WuXi PharmaTech (603259): Strong revenue growth empowers platform with obvious advantages

WuXi PharmaTech (603259): Strong revenue growth empowers platform with obvious advantages
Event On April 30, WuXi AppTec released the 2019 first quarter report, realizing revenue, net profit attributable to mothers, and net profit attributable to mothers after deduction of 27 respectively.6.9 billion, 3.8.6 billion and 4.950,000 yuan, ranking 29 in the same period in 2018 respectively.31%, 32.97% and 87.54%, the company’s adjusted non-IFRS net profit attributable to mothers further increased 28.3%, the first quarter achieved EPS of 0.33 yuan / share. Brief comment on the first quarter of strong revenue growth, strong investment income, adjusted profit margins and income basically matched the company’s strong revenue growth, while the same period last year increased.31%, slightly higher than expected. At present, the domestic new drug research and development market is hot, and it is expected that the average price of the company’s other main businesses will maintain a good growth; in terms of profit, the company’s net profit will increase.97%, net profit after deducting non-attribution to mothers increased by 87.5%, the difference in caliber is mainly due to the decline in the fair value of the company’s investment in UnityBiotechnology, etc. (about 1).USD 8.9 billion, and investment income from joint ventures’ commitment capital (2.1.1 billion, mainly due to the income obtained from the IPO of Cornerstone Pharmaceuticals Hong Kong Stocks). The two projects are distributed online and are basically offset. Investment income is recorded in ordinary profit and loss, and changes in fair value are recorded in non-recurring profit and loss.There is a convergence difference between the caliber of the female and the female who does not belong to the female.Excluding the effects of equity incentives, exchange rate fluctuations, and investment income, the company’s adjusted non-IFRS return to net profit is 5.19 ppm, an increase of 28 in ten years.30%, basically matching the growth rate of income. The company realized operating cash flow in the first quarter.90 million US dollars, compared to -3169 million US dollars in the same period last year, achieving growth growth, mainly due to the growth of main business and stable cash flow, meanwhile, in the first quarter of last year, the tax base was paid for the PDS part of Hequan Pharmaceutical, so the base was small.The company’s overall gross profit margin was 38.14%, a decrease of 0 compared to the same period last year.96 units. In terms of expenses, the company achieved sales in the first quarter (1.0.5 billion, +43.58%), management (2.95 billion, +47.49%), R & D (1.12 billion, +61.89%), finance (1.2.6 billion, -8.80%) expense ratios are 3.78%, 10.65%, 4.03% and 4.56% year-on-year growth of 0.38, 1.31, 0.81 and decrease by 1.90 units.Among them, sales, management, and research and development expenses continue to increase, related to the increase in the number of related personnel and investment; management costs also include 32 million in the first quarter of the distribution of incentive costs.In addition, the relatively relatively improved financial costs of exchange rate fluctuations have declined, and the overall cost of the period has been basically stable compared with the same period last year. In the main business, we expect the company’s revenue to maintain a strong and steady growth, and continue to expand the scale of production 深圳桑拿网 capacity, research and development projects, and build the foundation for subsequent business improvement: ① China’s laboratories are expected to maintain stable overall growth.The drug discovery and analysis and testing business continued to grow steadily. At the same time, along with the service fee + gradual growth model of the DDSU department, the Qidong R & D Center officially launched operations in the first quarter, gradually generating growth momentum replacement; ② The company’s clinical CRO is in the early rapid improvement stage, and the SMO business is growing.Strong, CMO / CDMO benefit from heavy commercialization projects and early project extensions. We expect clinical CRO revenue growth to exceed 50% in the first quarter, CMO / CDMO growth to exceed 40%, and two high-growth sectors are expected to contribute to overall performance.It has a pulling effect; ③ In the laboratory business in the United States, the device testing business gradually improved year by year due to the impact of customer churn, and the cell therapy CDMO business is also in a rapid growth stage. It is expected that there will be significant improvement in the first quarter and this year. Participation: The company’s current investment in R & D has increased due to new production capacity, new business, personnel development, and the advancement of R & D in some joint ventures.For example, the company’s increased investment in equity incentives, the expansion of its total production capacity, the construction of cell therapy GMP bases in Wuxi and Philadelphia, and major products such as Wuxi MedImmune and WuXi Juno are all promoting phase II clinical improvement, with some improvements. Outside of the main business: The platform has obvious advantages, huge investment income and returns, and actively engages in cross-sector cooperation to invest extensively in high-quality pharmaceutical fields and obtain investment returns.Based on its main pharmaceutical outsourcing platform, WuXi AppTec has established a comprehensive and healthy ecosystem.The company has invested in companies in the pharmaceutical field through relevant investment platforms, and has built a sound large health ecosystem, which has also brought generous investment returns for the company.The investment in Hualing, Unity Biotechnology, Cornerstone and other companies has brought substantial investment income for WuXi. Recently, the company has a clear medical treatment (joint venture). Jinxin Fertility has submitted a listing application to the Hong Kong Stock Exchange.Models promote continuity. Establish a large health ecosystem and actively carry out cross-domain cooperation.The company actively cooperates with companies in various fields to establish joint ventures to provide forward-looking coverage of emerging businesses.WuXi PharmaTech has established joint ventures with well-known multinational companies, such as WuXi Juno, CLP WuXi, WuxiMedImmune, etc., mainly for the development of big data and innovative therapies.Although these companies are still in the development stage, they have huge potential in the future and are an important part of WuXi AppTec’s great health ecosystem. It will bring rich resources and performance bonuses to the company in the future. The follow-up companies are expected to further strengthen clinicalCapacity building of platforms such as trials. The service fee + step-by-step model continued to advance, and fully enjoyed the domestic R & D bonus for innovative drugs.The company’s internal new drug research and development department (DDSU) has developed rapidly. In 2018, the company completed 27 IND declarations, obtained 17 CTAs, and obtained revenues of 16.8 million yuan.At present, most of the company’s projects are still in the early development stage. The continuous progress of the subsequent gradual projects and the coordination of the company’s business platform will gradually achieve rapid revenue growth, adding momentum to the company’s future sustainable development. Acquisition of minority shareholders ‘equity in Hequan Pharmaceuticals, further integration of business platform advantages. The company has decided to delist the holding subsidiary Hequan Pharmaceuticals on the New Third Board, and acquire its minority shareholders’ equity, which has added a certain value to the net profit of Wuming Kangde’s return to motherhood.thick.Although Democracy Pharmaceuticals is also a subsidiary of WuXi AppTec, it will often need to be separated in terms of longer and receiving orders. After this further completion of equity acquisition, there can be more and more convenient full-process signing and business.The synergy opportunities also help the internal business synergy of various departments, and help WuXi PharmaTech’s overall integrated business operation, fully reflecting the advantages of WuXi Pharma’s small molecule field from drug discovery to commercial production of a full-service coverage platform. The domestic pharmaceutical outsourcing leading platform has obvious advantages, and enjoys the overvalued premium WuXi AppTec’s pharmaceutical outsourcing business has achieved full industry chain coverage, thereby expanding its business strength and scale to the domestic leading scale.At present, domestic enterprises are accumulating momentum for transformation and upgrading. The domestic pharmaceutical outsourcing industry will usher in a golden period of development. WuXi PharmaTech provides one-stop innovative drug services to meet the needs of domestic enterprises. In this context, the expansion of the pharmaceutical industry has priority to benefit.We believe that the source of the company’s overestimated premium lies in: ① the world’s strongest ability to integrate resources in the industry: the advantages of transferring platforms have the ability to integrate global resources, which are obviously contradictory; ② the vision of excellent forward-looking layout: continuous forward-looking in the development processEmerging business layout to consolidate the future industry leadership pattern; ③ integrated business model: provide integrated services from early drug development to production, with the best order and customer stickiness in the industry; ④ platform incubation capabilities: establish “capital”, research and development,”Integrated production platform” has excellent innovation incubation capabilities; ⑤ Industrial capital recognition and synergy: It has a high degree of recognition within the pharmaceutical and capital industries and has a synergistic effect on business development. Earnings forecast and investment rating take into account the impact of various aspects, we expect that WuXi PharmaTech’s net profit attributable to mothers will be 21 in 2019-2021.300 million, 26.7 ppm and 34.400 million yuan, the corresponding growth rate is -5.6%, 25.3% and 28.6%; if the impact of changes in fair value is not considered, the growth rate of net profit attributable to the parent is estimated to be approximately 23.2%, 28.3% and 29.3%, maintaining the “overweight” rating. Risks suggest that investment income fluctuates significantly; the number of new drug developments is less than expected; fierce competition in the industry; the impact of Sino-US trade and exchange rate changes.

Categories: emjfyfznt

Sinoma International (600970): Steady growth in dividend yield

Sinoma International (600970): Steady growth in dividend yield

Event: The company released the semi-annual report for 19 years, and realized operating income of 11.3 billion yuan, an increase of 12%; net profit attributable to mothers7.

500 million US dollars, an increase of 16%; semi-annual performance growth was lower than our expectations.

In the second quarter alone, the company achieved operating income of 6.3 billion, an increase of 12%; net profit of 5 was achieved.

200 million, an increase of 10%.

Cement kiln business orders increased strongly, and the decline in comprehensive gross profit margin was affected by the business structure. In the reporting period, the company’s new breakthrough orders reached US $ 15.2 billion, an increase of 26%; effective transfer of 439 trillion contracts, an increase of 7%; of which the ASEAN potash project, ChinaNon-company cement projects total 8.

The $ 200 million contract has not yet entered into force.

During the reporting period, the company’s strong business area cement projects were newly signed 124 trillion, an increase of 44%; of which, domestic cement projects were newly signed 44 trillion, an increase of 110%; overseas cement projects were newly signed 80 trillion, an increase of approximately 23%.
New signing of production operation and maintenance 2.

800 million, an increase of about 6 times.

Orders in the company’s strength areas have maintained rapid growth, however, the diversified business and new breakthrough orders for environmental protection business have drifted.

During the reporting period, the company’s comprehensive gross profit margin was 16.

3%, same minus / ring minus 1.


2 pcts, mainly due to diversified business, the proportion of environmental business income increased, and such business is still in the development stage, the gross margin is relatively low compared to cement projects.

With the rapid growth of non-traditional businesses, cement projects accounted for 84% of revenue from 18H1.

5% dropped to 78 in 19H1.


Considering the cement project, diversified project, production operation and maintenance, energy saving and environmental protection gross profit margin respectively 16.

3%, 11.

2%, 26.

8%, 14.

2%, the change in revenue structure is an important factor in the decline of the company’s comprehensive gross profit margin.

Steady operation, growth rate of return, maintain “Buy” rating of 1H19, operating cash flow of -5.

4 ‰, the same period last year was -10 ppm; 19Q2, operating cash flow was 8.

300 million.

With the completion of the GOE project, it is judged that the company’s operating cash flow will continue to improve.

The company’s dividend rate has remained at 30% over the years, and the current price index index is about 4.

5% -5% on budget.

The company is a leader in cement engineering, and has achieved a global layout. It is characterized by “the east is not bright and the west is bright.”

Looking forward to the synergy after the merger of “two materials”, the reform of the “Double Hundred Actions” incentive mechanism 无锡桑拿网 will further release the operating vitality.

Taking into account changes in income structure, revise the gross margin assumptions and lower the EPS forecast for 19-21 to 0.

92, 1.

04 and 1.

20 yuan (the original value is 1.

03, 1.
25 and 1.

48 yuan), correspondingly lowered the target price to 9.

2 yuan.
Taking into account the deviation of the index rate, and the dynamic PE is low in the construction sector, maintain the “buy” level.

Risk warning: foreign exchange hedging loss, new growth orders are less than expected, gross margin improvement is less than expected

Categories: qfelbhol

Chenming Paper (000488) 2019 Interim Report Review: 19Q2 Profitability Improved Significantly, Focused Advantages Focused on Main Business

Chenming Paper (000488) 2019 Interim Report Review: 19Q2 Profitability Improved Significantly, Focused Advantages Focused on Main Business

The company announced in its 2019 四川耍耍网 Interim Report that the performance improved significantly from the previous quarter and basically met expectations.

The company announced its 2019 Interim Report: In the first half of 2019, it realized revenue of 133.

49 ppm, a decrease of 14 per year.

2%; Realize net profit attributable to mother 5.

10 ‰, a decrease of 71 per year.

4%; of which 71 in the second quarter realized revenue.

89 ppm, a reduction of 13 per year.

5%, Q2 returns to net profit of the mother 4.

72 yuan, a reduction of 52 per year.


After the holiday, paper prices rose, and the profitability of the pulp and paper industry improved month-on-month.

Industry level: After the holiday, paper prices have experienced multiple rounds of growth, and the pulp and paper profitability will be further repaired.

After the Spring Festival, distributors and downstream printing plants replenished the goods, and in March each year, the publishing house invited tenders for autumn textbooks. Cultural paper ushered in the small spring season. According to the statistics of the Paper Industry Association: Since the Spring Festival, double offset paper, coated paper, and white cardboardThe price increase was 495 yuan / ton, 318 yuan / ton and 341 yuan / ton.

Pulp price decline: Affected by the continuous high level of port pulp stocks, quotations of pulp on the outer disk continued to fall, and the cost of pulp for paper mills fell.

Company budget: 2019Q2 company’s comprehensive gross profit margin 30.

3%, an increase of 7 from the previous quarter.

24 points; net margin 6.

9%, an increase of 6 from the previous month.

At 29pct, we expect the profit per ton of paper to increase by about 350 yuan / ton.

The company’s four major projects: Shouguang Meilun 51 Alternative Cultural Paper Project, Shouguang Headquarters Cultural Paper Reconstruction Project, Shouguang Meilun 100 is called Chemical Pulp Project, Huanggang Chenming Chemical Pulp Project, etc., have been put into production and running normally in the second quarter, and gradually startedMake the most of it.

In this round of increased production capacity, the company’s pulp self-sufficiency rate will further increase, and 100% self-sufficiency of broad-leaf pulp and chemical pulp will be realized; the leading cultural paper will gradually be further consolidated.

The integrated development of forestry pulp and paper is conducive to the company’s hedging of fluctuations in the prosperity of the paper industry.

Financial leasing, mining expansion continued to advance, return to the main paper industry.

In January 2019, the company’s announcement was planned to be Great Wall Guorui Securities as a strategic partner. The cooperation includes: changing and integrating the assets of Chenming Financial Leasing Company to achieve full market operation; asset securitization; comprehensive investment and financing business, and divestiture financingThe leasing business is expected to bring about a significant reduction in the company’s operating risks.

In July 2019, the company announced that it plans to publicly transfer its holding subsidiary Haicheng Haiming Mining Co., Ltd. 60% equity.

The company initially decomposed its non-papermaking business, returned to the main papermaking industry, increased production capacity, comprehensively integrated forestry pulp and paper integration, and focused on the main business.

The new production capacity has been fully implemented, and the self-sufficiency rate of pulp has been further improved. The expansion of financing leases has continued to advance, and the pulp and paper integration leader has set sail again.

The company plans to expand its financial leasing business and bring new projects into production. In the future, capital expenditures will be further reduced, and the company’s funding pressure will help resolve it.

The main papermaking industry added additional production capacity, increased pulp and paper production capacity, and comprehensively integrated forestry, pulp and paper integration.

We maintain the company’s profit forecast for net profit attributable to mothers for 2019-2021 at 21 trillion, 26 trillion and 30 trillion.

67 yuan / share) The corresponding PE is 6 times, 5 times and 5 times respectively, and the corresponding PB is only 0.

6 times, maintaining the overweight level.

Categories: 夜生活

Bright Dairy (600597) Third Quarterly Report Review: Room temperature products stopped falling and rebounded, revenue accelerated significantly

Bright Dairy (600597) Third Quarterly Report Review: Room temperature products stopped falling and rebounded, revenue accelerated significantly

Event company 9M19 achieved revenue of 171.

3.7 billion, +8 a year.

25%, net profit attributable to mother 4.

4.4 billion, +11 per year.

27%, of which 60 in 19Q3.

4.7 billion yuan, +21 per year.

10%, net profit attributable to mother 0.

7.7 billion, +29 in ten years.


The initial gain is zero.

36 yuan.

  Investment points Normal temperature products stopped falling and rebounded, and low temperature performance was considerable. Q3 revenue growth significantly increased.

The company’s 9M19 achieved revenue of 171.

3.7 billion, +8 a year.

25% (first quarter: +5.

51%; second quarter: +1.

12%; Q3: +18.


In terms of categories, the company’s 9M19 liquid milk / other dairy products / breeding products accounted for 60.

67% / 27.

92% / 8.

10%, ten years +8.

8% / + 21.

43% /-27.

17%, of which 19Q3 + 17 are ten years.

23% / + 28.

38% / + 0.

twenty three%.

The speed of liquid milk has increased significantly, mainly because room temperature products have achieved efficiency improvements after the adjustment of the business unit leadership, including Moslien, You +, and other large room temperature products have achieved positive growth in the third quarter.Flat (19H1 is 12% for hypertension).

In addition, the low-temperature products also maintained a good growth trend in the first half of the year, and are expected to grow by more than 10% in 19Q3 (of which single products such as truthfulness have achieved more than 50% growth).

In terms of channels, the company’s 9M19 direct sales / dealers accounted for 28.

12% / 68.

84%, revenue +5 for ten years.

17% / + 14.


By region, the company 9M19 Shanghai / field / overseas accounted for 26.

13% / 52.

47% / 21.41%, revenue +13 for ten years.

41% /-0.

14% / + 26.


Dealer budgets in Shanghai / fields increased by 149/444 in the current period, totaling 4,208.

  Gross margin continued to be under pressure, and fee control helped 3Q’s profit improvement.

The company’s gross profit margin for 9M19 was 32.

20% (first quarter: 32.

24%, second quarter: 33.

34%, Q3: 31.

11%), at least -1.

33pct, where Q3 is at least -2.

54 points are mainly due to: 1) raw milk price rises by 5% every quarter, and costs are under upward pressure; 2) relatively low gross profit of the new Wright business increased the proportion of revenue, resulting in lower overall gross profit margin.

In 19Q3, the company’s sales / management / R & D / financial expense ratios were 23 respectively.

66% / 3.

37% / 0.

31% / 0.

42% each year -3.

09pct / + 0.

18pct / -0.

02pct / -0.

25 points.

The increase in the sales expense ratio has clearly landed. We judge that the company has optimized its marketing methods and narrowed its advertising expenses. The company’s expense ratio as a whole declined in 19Q3.

18pct, offsetting gross margin pressure.

Company 9M19 achieved net profit attributable to mother 4.

4.4 billion, +11 per year.

27% (first quarter: 4.

03%, second quarter: +10.

75%, third quarter: +29.

98%), 9M19 net profit is 3.

58%, of which Q3 net margin reached 1.


It is worth pointing out that the company’s non-current asset disposal losses in 19Q3 decreased by 3271 every year.

260,000 yuan, 19Q3 after deducting non-attribution to the mother’s net profit for two years +12.


  Overall optimization of products and channels; internationalization process is still advancing.

New reserve products are expected to be launched in 19H2: The company launched the “Yinduoduo” series of flavored fermented milk in 19 years, leading to the promotion of new products such as Youjuanshan fresh milk. It is expected to boost dairy revenue and gross profit margin; strengthen channel controlPower: The company promotes the implementation of CRM projects. It will use mobile terminal systems to strengthen the frequency of visits to terminal outlets, directly establish customer service relationships with terminal outlets, control related data of terminal outlets, use big data to guide terminal sales, and strive to improve sales outlets.Single point of effort.

Promote internationalization in an all-round way: In the future, the company will rely on the overseas subsidiary New Zealand New Light and the hosting company Israel TNUVA Group to play the synergistic role of the three markets of China, Israel and New Zealand, increase the proportion of overseas business revenue, and meet the global market and Chinese demand.

It is worth pointing out that 18H1 New Wright reached an agreement with important customers, extended the exclusive supply agreement, and reached a 10-year liquid dairy supply agreement with New Zealand South Island Food Co., Ltd., gradually opening up the liquid milk business layout and pursuing future revenueAccelerate growth.

  Profit forecasting and investment advice The company is a leading dairy product company, with considerable growth in the overseas market. At the same time, its 杭州夜网论坛 product upgrades and price increases capabilities, and its performance promotes steady and good performance.Based on the company’s third quarter report, we raised the company’s profit forecast and expect the company’s 2019 revenue to be 229.

1.6 billion yuan (+9 per year).

2%), with a net profit of 4.

8.5 billion (+41.

9%), corresponding to the closing price on October 28, 2019, which is estimated to be 26x, and maintains a “prudent increase” rating.

  Risks prompt increased industry competition, rising raw material costs, and food safety issues

Categories: emjfyfznt

Xinhua Wenxuan (601811) Annual Report Commentary: Outperformed General Book Performance

Xinhua Wenxuan (601811) Annual Report Commentary: Outperformed General Book 深圳spa会所 Performance

The annual report exceeded expectations, and the revenue grew steadily. The self-developed teaching materials and general books performed well. The company disclosed the 2018 annual report: 81.

870,000 yuan, an increase of 11 in ten years.

44%; net profit attributable to mother 9.

32 ppm, an increase of 0 in ten years.

90%; net profit of non-attributed mothers 8.

68 ppm, an increase of 19 in ten years.

49%, a cash dividend of 3 yuan is distributed for every 10 shares.

The performance exceeded our highest expectation, mainly due to the growth in the teaching aids business exceeding our expectations.

The company’s teaching aids / general books / education informatization business have maintained a good momentum of development, and the investment business is continuously catalyzed by the mood of the science and technology board. It is expected that the EPS in 19-21 will be 0.



03 yuan with a target price of 14.


77 yuan to maintain the overweight rating.

The number of students has steadily increased, and self-research and development have been strengthened. The teaching aids have grown rapidly.

46, 40.

1.5 billion, an increase of 14.

7%, 8.

8%, published gross margin of 34.

82%, the same minus 0.

21pct, issued a gross profit margin of 39.

79%, an increase of 1.


The growth of teaching aids and scale has continued to tap students’ needs; reorganization, independent research and development of teaching materials and extracurricular reading materials have improved profitability.

According to the statistics bureau, the number of students in Sichuan Province in 1965 was 956.

30,000, a net increase of 14.


The publication achieved rapid growth, and the gross profit margin remained basically flat under the pressure of rising paper prices, mainly due to the company’s strengthening of self-research and development, and the development of various local textbooks and extracurricular reading materials such as the “Overseas Research Travel Manual” and “Primary Pupils Should Remember Ancient Poems”.

General book revenue increased by 36.

43%, the market is rapidly and rapidly increasing, and children’s books form a brand advantage. In 2018, general book publishing achieved revenue7.

8.6 billion, an increase of 36.

43%, gross margin 33.

21%, the same increase of 0.

85 points.

The open book ranking increased by 2 places compared to 2017, ranking 13th among 36 publishing groups in the country. The profit of general book publishing operations exceeded 100 million yuan for the first time.

The category of best-selling books has been continuously enriched, and the number of books with annual sales of more than 100,000 books has grown rapidly, from 12/34/64 in 2016-2018.

The children’s category has formed brand advantages and rich resource reserves. It is the main publishing cooperation agency for books such as the world-renowned IP Wangwang team, Iron Man, Spider-Man, and Avengers in China.

As of the end of 2018, the children’s agency “Mi-circle series” had shipped over 50.64 million copies, the Tiandi agency “Wangwang team series” had shipped over 8.2 million copies, and the children’s agency and Tiandi’s 2018 net profit reached 0 respectively.77, 0.

6 billion.

Consolidate channel advantages, education equipment, education informatization enters the harvest period, education informatization and education equipment business realize income.

5.6 billion, an increase of 23.


The company makes full use of the advantages of content resource integration and channel advantages, and relies on the integrated mechanism of education, publishing and distribution to continue to provide intensive education services, provide schools with a comprehensive digital campus solution, and expand Wenxuan’s “Teach Together”, AR teaching assistant, AR Understand innovative digital products such as classroom toolboxes.

The company has implemented a large number of installments of education equipment and informatization business in the previous years, and the return period has come to realize the successive collections. The 18-year operating net cash flow9.

9.3 billion, compared with the previous year 3.

4.6 billion improvements.

The various business segments grew steadily, and the investment business continued to be catalyzed by the sentiment of the science and technology innovation board. The company’s teaching materials, teaching aids, general books, and education informatization business maintained a good growth momentum, and its profitability increased steadily. The overall gross profit margin was 36.

57%, with an increase of 0.

37 points.

Lanqi Technology, a subsidiary of the subsidiary “Wenxuan Investment”, has completed listing 北京养生会所 counseling on March 27 and plans to land on the science and technology board.

The company’s shareholding ratio is 0.

49%, continued to be catalyzed by the mood of the science and technology board.

It is estimated that the net profit attributable to the mother in the year 19-21 is 10.



7.2 billion yuan (up 17% / 16% /-), and EPS is 0.



03 yuan, refer to 2019 PE16 of comparable company.

3 times, considering the science and technology board to give a 10-15% estimated premium, and 2019 PE18-19X, with a target market value of 185-19.5 billion yuan and a target price of 14.


77 yuan to maintain the overweight rating.

Risk Warning: The progress of education informatization is less than expected.

Categories: awuzrgzvu

A white horse stock rollover: the main force snapped up foreign flights to buy over 800 million

A white horse stock rollover: the main force snapped up foreign flights to buy over 800 million

[Main Fund]A white horse stock rolls over, the main force buys late, and foreign travelers buy over 800 million US dollars Source: Data treasure main fund net replacement 166 throughout the day.

7.7 billion, three pork stocks inflows ahead.

Huatai Securities had the largest inflow of funds in late trading, with net purchases of more than 800 million yuan.

  The Shanghai Index continued its shock consolidation trend today, and eventually closed up slightly by 0.

05% to close at 2939.

62 points.

Market turnover has shrunk slightly, with a total of 370 billion yuan in turnover in the two cities.

In terms of funds, there was a slight net inflow of funds to the north 29.

1.5 billion yuan.

The main fund can be net 166 throughout the day.

7.7 billion yuan, of which Shanghai and Shenzhen 300 net reduction of 39.

700 million, GEM net reduction of 37.

800 million yuan.
  The industry sector was up and down, while the agriculture sector led the gains, with the banking and insurance sectors showing active performance.

There are 5 industries with net capital inflows and 23 industries with net overlap.

  The agriculture, forestry, animal husbandry and fishery industry ranks first in capital inflows, with net inflows throughout the day14.

12 trillion, the industry index rose 3.


The animal husbandry led the market today, with pork and chicken stocks at the top of the conceptual gain list, and today’s daily limit for egg futures hit a new high since the end of July.

  Real estate and bank net inflows3.

7.1 billion and 1.

55 ppm, ranked second and third, the industry index rose by 1.

52% and 1.


On the surface of the news, the 70-city September house price data released today by the Bureau of Statistics shows that the sales price of newly-built commercial houses rose slightly from the previous month, and the increase in the sales price of second-hand housing was basically flat.

In addition, the net inflow of funds from the transportation and textile and apparel industries did not exceed 100 million yuan.

  The highest net cash content is in the pharmaceutical and biological industry, with a net repeat of 30.

6.8 billion yuan, the industry index fell by 1.

4%, the decline also ranked first, there is a single stock in the industry limit.

Electronics industry net profit 21.

9.9 billion yuan, the industry index rose slightly.


The electronics industry is the industry with the highest amount of funds in the past, and has accumulated more than 199 funds in the past 5 days.

700 million.

The industries with more than US $ 1 billion in capital also include non-bank finance, computers, communications, food and beverages.

  Judging from the capital inflows of the three pork stocks into the top three stocks, today there are only 10 stocks whose main funds have a net inflow of more than 100 million yuan, and 26 stocks have exceeded 100 million yuan.

  Among the top 20 stocks in which the main funds flowed in, agricultural stocks and banking stocks overlapped, among which there were 6 stocks in the agriculture, forestry, animal husbandry and fishery industry, and 4 stocks in the banking sector.

The top three alternative agricultural stocks of the inflow amount are Zhengbang Technology, Tianbang Shares, and New Hope, and the inflow amount is 4 respectively.4.1 billion, 2.

$ 5.6 billion and 2.

400 million US dollars, of which Zhengbang Technology and Tianbang joint venture closed at the daily limit.

According to the data of the Dragon Tiger List, the capital of the North has bought Zhengbang Technology 2 net.

0.5 billion.

According to the news, pork prices have continued to rise since this year, and pork prices rose further in September by 69.


The Development and Reform Commission disclosed today that three central reserve frozen pork stocks have been organized and implemented three times in the middle and late September.

  The inflow of funds from Industrial and Commercial Bank of China and Ping An Bank exceeded 100 million yuan, of which both rose by more than 2% today.

Ping An Bank disclosed three quarterly reports in the evening that the company achieved a net profit of 236 in the first three quarters.

2.1 billion, an annual increase of 15.


On the whole, the top 20 stocks in the net inflow had 6 daily limit and one daily limit with an average gain of 4.


  Out of the top 20 stocks, 5 have food and beverages and 4 have non-bank finance.

ZTE has the largest net allowance of funds, with a transfer amount of 3.

03 billion.

Hengrui Medicine allowed 2 trillion yuan, ranking second.

Guizhou Moutai, CITIC Securities, and Huatai Securities also had higher replacement amounts, replacing 2 respectively.

5.7 billion yuan, 2.

500 million US dollars and 2.

400 million yuan.

  Huatai Securities late-term capital inflows rely on the previous northward capital against the market to buy the main capital inflows of the two cities late in the net.

5 ppm, the industries with higher capital inflows in late trading are electronics, banking, agriculture, forestry, animal husbandry and fishery.

4.7 billion yuan, 1.

4.6 billion and 0.

9.6 billion yuan.

The industries with a higher amount above the end of the day are pharmaceutical biology, food and beverage, and chemical industry, and the amount of change is 1.

9.4 billion yuan, 1.

0.8 billion 北京夜网 and 0.

6.5 billion.

  From the perspective of individual stocks, no individual stocks inflowed more than 100 million yuan at the end of the day. The largest inflow was Huatai Securities, which was 81.35 million yuan.

Affected by the lifting of the ban by Tianfeng Securities, Huatai Securities plunged nearly 6% today, but after-hours data showed that Beijing Capital had a net purchase of Huatai Securities.

5.2 billion yuan.

Zhengbang Technology, Dafeng Industrial, and New Wufeng had three inflows of over 40 million yuan.

  At the end of the day, the net amount of at least one stock was not high. Hengrui Medicine, Zhongke Shuguang, ZTE, Guotai Junan and other stocks changed more than 30 million yuan in late trade.

Categories: icrlxwge

Three Six Zero (601360) 2019 Interim Report Review: Stable Performance Increases Government and Enterprise Safety Gradually Landed

Three Six Zero (601360) 2019 Interim Report Review: Stable Performance Increases Government and Enterprise Safety Gradually Landed

Event: In the first half of 2019, the company realized a total 武汉夜网论坛 of RMB 59 in operating income.

25 trillion, basically the same as the same period last year; net profit attributable to shareholders of listed companies was RMB 40.

520,000 yuan, an increase of 163 in ten years.

66%, deducting non-net profit 16.

09 million yuan, an increase of 15 in ten years.


Point of view: Internet advertising business revenue is basically flat and is expected to remain stable in the future.

Affected by the macro economy, the overall advertising market performed poorly.

The company’s Internet advertising business has also been affected, with overall revenue of $ 4.7 billion, a continuous decline7.


The company’s advertising revenue shows a structural change. Traditional display and search advertising have declined, while PC- and mobile-side information flow advertising has grown strongly, and its revenue share has increased.

The company also launched an innovative marketing platform to help advertisers post ads more accurately.

We expect the company’s advertising business to remain stable in the future.

The company’s government and enterprise security business has gradually landed, and the future is worth looking forward to.

The company regards government and enterprise security as an important strategic direction and business growth point in the future.

360 technology has outstanding advantages, especially in the area of big data security. It has the largest “white hat” army in the Eastern Hemisphere, and attaches importance to threat-driven, security-driven and offensive and defensive capabilities.

The focus of corporate governance and corporate affairs development is to seize the big orders. The company first wins the general contract of the government or the city and gives it to the ecological company to do its own core security business.

At present, the company’s first cooperation with the Chongqing Municipal Government2.

400 million have already landed.

Large orders are expected to be announced in the future, and it is worth looking forward to.

The company is a safe and controllable vanguard and adheres to technological innovation.

In June 2019, the company announced that the “360 Security Brain” fully empowers domestic operating systems to improve the security level of government and enterprises.

In addition, the company released the mini-program business, becoming the only PC-side mini-program ecological platform.

Company profit forecast and investment grade: We estimate that the company’s net profit for 2019-2021 will be 39, 43, and 51 trillion, respectively, and the corresponding EPS will be 0.

59, 0.

65 and 0.

75 yuan.

The current anniversary corresponds to a PE value of 37, 33 and 29 times in 2019-2021.

Maintain the “Recommended” level.

Risk warning: The advertising market is worse than expected, and the government and enterprise security business is worse than expected.

Categories: 按摩

Nazis or sentenced?Hello, these overseas travel taboos must be known!

Nazis or sentenced?Hello, these overseas travel taboos must be known!
In front of the Reichstag building.(Photo) On the morning of August 5, tourists entering China were arrested for posing Nazi ritual gestures while taking a snapshot in front of the Reichstag building. Each person was released after paying 500 euros in bail.The two have been criminally prosecuted for using the unconstitutional logo.In Germany, strict legal restrictions on hate speech and signs related to Hitler and the Nazis, and those with serious circumstances will be sentenced to 3 years.  Absolutely, more and more Chinese are going abroad to see the world.With the broadening of horizons and the popularity of related education, the quality of Chinese tourists has steadily improved.However, it cannot be ignored that due to cultural differences and other reasons, Chinese tourists will inevitably encounter various troubles.  Is it easy for overseas travel to touch certain local regulations and cultural taboos that can easily be replaced?May wish to explore with the editor.Image source: Chinanews Singapore: Damaged public property or slashed Singapore can cancel imports, sell and spit gum anywhere.But compared to worrying about chewing gum chewing and punishment, damage to public properties is more serious.In 2014, a German tourist placed graffiti on a subway car in Singapore and was pursued by a transnational Singapore. The judge sentenced him to 9 months in prison and three canes.  In addition, Singapore also imposes fines on some uncivilized acts, and tourists are no exception.Public toilets are equipped with sanitary pickets, which are designed to catch users who are accustomed to stepping on the toilet. They do not flush after the toilet and litter. The first offender is marked with S $ 150 and has been invaded.  Thailand: Avoid discussing royal topics In Thailand, it is best to avoid discussing kings and royal related topics with others. If inappropriate remarks are made, local laws may be violated.When visiting the Royal Palace in Thailand and some serious occasions, you must dress neatly. Sleeveless T-shirts, vests, suspenders, ripped pants, slippers, etc. are prohibited.Those who do not qualify will be barred from entering.  Bhutan: 100% customs duty paid on tobacco imports Bhutan penalizes smokers very severely, and it costs a lot of money to enter the country. 100% customs duties must be paid at the customs.If you smoke in public in Bhutan, you will be fined at least $ 225.If tourists sell tobacco products in Bhutan, they will be arrested by the police and sentenced to prison for smuggling.  India: the sacred and inviolable of cattle India has many taboos on religion, and cattle are considered sacred and inviolable.The herd of cattle walks freely on the street, and the crowd of vehicles needs to carefully bypass them.Tourists traveling in India should pay special attention to cattle and not drive them out.When entering Hindu textiles, wear clothing made of cowhide leather.  Alias: Don’t touch the child’s skull. Other people don’t like others touching any part of their body. In contrast, they don’t like touching others.The head is considered the most sacred part of the human body, and the child’s head is considered the place where the gods stay.If you do not pay attention to violating taboos, you will attract local dissatisfaction and may be blamed publicly.  United Arab Emirates: There are many taboos in dressing. Compared with other cities in the UAE, Dubai and Abu Dhabi are relatively loose to tourists, but they may still be called into police stations if they do not follow local customs.  The Dubai Executive Board has issued a public code of conduct that includes local residents and foreign tourists taking into account local culture and values.According to the regulations, behaviors that are prohibited in public include wearing miniskirts, bikinis, shorts or other tight-fitting clothing, dancing, playing music loudly, drinking in non-business areas, swearing, nude swimming, etc.In addition, couples openly kiss, hold hands or hug can also be fined or even detained.  Saudi Arabia: Drinking alcohol in public places is illegal Saudi Arabia is the most disciplined Middle Eastern country.Drinking alcohol is illegal in Saudi Arabia.Although the government is relatively tolerant of tourists and allows tourists living in specific areas to drink alcohol, it also stipulates that tourists must hide in the room, lock the door of the room, and drink quietly.In addition, foreign women need to wear a headscarf when going out to the streets, but do not cover the veil, wear long-sleeved long skirts, the length can cover the ankle and the back of the hand.If you violate the rules, drink alcohol in a public place and misbehave, you are likely to be charged and whipped.  In foreign countries, personal words 杭州桑拿 and deeds always show and influence the image of the country.The continuous prosperity of the motherland has brought a real sense of security and pride to every Chinese, but this pride is just a warm heart and a verbal talk.Keep in mind and abide by the laws and regulations and cultural taboos of different countries and regions, and adhere to civilized travel, which is responsible for both personal safety and national honor.  (Creative Product Studio: Zhang Tianyu, Text Comprehensive Xinhuanet, Chinanews.com, Guangzhou Daily, etc.) Original Title: Nazi Rite or Sentenced?Hello, these overseas travel taboos must be known!

Categories: mshsenowr

Gujing Liquor (000596) In-depth study: the rise of the brand’s potential energy

Gujing Liquor (000596) In-depth study: the rise of the brand’s potential energy

Core point of view: Gujing has only four sessions of famous wine genes and strong channel control 北京夜网 capabilities. It insists on holding high-end brand marketing strategies. In recent years, its costs have gradually tilted towards sub-high-end products. The brand ‘s potential energy has increased significantly. The company plans to earn 20 billion in the next five years.The US dollar is the second-line liquor after Yanghe and Fen who is most likely to achieve national flooding. The expected difference is currently estimated to be 21 times that in 2020, and it is continuously recommended.

Core competitiveness: Four-time famous wine gene + sales iron army team.

In terms of brand strength, Gujing Gongjiu won the gold award in the 4th Liquor Selection Award. The brand is second only to Maowujing Fen. The company persists in its high-profile marketing strategy and has continued to maintain high expenses for nearly ten years, such as the CCTV Spring Festival Gala and the high-speed railwayWaiting, the power of the top eight famous wine brands has increased rapidly. Through the expansion and strengthening of leading provinces and the improvement of brand potential, we expect that the sales expense ratio has entered a steady downward channel.

From the perspective of channel power, Gujing stands out from the fiercely competitive Anhui market, and has shaped the outstanding channel deep distribution capabilities. The company’s number of business personnel is second only to Yanghe, and its channel control is the strongest in the industry.

In the past two years, the company’s sales system has begun to be market-oriented, senior executives’ salary limits have been lifted, cash incentives have been put in place, and the marketing army’s fighting spirit has been stimulated.

At present, the senior management team is young, and we look forward to improving the mechanism.

The pattern in the province: The leading advantages are becoming more and more significant, and the future is expected to be 10 billion yuan.

Anhui’s economic development momentum is good, and the population continues to iterate, driving the province’s consumption to significantly upgrade. At present, the ancient price of 200 yuan at the ancient price of 8 yuan has entered the heavy volume stage.Compete with Jiannanchun and other famous national wines.

Gujing’s market share in the province is accelerating and its leading position is becoming more and more consolidated. In the future, structural upgrades and channel sinks will gradually increase the market share of competitive products for harvesting. The province’s revenue target of 10 billion yuan can be expected.

Layout outside the province: The progress of investment promotion is gradually accelerating, and the trend of flooding nationalization is improving.

Gujing County is committed to investing a lot of money in brand promotion in the long run. A stable base market and continuous brand building will help Gujing’s national promotion. The acquisition of Huanghe Tower will promote dual brand drive.

At present, the East China market has improved. North China and South China have resumed positive 失败:重查 growth. Under the general trend of increasing brand power, the investment promotion process in the markets outside the province has gradually been smoother than before.

Investment suggestion: Maintain “Buy” rating and continue to recommend.

We estimate that the company’s operating income for 2019-2021 will be 105.12 / 125.1 billion U.S. dollars, with a year-on-year increase of 21% / 20% / 19%.25%, corresponding EPS is 4 respectively.



24 yuan, corresponding PE is 26/21/16 times.

Risk warnings: Sangong ‘s efforts to suppress consumption continue to increase; consumption upgrades are below expectations; food safety issues.

Categories: qfelbhol

Annual report may trigger some kind of hype instead of GEM adjustment is not bad

Annual report may trigger some kind of hype instead of GEM adjustment is not bad

Original title: GEM adjustment is not a bad thing Source: Beijing Commercial Daily All the way, the strong GEM adjustment trend, not the end of the rebound since the Spring Festival, but the style may change, entering the annual report disclosure period, the blue-chip stocks with good performance will likely attract moreMultiple funding concerns.

  The GEM rebounded in this round. The GEM has been out of the limelight. There are many reasons for it. The cloud office and other cloud series have been born at home. The development of new vaccines has brought the popularity of the biomedical sector . In short, the GEM is inIn the high enthusiasm of singing all the way.

But over time, the increase has been large, and either there should be something, after all, investors know that there is no stock that only rises and does not fall.

  In fact, investors are skeptical that there is yet another alternative that has the biggest impact on recognition, and that is the annual report.

  In fact, the annual report may trigger several hype substitutions. First, the unexpected high-speed growth of annual report performance may directly trigger a large number of purchases by institutional investors.

However, investors should not think that institutional investors have been holding stocks like Buffett for decades. Whether they are holding Coca-Cola or the Washington Post, they have become major shareholders. This is also a type of institutional investors.Alternative.

Senior institutional investors also need to continuously change their shareholdings, except that excellent institutional investors are not as repeatable as small and medium-sized retail investors, and the exchange of shares does not only look at technical graphics. Institutional investors refer to research 北京桑拿洗浴保健 reports and annual reports.Financial data and so on, so this column says that the annual report will be a very important opportunity for the restructuring of blue chip prices.

  The second is the unexpectedly high profit distribution in the annual report, which will also attract speculators.

Although this column always reminds investors that some of the high transfers are purely alternative hype and have no practical significance for shareholders.

But it is undeniable that in the current market, Gao Shuanzhuan is good in the eyes of many investors, and is willing to speculate.

  Therefore, in the annual report season, it is not ruled out that some companies may launch unexpectedly high sales. For example, Company A wants to repurchase shares, but it has no money by hand, and it happens to hold the circulating shares of Company B. The shareholding ratio can still be saidThe majority shareholder, while the implementation of company B is not cheap.

  The third point is the company whose annual report is successful.

Investors know that passing the annual report is like passing customs. Of course, this is for poor performance stocks, but for successful performance stocks, the investor ‘s capital gains will also constitute the composition. Imagine the poor performance stocks that have just passed the clearance and getAfter a year of life, isn’t this something to celebrate?

In addition, the newly added poor performance stocks usually exceed Dublin’s poor performance stocks, so the old poor performance stocks also have a certain income advantage.

  So this column says that a small amount of GEM does not indicate the end of the stock market rebound. Some may be style conversion. Imagine the current capital market, too much money has no place to go, and it has caught up with the stock market trading enthusiasm. TheseWill money be willing to be lonely?

  Although this column does not advocate the use of funds to promote the rise of the stock market, if investors flood in, the bull market of the stock market is trying to stop and cannot be stopped, so the attractions of the stock market will only change and not disappear.

Categories: 夜网