Zhefu Holdings (002266) Coverage Report for the First Time: Leading Private Hydropower Equipment Vendors Key Nuclear Power Equipment

Zhefu Holdings (002266) Coverage Report for the First Time: Leading Private Hydropower Equipment Vendors Key Nuclear Power Equipment

This report reads: Zhefu Holdings is a long-term private hydropower equipment supplier, and it has achieved a position in the nuclear power control rod drive mechanism. The company is expected to fully benefit from the accelerated construction of the hydropower and nuclear power industries in the future.

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

Investment Highlights: Cover for the first time and give a “Neutral” rating.

It is expected that EPS for 2019-2021 will be 0.

07, 0.

08, 0.

08 yuan, because the company’s profit performance comes from the joint-stock company 2345, and 2345 is an asset-light Internet company, so Zhejiang Rich Holdings PB exceeded the average level of comparable companies, giving 2019 2

78 times PB is reasonable, and the target price is 4.

61 yuan.

Leading private hydropower equipment supplier.

Hydropower equipment started business for Zhejiang Rich Holdings. For many years, it has worked hard on internal skills, increased research and development, and consolidated its business foundation. In-depth cooperation 天津夜网 with industry-leading company RAINPOWER in design and manufacturing, is expected to greatly promote domestic impact water turbine technology andPromotion.

As the country ‘s “One Belt, One Road” initiative progressed, the company expanded its overseas hydropower business, especially the Southeast Asian market. In the first half of this year, the Uganda Isimba Hydropower Station Units 1 and 2 developed by Zhefu Hydropower passed the 72-hour test.Run smoothly and connected to the grid for power generation.

At the same time, the company actively explored a new model of hydropower business, and promoted the export of hydropower equipment through investment in hydropower projects.

High barriers to nuclear power business are good.

The company controls Huadu Company, which is engaged in nuclear power business. It is one of 成都桑拿网 the major design manufacturers of domestic first-level control rod drive mechanism for nuclear power components.

Huadu Company has formed the comprehensive capacity of the control rod drive mechanism required for the annual production of 6 million kilowatt-class pressurized water reactors. It has undertaken and mass-produced “Hualong No. 1” Fujian Fuqing 5 # / 6 # and exported to Pakistan K2 / K3The contract of CRDM equipment for Zhangzhou 1 # / 2 # and Hainan Changjiang 3 # / 4 # units has become a pioneer in leading the development and production of “Hualong No. 1” control rod drive mechanism.

In the first half of the year, the MLB-type control rod drive mechanism of the “Hualong No. 1” Fuqing Unit 6 made by Huadu Company passed the factory acceptance and was successfully delivered.

At this point, the control rod drive mechanism of the first batch of four Hualong No. 1 units produced by Huadu has been successfully delivered.


The construction of nuclear power is accelerating, and the construction of pumped storage energy is accelerating.

risk warning.

The performance of participating Internet companies fluctuates, and nuclear power security risks.

Ningbo Gaofa (603788): The low point has been corrected several times in the third quarter

Ningbo Gaofa (603788): The low point has been corrected several times in the third quarter

Performance summary: The company announced the third quarter of 2019, and the first three quarters of 2019 achieved revenue6.

US $ 600 million, an average of 35% over a ten-year period, and net profit attributable to mothers1.

400 million, the previous interest rate was 32%.

In the single third quarter, it realized revenue 2.

2 ‰, an average of 21% over a ten-year period, and achieved net profit attributable to mother.

500 million US dollars, an annual growth of 2%.

Revenue declines narrowed, and performance continued to turn positive.

In terms of revenue, benefiting from GM Wuling, Geely and other major customers plus inventory, the company’s third-quarter revenue increased sequentially.

At the same time, the company’s divestiture of Sherman’s related assets is expected to affect revenue of about 20 million in a single quarter. Excluding the impact of Sherman’s divestiture, the company’s main business revenue is expected to replace about 14% in the third quarter.

The company’s gross profit margin was 33 in the first three quarters.

5%, stable compared with the same period last year.

Period expenses cost 10.

6%, an increase of 0 compared with the same period last year.

Two amounts, including sales expense ratio, management expense ratio (including R & D expenses), and financial expense ratio are 5.

5%, 6.

8% and -1.

7%, respectively, exceeded the change by +1.

2%, +0.

3% and -1.


The company’s expectation to achieve a normalized performance transition with reduced revenue is that BAIC Yinxiang’s accounts receivable accounted for bad debts in the last three quarters, and asset impairment losses in the third quarter of 2019 decreased by approximately 12 million yuan compared with last year.

It is expected to continue to pick up and make progress on a common breakthrough.

We judge that the sales volume of the industry is expected to gradually improve 佛山桑拿网 in the fourth quarter. According to industry judgment, the company’s operating situation in the fourth quarter is expected to continue to improve.

At the same time, in the fourth quarter of 2018, the company’s profit base was subdivided due to the accrual of expenses by the sale of Sherry Mann.

In terms of market development, the joint venture development made gradual progress, and the report was merged. The company passed the review of potential suppliers of Changan Mazda and became the bidding qualification of the corresponding product.

From the follow-up point of view, the penetration rate of automatic transmission products for existing customers still has room for improvement. Electronic barriers are gradually cutting into mainstream independent brands such as Geely and Great Wall. Joint venture brands are gradually 杭州夜网论坛 expanding. Future growth is still expected.

Demonstrated confidence in development and continued repurchase.

According to the company’s equity repurchase plan, the size of the repurchased shares does not exceed RMB 50 million and does not exceed RMB 10,000, and the repurchase price does not exceed RMB 22.

7 yuan / share.

As of the end of September 2019, the company had repurchased approximately 5.16 million shares, accounting for 2 of the company’s total share capital.

24%, the highest transaction price of 14.

82 yuan / share, with a minimum transaction price of 13.

07 yuan / share, with a total transaction amount of 72.5 million yuan.

Earnings forecasts and investment advice.

Affected by the industry in the short term, the performance improvement is under pressure, and the medium and long-term growth is still expected.

What do we expect in 2019?
The company’s net profit will be 2 in 2021.

80,000 yuan, the corresponding EPS is 0.



24 yuan, corresponding to the estimated value of 15X / 13X / 11X, maintain “Buy” rating.

Risk Warning: The production and sales of automobiles are lower than expected, the penetration of automatic transmission manipulators is lower than expected, and some automotive electronics products are less than expected.

Taihe New Materials (002254): Aramid capacity expansion and overall listing of core core groups enhance competitiveness

Taihe New Materials (002254): Aramid capacity expansion and overall listing of core core groups enhance competitiveness

Key points of investment: the development of spandex and aramid dual-line, and the “dual base” boosting capacity expansion.

The company specializes in the development and production of military spandex and aramid fibers, and the actual controller is the State-owned Assets Supervision and Administration Commission of Yantai City.

Currently has spandex capacity7.

5 cationic / year, meta-aramid production capacity is 7000 tons / year, para-aramid production capacity is 1500 tons / year.

Since bottoming out in 2016, even with the downturn in spandex, the boom in aramid can continue to improve and the company’s performance continues to improve.

Net profit attributable to mothers in the first three quarters of 20191.

51 ppm, a ten-year increase6.


The company actively responds to industry changes and implements a “dual base” strategy in the new Yantai plant and Ningxia. In the future, it will form a spandex production capacity of 9 per year / para-aramid production capacity1.

2 anion / year, meta-aramid production capacity 1.

2 every year.

  The meta-aramid protection market has a considerable increase, and the demand for para-aramid import substitution is urgent.

The current global consumption of meta-aramid is about 2.

7 highest, domestic about 5-6 thousand tons, mainly used in insulation, flame retardant protection, high temperature filtration and other fields.

Meta aramid has begun to use military personal protective clothing, and according to estimates, the demand for active-duty military training clothing has reached 7,200 tons.

Coupled with the flame retardant, high temperature and other special protection markets in various industries, the future increase is considerable.

The global consumption of para-aramid is about 8 tons, and the domestic consumption is about 1 ton. It is mainly used in the fields of safety protection, automotive friction materials,杭州桑拿网 and optical fiber protection enhancement.

Para-aramid production process barriers are high, the United States DuPont and Japanese Teijin occupy about 70% of the world’s share, more than 80% of domestic dependence on imports.

As para-aramid has important applications in the fields of national defense and military industry, and the uncertainty of the global trading environment has increased, sensitive application areas are vulnerable to foreign restrictions, so the demand for para-aramid domestic substitution is increasingly urgent.

The company is the second largest aramid company in the world and the largest aramid company in China. The company’s production capacity will continue to expand in the future, promoting the consolidation of first-mover advantages and responding to domestic alternatives.

  The spandex industry is waiting for the bottom to rebound, and the company’s differentiated expansion is expected to come out of the trough.

Due to overcapacity in the spandex industry, the overall prosperity since 2011 has shown a downward trend.

In 2019, more than 80% of enterprises in the industry are allowed.

Cumulative pressure on safety and environmental protection has continued to expand, and small businesses have become increasingly difficult to survive. Outdated production capacity has begun to be phased out and exited. Since 2016, more than 70,000 tons of production capacity have been gradually withdrawn.

In a certain period of time, companies will have the initiative to expand production and further increase the industry concentration. Through the gradual elimination of inventory, downstream demand will pick up, and the spandex industry is expected to come out of the downturn and gradually rebound.

The company is the first domestic enterprise to realize the industrialized production of spandex. At present, the spandex business is at the bottom of history, which has dragged down its performance. The company has established a second base in Ningxia. The scale of production has been expanded based on the price of production factors in Ningxia.Level, the future is expected to gradually come out of the trough.

  Significant asset reorganization has helped the group’s overall listing and further enhanced its overall competitiveness.

The listed company intends to absorb and merge the controlling shareholder Taihe Group through the issue of shares and acquire the downstream aramid paper related company Minstar.

In this major asset reorganization, the corporate governance structure of the reorganization will be more refined by absorbing and merging, which will help improve management and operational efficiency; the reorganization, the integration of Minstar into the listed company will help reduce related party transactions, and the main business of the listed company will beThe business will be extended to the downstream aramid paper, and the advanced aramid fiber industry chain will be improved, further enhancing the overall competitiveness.

  Investment suggestion: Start the company’s construction of aramid in the new plant in Yantai and the Ningxia dual base in 2020. The production capacity of new spandex installations will be released one after the other. The para-aramid business will grasp the substitution of imports, help the development of military equipment, convert the old and new kinetic energy of spandex, and increase differentiationProduct structure is expected to gradually come out of the trough.

Expected net profit attributable to mothers in 2019-212.

02, 3.

16, 4.

190,000 yuan, without considering the impact of asset restructuring, corresponding to EPS 0.

33, 0.

52, 0.

69 yuan, PE 37X, 24X, 18X.

If you consider the completion of the asset reorganization in 2020, the total share capital is 6.5 billion shares, plus 500 million matching financing, 2020-21 pro forma net profit 3.

41, 4.

480,000 yuan, corresponding to PE 25X, 19X.

Covered for the first time, giving “overweight” rating.

  Risk Warning: Aramid Industry Downturn, New Project Progress Exceeds Expectation, Raw Material Prices Change Sharply

Hengshun Vinegar Industry (600305): Company management improves revenue and promotes growth in the next 5 years

Hengshun Vinegar Industry (600305): Company management improves revenue and promotes growth in the next 5 years

The vinegar industry’s revenue is expected to grow at a compound annual growth rate of 6% + in the next five years. The share of leading cities will continue to increase.

According to the Condiment Association, the vinegar industry in developing countries has earned 168 years in 18 years.

3 ppm, 10-18 years compound growth5.

7%, volume, price compound growth 2.

5% / 3.


Benefiting from the transformation of household cooking to catering, the aging of the population and the upgrading of the product structure, it is expected that the industry volume in the next 5 years will increase by 3% and 3% +.

The industry CR3 was 13 in 18 years.

5%, Hengshun vinegar income 11.

600 million, with a market share of 6.

9%; market share of the second brand Haitian 3.

6%; the third brand Shanxi water tower market share 3.


Japanese vinegar leader in the brewery market share of 51.

9%, there is much room for improvement in the concentration of the Asian vinegar industry.

The company’s channel capacity is poor, and the administration of the New Democratic Party has brought about improved management.

The company has an average ROE of 14 in the past three years.

6% (Haitian 32.

3%) and high expense ratio (24.

9%) and low total asset turnover (0.

6) Leading to its low ROE, the core problem is poor channel capabilities.


Channel: Weak incentive mechanism, annual salary of senior executives is 250-360,000 yuan without holding shares, annual salary of sales staff is 100,000 yuan; the intensity of resource investment is small, despise foreign markets.

In the past two years, the strength of the company’s channels has gradually improved. In the process of new appointments, channel incentives and resource layout have been strengthened, sales capabilities have been enhanced, and national expansion has been accelerated.


Brand: No. 1 in vinegar brand value.


Product: Master the best craftsmanship, zero product addition and the best taste.

Benefiting from improved management, it is expected that the company’s condiment revenue will increase by 15% in the next 5 years.

From 13 to 18, the company’s condiment revenue increased by 10%.

1%, deducting non-attributed net profit compound growth of 39.


The company’s new leader takes office and looks forward to improving internal mechanisms and accelerating national expansion. We expect the company’s revenue to accelerate in the next five years.

Among them, the vinegar business will benefit from channel expansion and product structure upgrade. It is expected that the volume will increase by 10% + and 3% + in the next five years. The expansion of the wine channel will benefit revenue by approximately 25% in the next five years.

Investment suggestion: We expect the company’s revenue from 19-21 to 18 years.


18 ppm, an increase of 10 in ten years.
2% / 16.

7% / 15.

6%; net profit attributable to mother 3.



11 ppm, a five-year increase of 5.

6% / 8.

6% / 17.

5%, corresponding to PE is estimated to be 45/41/35 times.

We give the company a PE estimate of 45 times in 2020, corresponding to a reasonable value of 20.

25 yuan / share, maintain BUY rating.

深圳桑拿网 Risk warning: the company’s channel expansion is not up to expectations; food safety issues.

Liuyao Co., Ltd. (603368): Performance continues to deliver high growth, firm optimistic about the company’s valuation costs

Liuyao Co., Ltd. (603368): Performance continues to deliver high growth, firm optimistic about the company’s valuation costs

The company 北京桑拿洗浴保健 released the 2019 third quarter report.

The company Q1-Q3 achieved revenue of 111.

08 million yuan, an increase of 27 in ten years.

53%, achieving net profit attributable to mother 5.

48 ppm, an increase of 40 in ten years.

10%, net profit after deducting non-return to mother 5.

410,000 yuan, an increase of 38 in ten years.


Q3 single-quarter revenue of 39.

110,000 yuan, an increase of 22 in ten years.

46%, net profit attributable to mothers1.

910,000 yuan, an increase of 41 in ten years.

52%, net profit after deducting non-return to mother 1.

910,000 yuan, an increase of 41 in ten years.


The third quarter results continued to deliver high growth, exceeding market expectations.

The growth rate of the company’s revenue decreased slightly compared to the interim report, mainly due 苏州夜网论坛 to the relatively high revenue base of Q3 last year. In addition, Gucheng Youhe consolidated in September 18, which has a slight impact on the leapfrogging growth rate.

In terms of absolute revenue, Q3 was 39 in a single quarter.

11 ‰, still higher than 38 in Q2 single quarter.

100,000 yuan.

In terms of the company’s wholesale business, retail business and industrial business, the three major segments have achieved rapid growth: 1) Wholesale business: As the company’s Q3 single quarter and Q2 single quarter sales revenue amount is similar, we estimate from the interim report, the companyThe overall wholesale business revenue of Q1-Q3 was about US $ 9.3-9.5 billion, a year-on-year increase of about 22%. The 10-year growth rate of hospital net sales revenue is estimated to be 24% -25%, mainly due to the accelerated increase in industry concentration during the last two ticket systemsAnd the company’s active expansion of supply chain service projects, and medical device revenue4.


800 million, with a growth rate of about 60% before; 2) Retail business: Due to Gucheng Youhe’s consolidation in September 18, the current overall retail revenue growth has slightly decreased compared to the interim report. We estimate the company’s retail revenue from Q1-Q3.At 13.


700 million, an annual increase of 45% -50%.

3) Industrial business: The estimated revenue of the overall industrial sector is about 300 million, of which, according to the company’s step-by-step plan, we estimate that the Chinese medicine decoction piece business will achieve revenue1.

4 million trillion, sustained high growth, 200 million plans for the whole year is expected; and from the same period last year and the first half of this year’s operating conditions to calculate, Q1-Q3 we estimate that Vantone achieved revenue1.


4 megabytes. Due to Metrohm’s consolidation at the end of September 18, most of it was incremental revenue.

The three fees remained basically stable and cash flow improved.

The company’s sales expense ratio, management expense ratio and financial expense ratio in the first three quarters were 2 respectively.

45%, 2.

07%, 0.

93%, +0 compared with the same period last year.

30pp, +0.

35pp, +0.

50pp, mainly due to the rapid growth of the company’s retail business and industrial business.

The company’s operating cash flow in the first three quarters was -5.92 trillion, compared with -7 in the same period last year.

5.7 billion US dollars improved, due to the nature of advancement of circulation companies, Q4 is the time for collection of repayments, due to the gradual weakening of the impact of zero markup, we expect the company to improve cash flow will be more obvious.

The application for the issuance of convertible bonds was approved, helping to boost future performance.

The company’s asset-liability ratio itself is relatively healthy among the circulating companies, and the third quarterly data is 65.

00% of this release 8.

The 2.0 billion convertible bonds will make the company’s capital more abundant and help future development.

The company’s valuation is cost-effective and firmly optimistic.

We believe that the company, as a leader in Guangxi Province, is still far from reaching its ceiling, and achieved about 35% in 19 years and 25% in 20-21 years of profit growth. The current 19 years is estimated to be only 13x.

At the same time, the impact of zero markup has gradually come to an end, and this year is expected to become the turning point of the company’s cash flow; the first batch of 25 types of procurement with a revenue of approximately less than 2% of the company’s revenue, the impact of the inventory is relatively controllable,The faster the procurement promotion speed will further accelerate the company’s market share.

Earnings forecast: We expect the company’s net profit attributable to its mother to be 7 in 2019-2021.

11, 8.

92, 11.

08 million yuan, an increase of 34 in ten years.

7%, 25.

3%, 24.

2%, the current sustainable corresponding PE is 13x, 11, 9x, maintain “Buy” rating.

Risk reminder: The integration of the distribution industry in Guangxi Province is lower than the expected risk; the pressure on medical insurance control fees continues to increase the risk; the company’s pharmacy business expansion is less than the expected risk

Guangshen Food and Beverage Resumption: Industry Reflections from the Epidemic

Guangshen Food and Beverage Resumption: Industry Reflections 杭州桑拿 from the Epidemic

Wu Xiaobo looked at the extraordinary period, how do companies break through the epidemic?

Come to Sina University of Finance and listen to the crisis for free, how do companies make self-help plans?

  Guangzhou-Shenzhen Food and Beverage Resumption Work: A small amount of orderly restoration of dine-in self-collection and take-out is still the mainstream source: Trainee reporter Lin Yingying of the Securities Daily newspaper takes food as the sky, more and more industries resume work, when will the catering industry return to normalAttention from all walks of life.

On February 23, Futian District of Shenzhen issued guidelines on epidemic prevention in the catering industry, and carried out district-by-zone prevention and control requirements. When the area reaches Level III prevention and control, catering companies can gradually implement catering services.

Air Force, Guangzhou has issued relevant guidelines.

  Recently, in order to understand the situation of the resumed work of the catering industry in the Guangzhou-Shenzhen region, a reporter from the Securities Daily visited through various parties and found that many existing catering companies have not fully opened their dine-in.The main restaurants for dine-in choose to open for take-away short-term.

  The full restoration of catering is still to be seen. The epidemic is currently under way. According to the fact that many industries have entered the state of resumption, the catering industry is very cautious.

  Taking Shenzhen as an example, a reporter from the Securities Daily visited some business districts and saw that chain restaurants such as Xibei, Burger King, and Jiangnan Taste only provide contactless pick-up or take-out, but compared to busy takeaway brothers, they come to the store toThe diners taken were still reasonable.

In addition, although blue frogs, gaga fresh words, and Nai Xue’s tea and other catering brands have started dining, most consumers still choose to take out or tilt upwards. Restaurants also reduce the size of seats and open the space.Epidemic prevention equipment such as epidemic prevention, temperature guns, disinfection alcohol, etc. have become standard in stores.

  In Guangzhou, on February 21st, Tao Tao Ju Zheng Jia, a third-party restaurant operated by a Guangzhou restaurant, was the first to resume dine-in, and there was an episode of being stopped in the middle because of too many diners, which once caused a discussion.

On February 23, Guangzhou Restaurant announced that 14 restaurants in Guangzhou and Shenzhen had resumed dine-in gradually, but the restoration time of the western and star restaurants in the western and western regions has not yet been determined.

It is reported that most restaurants in Guangzhou are still on the sidelines and have not expanded to eat.

  Guangzhou Restaurant responded to the reporter of Securities Daily, “The company actively maintained communication with market regulatory authorities in various regions in accordance with the requirements of the” Guide to the Prevention and Control of New Crown Pneumonia in the Catering Service Industry in Guangdong Province “, and took precautionary measures by strengthening food safety management.Establish preventive measures such as personnel health tracking, and promote food service in stores. ”

  In contrast, catering companies such as Haidilao, Xiabuyu, and Taiji pickled fish choose very large-scale formats such as open takeout.

Recently, Haidilao announced that some of its delivery stores in Beijing, Shanghai and Shenzhen have resumed business on February 15th.

Jiu Mao Jiu ‘s own catering brands such as Taiji Pickled Fish also stated that they have reached strategic cooperation with takeaway platforms, and will provide consumers with healthy meals under the intervention of comprehensive epidemic prevention.

  ”This stage can indeed gradually reduce our impact, but in the epidemic, care and protection of employees is the first consideration.

We will gradually return to normal office conditions with the prevention of comprehensive protection, and then we will introduce measures based on actual conditions, “Jiu Maojiu wrote to the reporter of Securities Daily.

  According to reports, Jiu Maojiu introduced that the company had set up an epidemic prevention team as early as January, and it was the first large-scale restaurant company in the country to announce the suspension of all internal stores. At present, the company is closely arranging the restoration of dine-in and is specifically openingThe time will be further extended according to the epidemic situation and related policies, and will be announced in time.

  In an interview with “Securities Daily” reporter, Cheng Gang, the secretary general of Guangdong Catering Service Industry Association, said that restoring meals is of great significance to the catering industry and will also help food companies to restore blood production functions, especially for dinner companies;However, the current catering and resumption industry should be dynamically adjusted according to the epidemic situation. Enterprises should not resume business blindly. They must first prepare enough anti-epidemic materials and personnel, and provide relevant guidelines at the same time.

  Industry Thoughts Caused by the Epidemic Although the catering industry is extremely hard hit by the emerging epidemic, after a short-term pain, the changes in the industry’s pattern or development will be even more worth looking forward to.

In the view of Cheng Gang, in the long run, this test can replace a rare integration opportunity during the growth of the industry. In addition to changing the role of industry resources and transaction structure, some companies may form industrial thinking and conduct upstream and downstream operations.Integration, the industry’s ecological structure will also lead to better subdivision and evolution.

  According to the research of CITIC Construction Investment, the recent epidemic may have a certain reform effect on the catering industry. Some small and medium-sized catering companies may be cleared during the epidemic due to cash flow pressure; the epidemic will also increase the integration of the catering supply chain.The penetration of services and platforms such as SaaS will effectively reduce the cost and expenses of business operations, and improve the ability of catering companies to respond to emergencies in the future.

  ”It turned out that the restaurant industry was too saturated and the market was fiercely competitive.

However, the epidemic situation, excellent head companies already have the ability to resist pressure, seize the opportunity to make store reserves; some brands are actively creating unconventional business models, expanding operating models, and achieving contrarian growth.

Some may appear gradual intelligent and upgrade of consumption scenarios.

Cheng Gang told this reporter further.

  It is worth mentioning that during the epidemic, Guangzhou restaurants with a background in listing, Jiu Mao Jiu and Haidilao had excellent anti-stress performance. The development trend since the resumption of work also perfectly demonstrated this.

Wind data shows that from February 3 to February 25, Guangzhou restaurants with A-share listings gradually increased by 8.

08%, the Shanghai Stock Index rose by 1.

23%; and the possibility of listing of Jiu Mao Jiu and Haidilao on the Hong Kong stock market has also achieved 17.

18% and 8% gains, both outperformed the market.

  Taking Haidilao as an example, CITIC Research believes that the company has integrated the overall layout of the supply chain and industry chain, brand advantages and scale advantages, and established a solid moat. This advantage also brings ample cash flow.Facilitate rapid recovery of sea fishing.

  Guangzhou Restaurant also introduced to the reporter that before the restaurant resumed work, the company supported the staff by deploying employees to the food production sector, which became a resource balancing function.

After Guangzhou announced the suspension of dine-in, the company quickly changed its catering operation policy to focus on the deployment of catering group ordering and takeaway services, and strengthened the cooperation of online channel promotion and takeaway platforms. These have played a certain role in the company’s catering business during the epidemic.

Daqin Railway (601006): 1H performance meets expectations 2H pays attention to the diversion of other lines and the impact on the economic environment

Daqin Railway (601006): 1H performance meets expectations 2H pays attention to the diversion of other lines and the impact on the economic environment

1H results are in line with our expectations of 1H19 revenue of 402.

670,000 yuan, an increase of 6% in ten years; net profit attributable to mother to 80.

410,000 yuan, a decrease of 4% per year, corresponding to a profit of 0.

54 yuan.

2Q revenue grew by 7% per year, and net profit fell by more than 2%, in line with our expectations of replacing 2%.

In terms of business, the main revenue of railway transportation was 394.

740,000 yuan, a 5% increase over the past ten years, of which freight revenue increased 6% to 312.

07 million yuan, mainly due to the combined effects of economic environment and hydropower squeezed weak demand.

Core freight assets Daqin line 1H freight volume2.

1.8 billion tons, slightly exceeding 3%; 2Q transportation volume decreased by 3% per ton, slightly better than 1Q replacement 4%.

Passenger revenue is growing by 5% to 36 per year.

9.1 billion.

1H Shuohuang railway investment income16.

400,000 yuan, ten years + 4%.

Looking forward, the transportation volume still needs to pay attention to the impact of the economic environment on coal demand.

The amount of coal sent by 1H companies accounted for 0% of the total national railways.

4ppt. Until now, the company is still concentrating on market share. Overall, the company’s coal transportation volume is similar to the national coal transportation trend.

Since entering the peak season in July, the coal consumption rate of the six major power plants has improved, but until late August, coal inventories at the power plant continued to stabilize at a level of more than 20 days; the peak season is about to pass, and the demand will decline after the peak 杭州夜网 seasonOr due to restrictions on imported coal, we believe that overall domestic transportation demand remains stable.

The low 2H base may bring relatively favorable results: 1) As the Daqin Line was affected by the distortion of water damage in August last year, the traffic volume may increase in the same period this year; 2) 2H began to be affected by macroeconomic effects last year, so the base was reduced by 1H.
Regarding the monthly coal transportation volume, we suggest that the September-October regular behavior period will cause changes in the 20-day fall maintenance period to bring about changes in growth.

The policy promotes the growth of railway freight transport and pays attention to the diversion effect of other routes.

Driven by the “increase in freight” policy, the growth of railway freight volume continued to accelerate.

The national railway freight volume increased by 9 in July.

2%, coal transportation volume increases by 5 per year.

At 5%, the Wazi and Zhangtang lines have grown rapidly (both achieved a 10% growth rate in July), and the Menghua Railway opened to traffic in October. We recommend paying attention to the impact of other lines on the diversion of the Daqin Line.

Earnings forecast and forecast For the time being, the 2019/20 net profit forecast for 2019/20 is USD 14.9 billion (ten years + 2%) / USD 15.2 billion (ten years + 2%).

At present, it generally corresponds to 2019/20 July.

7 times / 7.

6 times price-earnings ratio, 6.

4% / 6.

5% dividend yield.

We maintain our Outperform rating and RMB10 based on high dividends.

The target price of 12 yuan corresponds to October 2019/20.

1x / 10.

0 times price-earnings ratio, 31% upside.

Risks Macroeconomic growth is less than expected, and other railway lines diverge.

Orchid Science and Technology (600123) Company In-depth Report: High-quality Anthracite Enterprises Estimated Recovery

Orchid Science and Technology (600123) Company In-depth Report: High-quality Anthracite Enterprises Estimated Recovery

Company profile: High-quality anthracite enterprises with industrial integration advantages.

The company is a high-quality anthracite enterprise. The “Orchid Brand” anthracite produced is an important coal chemical raw material and is a scarce variety.

The original company reorganized the development ideas of strong coal, weight loss, and expansion. Since the coal was mined as anthracite, the coal used in 青岛夜网 the coal chemical industry was basically supplied by the coal business, and the company gradually formed an industrial integration advantage.

With the rise in coal prices since 2017, the company’s revenue, net profit attributable to mothers, ROE, sales gross margin and net profit and other important data have shown a good upward momentum.

Coal business: The gas production is expected to continue to grow, and there is great room for growth in production and sales.

In terms of production capacity, Yongsheng Coal Mine has entered into joint trial operation on July 16, 2018, with a deadline of 6 months, and officially put into production in 2019; the Yuxi Coal Mine under construction is likely to achieve joint trial operation at the first mining face in 2019;The resource integration mines being built are also under orderly construction, and the company’s coal production and production progress will continue to increase in the next few years.

In terms of production and sales, according to our analysis, there is still room for 30 incremental increments in the currently producing Dayang Coal Mine and 20 additional increments for Baoxin Mine. In addition, Yongsheng Coal Mine, which has entered the joint trial operation, is expected to gradually contribute to production.In the future, there is room for further growth in the company’s coal production and sales.

Coal business: The gross profit per ton of coal has increased significantly and the profitability industry leads.

By comparison, the overall output of the company’s gross coal per ton of coal rose by 102 in 2017 when coal prices rose.

5%, the first three quarters of 2018 continued to increase 11.


In the future, coal prices are expected to continue to run at medium and high levels, and the company ‘s coal mines in production in 2016 currently have a gross profit per ton of coal of -0.

42 yuan / ton, there is still much room for improvement, so the high profitability of the company’s coal business is expected to continue, and there is even room for further increase.

Horizontal contrast, high refractive index + normative health model makes the company profitable, leading other companies in the industry.

Gross profit per ton of coal in the first three quarters of 2018 (396.

96 yuan / ton) Haohua Energy (204.)

99 yuan / ton) higher than 191.

98 yuan / ton, high profitability has aggravated the company’s complementary advantages in the industry.

Chemical business: The terminal covers many industries and is expected to continue to contribute to performance.

The company’s chemical products are dimethyl ether + caprolactam, and the terminal covers many industries such as textiles and fuel.

Dimethyl ether is currently in an over-production state, and subsequent production is expected to decline due to environmental protection and production restrictions.

The profitability of the product has gradually increased since 2016. The dual logical forecast that the price of methanol will remain high + the increase in LPG prices will increase the demand for dimethyl ether will ensure the sustainability of dimethyl ether’s profitability.

Caprolactam, production is not affected by environmental restrictions, “10 to 14” is expected to be put into production in 19 years.

In the medium and long term, the company’s caprolactam project has a planned production capacity of 20 inches, with the remaining 10 inches of incremental space.

In the future, the supply and demand of the caprolactam industry is expected to increase, and more capacity will be added to gradually expand the market. Intensified competition among enterprises is expected to cause product prices to decline.

Considering that there is less room for product cost reduction, the profitability of caprolactam products of the company is expected to fluctuate slightly in the future.

Generally speaking, although the absolute value of the company’s chemical products’ contribution to profits is not large, the sustainability of its contribution to performance can be guaranteed.

Fertilizer business: Environmental protection and limited production have suppressed production and sales, and the product has substantially reduced losses in the past two years.

The company’s fertilizer industry currently has 4 urea companies with an annual urea production capacity of 120 microns.

In the end, the company ‘s urea production and sales changed due to factors such as the closure of the fertilizer plant and the suppression of the urea industry by environmental protection in 2017.

In the past two years, due to the changes in the industry’s supply and demand pattern and environmental protection and production constraints, the company’s recoverable growth in urea prices has led to a significant increase in product profitability, but from the branch profit growth data, it has also achieved a substantial reduction in losses and profitability remainsWeakness weighed on company performance.

In the future, the profitability of urea products is expected to have limited growth space. After the fertilizer business has obviously reduced losses, it will still have certain shortcomings in turning losses into profits.

Investment strategy: “Buy” rating.

We expect that the coal price will continue to be high in the future. The company’s new mines will increase production and sales. The caprolactam “10 to 14” project will be put into operation. The company’s future performance is expected to further improve.

We estimate that the company’s EPS for 2018-2020 will be 1.



25 yuan, the current corresponding PE is 6 respectively.9X / 6.

6X / 6.

2X, give the company a “Buy” rating.

Risks: Economic growth is slower than expected; policy adjustments are too great; renewable energy alternatives.

Funding plan for the 23rd: The main funds will be reduced to 4 billion nets

Funding plan for the 23rd: The main funds will be reduced to 4 billion nets

[Funds plan chart on the 23rd]The main net funds decreased by 4 billion. The institutions grabbed 2 shares. Source: Securities Times. On July 23, the overall A-share market grew.

The final close, the Shanghai Composite Index closed at 2899.

94 points, up 0.

45%, SZSE Component Index closed at 9175.

83 points, up 0.

58%, the GEM index closed at 1,534.

93 points, up 1.


The total turnover of the two cities was 3232.

4.6 billion yuan, a decrease of 908 over the previous trading day.

7.9 billion yuan.

  1 The net capital of the two cities can be reduced by 40.

33% of the main funds in Shanghai and Shenzhen today saw a net decrease of 37.

500 million, a net inflow of 15 late.

910,000 yuan, the two cities have a net reduction of 40 funds throughout the day.

3.3 billion yuan.

  2 Shanghai and Shenzhen 300 today’s main fund net replacement 15.

5.3 billion CSI 300 net replacement of main funds today.

5.3 billion, GEM net inflow of 0.

6.1 billion yuan, a net inflow of small and medium-sized boards2.

4.7 billion yuan.

The net inflow of the Shanghai Stock Connect was 500 million, and the net inflow of the Shenzhen Stock Connect was 5.

5.4 billion US dollars (here the China-Shanghai Stock Connect, Shenzhen Stock Connect net net amount is based on the amount used on the day, which is slightly different from the transaction net purchase amount, but the meaning is generally consistent).

  3 Net inflow of electronics industry 46.

Of the top 28 first-tier industries in Shenwan with 4.2 billion yuan, 21 industries achieved net capital inflows, of which 46 were net inflows from the electronics industry.

4.2 billion.

  4 Technology leading concept net inflow 47.

In terms of the top 2.3 billion concept plates, today’s technology leaders, FTSE Russell concepts, distribution incentives, and S & P Dow Jones and other concept funds showed net inflows, of which technology leaders had a net inflow of 47.

2.3 billion tops.

  5 China Netcom’s main capital inflows5.

7.1 billion (Note: The 深圳桑拿网 main force of net inflow statistics in this table is different from the net purchase statistics of the institutions in the previous table and the next table).The data showed that the institution appeared 5 shares, of which 2 shares such as CITIC Publishing showed net purchases of institutional funds, and 3 shares including Bo Baolong showed net sales of institutional funds.

  7The top ten active stocks of Shanghai Stock Connect and Shenzhen Stock Connect today

Jingwang Electronics (603228) Company Review: Performance Meets Expectations Breakthrough in 5G Business

Jingwang Electronics (603228) Company Review: Performance Meets Expectations Breakthrough in 5G Business

I. Event Overview On August 19th, Jingwang Electronics released its 2019 Interim Report: Revenue 28.

52 ppm, an increase of 25 in ten years.

37%; Net profit attributable to shareholders of listed companies.

26 ppm, an increase of 9 in ten years.

04%; net profit after return to mother 3.

7.4 billion US dollars, an annual increase of 2.

16%; net cash flow from operating activities 5.

31 ppm, an increase of 78 in ten years.

30%; basic EPS is 0.

73 yuan, at least -23.


Second, the analysis and judgment of performance are in line with expectations, the period expense ratio, and the net interest rate have improved by 1. The actual interim reported results are in line with our judgment.

19Q2 income 15.

36 ppm, an increase of 19 years.

10%, an increase of 16 from the previous month.

67%; net profit attributable to mother is 2.

43 ppm, a 10-year increase3.

29%, an increase of 31.

94%; gross margin is 27.

34%, six years -6.

26 pct, -2 from the ring.

52%; net margin is 14.

85% a year -1.

01 pct, an increase of 1 from the previous month.

38%; sales expense ratio, management expense ratio, and financial expense ratio were -0 respectively.

02 / -1.

64 / -2.

80 pct, R & D expenses4.

86%, +0.


19H1 ROE (diluted) is 8.

55%, twice -2.

74 pct; asset turnover injected 0.

37, -0 per year.


2. The profit growth rate is lower than the expected initial growth rate of revenue: Affected by the expansion of Zhuhaiwangwang ‘s flexibility to the cumulative climbing and 杭州桑拿 management improvement stage, the gross profit margin has continued to decrease sequentially, and Zhuhaiwangwang ‘s flexibility decreased by 43.38 millionyuan.

We believe that relying on the company’s many years of management experience in the field of FPC, the transfer of productivity and management efficiency improvement, Zhuhaijingwang Flexible will achieve a return to profit.

5G products have achieved important technological breakthroughs and generated volume, which will benefit from the 5G trend. 5G infrastructure, the company has made significant progress in the research and development of 5G high-frequency antenna boards, 5G high-speed boards, 5G power amplifier high-frequency boards, and 5G-related buried areas, forming a scaleProduction capacity, supply related products in batches to strategic customers; In terms of 5G terminals, the company deploys FPC R & D for 5G terminals, and accelerates the technological transformation and construction of new factories and layout of new production capacity.R & D expenses in the first half of the year1.

35 ppm, a 24 year increase.

49%, accounting for 4% of revenue.


The production capacity is under high load. Fair incentives and expansion will open up long-term growth space. The company produced a total of 211 rigid boards.

680,000 square meters, +16 per year.

56%, the production and sales rate is 101.

52%; a total of 60 flexible boards are produced.

110,000 square meters, +45 throughout the year.

29%, production and sales rate 101.


In 18 years, the company rewarded 26 employees with a total of 3 million shares at a price of 28.

56 yuan / share, unlocked in 5 phases, the unlocking ratio is 20% / 20% / 30% / 30%. The conditions for full unlocking are based on the 2017 net profit. The maximum net profit in 2018-2021 is not low.At 20%, 44%, 73%, 107%, and personal assessment meets the requirements.

Zhuhai Base’s “industrialization project with an annual output of 3 million square meters of high-density printed circuit boards and 2 million square meters of flexible circuit boards” will be constructed in three phases, with an initial investment of 13.

600 million, has obtained approval for environmental impact assessment.

Third, the investment proposal is expected to be 1 in 19/20/21.



47 yuan, the corresponding PE is 29.

3X / 24.

1X / 19.


With reference to the SW printed circuit board industry PE (TTM, holistic approach) is estimated to be 37 times, taking into account the company’s industry leadership and 5G product growth potential, maintain the “recommended” rating.

4. Risk warnings: 1. The customer and order expansion are less than expected; 2. The overall expansion of the PCB industry leads to excess capacity; 3. The fierce competition in consumer electronics leads to a decline in gross profit margin; 4. The price of raw materials fluctuates.