.

51%; return on equity is 15.

94%; earnings per share 1.

14 yuan.

It is proposed that a cash dividend of 2 yuan (including tax) will be distributed for every 10 shares.

23%, nearly 10% more than we expected. The company has formed a full industrial chain of ecological and environmental services, covering the four major sectors of solid waste, drainage, water supply and gas.

In 18 years, the company achieved net profit attributable to mothers8.

7.6 billion, exceeding our estimate of 7.

Nearly 10% of 980,000 yuan, slightly higher than expected.

Selling expense ratio 1.

43%, a reduction of 0 per year.

23 PCT; overhead cost ratio 6.

79%, a reduction of 0 per year.

2 PCT, but due to the increase in financing costs, the company’s 18-year financial expense ratio increased by 0.

15 PCT to 4.

41%; long-term cost rate is 12.

63%, a decrease of 0.

28 PCT, effective cost control.

The “big solid waste” development strategy promotes the company’s rapid growth report growth and the company’s solid waste business income.

65 ppm, an increase of 24 per year.

23%, accounting for 36 of total revenue.

4% is the main sector of the company’s performance contribution, and the top priority of the company’s development.

The company continues to focus on the “big solid waste” development strategy. In the past 18 years, it has harvested in the fields of domestic waste treatment, kitchen waste treatment, and industrial hazardous waste treatment. At the same time, it has deployed to the front-end sanitation.The sludge treatment, kitchen waste treatment, industrial hazardous waste treatment, agricultural waste treatment and other complete large solid waste business development patterns.

The company burned a total of 436 garbage in 2018.

93 for the first time, an increase of 10 in ten years.

At 07%, the total capacity of the waste-to-energy project currently in hand exceeds 2.

7 Daily report / report; the internal Langfang expansion project (500 tons / day) was completed and put into operation, and the operation scale rose to nearly 1.

2 days / day; Nanhai (1500 tons / day), Jinjiang (1500 tons / day), Anxi (750 tons / day) and other upgrading and expansion projects and Kaiping (900 tons / day), Raoping (1000 tons / day)Day), Xiaogan (2250 tons / day) and other new projects are progressing smoothly, and will be put into production in 2019 and 2020. The company completed the current annual order production capacity of 2000-3000 tons / day, which is the basis for the rapid development of the sector.

In addition, the company started in November 2018.

700 million acquisition of 100% equity of Ganzhou Honghua Environmental Protection, and investment in Ganzhou Xinfeng Industrial Solid Waste Disposal Center project to increase the scale of hazardous waste disposal.

2Every year, successful expansion of hazardous waste outside the province is achieved; In January 2019, the Honghua hazardous waste project incineration, physical and chemical treatment center and landfill site (370,000 cubic meters) has signed a contract to treat the contract amount of nearly 60 million yuan;Foshan hazardous waste 淡水桑拿网 project, the company’s hazardous waste treatment capacity reached 16.

5 Every year, the company’s hazardous waste expansion pace is gradually accelerated. In the future, the inherent capacity of the company will be gradually put into operation and the continuous supplementary projects. The hazardous waste business is expected to become a new driving force for the development of the sector.

The water sector improved quality and efficiency, increased its operating capacity by about 20% in 19 years, and promoted performance growth. The company newly commissioned 20,000 cubic meters / day of sewage treatment capacity in 18 years, and completed 16 domestic sewage treatment plant upgrades.To further improve the integration of sewage treatment plants and networks, currently the scale of sewage treatment in operation is 60.30,000 cubic meters / day, with a capacity of 12 under construction.

50,000 cubic meters / day is expected to be put into production in September this year.

The total amount is reported, and the company has achieved sewage treatment settlement2.

1.3 billion tons, generating revenue 2.

3 ‰, a year-on-year increase of 22%, an increase in growth rate.

In addition, the gross margin of sewage disposal is 40.

40%, an increase of 3 per year.

13 PCT, significant improvement in profitability.

In the water supply business segment, the company strengthened water loss management in 18 years and achieved certain results. The fourth phase of the second water plant project has been smoothly advanced. At present, it has a total capacity of 1.25 million cubic meters per day and a capacity utilization rate of 94.


The company completed sales of water supply in 20184.

3.3 billion tons, realized revenue 9.

02 ppm; gross margin 31.

07%, an increase of 2 every year.


The company’s currently under construction project has a planned production capacity of 250,000 cubic meters per day. It is expected to be put into operation at the end of this year. It is currently one-fifth of the current operating capacity. The new capacity will be used to promote the rapid growth of the company’s water business.

Gas business grew 20.

33%, providing stable cash flow for the company. In 2018, the company focused on developing users in the ceramics industry and achieved results. Revenue from the gas business reached 17.

10,000 yuan, an increase of 20 in ten years.

33%, is the company’s second largest business segment; meanwhile, the gas business provides stable cash flow for the company, and replenishes ammunition in time for the company’s development.

In the total reported, the company achieved sales of natural gas4.

9.3 billion cubic meters, an increase of 18 in ten years.

00%; LPG sales volume 2.

54 for the first time, with an annual increase of 2.


The national energy structure is undergoing transformation. Natural gas is expected to become one of the most important clean energy sources, so gas demand will maintain rapid growth in the foreseeable future.

The company’s gas business is mainly located in Nanhai District, Foshan City. In the future, it will continue the possibility of industrial upgrading to develop industrial users, to take advantage of points and create new market opportunities.

The funds are in good condition. We are optimistic that the company’s long-term development company received all compensation for resettlement projects paid by the Nanhai District Government on December 28, 2018, totaling 14.

300 million US dollars, greatly complement the company’s liquidity.

As of the end of 2018, the company had cash and cash equivalents in hand12.

24 ppm; progressively realizing net operating cash flow.

52 ppm, an increase of 9 per year.


In addition, the company plans to issue convertible bonds with a scale of no more than 1 billion U.S. dollars for three projects including the expansion and expansion of domestic waste incineration power plants in the South China Sea, the reconstruction and expansion of the waste incineration power plant in Anxi County, and the domestic waste incineration power plant in southern Zhangzhou.

The company’s 19-year production capacity is expected to accelerate the release of performance. At the same time, the company’s inherent project stability is expected to increase. We raise the company’s 19-21 profit forecast and expect to achieve operating income of 55.

05, 62.

96 and 69.

320,000 yuan, net profit attributable to mother 9.

59, 11.
15 and 12.
800,000 yuan, EPS corresponds to 1.

25, 1.

45 and 1.

670,000 yuan, maintain “Buy rating”.

Ping An of China (601318) 2019 Interim Report Review: Value Growth Slightly Exceeds Expected Daily Operational Performance Growth Stable

Ping An of China (601318) 2019 Interim Report Review: Value Growth Slightly Exceeds Expected Daily Operational Performance Growth Stable

Event: Ping An announced its 2019 interim results.

In the first half of the year, net profit attributable to mothers was 9.77 million yuan, +68 a year.

1%, the mother’s operating profit of 7.35 million yuan, +23 throughout the year.

8%; new business value is 4.11 million yuan, +4 for the whole year.

7%; as of the first half of the year, net assets attributable to mothers were 6,253 trillion, an increase of 12 earlier.

4%; the embedded value of the group was US $ 111.3 billion, an increase of 11% earlier.

Annualized total / net investment income replaces 5.

5% / 4.

5%, rising by 1 every year.

5pct / 0.

5pct; preliminary quantitative index is 0.

75 yuan a year + 21%.

Comment: Life and health insurance business: The insurance structure has been further optimized, the value rate has been continuously improved, and the growth of NBV is in line with expectations.

In the context of changes in the external environment, Ping An actively adjusted its business structure and product strategy. Although the new single premium in the first half of the year continued the negative growth trend of last year, its new business value achieved a slight increase, only +4.

7%, the growth rate is more in line with expectations.

The first is to optimize the structure of insurance types and increase the potential of new business value rate.

Property insurance business: Affected by the macro-environment and the growth rate of business adjustment, the supervision tended to be severe and decreased, and the compensation rate increased, and the underwriting profit increased negatively.

In the first half of the year, the market share of property insurance business decreased compared to the beginning. In the first half of the year, in order to monitor the increase in the first half of the year, leading companies took compulsory measures to restrict business development in some regions.In the speed range, the growth rate of non-auto insurance short- and medium-term accidents and health insurance is still high. The growth rates of other insurance premiums affected by the adjustment of the insurance business have reversed and dropped from the previous year;Negative growth.

The high profit growth is mainly affected by non-daily factors. Unless the daily factors are eliminated and the growth rate is stable, the income from interest margins will decline.

In the first half of the year, the growth rate of Ping An’s insurance business surged, basically as follows: First, the expansion of Q1’s equity market contributed to the increased profitability of the total investment rate of return; second, in May this year, the financial department issued a pre-tax replacement of fees and commission expenses.The new policy highlights thickening profits.

Attributable operating profit has grown rapidly, and the structure of profit sources has remained relatively stable. Among them, the growth rate and proportion of interest income contribution contributed to a significant decline. Therefore, in response to the capital market fluctuations in 2018, the company actively reduced the level of interest margin.
The embedded value growth of life insurance business slightly exceeded expectations, and the return on embedded value operating profit was stable.

The embedded value of life insurance business in the first half of the year was 7,132 trillion, an increase of 16 earlier.

3%, slightly more than expected.

The factors affecting the impediment to the growth of embedded value are still investment income and consequence factors (one-off items that are not part of daily operating income), and the transfer of contributions is increasing at a positive rate.

Excluding daily operational factors and short-term changes in investment, the return on operating profit from embedded value in the life insurance business is reset.

2%, the growth rate is relatively stable, with an annualized growth rate of 28.

4%, which is an improvement from the last 31% growth rate last year. The reason is that the same as the remaining marginal growth rate is the goal of new business value growth.

Investment advice: After excluding daily factors and short-term investment changes, Ping An will still be able to realize operating profit in the first half of the year, and its embedded value will grow steadily. It has a first-mover advantage and a forward-looking vision in both debt- and asset-side businesses.

We expect 淡水桑拿网 China Ping An’s BPS to be 32 in 2019-2011.



59, EPS is 8.




The possible embedded value of Ping An of China in the next 3 years is expected to be 65, 76 and 89 yuan, with a target price of 104 yuan in 2019, corresponding to a PEV of 1.

6 times, maintaining the “strong push” level. Risk reminder: New business growth pressures increase, equity markets fluctuate, and long and short interest rates continue to fall.

Antu Biotech (603658): Third-line business of immunodiagnosis, microbiological testing, and biochemical testing goes hand in hand to drive continuous and rapid growth in performance

Antu Biotech (603658): Third-line business of immunodiagnosis, microbiological testing, and biochemical testing goes hand in hand to drive continuous and rapid growth in performance

Key Investment Events: The company achieved operating income in 201819.

30 ppm, an increase of 37 over the same period last year.

82%; net profit attributable to shareholders of listed companies5.

63 ppm, an increase of 25 over the same period last year.

98%; deduction of non-net profit5.

35 ppm, an increase of 29 in ten years.

17%, in line with expectations.

The company achieved operating income in Q4 of 20185.

69 ppm, an increase of 36 in ten years.

48%; realize net profit attributable to shareholders of listed companies.

52 ppm, an increase of 23 in ten years.

27%; deduct non-net profit1.

40 ppm, an increase of 23 in ten years.

64%, in line with expectations.

The third-line business of immunodiagnosis, microbiological testing and biochemical testing goes hand in hand, and the company’s performance continues to grow steadily and rapidly.

The company has formed three major IVD detection product platforms for immunodiagnosis, microbiological detection and biochemical detection: 1) The core product magnetic particle chemiluminescence product line has outstanding technology, and the penetration rate of top three hospitals continues to increase.

In 2018, the company’s immune diagnostic business line achieved revenue10.

48 ppm, a 34-year increase of 34.

15%, gross profit margin rose by 0.

11%, reaching 81.


The company’s advanced product technology leadership and strong sales channels have installed more than 900 units in 2018, and it is expected that the company’s product market inventory will exceed 3,000 units, which is a guarantee for the company’s continued high growth.

2) The promotion of biochemical testing and microbial testing went smoothly, becoming a new driving force for stabilizing the company’s performance growth.

According to the 佛山桑拿网 reported amount, the company’s biochemical testing business line realized revenue6.

440,000 yuan, an increase of 175 in ten years.

31%, gross profit margin increased by 3 in ten years.

78 averages, reaching 65.


Microbial testing is the three important fulcrum of the company’s development. In 2018, the business line completed sales revenue1.

67% billion increase 18.

47%, gross margin is 51.

12%, a decline of 2 per year.

16 units.

3) The automatic assembly line Autolas A-1 is the embodiment of the company’s technical capabilities and the breaking point of the company’s future performance growth.

Antu Bio’s launch of Autolas A-1 series products will provide hospitals with a tailor-made comprehensive laboratory automation overall solution. Its leading technology and stable operation ability will once again open up the market for imported products in the IVD field.
Profit forecast and investment grade: We estimate that the company’s operating income will be 25 in 2019-2021.

4.1 billion, 33.

15 ppm and 42.7.5 billion, net profit attributable to mothers is 7 respectively.

4.5 billion, 9.

7.7 billion and 12.

74 trillion, the corresponding EPS is 1.

78 yuan, 2.

33 yuan and 3.

03 yuan.

Considering that the company’s chemical luminescence subdivision industry has a large space, rapid growth, the company’s technological strength expansion, strong R & D transformation ability, high performance certainty, and the ability to maintain long-term high-speed growth, it is given an “overweight” rating.

Risk reminder: Risk of policy changes in the industry; Biotech’s integration fails to meet expectations; market launch of mass spectrometers fails to meet expectations.

2 billion funds fell to stop the white horse stepping up by 40 times

2 billion funds fell to stop the white horse stepping up by 40 times

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

  Sudden Black Swan!

2 billion funds were hit and stopped, a white horse surged 40 times on a mine, social security QFII was shot, Wenzhou helped to get in, and the institution fled. Source: DataBao’s original Lin Lifeng QFII stepped on the mine.

4.8 billion yuan.

  Before the noon closing today, the medical white horse stock East China Medicine suddenly collapsed. From 11 o’clock, it was moving towards a fast kill from a flat market. At about 11:20, the sell-off accelerated, and the limit was approached before the noon.

At the beginning of the afternoon, the daily limit was directly closed and the closing was terminated. More than 3,500 hands closed the daily limit, and the market value per day was 4.3 billion.

The turnover of East China Pharmaceuticals exceeded 2 billion today, and the single-day transaction created historical volume.

  After-hours data shows that among the top 5南宁桑拿 buys, Galaxy Securities Wenzhou Danan Road Securities Business Department bought 1.

83 trillion, Shenzhen Stock Connect bought 45.69 million, and another institution bought 33.56 million; while the top 5 sells, the two seats sold a total of 1.

4.8 billion yuan, Shenzhen Stock Exchange sold 46.92 million yuan.

  East China Medicine’s flash collapse today also quickly attracted social attention.

In the afternoon, “East China Medicine” was on the hot search list as a keyword.

  Unexpectedly, the East China Pharmaceuticals core product collection bureau for the sudden collapse of East China Pharmaceuticals today is mainly due to the subsidiary of East China Pharmaceuticals, China, the United States and East China, out of the bid for acarbose.

  Before the market closed at noon this morning, media reports said that in the second round of centralized drug procurement, the bidding companies for Acarbose included Sino-American East China Pharmaceutical, Luye Pharmaceutical and Bayer. The three quotes were respectively.

96 yuan, 9.

6 yuan and 5.

42 yuan, the specifications are 50mg / 30 tablets.

Bayer converts the price of a single piece to 0.

1807 yuan, which is more than the prescribed maximum effective declaration price of 0.

8353 is also nearly 80% lower.

  As an oral hypoglycemic agent, acarbose can internally and competitively inhibit glucoside converting enzyme, inhibit the breakdown of starches into glucose, and reduce the absorption of glucose in the body, thereby reducing postprandial hyperglycemia and reducing blood glucose.

  Sino-US East China Company is a wholly-owned subsidiary of East-China Pharmaceuticals. Acarbose is also the core product of Sino-US East China.

At present, domestic manufacturers only have original research Bayer, East China Medicine and Sichuan Luye. East China Medicine covers the second largest market share, accounting for 30%.

  According to a recent announcement issued by East China Pharmaceuticals, Acarbose Tablets is currently the company’s largest pharmaceutical drug product by revenue.

In 2015, East China Pharmaceutical’s acarbose sales revenue exceeded 10 billion, in 2016 sales exceeded 1.5 billion, and in 2017 revenue exceeded 20 billion.

The 2018 annual report shows that the two major products of acarbose and Bailing Capsule have revenues of more than 2.5 billion; acarbose has increased by about 30%, mainly due to sinking channels and promotion of strengthening rapid volume of grassroots hospitals and import substitution.

  As a core product of East China Medicine, acarbose has attracted the attention of investors.

Data Bao’s review of the company’s investor survey activity record last year found that almost every study of acarbose was cited by investors, and the focus was on whether it would be replaced by centralized mining.

  From the company’s response, it is relatively optimistic to separate mining.

In the survey record form on August 30 last year, the company stated that “from the point of view of products, the most likely current distribution is acarbose”, and the survey record on September 27 also stated “currentlyThe company still has a comparative advantage in the sugar product market competition pattern. At the same time, the company also stated that “Acarbose is a strategic core product of the company, which is important to the company, but not the entire product of the company.”

  The historical increase is over 40 times. Social Security QFII stepped on Lei Huadong Medicine as a medical white horse stock. The historical growth rate is amazing. Securities Times · Databao statistics show that the company has been in a long-term bull trend since 2005.From the low point, to the highest price in 2018, the company 13 rose more than 40 times more than expected.

  The company’s performance is also rising, and its revenue has increased from less than 9 billion in 2010 to more than 30 billion US dollars in 2018, and its net profit has increased from more than 300 million to more than 2.2 billion.

It is precisely because of its good performance that the big names in the shareholder list gathered. Last three quarterly reports showed that including social security funds, Shenzhen Stock Connect, QFII, insurance institutions, etc. are among the top ten shareholders of the company’s circulating shares.

Among them, the social security fund holds 23.34 million shares, the securities company holds more than 22 million shares, and the QFII Macau Monetary Authority holds more than 10 million shares.

  However, since the company’s sustainable record high in 2018, the number of shareholders of East China Pharmaceutical has also grown rapidly.

From 2 at the end of February 2018.

0.6 million households, and the number of shareholders has reached 5 by the end of 2018.

740,000 households, and the latest three quarterly report last year, the company has more than 100,000 shareholders, the number of shareholders has increased by 4 times in less than 2 years.  Collecting and collecting will be normalized, and the purchase of high-value consumables will be the highlight of 2020. The results of this national unified drug procurement will be released 3 days after the public announcement. It is reported that patients from all over the country can use this batch of selected drugs in April.

In this batch of drugs, 33 varieties were selected to cover the treatment areas of diabetes, hypertension, anti-tumor and rare diseases. More than 100 pharmaceutical manufacturers were involved in the bidding for procurement with a large number of listed companies.There are Hengrui Medicine and CSPC, both of which have won 3 bids.

Stimulated by this news, Hengrui Medicine continued to develop.

88%, CSPC rose 5.


  Reviewing the first batch of centralized procurement led by the National Medical Insurance Bureau, that is, the national unified organization of centralized procurement and use of drugs, no longer selected parts of the region to implement the pilot, a procurement alliance composed of all parts of the country.

The first batch of national collective mining started bidding on September 24 last year. Compared with the 2018 minimum purchase price index, the average price of the products selected to be selected decreased by about 59%.

From the previous performance point of view, the successful bidders and the unsuccessful bidders have severely differentiated their trends. Since Xinlitai, Jingxin Pharmaceutical, and Enhua Pharmaceutical failed to win the bid, Xinlitai gradually approached the daily limit on the same day. Jingxin Pharmaceutical and EnhuaThe pharmaceutical industry dropped the limit on the same day in advance and terminated the latest. The extension of the three shares decreased by 20 each.

23%, 17.

62, 7.

At 05%, the winning bids of Huahai Pharmaceutical and Hong Kong-listed CSPC have performed a series of good performances, and the latest progress is continuous, which is expected to make progress separately.

3%, 18.


  The state budget centralized bidding will gradually be normalized, and the spot of interest in the market in 2020 is the procurement of medical consumables.

On December 5, 2019, the “National Medical Security Administration’s Reply to the No. 1209 of the Second Session of the Thirteenth National People’s Congress” issued by the National Medical Insurance Bureau showed that the pilot work of high-value consumables tape volume procurement will be implemented internally.

The National Medical Insurance Bureau stated that it would select key varieties to carry out pilot work with “quantity procurement” to reduce the price of high-value medical consumables.

  In addition, the Beijing-Tianjin-Hebei medical consumables procurement platform has stated earlier this month that the nine provinces will jointly carry out the procurement of medical consumables, and the public medical institutions in the nine provinces will all participate. This cross-provincial large-scale joint belt procurement will be officially pulledOpen the curtain of “3 + 6” for consumable tape purchase.

  Today, the person in charge of Jinan Medical Insurance Bureau introduced the situation of “the first joint procurement of medicines and consumables in medical institutions in Ji’an”, which is expected to save medical expenses.

600 million yuan.

Among them, the average decline of drugs reached 31%, with a maximum decrease of 73.

26%; the average price of consumables fell 58%, the highest drop 87.


  Great Wall Securities believes that in the context of the continued decline in the prices of existing varieties, the market value of innovative varieties has increased, benefiting innovative companies and the industry chain, and has a strong focus on research and development, and enterprises with advanced varieties will continue to be favored by the market.

  CITIC Construction Investment Securities believes that it is expected that the future volume procurement will be normalized and the procurement cycle may be shortened. Centralized procurement bidding will be conducted quarterly and half-yearly. The overall procurement frequency should be evaluated by CDE.Solidification, the main uncertainty factor this year is local centralized mining.