Guizhou Moutai (600519) Review of operating data in the first half of 2019: The first half of the performance is in line with expectations and waits for direct sales volume

Guizhou Moutai (600519) Review of operating data in the first half of 2019: The first half of the performance is in line with expectations and waits for direct sales volume
Event: On July 12, Japan’s Guizhou Moutai released operating data for the first half of the year. In the first half of 19, the company completed the production of Moutai liquor-based wine.4 prototypes, series wine-based wine production1.1 initial stage; realized total operating income of 412 trillion, a year-on-year growth of 16.9%, net profit attributable to shareholders of listed companies was 19.9 billion yuan, an increase of 26 in the future.2%. Although the growth rate of opinion performance was lower than expected, it met the expected indicators.The growth rate forecast for the first half of 19 years, total operating income and net profit growth will increase by 11 in the second 西安耍耍网 quarter.1%, 19.6%.We think the main reasons for the lower-than-expected performance are: 1) from the perspective of the dealer, the company has cancelled over 800 dealers in total, and the corresponding over 6,000 tons quota has not yet been released through the direct sales channel, thus reducing the overall growth rate of the dealer; 2From the point of view of direct sales, the current direct sales channels are almost clearly heavy, and only the addition of high value-added products such as vintage wines and boutique wines has been added. Since boutique wines are new revenues, and old-style wines have better growth rates,Therefore, non-standard volume may be a source of profit elasticity in 19Q2. It is expected that direct sales in Q4 of 19 will begin to increase volume.In terms of channels, dealers have received 7 or 8 months at the end of June, and high value-added products such as zodiac wine have been shipped normally. It is estimated that the second quarter of 19 shipments will be about 7,000 tons, an increase of about 9.4%, but some dealers have stockpile and wait for the peak season overlap. At the end of 6 months, the use of the national wine Moutai trademark ownership market feedback is still out of stock and the price continues to rise. Gradually increasing the volume of direct sales channels in the second half of the year is expected to increase the average price, and the 19-year performance will maintain rapid growth.We believe that the company’s 19-year performance is committed to maintaining rapid growth: 1) Company 1.7 Agents and distributors are fixed, while the rest are delivered through direct sales channels in the second half of the year. At the same time, the company’s increase in the proportion of non-standard wine will help increase the overall average price. As the performance base of 18Q3 decreases, the decrease in Q2 performance will bring more to Q3Flexibility; 2) For the series of wines, the company plans to achieve 100 ppm of sales revenue with the same sales volume; 3) The dealers have completed the payment of the total dealers at the end of March, and the vintage wines and fine wines are also in JuneThe batch payment will be reached (some large business transactions are returned). Considering sufficient advance payment and excellent liquidity, it is expected that the company’s performance will continue to maintain a high growth rate. We maintain the company’s “overweight” rating. We expect the company’s operating income for 2019-2021 to be 895 respectively.30, 1038.60, 1196.49 trillion; net profit attributable to shareholders of the parent company was 430.64, 504.30, 587.4.8 billion.We believe that due to the gradual increase in the proportion of the company’s direct sales channels, the continuous increase in brand power, the company’s performance will increase, and the company’s 32-34 times PE is reasonable, and the corresponding reasonableness is 1096.96-1199.8 yuan. Risk reminders: macroeconomic downside risks, food safety risks, and high-end wine prosperity decline.

Note of Yinlun shares (002126): Thermal management orders continue to increase, which is expected to benefit from being able to meet the emission standards of China VI

Note of Yinlun shares (002126): Thermal management orders continue to increase, which is expected to benefit from being able to meet the emission standards of China VI
Key points of investment: The company releases the 2019 results flash report The company releases the 2019 performance flash report, with total operating income of 53.700 million, an annual increase of 6.99%, net profit attributable to mother is 3.200 million, down 8 every year.29%. Ping An’s point of view: The fourth quarter improved compared with the previous month, and the pace of internationalization was stable: In 2019, the company achieved operating income of 53.700 million yuan, an increase of 6 over the same period in 2018.99%, net profit attributable to shareholders of listed companies.2 ppm, a decrease of 8 from the same period in 2018.29%. Among them, the fourth quarter revenue increased by 25% each year, an increase of 30% from the third quarter, which is larger than the same period last year.China’s auto output in 2019 is 2572.10,000 vehicles, down 7 every year.5%, the company ‘s revenue is better than the industry. The expansion is due to the expansion of new domestic customers, the development of new projects, the progressive internationalization strategy, the active expansion of the international market, and the increase of market share.Reasons for the decline in profits include rising labor costs, increased tariffs on exports to the US, and changes in customer and product mix. Newly obtained multiple thermal management orders and entered Japanese brands: The company obtained authorization for Dongfeng Nissan’s oil cooler project. The products of this project are expected to begin supply in July 2020. The internal life cycle is expected to invest 23.69 million yuan. This isThe company’s thermal management products entered the Japanese brand passenger car supporting system for the first time, which is of great significance.In January 2020, Zhejiang Yinzhili Automobile Heat Exchange System Co., Ltd., a wholly-owned subsidiary, obtained the authorization of Geely’s PMA-2 platform (SMART model) heat pump air-conditioning project. The project’s products are expected to begin bulk supply in 2022.Expected within 6.9.5 billion. In addition, it has obtained the authorization for the water-air cooler project of SAIC-GM passenger cars. The batch delivery is expected to start in October 2023. The life cycle is 6 years and it is expected to be about 2.0.5 billion. National VI emissions are expected to drive growth in tail gas treatment business: Domestic passenger cars began to implement National VI standards in some regions in July 2019, and heavy-duty diesel vehicles will all be converted to National VI emissions standards in July 2021. The company has EGR and SCR system productsIt is expected to further 杭州桑拿网 benefit from the National Six Standards. Investment suggestion: The company is a leader in the field of thermal management. Based on a wide range of customers in passenger cars and commercial vehicles, battery thermal management, electrical motor-controlled thermal management, and air-conditioning thermal management have been steadily supplied, and they have technical advantages in the field of exhaust gas treatment.At the same time, the company is actively making arrangements to open up multiple overseas markets.As the automotive industry is still in a downtrend, we adjust our profit forecast and expect that EPS for 2019-2021 will be 0.40, 0.50, 0.60 yuan (expected 2019-2021 performance forecast is 0.50, 0.59, 0.72 yuan), corresponding to 28.2, 22.7 and 19.0 times PE, maintaining the “recommended” level. Risk reminders: 1) The continued decline of the macro economy will lead to sluggish automobile consumption and it is difficult to guarantee company orders; 2) The epidemic situation is difficult to control globally, which will cause automobile sales to decrease, which will affect company orders and increase financial risks; 3) New energyCar sales were less than expected, which will cause damage to the company’s new energy related business.

Shuangchuang Electronics (600990): The results of the first quarter report are in line with expectations and are optimistic about the company’s platform value

Shuangchuang Electronics (600990): The results of the first quarter report are in line with expectations and are optimistic about the company’s platform value

Investment Highlights Event: On April 26, Shuangchuang Electronic released the first quarter report of 2019 and achieved operating income2.

99 ppm, a ten-year increase2.

12%; net profit attributable to mother-5775.

900,000 yuan, one year to reduce losses.


Revenue increased slightly and profits improved slightly. The quarterly report was in line with market expectations.

Reported company revenue grows 2 per year.

12%, net profit attributable to mothers is reduced by 1 per year.

98%, the first quarter performance improved, in line with market expectations.

During the reporting year, the company continued to increase its R & D investment, with R & D expenses increasing by 34 each year.

17%, mainly due to the increase in scientific research and promotion of the food security industry by the subsidiary Bowei Changan; the advance payment further increased by 41.

41%, mainly due to the increase in the payment of goods and services paid by the prepayment method for the launch of the report on the safety electronic sector project.

Monetary funds decreased by 59.

30%, mainly due to the report expected to pay material purchases, redeem bills and repay short-term debt.

The increase in prepayments and the decline in monetary funds indicate that the company’s existing production tasks are redundant, and its performance is gradually increased and released.

The radar pedigree is complete and technology is leading. It is expected to share the dividends released by the radar market demand.

The company has been cultivating in the field of weather radar for many years, and has more technical foundations. Its products have expanded its leading position in the Meteorological Bureau and the military market, occupying more market share, and will fully benefit from the release of demand for future radar market.

In terms of weather radar, the company is one of the supplier units of the Meteorological Bureau, which has a high city share.

In terms of air traffic control radar: The company’s military air traffic control radar currently leads the domestic technology and market, and has made breakthroughs in the air force and navy markets at the same time, becoming the main supplier of domestic military aviation radar.

With the resumption of civil aviation management bidding, the strategy of domestic substitution, and the promotion of the construction of the military aviation management system by the Air Force, the company’s business scale will increase, and it is expected to share the localization bonus of the air traffic control radar market in the future.

In terms of warning radar business, the main customer is the military. Benefiting from the gradual improvement of the national radar warning system, the business is expected to maintain steady growth in the next three years.

Bowei Changan is the only listed platform with high quality external assets and continues to be optimistic about the company’s platform value.

The company’s controlling shareholder, China Electric Science and Technology 38, uses a first-class military and civilian radar advanced production base and has a strong comprehensive strength in electronic information technology and system engineering.

The actual controller of the company, China Electronics Technology Group, currently has an asset securitization rate of about 25%, compared with other military industrial groups, it still insists on improving the space.

In November 2017, the company announced that China Electronics Technology Co., Ltd. plans to form CEE Bowei on the basis of 8, 16, 38, and 43 companies. All existing shares of the 38 listed company Sitron Electronics will be transferred to China for free.Denbo holds.

Recently, the appointment and removal of personnel of the CLP Bowei Group was completed, and the internal resource integration of the subgroup was accelerated. The company, as the only listed company affiliated to the subgroup, had a prominent platform value, or would continue to benefit.

We believe that through the release of Guorui Technology’s asset reorganization plan, the company’s further capital operation plan is worth looking forward to.

Profit forecast and investment advice: We predict that the company’s realized revenue for 2019-2021 will be 60.



54 ppm, an increase of 15 in ten years.

29% / 16.

54% / 17.

10%; realize net profit attributable to mother 2.



77 ppm, a five-year increase of 5.

00% / 18.16% / 18.

23%, corresponding to 19-21 EPS are 1 respectively.



37 yuan.

The company’s main business is developing well. We are optimistic about the company’s fundamental improvement and platform value, and maintain a “Buy” rating.

Risk Warning: The bidding of military radar is less than expected; market competition risk; policy risk

China High Speed Rail (000008) Review of Major Events: Winning the bid for the Sanyo Railway Project continues to be optimistic about the company’s strategic transformation, rail transit, and overall operation and maintenance

China High Speed Rail (000008) Review of Major Events: Winning the bid for the Sanyo Railway Project continues to be optimistic about the company’s strategic transformation, rail transit, and overall operation and maintenance
The Shenzhou High-speed Railway issued an announcement that the company consortium received a notice of winning the general contract for the construction of the Sanyo 上海夜网论坛 Railway Project. The total amount of project tenders was about 9 billion, of which the equipment part was about 18.4 billion. Comment: Sanyo Railway is a large freight transportation channel with strong profitability. The company announced that it will obtain the operation and maintenance and operating income of the project through shares, and participate in the project equipment bidding.The Sanyo Railway Project is a national trunk network planned to access the blank east-west horizontal freight corridor in the Central Plains. It is connected to the Menghua Railway and has an annual transportation demand of 1.6 billion tons, is comparable to the Shuohuang Railway and other high-profit large freight railways with strong profitability.The project stipulated that the advance payment should not be less than 30% of the purchase price of the equipment, providing stable cash flow for the company.The Sanyo Railway Project is calculated according to the three-year construction period and the thirty-year operation period. After the investment is completed, the company is expected to receive three parts of revenue: (1) 4.2 billion equipment and service orders for the three-year construction period (600 million in the first year and 16 in the second year).500 million, the third year 18.5 billion), including traditional and intelligent equipment sales, smart management maintenance and maintenance monitoring and dispatching platform construction, BIM simulation system, consulting services, engineering services and engineering equipment leasing, teaching and training, locomotive and vehicle leasing, etc .; (2) Operation and maintenance, estimatedContract for three-year construction budget13.300 million, the annual contract value after operation in 2023 does not exceed 1.8 billion; (3) transportation revenue, the annual transportation revenue is expected to reach 50-65 trillion, and the annual transportation revenue is expected to be 0 from 2023-2027.700 million, an average of 1 after 2028.7.5 billion. The strategic transformation of China’s high-speed railway has led to the continuous implementation of O & M projects.The projects that have been completed include Taizhou Line S1, Hangzhou-Shaozhou-Taiwan High Speed Rail, Tangshan Port Freight Line, Tianjin Metro Line 7, and are participating in bidding for Tianjin Metro Line 2 and Line 3 projects.The company is a system equipment company in the entire industry chain. Each of the interchange teams of Rail Transit has rich management experience. Changing the operation and maintenance services from equipment providers is a natural extension of the business model.After the rail transit, the market space is broad, and the 100 billion-level market is poised for development.With the formation and development of the domestic rail transit network, the current rail transit industry has gradually entered the stage of equal emphasis on construction, operation and maintenance.The urban rail industry has been approved to accelerate since the new regulations No. 52 last year. It is expected that the newly added subway mileage will exceed 1,000 kilometers per year, and the future potential of light rail and other multi-standard rail transit is huge.Based on the currently implemented operations, railways and urban rails under construction and planning, it is estimated that by 2023, the operating mileage of urban rails is expected to reach 16,265 kilometers, a compound annual growth rate of 2019-2023.9%.According to industry experience, rail transit operation and maintenance expenditure generally accounts for 2% of total investment?3% to median of 2.5% calculation, considering the replacement cost of an average cost of 10 trillion per kilometer, the urban rail operation and maintenance market size is expected to reach 4066 trillion by 2023.And most cities, especially third- and fourth-tier cities, have no experience in building and operating urban rails, and professional teams are urgently required to participate. SDIC Hi-tech is the largest shareholder, and high-performance evaluation of equity incentives demonstrates confidence.In 2018, SDIC Hi-Tech has a score of 5.The price of 3 yuan / share is an offer to acquire the Shenzhou High Speed Rail. At present, the company is a state-owned enterprise holding company, and the largest shareholder is SDIC Hi-tech, which accounts for 20%.27%, the second largest shareholder is Haidian SDIC, accounting for 12.59%, the background of state-owned enterprises helped the company win BOT / TOT and other projects.The implementation of equity incentives demonstrates high confidence in the conditions of exercise, and the conditions of exercise are no less than 35 in 2020-2022.900 million, 42.300 million, 51.300 million, net profit is not less than 5.900 million, 7.500 million, 10.100 million, ROE is not less than 7%, 7.5%, 8%. Earnings forecast: We maintain EPS forecast variable 0 for 2019-2021.16, 0.22, 0.29 yuan, corresponding to PE is 22, 16, 13 times, maintaining a target price of 4.8 yuan, maintain the “recommended” level. Risk reminder: investment in railway fixed assets declines, and new products and projects fail to meet expectations

Yutong Technology (002831): Inflection point is now profit reversed

Yutong Technology (002831): Inflection point is now profit reversed
The company released its 2018 performance report, and Q4 attributed net profit growth to 25.4% of the companies released a performance report for 2018, which reported revenue of 85.8 billion (+23 y / y).50%), net profit attributable to mother 9.4.5 billion (+1 year over year.38%).Among them, 2018Q4 achieved revenue of 31.2.6 billion (+ 29% YoY).0%), net profit attributable to mother 4.0.2 million yuan (+25 compared with the same period last year).4%), ending negative performance for several consecutive quarters. Falling raw material prices + maximizing production capacity increase, the company’s profitability has steadily increased, and the gross profit margins of Q1-Q3 in 2018 were 25 respectively.2%, 24.0%, 31.2%, of which Q1 and Q2 are far lower than the historical period, and Q3 is significantly better than the previous month.The preliminary is: the company expanded its scale business layout in early 2018, and the production capacity needs to climb in the early stages of development; the company’s profit space was squeezed during the rise in raw material prices.With the development of new 北京夜网 customers, the prices of white paper, corrugated, copper and other paper grades have fallen, and the company’s profitability has continued to improve. It is expected that the company will continue to release profit elasticity in 2019. Diversification of downstream customers continued to advance. Tobacco and alcohol packaging went hand in hand. Based on consumer electronics packaging, the company vigorously developed tobacco packaging and wine packaging and achieved good results.According to the company’s semi-annual report for 2018, the company has entered the continuous high-end liquor supply chain such as Yanghe and Gujing Gongjiu, and has further entered the tobacco label market through Wuhan Aite.The company announced the acquisition of Jiangsu Dejin in 2018H2, extending the packaging layout to the field of plastic materials. 合肥夜网 Profit forecast and investment advice The company actively optimizes the customer structure, increases production capacity and steadily increases the price of upstream raw materials. It is expected that the company’s profitability will rise significantly in 2019.It is expected that net profit attributable to mothers will be 9 to 2018-2020.45, 12.48, 15.60 million, the current market value corresponds to PE 16 in 2019.2 times.The company’s corresponding PEG <1 in 2019, with reference to the same industry assessment and the growth rate of the company's performance, gives the company a 20-fold reasonable estimate for 2019, corresponding to a reasonable value of 62.4 yuan, maintaining the company's "Buy" rating. Risks suggest that the growth rate of the macro-economy has fallen faster than expected; the customer's development has fallen short of expectations; affected by other external factors, the prices of raw materials have risen again; and exchange rate changes have affected it.

Yonghui Supermarket (601933) 2019 Interim Report Review: Same Store Growth Better than Expected Expense Rate Significantly Optimized

Yonghui Supermarket (601933) 2019 Interim Report Review: Same Store Growth 佛山桑拿网 Better than Expected Expense Rate Significantly Optimized

Introduction to this report: Yunchao continued to optimize and improve efficiency, the same-store growth rate was better than expected, and the main business growth rate picked up.

The rapid development of MINI stores and constant breakthroughs are expected to consolidate Yonghui’s long-term competitive advantage.

Home service has a low profile and online share is expected to continue to increase.

Investment points: Investment advice: Cloud Ultra optimizes efficiency, considers the reduction of MINI stores, and lowers EPS to 0 in 2019-2021.

24 (-0.

02) / 0.

29 (-0.

06) / 0.

38 (-0.

05) Yuan, but due to the trend of Yunchao’s main business, the target price for reference companies is raised to 11.

5 yuan to maintain overweight.

Same-store growth was better than expected, and performance was slightly better than expected.

2019H1 company achieved revenue of 411.

7.6 billion, +19 in ten years.

7%, net profit attributable to mother 13.

690,000 yuan, ten years +46.

7%, net operating cash flow +52 per year.


Corresponding to 189 revenue in 2019Q2.

4 ‰, +21 a year.

2%, net profit attributable to mother 2.

4.5 billion, +32 a year.

3%, profit growth is slightly faster than the performance report.

2019H1 same store growth rate 3.

1%, better than expected, Q1 / Q2 same store is expected to be about 2% / 4%.

Yunchao’s performance trend is improving, and the expense ratio is significantly optimized.

In 2019H1, 84 new stores were opened (including Baijia merged into 38), MINI stores (including Baijia merged into 18), and 45 new stores opened in the same period last year.

2019H1 interest expense1.

17 trillion, +1 a year.

10,000 yuan, MINI store revenue 5.

500 million US dollars, the cultivation period is expected to increase about tens of millions of yuan, Yunchuang color fresh food and vegetables Yonghui and other effects affect about -1.

590,000 yuan, equity incentive expenses1.

$ 3.6 billion, after deducting the above impact, it is expected that H1 Cloud Super’s revenue / profit will 佛山桑拿网 increase by 21% / 23%, respectively.

H1 comprehensive gross profit margin fell by 0.

57pct, is expected to be mainly affected by the expansion of the clothing business in Fujian, high base last year, and lagging CPI transfers.

The selling / administrative expense ratio is reduced by 0 every year.

72 points / 1.

38pct, the cost rate is significantly optimized, and the final net profit rate is increased by 1.15 points to 3.


The low-key strength of the home business increased the online share.

19H1 home service access 518 stores, such 13.

300 million accounted for 3.

4%, the rapid growth of online revenue accounted for.

Risk reminder: CPI growth leads to cost growth over revenue growth, market competition intensifies, etc.

Yijiahe (603666): New product launch track continues to widen

Yijiahe (603666): New product launch track continues to widen

Under the concept of the electric power Internet of Things, new commercial products were launched in stages.

On March 28, Yijiahe held a new product launch conference in Nanjing, and its heavy-duty product powered robot was officially unveiled.

A live-operating robot can complete uninterrupted operations on high-voltage electrical equipment, such as the laps of branch line leads, while solving the safety problems of power personnel, it can also effectively improve the efficiency and quality of operations.

The track continues to widen, embracing billions of growth opportunities.

There are more than 3,000 domestic prefecture-level cities and district-county-level cities, and each city has several grid operation teams. Each team is equipped with a live-operating robot to measure, and the domestic demand in the long term will reach 10,000.

The unit price of live-working robots is about 4 million units per unit. From this, it is estimated that the domestic expandable market size is about 40 billion.

The company is one of the few domestic manufacturers of industrialized live-operating robots that has already started in the country. In the future, it will fully benefit from the release of the demand for 成都桑拿网 live operation of the downstream State Grid.

Inspection robots are stable and heavy, and new products are expanded to high-growth battery life.

The growth elasticity of the company mainly comes from two aspects: first, the orderly breakthrough of the current core product-distribution / substation inspection robots in markets outside the province; replacement, horizontal expansion of products, new products such as fire / medical robots and live-operated robots are expected this yearLanded effectively, and increased the number of steps to promote performance.

In the next two years, the company’s performance growth rate is expected to remain above 30%.

Profit forecast and estimation: Net profit is expected to be 1 in 2018-2020.

90, 2.

60, 3.

4.6 billion, with EPS of 1.

94, 2.

65, 3.

52 yuan, corresponding to the current expected PE is 35.

0, 25.

7, 19.

3 times.

Risk warning: The market development outside the province is less than expected; new product development is less than expected.

Zhongnan Construction (000961) 2019 performance pre-increasing comment: sales increase significantly

Zhongnan Construction (000961) 2019 performance 南京桑拿论坛 pre-increasing comment: sales increase significantly

19-year performance forecast of 4-6 billion 400 million, previously + 80-110%, flat or more than 19 years of promised performance 4 billion companies issued a 2019 performance pre-announcement announcement, the net profit attributable to shareholders of listed companies in 2019 may increase by 80% -110%, Corresponding amount is 39.


US $ 0.5 billion, flat or more than the 19-year commitment of 39 in the July 18 incentive plan.

78 ppm; basic profit gain1.


24 yuan, + 80% -110% per year; the large increase in performance was mainly due to the increase in the settlement scale of real estate business.

In addition, the company announced an equity incentive plan in May 2019, and plans to grant a stock budget to account for the total share capital3.

73%, included in the July 18 incentive plan 6.

27%, two times totaled 10%; exercise price of 8.

49 yuan; and further extended the 21-year performance growth over the 17-year growth rate of not less than 1,408%, or 9 billion US dollars, showing profound development confidence.

In 19 years, the company + 34%, maintaining a high growth, taking land / 26% of this kind, the equity ratio was raised to 70% in 19 years, the company’s sales amount was 1,960.

500 million, +33 a year.

7%; sales area 1,540.

70,000 flats, +34 in ten years.

6%; the average selling price of 12,725 yuan / flat, many years -0.


In 19, the amount of land taken was 51.2 billion, adjacent to -25.

8%, the land acquisition amount accounted for 26% of the sales amount; but the equity land acquisition amount reached 361 trillion, a slight increase of 0 from last year.

1%, indicating that the company is cautious in taking land, but the equity ratio has increased from 52% to 70%.

In 19, the land area was 9.68 million square meters, ten years -39.

3%, land acquisition area accounted for 63% of sales area; land acquisition average price of 5,293 yuan / flat, ten years +22.

1%, mainly due to the increase in the proportion of the company’s acquisition of land in first- and second-tier cities, such as Xiamen, Hangzhou; the average price of land acquisition accounted for 42% of the average sales price.

As of the end of 19Q3, the company had a total of 349 projects with a planned construction area of 34.23 million countries and an unconstructed construction area of 13.32 million countries. A total of 47.55 million countries had total soil reserves.

The resistance rate increased and the down payment was locked up to 4.

6 times, the follow-up settlement performance increased with high certainty 3Q19 The company’s asset-liability ratio was 90 in the final period.

9%, -0 at the end of the earlier 18 years.

78 points, 44 after excluding advance payment.

1%, -0 at the end of the earlier 18 years.

91 points; net debt ratio 175.

6%, -15 earlier than the end of 18 years.

9pct; short cash debt ratio by 1 of 19H1.

49 times increased to 1.

59 times; with interest denies a surplus of 69.1 billion, exceeding +23.

1%, the earlier 1H19 increased by only 500 million U.S. dollars, and the 18 years of real estate sales cover interest bearing multiples of 2.

12 times.

Of the interest-bearing debt at the end of 1H19, bank borrowings, bonds and others accounted for 49%, 30%, and 22%, respectively, of -3.

4 pct, + 4.
7pct, -1.
3pct; In November, the company issued a 4-year corporate bond of 10 ppm / 7.

6%, financing costs can be controlled.

At the end of 3Q19, the company received advance accounts of 127.9 billion yuan, +21 in ten years.

3%, covering 18 years of real estate settlement income4.

6 times, far higher than the industry average, and continues to improve compared with the end of 18 years.

Investment suggestion: Great increase in performance, beautiful sales, re- “strong push” rating. Zhongnan Construction experienced a full range of positive changes under the change of Chen Kai during 2016-19. The enhancement of autonomy and market-oriented machine manufacturing has created a new Zhongnan.The company entered a stage of rapid growth.

In May 2019, the company introduced new incentives, and its performance commitment has been extended to 2021, reaching 9 billion U.S. dollars, demonstrating profound development confidence.

We maintain the company’s expected earnings forecast for 2019-21 to 1.

10, 1.

89 and 2.

45 yuan, current price corresponding to 19-21 PE is limited to 9.



1x, compared to previous NAV16.

The 81 yuan discount is 40%. Considering that the company’s profit margin is expected to rise at a low level, and the prepayments are covered at a high level, the potential for future release of performance is strong. We raise the target price to 13 in accordance with the PE target of 2020.

23 yuan, “strong push” level again.

Risk Warning: The sales volume in third- and fourth-tier cities fell faster than expected and industry funds tightened more than expected.

The Japanese government vigorously promotes remote office methods, hoping to continue after the Olympics

The Japanese government vigorously promotes remote office methods, hoping to continue after the Olympics
People’s Daily Online, Tokyo, February 20th. According to the Japan Current Affairs Agency, in order to continue telecommuting after the Paralympic Games in Tokyo (to work from homes and other offices), the Japanese government plans to set July to September each year”Remote Office Enhancement Season” and preparations have begun for this.In the past, 杭州夜网论坛 telecommuting was valued to deal with traffic congestion during the Olympics. Now, the Japanese government believes that telecommuting can also promote the reform of working methods and deal with unexpected situations such as disasters and infectious diseases.Therefore, follow-up measures are very important.The Japanese government intends to promote the precious legacy of the Olympic Games.At present, the scope of the pneumonia epidemic caused by the new coronavirus is constantly expanding, which can avoid the peak flow of people such as commuting, and the mode of completing work through remote office work is getting more and more attention.But the dating stage model must first improve IT equipment and security measures, so it has not yet spread to SMEs.Therefore, the Japanese government is discussing measures such as extensive events organized 北京夜网 by the government and the private sector during the intensive season, introducing advanced cases, rewarding “trial telecommuting” behaviors, publishing dating examples, and so on.At the same time, for local small and medium-sized enterprises, seminars are jointly organized by local governments and economic groups, consultations related to telecommuting, and support from experts are dispatched.In order to ease the traffic congestion in the capital during the Olympic Games, the Japanese government has set July 24, the opening day of the Olympic Games, as a “remote office day”, and then extended the implementation time.This year’s “remote office” promotion period is from July 20 to September 6, and there will be more than 3,000 participating companies.Enterprises at this stage said that remote working has the effect of improving the work efficiency of employees, retaining various talents, and promoting women’s active participation in social work.At the same time, telecommuting is playing an increasingly important role in business continuity planning (BCP) when disasters and outbreaks are prevented.(Compilation: Liu Geng Reviewer: Chen Jianjun)

Incremental funds from the four roads entered the market and the turnover of the two cities exceeded 1 trillion yuan

Incremental funds from the four roads entered the market and the turnover of the two cities exceeded 1 trillion yuan

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

  Original title: Four-way incremental capital cooperation entered the two cities. The turnover of the two cities exceeded one trillion yuan. Reporter Fei Tianyuan ○ Edited by Zhu Yin after a lapse of nearly a year, the Shanghai and Shenzhen cities’ turnover exceeded one trillion yuan.

  Finally closed yesterday, the Shanghai Composite Index reported at 2975.

40 points, down 0.

32%; Shenzhen Stock Exchange Index reported 11235.

60 points, down 0.

63%; ChiNext Index reported 2139.

44 points, down 1.


A total of 10,388 was traded in Shanghai and Shenzhen.

1.5 billion yuan.

The last time the turnover of the two cities stood at more than one trillion yuan, going back to April 8, 2019.

  Shenzhen market turnover is significantly larger than Shanghai market since this year, Shenzhen market turnover has continued to significantly outperform the Shanghai market.

Taking yesterday as an example, the Shanghai Composite Index traded at 3813 throughout the day.

At 3.1 billion, the Shenzhen Stock Exchange closed at 6574.

8.4 billion, Shenzhen’s turnover was more than 70% higher than the Shanghai Stock Exchange.

This feature is similar to the transaction volume of the two cities breaking the trillion-dollar for the first time at the end of 2014.

  On December 5, 2014, the turnover of the Shanghai and Shenzhen markets exceeded the trillion mark for the first time in history. On the same day, the turnover of the Shenzhen Stock Exchange Index was about 55% higher than that of the Shanghai Stock Exchange Index.

After that, A shares opened the big bull market in the first half of 2015, and the turnover of the two markets once climbed to more than 2 trillion.

  The significant difference in the scale of Shanghai and Shenzhen transactions is an important feature of the recent structural differentiation of the market.

Since the index bottomed out on February 4, technology chips such as chips, cloud computing, and new energy have outperformed financial and consumer products.

  According to Shenwan’s first-level industry division, since February 4, the computer industry has risen to the top, reaching 25.

92%, the electronics and communications technology industry rose more than 18%.

In terms of scale, the banking sector rose at the bottom, only 3.

34%, food and beverage, household appliances industry rose within 10%.

  Yesterday’s disk, the top five stock turnover, with four technology stocks.

Ningde Times traded 65 throughout the day.

9.9 billion yuan topped the list. ZTE, BOE A’s turnover exceeded 5 billion yuan, and San’an Optoelectronics sold 49.

1 billion yuan.

CITIC Securities became the only non-tech stock in the top five, with a turnover of 50 yesterday.

4.5 billion.

  Four-way incremental funds collectively increase positions The Shanghai and Shenzhen markets have returned to the trillion mark, which is inseparable from the four-way incremental funds collectively increasing positions.

  The first is northbound funding.

Yesterday, Northbound funds made a net purchase of 37 throughout the day.

4.5 billion.

  Since this year, Northbound funds have gradually bought 765 net.

$ 3.9 billion, nearly a quarter of last year.

Leading companies in the consumer and financial sectors are still the focus of northbound funding.As of February 18, the top ten heavy stocks of Northbound Capital were still consumer stocks and financial stocks.

  The second is institutional funds.

With the recent rebound in market sentiment, explosive funds appear again.

  At the beginning of this year, the Bank of Communications kernel-driven hybrid absorbed more than 50 billion yuan in one day, becoming the first explosive fund in 2020.

Subsequently, Penghua’s technological innovation mix, and Hongde Fengrun’s three-year holding period were also sold out in one day.

The scale of the first subscription of Guangfa Technology Pioneer managed by last year’s performance champion Liu Gezhen was more than 90 billion, and the final confirmed share was 8 billion.

  On February 18th, Chen Guangming’s Ruiyuan Fund’s second public offering product, Ruiyuan’s balanced value three-year holding period, the hybrid fund easily reached the $ 6 billion initial fundraising scale, triggering a proportional placement, and the total subscription amount was about 120 billion, creating a 西安耍耍网 domestic public offering fund.The highest subscription record in history, the final placement ratio may be about 5%.

  The third is financing funds.

Affected by factors such as the Spring Festival holiday, the financing balance of Shanghai and Shenzhen reached a stage low of 10,140 on February 4.

66 billion.

But through the rebound of the index, financing funds began to return sharply.

As of February 18, the financing balance of the two cities has increased by nearly 50 billion to 10620.

6.5 billion.

  Hot technology stocks are the first choice for funders to increase their positions recently.

As of February 18, the top three stocks in financing net purchases since the beginning of this year were the Ningde Times, Guoxuan Hi-Tech and UFIDA, and the net financing purchases gradually exceeded 1.3 billion.

  Fourth, individual investors.

The latest data released by the China Clearing website shows that the A-share market added 80 new investors in January.

07 million people, the number of investors at the end of the period was 16,055.

300,000 people, this is the first time that the number of A-share investors exceeded 1.

600 million.
Among them, natural person investors added 79 in January.

750,000 people, the number of natural person investors at the end of the period reached 16,016.

970,000 people.

  The structural market is expected to continue. CITIC Securities Qin Peijing’s strategy team believes that the switching companies have resumed work one after another, and incremental allocation of funds has begun to search for “depressions”, which are repeated with momentum funds.

Driven by policies and incremental liquidity, there is still momentum in the market, and technology is still the main line of this kind.

  China Merchants Securities Zhang Xia (Jin Qilin analyst) strategy team said that the technology up cycle, information consumption is still the most important direction at present; the implementation of the refinancing new policy will also become more active in the small and medium market value sector.

Policy variables will play an increasingly important role in future stock markets.

  Whether it is the end of 2014 or the beginning of 2019, the turnover of the two cities exceeded the trillion average value, which brought a bull market for A shares.

From the perspective of most institutions, the current structural bull market of A shares will continue, and the theme of technology is expected to continue to be the main line of the market.

  Zhang Yidong, Global Chief Strategy Analyst, Industrial Securities, recently adjusted his judgment on the broad index space of the A-share and Hong Kong stock markets during the year, from an index bull market (that is, an annual increase of more than 20%) to a balanced market (an annual increase of about 10%).

Zhang Yidong believes that unless there is a small probability event of a “global stock market bear market,” neither A shares nor Hong Kong stocks will have a systematic bear market.

The structural market dominated by core assets of advanced manufacturing has gradually changed.