March 28

Vanke A (000002): Steady sales and diversified energy storage performance exceeded expectations

Vanke A (000002): Steady sales and diversified energy storage performance exceeded expectations

Event Vanke released the semi-annual report for 2019: the company achieved operating income of 1393 in the first half of 2019.

20,000 yuan, an increase of 31 in ten years.

47%; net profit attributable to mother 118.

40,000 yuan, an increase of 29 in ten years.

79%; earnings per share 1.

06 yuan, an annual increase of 28.

77%.

Opinion settlement accelerated, gross margin improved, and performance exceeded expectations.

In the first half of 2019, the company achieved operating income of 1393.

20,000 yuan, an increase of 31 in ten years.

47%; net profit attributable to mother 118.

40,000 yuan, an increase of 29 in ten years.

79%, profit growth and income growth remained the same.

The company has good profitability, with a gross profit margin of 36 in the first half of the year.

25%, increase by 1 every year.

81 units, of which the real estate business settlement gross margin was 28.

3%, increase 1 unit in advance; net margin 13.
.

84%, an increase of 1 per year.

08 averages.

The company’s sales expenses in the first half of the year 31.

90,000 yuan, an increase of only 13 in ten years.

5%, synchronized with the contracted sales scale, the mismatch between sales expenses and income also led to an increase in net profit for the period.

Vanke’s future performance is highly deterministic, and the scale of unsold resources sold has continued to increase. By the first half of 2019, the company had accumulated 4,403 unsold resources sold.

70,000 square meters, the contract amount is 6215.

500 million, an increase of 18 each year.

7% and 17.

1%.

Steady sales and prudent investment.

In the first half of 2019, the company achieved sales of 334 billion yuan, a year-on-year increase of 9.

6%; sales area 2150.

10,000 square meters, an increase of 5 in ten years.

6%.

In the first half of 2019, the company will gradually acquire 54 new projects and acquire a total land area of 1372.

80,000 cubic meters, a year-on-year decrease of 33%, of which equity construction face 941.

80,000 countries, an annual decrease of 18%; the land value of equity totals 649.

80,000 yuan, a year-on-year increase of 12%; the average floor price of 6,900 yuan / square meter, accounting for 44% of the average sales price over the same period.

Calculated based on the amount of equity investment, 苏州夜网论坛 88.
4% are located in first- and second-tier cities.
As of the first half of 2019, the total construction area of the company’s projects under construction was 9867.

The total construction area of the project under planning is about 5472.

60,000 countries.

At the same time, the company also participated in a number of old city reconstruction projects. According to the current planning conditions, the total equity building area is about 341.

40,000 countries, the land reserve resources are very sufficient, which can meet the company’s sales needs in about 2 years.

The debt structure is good and the financing advantage is outstanding.

As of the end of the first half of 2019, the company’s asset-liability ratio was 85.

26%, the net debt ratio is 35.

04%, which is increased by 0 each year.

56,2.

The 34 averages continue to remain at the industry-allowed level.

The company’s total interest-resistance scale is 2,253.

2 trillion, a year of reduction of 0.

70%; the total proportion of short-term loans and interest-based denials due within one year is 29.

6%, short-term debt repayment pressure.

The company’s capitalization rate used to determine expenses during the first half of the year.

21%, 9 BP lower than the level at the end of 2018, and the company’s financing situation in the first half of the year has improved.

The rapid development of diversified businesses: The company adheres to its position of “urban and rural construction and living service provider”, and the rapid development of diversified businesses: 1) Vanke Property realized operating income52.

80,000 yuan, an increase of 27 in ten years.

1%; added project signing saturated income 21.

64 ppm, an increase of 113 in ten years.

8%.

2) The total area of commercial project management exceeds 13.5 million countries.

Among them, there are 110 PG management projects, with a management area of 915 GM, and an opened area of 643 GM; 4) Wanwei Logistics has settled in 44 cities, and has acquired 127 projects. The building area of leaseable properties is about 996 GM.

Investment suggestion: As an industry leader, Vanke adheres to the layout of “three major metropolitan areas + key cities in the central and western regions”, and its sales scale continues to expand; meanwhile, it plans forward-looking layout in logistics real estate, property management, long-term rental apartments, and commercial real estate.

The company’s EPS for 2019-2021 is expected to be 3 respectively.

66, 4.

31, 5.

05 yuan, corresponding to PE are 7.

43 and 6.

31, 5.

38 times, maintain “Buy” rating.

Risk reminders: industry sales fluctuations; policy adjustments leading to operational risks; changes in financing environment; corporate operating risks; shed reform monetization is not up to expectations.

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March 22

Construction Machinery (600984): Third quarter notice continues high growth prefabricated buildings to provide development momentum

Construction Machinery (600984): Third quarter notice continues high-growth prefabricated buildings to provide development momentum

Event: The company released a third-quarter 2019 pre-announcement announcement, which is expected to return to net profit for the first three quarters3.

820,000 yuan, an increase of 228 in ten years.

35%.

Q3 single quarter results were about 1.

0.94 million yuan, a sharp increase of 240%.

Tower crane leasing has a high growth, and continuous expansion is the basis for subsequent growth. The announcement shows that the rental income of construction machinery in the first three quarters increased by about 50%, mainly benefiting from the increase in volume and price of high-ton meter tower cranes.

The rental price is determined by the supply and demand of tower cranes on the stock market. On the demand side, prefabricated buildings are rapidly emerging, which has created a huge demand for high-tonnage equipment. On the supply side, the average tonnage of Pangyuan equipment is around 226, which is significantly ahead of peers.Supply-side competition is strong, and we have the right to speak the price. We 杭州夜网论坛 expect the rental price to continue to grow in the future.

The announcement shows that from January to September this year, the company’s procurement of leased equipment increased by 74%, and continued equipment expansion is the basis for subsequent growth.

Leading manufacturer of construction machinery leasing has a long-term growth space.

The tower crane leasing industry is an operating lease + wet lease model, which places high requirements on the company’s equipment management, personnel management, and customer service capabilities.

Peer peers include Zizhu Huihe Zhenghe Leasing, with total tower crane holdings of more than 1,000 and 400 units, respectively. At the end of Pangyuan Leasing at the end of 18, the inventory of 4,271 has been far ahead.

It is not seen that the ROE of an enterprise is the core factor that determines whether it is able to continue to purchase equipment. Pangyuan Leasing’s ROE reached 7%, 10%, and 13% in 16-18 years, compared to 6% and 4% respectively.And 2%; it can be seen that with its peer ranking, Pang Yuan has stronger expansion power and ability.

At present, Pangyuan’s national market share is less than 3%, and there is broad room for future growth.

Profit forecast and investment advice: We expect the company’s net profit for 2019-2021 to be 5 respectively.

8.6 billion, 8.

45 ppm and 11.

07 ppm, corresponding to PE, 15 times, 10 times and 8 times, respectively, assigned a “buy” rating.

Risk warning: Tower crane rental competition deteriorates and real estate construction demand decreases.

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March 21

Dahua Shares (002236) 2019 Interim Report Express News Review: Significant improvements in internal reforms continue to improve performance

Dahua Shares (002236) 2019 Interim Report Express News Review: Significant improvements in internal reforms continue to improve performance

Core point of view H1 company’s revenue in 2019 is 108.

07 billion, ten years +10.

11%, achieving net profit of return to mother 12.

39 trillion, ten years +14.

51%, of which 64 in the second quarter.

59 trillion, ten years +4.

23%, net profit attributable to mother 9.

23 ppm, +17 a year.

31%, showing a seasonal 北京spa会所 improvement trend.

We have long been optimistic that the intelligentization of the video security field will lead to heavy industrial upgrades, and we will pay attention to the improvement of the company’s profitability and the acceleration of overseas market expansion brought by the new reforms, and maintain a “Buy” rating.

  2019H1 performance average +14.

5%, close to the upper limit of performance indicators.

The company’s revenue in 2019H1 was 108.

07 billion, ten years +10.

11%, achieving net profit of return to mother 12.

39 trillion, ten years +14.

51%, close to the upper limit of performance indicators.

In terms of a single quarter, the company achieved revenue of 64 in Q2 2019.

59 trillion, ten years +4.

23%, net profit attributable to mother 9.

23 ppm, +17 a year.

31%. The growth rate of Q2 revenue was partly due to the high revenue base caused by the strategic contraction of the company’s restructuring in the same period last year. The growth rate of Q2 net profit was far better than the growth rate of revenue, and partly benefited from the company’s internal management reform and preferential income policies.
We estimate that the company’s income tax rate for 2019H1 is about 9% -10%. Once it is significantly reduced, it comes from the tax shield effect brought by preferential policies such as the addition of research and development expenses.

  It is expected that the company’s performance will continue to improve in the second half of the year, and the expected growth rate is expected to reach 25%?
30%.

Industry scale, domestic commercial demand shifts to corporate efficiency improvement, driving ASP of single projects to increase significantly, and is expected to grow faster than the domestic market as a whole; we estimate that domestic government security projects ‘bidding amounts in the first half of the year were -7% / + 1%The government-side demand is gradually improving; the channel-to-customer demand for AI upgrades is expected to maintain steady growth; there is still uncertainty in overseas markets, but emerging market demand is gradually released and it is expected to maintain a steady growth rate.

At the company level, the company has gradually adopted a contraction strategy since the start of H2 in 2018, laying a good foundation for the company’s H2 growth in 2019; we have noticed that the company won the bid for Q2 2019 in Jinhua City (6 billion) and Gaochun District (1

500 million) and other large security projects, considering the initial characteristics of costs, we are optimistic about the company’s overall performance in the second half of the year.

Overall, through the gradual recovery of the external environment + internal expense control, we expect the company’s second-half performance to continue to improve, and the gradual performance growth rate is expected to reach 25%?
30%.

  It is planned to increase the capital of Dahua Robot by 80 million yuan to accelerate the expansion of industrial automation business.

The company issued an announcement that it plans to increase the capital of Dahua Robots by 40.8 million yuan (a total increase of 80 million yuan).

Dahua Robotics is a newly established innovative business subsidiary of the company in 2018, focusing on the three major business scenarios of AGV handling, industry inspection, and security patrol. We believe that the company’s move is mainly to increase the industrial automation field.

At present, the application of industrial automation and big data analysis in the commercial market is progressing rapidly. The company has expanded its investment in the field of robotics (mainly AGV), is committed to improving the overall competitiveness of industrial solutions, and is able to better grasp this round of business.Dividend from the expansion of the end market.

  Long-term optimistic about the stable development brought about by the company’s internal reforms.

Since taking office in 2017, the reform is still ongoing. Overseas will promote the gradually integrated management and actively participate in large projects around the national “Belt and Road” strategy. In 2019, it will successfully secure safe city projects in Dubai, Mexico, the Czech Republic and other countries.The business is divided into four major segments: 2G + 2B + SMB + 2C, which improves operating efficiency. At the same time, the company mainly promotes the HOC architecture to provide customized solutions for existing customers.

We expect the company reform to continue, and we are optimistic about the company’s steady development brought about by internal reforms.

  Risk factors: Government demand is lower than expected; AI exceeds expectations ahead of time; exchange rate change risks; internal reforms of the company are lower than expected, overseas market development is blocked, and supply of key components is blocked.
  Investment suggestion: The new leader reform will bring about improvement of the company’s profitability and acceleration of overseas market expansion.

We maintain the company’s EPS forecast for 2019-2021.
08/1.

37/1.

73 yuan, giving a 20x PE estimate for 2019, corresponding to a target price of 21.

60 yuan, maintain “Buy” rating.

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March 20

Changchun High-tech (000661): Reorganization plan released, development risks eliminated

Changchun High-tech (000661): Reorganization plan released, development risks eliminated
The company disclosed the issuance of shares and convertible bonds to purchase assets and raise supporting funds and related party transaction reports. The company intends to issue shares and convertible bonds to Jin Lei and Lin Dianhai to purchase the Jinsai Pharmaceuticals it holds.50% equity.At the same time, the company intends to raise matching funds from no more than ten qualified specific investors through non-public issuance of shares not exceeding US $ 1 billion, and the total amount of matching funds raised does not exceed the proposed purchase of assets by issuing shares and convertible bonds.100% of the transaction price, the issue quantity and price are determined in accordance with the relevant regulations of the China Securities Regulatory Commission. Comment: The reorganization plan was released to eliminate the hidden dangers of development and increased deep profits. The two companies simultaneously released the reorganization plan in March and released the reorganization plan, which confirmed the consideration payment method for the acquisition of minority shareholders’ equity of the core holding subsidiary Jinsai Pharmaceutical and the issue of share payment.Base price (173.69 yuan / share), this release of the reorganization report (preliminary) 北京桑拿洗浴保健 further determines the overall estimate of Jinsai Pharmaceutical is 191.08,000 yuan (Kinsai Pharmaceutical distributed dividends to all shareholders11.After 2.4 billion, the same below), this acquisition 29.The 5% Jinsai equity corresponds to a total price of 56.37 ppm, in addition to determining the detailed consideration payment method, the issue of shares to pay the transaction consideration of 92.02%, or about 51.87 ppm; 7 of the consideration paid for the issue of convertible bonds7.98%, or 4.5 ppm; as of now, key information of the scheme has been disclosed, and the results of regeneration are further clear.去年公司股价大幅波动主要受核心灵魂人物金磊欲对外转让金赛股权事件所致,本次两位股东通过发行股份\可转债置换为上市公司股份后,与上市公司利益更为深度捆绑、一致To eliminate market doubts and relieve hidden dangers of future development. At the same time, Jinsai Pharmaceutical is the main source of profit. Jin Lei and Lin Dianhai promised 北京男士会所 that Jinsai Pharmaceutical will achieve a net profit of not less than 15 in 2019-2021.58.1 billion, 19.48.2 billion, and 23.20.3 billion.After complete consolidation, it will also be beneficial to thicken the company’s earnings. Based on the pricing of the issuance price, it is assumed that the subsequent raising of supporting funds and convertible bonds into stocks will not be considered for the time being. It is estimated that the increase in earnings per share in 2019 will be about 14%. Growth hormone market cap is still far away. The vaccine business is the icing on the cake. Jinsai Pharmaceuticals has the most comprehensive product line of domestic growth hormone, powder injection, water injection, short-acting, long-acting and other various dosage forms and varieties combined. The accumulated revenue in 2018 is about 32.0 million yuan, net profit is about 11.300 million, an increase of 53.4% and 65.1%, the fourth quarter revenue and profit growth exceeded market expectations, were 63% and 158%, respectively.The ceiling of the domestic market for growth hormone is still far away. According to data from the Pediatrics Branch of the Chinese Medical Association, the incidence of dwarf children in China is about 3%. Of all the dwarf population, there are about 700 children aged 4-15 who need treatment, of which 1/3Pathological, about 2.1 million people. Based on the current annual cost of pink needle treatment, only 100,000 children with dwarf are treated nationwide, and the penetration rate is less than 5%. This translates into society. Parents ‘knowledge of growth hormones has expanded and deepened.The future of hormones is controversial.The company’s vaccine business is icing on the cake, and is primarily owned by Biogram (46).15%) input, last year income 10.30,000 yuan, an increase of 40 in ten years.3%; net profit realized 2.0 million yuan, an increase of 63 in ten years.0%, Biogram will have the opportunity to share the chickenpox and mad vaccine market space left by Changsheng’s exit, and continue to be optimistic about the annual growth of vaccine business in 2019. Earnings forecast and investment rating will not take into account the acquisition of minority shareholders’ equity of Jinsai Pharmaceutical and the impact of raising funds. We predict that the company’s operating income will be 72 in 2019-2020.27/95.88/121.7.3 billion, an increase of 34.5% / 32.7% / 27.0%; net profit attributable to mothers is 14.45/19.25/24.3.6 billion, an increase of 43.4% / 33.2% / 26.5%; corresponding earnings per share is 8.50/11.33/14.33 yuan, the current closing price (292.88 yuan / share) corresponding to PE valuations for 2019-2021 of 35/26/20 times; the company ‘s net profit will grow at an average rate of 35% in the next three years, and PES (2019E) will only double, maintaining a “Buy” rating. Risk reminders: Jinsai’s restructuring progress is less than expected; competition in the growth hormone industry has intensified; industry risks in the 2013 Changsha incident

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March 19

Shanghai Airport (600009): Multiple factors affect production volume in October every half year

Shanghai Airport (600009): Multiple factors affect production volume in October every half year

Company dynamics keep outperforming industry companies Shanghai Airport announced production data for October 2019: takeoffs and landings dropped by over 1

1%, the number of passenger explosions dropped by 0.

8%, freight postal grows by 2 every year.

3%.

It is 杭州桑拿网 estimated that from January to October 2019, takeoffs and landings increased by two in two years.

6%, the number of passengers is increasing by 3 per year.

2%, long-term decline of goods and mail 5.

4%.

  Commenting on the influence of multiple factors, October production volume alternated.

The company deflected twice in October with an interval of 1.

1%, down from 2 in September.

2%; the number of passengers dropped by 0 year-on-year.

8%, down from 2 in September.

4%, the largest decline year to date.

Our estimates are as follows: 1) Due to the expected impact of the Hong Kong and Taiwan regions, the regional line take-off and landing movements are inserted into displacement.

3% (-8 in September.

2%), the number of passengers every 21 intervals.

9% (-18 in September.

7%), the decline was slightly expanded earlier in September; 2) October affected by typhoon “Mina”, Pudong Airport cancelled flights 333 flights on October 1; 3) October last year and the number of passengers increased2%, 4.

8%, forming a high base; 4) Various security activities in October have improved from last year, and official travel may be limited.

  In October, the number of outbound tourists (international and Hong Kong, Macao and Taiwan) is at least once a year, and we expect that it will be difficult to recover in the short term.

Being dragged down by regional routes, the company’s outbound passenger explosion in October (international, Hong Kong, Macao and Taiwan) temporarily inserted 0.

3%, lower than the same period last year 4.

7% growth.

Tungsten ingots for outbound tourists from January to October 2019 increased by 2.

9%, down from 8 in the same period last year.

8%.

As regional expectations continue to change, we expect the company’s outbound passenger volume to recover in the short term or difficult, and tax-free income will be affected to some extent.

  Estimates suggest that the current company complies with the corresponding 2019/2020 27.

6/25.

2x P / E.

Considering that it is difficult to recover regional line production in the short term, we lower our 2019 profit forecast2.

8% to 52.

59 million, maintaining the profit forecast for 2020 unchanged.

Maintain outperform industry rating and target price of 90 yuan, corresponding to 30 times the price-earnings ratio in 2020, corresponding to the current ongoing 19.

4% upside.

  Risk Aviation demand was less than expected, and tax-exempt income was less than expected.

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March 18

After the holiday, the first explosion of equity funds sold 7 billion funds rush to build a gold pit

After the holiday, the first explosion of equity funds sold 7 billion funds rush to build a gold pit
With the strong rebound of A-shares, the mainstream public offering of newly issued funds has been enthusiastic about the purchase.  In the afternoon of February 6, Penghua Value Growth Hybrid Fund (008681) ended its fundraising in advance. On the same day, China Merchants Bank issued over 5 billion yuan, becoming the first fund in the year of the rat.  The chief public fund manager told the China Securities Journal reporter that the current market sentiment has been continuously restored. Behind the explosive funds, the “golden pit of contrarian layout” has become mainstream recognition.The three major sectors of medical, consumer, and technological growth are still the focus of public offerings.  Explosive funds frequently appear on the evening of February 6th. A reporter from China Securities News learned from related channels that the Penghua Value Growth Hybrid Fund, which began to be issued on February 3, has ended its fundraising earlier on February 6.The Penghua Value Growth Hybrid Fund is a customized fund of China Merchants Bank and Penghua Fund. The fund has gradually raised nearly 7 billion US dollars in all channels, and on February 6 alone, it has gained more than 5 billion yuan in China Merchants Bank.  The market was severely distorted at the beginning of the year, but the subscription of Xinfa Fund was not disturbed.  Wind Statistics data shows that from February 3 to February 7, there were about 20 new funds raised in the market.  Since 2020, explosive public offering funds have been frequent.In the week of January 13-17, Yinhua Technology Innovation, Penghua Technology Innovation, and Hongde Fengrun’s three-year holding period were mixed. The three funds were sold in one day, and the total amount of money attracted was more than 17 billion yuan.Subsequently, BOCOM Career Technology Innovation sold out in one day.In the end, Guangfa Technology Pioneer sold more than once a day.  Sources of recent recent explosive funds data: Fund announcement wind data show that from February 10 to February 14, 13 new A-share funds in the market have entered the issuance period, including ICBC Credit Suisse Consumer Industry Fund and Winwin Technology DriveValue funds, etc.  Source: Wind “Golden Pit” provides a good opportunity to build a warehouse. Public fundraiser pointed out that in view of the recent market rebound, investors’ intensified sentiment about the epidemic can be restored.Judging from the recent situation of explosive funds, both institutions and investors are full of confidence in the market outlook.  For example, Chen Xuanmiao, the proposed fund manager of Penghua Value Growth Hybrid Fund, pointed out that after short-term market shocks, A shares are currently in a rare “golden pit.”At present, the Shanghai Composite Index is located at 2800 points, both in terms of points and estimates are located in the historical bottom area. Even looking at the world is also a very “estimated depression”, which provides a very good time window for the new fund to open positions.  ”Recently, market volatility has intensified. Against this background, replacing public equity fund products to seize opportunities for rebound is a good choice.”Said a fund manager in a Shanghai-based fund company.  Puyin Ansheng Fund believes that market sentiment has turned from panic to stability and is optimistic.However, because the previous market was affected by epidemic factors, the subsequent development of the epidemic is difficult to predict. Before the epidemic control does not improve significantly, investors still need to be alert to the short-term market fluctuations caused by repeated epidemics and the impact on the macro economy.  ”Everyone said that buying new is worse than buying old, but old funds have accumulated more profitable funds based on last year’s performance, and there is pressure to fall into a bag.”Choose a new product from a recognized fund company and fund manager, you can enjoy the advantage of being light.From the channel channels, I also like to sell 1 yuan of funds, and many investors also recognize such buying habits.”Said a sales staff of a fund company.  Focusing on the three core sectors Puyin Ansheng Fund said that in the current market, it is still focusing on the medium and long-term, focusing on the prosperity industry, and focusing on industry leaders.Among them, medical, consumer and technology are the industry sectors worthy of attention in the current market environment.  Qiu Jie, chairman, managing director and co-investment director of Qianhai Open Source Fund, said that the current operation should focus on optimizing individual stocks, mainly focusing on four major directions: underestimated consumer goods, emerging industries with long-term growth space, and traditional industries.Owners and state-owned enterprise reform areas can be selected from the performance growth determination, 北京夜生活网 strong conversion attractiveness, and can expand the competitive advantage of subdivided leading stocks.  In the new fund building position guide, Chen Xuanmiao said that the next step will be to find prosperity in multiple industries such as food, home appliances, medical communications, electronics, computers, light industry, building materials, and power equipment, with relatively definite performance growth.Fundamentals tie the company to better gold flow.  ”The market is similar to seesaw, and it is mainly a transition between partial cycles, partial consumption and TMT industries.Although the market has been short-lived due to the epidemic situation, it is still in a high-boom stage. Some high-quality white horse companies are still growing in the long run.Currently, these companies may have very good buying points after experiencing the forecast compression.”Chen Xuanmiao said.  Editor: Ren Xiao, Cao Shuai

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March 17

China Chemical (601117): Signing of large overseas orders is expected to accelerate the release

China Chemical (601117): Signing of large overseas orders is expected to accelerate the 杭州夜网论坛 release

New large overseas orders signed, performance expected to accelerate release 1) The company announced on October 13 that it has signed a new Baltic Chemical Complex project in Russia. The project type is FEED + EPC general contract, and the total contract amount does not exceed 12 billion euros) 94.3 billion).

2) The content of the project is to build a natural gas processing chemical plant. The plant equipment mainly includes: 2 sets of 140 ethylene cracking devices with an annual output, 6 sets of 48 polyethylene polyethylene devices with an annual output, and 2 sets of 13 with an annual output.

July LAO (annual output 6.

2 free radicals 1-butene and an annual output of 7.

5 free radical 1-hexene) devices and off-site facilities.

This project is the world’s largest ethylene integration project, and it is also the project with the largest single contract value in the global petrochemical field.

The term is 5 years, with an average of about RMB 188 per year.

600 million yuan, accounting for 23 of the company’s 2018 revenue.

2%.

3) The project is implemented in three phases. The first phase is the extended basic design phase; the second phase is the early engineering (long-cycle equipment scheduling and site preparation) phase; the third phase is the project implementation phase.

The three phases are implemented crosswise, with a total construction period of 60 months.

The advance payment for the first phase of the contract is 25% of the contract value in this phase. If the contract is successfully completed, it is expected to have a positive impact on the company’s operating performance in the future.

Orders and revenue accelerated in August. According to the expected growth of overseas orders, according to the company’s operating data announcement, the company accumulatively signed 1069 new contracts in January-August 2019.

4 ‰, an increase of 8 in ten years.

3%, of which the domestic contract amount is 707.

10,000 yuan, an increase of 37 in ten years.

0%, the overseas contract amount is 362.

3 ‰, a decrease of 23 per year.

1%; gradually achieve operating income of 533.

40,000 yuan, an increase of 17 in ten years.

6%.

Looking at the single-month order, the company’s new contract value in August 2019 was 118.

90,000 yuan, an increase of 45 in ten years.

4%, of which the domestic contract value is 76.

30,000 yuan, an increase of 101 in ten years.

4%, overseas contract value 42.

600 million, a decrease of 2 every year.

9%; operating income for the month was 78.

50,000 yuan, an increase of 26 in ten years.

2%, the company’s August new millennium orders and revenue significantly increased.

The growth rate of orders in January-August 2019 is relatively improved as compared to 2018, especially overseas orders have shifted. Considering this order, it is expected that the order growth rate will gradually exceed 60%.

Highlighting the strength of overseas order acceptance, strengthening the breakthrough of overseas order strength of construction companies along the “Belt and Road” region, and continuously undertaking a series of large overseas orders.

7%, the highest for construction central enterprises.

According to CCTV, the company currently has more than 320 overseas projects under construction, with a cumulative contract value of more than 58 billion U.S. dollars. The projects are located in more than 60 countries and regions including Russia, India, Malaysia, UAE, Saudi Arabia, Pakistan, Kazakhstan, Turkey, Egypt.
Among them, there are more than 220 projects under construction in the countries along the “Belt and Road”, and the contract value is converted into nearly 45 billion US dollars.

After the completion of the Russian Baltic Chemical Complex project, it has demonstrated the company’s ability to accept overseas orders, and has also increasingly strengthened the company’s construction of areas along the “Belt and Road”.

Profit forecast and investment rating company As a leading chemical engineering company, 18 years of high gross profit new breakthrough single high growth, we previously expected that the company’s high growth orders will gradually be converted into revenue and release profits, the effect has gradually improved, 19H1 gross profit margin has increased.
Recently, the newly signed domestic hexadiyne project has enhanced the company’s technical strength, coupled with the transformation of the Russian Baltic Chemical Complex project, the company’s asset impairment losses have significantly decreased this year, and the average growth has increased the company’s profits.The company is expected to realize net profit attributable to mothers in 19-21.

2/30.

0/36.

9 trillion, maintaining the company’s reasonable value 8.

2 yuan / share and “Buy” rating remain unchanged, corresponding to the company’s 19-year PE estimate of about 16.

7 times.

Risk warning: exchange rate risk, asset impairment loss risk, downward pressure on oil prices, project execution is less than expected, overseas political risk, and new business development fails to meet expected risks.

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March 16

Kingsoft Office (688111) Coverage Report for the First Time: Ushering in the Leading Domestic Office Software Leader

Kingsoft Office (688111) Coverage Report for the First Time: Ushering in the Leading Domestic Office Software Leader
The leader of domestic office software, it has sharpened its built-in products and ecological barriers for thirty years.The company has been deeply engaged in the office field for 30 years, and its main products have gained international competitiveness. Company registered users reached 2.800 million, accounting for 42 of the total size of the domestic office market.75%.As of March 2019, the company’s main products have exceeded 3 in a month.2.8 billion, of which WPS Office desktop version is more than 1 month live.3.2 billion, mobile version surpassed 1 month.8.7 billion.Continued high investment in research and development to enhance product power, 95% of funds raised for independent research and development, strong development of office software cloud intelligence.Through the comprehensive deployment of mobile terminal + cloud, the company is transitioning from a past product provider to a service / platform vendor. The high concentration of the office software industry is an inevitable trend, and Jinshan is expected to achieve four breakthroughs to increase product penetration.The expansion of basic office software requires a perfect ecology. The more perfect the ecology, the faster the product expansion, which is why Microsoft Office can develop rapidly.Affected by strong ecological attributes, the industry’s Matthew effect is obvious, and high concentration is an inevitable 佛山桑拿网 trend.Once the product penetration rate breaks through the inflection point, the scale will rapidly expand.The main breakthroughs of Jinshan’s office in the future are: 1) On the B-side, benefiting from the needs of Encore, opening breakthroughs in the party, government, and military fields, shifting the government market to cultivate ecology, and improving product capabilities, so as to penetrate into key industries; 2) on the C-sideRelying on the scale advantage of cloud + mobile terminal, gradually expand to PC; 3) content ecology, layout leading ecological vacancies, grab market share with differentiated advantages; 4) comply with the Belt and Road development and layout overseas markets. Encore + cloud two-wheel drive usher in the “main rise”.The company’s main growth logic in the future is in the short and medium term at Encore and the long term in the cloud: 1) Encore’s replacement demand brings development potential.The software Encore market is expected to officially launch in 20 years. Depending on the absolute leading position of domestic office software and the comprehensive advantages of technology and ecology, the company’s 2G revenue will usher in explosive growth.The replacement of party and government agencies is still based on the authorization model. It is expected that the compound license revenue of the company’s office software products will grow at a compound growth rate of more than 100% in 20-21 years.2) The cloud is the main driving force for long-term growth in the future, and the new SaaS track brings opportunities for cornering overtaking: The main task of the cloud business in the future is to improve user conversion rates and ARPU values through product and service experience.The company’s cloud business has doubled in the past three years, with revenue reaching 3.9.3 billion, but the monthly active penetration rate of research users is only 1.55%, there is broad room for improvement in the future.The cloud era company has user scale, ecology and price advantages, and is expected to catch up with overseas giants in new areas. The investment proposal estimates that the company’s revenue for the years 19-21 will be 15 respectively.07/28.07/42.8.6 billion, EPS is 0.82/1.65/2.66 yuan, with reference to the estimated level of comparable companies, taking into account the company’s absolute leading edge in the domestic office software market, giving the company 66 times PE for 20 years, corresponding to a target price of 108.46 yuan. Risk Encore’s progress was less than expected; customers on the cloud were less than expected; fundraising projects progressed less than expected.

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March 15

Boss Electric (002508): Q3 results exceed expectations Next year’s offline retail turning point can be expected

Boss Electric (002508): Q3 results exceed expectations Next year’s offline retail turning point can be expected
Event: The company released three quarterly reports and achieved revenue of 56 in the first three quarters of 2019.25 ppm, a ten-year increase4.29%; net profit attributable to mother 10.86 ppm, a ten-year increase of 7.31%.  Comments: Engineering channel revenue growth accelerated, Q3 performance exceeded expectations The company achieved revenue of 56 in the first three quarters of 2019.25 ppm, a ten-year increase4.29%, net profit attributable to mother 10.86 ppm, a ten-year increase of 7.31%, net profit after deduction is 10.3.3 billion, an increase of 11 in ten years.36%.In terms of quarters, the revenue in the third quarter increased by 11% per year, net profit attributable to mothers increased by 18%, net profit attributable to mothers after deductions increased by 22%, and the profit-side growth rate exceeded expectations.At the same time, the company expects that the net profit attributable to mothers will increase by 2% in 2019?10%.In terms of different channels, the revenue of engineering channels increased by more than 100% in the first three quarters. At the same time, according to Zhongyikang statistics, the company’s offline retail channels in the third quarter had narrowed.In terms of profit, the company’s gross profit margin increased by 1 in the first three quarters, benefiting from the decline in raw material costs, tax and fee reductions, and brand pull.8 points.  Increasing market expenses + controlling the pace of offline transfer, the retail channel will usher in the company’s Q3 sales expense ratio of 27.68%, basically unchanged from the same period last year.Taking into account the high growth of the Q3 engineering channel and its channel characteristics with a low sales expense ratio, we believe that under the overall situation of the retail channel, the company proactively increased market expenses for the retail channel and guided agents to optimize the operation of existing stores.At the same time, actively sink channels to promote the concentration of third- and fourth-tier brands.In the meantime, the company has been controlling the pace of control from the beginning to the present in order to match the inventory structure adjustment of offline retail channels.  Combined with the change in the company’s inventory over the same period, we predict that the company’s offline inventory adjustment is nearing its end. Next year, the retail channel in Q1 will most likely usher in an inflection point.  Occupation of upstream funds + faster inventory turnover, Q3 operating cash flow improved significantly in the first three quarters, the company’s bills payable and accounts payable increased by 61%, and inventory reduction decreased by 6.2%, the change from the previous month is more obvious.By occupying upstream supplier funds and accelerating inventory turnover, the company has reduced the impact of the slow return of engineering channels on operating cash flow. In the end, Q3’s net operating cash inflow improved significantly from the previous quarter.We believe that this move will strengthen investor confidence in the company’s ability to create future cash.  Earnings forecasts and investment recommendations are based on the company ‘s third-quarter performance that exceeded expectations, and slightly increase the company ‘s next three-year results.  The company is expected to achieve net profit in 2019-2021.9 billion, 17.73 ppm and 19.8.5 billion, corresponding to the current PE is 17 times, 15 times and 14 times.The distribution of engineering channels has entered the harvest period, which has 北京夜网 continued to drive revenue growth. The offline retail channel inventory has been accelerated to digest, and the continuous completion of overlapping completions has continued to change. The company’s operating performance has gradually changed to an upward inflection point, maintaining a “strong recommendation” rating.  Risk warning: Rising sales expense ratio, rising raw material costs

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March 14

Buy funds, buy stocks, pension funds, target funds

Buy funds, buy stocks, pension funds, target funds

Every reporter Ye Feng of Nie Hong, editor of Ye Feng on the evening of July 15th, the public fundraising report for the second quarter of 2019 began to disclose.

These include several retirement FOF funds.

  ”Daily Economic News” reporter noticed that about the first quarter of this year, the proportion of pension FOF equity investment has been significantly increased.

Judging from the second quarterly report of the pension FOF that has been disclosed so far, it seems that the first batch of pension FOFs set up at the end of 2018 all stepped up to build positions in the second quarter, and the average value of equity and fund investment increased significantly.

  Buying stocks: The main investment direction of FFO and large consumer FOF is funds. According to regulations, no less than 80% of fund assets should be invested in funds.

Therefore, from the quarterly report of this year, only two of the 36 FOFs with data bought stocks, and the market value of investment stocks accounted for the highest total asset value of the fund does not exceed 5%.

  However, from the perspective of the first batch of pension FOFs released in the second quarterly report, the situation in which FOFs are not worthy of stocks or allocations below 5% has changed.

On July 16, Nanfang Pension took the lead in publishing the second quarter report for 2019 in three years.

The report shows that as of June 30, the Southern Pension Fund 2035 three-year investment fund accounted for 88% of the fund’s total assets.

61% decreased slightly to 83.

96%, the ratio of investment stock market value to total fund assets increased from 0% at the end of the first quarter to 13.

89%.

Among the top ten heavy storage stocks, the fund’s largest allocation is Ping An of China, which accounts for 1 of the fund’s net asset value.

71%, followed by Moutai, Guizhou, China Merchants Bank, Industrial Bank, CITIC Securities, 西安耍耍网 Yili, Hengrui Medicine, Bank of Communications, Minsheng Bank and Pudong Development Bank.

Not sharp, the FOF additionally favors finance and large consumption.

  In addition to the direct allocation of stocks, the number of equity funds and their proportion to the fund’s net assets in the top ten heavy storage funds have also increased.

In the first quarter, there were only three equity funds, including the Southern Glory A 2023, and only Southern Glory A (accounting for 11).

47%), China Securities 500 ETF (3%).

67%) and Guangfa Excellent Enterprise Selection (3.

48%).

As of the second quarter, the number of equity funds increased to five, including Southern Lean C (accounting for 10).

68%), Huitian Rich Value Select A (4%).

42%), Dacheng is preferred (4%).

17%), CEI found A (4%).

14%) and Guangfa Excellent Enterprise Selection (3.

55%).

  In terms of investment operations, the fund manager stated that in the second quarter of this year, the fund will continue to stabilize its equity positions, and the allocation ratio will gradually approach the benchmark for performance comparison.

It is understood that Nanfang Pension, which was established on November 6, 2018, has a current equity ratio of 35% in 2035.
60%.

  Buying funds: Equity-type accounts for a relatively high percentage of stock investment in the second quarter of 2035 of the Southern Pension Fund will increase significantly, but as far as FOF is concerned, the fund is the main meal.

It is also one of the first batch of 14 Penghua pensions in three years 2035. It was established on December 5, 2018, and the six-month position-building period ended at the end of the second quarter of this year.

Therefore, it is no surprise that Penghua Pension will earnestly “buy, buy, buy” in the second quarter of this year in 2035, and by the end of the quarter, the proportion of fund investment has reached the standard line of 80%.

  Penghua Pension’s second quarter report for the three-year period of 2035 (FOF) shows that as of June 30, the FOF has focused on increasing the proportion of fund allocations, and the market capitalization of investment funds accounted for the top 20 of the total assets of the fund.

47% to 81.

46%.

In terms of specific fund allocations, Penghua Pension is also richer than this quarter in 2035. There are three flexible allocation funds, two partial-share mixed funds and two medium- and long-term pure debt funds, QDII stocks.One QDII bond type and one passive stock index type.

And in terms of quantity and proportion, the proportion of equity funds is significantly higher.

  The proportion of fund investment and the proportion of equity fund investment also increased. TEDA Manulife Taihe Pension (FOF) was established on October 25, 2018.
According to the second quarter report, as of the end of the second quarter of this year, the market value of the FOF investment fund accounted for 73% of the total assets of the fund.
25% increased to 91.

08%.

In addition, in the first quarter of this year, only the top ten heavy storage funds in the top ten heavyweight funds were Richland Shanghai and Shenzhen 300 Enhancement and Huaan Strategy preferred two equity funds, which together accounted for 8 of the fund ‘s net asset value.

54%.

By the end of the second quarter, Huaan Anshun, Huatai Borui Quantitative Intelligence A, E Fund SSE 50 Index C, and 5 equity funds were added, accounting for 27% of the fund ‘s net asset value.

  As more quarterly reports of pension target funds are disclosed, reporters will also pay more attention to the latest investment developments of the fund in the second quarter.

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