Yanghe Co., Ltd. (002304) Company Research Briefing: Channel Carding Achieves Significant New Products, Promotes Smoothly, and Is Optimistic for Future Growth

Yanghe Co., Ltd. (002304) Company Research Briefing: Channel Carding Achieves Significant New Products, Promotes Smoothly, and Is Optimistic for Future Growth

The initiative to launch marketing strategy issues this year has brought pressure on performance, and the effects have begun to appear. The continuous maturity of the product life cycle has resulted in thinner channel profits in the province. At present, the company’s marketing problems are mainly reflected in channel inventory, market order, andIn terms of the relationship between manufacturers, in June of this year, proactive adjustments were made and policies such as cargo control were adopted, including the establishment of new types of manufacturer relationships, rationalizing prices, focusing on brands, improving quality revolution, changing assessment methods, and strengthening the construction of marketing teams.

At present, the effect of the adjustment of adjustment has begun to appear, and there have been good changes in terms of inventory, prices and relationship with manufacturers.

Due to the deep adjustments in the province, sales are substitutes; but in general, there have been some improvements so far, which has caused the price of products to start to rise, hoping to have better improvements in the first half of next year.

The company has patience for this transformation and adjustment, and it takes a long time. It hopes to solve the problem thoroughly and accumulate kinetic energy for the next stage of development.

At present, Dream 6+ is starting to sell goods in the province. It is optimistic that the future will occupy the price of 500-1000 in the province. After the middle of this year, Yanghe once again walked at the front end of high-end liquor brands, and launched quality, specifications, image and security.A quadruple upgrade of the Dream Blue M6 +.

Since its inception, Dream Blue has an extremely high value and soft quality, which has attracted countless consumers.

As a representative of Yanghe’s continuous promotion of product upgrades, Dream Blue M6 + will also bring better consumer experience to consumers.

Funding started on December 20th. The Spring Festival mainly focused on adjustments and reduced sales policies. The base in the first quarter was the highest. In order to destock, the Spring Festival will reduce shipments, optimistic about the company’s performance in the coming year to resume growth.

The company management has always been in the top position of the industry. I believe that the company has regained its potential energy distortion after undergoing in-depth adjustments. The company’s share repurchase is mainly based on three considerations: first, the company’s 北京夜生活网 confidence in the company’s future development prospects and its high recognition of the company’s value.The second is to fully mobilize the enthusiasm of the company’s core backbone employees. The third is to innovate the shareholder distribution mechanism to maintain sustainability and continuously improve shareholder returns.

The company’s gross profit margin for the first three quarters of 2019, the net profit margin for sales remained at a similar level as the same period last year, and the gross profit margin for sales was 71.

67%, net sales margin was 33.


This shows that the company’s internal management is in place, and the synergy between the upper and lower levels is obvious.

In the future, the company will adopt a series of measures to consolidate the leading level in the province.

The focus of future development outside the province depends on the optimization of consumption upgrade product structure, further development of Tianmeng series products, etc., and constantly transform new products to promote the company’s nationalization and high-end development process.

Earnings forecasts and estimates are based on the principle of prudence. The company’s 19-21 year revenue is expected to be 246/259/290 trillion, net profit is 83/90/103 trillion, and EPS is 5.



85 yuan / share, given Yanghe’s 19-year estimate of 24 times, the target price is 132 yuan, more than 20% of space, “Buy” rating.

Risk reminder: macroeconomic uncertainty, risk industry competition, intensified risk, market demand, change risk

Can’t wait to talk to the elderly

Can’t wait to talk to the elderly
As people get older, they will experience hearing loss, slurred speech, and slower responses, which will also hinder communication with people.We often see young people becoming impatient when talking to older people, and even rushing and urging.In this regard, Liu Songhuai, director of the Department of Psychology and researcher of the China Rehabilitation Research Center and Tan Zihu, chief physician of the Department of Geriatrics of the Chinese Medicine Hospital of Hubei Province, both said that the elderly’s communication difficulties are related to natural aging.Learn to listen, acknowledge, praise, and the elderly need full understanding and respect.Natural aging affects the communication between the elderly and the people. Tan Zihu introduced that one of his recent cases was typical.Aunt Zhang, who has recently been hospitalized for a variety of chronic diseases, always likes to lie in bed every day, often unhappy, and rarely talks to people.After further understanding, he found that the 76-year-old patient often couldn’t hear others because of hearing problems, and always asked repeatedly. If she asked more people, she would become impatient, causing her to become more and more unwilling to speak.In recent years, she often felt that she couldn’t remember what to say, so she even resisted to communicate with others.Tan Zihu said that similar situations are not uncommon. There are many reasons for the elderly to have communication problems, most of which are caused by natural aging, and are also related to organ dysfunction, disease and mental state.Naturally aging.As people get older, their brains will age, and their cognitive abilities, thinking abilities, attention, and memory will decline.Decreased hearing and visual function is common in the elderly, and some older people are unclear, which will affect the communication effect.According to statistics, there are 1.1.3 billion have hearing impairments.A study by Duke University Medical Center in North Carolina showed that nearly one-half of people aged 65 and over have some degree of hearing loss, and about one-third also have voice problems that cause communication problems.Disease factors.Some cerebrovascular diseases and dementia can affect the nerves of the brain and cause communication difficulties for the elderly.The World Health Organization estimates in 2018 that there are more than 50 million dementia patients worldwide, with 90% of the elderly.When 天津夜网 dementia progresses to the middle stage, communication difficulties are an important symptom, and patients will not be able to speak or respond to the words of others.According to Liu Songhuai, the left hemisphere of the brain is the center of speech. If the brain nerves in this area are affected, human hearing and speech may be impaired.Some old people can understand, but the expression is not clear; some even don’t understand, and answer unquestionably.Right brain injury often affects space, color, shape perception, and deep logical thinking.Psychological factors.Emotional and psychological factors of older people are also important.According to the 2017 Chinese and Foreign Medical Research, depression accounts for about 10% of the common elderly diseases.People often feel helpless and inferior when they are old. They think that they are useless, do not want to talk more, and don’t want to give people trouble.If they cannot understand or respond, or if they are robbed by their children, the elderly will feel depressed and will not be willing to communicate.A little bit of impatience in the younger generation will make the old person particularly sad. In many families, there is a problem of poor communication with the old man. A little impatience in the younger generation will make the old person feel particularly sad and depressed. Over time, they may avoid communication.In response, Tan Zihu said that most of the elderly are afraid of being lonely, but they are unwilling to say that there are two extreme situations: one is irritability and temper tantrums, and many things are unwilling to cooperate, such as not taking medications as prescribed by the doctor,The relationship may also be intensified; the other is low mood, withdrawn behavior, do not want to connect with friends and relatives, go out less and less, completely closed himself, and kept quiet every day.Liu Songhuai said: “Communication is a two-way process. If the person talking is anxious, the person listening is anxious. If the inner needs are not met, the communication is meaningless. It is always the case that the old man is unwilling to say anything.He has contacted many elderly depression patients, because he always has trouble communicating with others, his emotions have accumulated for a long time, and later he has physical symptoms, such as headaches, tinnitus, palpitation, belching, insomnia, stomach pain, etc., which is good for the physical and mental health of the elderly., Quality of life, and family relationships.Liu Songhuai suggested that younger generations must observe the emotional state of the elderly before communicating with the elderly. At the same time, they should also pay attention to their emotions, maintain a peaceful state of mind, and communicate with the elderly gently and patiently.If you are in a hurry, don’t communicate with the elderly for the time being to avoid misunderstanding and think that the children are upset because they are talking to themselves.And when the mood is not good, the speaking voice will become louder, and the elderly will feel more uneasy and feel that they are disgusting them.

Binhua Shares (601678): A slight decline in performance, the future growth of new projects can be expected

Binhua Shares (601678): A slight decline in performance, the future growth of new projects can be expected

Event: The company released its 2018 annual report and gradually realized revenue 67.

51 ppm, a ten-year increase4.

43%; net profit attributable to mother 7.

2 billion, down 15 every year.


Revenue has remained stable, and cost growth has dragged down profits: In 2018, revenue has remained basically stable, with sales falling slightly but product prices improving.

The company’s main products, such as epoxy resin, caustic soda and trichloroethylene, had average price in 2018 of 10,264.

51 yuan / ton, 3,315.

41 yuan / ton, 4,698.

84 yuan / ton, temporarily changing +13.

04%, -1.

95%, 4.


The increase in raw material salt and propylene prices has dragged down profits. The company’s gross profit margin in 2018 was 27.

98%, a decline of 1 per year.

The spreads of 4 pct, cyclic propylene, and caustic soda are respectively +8.

65%, -17.

At the same time, the three rates are all higher than last year.

Caustic soda, PO’s future prosperity is expected to remain stable during the shock: According to the China Chlor-Alkali Network, the total caustic soda production capacity in 2018 will be 4,259 esters, and the incremental output will be 3420 instead of gradually increasing by 0.

9%, the market continued to consolidate.

Due to the increased instability in the downstream industry and the expansion of the rest of the caustic soda companies, it is expected that the caustic soda market will still face complex conditions affected by long and short factors in 2019.

According to company statistics, the domestic propylene oxide 杭州桑拿 production capacity in 2018 was about 337 tons, and the vertical output was about 285 tons. The operating rate has increased from the previous year.

The annual epoxy resin market in 2018 showed a volatile trend. It is expected that at least 50 injections per second will be added every year in China in 2019.

HPPO and cumene process and other new process supplementary capacity is uncertain, and is still optimistic about the prosperity of the PO industry.

In the orderly construction of a number of new projects of the company, it is expected to form a new profit growth point: the electronic-grade hydrofluoric acid project began trial production in July 2018, and the products reached G4 level requirements.

Lithium hexafluorophosphate project, epichlorohydrin project and hydrogen energy project are being actively promoted.

Land approval for the coal railway logistics project has been completed, and preparations for the establishment of the joint venture company have been basically completed.

At the same time, the company announced that it plans to rebuild on the basis of the R125 device and build a set of 1 / R32 and co-production spindle devices. After the project is put into production, it can enrich the company’s product line and enhance market competitiveness.

Investment suggestion: It is estimated that the company’s net profit for 2019-2021 will be 8.

5, 10 and 11.

500 million, corresponding to dynamic PE 9.

4, 8 and 6.

9 times, maintain Buy-A rating, 6-month target price of 7 yuan.

Risk warning: raw material prices fluctuate, and project construction is less than expected.

A shares traded over trillions in two consecutive days-what are the market opportunities for major stockbrokers and technology stocks?

A-share turnover exceeded one trillion for two consecutive days: where are the major market opportunities for technology stocks?

Original title: A-share turnover exceeded one trillion for two consecutive days!

Where is the main market opportunity for technology stocks of major stockbrokers? Source: Surging News A-share heavy volume attack, Shanghai and Shenzhen stock market turnover exceeded trillions for the second consecutive day!

  After a previous trading day’s replenishment, the three major A-share indexes returned to a strong upward trajectory on February 20, and the Shanghai Composite Index increased by 1.

84%, the first time since the market opened in the year of the rat closed above 3,000 points.

In addition, the Shenzhen Component Index rose 2.

43%, GEM Index rose 2.

twenty one%.

  According to the official website of the Shanghai Stock Exchange, the transaction volume of the Shanghai Stock Exchange was 4,148.

7.5 billion, the Shenzhen Stock Exchange’s official website shows the Shenzhen market turnover of 6553.

3.4 billion.

The total turnover of the two cities on February 19 reached 10,702.

09 trillion, the second consecutive trading day maintained above the 10 trillion mark.

  The Air Force traded on the Shanghai Stock Exchange on February 19, 3815 a day.

7.2 billion, Shenzhen market turnover 6582.

6 billion yuan, totaling 10398.

32 trillion, the first time since April 8, 2019, the transaction value of the two cities exceeded 1 trillion.

  Under the huge volume of transactions, funds are rushing into the market. Which sectors and stocks are the favorite of the main force?

  Brokerage firms attracted the most money, and the main fund ‘s net purchases exceeded 10 billion yuan a day. From an industry perspective, the brokerage sector was the largest fierce net inflow of main funds on February 19th.

  Data show that the brokerage sector received a net inflow of 107 main funds on February 19.

5.4 billion yuan, the main net inflow on the 5th was 141.

2.6 billion.

  Specific to individual stocks, Oriental Fortune (300059) is the most popular brokerage stocks of the main funds, the main net inflow on February 19.

At 3.6 billion U.S. dollars, the stock also potentially stopped rising at the same time, closing at 17.

34 yuan.

  In addition, the main net inflows of Nanjing Securities (601990), CITIC Securities (600030), and Hongta Securities (601236) are also above 500 million yuan.

  Hu Xiang, chief of the non-banking group of Soochow Securities, believes that at the current point, the securities industry is affected by policies, bad expectations and estimates, and is in a favorable period.

  First of all, from the perspective of policy and budget, the industry is expanding policy-friendly, refinancing new regulations, derivatives and innovative products, science and technology board and GEM registration system are launched one after another, and securities firms enter a policy honeymoon period.

  Second, the industry as a whole has poor expectations.

Some former markets believe that the brokerage business will affect the epidemic situation, but the impact is actually small, especially the retail securities business has significantly improved.

From the perspective of new account opening data, it is also relatively active, and it is expected that it will be profitable in the middle of the first quarter.

  Third, brokerages are currently estimated to be at a median level, with short-term gains not exceeding pre-holiday highs, and the industry’s relative stagnation, which has led to room for alternative improvements.

Promoted by the new refinancing policy, it will make up the gap and have 15% -20% excess returns.

  It is worth mentioning that the strong performance of Oriental Fortune is also a key recommendation of Soochow Securities.

  Hu Xiang analysis, in addition to the top-down logic, Oriental Fortune also deserves attention.

From a long-term perspective, the retail securities business will still maintain a relatively high growth rate in the next three years, which constitutes the core driving factor for the rise of the profit center.

Against the background of the increasing demand from institutional investors for passive investment tool products and the growing asset allocation needs of retail customers, the company’s wealth management business shifts channels, costs and other advantages to promote rapid development.Cycle has a positive impact on overall revenue and profits.

From a biased perspective, the company’s performance will maintain a high growth rate. The performance in 2019 will double, and the data in the first quarter of 2020 is expected to exceed expectations; market share and new account openings also maintain a positive trend.

  Technology stocks are expected to usher in three incremental funds. Electronic stocks are the main net inflows on February 19 after the securities firms, with a single-day net inflow of 40.6.2 billion.

  Specific to individual stocks, the daily limit of TCL Technology (000100) received the main net inflow of 17.

At 2.1 billion yuan, BOE A (000725) followed closely with a net inflow of 15 main funds.

7.8 billion.

  Liu Chenming, the chief strategic analyst of Co-Chairman of Tianfeng Securities, pointed out that the technology sector may continue to be active in the future, and welcomes multi-faceted incremental capital admission.

  Liu Chenming believes that the recent A-share market, especially the technology sector, has been replaced by an excess liquidity environment. After the resumption of work and the counter-cyclical adjustment policies have not yet been implemented, the ultra-liquid macro liquidity cannot be entered quickly.The real economy has created excess micro liquidity, and explosive funds are everywhere.

  Looking forward, this macro-scale excess liquidity environment, at least until the full development of counter-cyclical policies, may continue to be maintained before a large number of loans and bonds are issued, but the gradual transfer of the liquidity released earlier may expire, and it may be the most lenientIn the gradual past, the possibility of the index rising sharply, but the stocks and themes in the technology sector may continue to be active.

  So, for micro liquidity, how much incremental capital will technology stocks have in the future?

Liu Chenming specified three directions.

  The first is the opening of new public offering funds.

  In the process of changing the way residents enter the market, in the future, there may continue to be explosive funds issued, and the establishment of these explosive funds is one of the main incremental funds.

Compared with January, there are nearly 100 billion public funds issued. These funds opened positions in February, which has promoted the growth of the market, especially technology stocks.

  The second is the exchange of existing public funds and the increase of positions after being purchased.

  At the end of the last year’s annual report, the absolute allocation ratio and over-allocation ratio of public funds to GEM were 14 respectively.

7% and 6.

4%, and when the technology industry cycle broke out in 2014-2015, these two figures were 26.

2% and 19.

6%, even considering the further increase in the public offering on the GEM in the first quarter, which may differ from the peak of the previous cycle, and there is still the possibility of further exchanges in the future.

At the same time, retail investors may also apply for mutual funds that have performed well in the past. However, funds that performed well in the second half of last year and this year are mostly based on technology. Such purchases also bring technology to the technology sector.Increase of positions.

  The third is the positive circulation of medium and long-term funds to purchase technology ETFs and the rapid issuance of ETFs.

  With the global 5G industry cycle, global cloud service cycle, global new energy vehicle cycle, global semiconductor cycle expansion, technology ETFs with medium and long-term performance and market popularity will be replaced by long-term funds, which can prevent individual stocks from thundering.Reduce fluctuations and enjoy the dividends of the technology industry 四川耍耍网 cycle.

In the process of these medium and long-term funds entering the technology ETF fund, it will in turn further promote the upward flow of the technology sector and the issuance of more technology ETF funds. Statistics show that there are currently about 20 technology ETFs to be issued.

  Looking forward to the market outlook: Market structural opportunities may appear to rotate Haitong Securities Investment Advisor Chen Xiaohui to weigh on February 19th. The broader market today showed first suppression and then rising, and individual stocks rose.

After the two cities opened slightly higher, they repeatedly tested the 60-day support several times, and then the bulls tried to counterattack again. The Tesla concept was reactivated to maintain its popularity, and several brokerage stocks decisively blocked the daily limit board, which also activated the entire sector, especiallyIt was the heavy volume of several heavy-weight brokerage firms that attracted too many over-the-counter institutions to raise funds. This is the day when the volume can once again reach more than one trillion and continue to be released gently.

At the end of the game, the bulls stood firm and stood firmly at the 3,000 mark.

  When the weight of finance and other weights is pulled up, the second- and third-tier blue chips have an incentive to make up, but small and medium-sized stocks have some pressure in the short term. This is not only the main fund’s requirements for stock exchanges and stock exchanges, but also the technology stocks are profiting.

  From the K-line, the index has stabilized on the 60-day line, an important medium-term moving average for 4 consecutive trading days. In the short term, there is further upside momentum. The 3100-point mark is a strong pressure above, no matter from popularity or volume, even for the stock market.The urgent requirements of financing functions can turn countless bearish voices into longs.

  Jufeng Investment Research Institute said that the recent profit-making rallies and reductions have caused market differentiation and adjustment, but the gain of the profit-making disk has been digested and new bright spots have appeared, and market opportunities have once again appeared.

In the short term, allowing the sector to remain active becomes the main driver of the market’s strength, while the motherboard market continues to follow in the footsteps of the SME market.

  From the perspective of the trend, the market rebound pattern has not changed. The vertical market is temporarily revised around 3000 points, which is intended to change the current potential for market accumulation and highlight the effect of making money. The market is expected to continue to exhibit a mid-term rebound.

However, each time the market rushes up will be accompanied by short-term adjustments, and the market structural opportunities may appear to rotate. In terms of opportunities, it is recommended to continue to pay attention to industries and stocks that have opportunities to make up at the bottom of the market.

  (Original title: A-shares traded over trillions for two consecutive days!

Mainly sweeping stock brokerage technology stocks, where is the market opportunity?)

Poly Real Estate (600048): November sales growth or gradual change related to launch

Poly Real Estate (600048): November sales growth or gradual change related to launch

The sales growth rate in November may be related to the rhythm of the launch. Long-term or steady growth will be achieved. 南京夜网论坛 The speed of land acquisition is strategically converged and the cost is still under control.

As a leading real estate company in the state-owned enterprise, the advantages of financing are relatively important, and the internal incentive system is relatively complete (following investment + equity incentives). The outside can rely on the central enterprise to integrate the group’s resources, the overall operating efficiency is relatively upstream, and the continuous and stable endogenous cash flow creation ability;The delisting work is also progressing steadily, and in September has received the approval of the China Securities Regulatory Commission for overseas listing approval; the company’s current market value is 1872 trillion, a discount of about 20% over NAV, maintaining the “strongly recommended-A” investment rating, target price 19.

8 yuan / share (corresponding to 2020 PE = 8X).

(1) The increase in sales in November may be related to the rhythm of the launch, and it is expected to continue to maintain steady growth.

The sales area / amount of the whole caliber from January to November was 2818 respectively.

80,000 flats / 4197.

200 million, +14 each year.

2% / + 14.

0%; corresponding average selling price 1.

490,000 yuan / m3, an average of +1 over 18 years.


Among them, the company’s full-caliber sales area / amount in a single month was 242 trillion / 32.5 billion US dollars, each time +3.

7% /-3.

0%, the single-month sales growth rate is weaker than the average of the top 10 leading real estate companies, sales growth through-out or related to the rhythm of the push disk; always looking to maintain steady growth.

(2) Strategically consolidating land acquisition and controlling costs.

According to the monthly land acquisition announcement, from January to November, the company gradually increased its full-scale capacity building area / total land price to 1980.

20 thousand flats / 1172.

9 trillion, corresponding to an average floor price of about 0.

590,000 yuan / level; from the “land acquisition amount / revenue” view of land acquisition efforts, January to November recorded a total of 28%, significantly lower than the level of 45% in the same period last year, and even consider the land acquisition equity ratio to 9 PCT toAfter 72% of the impact, the corresponding equity acquisition has a certain degree of strength, that is, the company appropriately converged strategically after several years of active land expansion; from the rhythm point of view, the land market in the first half of the year overheated appropriately and converged.The land market actively replenished after the cooling down, and it has converged into the fourth quarter. In November, there was relatively little land acquisition, corresponding to about 28% of the land acquisition amount / type of land; see the land-price ratio (average floor price / sales averagePrice), from January to November accumulated about 41%, compared with the level of 18 years, the cost is still controllable.

On the whole, as of November, the full-caliber unsold capacity was nearly zero.

800 million square meters, corresponding to an unsold value of nearly 1.

On the order of 2 trillion yuan, according to the rolling sales of the last 12 months, it is estimated that about 2 can be sold.

7 years.

(3) The cash on hand is relatively abundant and the financial structure is relatively large and stable.

As of the end of the third quarter, the company’s interest-bearing debt was approximately 2760 trillion, a slight increase from the end of the previous year; the company’s cash on hand was US $ 112.6 billion, which was roughly the same as the end of last year, which also caused the net debt ratio to be roughly flat at the end of 18, causing 88%(Perpetual debt is deducted); at the end of the third quarter, the protection multiple of cash against spot interest resistance is as high as 2.

3 times, the financial structure is exceptionally robust.

Investment suggestion: The increase in sales in November may be related to the rhythm of the launch, and long-term or steady growth, strategically consolidating land acquisition and controlling costs.

As a leading real estate company in the state-owned enterprise, the advantages of financing are relatively important, and the internal incentive system is relatively complete (following investment + equity incentives). The outside can rely on the central enterprise to integrate the group’s resources, the overall operating efficiency is relatively upstream, and the continuous and stable endogenous cash flow creation ability;The delisting work is also progressing steadily, and in September has received approval from the China Securities Regulatory Commission for overseas listing approval; the company’s current market value is 1872 trillion, which is about 20% discount to the net asset value, maintaining the “strongly recommended-A” investment rating, target price19.

8 yuan / share (corresponding to 2020 PE = 8X).

Risk warning: Sales growth is lower than expected, settlement is lower than expected, and profitability declines more than expected.

US Jim (002621) 19th Annual Report Review: Leading Early Education Performance

US Jim (002621) 19th Annual Report Review: Leading Early Education Performance
I. Overview of the incident The company announced its 19-year interim report on August 28, 2019, and realized total operating income in the report2.770,000 yuan, an increase of 183 in ten years.49%; realized net profit of 5808.150,000 yuan, an increase of 666 in ten years.64%; after excluding non-recurring gains and losses, the net profit attributable to shareholders of the parent company was 3,631.530,000 yuan, an increase of 1380 over the same period last year.twenty one%.  Second, the analysis and judgment of the merger of US Jim’s performance, led to a substantial increase in the company’s performance.The core company reported a net profit of 5808.150,000 yuan, and US Jim achieved a net profit of 9,209.20,000 yuan, is the main provider of company performance.Benefiting from the outstanding performance of US Jim, the company is expected to obtain optimistic performance indicators. From January to September 19, it is expected that 天津夜网 the net profit attributable to shareholders of listed companies will be 75-85 million yuan, a continuous increase of 459.93% -534.59%, of which Q3’s net profit attributable to shareholders of listed companies is 40-50 million yuan, an annual increase of 589.05% -761.31%.  Meijim adopts the strategy of encryption + sinking the city to drive performance growth Meijim has the advantage of replacing brands and platforms of listed companies, and adopts the strategy of encryption of the first-tier, second-tier + sinking of the third-tier and fourth-tier cities.According to the number of reports, the number of US-Jimmy contracting centers in mainland China was 478, an increase of more than 10% compared with the end of 2018, and far exceeding the industry’s 3% growth rate.Beneficial company encryption + accelerated urban strategy of sinking, 南京桑拿网 realizing the first and second-tier sales increase by 10.49%, third and fourth tier sales increased by 24.44%, promoted the steady expansion of store expansion and sales.In addition, the company maintains business expansion needs and strengthens its platform image by increasing the number of employees and conducting brand activities.In the future, the demand for education will gradually increase, and the demand for early education services provided by US Jim will continue to increase, which is expected to continue to increase performance.  Third, investment recommendations maintain the “recommended” level.The company’s subsidiary, Jim Jim, has achieved outstanding performance. The introduction of relevant supportive policies has clarified the development direction of early education and eliminated policy risks. This has translated into an increase in demand for education, and related businesses will develop steadily.Therefore, the company’s EPS for 2019-2021 is expected to be 0.28/0.34/0.40 yuan, corresponding to the current price of 45X / 38X / 32X.Considering that PE in the Wind A-share education service industry in 1919 was 40X, the company, as a leader in early education industry, has a certain ownership of the estimated premium pricing business. The future prospects are good. Maintain a “recommended” rating. 4. Risk warning: intensified competition in the industry and lower downstream demandexpected

Tianjian Group (000090): Regional Construction Reform Leader Dajian Construction Can Expect Growth

Tianjian Group (000090): Regional Construction Reform Leader Dajian Construction Can Expect Growth

The local high-quality construction state-owned enterprise in Shenzhen, Tianjiao project is about to enter the harvest period. The company is a listed company controlled by Shenzhen State-owned Assets Supervision and Administration Commission and the most state-owned construction state-owned enterprise in construction.

The company has rich experience in shed reform, and it is expected to benefit from the old city reconstruction / urban renewal in the future.

The company takes urban construction and urban services as the main body, and is committed to promoting the three major platforms of “big construction and construction + large-scale maintenance and greenhouse improvement”.

We expect the company’s EPS to be zero in 2019-2021.



79 yuan, reasonable target price 6.


15 yuan (corresponding to 11-13xPE in 19 years), the first time covering the era of shed reform after assigning an “overweight” rating, the old 合肥夜网 city renovation / urban renewal development can be expected since the second half of 2018, subject to funding sources, the shed reform will be monetized and resettled.Initially, the number of shed reform plans for 2019 will be halved.

However, the State Council proposed to promote the implementation of the old reform pilot. The Ministry of Housing and Urban-Rural Development has initially estimated that there are nearly 160,000 old neighborhoods in the country, with a construction area of about 4 billion square meters. It is estimated that the investment investment for renovation in 5 years is about 4 trillion yuan.

The company has rich experience in shed reform and urban renewal in Shenzhen. Typical projects such as the “second-line flower arrangement land” in Luohu helped the company establish a good reputation for shed reform. In the past two years, it has won a contract of 1.5 billion yuan for relocation and reconstruction of poverty alleviation in Zhangbei County, Hebei.Business expansion goes nationwide.

The Tianjian Tianjiao project will land, and the high-end quality contributes to the growth of performance. The company’s real estate business focuses on the layout of Shenzhen, Guangzhou, Shanghai, Nanning, Changsha, Suzhou, Huizhou and other 7 cities, focusing on high-end housing, affordable housing, and commercial housing.

As of the end of 2018, the company has a total of 223 approved sales areas for 16 projects on sale.

820,000 square meters, 121 areas have not been carried forward at the end of the year.

520,000 square meters.

Affected by the settlement of high-end residential projects such as Tianjian Mansion and Shanghai Suiyuan, the company’s real estate income in 2018 was US $ 4.4 billion, a year-on-year increase of 93% and a gross profit margin of 38%.

We estimate that the Tianjian · Tianjiao (Nanyuan) project will be completed and settled in 2019. The total investment of this project is 6.6 billion US dollars, the saleable area is 170,000 square meters, and the average comparable investment in the surrounding area is 100,000+, which is expected to become a performance support in the next few years.
Successive major municipal orders have been won, and the growth of major construction workers in the main industry can be expected to transfer demand for infrastructure construction in Shenzhen. In 2019, major project investment and government investment are expected to increase by 13% / 19%.

However, the Shenzhen construction market is dominated by central enterprises. The company accounted for only 3% of Shenzhen’s construction industry output value in 2018, which was lower than 24% of Shanghai Shanghai Construction Engineering and 5% of tunnel shares, and 6% of Chongqing Construction Engineering of Chongqing.
The company has special qualifications for general contracting for municipal engineering, has the highest qualification level among city-owned construction state-owned enterprises, and has accumulated construction contracting experience through a large number of agent construction businesses. Recently, it has won bids for large water treatment orders in Rudong, Jiangsu, Shenzhen, and major builders in the future.The industry is committed to achieving rapid growth.

We estimate that the company’s operating revenue for 2019-2021 will be 109.12 / 121/13 billion USD, and it will increase.

7% / 10.

8% / 10.

1%; net profit attributable to mothers is 10.



70,000 yuan, an increase of 32 in ten years.

6% / 23.

9% / 14.


The company is expected to be 19 years in October.

400 million net profit (real estate 7.

800 million + buildings 1.

900 million + properties 0.

700 million), comparable real estate and construction companies corresponding to an average of 11 / 12xPE in 2019, considering that the company’s dividend rate in the past three years is 54% / 40% / 46% higher, and in June this year as the first batch of One of the stocks is estimated to be expected to increase. It is recognized to give the company 11-13xPE in 19 years, which corresponds to a reasonable market value of 114-135 trillion. The first coverage is given an “overweight” rating.

Risk warning: The settlement of real estate sales is less than expected, and the profitability of municipal construction has improved.

Hongcheng Water Industry (600461): Endogenous space companies look forward to revaluation

Hongcheng Water Industry (600461): Endogenous space companies look forward to revaluation

The endogenous driving space is large, and the performance is high.

The company is a public platform for environmental protection in Jiangxi. It is mainly engaged in the water supply, sewage, and natural gas businesses in the province. The compound growth rate of revenue over the past five years is 29.

8%, the compound growth rate of net profit attributable to mothers was 27.

7%, 2019 performance forecast growth of about 40% -60%, continued high growth performance is expected, endogenous driving space is large: 1. Sewage standards increase capacity: Jiangxi’s GDP growth rate in recent years led the country, infrastructure investmentNear the space, the company recently announced that it had pre-bid a large order of 40 drinking water / day sewage, and the throughput increased significantly. It is expected that the company is expected to continue to obtain a large number of sewage plant projects.

In addition, according to regulations, the company’s existing sewage plants will need to be upgraded to Grade A standard in 2020 (the existing wastewater sewage treatment plant still implements Grade B B discharge standards), and the space will be upgraded and upgraded.Project income is highly flexible.

2. The gasification rate of gas has increased: Currently, the gasification rate of Nanchang is only 70%, and the gasification rate of urban areas in the long-term planning has reached 90% or more.

Joint forge ahead, flexible thinking.

Beginning in 2014, the Group and listed companies have successively completed the replacement of leaders.

The new colonial management team is strong, flexible, and aggressive: 1. Group size, major shareholder Water Group proposed “32111” (total assets 30 billion, securitization assets 20 billion, net assets 10 billion, total revenue 10 billion,, Total profit of 1 billion) development goals, to transform “environmental integrated operators”, the company as the group’s only listing platform, is the breakthrough in the realization of the group’s environmental protection public assets securitization; 2, the company size, Hongcheng Water to achieve high performance growthThe net profit attributable to mothers in the past five years was 1.

0 billion to 3.

400 million, and at the end of 2017, many executives increased their holdings of 30 million yuan in stock (cost 6).

318 yuan / share), and 5.89 million shares of distribution incentives will be implemented again in 2019 (accounting for 0 of total share capital).

6%), showing the management team’s confidence in the company’s future development, future company’s industrial integration, and project development are all worth looking forward to.

The expected value of water assets has been re-evaluated, and the primary and secondary markets are seriously upside down.

1. PE companies such as natural gas, hydropower, waste incineration and other leading assets are estimated to be 15 times in 2020, while water services are basically 10 times. 2. The average price of PE in the primary market for the acquisition of sewage treatment assets in the past two years is PE.For 15-20x, the PE estimates of the primary and secondary markets are obviously upside down, and the secondary market is expected to be revalued.

We expect the company’s net profit growth rate to exceed 20% in 2020-2021, corresponding to a 20-year PE of 9x, and the company promises 都市夜网 a dividend ratio of not less than 40% in 2020-2022. Hongcheng Water is expected to revalue its value.

Investment suggestion: Against the background of capacity expansion and gasification rate improvement in sewage treatment, the company’s endogenous business has a breakthrough space, internal forge ahead, flexible thinking, outstanding performance in the past 5 years, and distribution incentives to show company confidence, future new projects and industriesThe integration is worth looking forward to, and the net profit attributable to mothers is expected to be 5 in 2019-2021.



70,000 yuan, EPS is 0.



81 yuan, corresponding to PE is 11.

5X / 9.

3 times / 7.

7x, maintain “Buy” rating.

Risk Warning: The progress of sewage bidding and price increase is less than expected.

On-machine CNC (603185) Depth: Global leader in photovoltaic microtome expands upstream monocrystalline silicon business

On-machine CNC (603185) Depth: Global leader in photovoltaic microtome expands upstream monocrystalline silicon business

Investment logic on the machine CNC: the world leader in photovoltaic diamond wire slicing machines, expanding upstream monocrystalline silicon business and opening up room for growth The company’s main photovoltaic diamond wire slicing machines are used for photovoltaic upstream silicon slicing; the company’s diamond wire slicing machines are in China45 percent.

The company achieved leapfrog development in 2016-2018.

The company announced in May that it will build a 5GW monocrystalline silicon crystal pulling project in Baotou. It plans to invest 3 billion yuan. It will be put into production in batches from December this year. It is expected that it will achieve an average annual income of 2.7 billion yuan and a net profit of 2 after reaching production.

800 million.

Parity access to the Internet is expected. It is expected that in the next 2-3 years, photovoltaic equipment will follow the photovoltaic industry to enter a new cycle of prosperity. China’s photovoltaic industry development will lead the world.

Recently, the photovoltaic industry has gradually emerged from the impact of the “531” New Deal in 2018, benefit costs have fallen, and overseas demand has rapidly increased. It is expected to usher in a new round of prosperity in the next 2-3 years.

The upgrading of photovoltaic equipment is fast, and equipment demand will continue in the next few years.

CNC on the machine: PV slicers benefit from the prosperity of the photovoltaic industry, silicon wafer expansion and equipment upgrades PV slicers benefit from downstream wafer processing manufacturers’ continuous expansion of production and the introduction of efficient new product alternatives.

The company has 14 orders in hand at the end of June 2018.

46 ppm; the company’s new-generation photovoltaic microtome annual capacity expansion of older products is expected to bring new equipment upgrade demand.

Taking into account the growth of 武汉夜生活网 supplementary orders and the introduction of new products of sapphire equipment and photovoltaic equipment, traditional businesses are expected to maintain steady growth in 2019-2021.

CNC on the machine: The monocrystalline silicon business is expected to become a new force in the industry. The monocrystalline silicon market is structured as Longji, with the central duopoly monopoly, occupying more than 70% of the market share.

We judge that the downstream photovoltaic cell and module manufacturers have the intention to cultivate and support new monocrystalline silicon suppliers.

Shangji CNC started to enter the photovoltaic PV wafer industry chain in 2004, and has rich experience in the photovoltaic industry.

The company’s Baotou’s new production capacity is expected to surpass its leading existing capacity.武汉夜网论坛

Investment suggestion If the company’s monocrystalline silicon project is put into operation smoothly, we expect the company’s net profit in 2019-20212.



1ppm, corresponding to PE is 22/13/10 times.

For the first coverage, we calculated based on segment estimates, with a target price of 57 yuan in June-December, and a “buy” rating.

Risks prompt fluctuation risks and policy risks in the photovoltaic industry; risks of increased competition leading to a decline in the net interest rate of the main business; risks of the progress of Baotou’s monocrystalline silicon projects not meeting expectations; silicon wafer price risks; receivables repayment risks

Yuyue Medical (002223): Performance basically meets expectations and waits for new capacity to be released

Yuyue Medical (002223): Performance basically meets expectations and waits for new capacity to be released
Guide to this report: The performance is in line with expectations, and then gradually released. Driven by the core high gross profit product volume, the business trend is expected to continue to improve, and we maintain an overweight rating. Investment Highlights: Maintain Overweight rating.The company achieved operating income of 25 in the first half of 2019.20,000 yuan, an increase of 12 in ten years.53%; net profit attributable to mother 5.33 ppm, an increase of 13 in ten years.49%; net profit deducted from non-return to mother 5.$ 1.1 billion, an annual increase of 14.42%; operating cash flow1.31 ppm, a decrease of 33 per year.38%, mainly due to the project advance payment of strategic sales department and e-commerce super brand promotion budget. Performance was basically in line with expectations.Maintain EPS0 forecast for 2019-2021.87/1.08/1.30 yuan, maintaining a target price of 28.52 yuan, corresponding to PE26X in 2020, maintaining the level of overweight. Household medical products and medical clinical lines grew steadily, and medical breathing and oxygen supply products declined. The revenue of the home medical sector in H1 2019 will grow by 24 per year.53%, of which the growth rate of blood glucose meters and test strips exceeded 40%, and that of electronic sphygmomanometers, wheelchairs, thermometers, AED and other products increased by over 20%. Revenue from the clinical sector is growing by 19% annually.88%, of which Suzhou supplies factory revenue growth rate of 30.39%, Shangji Group’s revenue growth rate was 18.91%, Shanghai Zhongyou income growth rate of 17.52%.Revenues from medical breathing and oxygen products are reduced by 6 per year.55%, oxygen generators, atomizers are slightly affected by cleaning up channel inventory.In terms of different channels, the number continued to grow offline and maintained a growth rate of nearly 20% online. The overall cost maintained steady growth.The company expanded its marketing system and online brand promotion efforts, with a sales expense ratio of 9.38%, an increase of 0 every year.694pp; management and R & D expense ratio 7.26%, an increase of 1 per year.05pp; maximize the financial expense ratio by 0.53pp, the overall cost maintained steady growth. Destocking affects marginal decay and waits for capacity release.As a domestic household medical device leader, the company has a strong brand advantage and a rich product range.Destocking is expected to affect the marginal decline in the second half of the year, and then gradually release. The core high-margin products will increase in volume and gradually realize 四川耍耍网 growth. Risk warning: The release of new capacity is less than expected, and the acquisition and integration is less than expected.