Tianmu Lake (603136): Cost and efficiency increase drive return to mothers

Tianmu Lake (603136): Cost and efficiency increase drive return to mothers

Introduction to this report: Due to the weather factors in the first quarter, the revenue in the first half of the year rose slightly, but the further improvement in management efficiency drove the return to motherhood.

The company’s incremental projects are steadily advancing and actively seeking outward expansion.

Investment Highlights: The performance is in line with expectations, and the holdings are increased.

Maintain 2019/20/21 EPS1.



46 yuan, the company is a private attraction, high efficiency and external expectations, but taking into account macro factors and the potential price cuts across the country, the industry will be given a 20xPE estimate in 2020 and the target price will be reduced to 25.

8 yuan.

Brief description of results: 2019H1 achieved operating income2.

200 million / + 0.

27%,南京桑拿网 realized net profit attributable to mother 5371.

40,000 yuan / + 9.

56%, deducted non-net profit of 51.69 million / + 14.


The influence of factors such as the weather in the first quarter dragged down revenue slightly, and efficiency led to the same increase in profit.

①The revenue of the hot spring company is +1.

6%, net profit -25.

5%; Travel agency revenue 2.

89%, net profit +1.

87%; Zhuhai revenue was -0.

1%, net profit +5.

5%; ropeway revenue + 142%, net profit + 318%; ② under the circumstances of a slight increase in revenue, the non-net profit attributable to mothers was increased by 14.

8%, mainly reducing costs and increasing efficiency at the expense end, of which operating costs also decreased by 4.

17%, mainly due to reduced depreciation and reduced maintenance costs, and sales expenses also decreased by 0.

75%, and realized interest income on financial expenses, while reducing overall operating costs by 6 at the same time.


The cash flow performance was stable, and the progress of incremental projects accelerated.

① Cash flow performed well and operating cash flow inflows.

US $ 5.4 billion was matched with revenue, cash flow from operating activities increased, and pay for major categories of employees increased by 25%. As a result, net operating cash flow decreased by 20%.

46%; ② The ending balance of the Yuxi Hot Spring Phase II Zhuxigu project under construction has been increased from 12.15 million to 33.22 million, indicating that the progress is accelerating; Nanshan Zhuhai Ropeway Project continues to advance, and is currently in the stage of design prevention and disposal; ③In the future, the company will invest abroad based on the direction of professional development and actively seek out extension directions and projects.

Risk warning: weather affects passenger flow; uncertainty of project construction progress; impact of lifting the ban in the future.

Hengrui Medicine (600276): Interim report is beautiful, Erica is expected to become a phenomenal product

Hengrui Medicine (600276): Interim report is beautiful, Erica is expected to become a phenomenal product

Key Investment Events: The company released its semi-annual report for 2019, reporting that the two companies achieved operating income of 100.

26 ppm, an increase of 29 in ten years.

2%, net profit attributable to mother 24.

10,000 yuan, an increase of 26 in ten years.

3%, deducting non-net profit 22.

89 ‰, an increase of 25 in ten years.

2%; realized operating cash flow14.

52 ppm, an increase of 9 in ten years.


Opinion: The company’s overall performance is in line with market expectations.

The company’s revenue in the first half of the year exceeded the 10 billion mark for the first time, of which Q2 achieved revenue of 50 in a single quarter.

59 ppm, an increase of 29 in ten years.

6%, a slight increase in the earlier Q1. We believe that it is mainly driven by the continuous increase in the volume of newly approved products; the profit growth rate is 27.

0%, profit growth rate is lower than revenue growth rate mainly due to Q2’s sales expense ratio increased; Q2 company’s sales expense ratio and management expense ratio were 37.

1% and 8.

4%, overall remained stable compared with the same period last year.

Key areas and product performance: With reference to IQVIA data and terminal research, we expect the company to achieve revenue growth rates of 30%, 40% and 20% in the fields of tumor, angiography and anesthesia, respectively.

Among them, docetaxel, irinotecan, tigio, and apatinib have achieved revenue growth of -5%, + 15%, 10%, and 5%, respectively.It added 500 million and more than 200 million supplementary contributions; iodixanol, sevoflurane, butorphanol, key products in the field of contrast agents and anesthesia, achieved revenue 无锡桑拿网 growth of 45%, 15%, and 100%, respectively.

With the approval of multiple ANDAs overseas, especially in the United States after 2018, we expect the company to achieve more than 20% revenue growth overseas in the first half of the year.

R & D continues to remain high investment, and the pipeline of innovative drugs is constantly enriching: reports and company R & D expenses14.

84 ppm, a 49-year increase of 49.


At present, the company has more than 30 new active substances in the clinical stage, of which 12 new active substances are in the phase III clinical stage. SHR6390 (CDK4 / 6 inhibitor), SHR3680 (AR inhibitor), SHR3162 (PARP) Inhibitors), both entered Phase III clinical trials in the first half of the year, with the first two targets domestically progressing.

Continuous breakthroughs in the development of indications for PD-1 products: Karelizumab (brand name Erica) was officially launched at the end of July 2019. In addition to the approved classic Hodgkin lymphoma, KarelizumabKang has obtained positive data from three clinical trials of solid tumor registration, namely second-line liver cancer, second-line esophageal cancer, and first-line non-squamous non-small cell lung cancer; second-line liver cancer has been officially reported, and second-line esophageal cancer is also in the NDA preparation processThe just-announced 2019 WCLC summary Karelizumab for first-line treatment of NSCLC has excellent clinical data (PFS: 11).

3mo vs 8.

3mo), is the world’s second trial of PD-1 combined with chemotherapy for first-line treatment of non-scale NSCLC with positive results.

The clinical development of large tumors is among the best in the country. With the breakthrough of the first domestically produced first-line vein, with flexible pricing and the support of a strong promotion team, Carelizumab is expected to become a phenomenal product.

Lung cancer, liver cancer, stomach cancer, and esophageal cancer are expected to be the largest target market for PD-1 / L1 antibody drugs in China. With reference to our related research, the domestic market of the four major tumor types is expected to exceed 32 billion; KarelizumabThe first-line clinical trials for the four major tumor types have been completed, and most have progress advantages, and have obtained 3 positive data; especially the non-squamous NSCLC first-line, in addition to the approved K drug, the company’s progress is significantly ahead of otherIn the same industry, K medicine used to be able to cure the first-line development success, so that the sales came later.

Erica’s pricing strategy is flexible, and annualized treatment costs after drug donation11.

90,000 yuan (under indication), is one of the most cost-effective PD-1 antibody drugs in China.

Sales scale. The company has the largest oncology drug promotion team in China, with significant advantages in product access and penetration.

In summary, taking advantage of indications, pricing, and promotion teams, we expect that Carelizumab is expected to gain more than 20% of the market in the domestic PD-1 market, which is expected to exceed 40 billion.

Earnings forecast and investment advice: We estimate that the company’s net profit attributable to the parent in 2019-2021 will be 53.

400 million, 67.

800 million, 87.

200 million, an increase of 31 each year.

2%, 27.

2% and 28.5%.

We give the company generic drugs and already apatinib, pirlotinib profit 30-35 times, corresponding to the market value of 1800-2100 ppm in 2020; DCF estimation of the company’s innovative drug echelon, a discount factor of 8%, has considered different stagesThe market probability of innovative drugs corresponds to a value of 2009 trillion in 2019, and the company’s total market value in 2020 is 3809-4109 trillion, corresponding to a target interval of 86.


9 yuan, maintain “Buy” rating.

Risk warning events: the risk of new drug development not meeting expectations; the risk of drug price reduction; the risks related to drug quality and safety.

Yunda shares (002120): 2019 business volume exceeded 10 billion votes optimistic about the leading position of Yunda

Yunda shares (002120): 2019 business volume exceeded 10 billion votes optimistic about the leading position of Yunda
The company’s recent situationThe company announced that as of December 29, 2019, the cumulative courier package revenue has exceeded 10 billion pieces, so we calculate it to be 69 compared to 2018.8.5 billion pieces have achieved a growth rate of at least 43%. It is expected to exceed the industry growth rate (estimated to be 25%) with 19 mergers and 2 expansions to 15.8%.It is implied that the company’s business volume growth rate reached at least 45% in December, which was significantly accelerated in the earlier 10 months (30%) and 11 months (38%). Commentary business volume rebounded, dispel market doubts.In October, the company’s business volume growth rate changed from August (45%) and September (41%) to 30%, which caused the market to replace the company’s fundamentals and competitive strategies. We highlighted the company’s unit price in the monthly report review at the timeThe performance is better than its peers, so we believe that the growth target may be the company’s proactive strategic choice: to limit some large goods, heavy goods, and optimize the structure of the goods before the peak season (small pieces are easier to sort automatically and improve the loading rate).Service quality is guaranteed during peak season in November.We think the company’s rebound in business volume growth in November and December basically validates our view. The effect of lifting the ban on restricted shares is under control and has been expected by the market.74% of the company’s total share capital.12% of the restricted shares were listed and traded on December 24, 2019. The main shareholders are the actual controllers, concert parties and external financial 都市夜网 investors.According to the rules of the Exchange, if the actual controller and its concerted parties reduce their holdings through block transactions, the total number of shares to be reduced shall not exceed 2% of the total number of shares of the company within any consecutive 90 natural days.The three shareholders (mainly employees ‘flat platforms) who constitute concerted actions have reduced their holdings by 2% through block transactions on December 24, so we expect these shareholders’ pressure to reduce their holdings to improve in the next three months.As for financial investors, Ningbo Zhaoyin Bank, Taifu Xiangchuan and other five financial investors hold a total of 9 companies.We believe that these shareholders may have plans to reduce their holdings based on their capital needs, but it is also expected to reduce the pressure on the secondary market through arrangements such as block transactions. The industry is expected to move towards benign and healthy development, and Yunda, as a leader, has solid fundamentals.Recently, the Beijing Municipal Market Supervision and Administration Bureau has also issued the “Beijing Express Delivery Industry Price Behavior Rules”, which includes definitions that must not “collusion with each other and manipulate market prices”, “abuse of dominant substitution, exclusion, and restrict price competition”, and must also avoidIn order to “dump the conflict or monopolize the market and dump at a price lower than the cost”, we believe that it guides the industry to a healthy and benign development trajectory.We reiterate the view of “Fine Management to Create a Leader in the Express Delivery Industry” and are optimistic about the growth of the express delivery industry and the advantages of Yunda as a leader. It is recommended to deduct non-post P / E until 22/2020, and we maintain our outperforming industry rating and target price of 40.4 yuan, corresponding to 28 times 2020 P / E and 24% growth space. The volume of risk business grew faster than expected, the unit price increased significantly, and the lifting of the ban on restricted stocks suppressed market sentiment.

Wanwei High-tech (600063) Company In-depth Study: Three Highlights of PVA Demand Are Worth Looking Forward

Wanwei High-tech (600063) Company In-depth Study: Three Highlights of PVA Demand Are Worth Looking Forward
Report summary: The main business has passed the cold winter, and the PVA leader has entered the harvest period. PVA prices have steadily increased since 2018. Among them, the decline in prices of major raw materials calcium carbide and acetic acid in 2019 has widened the PVA spread.We estimate the current company’s PVA gross profit per ton is about 4040 yuan, net profit per ton is about 2600 yuan.As the leader of PVA, the company has a market share of more than 35%, and its performance is flexible.  The supply situation has improved significantly. The short-term and mid-to-long-term basic industries have experienced many years of downturn since 2008-2016. After undergoing the reshuffle of 杭州夜网论坛 the industry, companies with insufficient advantages have changed, and have gradually stopped production and exited.At present, the industry has formed a three-system layout represented by the Anhui Department, the Sinopec Department and the Private Department. The three departments account for about 80% of the effective domestic production capacity. The concentration of the PVA industry has been improved.  The demand for PVA has been increasing, and the company’s production and sales have increased at a faster rate.In 2019, the industry’s PVA production and sales have increased at a faster rate than in 2018. Some companies, such as Wanwei High-tech, have grown and increased.In a certain period of 2006, the highest growth rate was about 15%. Faster growth is expected in two aspects: first, the export continues a good growth trend, and second, the demand for new materials such as PVA optical films and PVB continues to grow.  Downstream new material applications continue to be developed. Three highlights are worth looking forward to. The downstream new material field is expected to become a growth point that drives the demand for PVA, which are polarizers and optical films, PVB, and high-strength high-mode fibers.The company’s 7 million square meters of polarizers and supporting optical film projects are expected to be put into production in the next year. The industrialization experience of 5 million square meters of PVA optical films has been achieved before.The company’s PVB film has reached the standard for architectural safety glass, and is expected to further develop into windshields in the automotive field in the future.After years of development and cultivation of high-strength and high-mold, the production and sales volume in recent years has ushered in a breakthrough growth, and the process of replacing asbestos has continued to accelerate.  Investment suggestion As a leader in PVA industry integration, the company will benefit from the upward price of PVA.We expect the company’s EPS for 2019-2021 to be, 0.39 yuan, corresponding to the current expected PE of 17.3, 12.7 and 9.4 times, the company PB (MRQ) is 1.46 times, ranking second in the industry.07 times, give “recommended” rating.  Risks prompt the industry to exit production capacity and resume production beyond expectations; raw material prices have risen sharply, and the progress of polarizers has fallen short of expectations.

HKUST Xunfei (002230): The core business card has obvious advantages in cost control and has achieved significant results

HKUST Xunfei (002230): The core business card has obvious advantages in cost control and has achieved significant results
Guide to this report: The company participates in exchange day activities.The company’s core business has obvious advantages, weakened by financial impact, has significant cost control benefits, and maintains an increase in holdings.  Event: On August 23, the company participated in the exchange day activities.  Comment: Maintain overweight.The core business has obvious advantages, is weakened by financial impact, and has significant cost control benefits. It maintains the forecast of EPS0 for 2019-2021.41/0.62/1.02 yuan, maintaining a target price of 40.58 yuan. The company has certain obvious advantages in the three major scenarios and is expected to become the main growth point.1) Office scene: The company has formed a full-stack product system around the office scene, covering hearing website services for light users (unit price below 1,000 yuan), M1 / recording for medium users (unit price of several thousand yuan)Pens / offices, transcribing machines for B-end users (customer unit price over ten thousand yuan).2) Educational scenario: B-side business penetration rate has further improved space, and merged B-side data accumulation to extend to C-side, gradually realizing business connotation (education information to AI), business model (project model to product system, operation system)Two advanced.3) Political and legal scenes: Political and legal services have covered 31 provinces, and the coverage rate has exceeded 90% in high-level institutions such as high courts and provincial inspections. The requirements for confidentiality of political and legal industry data are high, and the degree of standardization is high.4) We believe that the company has realized the G-end card position advantage + B-end segmented industry data advantage in all three core scenarios, and integrated the moat of the protection industry, and gradually realized overweight C-end business to realize data monetization. Track focus / C-end business development, weakened by financial conditions.1) The company’s consolidated revenue growth has improved. In addition to the company’s active focus on the core track and strategic contraction of products with little room for future development, it is also related to increased government financial pressure.2) We believe that the impact of the expansion of government financial pressure on the company will gradually be broken down: ① At the end of the business exploration phase, the company’s business will be more focused on core tracks such as education and medical care, which have counter-cyclical attributes; 佛山桑拿网 ② C-end business proportionHope to further improve, the 2019 H1 company’s C-end business (including intelligent hardware, open platforms, telecommunications value-added product operations, mobile Internet products and services, personalized learning, etc.) revenue growth rate of 45%, higher than the company’s overall growth rate of 13.7 points, revenue and gross profit accounted for 37.3%, 39.8%, an increase of 3.5pct, 2.5 points. The cost control benefits are significant, and the profit margin outlook is gradually picking up.1) 2019H1 company’s sales expense growth rate is 20.4%, management expenses increased by 30%.7%, all far below 2018H1 (77.1%, 65.6%), indicating that the company has achieved significant achievements in cost control.2) During the business exploration period, the company experienced the rapid expansion 四川耍耍网 of technical personnel (2016, 2017) and the rapid expansion of marketing personnel (2018), changing the focus of the company’s business direction, improving channel construction, and promoting the concentration of resourcesAt the core circuit, the demand for additional personnel will be effectively controlled, and profit margins are expected to gradually rise. Risk Warning: Financial pressure threatens the company’s B-side business expansion, etc.

Shuijingfang (600779): Benefit from industry growth and channel expansion Sub-high-end products maintain rapid growth

Shuijingfang (600779): Benefit from industry growth and channel expansion Sub-high-end products maintain rapid growth

Sub-high-end products maintained rapid growth, and structural upgrades and scale effects increased profitability. The company’s 18-year revenue28.

190,000 yuan, an increase of 37 in ten years.

62%, 18Q4 income 6.

80,000 yuan, an increase of 17 in ten years.


1Q1 revenue 9.

30,000 yuan, an annual increase of 24.


It is reported that the company’s online communication conference published on the ZOOM platform, 19Q1 premium wine income9.

50,000 yuan, an increase of 28 in ten years.

31%, including high-end product line revenue growth of 1%, sub-high-end product line revenue growth of more than 30%.

Medium and high-end wine (including 0.

24 trillion mid-range wine) revenue growth 28.

51%, of which sales increased by 27.

09%, mainly benefited from the company’s channel expansion, the ton price increased slightly due to the structural upgrade1.


Net profit attributable to 成都桑拿网 mother for 18 years5.

79 trillion, an increase of 72 in ten years.

72%, 18Q4 attributed to mother net profit1.

170,000 yuan, an increase of 26 in ten years.


19Q1 returns to mother’s net profit 2.

19 ppm, an increase of 41 in ten years.


1Q1 gross margin increased by 1.

79 PCT to 82.

58%, we expect to benefit mainly from the ton price increase brought about by the product structure upgrade.

The company’s 19Q1 expense ratio benefited from the scale effect of more than 4 PCT declines.

Benefiting from the growth of the sub-high-end industry and the development of internal channels, the steady and steady growth of earnings According to the company’s 18-year report, the company’s revenue growth target for 19 years was about 20%, and its net profit growth target was about 30%.

We expect the company to benefit from the growth of the next high-end industry and its own channel expansion is expected to achieve its revenue target.

The continued high-end of the product aims to continue to improve profitability.

In the future, the company will increase its investment in well platforms, and at the same time continue to promote the newly launched collections and elites. The products will continue to be high-end and the gross profit rate will be continuously improved.

It is expected that the profitability will continue to increase due to the reduction in the expense ratio brought about by the scale effect and the price increase effect brought by the reduction of the incremental rate.

Earnings forecast We expect the company’s revenue to be 34 in 19-21.



43 ppm, an increase of 22 in ten years.

65% / 22.41% / 21.

52%; net profit attributable to mothers is 7, respectively.



710,000 yuan, an increase of 35 in ten years.

45% / 28.

51% / 25.

98%; EPS are 1.



60 yuan / share, corresponding to PE is 29/23/18 times. It is estimated that the compound growth rate of net profit in the next 3 years is 30%. We give 30 times PE in 19 years, corresponding to PEG equal to 1, and a reasonable value of 48.

3 yuan / share, maintain BUY rating.

Risk warning: intensified second-end competition, consumption upgrades exceed expectations, and structural upgrades fall short of expectations.

Liangxin Electric (002706) Investment Value Analysis Report: Accumulate Multiple Development Cycles

Liangxin Electric (002706) Investment Value Analysis Report: Accumulate Multiple Development Cycles
Core point of view The company is a sparse mid- to high-end low-voltage electrical appliance. It has accumulated its own research and development technology, complete direct sales service system, and deeply binds high-quality customers in the downstream high-boom industry. It is expected to break through domestic brands in the high-end sector. Net profit in 2019 is expected to be 2.82% (+ 27%), giving 25 times price-earnings ratio, the first coverage given a “buy” rating.   R & D and customer advantages create the future leader of low-voltage electrical appliances.The company has been cultivating the low-voltage electrical industry for 20 years and is a domestic brand of high-end and low-voltage electrical appliances. In 2018, the company achieved operating income of 1.6 billion yuan, with a market share of approximately 5% in the high-end market.The company focuses on the development of low-voltage electrical products. With a complete series of low-voltage electrical products, the downstream covers six major areas, including new energy, information and communication, intelligent construction, industrial control, industrial construction, power, and overseas development. The main customers are the heads of the above fields.Enterprises 佛山桑拿网 and companies rely on high development response speed, high cost performance and perfect service network to deeply bind high-quality customers and enjoy the double prosperity bonus of customers and the industry.   The scale of low-voltage appliances is in the hundreds of billions, and there is huge room for domestic substitution in the high-end sector.The low-voltage electrical appliance industry serves various fields of electric power in depth, and can be divided into three major market segments of S1 / S2 / S3. In 2018, the industry scale was about US $ 86 billion, and the mid-to-high-end S1 / S2 market size was about US $ 40 billion.The low-voltage electrical appliance market demand is highly correlated with the highest growth rate of power consumption. It is expected that the low-voltage electrical appliance industry is expected to maintain a compound growth rate of 6% -8% in the future and develop into the 100 billion market.The mid-to-high-end market is basically involved by overseas brands. Combining downstream prosperity and customer demand preferences, it is optimistic that combined with technological advantages, mid-to-high-end direct-selling brands with customer advantages take the lead.   Many downstream boom cycles are coming, and the company has abundant growth momentum.The completed land area is expected to recover 6% -6.Positive growth rate of 5%, and considering the industry average of the indicators for the completion of head real estate companies, it is expected to generate nearly $ 20 billion in procurement demand, and the company’s market share is expected to increase from 5% to 8%; overseas demand in the post-parity era of photovoltaics is fastThe release is expected to maintain a compound growth rate of 18%. The tide of wind power installation is expected to promote the industry’s growth rate to exceed 30% in the next two years. The company and Huawei jointly developed a 1U miniature circuit breaker to directly hit the space pain points of 5G base stations.The company seeks to enjoy Huawei’s 5G construction bonus in combination with its domestic supplier status.   Risk factors: intensified market competition, less-than-expected customer development, less than expected 5G commercial use, and losses caused by counterfeit brands.   Investment suggestion: As a high-quality domestic standard for high-end and low-voltage electrical appliances, the company integrates technology research and development, replaces its service network, constrains downstream high-quality customers in depth, and develops thinly and conducively to make full use of the high prosperity cycle of multiple downstream industries.The company is expected to have a net profit of 2 in 2019-2021.82/3.42/4.10,000 yuan (CAGR 22%), corresponding to the current equity EPS is 0.36/0.44/0.51 yuan / share, PE is 20x / 16x / 14x.Give the company 25x PE in 2019, corresponding to a target price of 8.97 yuan / share, the first coverage given a “buy” rating.

Shanxi Coking (600740): Coking business profit significantly improved China Coal Huajin contributed to increasing profits

Shanxi Coking (600740): Coking business profit significantly improved China Coal Huajin contributed to increasing profits

The company disclosed the 2018 annual report: realized operating income.

2.9 billion (+20.

58%), net profit attributable to shareholders of listed companies15.

3.3 billion (+1567.

38%), after the company excludes non-recurring profits and losses, the net profit attributable to the mother is 12.

9.4 billion (+1152.

37%) with a budget benefit of 1.

21 yuan / share (+909.

25%), with an expected average ROE of 21.

59% (+17.


The coke business performance has increased year by year, mainly due to the increase in both volume and price.

Reporting information, the company’s coke business achieved revenue 53.

09 million yuan, a year-on-year increase of 25%; the cost of coke business was 46.

24 ppm, an increase of 24% per year; gross profit is 7.

0.2 million yuan, an increase of 1 every year.

5.3 billion.

First of 天津夜网 all, the increase in performance is the rise in volume and price.

Among them, coke production (301 inches) and sales (300 tons) increased by 7% and 6%, respectively; ton coke content (1777 yuan / ton) gradually increased by 18%, and per ton coke cost (1543 yuan / ton, + 17)%) Increase, making the tonne gross profit (234.

29 yuan / ton) previously rose 17%.

The performance of the chemical business turned losses into profits, mainly due to the substantial increase in the prices of various products.

Reporting information, the company’s chemical business achieved revenue 18.

69 ppm, an annual increase of 11%; chemical business costs are 17.

63 ppm, an increase of 4% per year; realized gross profit1.

0 million yuan, in the same period last year to make up for 5 million to achieve a turnaround.

The significant improvement in performance is due to the significant increase in the prices of various chemical products.

Among them, the unit of methanol is 2217.

48 yuan / ton, up 15% previously; the unit purity of carbon black was 5,399.

8 yuan / ton, an increase of 13 per year.

8%; industrial formaldehyde unit is 3988.

3 yuan / ton, up 31 per year.

2%; bitumen basis weight is 3208.

2 yuan / ton, up 5 before.

twenty two%.

China Coal Huajin’s contribution to profits has increased steadily and is expected to rise further in the future.

Reporting on the baseline, China Coal Huajin achieved operating income of 98.

24 ppm, an increase of 12 per year.

8%; net profit attributable to mother is 29.11 ppm, an increase of 11 per year.


Calculated based on the company’s 49% stake is 14.

2.6 billion, due to China Coal Huajin’s failure to consolidate from January to February 2018 (realizing net profit attributable to mother 5)

700 million, 2 after conversion.

7.9 billion), so the company’s long-term investment income is 11.

1.5 billion.

From 2019, China Coal Huajin will realize the expected profit consolidation, which is expected to increase and thicken the company’s performance.

Profit forecast and estimation: We expect the company to achieve net profit attributable to shareholders of the parent company in 2019/20/201 of 14, respectively.



7 trillion, equivalent to 0 respectively.



04 yuan / share, currently 10.

52 yuan, corresponding to 10 PE.



1x, maintain the company’s “Buy” rating.

Risk reminders: macroeconomic downturn; uncertainty of administrative capacity reduction; uncertainty of environmental protection and production limit policies.

Weishitong (002268) Incident Review: China’s Wangan Powers Government Affairs Blockchain with Telekom Chain

Weishitong (002268) Incident Review: China’s Wangan Powers Government Affairs Blockchain with Telekom Chain

Event: On the morning of May 7, the “Network Technology” sub-forum of the Second Digital China Construction Summit was presented in Fuzhou.

Qing Yu, Chairman of China Net Security and Director of 30 Institutes, was invited to attend the forum and gave a keynote speech entitled “Application of Blockchain Technology in the Safe Sharing and Exchange of Government Data” for the guests.

  Views: 1. Important progress has been made in the construction of digital China.

1 The digital economy is developing rapidly, and the level of informatization continues to improve. Economic digitization and the construction of information infrastructure, and the implementation of “network power” and “digital China” strategies.

The global wave of informatization is surging, and all countries in the world regard the promotion of economic digitalization as an important driving force for achieving innovation and development.

In the complex and ever-changing context of the times, accurately grasping the trend of the times, taking the implementation of a powerful country on the 南京夜网 Internet, and accelerating the construction of “Digital China” as a major strategy for the development of the country are of great significance and far-reaching impact.

At present, important breakthroughs have been made in information infrastructure construction, core technology and core industries. New formats such as the digital economy, digital society, and digital government are also accelerating to take shape, and gradually become the new driving force for supply-side structural reform.

With the advent of the global economic wave, China will deepen international exchanges and cooperation in the digital economy, jointly promote the transformation of the global Internet governance system, and work with other countries in the world to build a community with a shared future in cyberspace.

  At the main forum of this summit, the State Cyberspace Office released the “Digital China Construction and Development Report (2018)”. The report pointed out that the overall progress of digital China construction in 2018 was obvious, and the construction of information infrastructure was accelerated.

The number of Internet users has reached 8.

2.9 billion, with an Internet penetration rate of 59.

6%, an increase of 3 from last year.

With 8 units, the internet information industry maintained a good growth momentum, and the electronic information manufacturing industry, software and information technology service industry, communications industry, and big data industry maintained rapid growth.

Information technology R & D and innovation are active. In 2018, the number of domestic information technology invention patents granted reached 18.

50,000 pieces, an increase of 10 in ten years.


  Abstract: China Net Security appeared at the Digital China Construction Summit, showing a number of new products, especially the telecommunications blockchain powering government affairs blockchain, opening up new growth space.

The new leadership team has a new climate. The parent company, China Net Security Group, has an order growth rate of more than 30% in the first quarter. The new chairman of the board of directors Qing Qing and the leaders of various business lines have an annual business goal responsibility statement, and put forward a fight for the second quarter.

The company focuses on network security, with the goal of ensuring cyberspace security. Under the circumstances that the security threats to critical information infrastructure are not optimistic and the severity of data security is increasing, the company is expected to give full play to the responsibilities and layout of the national team of cybersecurity.The new business of the cyber security system is expected to provide complete protection for the Kuomintang government and military and key infrastructure industries. Performance is expected to appear in a blowout situation this year. Active participation is recommended.

We predict the company 2019?
The profit in 2020 is 5.

4.7 billion, 8.

0.8 billion, EPS is 0.

65 yuan, 0.

96 yuan, maintaining the “strongly recommended” level.

  Risk reminder: The progress of the construction of the cyber army is more than expected, and the security operation and maintenance business of the central enterprise is lower than expected.

Ziguang (000938) first coverage: Global enterprise network equipment giant 5G construction is directly called the target

Ziguang (000938) first coverage: Global enterprise network equipment giant 5G construction is directly called the target
Key elements of the report: The company’s actual controller is the Ministry of Education, and its major shareholder is the investment holding platform Tibet Ziguang Communication Investment Co., Ltd., a large state-owned high-tech enterprise group owned by Tsinghua University.According to the company’s first quarter report for 2019, the revenue and net profit attributable to mothers were 122.200 million and 3.7.7 billion, a 20% increase each year.85% and 52.66%.Driven 武汉夜网论坛 by the dual benefits of the gradual implementation of 5G construction and the uninterrupted growth rate of domestic data center construction, we believe that the company is likely to usher in a period of sustained and rapid growth in performance that exceeds the growth rate of the industry. Investment Highlights: “Growth 3.The stage of “0” is entering a period of rapid rise: The company entered the first two stages of scanner manufacturing and sales and IT product distribution, and entered the global enterprise network equipment giant Xinhua San Group (H3C) 51% in 2016.Current growth 3.Stage 0. Regardless of the industry background or H3C’s own operating performance, the company is currently in a period of rapid rise in business development and deserves special attention. H3C is the global enterprise network equipment giant 西安耍耍网 and the only Huawei in China: H3C, which is derived from Huawei’s blood, ranks first in the global market of the industry in terms of customer structure, revenue scale, profit level, and technical maturity, far ahead of domestic division HuaweiAll other manufacturers of the same type.The company’s first market-launched products, including 400G optical equipment, high-end routers, WiFi 6, and small base station solutions, are directly replaced in the context of 5G construction and future data center expansion and data center expansion.Considering the company’s industry level and market share, we believe that the company’s growth rate will exceed the industry’s development speed, and realize the excess partial benefits of deterministic substitution. Increasing research and development expenditure will inevitably promote the continuous optimization of the profit structure: and under the trend of continuous growth in company revenue, the proportion of H3C’s revenue and profit contribution to the company continues to increase at the same time, which shows that the company’s integration effect on H3C is significant.At the same time, the company continues to increase its R & D investment, and at the same time promotes the continuous improvement of sales gross profit. By comparing the gross profit structure of similar foreign companies, we believe that the company’s profitability has increased room for improvement and is expected in the future. Profit forecast and investment advice: It is estimated that the company will achieve net profit of 23 in 2019, 2020 and 2021.10 billion, 28.8.9 billion, 36.9.7 billion, the corresponding EPS is 1.13 yuan, 1.41 yuan, 1.81 yuan; corresponding to the current expected PE is 29 times, 23 times, 18 times respectively; for the first time assigned a “buy” rating. Risk factors: 5G construction fails to meet expectations, Sino-US trade frictions intensify, and the risk of goodwill impairment.