Month: March 2020

China Pets (002891): Pet food marketers can boost domestic growth

China Pets (002891): Pet food marketers can boost domestic growth

The investment highlights for the first time covered China Outback (002891) with an outperform rating on the industry with a target price of 32.

00 yuan, corresponding to 53 times P / E in 2020.

The reasons are as follows: The pet snack market is developing rapidly and has a long-term space: the domestic pet food market size was 59.4 billion in 2018, of which the pet snack market size was about 10 billion US dollars. We expect the pet snack market to exceed 20 billion in 2022. 2018?
The CAGR in 2022 is about 19%. The driving force for growth lies in the increase in the dominance of income for human beings, the transformation of concepts, and the lonely economic development.

In the competitive landscape, the current concentration of the industry has decreased. In 2018, CR2 and CR5 were about 12% and 20%, respectively. We judge that companies will seek breakthroughs through brand building and category accumulation, driving the industry’s long-term concentration.

The product line and brand system are perfect, and the internal depth synergy: The company 无锡桑拿网 focuses on pet snacks and cooperates with the staple food business to form a product matrix. At the same time, the brand system comprehensively covers the low-end to high-end, with high-end and independent brand strengthening as the development direction.

In terms of different markets, overseas businesses have deep accumulation, expansion through cost advantages and experience replication, and positive changes in the face of challenges. At the same time, the company’s planning of internal business will be the focus of future development strategies. The company will take advantage of offline channels to accelerate the development of e-commerce channels.In particular, once Tmall rises, the growth rate obviously increases.

On the whole, we expect that the overseas business will moderate and grow in the future, and the domestic business will accelerate, which will drive the company to achieve high growth.

Expansion of production capacity and expansion of the industrial chain, long-term growth is worth looking forward to: Expansion, the company’s continuous production capacity expansion, we judge that in the short term, it will resolve the expansion of production capacity and consolidate the main business of pet snacks; gradually accelerate the development of canning business, increase the scale of income and profitability;To enhance the development space; reorganization, the company extended the industrial chain, layout of pet supplies and medical care, and broadened the long-term development territory.

What makes us different from the market?

We are more optimistic about the company’s internal business development prospects. Through the strengthening of brand and channel construction and the release of new production capacity, its market share and performance growth can be expected.

Potential catalysts: improved product structure and profitability of the company; reduced cost pressure; improved domestic business competition; and eased trade frictions.

Earnings forecasts and estimates We expect the company’s EPS for 2019/20/21 to be 0 respectively.



83 yuan, CAGR is 52%.

The current contradiction corresponds to 76/45/33 times P / E in 2019/20/21.

Comprehensive DCF estimation and the company’s historical estimation center, given a target price of 32.

0 yuan, corresponding to 89/53/39 times P / E in 2019/20/21, + 18% space.

The first coverage gives an outperforming industry rating.

Risks Overseas orders are growing rapidly; domestic market development is less than expected; risks of raw material price fluctuations; trade barrier risks; food safety risks; exchange rate fluctuation risks.

Wanliyang (002434) Review of Major Issues-Sale of Interior Business

Wanliyang (002434) Review of Major 四川耍耍网 Issues-Sale of Interior Business

On the evening of December 24, 2019, the company announced that 1.

After the sale of a subsidiary of Liaoning Jinxing Automotive Interior Co., Ltd. for $ 6.5 billion, the company no longer enforces the automotive interior business after selling the subsidiary, but focuses on the main business of automotive transmissions.

The company’s CVT products benefit from automatic transmission upgrades and achieve cost advantages over DCT, which is 2,000-3000 yuan cheaper per unit. The CVT industry has been reshuffled, and the company’s market share has increased. CVT orders are in hand. Since the third quarter, CVT products have been supplied.Instead, the company entered a period of explosive performance and maintained a “buy” level.

Focus on the main business and get rid of business burdens.

On 都市夜网 the evening of December 24, 2019, the company announced that 1.

After selling the subsidiary Jinxing Interiors for $ 6.5 billion, the company will no longer force the automotive interiors business after selling the subsidiary.

Jinxing’s interior revenue in 2018 was 6.

800 million, net profit -0.

330,000 yuan, the first three quarters of 2019 revenue is 2.

700 million, net profit -0.

5.1 billion yuan, the subsidiary’s net assets are 1.

0 million.

The company acquired a 100% stake in Jinxing Interiors in 2015. The main customers of this subsidiary are Volkswagen, Toyota, FAW and other domestic and foreign mainstream automakers.

Since 2018, the prosperity of the automotive industry has declined, Jinxing’s interior performance has been under pressure, and revenue and net profit have increased significantly.

After the sale of Jinxing Interior, the company ceased military automotive interior business and focused on the main business of automotive gearboxes.

The commercial vehicle business is stable, with solid cash flow.

The company is a domestic commercial vehicle transmission leader, covering different models of light trucks, medium trucks and heavy trucks. It is conservatively estimated that the company’s commercial vehicle conversion light truck industry market share is about 35%, and the Chinese truck industry market share is about 75%.

The absolute merger of the company in the commercial vehicle market has ensured another stable profitability. The gross profit margin of light truck and heavy truck transfer business has remained above 25% year-on-year, and it is 28 in 2019H1.

8% and 30.

6%, a significant pick-up.

Since 2012, the company’s operating net cash flow has basically remained above 2 ‰, and its cash flow is stable.

The company’s commercial vehicle products are still continuously upgraded. The company has developed the G series of high-end light trucks for the national six emission standards, and is currently in the rapid ramp-up phase. The 16G220 medium-heavy truck transportation products have received more customer orders.

Continuous independent research and development, CVT achieved a breakthrough.

Since 2009, the company’s R & D expense ratio has remained at 3.

More than 5%, and 4 in 2017/18.

2% / 5.

9%, product development accelerated.

The company’s transition product pedigree has been continuously expanded, achieving a leap from commercial vehicles to passenger vehicles, manual transmissions to automatic transmissions, and the average product price has also increased from 1,865 yuan / set in 2015 to 2,800 yuan / set in 2018.

The company’s CVT automatic transmission product CVT19 has gradually completed the upgrade to CVT25 and CVT18 / 20, and the output size has been greatly improved, which can match engines with different displacements and powers.

Domestic mainstream independent brand OEMs such as Geely, Chery and BYD have begun to carry the company’s CVT products on a variety of models.

The company has plenty of future orders, and the last round of capital expenditure cycle is nearing its end. It is expected to start a new round of growth.

Risk factors: The sales volume of the automobile market is lower than expected; the CVT penetration rate is lower than expected; the customer expansion is lower than expected.

Investment suggestion: The company’s CVT products have made breakthroughs and there are plenty of orders in the future. It is expected to start new growth. It is predicted that the company’s EPS in 2019/20/21 will be 0.



63 yuan, corresponding to PE is 22/14/13 times.

Considering that the company is a domestic commercial vehicle transmission leader with stable cash flow; breakthroughs in CVT products have directly benefited from changes in the competitive landscape of the domestic CVT industry; future orders are full, and orders from domestic mainstream brands such as Geely, Chery and BYD have been maintained, maintaining “buyTo “in” rating.

Qibin Group (601636): Incentive plan highlights ambitions and structural improvements worth looking forward to

Qibin Group (601636): Incentive plan highlights ambitions and structural improvements worth looking forward to

The company’s original film expansion + product structure improvement, the incentive plan helps the long-term development of Qibin Group’s medium- and long-term development plan to expand its growth goals, and the supporting incentive plan helps the company’s growth.

The company’s three core logics are: first, a clear plan for the expansion of the original film capacity, and the company’s 无锡桑拿网 leading advantages have been consolidated; second, the company’s engineering glass, electronic glass and other high value-added products have gradually increased the proportion, the product structure helps improve;Third, the company supports rare incentive plans and anchors growth targets.

We expect the EPS in 19-21 to be zero.



67 yuan, maintain “Buy” rating.

  The medium- and long-term development plan is clear, and the incentive plan highlights the actual controller’s ambition. The company announced on September 19 that it disclosed the Outline of the Medium- and Long-Term Development Strategic Plan (2019-2024) and the First Phase of the Mid- and Long-Term Development Plan for Employee Stock Ownership.(Draft), “Shareholding Plan for Business Partners (Draft)” and other documents.

The highlight of the corporate partner’s shareholding plan is that the source 北京夜生活网 of the stock is the actual controller Mr. Yu Qibing donated shares for free, with a total size of not more than 100 million shares (proportion 3).

72%), the source and strength are scarce, showing the ambition of the actual controller.

The source of the employee stock plan supporting the medium and long-term development plan is the purchase of repurchased shares (1.

90 yuan / share), which is the average price of the company’s repurchased shares (3.

80% per share), and there are continuous incentives for participating employees.

  The company has three major competitive advantages and looks forward to a more comprehensive glass leader.
With multiple core competitive advantages, it is expected to become a comprehensive glass leader in the future.

First, Qibin Group has rich integration experience, successfully reorganized New Guangming Glass and Zhejiang Glass, and the company has the advantages of division under the existing capacity policy (its letter, secondly, the company introduced the CSG engineering glass team, integrated resources to successfully ignite the electronic glass production line,As a result, the company has also expanded its ability to expand product categories. We believe that the existing business structure will be completed by 2024148.

The revenue target of US $ 4.2 billion is still under pressure. The company is expected to continue to expand the glass product category and promote the improvement of the product structure. Finally, the company has the capacity in East China, South China and other advantageous markets, convenient transportation, high quartz sand self-sufficiency rate, and low raw material costs.Advantage assets are also the company’s core competitive advantage.

  The industry’s supply and demand pattern has improved, and the completion and improvement of glass demand is expected to continue to improve, and the high glass boom is expected to continue.

2019 / 7-2019 / 8 The growth rate of the completed area of houses has improved for two consecutive months. Due to the high scissors difference between the newly constructed area and the completed area, the completed area of houses has promoted continuous improvement.

According to the country’s strict production capacity restriction policy, the industry’s throughput inventory game; we believe that leading companies have the advantages of capital, technology, etc., the concentration of production capacity has increased, and the industry structure has improved.

  The company’s clear growth plan chart, maintaining the “buy” rating Qi Bin as the leading glass original film, clear development plan, partner shareholding plan and other incentives to the company’s growth momentum.

The company’s layout in engineering glass and electronic glass is quite attractive. We believe that the company’s industrial structure is expected to gradually improve, which will reduce the impact of the company’s profit transformation.

We adjust the EPS forecast for 19-21 by 0.



67 yuan (the original value is 0.



66 yuan), with reference to the 12x estimated level of comparable companies in 2019. Considering that the company’s original film accounted for a relatively high proportion of conversion, we believe that the company’s 19-year reasonable PE range is 10-11x, corresponding to a target price of 5.


50 yuan, maintain “Buy” rating.

  Risk warning: the completion data is less than expected, and new products such as the company’s electronic glass are lower than expected

Zhongnan Construction (000961) January 2020 Sales Review: Sales decline due to Spring Festival factors

Zhongnan Construction (000961) January 2020 Sales Review: Sales decline due to Spring Festival factors

The incident described the company’s contracted sales amount of 59 in January 2020.

500 million, a year-on-year decrease of 32%, and the sales area is about 45.

70,000 square meters, a reduction of 35% a year.

The event comment was affected by the Spring Festival holiday, and the number of sales increased.

The company achieved contract sales of 59 in January 武汉夜生活网 2020.

500 million, a year-on-year decrease of 32%, and the sales area is about 45.

70,000 square meters, a reduction of 35% a year.

The scale of sales was mainly affected by the Spring Festival holiday in January, and the epidemic situation had little or no impact on January sales.

The deduction of the upper limit of the scale of land acquisition will increase the proportion of land acquisition equity.

In January, the company won 3 projects in Xuzhou and Qingdao, with a total planned construction area of 48.

06 million countries, a decline of 12 every year.

5%, land price 15.

26 ppm, a decrease of 29 per year.

8%, take the floor price of 3175 yuan / flat, down 19 a year.

8%, but the proportion of land acquisition equity has increased significantly. In January, the proportion of land acquisition equity was 92%, increasing by 10 per year.


In terms of land acquisition intensity, the company’s land acquisition / sale area in January was 105%, an annual increase of 27.

4 points, the total land price / total sales price is 25.

6%, a slight increase of 0 in ten years.

7pct, the floor price / average sales price is 24.

4%, a decline of 7 per year.

7 points.

The performance in 2019 increased rapidly as expected, and the long-term impact of the epidemic on sales is expected to be controllable.

The company expects to realize net profit attributable to shareholders of listed companies in 201939.


50,000 yuan, an increase of 80% -110% in ten years.

The exercise condition of the company’s equity incentive is that the performance in 2019-2021 is not less than 39.



880,000 yuan, the performance in 2019 is likely to be worry-free.

The company’s sales amount in 2019 is about 1960.

500 million US dollars, an annual increase of 34%, to achieve the annual sales target of 180 billion US dollars, the sales area of 1,540.

70,000 square meters, an increase of 35% in ten years, the average sales price of 10,725 yuan / square meter in ten years, a slight decrease of 0 several times.


Although the epidemic has a certain degree of interference in short-term sales, the demand only continues but does not completely disappear. In the long term, the impact of the epidemic on the company’s sales is controllable.

Investment suggestion: The company insists on high turnover, and its performance is high.

The company’s performance has increased rapidly and its cash rate has been high. It will grow by more than 80% year-on-year in 2019, and its flexibility can be expected. The advance account is sufficient, which continues to the advance account 1278 in the third quarter of 2019.

US $ 800 million, effectively guaranteeing later revenue and performance growth; Net debt ratio has dropped, debt structure has continued to improve, and expense ratios have been properly controlled; adherence to the high turnover model, sales and performance growth have remained high and gradually 武汉夜生活网 realized.We forecast the company’s performance for 2019-2021 to be 40.

48, 70.

22, 99.

1.4 billion, the growth rate is 85%, 73%, 41%, corresponding to the current expected PE is 8 respectively.

34x, 4.

81x, 3.

41x, maintain “Buy” rating.

Risk Warning: 1.

Uncertainty in the liquidity environment; 2.

The impact of the epidemic is uncertain.

Yanghe shares (002304): Interpretation of the slowing down growth center

Yanghe shares (002304): Interpretation of the slowing down growth center

The company’s Q2 revenue and profit increased by 2.

1% / 2%, the growth rate has dropped significantly. We believe that the company ‘s statements have not declined significantly since 13 years, but it has also led to the company ‘s state of forward load. At present, the company faces an intensified competition environment in the province.Preliminary pursuit of the sales model, several core issues of Dream Blue’s small cap with the company’s broader market to be solved.

Behind the decline in the growth rate of the Q2 report, the company took the initiative to slow down and sort out the problems in order to map the existing quality growth in the coming year.

From the perspective, the biggest advantage of Yanghe lies in the nationalization of the company’s brand, the combined brand of Yanghe Shuanggou, and the modernization of team capabilities.

We are still optimistic about Yanghe’s first-class operating level and adjustment capabilities, and look forward to the company speeding up the resolution of internal problems and returning to the blue classic era.

Taking into account internal adjustments, the EPS for 19-20 is slightly reduced.

92 and 6.

50 yuan (the previous 6).

13, 6.

84 yuan), currently only 18.

9x, 17.

2x, 20x for 20 years, target price of 130 yuan, maintaining “strongly recommended -A” grade.

2Q19 revenue and profit increased by 2.

1% / 2%, median expected second quarter revenue.

The company’s 19H1 revenue was 159.

9.9 billion, ten years +10.

01%, net profit to mother 55.

8.2 billion, previously +11.


Q2 single-quarter revenue 51.

09 billion, previously +2.

08%, net profit attributable to mother 15.

6.1 billion, previously +2.

03%, the median expected second-quarter revenue, mainly due to the company’s June out of stock to inventory.

2Q19 final advance payment 17.

7.9 billion, at least -13.

53%, mainly due to the company’s continued suspension of goods from July to August, due to suspension of dealer payment.

19Q2 sales rebate 48.

5.5 billion, at least -11.

84%, operating net cash flow-6.

3.3 billion, a decrease of 400 million compared with the same period last year, mainly due to the increase in cash paid to employees and fees and taxes paid.

The upgrading of product structure promoted the increase of gross profit margin in Q2, and the increase in expense ratio suppressed the net 重庆耍耍网 profit margin.

The company has a gross profit margin of 70 in 19H1.

95% every year -0.

55 points, mainly due to the impact of rising packaging materials and labor costs in the first quarter, of which 19Q2 gross profit margin was 68.

08%, ten years +2.

84%, mainly due to product structure upgrade, grassroots analysis and feedback, the company’s dream series in the second quarter still continued a higher growth rate of more than 20%.
2Q19 sales expense ratio 13.
18%, +1.

77%, mainly due to the increase in advertising promotion costs and staff budget, 19Q2 management expense ratio (including research and development) 8.

16%, ten years +0.

01%, 19Q2 tax and surcharge 11.

42% -0 per year.

02%, Q2 net margin decreased slightly by an increase in the selling expense ratio.

03pct to 30.


The province has maintained a high growth rate outside the province, and its future share is expected to further increase.

In terms of regions, the income in the province in 19H1 is + 3% per year, accounting for 50%.

46%, a decrease of 3.

44 points, extra-provincial income for ten years +18.

2%, accounting for 49.

54%, up 3.

44pct, outside the province continued to maintain a high growth rate.

According to grassroots analysis feedback, in 19H1 Henan and Shandong continued to maintain steady growth, and the Jiangxi market with a sudden change in base number maintained a high growth rate.

How to interpret the decline of the company’s growth center.

The interim report shows that the company’s growth center is significantly inclined. We believe that the company has transformed the public through the three public companies, the sea blue to make up for the dream, and developed ecological / soft products.Investment in foreign markets, to try to support the statement has not dropped significantly (13/14 revenue only fell by 13).

01% / 2.

34%), but these gradually rebuilding companies have been in a state of carrying forward, suppressing the company’s performance elasticity in this round of liquor recovery.

At present, the company faces some difficulties: after the profit of the channel in the province has gradually thinned since last year, it has given competitors a chance to expand their success; the marketing advantage of the siege in the last round has been imitated by opponents; the increase of the dream blue in the product structure drives the overallIncome plate is more difficult.

In the face of these difficulties, the company needs to slow down the current growth target requirements, solve accumulated historical problems, and strive to achieve more quality and sustainable growth, which is also in line with the “over-high business goals need to be more rational” in our annual strategy report at the end of last year.the opinion of.

The three major escort companies will definitely return the king.

We believe that Yanghe is still a company with first-class capabilities, and the three major escort companies will return the king: Yanghe’s continuous occupation and market operation in the past ten years has become a national sub-high-end liquor brand that is as famous as Jiannan Chun.Zhilan has a lot of loyal fans in East China and Central China provinces (refer to the comments on and Tmall). The “Yanghe + Shuanggou” double-brand wine brand allows the company to be more flexible in marketing.The new chairman of the sales company, Mr. Liu Qianqian, has a high monument, and the team is still a first-class team with strategic vision and daring to act.

Investment suggestion: The growth center will decline and wait for adjustment in place to maintain the level of “Highly Recommended-A”.

The company’s interim report shows that the growth center of the company has fallen. The reason behind it is that the company has taken the initiative to adjust channel profit and product structure in the face of historical accumulation issues, and its accumulation potential has returned to high quality growth in the future.Down the price.

Reduce EPS 5 for 19-20 years.

92 and 6.

50 yuan (the previous 6).

13, 6.

84 yuan), currently only 18.

9x, 17.

2x, 20x for 20 years, target price of 130 yuan, maintaining “strongly recommended -A” grade.

Risk warning: industry demand is falling, competition within the province is intensifying, and development outside the province is less than expected.

BBK (002251) 2018 Annual Report Comments: Performance basically meets the notice of high costs during the rapid expansion period

BBK (002251) 2018 Annual Report Comments: Performance basically meets the notice of high costs during the rapid expansion period

The company’s 2018 revenue increased by ten years.

65%, net profit attributable to mothers increases by 3 per year.

45% On April 20, the company announced its 2018 annual report and achieved revenue of 183 in 2018.

98 ppm, a ten-year increase6.


Realize net profit attributable to mother 1.

56 million, which translates into a fully diluted EPS of 0.

18 yuan, an annual increase 北京夜网 of 3.

45% (based on readjusted 2017 data).

In terms of single quarter breakdown, revenue in the fourth quarter of 2018 increased by zero year-on-year.

27%, an increase of less than 6 in the third quarter of 2018.


Net profit attributable to mothers in the fourth quarter of 2018 was -0.

4.1 billion.

The performance basically accorded with the company’s notice at the end of February.

Gross profit margin increased by 1 in 2018.

53 averages, the cost rate increased by 1.

The company’s gross profit margin in 2018 for the 48 years was 23.

03%, an increase of 1 over the previous year.

With 53 goals, the main result of the increase in gross profit margin was: three new shopping malls opened at the end of 2017, and some department stores sub-owned leased, leading to a higher gross profit margin in the 苏州桑拿网 rental model.

Company period expenses in 2018 21.

44%, an increase of 1 over the previous year.

48 averages, of which the sales / administration expense ratio increased by 0 compared with the previous year.


58 singles, the first is the increase in the number of new stores in the past two years, the cost of incubation is high.

The financial expense ratio increased by 0 compared with the previous year.

48 singles, the first is the increase in bank borrowings.

Regional commercial leader, the market scale is constantly expanding, and the cooperation with Tencent Jingdong continues to deepen. In 2018, the company opened 38 new supermarkets, 2 department stores, and closed 15 stores.

As of the end of December 2018, the company had 341 stores (290 supermarkets and 51 department stores) with a total area of about 4.15 million square meters.

In 2018, the company’s supermarket format comparable store revenue decreased by 1 year-on-year.

06%, with profits increasing by 5 per year.


In early 2018, Tencent and respectively assigned 6% and 5% of the company’s shares.

In April 2018, the Tencent-Backgammon smart retail pilot project was officially launched in Changsha Meixi Xintiandi, and the company’s cooperation with in home business, supply chain and other aspects has continued to deepen.

We slightly lower our profit forecast and maintain our “overweight” rating. We believe that the company is in a period of rapid expansion. In the short term, due to the growth of new stores and the costs associated with the acquisition of store integration, it is difficult to increase the net profit growth rate. We have slightly reduced the company’s 2019-2020 EPS.Predictions, respectively, to 0.


19 yuan (previously was 0.

20/0.22 yuan), the new forecast for the company’s EPS in 2021 is 0.

20 yuan.

In the long run, the company’s regional leaders have consolidated steadily, the market size has continued to expand, and the cooperation with Tencent Jingdong has continued to deepen, maintaining the “overweight” level.

Risk reminder: the risk of cross-regional operation, the price-earnings ratio is at a relatively high level.

Liuyao shares (603368) 2019 semi-annual report review: steady growth in performance and improved cash flow

Liuyao shares (603368) 2019 semi-annual report review: steady growth in performance and improved cash flow

Steady performance growth 2019H1 The company achieved revenue 71.

9.7 billion (+30.

47%), net profit attributable to mother 3.

5.6 billion (+39.

35%), deducting non-net profit3.

5 billion (+37.

22%). If Vantone Pharmaceutical’s consolidation effect is eliminated, the net profit growth attributable to mothers in 19H1 is 31%.

  In the single quarter, Q2 revenue was 38.

10 billion (+35.

86%), net profit attributable to mother 1.

9.6 billion (+37.

50%), deducting non-net profit1.

9.5 billion (+37.

74%), Q2 revenue growth rate is faster than Q1’s 24.

89% has improved significantly.

  The three major businesses are growing together, and hospital pure sales are still strong. In terms of revenue breakdown, the company’s wholesale business achieved revenue 61.

3.1 billion (+25.

37%), of which the hospital’s pure sales business performed strongly, as of 2019H1, the number of partner hospitals reached 68, and hospital sales revenue was 53.

8.2 billion (+ 28%), contributing 75% of revenue.

  Revenue from retail operations8.

6.8 billion (+52.

59%), with a total of 547 pharmacies (including acquired pharmacies), including 341 medical insurance pharmacies and 82 DTP pharmacies, and carried out the construction of prescription extension platform cooperation projects to prepare for the outflow of prescriptions.

  In terms of industry, driven by the combined sales of Metrohm Pharmaceuticals and sales of Xianzhu, it achieved revenue1.

800 million (+270.


  Optimized business structure led to higher gross profit margins, slightly increased financial expense ratios and increased retail and equipment businesses with higher gross margins (12 in 2019H1, respectively).

09%, 4.

02%), especially the retail share increased by 2pp, the company ‘s gross profit margin for 2019H1 increased significantly by 1.

89pp, reaching 12.


Net margin increased by 0.

59pp, up to 5.

47%, 天津夜网 profitability improved.

The selling expense ratio and the management expense ratio are 2 respectively.

30%, 1.

98%, a small change. Due to the increase in bank loan interest expenses, the financial expense ratio sometimes increased to zero.

90% (+0.
  Improved cash flow improvement The company’s net operating cash flow for 2019H1 was -3.

64 trillion, still a net decrease, but at least -5 in 2018H1.

10,000 yuan narrowed significantly, and the company’s 2018 and 2019 H1 cash inflows continued to grow at a rate of 30, respectively.

94% and 32.

27%, both higher than the previous cash or growth rate of 26.

01% and 26.


In a single quarter, 2019Q2 cash flow was -0.

5.9 billion, -3 from Q1.

A significant improvement of US $ 0.5 billion has been achieved. Through Q4 downstream customers’ payment is gradually in place, and it is expected that the gradual cash flow will gradually turn positive.

  Risk warning: industry policy risks, pharmacy construction, Chinese medicine decoction piece production and equipment distribution cooperation business are not up to expectations.

  Investment suggestion: Maintain the “Buy” rating company as the leading circulation company in Guangxi, benefiting from the increased concentration of the two-vote system and its consolidation.

The retail and equipment business is developing at a high speed, and the results are consolidated to increase the performance. Therefore, we slightly raise our profit forecast, and return to the mother net profit for 2019-2021.



9.8 billion (previous forecast was 6.


2.1 billion), with a growth rate of 31% / 25% / 27%.

The current corresponding PE is expected to be 12/10 / 8x respectively. According to the 2019 15-17xPE, a reasonable estimate is 40.


6 yuan, maintain “Buy” rating.

On the 4th consecutive day, the Shanghai index rose another 0.33% ChiNext refers to a new high

On the 4th consecutive day, the Shanghai index rose another 0.33% ChiNext refers to a new high
Securities was affected by the epidemic of overlapping pneumonia during the long holiday in the week before the Spring Festival. The market was relatively obvious. After several days of rebound, the stock market indexes of the two cities maintained the overall trend of the oscillating disk today.  Tesla’s concept of the popular anti-virus-related suspended water in the early stage was different. The stock indexes of the two cities dived, killing a wave of panic.In the afternoon, domestic chips, graphite rubber, network security and other technologies gradually ended their shocks. The stock indexes of the two cities also gradually stabilized. The shocks continued to rise and the decline narrowed.Whether the market’s short-term oversold rally can continue, the epidemic situation may soon turn its inflection point.  On the market, the structural differentiation is still relatively obvious. The pharmaceutical, medical sector, insurance, and banks, which have continued to soar in the early stages, have gradually withdrawn from their role as guards. The traditional economic sectors such as coal, oil, glass ceramics, and non-ferrous metals have also experienced significant declines.The stagnation of the environmental protection sector in the previous period rebounded today. The software and electronics sectors were active, followed by the aerospace military industry, cultural media, and chemical fiber.  At the close, the Shanghai Index rose 0.33%, SZSE Component Index rose 0.1%, GEM Index rose 0深圳桑拿网.18%, the total turnover of the two cities was 9295.8.5 billion yuan.  Northbound funds continued to increase today, with consumption budgets appearing again during the late trading period, but overall remained net.  CICC believes that the epidemic may affect the short-term market rhythm, but may not change the medium-term direction.If the market cracks, it will provide low-absorption opportunities and focus on leading companies that benefit from consumption upgrades and industrial upgrades in the medium and long term.1) Partially cyclical varieties that benefit from growth and repair, including optional consumption, real estate, and securities dealers; 2) Science and technology, new energy automobile industry chain that reflects the trend of industrial upgrading.  Huaxin Securities pointed out that the market was hotter than expected, and a net inflow of northbound funds totaled 135 on Thursday.US $ 8.6 billion. Within one week, two bottom-entry moves exceeding US $ 10 billion indicate that the current index point is worthy of entry from a foreign perspective. The interpretation of the impact of the epidemic is also positive, and the impact of short-term shutdowns will not affect the economy.Run smoothly.From the perspective of the market, although the long-term trend of A-shares is optimistic, after the continuous strength in the short-term, the state of volume and price divergence has appeared. All three indexes may have high rebounds in the short term. Investors pay attention to flexible control of positions, but in the medium and long termThe fall may be another strategic allocation opportunity.

Coron Pharmaceuticals (002422) Coverage Report for the First Time: The Sea of Cross Flow Fang Xian heroes have a deep accumulation of Coron ‘s blockbuster.

Coron Pharmaceuticals (002422) Coverage Report for the First Time: The 佛山桑拿网 Sea of Cross Flow Fang Xian heroes have a deep accumulation of Coron ‘s blockbuster.
The characteristics of this report: The opening chapter discussed the corporate culture and entrepreneurship of Cologne’s more than 20 years of history. We believe that spirit and layout can become an important anchor for us to look at the company now and to consider the future development of the company.Only companies with both soft and hard power will be able to take a more solid and arduous path to innovation in the future. The company’s history, helm structure and corporate culture have laid the foundation for Kelun’s success.Chairman Liu Xinhua is a military officer, and the employees of the company under the militarized management showed discipline, execution and ownership.At the beginning of the company’s “cost leadership, market-driven”杭州桑拿网 strategy, Cologne stood out in the brutal competitive shuffle of the large infusion and antibiotic industry.In the generics sector, we believe that historical experience facilitates the repetition of migration.With the vision and initiation of the leading figures, talents persistently and steadily promote the high continuous investment of extension, the probability of success of Cologne’s innovative drugs has greatly increased. The large infusion industry was upgraded and its structure was adjusted, and Corum’s profitability increased.The reorganization of the survival of the fittest in the large infusion industry has been basically completed.Cologne is currently the largest domestic infusion solution, with a share of over 50%.At present, the large infusion industry is basically stable. The company replaces low-end plastic bottles with high-margin soft bags and straight soft. By adjusting the structure to improve the gross profit margin, the profitability is still rising and it is expected to maintain a steady growth of 5-8% in the future. Domestic environmental protection is the first, and Chuanning’s full production profit is expected to exceed 8 billion.At the time of the project’s establishment, Chuanning took the cost and quality competition as its starting point, and required itself to use the “most stringent” environmental protection standards in the history. At present, all environmental protection issues have been resolved and full production.In 2018, Chuanning’s profit exceeded 600 million. The four major products have both capacity and cost advantages. Full production is expected to contribute more than 800 million profits.If domestic environmental protection standards are to be further improved in the future, other competitors may fail to meet environmental protection requirements, and being forced to withdraw will lead to higher prices and higher profitability. Imitation of leading innovation, to provide momentum for the company’s high performance in the future.Since the establishment of the Coron Institute, they have laid out each other in many fields, including oncology, diabetes, anesthesia and analgesia, and anti-infection.At present, imitation has promoted remarkable achievements (A140 is expected to become the first in China, PD-L1 is authorized overseas, KL-A167 enters the key clinical phase II, ADC project Sino-US simultaneous clinical and FDA orphan drug breakthrough therapy qualification certification, etc.)Strict drug evaluation and clinical trials have obvious advantages for Cologne’s late development. Currently, it has passed 16 product specifications through consistent evaluation, ranking third in China.Benefiting from the “4 + 7” volume procurement, it is expected to expand the market size. Earnings forecasts and investment advice.We believe that the company’s infusion sector will remain stable from 2019 to 2021, the profits of the Sichuan-Nanjing project will rise, generic drugs will enter the harvest period, and EPS will grow at a rapid rate; after 2020, innovative drugs will start to be gradually realized, and the future of the innovative preparations sector will be greatly improved by imitation.Sanfa Drive initially cashed in, and equity incentives provided guarantees for performance.It is estimated that the net profit attributable to mothers will be 16 in 2019-2021.2.2 billion, 20.5.4 billion, 23.33 trillion, corresponding to a growth rate of 33.7%, 26.6%, 13.6%, EPS are 1 respectively.13 yuan, 1.43 yuan, 1.62 yuan, corresponding PE is 24X, 19X, 16X.According to the segment estimation method, looking at 12-18 months, the reasonable market value is about 58 billion (the current market value is 41.4 billion), and the upside is 40%.Covered for the first time and given a “Buy” rating. Risk reminders: the risk of changes in industry policies; the risks of the Sichuan-Nanjing project failing to meet expectations; the risk of lagging the progress of the consistency evaluation of generic drugs; and the risk of failure to develop new drugs.

EU special summit held in Brussels without consensus on long-term budget

EU special summit held in Brussels without consensus on long-term budget

Xinhua News Agency, Brussels, February 21st. The EU special summit was held in Brussels from 20 to 21st, mainly to discuss the long-term budget from 2021 to 2027, and the parties failed to reach a consensus.
This is the first EU summit to be held after Brexit.
  Summit convener 都市夜网 European Council President Michel said that negotiations around the budget have always been difficult, especially since Brexit has left a huge funding gap. Unfortunately, we cannot reach an agreement today. We need more time.Efforts must be made to bridge differences and coordinate interests.
  German Chancellor Angela Merkel said that the parties were too divided to reach an agreement and could only continue discussions later.
  European Commission President Von Delane said that time is tight. If there is no consensus this year, there may be no budget in the next 7 years and no funds to support the Erasmus Plan, scientific research activities, regional development and border control.
  Brexit leaves the European Union with a funding gap of about 10 billion euros per year.
Against this background, net-investing nations want to reduce spending, while lagging nations want net-investing nations to assume more obligations to fill the gap left by Britain.
At the same time, the European Union has formulated ambitious plans for challenges such as the immigration crisis, climate change, and digital transformation. It needs to invest a lot of money, and leaders at the meeting have serious differences on how to ensure the source of funds.
(Reporter Li Zhizhi) Original title: EU summit does not reach consensus on long-term budget