Jiadu Technology (600728): Artificial intelligence and science and technology board theme blessing rail transportation business accelerates to land

Jiadu 佛山桑拿网 Technology (600728): Artificial intelligence and science and technology board theme blessing rail transportation business accelerates to land

Event: The company issued an announcement on March 1, 2019, saying that the company’s wholly-owned subsidiary Jiadu Xintai won the bid for “Guangzhou Rail Transit Line 11 and 13th New Line Station Equipment and Operation and Maintenance Service Procurement Project” and won the bid.About $ 11.9 billion.

The company’s rail transit business accelerated to land and won 119 million rail transit orders.

The company’s rail transit business welcomes historical moments. Recently, it won the bid for Guangzhou’s 119 trillion rail transit construction project orders, including station equipment supply, supply accompanying services and comprehensive operation and maintenance services within 15 years after the trial operation of the line, covering Guangzhou under construction and planning to be builtThere are a total of 10 new lines and extension lines of existing lines including Line 11, Line 10, Line 12, Line 18, etc. There are 140 stations with a total length of about 285 kilometers.

The winning bid accounts for 275 of the company’s 2017 operating income.

71%, the project can support the company’s higher performance in the next 4 years.

The company plans ahead and enjoys bonuses during the peak period of rail transit construction.

Based in Guangzhou and Wuhan, the company radiates its business to 18 cities across the country, and realizes the nationwide distribution of rail transit business.

In addition, the company is currently the only company with four major intelligent rail transit core technologies such as automatic ticket sales system, screen door system, comprehensive monitoring system and communication system.

Rail transit construction has entered a peak period. The company’s business advantage areas, Guangzhou and Wuhan, jointly plan to add 22 new subway lines by 2023, with a total length of 656 kilometers. The company’s forward-looking layout will help the company enjoy the rail transit bonus.

The company’s security has grown steadily, with the theme of AI + science and technology board blessing to help increase its value.

The company’s security business can maintain steady growth in 19 years due to products such as video clouds, public security guards and security platforms, and vehicle big data platforms. At the same time, the company’s share of Cloud Cong Technology is the largest provider of domestic face recognition technology.Cooperate with the field of artificial intelligence to help company officials to quickly advance the security business. With the theme of artificial intelligence and science and technology board, the company’s security business is icing on the cake.

Investment suggestion: We expect the company’s EPS in 2018/2019/2020 to be 0.

19 yuan, 0.

27 yuan and 0.

41 yuan, optimistic about the development prospects of the company’s artificial intelligence application scene to accelerate the landing, giving a “buy” rating.

Risk warning: The company’s industry is related to the fiscal budget, and there are uncertainties in the release of expenditure orders and cycles; there are uncertainties in the expansion of new services such as video cloud across the country.

The lifting of the restricted stocks ushered in a small climax of about 187 per week.5.1 billion restricted shares lifted

The lifting of the restricted stocks ushered in a small climax of about 187 per week.5.1 billion restricted shares lifted
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  Original title: The lifting of the ban on restricted stocks ushered in a small upsurge. According to Dong Tian Wind, a reporter, this week (January 20 to 23) totaled about 187.5.1 billion restricted shares were lifted, involving 83 A-share companies.Based on the closing price on January 21, the total market capitalization of the lifting of the banned shares was approximately 3,089.6.7 billion.In the last trading week before the Spring Festival holiday, the lifting of the restricted stocks ushered in a peak (Jin Qilin analyst).After the holidays, the scale of lifting restricted stocks will be sharply reduced.  Big data statistics on yield differences show that it was about 507 in January.6.7 billion shares were lifted, involving 241 listed companies, with a total market value of 6,279.1.1 billion yuan.All three indicators are in the forefront of 2020.The average in 2020 is 2728.3.0 billion restricted shares were lifted, involving 1,436 listed companies, with reference to the total market capitalization3.79 trillion.  Judging from the situation this week, of the 83 listed companies mentioned above, the restricted shares of 23 companies were lifted on January 20, the restricted shares of 10 companies were lifted on January 21, and 38 companies were January 22The restricted shares were lifted. On January 23, 12 companies involved in the restricted shares were lifted.Among them, January 20 and January 22 were two small peaks for lifting the ban.  18 listed companies lifted more than 100 million shares this week, 13 companies exceeded 200 million shares, and 9 companies exceeded 300 million shares.China Galaxy, Minmetals Capital, SF Holdings 3 listed companies lifted the number of banned shares exceeds 1 billion shares.Among them, China Galaxy has about 52 shares lifted this time.1.8 billion shares, ranked first, all for the first issue of the original shareholders to lift restricted shares.  It is obvious that 8 listed companies of Fenghua Hi-Tech (right protection), Tianrun Dairy, Minmetals Capital, Taiji Industry, SAIC Group, Nanjing Port, Digital Source Technology, Tongling Nonferrous Metals have lifted the restricted shares this week, and the proportion of outstanding sharesReached 100%.  In terms of stock market lifting, SF Holdings has lifted the total number of shares 27.2 billion shares.Based on the closing price on January 21, the market value of lifting the ban reached 1052.67 trillion, far more than its current circulating market value of about 60 billion.The type of shares to be lifted is a placement of shares by a private placement institution.  In terms of yield, of the above-mentioned 83 companies, 35 companies have positive returns on lifting the ban stocks, 10 companies have negative returns, and the remaining 34 have not 苏州桑拿网 disclosed the ban lifting yield.The profit margins of 19 listed companies including China Micro, Anji Technology, Espressif Technology, SF Holdings and other listed companies have exceeded 100%.Seven listed companies of Tianli Environment, ST Guanfu (right protection), Digital Source Technology, Research Institute, Central Equipment, Zhangze Electric Power, and Aidel have lifted their stocks by more than 30%.  From the perspective of different industries, transportation and non-bank financial sector listed companies have the largest scale of lifting shares.Among them, the reference market value of lifting stocks in the transportation sector exceeded 100 billion, followed by the reference market value of lifting stocks in the electronics, mechanical equipment, media, electrical equipment, and automotive industries.  Huatai Securities research report shows that the impact of lifting the ban on shares is usually digested in advance.The lifting of the ban may cause a certain disturbance to the market, but the probability of a severe shock is less.Haitong Securities pointed out that lifting the ban is not the same as reducing its holdings. It is also necessary to consider the restrictions on the reduction of the restricted stocks after the lifting of the ban, as well as market conditions, and the impact of factors such as industrial capital increase and decrease.  Limited impact on the science and technology board Of the above 83 listed companies, 27 are science and technology board companies, and the types of restricted stocks for which the ban is lifted are all general shares and initial institutional placement shares.  China Goat, Wasion Information, Youku got more than 30 million shares lifted by the three companies listed on the science and technology board in the current period.Among them, China Pass was lifted 7562.940,000 shares, ranking first in the science and technology board this week.Before the lifting of the restricted shares, the number of China Connect shares in circulation was 12.600 million shares.  Zhongtai Securities pointed out that on January 22, the first batch of 25 companies listed on the science and technology board will be trading for half a year, and the offline placement account has been locked for six months.A total of 25 science and technology board companies have lifted the ban nearly 1.2.4 billion shares.As of January 17, the overall market value of science and technology board companies exceeded 1 trillion.Taken together, the market value of the scale of the lifting of the ban on shares is relatively small, which has limited impact on the science and technology board with an average daily turnover of more than 10 billion yuan.However, we need to pay attention to the breakthrough in the scale of cash lifting and the profitability of science and technology board companies, these companies may be hit.Based on the coming of the pre-disclosure period for the performance of science and technology board companies, we will select the stocks of science and technology board that have a good performance and have fundamentally good performance.  The lifting of the ban is not the same as the gradual reduction of shares. After the Spring Festival holiday, the scale of lifting the ban on restricted stocks will decrease sharply.In the first week after the holiday, only one trading day, January 31, 37 listed companies involved in lifting restricted shares for a total of 82.9.6 billion shares, with a reference rating of 885.3 ppm, only this week lifted the ban on the reference market value of 28.65%.  Specifically, of the 37 listed companies involved in the lifting of shares on January 31, HNA Foundation and COSCO Haikong have lifted more than 1 billion shares.Among them, HNA totaled 22.4.9 billion shares, and the proportion of tradable shares will reach 100% after the lifting of the ban, but the number of banned shares will exceed 51.73%.  From the perspective of the rate of return, of the 37 companies mentioned above, 8 of the listed companies ‘earnings of the lifting of the banned shares increased positively, and 9 companies’ earnings converted into negative.Among them, Dongjie Intelligent, Liang Technology, Yunnan Copper, and Lanyan Holdings, the four listed companies, lifted their profits by more than 50%.The number of Dongjie Smart lifting shares was 1905.170,000 shares, 103% of income, yield ranked first.ST Yinyi (right protection), Jinmian Technology, ST Huading (right protection), and HNA Funds have lifted more than 50% of their banned shares.  For February, a total of 86 listed companies involved in lifting the ban on restricted shares, and the total number of banned shares was 233.990,000 shares, the total reference market value is 2622.04 billion.The reference market value of lifting stocks in February was only 41 in January.75%.The lifting pressure is generally small.  Market participants point out that the lifting of the ban on listed companies’ shares can be fully understood in advance, and relevant information has been reflected in advance; some companies have merged at a low level, and the selling intention of restricted shareholders is not strong, and the lifting of the restricted shares does not equal actual reductions.

Zhaoyan New Drug (603127) First Coverage Report: Core Benefits of Domestic Security Review Leaders in High Industry Prosperity

Zhaoyan New Drug (603127) First Coverage Report: Core Benefits of Domestic Security Review Leaders in High Industry Prosperity

This report reads: A large number of orders in hand, continuous expansion of production capacity, and industrial innovation and upgrading have helped the preclinical safety review leader enter a new high-growth era.

Key points of investment: The leader of the CRO segment with core competitiveness, covering for the first time, is given a “cautious increase” rating.

The company is a domestic non-clinical safety evaluation leader. It has rich project management experience, leading the three major advantages of the industry’s capacity distribution and most comprehensive qualification certification. The company’s performance is expected to enter a new period of high growth.

We expect EPS to be 1 in 2019-2021.



69 yuan, with reference to similar company evaluation, given a target price of 75.

24 yuan, corresponding to 2019PE57X, for the first time coverage, given a “cautious increase” rating.

The industrial upgrading, the rise of innovation, and the CRO industry have entered a high prosperity era.

Innovation has become the main track of the industry, forcing companies to invest high in R & D; the investment and financing environment has improved, and venture capital biomedical companies have ample funds; the merger and development of pharmaceutical companies has accelerated breakthroughs.

The three major industry trends work together to promote the continued prosperity of the CRO industry.

Under the industry’s high beta, the preclinical safety assessment business benefits most directly.

Preclinical safety evaluation is at the forefront of new drug research and development. It is an indispensable and important part of new drug research and development. It directly enjoys the performance growth brought about by the outbreak of innovative drugs, and basically does not bear the risk of subsequent research and development.

The number of orders and advance receipt of funds are one of the most directly driven subdivisions under the era of innovation.

Production capacity advantage + technology advantage + brand advantage, the company is expected to enjoy the industry dividend.

The company’s animal house size increased to 3 in 2018.

560,000 square meters, the number of technical personnel increased by 40% to 582 people, orders in hand exceeded 800 四川耍耍网 million.

With three core advantages and benefiting from the high prosperity of the industry, the company is expected to enjoy high-industry dividends.

Risk reminder: the risk of loss of core technical personnel; the risk of worsening the competitive landscape of the industry.

Chinese Ambassador to Russia Zhang Hanhui: Political virus is more terrible than new coronavirus

Chinese Ambassador to Russia Zhang Hanhui: “Political virus” is more terrible than new coronavirus
On the 24th, Chinese Ambassador to Russia Zhang Hanhui accepted a joint interview between Chinese and Russian mainstream media (Photo by People’s Daily Online reporter Qu Haiqi) People’s Daily Online Moscow.At the event, the political 淡水桑拿网 virus was more terrifying than the new corona virus classification.Zhang Hanhui said that some Western media have distorted the facts and exhausted their words, discredited China, and prevented China from developing.The Chinese people are not afraid of any enemy, and all attempts to use the epidemic to make a fate will not succeed.Similar framing and smearing often point to Russia.China and Russia should always remain vigilant, stand more firmly together, strengthen mutual political trust, deepen friendship, advance cooperation, and work together to cope with the obstacles encountered on the road to development.Ambassador Zhang is outstanding. China has always shared the epidemic information with international institutions and countries with a highly responsible, open and transparent attitude, which has been highly evaluated 厦门夜网 by the international community.Leaders of 170 countries and heads of 40 international organizations sent letters and calls expressing their firm support for China.President Putin sent a message of condolences to President Xi Jinping and publicly stated his firm support for China five times. Russia used special planes to deliver assistance to China. People from all walks of life in Russia recorded videos in support of China, which fully reflected the comprehensive strategy of China and Russia.The high level and specificity of collaborative partnerships also underscores a long tradition of mutual support.China expresses its sincere gratitude for this and believes that solidarity and mutual trust between each other will be further strengthened in the common fight against the epidemic.

Wald (688028) new stock report: small and beautiful high-precision superhard knife stealth champion

Wald (688028) new stock report: small and beautiful high-precision superhard knife stealth champion

Super high-precision super-hard tool stealth champion.

Wald was founded in 2006 and is a leading domestic supplier of super hard tools.

From 2016 to 2018, the company’s super hard tool business has a CAGR of 24.

2%, the net profit CAGR of the mother is 25.


The highest machining accuracy of the company’s ultra-high precision tools far exceeds the industry standard and reaches the international level.

Technology door information has created the company’s core competitiveness. In the past three years, the company’s comprehensive gross profit margin has remained above 50%, and the core product’s ultra-high precision tool gross profit margin has been close to 70%.

IPO investment projects continue to focus on the main business, with sufficient production capacity after reaching production.

The downstream applications are extensive, and the consumer electronics business is expected.

The main size display field of toothed diamond cutter wheels is that consumer electronics displays accounted for 83% of the downstream applications of ultra-high-precision cutters in 2018. According to our analysis, the next three years will be the peak production of domestic panel production lines.3008, 2810 million US dollars, which significantly exceeded the previous investment scale of production lines.

With the downstream panel processing manufacturers greatly increasing the crack depth and precision requirements of panel cutting, and the advent of a new round of LCD / OLED expansion, the penetration of diamond cutter wheels is expected to increase, and the company as an industry leader is expected to fullyBenefit.
Europe, the United States and Japan are in a leading position, and the company is focusing on import substitution.

The company’s diamond cutter wheel broke the monopoly of foreign first-class manufacturers in the industry and realized import substitution in the high-end processing field.

But Swedish Sandvik, Japan’s Sumitomo, Japan’s Samsung Diamond, etc. still replace the main share of the high-end market.

According to our calculations, in the field of super hard tools, the company’s current market share is about 5%, and import substitution is still the company’s main strategic direction in the future.

Market expansion, high-end products still have room for 北京夜网 replacement.

Since 2017, the manufacturing industry has made steady progress in advanced fields, and the annual consumption of cutting tools has increased significantly, reaching 38.8 billion U.S. dollars.

At the same time, through industrial upgrading and technological progress, super-hard material tools have begun to undergo extensive industrial processing and gradually replace traditional hard alloy and ceramic tools.

Reasonable city size 19.

92 ppm, a reasonable sustainable 24.

9 yuan / share.

The company’s benchmark companies in A shares are Hengfeng Tools, Sanchao New Materials, and Lele New Materials, which are more suitable for PE relative estimation.

The company’s strong benchmarking comparable company Hengfeng Tools has a PE of 23 in 2019.

5 times.

According to our profit forecast, the compound growth 佛山桑拿网 rate is expected to be 24 in the next three years.

4%, considering that the company’s growth is better in the next three years, 1 times PEG is a more appropriate estimate level, which corresponds to 24.

4 times PE.

Based on the comprehensive PE / PEG estimation method, we believe that the corresponding company’s 2019 performance of 24 times PE is a reasonable estimate level and a reasonable market value.

9.2 billion yuan.

Based on the public offering of 20 million shares and the total share capital after the public offering of 80 million shares, the reasonable price is 24.

9 yuan / share.

Because the company’s issue price is higher than 24.

9 yuan / share, also draw investors’ attention to trading risks.

Risk reminder: the risk of loss of core technical personnel, the risk of material price fluctuations, the risk of exchange rate changes, and the risk of international trade friction.

Yangnong Chemical (600486): Opening the integration of research, production and sales is conducive to long-term development. The transaction price is relatively reasonable.

Yangnong Chemical (600486): Opening the integration of research, production and sales is conducive to long-term development. The transaction price is relatively reasonable.

The event company and the announcement on the evening of June 6 stated that Yangnong Chemical intends to purchase 100% equity of Sinochem Crops and 100% equity of Agro-Research by paying cash, with a transaction consideration of 9.

1.3 billion.

The target company promises to deduct non-attributed net profit for 2019-2021 totaling 2.

9.7 billion yuan.

Brief comment on the thorough integration of research, production and sales integration after the acquisition, which is conducive to long-term collaborative development. The major companies to be acquired in this reorganization are: Sinochem Crops and Agricultural Research Corporation.

Sinochem Crops Subsidiary Shenyang Kechuang is mainly engaged in the production and sales of Mistone, imazapyr and pyrrolidone and other original drugs. It is an excellent supplier of domestically created and generic pesticides.Agrochemicals, Sinochem Singapore and other major military pesticide product distribution and trading businesses; Sinochem crops achieved revenues of 3.3 billion in 2018 (of which 15 were formulations.

3 billion, the original medicine 8.

400 million, trade 9.

300 million), net profit 1.

1.7 billion.

Agro-Research is one of the few companies in the country that has a new pesticide creation system. It has a National Engineering Center for Pesticides and the only national key laboratory for new pesticide creation and development in China. Its independent innovations include flumorph and tetrachloropyramide.Acetazole formaldehyde nylon series products have a high reputation and influence in China. In 2018, the revenue was 35.79 million yuan and the profit was 27.14 million yuan.

After the completion of the reorganization, Sinochem Crops and Agro-Research became a 100% -owned subsidiary of the listed company: the reorganization, the listed company will integrate Sinochem International’s internal pesticide business core assets to form a traditional and comprehensive integration of research, production and sales.The industrial chain has more complete product categories; supplementation, through effective integration of R & D resources and sales network, and product and customer complementary advantages, give full play to synergies and expand market share; finally, it supplements the company’s shortcomings in formulations, and has stepped in60 billion formulations have a huge market.

The transaction price is reasonable, and the rise in short-term debt is reasonable in the long run. The current transaction price is 9.

1.3 billion, and the purchase of cash will not dilute the equity of listed companies; the transaction consideration is mainly based on the assessment results of the asset-based method (the valuation value of 100% equity of Sinochem Crops is 8.

8 trillion, the valuation value of 100% equity of Agribusiness is 0.

3.4 billion; the asset-based assessment only considers the parent company’s statement caliber).

If the total net profit of Sinochem Crops and Agricultural Research Corporation in 2018 is 0.

Calculated at 900 million, the market surplus of the transaction is reduced by 10 times, and the subsequent performance commitment is close to 100 million, and the transaction price is relatively reasonable.

Based on the 2018 data, Yangnong Chemical’s own assets and liabilities replaced 35.

09%, after the merger, the retest rate may reach 57.

9%, the debt increased from 2.6 billion to 6.1 billion, a significant increase, but the asset-liability ratio of the listed company will be transformed into the display of synergy and the listed company’s profitability will gradually increase and decline, will return to a reasonable level of debt ratio in the long run.

Yangnong’s own performance continuity and growth potential are strong. We sort out the company’s project investment announcements in recent years: 1) Youjia Phase III project will be fully promoted in 2019, including 1.

A 15-ton / year insecticide, a 1,000-ton / year herbicide, a 3,000-ton / year fungicide, and a 2,500-ton / year chloroacetophenone and related by-products of 37,384 tons / year. The project is expected to be gradually put into production in 2020 with a total investment of 20.

200 million, all of them are expected to contribute to net profit after tax.

6 billion; 3) Announced in April 2018, Youjia plans to invest 32,600 tons / year of pesticide preparation project and terminal and storage engineering project, with a total investment of 2.

3 trillion, estimated net profit after tax of 9,100 million; 4) Announced in October 2018, Youjia plans to invest 3,800 tons / year of bifenthrin, 1,000 tons / year of flufenamid, 120 tons / year of santhrin, 200 tons / year hydroxyphenyl ester pesticide project, with a total investment of 4.

300 million, with an estimated net profit after tax of 93 million 苏州夜网论坛 yuan.

During the last 13th five-year period, the company continued to integrate and consolidate its main business (the pyrethroid business), extended its main business (gradually extended into the fungicide business), and achieved a net profit of 5.

4.4 billion.

We maintain the company’s profit forecast. It is expected that the company’s net profit attributable to its parent in 2019 and 2020 will be 11 respectively.

5, 13.

500 million, corresponding to PE13.

6X, 11.

6X, believes that the company’s market value has been expanded to a certain extent. At present, we maintain the buying level.

Risk reminder: Shenyang Scientific Innovation’s production safety license is undergoing renewal procedures, and there may be a risk that it cannot continue after termination; the risk of reduced demand brought by the 北京桑拿洗浴保健 Sino-US trade war.

HiSec (002653) 2019 Interim Report Review: Performance Exceeds Market Expected Innovation Results Gradually Landed

HiSec (002653) 2019 Interim Report Review: Performance Exceeds Market Expected Innovation Results Gradually Landed

Performance summary: The company achieved operating income in the first half of 201918.

700 million, an annual increase of 57%; net profit attributable to mothers2.

30,000 yuan, an increase of 61 in ten years.

6%; the net profit of non-deduction is 10,000 yuan, an annual increase of 105.


The performance exceeded market expectations, and the transformation of the marketing model highlighted the results.

1) Academic and academic marketing: In order to adapt to the two-vote policy, the company has begun its marketing system reform since 2016. It has determined and implemented the marketing strategy of “academic marketing, brand marketing, channel marketing, and terminal is king.”From 1.

From 20,000 homes to 2.

The number of academic conferences increased from 458 to 3,915.

In 2019, the company paid more attention to the academic construction of core products and core areas, insisted on leading the brand promotion with academics, and increased its coverage to more than 2,000 hospitals of various levels in 2019H1, and carried out more than 2,300 academic activities.

2) Reshaping the distribution of benefits: In 2018, the company began to establish a joint management office to strengthen channel management and control. In 2019, it vigorously promoted the “partner + self-operated” diversified marketing model. It replaced the sales growth rate of the old varieties and approved the listing of new varieties.The company intends to gradually change the settlement method of excessively low deduction rates, focusing on joint management, common maintenance, and development volume, to grow together with its distribution partners and reshape the distribution of benefits.

3) High-speed growth of key varieties: The company’s key product, dolastrone mesylate, increased its concentration by 259.

At 4%, polyprixine pellets have grown by more than 142 in ten years.

9%, compound amino acid injection increased by 119.

At 7%, the growth rate of fluorophenylthioxanthan melitrazine tablets, nalmefene hydrochloride injection, arginine glutamic acid injection, and methylprednisolone increased by more than 50%, and the total increase of new varieties reached 217 times.

The structure of parenteral products has been gradually improved, and incremental imitation products have been successively approved.

1) Improvement of parenteral nutrition structure: The proportion of the company’s traditional parenteral nutrition varieties in total revenue has been decreasing year by year. In 2012, the proportion was about 70%, in 2017 it was about 38%, and in 2018 it was about 30%.”He Yi An” and three-cavity bag products “Quanyingda” and “Quanxiang” were successively approved. As a competitive advantage of high-end parenteral nutrition preparations, the domestic alternative space is wide, which will greatly improve the structure and profitability of parenteral nutrition products.Capabilities; 2) Successive approvals for incremental generics: from 2012 to 2018, the company gradually approved 22 generics.

As of 2019, H1 company is developing 68 agent projects, of which 58 are generic drugs, 7 are innovative drugs, 2 are biopharmaceuticals, and 1 is formula food for special medical purposes. It mainly involves 4 therapeutic fields, 27 digestive tracts and metabolism,There are 6 nervous systems, 6 respiratory systems, 9 cardiovascular systems, and 20 in other areas.

Innovative drug research and development system takes shape, and innovative drug varieties are ripe.

1): The formation of innovative drug research and development system: from the specialty drug research and development around 2004, to the me-to / me-better imitation research and development of the mature target of the Chinese market around 2012, the international frontier development from 2019With the introduction of cooperation, Hisiken’s innovative drug research and development system with deep specialty characteristics has matured.

2) Innovative drug varieties are ripe: HSK-3486 is a propofol me-better drug, which improves clinical insufficiency in injection pain, respiratory depression, hypotension, and metabolic burden of breast milk in indications for endoscopy.China’s NMPA filed a marketing application and planned to communicate with the US FDA to conduct a phase III clinical trial; HC-1119 is an alternative to enzalutamide with Haichuang Pharmaceutical Cooperative, which is expected to reduce the incidence of epilepsy by improving the PK of the original drug. Currently,In Phase III clinical trials; HSK-7653 is a long-acting DPP-4 inhibitor that is once every two weeks and is currently in Phase II clinical trials.

Profit forecast and rating.

It is estimated that the company’s net 杭州夜网论坛 profit attributable to the parent in 2019-2021 will be 500 million and 6 respectively.

3 billion, 7.

4 megabits, corresponding to the current market value of 184 megabits, PE is 37 times, 29 times, 25 times.

We are optimistic about the improvement of the company’s stock of imitation product structure, gradually increasing the drag on nutrition; innovation business focuses on the segmentation of specialized small molecules, and HSK-3486 is replaced by production reporting; the introduction of reforms in the marketing system, and the retention of profits for the promotion of imitation R & D and transformation of academic promotion

With reference to the average PE of a comparable company in 2019, HiSec is awarded 45 times in 2019, with a corresponding target price of 20.

7 yuan.

Covered for the first time and given a “Buy” rating.

Risk warning: the progress of research and development of innovative drugs and the progress of listing may be lower than expected, the purchase price of generic drugs may drop or exceed expectations, and the continuity of accounting preferential policies may be lower than expected.

Taoli Bread (603866): Q2 revenue accelerated faster than expected

Taoli Bread (603866): Q2 revenue accelerated faster than expected

Investment Highlights Event: The company released the 2019 semi-杭州夜网论坛 annual performance report, and realized operating income of 25.

600 million (+18.

1%), the net profit attributable to the mother is 30,000 yuan (+15.

5%), of which Q2 achieved revenue of 14.

200 million (percent + 20%), net profit attributable to mother 1.

83 megabits (previously + 18%), which performed better than expected.

  Revenue: The chain is accelerating quarter-on-quarter, and the new and old markets are growing well.

19Q2 revenue growth rate of 20%, compared with the 16% increase in 19Q1.

View by region: 1) Mature markets: The Northeast market is expected to maintain double-digit growth. Q1 ‘s tight production capacity in the Harbin Sea area of Changchun has improved. Q2 revenue is expected to increase sequentially.

Thanks to the virtuous cycle of channel sinking and consumption habits, mature markets in Northeast China are expected to maintain steady growth; 2) Sub-mature regions: companies in markets such as North China and Southwest China expand their market share through promotions, additional vehicles, etc.Chongqing’s factory capacity is released and growth is expected to accelerate.

3) High-growth regions: East China and South China are the company’s key development markets, especially in South China. With the expansion of the Dongguan plant’s production capacity and sales terminals, the South China market will maintain a rapid growth of more than 80%, and the scale will continue to expand.narrow.
At the same time, the company is actively sorting out a few weak Central China markets and developing new growth points.

  Profit: Profit growth is slightly slower than income, and expenses are still delayed.

The entry of Dali has a certain impact on the company’s market strategy. In the short term, the internal company has adopted an overly proactive response strategy, and some market discount promotions have been strengthened.

The merged company is in an expansion period, new capacity is put into use, and the average price in the early stage of new market development is subject to broken expenses, resulting in a slight change in short-term company profitability.

However, compared with Q1, the disturbance on the profit side of expenses and expansion of production gradually weakened, and the upward turning point of profit rate may appear.

  Factories: Convertible bonds were approved, and new factories were actively deployed to accumulate long-term growth momentum.

At present, Taoli has established production bases in 17 regions. It is expected that the Wuhan plant will be put into production 佛山桑拿网in 2019 and the Dongguan plant will be transformed; the plants under construction also include the Shandong plant, the Jiangsu plant and the Shenyang plant, which are expected to be put into production around 2020.

In the future, the company will continue to build factories in major regions to expand its reserve capacity for national expansion.

  Earnings forecasts and investment advice.

The company’s EPS for 2019-2021 is expected to be 1.

14 yuan, 1.

35 yuan and 1.

57 yuan, corresponding to PE is 33 times, 28 times and 24 times, maintaining the “overweight” level.

  Risk warning: raw material prices may fluctuate significantly, and new market sales may fall short of expectations.

Pritt (002324): High raw material prices affect profitability, capacity expansion is conducive to production and sales growth

Pritt (002324): High raw material prices affect profitability, capacity expansion is conducive to production and sales growth

2018 results are lower than expected Pritt’s 2018 results: operating income36.

66 ppm, an increase of 7 per year.

89%; net profit attributable to parent company is 7,231.

0.94 million yuan, down 58 every year.

49%, corresponding profit 0.

At 18 yuan, the company’s performance was lower than expected. The performance was mainly due to the high average price of upstream raw materials and petrochemical products, which caused the company’s main product costs to increase.

Development trend High raw material prices affect profitability.

According to Wonder Information, 南京夜网论坛 the average price of Brent crude oil in 2018 exceeded 31%, driving up the price of chemical raw materials.

The company’s operating income in 2018 increased by ten in ten years.

89%, but due to rising prices of upstream chemical raw materials and downstream automobile production and sales decline, the company’s average gross profit margin fell by 1%.

5ppt to 16.


We expect the adjustment of oil prices to be stable and the company’s profitability to increase and stabilize in the future.

The gradual expansion of the production capacity of automotive modified plastics is conducive to the growth of production and sales.

In 2018, the company’s Jiaxing plant’s second-phase annual production of 15 vehicles using advanced environmentally friendly plastic composite materials production project was successfully put into operation, which is conducive to promoting the growth of production and sales.

In the future, the company will gradually build a production capacity of converted modified materials with an annual production capacity of more than 50 tons through new construction of Chongqing Pulit Phase II and WPR new production capacity. It is planned to reach a sales scale of more than US $ 10 billion by the end of 2020, compared with 2018.The annual operating income increased by 173%.

Focus on the main business of automotive materials and promote the progress of China, the United States and Europe.

In 2018, the company gradually entered a total of 13, 17, and 80 models into the global supply chain of Daimler-Benz, BMW, and Ford.

In 2018, the company closed its US subsidiary’s PET production line and focused its North American business on its main automotive materials business.

In the future, the company will promote nylon PA6 products in the North American market, the application of automotive interior and exterior products, and jointly develop new projects with major OEMs; in the European market, promote the materials of Pritt and ECOLON materials at OEMs in European automotive headquarters such as BMW and Mercedes-Benz.Accreditation work, while actively researching the construction plan of supporting capacity in the European market.

Profit forecast According to the company’s disclosure, the company’s operating target for 2019 is to achieve operating income of US $ 5 billion, and we maintain the 2019e profit forecast of 0.

36 yuan is unchanged, the earliest profit forecast for date 2020e is 0.

45 yuan.

It is estimated and recommended that the company currently can sustain 35/27 times P / E in 2019/20.

Maintain “Recommended” rating, optimistic about the company’s product sales and operating income growth, raise the target price by 30% to 15 yuan, corresponding to 42/33 times the 2019/20 price-earnings ratio, compared with the current 22% space.

Risks Raw material prices are rising, and downstream demand is weak.

Zhong Jugao (600872) quarterly report comment: delicious fresh profit surpasses expected improvement in operating efficiency

Zhong Jugao (600872) quarterly report comment: delicious fresh profit surpasses expected improvement in operating efficiency

The growth rate of condiment revenue was in line with expectations, and the profit growth rate exceeded expectations. China Torch High-tech released the first quarter report of 2019 and achieved operating income12.

31 ppm, a six-year increase of 6.

72%; net profit attributable to mothers1.

89 ppm, an increase of 11 years.


In Q1 2019, delicious fresh realized income 11.

67 ppm, an increase of 15 in ten years.

31%; net profit attributable to mothers1.

86 ppm, an increase of 33 in ten years.

93%, the growth rate of condiment revenue was in line with expectations, and the profit growth rate exceeded expectations.

Due to the higher sales base of the non-condiment business in the company’s headquarters during the same period last year, the company’s headquarters revenue in the first quarter was 1,725 million, but decreased by 1.

20,000 yuan.

In Q1, the company’s revenue was 23.62 million yuan, an annual increase of 23.21 million yuan.

We expect the company’s EPS for 2019-2021 to be 0.

94 yuan, 1.

13 yuan and 1.

32. Maintain the “overweight” rating.

The profitability of condiments continued to improve, and more expenses were put into effect. The first quarter consolidated net profit of the consolidated statement 南京夜网 reached 15.

4%, an increase of 0 compared with the same period last year.

66 averages, of which the net profit margin of delicious fresh companies reached 15.

9%, an increase of 2.

There are 21 single ones, which have greatly improved significantly.

The gross profit margin of Q1 Delicious Company was basically the same as that of the same period of last year. The increase in net profit was mainly contributed by the decline in the expense ratio. The expense ratio during the period decreased by 2 percentage points compared with the same period last year.

During the reporting period, the amount of management expenses of the Company’s headquarters and delicious fresh food expenses decreased by 9 compared with the same period of the previous year.

14%, the cost is more lean, and the operating efficiency continues to improve.

Soy sauce has grown steadily, and oyster sauce has continued to grow at a high rate. In terms of products, in the first quarter of 2019, the company’s soy sauce, chicken powder, sauces, oyster sauce, vinegar, cooking wine, bean curd, and cooking oil respectively achieved operating income.

One in 4.8 billion.

38 ‰ / 42.40 million yuan / 52.97 million yuan / 21.54 million yuan / 25.09 million yuan / 9.51 million yuan / 1.

1.5 billion, an increase of 10 over the first quarter of 2018.

03% / 25.

14% / 12.

66% / 66.

45% / 19.

09% / 90.

24% /-1.

34% / 16.

The company’s soy sauce has maintained a steady growth in 2019Q1. Oyster sauce products are one of the categories in the development of the condiment industry. Zhongju Hi-tech oyster sauce products have continued the high growth trend since 18 years, and there is room for future development.
There were 44 net new dealers and more balanced regional development. In 2018, the company has developed 260 prefecture-level cities, with 864 dealers, and plans to have 1,000 dealers in 19 years.

At the end of the first quarter, the number of the company’s dealers was 907, and multiple net increases of 44 were reported.

Among them, the number of dealers in the east / south / midwest / north region increased by 3/2, 22/17, and operating income increased by 12 respectively.

81% / 11.

30% / 25.

62% / 19.

46%, the central and western regions and the northern region have a small income base, rapid development, and more balanced regional development.

We are optimistic about the long-term development space of the condiment business and maintain the “overweight” rating. We believe that the company has been targeting the development space in terms of channel sinking and category expansion, and combined with the actual situation of corporate governance improvement, it is expected that the company will be 0 in 2019-2021.

94 yuan, 1.

13 yuan and 1.

32 yuan, YOY is 23%, 20% and 17%.

The average PE level of a comparable company in 2019 is 35 times. Considering the company’s growth, we will give 39-40 times the PE in 2019, consolidate the actual business value of 3.5 billion market value, and target price 41.


03, maintaining the “overweight” rating.

Risk warning: food safety issues, risks of raw material price fluctuations, cumulative digestion risks.