China Railway Construction (601186) 2019 Interim Report Review: Interim Report Performance Enhancement Highlights Low Valuation

China Railway Construction (601186) 2019 Interim Report Review: Interim Report Performance Enhancement Highlights Low Valuation

I. Overview of the event China Railway Construction released the 2019 Interim Report: In the first half of 2019, it realized revenue of 3529.

35 ppm, an increase of 14 in ten years.

23%, net profit attributable to mother 92.

8.4 billion, an increase of 15 in ten years.

93%, deducting 85% of non-attributed net profit.

2.7 billion, an increase of 19 years.


  Second, the analysis and judgment of the interim report performance has steadily increased, the profitability has improved, the cash flow improved in the first half of the company’s revenue growth rate14.

23%, an increase of 7 compared with the same period last year.

The growth rate of net profit attributable to mothers increased by 2 percentage points, but the growth rate of net profit attributable to non-mother mothers increased by 1.

32 units, the overall performance rose steadily.

In terms of sections, the project contracting revenue was 3109.

69 ppm, a 16-year growth rate of 16.

39%, an increase of about 10 compared with the same period last year.

With 61 digits, the increase is even more significant. The real estate sector income was 98.

3.5 billion, a slight decline before.

  Gross profit margin for the first half of the year 9.

8%, an increase of 0 compared with the same period last year.

1 average, net interest rate 2.

92%, an increase of 0.

04 single, the expense rate is relatively stable, compared with the same period last year, the expense rate fell slightly to 0.

11 units, of which financial expenses are properly controlled and reduced by 0 for one year.

09 averages.

  Cash flow has improved, with net cash flow from operating activities of -324.

7.2 billion, a positive change from the same period last year 134.

1.6 billion, net increase in cash and cash equivalents -213.

9.2 billion, a positive change of 72.

09 billion.

  Based on the main business of infrastructure construction, the growth rate of signing orders has increased, and future performance is more secure. In the first half of 1911, the company’s new vertical order was 7,186.

9.7 billion, exceeding the growth rate of 18%, compared with the same period last year, an increase of nearly 8 values, of which the engineering contracting category surpassed the single 6118.

9.2 billion, an increase of 23 in ten years.

14%, at least nearly 14 units increased, the growth rate rebounded significantly.

From the perspective of the molecular industry, the new wavelengths for railways, highways, and other categories (including municipalities) were 981.1165 / 3973 billion, respectively, and the growth rates were 18 respectively.

58% / 0.

79% / 33.

06%, of which the road growth rate turned positive and significantly improved compared to the end of last year, and infrastructure projects such as municipal and urban rail rapid growth.

Company 18-19H1 new mid-term single 2.

3 trillion, with a revenue ratio of about 3 to 18.15. In the future, the performance guarantee is relatively high. With the expectation that infrastructure investment will continue to stabilize, the performance of the transportation infrastructure in the 13th Five-Year Plan period may accelerate its release in the last two years.

  Third, the investment recommendation company is a leading enterprise in infrastructure construction, and the value of Hengqiang, the strong one, has become prominent under the recovery of infrastructure construction.

It is estimated that the net profit attributable to mothers in 19-21 will be 204/226/25 billion and the EPS will be 1.



84 yuan, corresponding to PE is 6.



95 times, the company’s estimated maximum value / expectation / minimum value within one year is 9 respectively.



63 times, an increase of 8 times compared to the company’s current 南宁桑拿 estimate. The company relatively estimated replacement, maintaining the “recommended” level.

  4. Risk Warning: Infrastructure Investment Transition

Tower Group (002233) Cement Map Series Report: Scale + Cost Advantage Creates Yuedong Oligopoly Assets Entering Harvest Period

Tower Group (002233) Cement Map Series Report: Scale + Cost Advantage Creates Yuedong Oligopoly Assets Entering Harvest Period

Investment points The cement industry has entered the stage of the industry’s life cycle. The reinvestment capacity and expectations of enterprises are weakening, the industry structure is solidifying, and the trend of continuing to focus on the leader remains unchanged.

For the investment of leading enterprises in which the cement competition pattern has been solidified in some regions, we recommend lowering the rate of return expectations, lengthening the investment dimension, and focusing on strengths.

As a leading company in the eastern Guangdong region, through the expansion of production capacity in recent years, the Tower Group has continued to strengthen its internal competitiveness, and there is still room for potential substitution in the region’s internal demand; it is expected to become a stable income with high dividends and high returns in the future.

Here we will conduct multiple detailed analyses of the competitive advantages and value attributes of the Tower Group; provide a relatively new idea for cement investment.

The Taipai Group is a leading cement company in the eastern Guangdong region. It has a reasonable production capacity layout and strong resource endowment, and is highly competitive in a relatively closed market in the region.

The company has three production bases in Meizhou, Huizhou, Guangdong, and Longyan, Fujian (only 20 km away from the Meizhou base). It is an absolute leader in the eastern Guangdong region. Due to the complex terrain, it has a strong right to speak in the relatively closed eastern market.

The company’s own limestone mines will continue to benefit from the general trend 杭州桑拿 of “clinker resource utilization” in the industry.

In recent years, the company has added two new straight lines. The cost is the lowest in eastern Guangdong. The cost per ton is about 20 yuan lower than the cost of a 5000t / d production line in the region.

The cost and scale are as absolute as possible. The company’s speaking power in the region is strengthened. From the strategic choice, whether it is relative strategic intimidation or genuine price war expansion, it is sufficient.

The strength of the milling station along the coast of eastern Guangdong will not have an effective impact on the sales channels of the tower. In the future, the company will be invincible in eastern Guangdong.

The company has long recognized that the cement process has been improved and its operating efficiency is excellent.

The company’s cement clinker production line is advanced and the scale of the single unit is large; the sales model combines the characteristics of the region with infrastructure and rural-oriented characteristics, through distribution-oriented, direct sales as a supplement, and its leading advantages in key regional projects, ensuring the companySales channels, tons of selling expenses are extremely low.

The cement demand potential in eastern Guangdong is relatively high, and the construction of the Greater Bay Area is also expected to further boost regional cement demand.

In the case of severely weak regional infrastructure facilities, we expect that the regional cement demand will have great room for future development.

In the fourth quarter of 2019, it is expected that the company’s market share in the region will gradually increase to 60% after the company’s second plug-in line is put into production, and continue to improve the company’s competitiveness.

The balance sheet is well repaired, high cash flow returns, potential dividend returns, and the company ‘s asset value can be revalued.

According to the company’s total market value deducted cash in hand, the overall discounted cash flow requirement is only less than 9 billion, according to the company’s assumption of 1 billion to 2 billion net cash inflow per year, the overall asset side safety margin is high.

With the reduction of capital expenditures, the company’s future dividend ratio will remain high (almost 59% in 2018).

We estimate the company’s net profit attributable to mothers to be 17 in 2019.

2.6 billion, after deducting 4.5 billion in net cash, corresponding to only 5X of internal PE; the current index rate level is close to 8%, and the safety margin is high, giving an “overweight” rating.

Risk Warning: 1.

Macroeconomic risks.


Supply-side reforms fall short of expectations

Xinjiang Zhonghe (600888): Corrosion foil supply slows company’s performance

Xinjiang Zhonghe (600888): Corrosion foil supply slows company’s performance

Event description: The company’s 2019 semi-annual report shows that the first half of the year achieved revenue 22.

500 million yuan, a reduction of about 2% a year; net profit attributable to mother 0.

910,000 yuan, a year-on-year decrease of 11%, to reach zero income.

11 yuan.

Incident Comment: Affected by the fire accident in the corroded foil workshop, the revenue of the electrode foil segment decreased.

Reporting intermediates, the company’s high-purity aluminum achieved sales revenue3.

3.1 billion yuan, electronic aluminum foil sales revenue3.

1.1 billion US dollars, stable compared 天津夜网 with the same period last year; electrode foil due to insufficient supply of corroded foil, sales revenue4.

1.6 billion, a certain margin; alloy products, aluminum products total sales revenue7.

8.3 billion US dollars, basically the same as the same period last year; from the perspective of domestic and foreign market distribution, the company’s export revenue was 2.

40 ppm, an increase of 10 years.


  The production capacity advantage is obvious, and the aluminum foil business is growing steadily.

The company’s non-public offering of shares raised about 7.

500 million yuan will be used for: (1) an annual output of 15 million square meters of high-performance high-pressure high-pressure foil forming project; (2) an annual output of 15 million square meters of high-performance high-pressure corrosion foil project; (3) repayment of bank loans.

By the end of June, part of the project’s production lines had entered the commissioning production stage.

The total number of targets for this offering is four: TBEA has subscribed for approximately 3.

6.8 billion yuan, Zhuhai Gree Electric Co., Ltd. subscribed for about 200 million yuan, Jiangsu Quanquan Agricultural Bank state-owned enterprise mixed transformation transformation and upgrade fund subscription for about 1.

48 ppm, Shenzhen Boding Huaxiang Investment Partnership subscribed for about 0.

3.5 billion.

Currently, TBEA holds a 30% stake.

85%, still the company’s largest shareholder.

Gree Electric’s shareholding ratio is 4.

44%, the company’s third largest shareholder.

  Gree Electric has strategically invested in shares and deepened cooperation with Xinjiang Zhonghe.

Xinjiang Zhonghe is an important supplier of medium- and high-voltage foil-forming materials for Gree Electric. This strategic equity investment in Xinjiang Zhonghe has improved the company’s supply chain system and provided stable raw material supply guarantee for the company.

In addition, in-depth cooperation with Xinjiang Zhonghe can accelerate the company’s emerging industry product promotion and form a close strategic cooperative relationship.

  Profit forecast and investment recommendations: Considering the sales volume and cost impact of electrode foils during the year, after adjustment, it is estimated that the company’s net profit attributable to mothers in 2019-2021 will be 1.

96, 2.

52, 2.

96 ppm; EPS is 0.

19, 0.

24, 0.

29 yuan, with a daily corresponding P / E of 22 on August 14, 2019.

7X, 19.

2X, 北京夜网 16.

3 times, give overweight rating.

  Risk warning: Alumina, electrolytic aluminum prices fluctuate, aluminum foil demand is less than expected

Conch Cement (600585): High-quality blue-chip leader with outstanding cash cow attributes

Conch Cement (600585): High-quality blue-chip leader with outstanding cash cow attributes

Event: Recently, the company announced its 2019 semi-annual report. In 19H1, the company’s revenue was 71.6 billion, which was +56 in the past.

6%; net profit attributable to mothers is 15.3 billion, annual +17.

9%; EPS is 2.

88 yuan.

The company’s second-quarter revenue was $ 41.1 billion, +52 for the year.

5%; net profit attributable to mother is 9.2 billion, +12 in ten years.


Comments: 19H1 real estate infrastructure demand is still strong, the company’s volume and price rose, continue to strengthen trade sales.

1) The growth rate of 19H1 land construction area continued to increase, and the demand for cement at the infrastructure end picked up. Affected by this, the company’s total net sales of 19H1 cement clinker was 2.

2 billion tons, of which 1 is self-produced and sold.

4.6 billion tons per year.

0%, basically matching the growth rate of industry demand (19H1 national cement output growth rate was 6.


2) We believe that under the environment of good industry demand, peak shifts, environmental protection, and synergy continue to play a role in cement prices. The unit price of cement clinker in 19H1 company is 330 yuan, each time +19 yuan; the cost per ton exceeds +8 yuan.It is estimated that the cost of raw materials and labor will rise mainly; gross profit per ton is 155 yuan, +10 yuan each time.

3) The company’s trade sales volume in 19H1 was 5,600 initially, with trade revenue of 19.7 billion, accounting for 27% of total revenue.

5%, gross margin is 0.

16%, with limited impact on earnings.

Affected by this, the growth rate of revenue in 19H1 significantly exceeded the growth rate of net profit.

4) Except for cement clinker business, the company’s aggregate revenue in 19H1 was about 4.

6 ppm, previously + 33%, gross margin was 68.

6% a year -2.

5 points, profit level performance is expected.

The cost per ton is basically stable, and the net profit per ton continues to hit a new high.

1) According to the calculation of self-production and sales, the company’s 19H1 ton cost (tax, three fees) is about 29 yuan, which is +1 yuan in a row. There is a cash surplus in hand and the company’s financial costs that continue to decline continue to decline, and the financial costs per ton are ten-3.

8 yuan.

2) The net profit of 19H1 ton is about 107 yuan, +10 yuan in ten years, continuing to hit a record high.

The balance sheet continued to be optimized with strong cash cow attributes.

The company’s combined capital expenditure is limited and its operating cash flow is merged. In the second quarter of 2019, the asset-liability ratio dropped by 19%. We believe that the company has been the basis for high dividends for a long time, and also has the strong ability of cross-industry chain cross integration.

The company’s 四川耍耍网 internationalization is progressing smoothly, domestic mergers and acquisitions integration is advancing steadily, and industrial chain integration is continuously promoted.

1) In terms of internationalization, the company ‘s shareholders ‘meeting announced that the 13th Five-Year Plan will have an overseas cement capacity of 5,000 tons, which will be the main source of the company ‘s new capacity in the future.”All the way”, the Group continued to strengthen overseas research and demonstration and reserve project carriers.

Domestically, we expect that the future development path will be dominated by mergers and acquisitions, and the company’s early secondary market will increase its shareholding in western cement to about 21.

11%, and subsequent cooperation in the western market is worth looking forward to.

In 19H1, the company added 230 cement production capacity, 200 aggregate production capacity and 600,000 square meters of commercial concrete production capacity.

2) Since 18Q4, the company’s purchase and construction of fixed assets, cash payments for intangible assets and other long-term assets have picked up. The company continues to promote the integration of the industrial chain, extending from the main cement clinker business to upstream and downstream industries such as aggregate and concrete.

The company plans a capital expenditure of USD 10 billion in 2019 for project construction, energy conservation and environmental protection, technological transformation and M & A project expenditure. The company is expected to increase the clinker production capacity by about 400 tons (excluding M & A) and aggregate (including mechanical sand) production capacity by 1,700.mortality rate.

Maintain “Highest Market” rating.

The company is a high-quality blue-chip cement leader with obvious advantages in cost and cost control. In 2019, we expect that the company will have limited new capacity in the region. The new high-value-added construction in the early stage will gradually move away from the support for cement demand, and the company strives to maintain a high profit level.
What do we expect the company 2019?EPS in 2021 will be about 6.
13, 6.

37, 6.

49 yuan for the 2019 PE 8?
10 times, reasonable value range 49.


30 yuan.

risk warning.

Demand exceeded expectations, coal prices rose sharply, and internationalization progress fell short of expectations.

BTG Hotel (600258): Stock hotels continue to upgrade and follow up new brands and new momentum

BTG Hotel (600258): Stock hotels continue to upgrade and follow up new brands and new momentum
[Event]The BTG Hotel released the semi-annual report for 2019, and the company realized operating income of 39.90 trillion, a year of zero reduction.30%; net profit attributable to mother 3.68 ppm, an increase of 8 per year.14%; net profit deducted from non-return to mother 3.3.6 billion, an increase of 6 every year.22%; EPS is 0.37 yuan / share.Non-recurring profit and loss items totaled 3,196.280,000 yuan, mainly for government subsidies of 1,754.570,000 yuan and investment income of 1,328.190,000 yuan, of which the investment income is 52% of the equity in the comma Cayman company.23% dropped to 49.43%, changing it from a subsidiary to a joint-stock enterprise.  [Comment]1) Revenue decreased slightly, net profit rose, RevPAR was less than expected. ① Revenue: Hotel business and attraction operation business respectively achieved 37 revenue.4 billion, 2.50 ppm, each change of -0 over ten years.48%, +2.55%.  Hotel business: According to the business model, hotel operation and hotel management achieve revenue of 30 respectively.1.4 billion, 7.26 trillion, a year change -2.72%, +9.98%.The hotel operation center mainly closed stores and upgraded and directly operated stores. The average operating room volume decreased by 4%.91%, while RevPAR replaced slightly in the first half of the year.The growth of hotel management is mainly due to the continuous growth of franchise business. The number of franchised hotels increased from 2,849 in the first half of 2018 to 3,206 in the first half of 2019.Home Inns Group achieved revenue of 33.12 ppm, a decrease of 0 per year.57%.  Attractions business: The increase in revenue is mainly due to the increase in the ticket retention ratio of Nanshan Park from 40% to 50%, which increased ticket revenue by 19.48 million yuan.In addition, changes in the business model of merchandise sales and market factors led to termination of 13.24 million yuan.  ② Cost: The company’s comprehensive gross profit margin decreased by 0.72 points to 94.14%.Operating costs increase by 13 each year.65%, mainly due to the increase in food delivery in the hotel operation business and the increase in the cost of a single breakfast caused by the increase in catering costs and the increase in the cost of goods in the hotel operation business.  The cost control is effective, and the cost rate decreases by 1 during the period.07pct to 80.66%, of which the sales / management / R & D / financial expense ratios were changed by a factor of -2.85pct / +0.17 points / +0.07pct / -0.46pct to 66.40% / 12.22% / 0.31% / 1.72%.Among them, the decrease in sales expenses was mainly due to factors such as the decrease in the number of directly operated hotels; the increase in management expenses was mainly due to the sporadic increase in office expenses and other factors that caused the company to increase its core competitiveness and increase information investment.  ③ Profit side: Net interest rate rose by 0.72 points to 9.twenty one%.  Hotel business: maximized profits of 438.32 million yuan, an annual increase of 5.67%; of which, Home Inns Group realized a profit maximization of 497.86 million yuan, a year-on-year increase of 5.54%, mainly due to the decrease in the number of directly-operated hotels resulting in cost reductions.  Scenic area business: maximized profits of 118.75 million yuan, an annual increase of 6.66%.  2) Hotel operation data ① Number of hotels and rooms: The proportion of mid- to high-end and chain franchisees increased in the second quarter of 2019. There were 4,117 hotels (including 1 overseas) and 398,006 rooms.There are 755 mid- to high-end hotels, accounting for 18.3%, 91,784 rooms, accounting for 23 of the total number of rooms.1%.The number of newly opened stores is 159, including 2 directly operated stores and 157 franchise stores (98%).74%).The number of newly opened economy hotels was 28; the number of newly opened mid- to high-end hotels was 43; the number of cloud hotels was 36; the others were 52, of which 51 were managed and exported hotels.As of June 30, 2019, there were 689 stores that had not been opened and were contracting.  ② Operating data: The overall RevPAR decreased, and the ADR increased slightly. Occ continued to decline in the second quarter of 2019. The overall RevPAR was 162 yuan / room · night, alternating -1.5%; ADR 202 yuan / room · night, multiple +1.3%; October 80.2%, twice -2.3 points.Among them, 3,149 hotels have been opened for more than 18 months, RevPAR 160 yuan / room · night, -3 per year.6%; ADR 197 yuan / room · night, many times -1.1%; occ 81.3%, twice -2.1pct.  ③ Product breakdown data: Affected by the upgrade, the economy-type continuous mid-end high-end 2019Q2, and the overall hotel economy RevPAR passed -3.9%, compared to -6 in the mid-to-high end.7% is higher than 2.8pct, compared to -9 of the cloud series hotels.6% is higher than 5.7pct; From the perspective of hotels opened for more than 18 months, the economical RevPAR is up and down -3.9%, compared with -3 in the middle and high end.2% is slightly lower than 0.7pct, compared to -5 of the cloud series.1% is higher than 1.2pct.The overall economy hotel performance reached mid- to high-end, mainly because the company continued to strengthen the expansion of mid-to-high-end hotels. In the first half of 2019, it has invested in the construction and upgrading of 34 mid-to-high-end hotels.  ④ Data by model: The franchise model expanded rapidly in the second quarter of 2019, and the overall hotel direct-operated RevPAR was +0.5%, -2 of the earlier chartered management type.4% is higher than 2.9pct, better location and operation of directly operated stores.As of the end of June 2019, the company’s franchised stores accounted for 77.87%, the number of rooms accounted for 73.42%, the franchise chain trend remains unchanged.At the same time, as home 3.0NEO’s direct-operated store reconstruction plan is to iteratively upgrade the product. At the end of June, 236 direct-operated stores have been gradually upgraded and transformed into Home Inn 3.0NEO, accounting for 33 of the total number of direct stores in the economy.6%.  Gradually complete the upgrade of 50 franchised hotels to Home Inn 3.0NEO transformation.  3) Jointly build new brands and explore new momentum. Home Inns and Excelle Hotel Group established a joint venture, Yusu Hotel Management Co., Ltd., to launch a new brand “Yicheng Hotel UrCove by HYATT” positioned in the mid-to-high end travel market.Opening business, the company invested 91.8 million yuan, holding a 51% stake.  The 佛山桑拿网 company and Chunqiu Group jointly created an airport chain hotel brand “Jiahong” hotel to meet the needs of business travel users and aviation crew. The first flagship store was officially opened at Hongqiao Airport at the end of June.  The company cooperated with the famous IP Dragon Ball to promote the hotel ‘s theme space product “Manji”. In the first half of the year, four 20 rooms of double rooms have been opened, which are mainly transformed from the company ‘s 2 YUNIK HOTELs and 4 home-selected hotels.In Shanghai, Beijing, Chengdu and other places.  BTG-Jianguo won the bid for the China Southern Airlines Unit Support Project of Beijing Daxing Airport. The project has a building area of 170,000 square meters and more than 2,200 operating rooms. It is the largest high-end hotel operation management project in Beijing in the next 5 years, and welcomes the development of the company’s high-end hotel brand.  4) Profit forecast: The company’s EPS for 2019-2021 is expected to be 1.01/1.17/1.39 yuan, corresponding to 15 for PE.6/13.4/11.3 times.As a domestic hotel chain giant, BTG Hotel has a steady growth in hotel business, a long-term competitive advantage, and has core driving factors. It is expected to repair and develop in the future, giving it a “strong recommendation” rating.  Risk reminder: macroeconomic downside risks; hotel franchise management risks; hotel renovations are less than expected risks.

Goldman Sachs: Continue to Overweight China’s New Economy Science and Technology Innovation Board Is a New Starting Point

Goldman Sachs: Continue to Overweight China’s New Economy Science and Technology Innovation Board Is a New Starting Point
独家专访高盛: 继续加码中国新经济,科创板是新起点  周艾琳  [早前国内主板、中小板公司的发行估值固定,券商所做的更多是做文件、跑批文,而在科创板After the launch, brokers will play a role in pricing enterprises, telling stories for enterprises, and exploring domestic and foreign investors.]  目前,科创板已进入开板的冲刺阶段,外资券商也在积极争取市场份额.Although it is not as good as domestic securities firms in terms of customer network, it has a local advantage, but under the market-oriented “armor training field” of science and technology board, rich securities firms that are accustomed to overseas market-based pricing may play a huge advantage.  During the recent antique Asia’s first Dream + Transformation | Goldman Sachs Innovation Summit, Zhu Hansong, CEO of Goldman Sachs Gao Hua Securities, and Cai Wei, Co-Head of Goldman Sachs China’s investment banking business, accepted an exclusive interview with China Business News.They said that the current issuance method and rules of the science and technology board are relatively close to overseas, and may become China’s “Little Nasdaq.”  Earlier domestic motherboards and small and medium-sized board companies had fixed issuances. Brokers traded more in documents and running approvals. After the launch of the science and technology board, the brokers will set prices for companies, tell stories for companies, and explore domestic and foreign investors.Play a role.  Foreign brokers will date overseas experience. Too many restrictions on IPO pricing have been one of the drawbacks of the A-share listing system.The guidance on pricing is too strong, so the IPO pricing of A-share listed companies is generally low, and there is even a strange appearance of “making new” and almost making no money.  According to developed market experience, IPO pricing is a two-way inquiry and communication process. One party is the issuer and the intermediary, including the company to be listed, investment bank, accounting firm, and legal adviser. The other party is an institutional investor, including various funds.With the assistance of an intermediary, especially an investment bank, the issuer understands the needs of institutional investors for listed stocks at different issue prices, and summarizes the issue price based on the situation of the listed company.  At present, the market pricing pilot conditions implemented 南京夜网 on the Shanghai Stock Exchange are basically met, and there are enough domestic and different types of institutional investors to participate in the inquiry process, including various public offerings, private equity funds, overseas QFIIs, etc.But at the same time, considering that for most technology companies in emerging industries, it is difficult to find enough similar companies from the listed companies as a benchmark for pricing.  Zhu Hansong told reporters that foreign brokers have extensive experience in inquiries, pricing and contacting investors at home and abroad.  ”We will combine the experience of issuing shares overseas with China.Investment banks should focus on discovering the highlights of the company’s story. In terms of market recommendations, help companies lock in investors who know the industry at an early stage. These investors collectively point to domestic funds, including foreign institutional investors. They can pass QFII.Participate in science and technology board.”Zhan Hansong mentioned that one of the advantages of foreign investment banks is cross-border business.” It will assist companies in conducting global roadshows, reaching out, and educating investors on both sides.At present, companies listed on the science and technology board are companies that do not have a high profit level at this stage and do not even make money, but have great growth prospects in the future.There are several sets of very mature estimation methods in the world. I hope that they can be introduced to communicate with domestic institutional investors and allow domestic and foreign investors to form a more consistent fundamental valuation.Generally speaking, investors at home and abroad are likely to have different estimates of the same company. This is different from their own perceptions and different comparison benchmarks. For example, liquor, white electricity, etc. are scarce in Hong Kong stocks and European and American markets.Therefore, earlier the foreign countries called the pricing of the relevant A-share companies far higher than domestic investment.For science and technology board companies, overseas has more mature valuation models. “I hope that international and domestic investors can form a benign relationship, which will help companies find fair and reasonable valuations.Zhu Hansong said.  The role of intermediary agencies. Earlier, when preparing securities IPOs, securities firms may prepare documents, run approvals, etc. may be the main tasks. In the future, under the market-based pricing mechanism of the science and technology board, intermediaries will have to take responsibility.  Cai Wei specifically explained to reporters the overseas inquiry and pricing process.他称,“当投行为目标公司准备材料(财务预测、公司定位等)后,海外有一个‘试水机制’,即投行要带着公司高管见一些有影响力的投资人,投资人对公司进行Make a statement. At this time, the investment bank will have an approximate conceptual interval for the estimation.At the same time, analysts will also communicate with many institutional investors, and use the mode of intermediary financial advisers to communicate with investors (rather than the company directly communicating with investors), which helps investors to provide objective pricing, and the process is transparent。”” During the roadshow, the company may have to meet more than one hundred investors, and then the sales staff will follow up and communicate with the investors.After months of exchanges, the investment bank will continue to find the reasonable pricing point based on the initial estimation model, continue to narrow the range of changes, and find reasonable pricing for the boots.Cai Wei said that investment banks can perceive the market demand situation in this process, and finally decide how to allocate based on this, and find a balance between supply and demand.  For a long time, the stocks listed on the A-share market were considered by the market as “scarce resources”. This is an unusually enthusiastic purchase in the primary market.The short-term premium level of the A-share IPO market is much higher than that of other markets. Almost few short-term trading prices will fall below the issue price after the stock is listed. The “market support mechanism” seems difficult to be useful.On the science and technology main board of market-based pricing, this mechanism may play a role.  According to the distribution after the issuance, Cai Wei said: “This is completely determined by the company and investment bank in the US stock market, plus the proportion of retail investors in the European and American markets.However, in the Hong Kong market, certain restrictions have been placed on the proportion of retail investors, and the science and technology board is closer to the Hong Kong model.”Relevant methods of the science and technology board quoted that the initial public offering of shares on the science and technology board, the reasonable ratio of off-line issuance is not less than 50% of the number of shares issued offline this time, priority to public offering products (includingPublic offerings set up by investors in accordance with the requirements of investor suitability), social security funds, pensions, etc.  Basically, in the European and American markets, the Shanghai Stock Exchange has specified the follow-up investment system of the relevant subsidiaries of the sponsor, that is, the scale of the subscription with its own funds is 2% of the issuer’s initial public offering?5% of the shares, the specific proportion of which is determined based on the issuer’s initial public offering scale.The lock-up period for explicitly following-in investment shares is 24 months, which is longer than the shares held by shareholders before issuance other than the controlling shareholder and the actual controller.  Powering private enterprises in the new economy Goldman Sachs’ positive statement on participating in the science and technology board is also part of its own “power in the new economy” strategy.  In the early years, Goldman Sachs’ strategic focus was on large Chinese state-owned enterprises, the reorganization of state-owned enterprises and initial public offerings, and almost participated in the reorganization and listing of the first state-owned state-owned enterprises in various industries at the time, including PetroChina, China Mobile, and Bank of China.With the transformation of China’s economic structure, “while assisting large-scale customers, focusing on the new economy and the private economy” has become a new strategy for Goldman Sachs in the past two years. Goldman Sachs is the only company that has participated in all BAT (Baidu, AlibabaGoldman Sachs also said that it will continue to serve the Chinese private economy in the future.  Although the global secondary market experienced short-term fluctuations in 2018, the primary market is flourishing, and many science and technology companies hope to seize the tail of the expansion cycle to sprint IPOs.Cai Wei also said that Goldman Sachs is expected to enter the secondary market sentiment this year, and the momentum of the primary market will return to a more stable and reasonable state.  “In 2017, the global economy expanded synchronously, and the enthusiasm for the listing of technology companies reached its peak. This enthusiasm continued until mid-2018. Many companies decided to seize the window period to sprint to the market. In 2018, there were many IPOs.There are some issues, such as some companies rushing to IPO before meeting the listing requirements, and some companies IPO when they are estimated to be close to the highest point, which caused the listing to break. The global stock market sell-off in the second half of last year exacerbated this situation.Zhu Hansong told reporters.  In Zhu Hansong’s view, this year’s secondary market transactions will be in a healthy upward trend. The number of IPOs may be lower than last year, but the positive side is that “every company that can conduct an overseas IPO this year is of better quality.The company is mature and has met the conditions for listing. This year ‘s estimate will also be more reasonable than last year. This is a good thing for investors and also good for the company ‘s market outlook.There is no doubt that the refinancing activities of listed companies have a strong momentum.Zhu Hansong said.  Obviously, through the continuous advancement of China’s financial opening up process, Goldman Sachs also seeks a suitable time to increase its stake in its joint venture securities firm in China (Goldman Sachs Goldman Sachs). Like many joint venture securities firms, Goldman Sachs does not rule out future appreciation to 100%.  Although there are currently joint venture brokerage companies in China that are not able to make huge profits, and even have huge early expansion, the overweight layout in advance is still the common statement of many joint venture brokerage companies.”Goldman Sachs always regards China as the second largest economy as one of its long-term destinations. The developed markets such as the United States already have limited existing growth space, but China is a huge incremental market, so the need to expand in advanceit goes without saying.Cai Wei told reporters.

Lujiazui (600663): Qiantan high gross margin project carried over office occupancy rate slightly rebounded

Lujiazui (600663): Qiantan high gross margin project carried over office occupancy rate slightly rebounded
Revenue for two years +23.86%, gross margin increased by 9 in the short term.In the first half of 2019, the company’s revenue was 81.89 billion +23.86%, net profit attributable to mother 20.47 trillion +11.34%.In terms of items, sales, leasing, finance, and property management segment growth rates were 27.48%, 8.9%, 47%, 7.62%.Overall gross profit margin 58.62%, an increase of 9 over the same period in 2018.36pc, which is mainly driven by the high 北京夜网 gross profit projects in the residential sector. Real estate sales: Tianjin project remaining support, Suzhou project gradient reasonable Reasonable contracted area in the first half of 2019 1.170,000 square meters, the contract amount is 6.1.6 billion, -22% and -12% annually.The main sales projects in the first half of the year are Tianjin Maritime Garden (East Standard Section) and the Shanghai Stock House. The main projects in the second half of the year are still Tianjin Maritime Garden (Eastern Standard Section). At the same time, the Suzhou project has a reasonable gradient layout and is expected to enter the market in the second half. Leasing: The leasing rate of office buildings has driven the gross profit margin of the leasing business to rebound, and new projects have continued to enter the market to achieve leasing income.0.5 billion, an increase of 8 per year.9%, a decrease in the growth rate in the first quarter, mainly due to the breakdown of office rent growth in the second quarter of 2019.Commercial property income + 66% per year, mainly affected by the two L + Malls in Shanghai and Tianjin (opened in the second half of 2018).In the first half of 2019, the leasing rate of Grade A office buildings increased by 1pc compared with 2018, driving the gross profit margin of leasing business to increase by 0 compared with 2018.91.In the second half of the year, Oriental Plaza Phase I and Lujiazui Riverside Center are expected to enter the market. With the expansion of the leased area, the revenue from the rental segment is expected to continue to increase. The net interest rate rose slightly, and the advantage of financing costs highlighted that the net interest rate increased by 12 in the first half of 2019.58 tablets to 118.29%, mainly due to the increase in bond issuance, and the short cash debt ratio rose by 0.07 to 0.39.The company’s shareholders have a long-term credit rating of AAA, and the coupon rate of the latest issue of corporate bonds has gradually decreased to 3.88%, financing advantages continue to highlight.Out of prudence, we will include bonds “16 Riches 01” and “15 Shin Kong 01”, “15 Shin Kong 02”, and “11 Shin Kong Bonds” in the forecast of performance. Target price of 17.12 yuan, upgrade to “Buy” rating. Considering the delivery of SN1 office building projects in the first half of the year, high-margin projects in 2019 have been carried forward. We raise the company’s EPS forecast for 2019-2021 to 0.95, 1.04, 1.19 yuan (was 0.91, 1.02, 1.16 yuan), the current sustainable corresponding 2019-2021 forecast PE is 14.9, 13.6, 11.9 times.It is expected that Shenwan’s real estate industry evaluation center will move downwards. We lower the PE in 2019 to 18 times (previously 北京男士spa会所 19 times) and lower the target price to 17.12 yuan.High gross profit items were booked, and the occupancy rate rose steadily and raised to the “buy” level. Risk warning: the company may push the market less than expected; the settlement progress may be less than expected.

Yunhai Metal (002182) 2019 Annual Results Express Review: Great Results Increase and Gradually Realize Growth Logic

Yunhai Metal (002182) 2019 Annual Results Express Review: Great Results Increase and Gradually Realize Growth Logic

The company released the 2019 performance report: the company achieved 南京桑拿网 operating income of 55 in 2019.

10%, an increase of 9 per year.

5%; net profit attributable to shareholders of the listed company.

90,000 yuan, an increase of 169 in ten years.


The company achieved operating income of 16 in Q4 2019.

50,000 yuan, an increase of 27 in ten years.

74%; Net profit attributable to shareholders of listed companies.

70,000 yuan, an annual increase of 352.


The company’s performance is in line with expectations, and its performance growth is expected to increase: 1) product sales increase + cost decline, and the company’s deep-processed product sales increase. It is expected that the average price of magnesium alloys will gradually decline in 20193.

5%, the average price in the fourth quarter of 2019 decreased by 19.

In the case of a significant drop in product prices, the net profit attributable to mothers in the fourth quarter of 2019 created a historic high, mainly due to reducing cost effectiveness, reducing the replacement cost of Chaohu Yunhai personnel, and the company’s future performance of traditional materials is also very high.Great improvement space; 2) Obtained compensation for demolition. The company received a total of compensation for demolition in 2019 of 7.


The logic of “resources stocks → growth stocks” was initially realized, and the company is optimistic about the future development of the company.

In early 2019, Baosteel strategically invested in the company. In the second half of the year, the company acquired a 100% stake in Chongqing Boao, a deep-processing enterprise, which resulted in an increase in the area of deep-processing of magnesium alloys. It also had complementary effects on the penetration of new energy vehicles, technology and equipment.Accelerate the development of downstream customers. Joining Baosteel has become the company’s second largest shareholder. In the future, it will become a shortcoming for major restructuring companies in the field of magnesium deep processing. It will complete the acceleration of customer diversion and development, and gradually realize the existing resources → growth stock logic. Firmly optimistic about the company.future development.
Earnings forecast and rating: Considering the increase in the output of raw magnesium, magnesium alloys and air-conditioning flat tubes, the opening of the long-term magnesium alloy deep processing market and the decline in costs; the company’s net profit attributable to mothers in 2019-2021 will be increased to 8.

7.6 billion, 4.

47 ppm and 5.

42 trillion, EPS is 1.

36 yuan, 0.

69 yuan and 0.

84 yuan, corresponding to PE on February 26, 2020 is 8 respectively.

6 times, 16.

9 times and 13.

9 times, maintaining the level of “prudent overweight”.

Risk warning: product price drops sharply, project progress, downstream demand is not up to expectations, etc.

Midea Group (000333): Seeing the performance of Midea Group from the performance beyond expectations

Midea Group (000333): Seeing the performance of Midea Group from the performance beyond expectations
The company’s recent situation Little Swan announced 2018 results, and the fourth quarter 2018 results exceeded expectations.Operating income for 2018 was 236.4 billion, an increase of 10 in ten years.5%; net profit attributable to parent company 18.6 billion, an annual increase of 23.6%. Operating income for the fourth quarter of 201862.2 ‰, an increase of 15 in ten years.0%; net profit attributable to parent company 5.200 million, an annual increase of 41.8%. Comments on 2018 Little Swan’s strong adaptability: 1) In the face of market demand differentiation in 2018, Haier Casa Di competed at the high end and Xiaomi competed at the low end. Little Swan once lost market share. 1Q / 2Q / 3Q / 4Q revenue growth rate of 19.7% / 7.5% /-0.9% / 15.0%.2) The company adjusts its strategy in time to cope with multi-brand operations.Midea’s brand positioning is cost-effective and actively expands the market. In 2018, revenue increased by 27%.Little Swan brand positioning is mid-to-high end, with an average price increase of 12%.Beverly’s benchmark against Casarti has grown significantly by 222% in 2018.AVC monitors offline channels, and Beverly’s retail sales accounted for 2% in 2018.5%, the share increased quickly. Little Swan’s financial performance is excellent: 1) Gross profit margin in 201826.2%, a year to raise 0.9ppt; Net profit (including minority shareholders’ profit and loss) rate 9.0%, increase by 1 a year.0ppt.Return on net assets 24.3%, increase by 1 every year.2ppt.2) The cash flow is good, and the cash at the end of the period is 161.600 million yuan, an increase of 22 over the beginning of the period.10,000 yuan.Execute T + 3, ending inventory 17.600 million, down 2 from the beginning of the year.300 million. The company has strong adaptability, fast transformation speed and strong execution ability.Having encountered difficulties from a young swan, rapid transformation and quick results have verified this characteristic of Midea Group. The market changed in 2018. Midea Group actively adjusted its strategies and tactics. We noticed that the company paid more attention to multi-brand operations, Internet thinking, and the technology of products.The company’s air-conditioning sales strategy also made some adjustments, and 1Q19 is actively replenishing its inventory (air conditioning implemented T + 3 in 2018, and channel inventory is low).In addition, since Midea launched the air-conditioning promotion early in late February, the online and offline market share has increased significantly. It is estimated to maintain EPS forecast for 2019/203.47/3.89 yuan.Maintain the recommended level and raise the target price by 6% to 62.40 yuan, corresponding to 18/16 times P / E in 2019/20, compared with the current 28% increase.The company currently expects to correspond to 14/13 times P / E in 2无锡桑拿网018/19. Risk Market Demand Risk Risk; Sino-US Trade Friction Risk; Global M & A Integration Risk.

February 20th the daily limit board has long known: Seven major benefits are expected to ferment

February 20th the daily limit board has long known: Seven major benefits are expected to ferment

Isn’t the “Chun Mang” market simple?

Come to Sina University of Finance and listen to China’s futures futures chief coach Sirius 50 Chen Hao talk “Technical 北京夜网 Analysis: Follow the main force to catch bull stocks”, understand the main force to catch bull stocks from the K line.

  Sina Finance News on February 19 news, there are seven major benefits that may affect the stock market tomorrow, specifically: Zhengbang Technology: Net profit in 201916.

$ 9.7 billion increased by 777.

53% Zhengbang Technology (002157) disclosed the performance quick report on the evening of February 19, and the company realized a total operating income of 254 in 2019.

4.2 billion, an increase of 15 every year.


Net profit 16.

9.7 billion, an annual increase of 777.

53%; basic profit income is 0.

69 yuan.

According to the number of reports, the rise in hog prices has increased the company’s hog breeding sector’s gross profit and increased profits.

  Yisheng shares: In 2019, the net profit will increase five times in ten years. It is proposed that 10 transfers, 7 pays and 10 pays.

8.4 billion yuan, an increase of 143 over the previous year.

26%; net profit 21.

7.6 billion yuan, an increase of 499 over the previous year.

73%; basic profit income 3.

79 yuan.

The company distributed a cash dividend of 10 yuan (including tax) to every 10 shares for all shareholders, and increased 7 shares for every 10 shares of the capital reserve fund.

According to the reported quantity, the average price of broiler breeder chicks of the company’s parents increased by 115 compared with the previous year.

05%, the average price of commercial broiler chickens increased by 101 over the previous year.


  China Fortis: Revised the issue price of the increase plan.

18 yuan / share China Fortis (300560) announced on the evening of February 19 to amend the plan for non-public offering of shares.

Among them, the subscription price was revised to 12.

18 yuan / share, that is, the issue price is not lower than 80% of the average trading price of the company’s shares 20 trading days before the pricing reference date; the restricted sale period is revised to 18 months.

Zhongfutong will increase the funds raised this time4.

500 million euros to supplement the liquidity, the actual controller Chen Rongjie each fully subscribed for Rongjia Technology.

  Shanghai Kaibao (300039) announced on the evening of February 19 that Tanreqing Injection combined with “New Coronary Virus Pneumonia Diagnosis and Treatment Plan (Trial Version 6)”.

Tanreqing Injection is an exclusive patent of the company, which is mainly used for the treatment of acute and chronic bronchitis, pneumonia and upper respiratory infections caused by bacteria or viruses.

This matter is expected to have a positive impact on the marketing and sales of Tanreqing Injection, but the impact on operating performance cannot be estimated for the time being.

  Xiangtan Dianhua: Amendment to the plan for controlling the increase of shareholders and other participants in the subscription of Xiangtan Dianhua (002125) announced on the evening of February 19 to amend the plan for non-public issuance of A shares.

After the amendment, the company intends to raise funds to no more than 35 objects and no more than five.

28 trillion US dollars, for the annual production of advanced lithium manganate battery 2 and other projects.

The company’s controlling shareholder, Dianhua Group, and the indirect controlling shareholder, Zhenxiang SDIC, intend to subscribe for 100 million yuan and 1, respectively.

500 million yuan.

The issue price will not be lower than 80% of the average trading price of the company’s stocks in the 20 trading days before the pricing reference date.

  Yu Nong Commercial Bank: Approved to build a wealth management subsidiary Yu Nong Commercial Bank (601077) announced on the evening of February 19 that the company plans to invest 2 billion yuan to initiate the establishment of a wealth management subsidiary.Recently, the China Banking and Insurance Regulatory Commission issued a reply and agreed to the company’s preparation for the establishment of Chongqing Agricultural, 青岛夜网 Commercial and Financial Management Co., Ltd.

  Longma Sanitation: Winning the bid for a 3 trillion sanitation service project Longma Sanitation (603686) announced on the evening of February 19 that the company recently won a bid for a market-based service project for sanitation in Dinghai City, Zhoushan City, with a contract value of 300 million yuan.

As of now, the company has won 6 bids for environmental sanitation service projects in 2020, and the total amount of service fees in the first year is 3.

$ 1.5 billion with a contract budget of 10.

900 million yuan.