Annual closing of the forthcoming financial funds’ 4 funds are among the top 10 in their class

Annual closing of the forthcoming financial funds’ 4 funds are among the top 10 in their class

The 2019 close is imminent, with the Shanghai Composite Index starting at 2465 at the beginning of the year.

At 29 o’clock, it rises first and then stays down. It is still at 3,000 points.

This year, public funds have achieved significant excess returns and demonstrated professional investment capabilities.

According to Galaxy Securities statistics, as of December 27, the average increase of stock funds and hybrid funds has exceeded 30%.

Among them, the old-fashioned fund company Rongtong Fund belongs to 4 funds with a return of more than 70%, ranking among the top ten in the same category; another 10 funds with a return of more than 50% have outstanding performance.

  According to data from Galaxy Securities, as of December 27 this 武汉夜生活网 year, the mixed performance of Rongtong’s health industry was 82.

28% (the benchmark for the same period is up by 23.

41%), among the 459 flexible allocation funds (0-95% of stock upper and lower limit + 60% -100% of benchmark stock ratio), ranked 5th; the net value of the financial industry boom rose by 81.

95% (the benchmark for the same period increased by 23.

45%), ranking 3rd among 175 ordinary partial stock funds; Rongtong China Wind No. 1 net value rose 79.

88% (compared with the benchmark for the same period of performance increased by 16.

90%), among 440 flexible allocation funds (0-95% of stock upper and lower limits + 30% -60% of the benchmark stock ratio), ranked 4th; the net value of the three powers of Rongtong Conversion increased by 75.

02% (the benchmark for the same period increased by 16.

90%), ranked 6th among 440 flexible allocation funds (0-95% of stock upper and lower limit + 30% -60% of benchmark stock ratio).

  In addition, 11 domestic funds driven by Rongtong, Rongtong New Energy Vehicles, Rongtong Healthcare, etc. also have annual internal income of more than 50% (the benchmarks for the same period are 26 respectively).

79%, 31.

14%, 26.

68%).

  Pulling the far end, we can also find that the products affiliated with Rongtong Fund are better at winning in long-distance running.

The three powers of Rongtong Transformation have returned 86 in the past three years.

30% (the benchmark for the same period increased by 12.

93%), ranking 2nd among 206 similar funds; the financial industry boom in the past three years has returned 71.

01% (the benchmark for the same period increased by 16.

62%), ranking 3rd among 131 similar funds; Rongtong China Wind No. 1 has a return of 67 in the past three years.

24% (the benchmark for the same period increased by 12.

93%), ranking 8th among 206 similar funds.

  The reason why Rongtong Fund’s performance is stable and healthy is that it has paid close attention to the ability development of fund managers and representatives, continued to promote investment and research integration construction, fund manager’s ability portfolio construction, and industry comparison methodologies based on public portfolios.Rich and perfect.

  On equity investment, Rongtong Fund will truly link the investment and research integration platform to the investment department and research department.

The core idea of Rongtong Fund’s investment and research integration is “research-driven investment” instead of the traditional “intervention-driven investment”.

To put it simply, fund managers are only responsible for the funds they manage. At the same time, as members of investment and research integration, they need to participate in the research of outstanding long-term industries and individual stocks, and perform related corrections to complete the construction of public portfolios.

  In the construction of the public combination, all members participate, all members share, and operate through a solid offer.

Everyone’s contribution is reflected in the attribution analysis of excess returns.

The investment and research integration platform encourages everyone to give play to their own advantages and jointly form the platform’s diversified Alpha capability.

  Galaxy Securities statistics show that since 2017, the company’s equity investment performance has steadily improved, and this year it has reached the highest level in the company’s history.

In 2018, Rongtong Fund’s equity investment capability ranked in the top 24% of the industry; this year, at the end of November, it ranked in the top 16% of the industry.

State Laojiao (000568): The performance exceeded expectations and grasped the possibility of the industry

State Laojiao (000568): The performance exceeded expectations and grasped the possibility of the industry

The event company released the 2018 annual report and the 2019 first quarter report. In 2018, the company achieved operating income of 130.

55 ppm, an increase of 25 in ten years.

60%; net profit attributable to shareholders of listed companies34.

86 ppm, an increase of 36 in ten years.

27%.

The company achieved operating income of 41 in the first quarter of 2019.

69 ppm, an increase of 23 in ten years.

72%; realized net profit attributable to shareholders 合肥夜网 of listed companies15.

150,000 yuan, an increase of 43 in ten years.

08%.

Commenting on the double brand and double ten billion, helping the company to achieve the target of 2019.The company’s target for 2019 is to increase its operating income by 15-25%. At the 2019 dealer conference, the company proposed a strategic goal of double branding of double ten billion for Guojiao and Luzhou Laojiao.Since 2018, the company’s product structure has gradually improved, and Guojiao’s income from special songs has gradually increased4.

1,2.

Zero digits. Thanks to this, the company’s gross profit margin has improved significantly. In 2018 and the first quarter of 2019, the company’s gross profit margin was 77.

53%, 79.

15%, an increase of 5 per year.

6,4.

5 units.

Firmly advance the price strategy, the brand value has continued to increase Since the first quarter, the price of Maowu batches has steadily increased, and the price of Maotai batches has remained above 1,800 yuan. Wuliangye is about to launch new products and raise prices. It is expected that the company will also firmly advance its price strategy and continue to increase the company’s brand value.

The company has continuously raised the price of its core products since 19 years. From May 1st, the settlement prices of its various special and special products have been increased by 10 yuan / 500 ml.Price increase, 52 degrees, 43 degrees, 38 degrees The terminal retail and group purchase prices of the three products are increased by 50 yuan; starting in January, the core product of the core cellar 1573 is 500ML, and the wine bank’s recommended price is 810 yuan / bottle.Group purchase price is 880 yuan / bottle, retail price is increased from 969 yuan to 1099 yuan, 38 degrees Guojiao 1573 classic 500ML retail price is increased to 799 yuan.

The profit of the channel has improved, the sales have been good, and the brand power has been gradually released. The company has steadily promoted the overall sales of the company in the first quarter. The inventory level has been about one month.The product structure has improved significantly.

Benefiting from the company’s vigorous efforts in the early stage, the company’s brand power was gradually released. In the second half of 18, it began to sink channels to county-level markets in various regions. It has formed a national key area “million towns, ten million districts and counties, 100 million yuan.”City” development pattern, the company will steadily promote the national layout in the future.

Maintain the company’s “overweight” rating: We expect the company’s operating income to be 154 in 2019, 2020 and 2021.

2,187.

1 222.

2 ‰, the annual growth rate is 18.

1%, 21.

4% and 18.

8%, net profit is 46.

8, 61.

7 and 77.

200 million, EPS is 3 respectively.

2, 4.

2 and 5.

3 yuan / share, corresponding PE is 22 respectively.

1, 16.

7 and 13.

4 times.

Risk reminders: the business climate of the liquor industry declines; food safety risks; company channel expansion risks.

Minsheng Bank (600016): Three-year Revenue Growth Prompt Best Prompt Earnings Increase Many Times

Minsheng Bank (600016): Three-year Revenue Growth Prompt Best Prompt Earnings Increase Many Times

Event On April 30, Minsheng announced its 2019 first quarter performance report, in which operating income increased by 19 per year.

35%, net profit attributable to mothers increases by 5 per year.

69%.

  Brief Comment 1. The revenue growth rate has increased significantly in the quarter, and the ROE has changed at least 438 in the first quarter of 2019.

590,000 yuan, an increase of 19 in ten years.

35%, a growth rate of 17 in the previous quarter in the first 18Q1.

92 averages, and the highest single-quarter revenue growth rate in 3 years, revenue performance growth momentum is strong.

Net profit attributable to mother 157.

92 ppm, a five-year increase of 5.

69%, the earlier single-quarter growth rate of 18Q1 increased by 0.

46 averages, growth rate basically in line with expectations.

  From the perspective of profit breakdown, net profit attributable to mothers increased by 8 in the first quarter.

50 trillion, of which revenue increases by 71 every year.

110,000 yuan; operating expenses increase by 61 every year.

RMB 710,000 was mainly due to the increase in impairment losses of 56 due to the adjustment of the statement of accounts and the increase in the provision for impairment of loans.

66 ppm; 北京夜生活网 retina increases by 2 per second.

9.1 billion.

  Profitability rises every year.

The annualized nominal average ROE in the first quarter was 15.

09%, a decrease of 18 from the previous quarter.

19 averages; EPS is 0.

36 yuan, an increase of 5 over the same period last year.

88%; BVPS at the end of the season was 9.

75 yuan, an increase of 4 at the end of the earlier 18 years.

06%.

  2, █ Net income goes up 39 each year.

90%, net non-interest income goes up by 3 every year.

95% interest income net income in the first quarter of 220.

22 trillion, an increase of 39 over the same period last year.

90%, mainly due to the increase in loan size and the recovery of net interest margin.

Non-interest income net income 218.

370,000 yuan, an increase of 3 over the same period last year.

95%, mainly due to a 16% increase in net fee and commission income.

32南京龙凤网% and exchange gains turned from negative to positive.

  3. The non-performing ratio decreased slightly by 1bp, and the provisioning strength was increased by 550 in the first quarter of the year.

1.7 billion, an increase of 11 over the end of the previous year.

5.1 billion yuan; NPL ratio 1.

75%, a slight decrease of 1bp from the end of last year, and the non-performing rate remains at the mid-level of the industry.  Provisioning strength improved.

Provision for coverage at the end of the first quarter was 137.

82%, up 3 earlier.

77 units; loan provision ratio 2.

41%, an increase of 0 earlier.

05 averages.

  4. The capital adequacy ratio per share rose in the first quarter of 19th. The core tier one capital adequacy ratio, tier one capital adequacy ratio, and capital adequacy ratio were 9 respectively.

06%, 9.

28% and 12.

14%, an increase of 13bp, 12bp, and 39bp respectively compared to the beginning of the year; the rapid increase in capital adequacy ratio was mainly due to the 40 billion secondary capital bonds issued in the first quarter.

Leverage ratio 6.

12%, an increase of 8bp from the end of the previous year.

  5. Various businesses developed steadily, retail deposits grew faster. Minsheng Bank’s various businesses developed steadily in the first quarter, with total loans of 31,416.

380,000 yuan, an increase of 2.

78%, of which 12,494 were retail loans.

870,000 yuan, an increase of 1 over the end of the previous year.

54%, accounting for 34 of the total loan ratio.

21%, an increase of 0 from the end of the previous year.

44 units; small and micro loans 4,273.

9.7 billion, an increase of 2 over the end of last year.

85%.

Deposit deposits 33,014.

28 ppm, an increase of 4.

24%, of which the savings deposit balance is 6,370.

63 ppm, an increase of 10.

74%.

  6. Investment recommendations From the results of the first quarter of 2019, Minsheng Bank has seen a single quarter of growth for ten years.

35%, the highest single-quarter growth rate in 3 years; NIM rebounded quarter by quarter, asset quality remained stable, and pricing and risk control management showed initial results.

In the first quarter, the provisioning strength increased, and the provision coverage ratio increased. It is expected that the rebound in revenue and net profit in 19 years will make Minsheng Bank increase the provisioning strength.

In addition, Minsheng Bank’s non-standard and inter-bank debt accounted for a relatively high proportion, and it was estimated that it was dragged down by the previous severe financial supervision.

At this stage, the marginal policy is relaxed, and the decline in interbank interest rates will lead to an improvement in the interest margin of Minsheng Bank. The reduction of non-standard pressure will also help its valuation repair.

  We forecast 19/20 operating income to grow by 17 per year.

40% / 16.

49%, with net profit growing by 10 per year.

71% / 14.

08%, EPS is 1.

06/1.

21 yuan, BVPS is 9.

59/10.

43 yuan, PE is 6.02/5.

27, PB is 0.

67/0.

61. Maintain BUY rating and maintain 9-month target price at 9 yuan.

Depth-Company-Jiemei Technology (002859): Paper tape faucet expands horizontally, opens up growth space, longitudinally builds moat

Depth * Company * Jiemei Technology (002859): Paper tape faucet expands horizontally, opens up growth space, extends vertically, builds moat

The replenishment of downstream electronic components such as MLCC has shown a long-term growth trend, driving the demand for paper tape, plastic carrier tape, and release film to replace the company’s capacity expansion in recent years. The performance has continued to grow, and the first coverage is given.

The main points of the support level: paper carrier tape faucets, and base paper production to build barriers.

The company is a leading company in the field of paper carrier tapes. It used to have full production capacity from raw paper production to subsequent processing, with obvious cost and technical advantages.

Absolutely, benefiting from the growing demand for downstream electronic components, the scale of paper tape revenue continues to grow, reaching 9 in 2018.

9.5 billion.

The income structure of paper tape products is also constantly optimizing. The proportion of slitting paper tapes with reduced size and gross profit margin is decreasing, and the percentage of revenue from punched paper tapes and perforated 都市夜网 paper tapes is increasing.

In the future, the company’s paper tape product structure, continuous optimization of its customer structure and downstream customers’ electronic component capacity expansion will increase the demand for paper tape, which will support the company’s continuous growth in paper tape performance.

Horizontal expansion into plastic carrier tapes, dedicated to the production of raw materials.

The company started to expand the plastic carrier tape business in 2011, and realized revenue of about 55.63 million yuan in 2018.

In the field of plastic carrier tapes, the company replicates the development path of paper carrier tapes and is committed to the self-production of black plastic particles, the main raw material.

After multiple formulation verifications and improvements, the self-produced black plastic particle index has been further optimized.

It is expected that the gross profit margin of the plastic carrier tape business will gradually increase after the switching of raw materials is realized.

Layout of release film products, opening up new growth space.

Release film has a wide range of applications. It is divided into paper carrier tape and plastic carrier tape to grow the size of the space.

In 2018, the company’s release film business achieved sales income of 22.07 million yuan. Through the advancement of sample delivery verification by downstream customers, the release film business is expected to usher in growth.

It is estimated that the company’s EPS for 2019-2021 will be 1.

27 yuan, 1.

73 yuan and 2.

24 yuan, the current expected corresponding PE is 23 times, 17 times and 13 times, respectively, for the first time coverage, given an overweight rating.

The main risks faced by the rating were that the downstream economic recovery of the paper tape was worse than expected, the progress of the self-production of the raw materials of the plastic carrier tape did not meet expectations, the development of the customers of the transfer tape was worse than expected, and the price of wood pulp changed.

Tonic fluid does not mean drinking more water

Tonic fluid does not mean drinking more water
In dry weather, many people will feel tightness on their face and dry lips. Some people even experience skin peeling, cracked lips, nosebleeds, and upset.Chinese medicine believes that this is mostly caused by the lack of body fluid.Everyone often wonders: Is the lack of body fluids the lack of water?Is it enough to drink fluids?actually not.Traditional Chinese medicine believes that body fluid is the general term for all normal human body fluids, including sweat, saliva, and medullary fluid.The “Thirty Spirits of Judgment and Judgment” states: “The haircuts and haircuts are sweating, and the sweat is suffocating.”Gu Gu is full of gas, Qi Ze is injected into the bone, the bone is flexion and extension, Xie Ze nourishes the brain and the skin is moist.””, Jin has strong fluidity, can penetrate into blood veins and pores, moisturize the skin, and nourish muscles; the fluidity of the fluid is small, and it is implanted in bone joints, internal organs, etc. Its main function is to support bone marrow and internal organs.Although Jin Heye is different, it penetrates and supplements each other, so they are often called together.Body fluids are spread throughout the body. The daily diet is the main source of body fluids. It helps body fluids penetrate deep into the body. It is necessary to make full use of the combined effects of multiple internal organs. The most closely related are the lungs, spleen, and kidneys.Among them, the lung is the main body of the body, and the body’s body fluids 北京夜生活网 are all driven by the air, so the lungs are the main channel; the spleen is the main channel, its function is to finely lift the water valley in the stomach to the heart and lungs, and slender to the whole body; kidneyDirty water, responsible for human body fluid metabolism.Therefore, when the concentration of body fluid requires multiple organs to co-condition, drinking water is not enough.In clinical practice, people lacking fluid are often treated with nourishing yin.At the same time, lifestyle adjustments can reduce fluid consumption and prevent injuries.1.Don’t stay up late.Staying up late will seriously affect people’s normal physiological metabolism and easily lead to body fluid and blood loss.2.Feel free.Worries, depression, and other long-term stressful stress can easily lead to depression of the internal organs and ventilators, heat and depression, and damage the body fluid.Therefore, it is necessary to relax your emotions, relieve stress in an appropriate way, and relax.3.Proper exercise.Long-term desk work and lack of exercise can cause qi and blood to run slowly and cause fluid deterioration.Appropriate exercise can accelerate qi and blood operation and promote fluid circulation.4.Normal diet.People who eat spicy and greasy foods are often more prone to injury than people with a light diet. This is because spicy and greasy things are mostly warm and dry, and they are vulnerable to injury.Regular and irregular diets will increase the burden on the spleen and stomach. The spleen and stomach are the source of human blood and body fluids. Damage to the spleen and stomach can directly cause body fluid damage.Therefore, you should usually drink warm water, eat more fresh fruits and vegetables, and eat less spicy food.For people who have been injured by body fluids, the following dietary treatments can be taken for treatment.1.Raw Rehmannia Porridge: Take 20 ml of Raw Rehmannia Juice, 28 grams of Sour Jujube Kernel, and 50 grams of rice; add Sautéed Jujube Kernel to Raw Rehmannia Juice, cook with proper amount of water for 30 minutes, add rice, and cook until ready to eat.2.Radish and Lily Porridge: Take 5 large radishes, 20 grams of lilies, and 50 grams of rice. After the radishes are cooked, squeeze the juice. Add lilies and rice to the radish juice.▲

Monternet Group (002123): divesting power assets to focus on cloud communications

Monternet Group (002123): divesting power assets to focus on cloud communications

The company issued an announcement and signed a conditional “Distribution and Transfer Agreement” and “Asset Transfer Agreement” with Tianjin Bailite Fine Electric Co., Ltd. on November 4, 2019.Company 86.

735% of the equity agreement was transferred to Baili Electric for a transfer price of 4.

RMB 9.6 billion; the agreement to transfer part of the real estate and equipment assets held to Baili Electric was 1.

3.5 billion yuan.

  The divestiture of power assets generates positive returns.

The cancellation of budgeted taxes and fees for this transaction is expected to generate approximately 30,137.

Investment income of RMB 260,000; an increase of 32,173 is expected for the company during the year.

560 thousand yuan in cash flow.

  This revenue can provide the company with good support to reduce financial expenses and actively develop its main business. In the future, it will focus on the main business of cloud communications.

  Looking back on history, the development of cloud communications’ main business is in good shape and the leading level is stable.

In 2013, the company’s market share was only 2.

48%, the company’s market share has gradually increased, becoming the industry leader, fully proof of the company’s strong competition.

  In the first three quarters of 2019, the national mobile SMS service volume increased by 40 year-on-year.

8%, the mobile short message business revenue completed 29.8 billion yuan, a year-on-year increase of 深圳桑拿网 3.

6%.

The company’s strong growth beyond excellence in the industry once again proves that its industry leadership level has become increasingly stable.

Since the company’s Fuxin business was first mentioned in the 17-year annual report, the business has steadily landed. Recently, it has formed strategic cooperation with Huawei, as well as cooperation with national ticket information and high-light technology, which fully prove the company’s execution.

  Investment suggestion: Considering that the company still needs the approval of the shareholders meeting, the profit forecast is not adjusted for the time being.

The company’s EPS is expected to be 0 in 2019-2020.

53 yuan, 0.

87 yuan, maintain Buy-A rating, 6-month target price of 27.

5 yuan.

  Risk reminders: Fuxin’s promotion is less than expected; industry competition is intensified; fair incentive assessment targets are less than expected.

Air China (601111) 2019 Third Quarterly Report Review-Q3 Net Profit Growth Turns Positive and Benefits Costs Continue to Optimize

Air China (601111) 2019 Third Quarterly Report Review-Q3 Net Profit Growth Turns Positive and Benefits Costs Continue to Optimize

Q3 company achieved a net profit increase of 4.

4%, or the decrease in benefit costs is larger than income2.

3pcts, it is expected that the unit cost of oil deduction will decrease by about 6% per year.

Affected by Beijing’s traffic control and weak domestic demand, Q3’s RASK may decrease by about 6% every year.

The supply side continues, and the first-line airports in the new winter and spring seasons are expected to continue to raise prices.

The company is currently estimated to be quite attractive and expects a rebound in demand in November to materialize.

Q3 net profit increased by 4.

4%, or the decrease in benefit costs is larger than income2.

3pcts, investment income increased by 15.

6%.

On January 9, 2019, the company realized operating income of 1030.

80,000 yuan, an increase of 0 in ten years.

2%.

Realized attribution / deduction of non-net profit was 67.

600 million / 65.

600 million, the same increase -2.

5% / 0.

5%, deducting non-performance growth rate turned positive.

The gross profit margin has decreased year by year.

0 points to 19.

3%, financial expenses increased by 28.

9% to 58.

3 billion, of which the new leasing standard led to an exponential increase of 73.

8%.

Q3 company achieved revenue and net profit twice.

3%, +4.

4%, or benefit operating costs fell more than revenue 2.

3pcts, while investment income increased by 15.

6% to 6.

9 billion.

Flow control overlap Domestic demand is weak, Q3 RASK may fall by more than 6%, and unit deduction costs are expected to fall by more than 6%.

On January 9, 2019, the company’s investment in ASK increased by 5.

6%, of which domestic and international routes increased 杭州桑拿 by 4.

5%, 6.

5%.

Passenger load factor increased by 0.

5pct to 81.

4%, of which domestic and international routes are -0.1.

6.

Affected by the flow control in Beijing, Q3 company ASK increased by only 5.

4%.

During the same period, domestic line demand remained weak, especially in September, as demand for business passenger flow suppressed earnings.

Q3 company RASK is expected to decline by about 6% per year, of which regional routes are expected to decline by about 10%.

Operating costs fell 1% from January to September to 832.

300 million, Q3 unit oil deduction cost is expected to drop about 6% per year, cost control is excellent.

The Civil Aviation Development Fund has been halved or the cost has been reduced by 300 million yuan, Q3 exchange losses may have been reduced by about 200 billion yuan 深圳桑拿网 each year, and revenue has increased by 81%.

The spot exchange rate of RMB against USD USD depreciated in Q3 20193.

97%, it is expected that the company’s exchange loss may increase by about 100 million compared with the same period of the previous year. The easing of Sino-US trade will help the Q4 exchange rate narrow or normalize.

On July 1, the civil aviation development fund collection was halved. In 2018, the company spent civil aviation development fund21.

200 million, expected to reduce the corresponding cost of about 300 million in 19Q3.

Incremental depreciation and indexing of new lease budgets, reducing lease fees and overhaul costs, and Q3 interest increases contribute 81% of the increase in financial expenses.

4%.

The average ex-factory price of aviation kerosene in Q3 decreased by 10 per year.

9%, the pressure on jet fuel costs has eased significantly, and Q4 jet fuel is still expected to be in a downward range.

Daily flight growth in first-line airports is 2.

Below 5%, the corresponding fare of Singapore Airlines may continue to increase, and 10% of Daxing Airport market consolidation will consolidate Beijing’s dominant position.

Except for Guangzhou Baiyun in the Singapore Airlines season, the average daily growth in domestic flights of first-line airports has increased by 2%.

Below 5%, the provision of horizontal growth and tightening will help the trunk line with a high proportion of public business continue to release its elasticity.

Relying on the Beijing Capital Circle’s main base, it has the most valuable airline network and business and business passenger sources, and actively promotes the building of the main base into a world-class aviation hub with global competitiveness.

At present, the company covers 96% of domestic passengers in Beijing International Transit, and the transfer rate of Capital Airport may continue to increase in the future.

On October 27, the company began to operate a new flight schedule at Daxing Airport, and the 10% market share was conducive to consolidating the advantaged group in the Beijing market.

Risk factors: Macroeconomic growth has fallen faster than expected; severe depreciation of the RMB; rapid growth in international oil prices.

Earnings forecasts, estimates and investment ratings.

Q3 company achieved a net profit increase of 4.

4%, or benefit operating costs fell more than revenue 2.

3pcts, it is expected that the unit cost of oil deduction will decrease by about 6% per year.

Affected by Beijing’s traffic control and weak domestic line demand, Q3’s RASK is expected to decrease by about 6% annually.

In the winter and spring season, the first-line airports are expected to continue to raise prices. Q4 jet fuel may still be in the downward range.

We maintain our EPS forecast for 2019-2021 to 0.

56/0.

62/0.

66 yuan.

At present, the company is estimated to be quite attractive, and it is expected that the rebound in Beijing market demand in November will be realized.

Maintain “Buy” rating

Qianhong Pharmaceutical (002550): High-speed high-volume low-molecular-weight heparin preparations that basically meet expectations

Qianhong Pharmaceutical (002550): High-speed high-volume low-molecular-weight heparin preparations that basically meet expectations

Matters: The company released its 2018 annual report and realized revenue13.

2.2 billion, an annual increase of 24.

05%; net profit attributable to mother 2.

2.1 billion, an annual increase of 20.

95%; net profit after deductions to mothers1.

08 million yuan, an annual increase of 24.

76%; EPS is 0.

17 yuan.

The company’s performance basically met expectations.

The performance distribution plan is to allocate 1 for every 10 shares.

2 yuan.

At the same time, the company announced the first quarter of 2019 report and realized revenue3.

6.7南京夜网 billion, an annual increase of 8.

46%; net profit attributable to mothers reached 89.37 million yuan, a year-on-year increase of 6.

29%; net profit after deduction of non-return to mother is 58.92 million yuan, an annual increase of 5.

86%.

Ping An’s view: The company’s performance is basically in line with expectations, and the proportion of APIs has increased: the company’s revenue in 2018 was 13

2.2 billion, an annual increase of 24.

05%, achieving net profit attributable to mother 2.

21 ppm, an increase of 20 in ten years.

95%, the company’s performance was basically in line with expectations.

Among them the drug substance phospholipid 6.

23 ppm, an increase of 32 in ten years.

04%, accounting for 44 from 2017.

31% increased to 47.

17%.

The increase in the percentage of APIs has led to a decrease in the company’s overall gross profit margin.

88 to 48.

89%. At the same time, due to the increase in the price of raw materials, the gross profit margin of the raw material medicine itself has also decreased3.

66 pages.

The company expense ratio was 28 in 2018.

72%, reasonable compared to the previous year1.

54 pp.

Affected by the high base in the same period last year, the growth rate of the first quarter of 2019 has slowed down, and it is expected that the results of each quarter of 2019 will be more even.

The preparations segment grew steadily, and the low-molecular-weight heparin was released at high speed: the sales revenue of the preparations segment in 20186.

9.8 billion, an annual increase of 17.

80%, basically stable.

Among them, the expected sales volume of standard heparin sodium preparations is basically the same as the previous year, at about 23 million, and the average price in 2018 is around 5 yuan, which is a significant increase compared to 2017; the amount of low-molecular-weight heparin preparations is obvious, and enoxaparin and daparin are trending salesThe volume is close to 2 million, and it is expected to double in 2019.Natraparin is currently in the preparation stage for listing, and it is expected that the real volume will reach 2020.

At present, the company has three large low-molecular-weight heparin varieties, which will become the main growth point of the company’s profits. The total revenue of Yikai and Yimei exceeds 500 million yuan, and the OTC layout is smooth. It is expected to contribute more performance in 2019.

The first innovative drug QHRD107 was launched in clinical trials, with rich follow-up R & D pipelines: In July 2018, the company’s first class I new drug QHRD107 received clinical approval, and it is also the first adjacent CDK9 inhibitor to apply for clinical applications. The indication for application is AML, which is expected to increase annuallyThe market space is up to 1 billion.

Only three months from the declaration to the approval of the company, it shows that the company is fully prepared for research and development.

The company has rich reserves of follow-up products. Among the researches on bio-macromolecule drugs by Zhonghong Research Institute, ZHB202 is used to treat acute lymphoblastic leukemia (ALL), and ZHB206 is used to treat mild to moderate cerebral infarction. Two varieties have completed preclinical preparations., Is currently applying for clinical trials.

Innocent is in addition to the clinical QHRD107 project (LS007) that has been approved, and the LS010 project is also in the preclinical research stage. It is expected to report to the clinic in 2019.

Earnings forecast and investment rating: The company’s raw material drugs are still in a trend of rising volume and price, low-molecular-weight heparin preparations are being used at high speeds, and standard heparin preparations have maintained good prices.

At the same time, the company has a rich layout of innovative drugs, and varieties have entered the clinic one after another, showing its dark horse.

Taking into account that the company’s formulation growth rate has slightly decreased, we forecast the EPS for 2019-2020 from 0.

29 yuan, 0.

37 yuan adjusted to 0.

24 yuan, 0.

28 yuan, meanwhile, it is expected that EPS will be 0 in 2021.

36 yuan, maintain the “recommended” level.

Risk reminder: 1) Research risk: New drug research and development is a high-risk and high-reward behavior, which requires pharmacology, toxicology, preclinical, clinical trials and other steps. There is a possibility of failure; 2) Marketing risk: the companyThe preparation products are mainly sold in hospitals, and they face relatively fierce market competition, which may affect sales growth due to intensified market competition. 3) Price fluctuation risk of heparin APIs: The prices of APIs are volatile, although the proportion of business has decreased.However, if the price of heparin raw materials drops, it will still affect the company’s revenue and profit volume.

Since last year, 18 listed companies have reinvented the industry or are they transformed?

Since last year, 18 listed companies have reinvented the industry or are they transformed?

Since last year, 18 companies have reinvented or transformed?

  Image source: Visual China is interlaced like a mountain, and it is poor for three years?

  The name change of listed companies has always been a special landscape of the A-share market.

But relatively speaking, it is a more niche and more difficult thing for a listed company to change its industry classification.

  Because the industry classification of a listed company cannot be changed, according to the relevant provisions of the “Guide to the Industry Classification of Listed Companies”: When the proportion of a company’s business income is greater than or equal to 50%, it will be classified into the business phase.Corresponding category.

  18 listed companies changed the industry classification data. Bao statistics found that since last year, 18 listed A-share companies have issued announcements to change their industry classifications.

Around the same time as the number of listed companies changed names at the same time, the change in the industry has intensified even more.

Perhaps “interlaced like a mountain” also applies to listed companies.

  Recently, Wanneng Environment issued an announcement on industry changes. According to the announcement, Wangnen Environment Industry’s category change application was approved, and its industry was changed from textile industry (C17) to ecological protection and environmental governance industry (N77).

According to the announcement, the company completed a major asset reorganization in 2017, placing all assets and liabilities related to the printing and dyeing business, and placing 100% equity of Zhejiang Wangneng Environmental Protection Co., Ltd., the company has transformed into ecological protection and environmental governanceindustry.

  In fact, similar to Wangneng Environment, nearly half of the total number of companies changed the industry due to major asset restructuring.

Beijing Grain Holdings, Hebei Xuanong, North China Chuang, Berry and Kang, Saurer Intelligent, etc. all stated in the industry change announcement that major asset reorganizations have been completed.

  Outward M & A is also an important reason for the change in the revenue structure of listed companies to trigger industry classification changes.

For example, Shenzhen Huaqiang changed from business service industry (L72) to wholesale industry (F51) last year. The company stated that since 2015, it has developed new profit growth points through outbound mergers and acquisitions and endogenous growth.The 2016 financial report shows that the company’s electronic component distribution business accounts for 73 of the company’s annual operating income.

86%; net profit accounted for 49 of the company’s previous net profit.

40%.

  There are also changes in industry classifications due to the expanding business scale of subsidiaries.

For example, in January Hyde issued an industry classification change announcement, changing from real estate development and operation (K70) to other financial industries (J69).

The company stated that the performance of its subsidiary Haicheng Asset Management business had been transformed, and the company’s main business and operating model had undergone substantial changes.

According to the performance forecast issued by Hyde over the same period, net profit is expected to increase by more than 20 times in 2017. The reason for its forecast is based on the following: the reporting company has realized business transformation, and its non-performing asset management business income has increased significantly.

  6 companies renamed and changed industries It is worth mentioning that 6 of the companies that have changed the industry classification in the above announcement also changed their company names. For example, since 2018, Meixinda, Zhujiang Holdings have been renamed as Wangneng Environment, and Beijing Grain Holdings., 西安耍耍网 And Honglei shares, Xinjiang Urban Construction, * ST Tianyi, Qixing Electronics four companies in various industry classification changes, in 2017 also changed their names to Minsheng Jinke, Saurer Intelligent, Berry Gene and Northern China Chuang.

  Welcome to rebirth after changing industries?

  Data Bao statistics show that 17 of the above 18 companies disclosed their 2017 annual reports, performance bulletins or performance forecasts. According to the disclosed performance data, 11 stocks had an increase of more than 30%, accounting for over 60%, of which 3The net profit of the home doubled, which was Berry Gene, Hyde shares and Mongolia grass ecology.

  In addition, the first quarter also entered the disclosure period, and five of them previewed the performance of the first quarter of 2018, including Caesars Culture, Mida Digital, Northern China Chuang, Meishang Ecology and Minsheng Jinke.

The average price of the five companies has achieved an increase in growth rate. Among them, Northern China Chuang is expected to increase its net profit by 830% to 880% in the first quarter, the largest increase. Meishang Ecology and Minsheng Jinke expect the first quarter performance growth to exceed 100%.

Broadcom Integration (603068): The Ministry of Transport’s 2019 ETC mission is over-completed and the company is expected to benefit

Broadcom Integration (603068): The Ministry of Transport’s 2019 ETC mission is over-completed and the company is expected to benefit

Industry events: The Ministry of Transport’s website was announced on December 20, 2019, and there were 574 new ETC customers nationwide in the week of December 20.

250,000 (average daily 82.

04 million), to complete 375 of the week mission.

99%.

This year, there are 11017 new ETC issuing tasks.

880,000.

As of December 18, 11155 was gradually completed.

760,000, accounting for 101.

25%.

As of December 18, the total number of ETC customers nationwide reached 19,223.

440,000, completed the total target of 19,085.

560 thousand 100.

72%.

At present, the daily average number of new users of ETC is still at a high level, and the ETC promotion task of the Ministry of Transport is over-completed. We judge that the company will continue to benefit in 19Q4.

In our report, “ETC Drives Revenue Growth in 19Q2 and Strong Guidance to 19Q3”, we mentioned that “we estimate that the average daily ETC user increase from August 14 to 27 will be around 690,000, which is far more than the daily average of 19Q1.

60,000, we estimate that the number of new ETC users in 19Q3 is expected to grow significantly from the previous quarter. ”

Combined with the latest number of ETC users announced by the Ministry of Transport, the current average daily completion volume is about 82.

40,000, which is still at a relatively high level compared to 19Q3. As of December 18, the Ministry of Transport has completed the issue of 100 for the total target.

72%, we judge the company will continue to benefit from the rapid growth of ETC users in 19Q4.

The company’s mass production of TWS chips is expected to benefit the rapid growth of the TWS industry in the future.

According to the trend forecast, TWS is expected to reach 78 million units in 2019, and will reach 1 in 2020.
.

100 million units.

We judge that TWS overcomes the convenient intervention experience for a short period of time, and the sound effect is rapidly increased. It is expected to become the entrance of voice interaction in the long run.

The company revealed in “Shanghai Stock e Interaction” that “wireless audio is one of the company’s main products, and the company’s TWS products have been mass-produced and are now mainly supplied to overseas brand customers.” We judge the company’s TWS chip products to gradually benefit from the rapid growth of the TWS industry.

profit prediction.

We predict company 2019?
The 杭州桑拿网 EPS in 2021 will be 2.

19, 3.

22, 4.

13 yuan / share.

We give company PE (2019) 50?

57x, corresponding to the reasonable and reasonable value interval 109.

50?124.

83 yuan, given to the company PS (2019) 12.

00?
13.
50x interval, corresponding to a reasonable reasonable value interval 110.

16?
123.

93 yuan, carefully considering that we believe the company’s reasonable value range is 109.

50?123.

93 yuan / share, maintain “previous market” rating.
risk warning.

The ETC chip industry may have new competitors in the future.