Livzon Group (000513): Continuous optimization of structure, clinical advancement is expected

Livzon Group (000513): Continuous optimization of structure, clinical advancement is expected

Core point of view: 1H2019 revenue growth 8.

2%, net profit after deducting non-attribution increased by 15.

32%, in line with expectations. The company disclosed its 2019 interim report with revenue of 49.

3.9 billion (+8.

20%), net profit attributable to mother 7.

3.9 billion yuan (+16.

67%), net of non-attributed net profit6.

5.9 billion (+15.

32%), and performance was in line with expectations.

The performance of the digestive tract field is beautiful, and the product structure continues to optimize the revenue of preparations33.

3 billion, of which 26 are chemical agents.

2.1 billion (+22.

19%), Chinese medicine preparation 7.

09 billion (-17.


The gastrointestinal field performed well, earning 9.

4.5 billion (51.

37%), the ilaprazole series earns 5.

0.4 billion (+76.

45%), Rabeprazole 1.

6.7 billion (+32.


The gonadotropin sector remains robust with income 8.

9.4 billion (+18.

62%), leuprorelin 4.

5.7 billion (+27.


Chinese medicine plasma is obvious, Shenqi Fuzheng 4.

5.5 billion (-16.


API and intermediate income 12.

1.9 billion (+1.

64%), the optimization of the variety structure has increased the gross margin of the business by 7.

18 points.

Revenue from diagnostic reagents and equipment 3.

6.5 billion (+8.
twenty one%).

Focus on biomedical management optimization project, 无锡桑拿网 clinical progress is worth looking forward toProject clinical research work.
The research and development of biological drugs are more concentrated, and the acceleration of clinical advancement is worth looking forward to.

In 19-21, the EPS was 1.

32 yuan / share, 1.

51 yuan / share, 1.

The current product structure of 73 yuan / share company is constantly optimized, the marketing reform is in the harvest period, the research products are rich, and the accelerated clinical advancement is worth looking forward to.

The EPS is expected to be 1 in 19-21.



73 yuan, the current A shares are expected to correspond to 19-21 PE20 / 17 / 15x, H shares correspond to 19-21 PE12 / 11 / 9x.

With reference to industry assessments, Lizhu Group was given 22xPE in 19 years and Livzon Medicine in 18xPE in 19 years, with 重庆耍耍网 a reasonable value of 29.

10 yuan / share and 26.

52 expansions / shares, maintain “overweight” and “buy” ratings.

Risks indicate industry policy risks, and R & D gradually exceeds expectations.

CITIC Securities (600030) Interim Review: Leading Merger Firmly Acquires Guangzhou Securities to Deploy the Greater Bay Area

CITIC Securities (600030) Interim Review: Leading Merger Firmly Acquires Guangzhou Securities to Deploy the Greater Bay Area

Event: The company released its 2019 Interim Report and achieved 217 operating income.

9.7 billion, an annual increase of 9.

00%; net profit attributable to mother is 64.

46 ppm, an increase of 15 per year.

82%; ROE4.

11%, an increase of 0 over the same period last year.

46 shares; total assets at the end of the period were 7,238.

66 trillion, an increase of 10 earlier.

83%; net assets at the end of the period were 1597.

32 ppm, an earlier increase of 1.

85%; EPS is 0.

53 yuan / share.

The main business is generally stable, securities investment performance has improved, and capital management performance has declined slightly.

In the first half of the year, the Group’s brokerage business realized revenue of RMB51.

13 ppm, an increase of 0 in ten years.

10%; asset management business realized income of RMB 32.

01 billion, down 6 every year.

80%; securities investment business realized income of 59.

15 ppm, an increase of 24 in ten years.

76%; securities underwriting business realized income of RMB 15.

32 ppm, a ten-year increase3.

90%; other businesses realized income of RMB 60.

30 ppm, an increase of 15 in ten years.


The momentum of investment business is good: Jinshi Investment turned losses into profits, and CITIC Securities’ investment performance increased significantly.

As of June 30, 2019, Jinshi Investment achieved operating income of RMB 12 in the first half 武汉夜生活网 of the year.

15ppm, net profit RMB 8.

75 trillion, to reverse the situation in the second half of 2018.

CITIC Securities invested in operating income of RMB 5 in the first half of the year.

62% billion increased 92.

02%, net profit RMB 3.

90,000 yuan, an increase of 91 in ten years.


Plan to purchase 100% equity of Guangzhou Securities and lay out the Guangdong-Hong Kong-Macao Greater Bay Area.

The company intends to purchase 100% equity of Guangzhou Securities after replacing the equity of Guangzhou Futures and Golden Eagle Fund from Yuexiu Financial Holdings and its wholly-owned subsidiary, Financial Holdings Limited.

The transaction consideration is tentatively not to exceed 134.

60 ppm, the transaction price includes Guangzhou Securities’ proposed replacement of Guangzhou Futures 99.

03% equity, Golden Eagle Fund 24.01% equity consideration.

At present, the company has received the feedback notice from the CSRC.

Plan to liquidate CITIC Construction Investment, or gain over 10 billion yuan.

According to market price conditions, CITIC Securities plans to aggregate bids within 6 months after 15 trading days from June 25 and / or block trading within 6 months from 3 trading days from June 25Reduced its holdings of all A shares of CITIC Construction Investment4.

2.7 billion shares.

Investment suggestion: The company’s securities firm’s leading segmentation is stable and stable, and its business development is stable.

Maintain “Buy” rating.

Risk warning: the activity of stock trading declines; the progress of the acquisition is less than expected.

Long Mang Baili (002601): Titanium Industry Cooperation Enhances Competitiveness, Chloride Production Capacity Expands to Boost Growth

Long Mang Baili (002601): Titanium Industry Cooperation Enhances Competitiveness, Chloride Production Capacity Expands to Boost Growth
Company profile Long Mang Baili announced that it has signed a “Framework Agreement on Cooperation in the Titanium Industry” with Jinchuan Group Co., Ltd., which will build a titanium industry base in the western region with competitiveness and characteristics. The two parties plan to establish a joint venture company, in which Jinchuan Group will invest all existing assets (including land) that are closely related to the production of titanium sponge, and will hold 30% of the equity of the joint venture company.The equity of the joint venture company is 70%. Comments This cooperation is conducive to improving the company’s titanium industry layout and enhancing competitiveness.Jinchuan Group is a large state-owned company in Gansu Province. It is a large-scale picking, selection, smelting, chemical, and deep processing joint enterprise. This cooperation has been transformed into the existing assets of Jinchuan Group Titanium Plant. The existing idle assets are revitalized through cooperation between the two parties, and the investment supporting facilities are perfect.Related industries in the titanium industry chain, build a titanium industry base with competitiveness and characteristics in the western region.According to the content of the agreement, the company will fully resume the production of the existing sponge titanium device and implement the follow-up industrial chain improvement project step by step after the cooperation agreement is officially restarted.We expect that the signing of the framework agreement with Jinchuan Group this time will help the company to further improve the titanium industry layout and enhance the company’s titanium industry competitiveness. The expansion of chloride production capacity has helped the company’s performance growth.The operating rate of the first 10-insert production line of the company’s second-phase chlorinated titanium dioxide has increased to 60%, and the second 10-insertion production line has entered the commissioning stage. At the same time, the company expects that the subsidiary Yunnan Xinli 6 will replace the chlorinated titanium dioxide productionThe line is expected to resume production in January next year, and we expect the company’s increased production capacity to release the chloride method will help continue to grow.At the same time, according to the announcement, the company will use the titanium concentrate resources in the Panxi area to construct a 30-contact titanium chloride slag project, which can fully meet the second phase of 20-chlorination chlorination titanium dioxide production. We expect to further improve the industrial chain to reduce costs and enhance chlorineChemical method of titanium dioxide competitiveness. Demand for titanium dioxide is expected to improve in 2020, and the market share of leading enterprises will continue to increase.The real estate team of CICC expects that the actual physical completed area of houses nationwide will increase by 9% in 2020. Benefiting from the increase in the actual completed area, we expect domestic titanium dioxide demand to improve in 2020; titanium dioxide exports will continue to improve.China ‘s titanium dioxide export volume was 90% in November.3In the beginning, it grows by 6 every year.9%.On the supply side, we expect that in 2020, the titanium dioxide industry will mainly increase its output and concentrate on leading enterprises, which will further increase its market share and voice. Estimates suggest that we maintain our 2019/20 profit forecast26.2 / 3.1 billion US dollars, the current company merger corresponds to 2019/20 price-earnings ratio of 11.5/9.7 times.Maintain target price of 17 yuan, corresponding to 15% growth space and 13 / 11x P / E ratio for 2019/20. Maintain Outperform rating. Risk Titanium dioxide 苏州桑拿网 price exceeded expectations, and the progress of chlorinated titanium dioxide project exceeded expectations.

Baiyun Airport (600004): Summer and autumn moments waiting for capacity to be realized

Baiyun Airport (600004): Summer and autumn moments waiting for capacity to be realized

We predict that the first quarter report of 2019 will be the lowest point of Baiyun Airport’s performance. After the release of the company’s T2 capacity, the company will be exempt from taxes, the commercial and advertising businesses will work together, and profits will continue to climb.

The company’s EPS for 2019/20 is expected to be 0.

45 yuan / 0.

56 yuan, the corresponding PE is 32.

8x, 26.

4x, DCF absolute valuation, corresponding to 55 billion market capitalization, maintain the “strongly recommended -A” investment rating.

In the summer and autumn of 19, the volume was heavy, and the annual growth rate led the front-line airports.

The weekly flight volume of Baiyun Airport is 10035, +6 in ten years.


The total flight segment of the Capital Airport is 12368, which is +0 for ten years.

1%; the total flight segment of Pudong Airport is 10962, +0 for one year.

5%; the flight segment of Baoan Airport is 7583, +5 for ten years.


Overall, the growth rate of Baiyun Airport’s throughput exceeded that of the first-tier airports, of which the domestic and foreign airlines increased by as much as 14.


The release of T2 capacity is lagging, and the main base aviation company escorted it.

The airport business volume is actually limited by capacity, and it is lagging due to the release of throughput. The summer and autumn of 19 was the release period for flight volume growth.

In addition, benefiting from the release of Nanfang’s power reduction (the estimated CAGR of the aircraft in the next three years is expected to be 9%), the company’s domestic airlines have made full efforts.

The company will explode more than 30 million international passengers in 2025.

Baiyun Airport is expected to have 87.6 million passenger explosions in 2021, +7 in ten years.

6%, the explosion of international passengers reached 24.09 million, +10 in ten years.

6%, the proportion of international tourists is 27.

It is expected that the passenger explosion in 2025 will reach 105.45 million, a year + 4%, the international passenger explosion will reach 32.47 million (one year + 7%), basically reaching the level of Shanghai Airport in 2017.

There is room for doubling the non-airline revenue of a single passenger.

Baiyun Airport currently earns only 42 non-airline passengers.

79 yuan, through the re-integration of the three major non-aviation business business models, non-aviation revenue will be limited.

In addition, through detailed calculations, international flights will increase significantly in the next three years (compound growth rate of nearly 9%), and international passenger explosions are expected to be 24.09 million, accounting for 27%.


International passengers are also the core resource of the airport’s revenue side: the aviation revenue contributed by the unit is about 1% of domestic passengers.

8 times, international passengers will drive a substantial increase in tax-free income and enhance the airport’s commercial realisation capabilities.

Overall, non-aircraft revenue at Baiyun Airport is expected to reach $ 3 billion in 19 years.

Risk warning: severe weather and natural disasters, major operational 南京夜网 safety accidents

Seven major institutions look at the market outlook: February is the golden pit on the way to well-off cattle

Seven major institutions look at the market outlook: February is the “golden pit” on the way to “well-off cattle”

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  Anxin strategy: Grasp the “golden pit” and seize strategic opportunities From the perspective of various historical experiences, the epidemic situation is often the core contradiction of the market only during the fastest development period. From the middle, the market is still determined by the endogenous trendrun.

We believe that due to the overall economic activity of the coronary epidemic in the short term, it will also cause a temporary downward shift in the overall market index platform. The market may quickly make up after the holiday to complete the expected adjustment.Neither the trend nor the structure of the main line logic has been disrupted by the coronary epidemic.

The epidemic situation will always pass. We believe that the essence of the market’s fall next week actually brings a “golden pit” of strategic layout, especially the rare opportunity brought by the adjustment of high-quality technology stocks.

  Monarch strategy: From another perspective, the epidemic situation is consistent. The development of the epidemic situation that may be needed is an objective fact. The trend of the stock market leads to the expected change of objective events.

The current market consensus expects to move up and down. We believe that: 1) the “down” time will be shorter than expected; 2) the opportunity for transmission is bred during the decline.

The core judgment comes from four perspectives.

  Looking back at 2003, as economic growth at that time exceeded the background, hedging policies were limited to structural fiscal subsidies and short-term monetary easing.

At present, more aggressive fiscal and broad accommodative monetary policies will be expected.

Fiscal policies will likely target government sectors such as catering, hotels, tourism, entertainment, civil aviation, highway passenger transport, water passenger transport, and taxis that are boycotted and exempted from government funds and investments in the first and second quarters.

Monetary policy will increase easing based on our original forecast of 2-3 interest rate cuts and 1 RRR cut, at least targeted interest rate cuts and RRR cuts.

  Founder’s strategy: In the short term, you can pay attention to the previous strong industries and epidemic prevention-related industries compared to the SARS period. In the short term, you can pay attention to the previous strong industries and epidemic-related industries.

The impact of the SARS epidemic on the economy was limited to the second most severe 2003 outbreak.

Among them, social activities, travel and other activities have weakened, and the growth of sustainable consumption has dropped significantly. Food, beverages, medicines, and daily necessities have interfered with each other. Production depends on falling demand, restrictions on delivery and logistics, and lower production by manufacturers.Obviously, the growth rate of the light industry has fallen relatively.

We divided the SARS epidemic into three periods, namely the latent spread period (November 2002 to mid-April 2003), the accelerated outbreak period (Mid-April 2003 to mid-May 2003) and the recession-dissipation period (2003(Year) (mid May to mid June 2003), the current analogy is the acceleration period of the SARS outbreak. During this period, strong industries such as automobiles, banks, non-banks, steel and epidemic prevention related industries such as medicine, machinery or anti-epidemicweak.

  Haitong’s strategy: over 60% of the industry’s annual report has noticeably improved the earlier quarterly results. ① As of January 31, the SME board’s 19 year annual report performance notice replaced 55%, GEM’s 94%, and the SME board’s 19 year annual notice / 19Q3 return to zero.The net profit of the mother gradually exceeded 185% / 2.

5%, the small and medium plate index is 13.

4% / 7.


② GEM’s 19-year annual report notice / 19Q3 net profit attributable to mother gradually changes67.

6% /-5.

9%, the GEM index is 17.

6% / 1.


③In the industries with a notice rate exceeding 60%, non-bank financial, electronics, power equipment and new energy, machinery, agriculture, forestry, animal husbandry and fishery, and national defense military industry’s 19th annual report has noticeably improved in the earlier three quarterly reports.

  Huatai strategy: A-shares are not likely to change their direction. The mainline in the medium term is expected to return. The epidemic affects the short-term A-share rhythm but the probability is not to change direction. The medium-term mainline tends to be “the return of the king.” High-frequency synchronization indicators of market sentiment during the SARS period.The market is out of the trough; industries with five major interaction chains, such as the scale of deployment, population concentration, and population migration, are under pressure to withdraw.

Under the five-point difference between the new coronary epidemic and SARS (internal and external spread, economic functions in severely affected areas, labor input and output, economic cycle and structure, maturity of the interconnected industry), the impact of the 北京夜网 new coronary epidemic on the current economic scale is expectedThe probability of a large amplitude is weaker than the SARS epidemic, but the magnitude of the economic shock in Q1 may not be weaker than during the SARS epidemic.

Considering the pessimistic, neutral, and optimistic assumptions of the epidemic, the A-share profit growth rate has not significantly changed the pre-judgment range in the 2020 annual strategy report, maintaining the index yield, market rhythm, and judgment of the main line of allocation.

  CITIC Securities: February is the “golden pit” investment strategy on the way to “well-off bull”: February is the “gold pit” on the way to “well-off bull”.

The outbreak of the epidemic ended the preview of the “well-off cattle” that began last December, but at the same time provided a rare configuration opportunity.

We still continue our annual strategic view. We believe that in the second quarter of the transition, the economy will gradually return to the right track.

The “golden pit” dug by the market in February due to the impact of the epidemic will be the best time for configuration.

Short-term trading and long-term allocation opportunities coexist.

  CICC Strategy: The epidemic peak period (Jin Qilin analyst) period is a stabilization of market performance. In the short term, the development of the epidemic situation is still the key to determine the market and asset price trends.

But only at the same time, historical experience also tells us that the simple epidemic itself will not change the decisive factor of the market trend. The difference in performance during the past six epidemics has a great relationship with the macro and market environment.

In addition, the peak of the epidemic may be an important “watershed” in investor sentiment and market performance stabilization.

Greenland Holdings (600606) 2019 Semi-annual Results Express Review Comments: Stable Performance, Fast-forward, Multi-industry Coordinated Development

Greenland Holdings (600606) 2019 Semi-annual Results Express Review Comments: Stable Performance, Fast-forward, Multi-industry Coordinated Development
I. Overview of the event The semi-annual results announcement announced by Greenland Holdings announced that the company’s operating income in the first half of 2019 was 20 billion yuan, a year-on-year increase of 27.5%; realized net profit attributable to shareholders of listed companies of US $ 8.8 billion, an increase of 45 per year.7%. Second, the analysis and judgment of the release of performance is fast, and the profitability continues to improve. The company achieved operating income of RMB 16.1 million in the first half of 2019, a year-on-year increase of 27.5%; net profit attributable to mothers was 880,000 yuan, an increase of 45 year-on-year.7%.The high growth rate of the company’s net profit is mainly due to the increase in the company’s real estate projects’ carry-over income during the reporting period.In addition, the company’s net asset income is 12.16%, an increase of 2 over the same period of 18 years.76 singles, the level of profitability has further improved. Sales steadily increased, focusing on the core metropolitan area companies from January to June to achieve sales of US $ 167.7 billion, an increase of 3 years.1%, sales remained stable, ranking 7th in the industry.According to the number of reports, the company’s affiliates in third- and fourth-tier cities benefited from the market advantages of sub-projects such as inter-city space station construction. The sales amount increased by more than 50%, and business expansion and development was significant.In the first half of 2019, the company continued to adhere to the concept of urban agglomerations and metropolitan areas, focusing on key areas such as overlapping areas of first-tier cities, second-tier provincial capital cities, and prefecture-level high-speed rail stations.further optimization. Multi-industry has landed rapidly, and collaborative development has reached a higher level. In 2018, the company’s large infrastructure business realized operating income of US $ 1,481 billion, an increase of 41%; the value of newly signed contracts reached US $ 2,162 billion, a continuous increase of 63%, and it continued to solidify its foundationTo enhance industrial competition; maximize the profit of large financial businesses by 2.5 billion, an increase of 25%, give full play to the advantages of capital operation platforms, and seize the equity of leading technology companies.The company’s diversified industries are developing simultaneously, promoting innovation and transformation, improving development energy levels, and demonstrating industrial value. Third, investment advice Greenland Holdings has a fast-growing performance, sales have maintained scale, good finance, smooth financing, and coordinated development of diversified businesses.杭州桑拿The company’s EPS is expected to be 1 in 19-,1.75 yuan, the corresponding PE is 5.6/4.6/3.7 times, the company’s highest in the past three years, the lowest, the median PE is 32.7/6.5/11.9x, maintaining the company’s “recommended” rating. 4. Risk warning: The real estate budget policy is tightened, and sales are below expectations.

Shagang (002075): GLOBALSWITCH’s shareholding reorganizes and continues to advance

Shagang (002075): GLOBALSWITCH’s 都市夜网 shareholding reorganizes and continues to advance

Event Overview The company announced on August 28, 2019. Recently, the controlling shareholder of the company, Shagang Group, has completed the Global Switch Holdings (hereinafter referred to as “GS”) 24 held by Aldersgate Investments Limited through its wholly-owned subsidiary, Tough Expert limited.

01% equity acquisition.

After the completion of the equity transfer, Aldersgate Investments Limited is no longer a shareholder of Global Switch Holdings Limited.

The Reuben brothers broke 淡水桑拿网 away from the original equity, and GS was 100% acquired by domestic capital owned Shagang Group through a wholly-owned subsidiary.

After the 01% equity, the Rubens no longer hold GS equity, and GS 100% equity allocates domestic capital.

We believe that after the concentration of GS equity, it will help GS to better connect the upstream and downstream resources of the domestic industry, especially the strong demand of large domestic corporate customers to go overseas, which will greatly improve the certainty of GS ‘overseas business growth.

At the same time, for company management, shareholders with a simpler structure and gradually more homogeneous investors are more able to ensure the company’s long-term quality management model is sustainable.

GS’s premium overseas IDC target, with a property valuation exceeding 5.4 billion pounds. GS, as a global premium leader echelon IDC manufacturer, has the following characteristics: (1) location selection of high-value commercial core areas; (2) the top IDC management service level in the industry;(3) High-value sticky industry customers.

Domestic capital is settled, performance growth is highly certain. Steel assets are expected to grow, GS value is expected to highlight profit forecasts and estimates. We believe that the company’s GS business is trying to provide the company with new performance growth. It is estimated that the company’s total revenue in 2019-2021 will be: 189.

300 million, 201.

500 million, 243.

800 million, net profit attributable to mothers were: 16.

700 million, 25.

900 million, 32.

300 million yuan, corresponding to the current price of 19 respectively.

9 times, 12.

8 times, 10.

3 times.

The first coverage was given an “overweight” rating.

Risk reminders: Sino-US trade disputes generate overseas renewable contraction rates to reduce risks; domestic business expansion is not as good as expected; the Securities Regulatory Commission approval risk; exchange rate risk; systemic risk.

Central South Media (601098): Q4 single-quarter profit stabilizes and continues to maintain high dividends

Central South Media (601098): Q4 single-quarter profit stabilizes and continues to maintain high dividends

Event: The company announced the 2018 annual report and achieved revenue of 95 in 2018.

800 million, down 7 every year.

6%, achieving net profit of return to mother 12.

4 ‰, a decrease of 18 per year.


After breaking through non-recurring gains and losses, the company achieved net profit10.

9.9 billion, a 22% decline in one year.

Affected by factors such as the adjustment of the teaching aids policy in Hunan Province, 四川耍耍网 the company’s teaching aids business was under pressure, and the performance shifted to a certain extent. However, the impact has gradually been digested, and the company’s operations have returned to stable.

The impact of Jiao Fu has gradually been digested, and the single-quarter profit of 2018Q4 has stabilized.

In the early stage, due to the impact of the adjustment of Hunan’s teaching aid policy, the company’s teaching aid business was significantly affected, and its profit declined.

However, judging from the quarterly situation, Zhongnan Media’s Q1-Q3 2018 saw a single quarter of replacement of more than 20%, but the company achieved net profit attributable to its mother in the fourth quarter of 20183.

70,000 yuan, compared with the fourth quarter of 2017 3.

The level of $ 400 million has increased by about 10%;青岛夜网 once non-recurring gains and losses have ceased, net income attributable to mothers in the fourth quarter of 2018 also increased by 2.

70,000 yuan, higher than the same period in 2017 2.

600 million levels.

Judging from the report data, the pressure of the company’s profit reduction has been substantially relieved.

We believe that the change in profit of Zhongnan Media is mainly due to policy adjustments. Although this shock is a long-term impact, the probability is unlikely to increase, that is, after the previous period of different bases, the company’s profit will return to a stable growth channel.Corresponding evidence has been obtained from the financial data.

Financial service performance contribution is outstanding.

The company’s finance company realized operating income in 20184.

20,000 yuan to achieve net profit 3.

1 ‰, increasing by 22 each year.

4%, 51.

5%, becoming an important source of company performance.

Dividends are the last word.

According to the company announcement, the company will pay dividends for every 10 shares in 20186.

1 yuan, the dividend amount is 10.

9.5 billion, accounting for 88 of the company’s net profit attributable to its mother.

5% higher than in October 2017.

The level of 7.7 billion has been further increased.

A stable and growing level of dividends is the most important guarantee for investment. In the past three years, Zhongnan Media has converted dividends of more than 3 billion, making it one of the most “generous” companies in the media industry.

At the closing price on April 22, the company’s dividend was restructured4.

8%, there is still a strong value attribute.

Earnings forecasts and investment advice.

The company’s EPS for 2019-2021 is expected to be 0.

76 yuan, 0.

83 yuan, 0.

90 yuan, corresponding to PE is 17 times, 15 times, 14 times.

Based on 1) the company may usher in performance improvement in 2019; 2) the number of books in the company’s general books is more, becoming a 28th attribute, prompting the continued growth of the company’s general books performance; 3) the company may be able to provide a sustained and stable highDividends and maintain the “overweight” rating. Risk warning: the risk of rising raw paper prices, further tightening the policy.

Goldwind Technology (002202): Entering the profit repair channel, optimistic about rising profits

Goldwind Technology (002202): Entering the profit repair channel, optimistic about rising profits
The inflection point of the gross profit margin of the manufacturing side has now entered the profit repair channel. The company maintained the “Buy” rating released the third quarter report of 2019, and the revenue has steadily increased.We believe that the optimized order structure for delivery and cost control, the gross profit margin at the manufacturing end is expected to continue to rise.We expect company 19?The 21-year EPS is 0.82/1.05/1.22 yuan with a target price of 15.58-17.22 yuan, maintain “Buy” rating. The volume and price of the industry bidding rose, and the overseas business grew rapidly. The company achieved revenue of 247 in the first three quarters of 2019.3.5 billion (+38.84%), net profit attributable to mother 15.910,000 yuan (ten years -34.2深圳桑拿网4%), which is mainly affected by the early high-temperature low-cost unit delivery and wind turbine sales revenue recognition cycle.According to the company ‘s performance presentation materials, the volume and price of the industry bidding rose, and the number of open tenders for domestic wind power equipment in the first three quarters of 19 reached 49.9GW (previously +108.5%), more than 18 levels; 2.5MW and 3MW wind turbine prices continued to rise, September 2.The price of 5MW wind turbine is 3898 yuan / kW, which is 17% higher than the low point of August of last year.Overseas business is advancing steadily. As of September 30, overseas orders in hand1.21GW (previously +62.5%), Canada, South Africa, Australia and other countries have won orders, confirming that overseas competition is constantly increasing. There are sufficient 无锡桑拿网 orders on hand, and the wind turbine delivery has entered the peak season. The company has full orders on hand, and the large-scale trend is clear.According to the company’s performance presentation materials, as of the end of the reporting period, external orders22.8GW, of which 2.5S platform unit order capacity is 9.7GW, with an annual increase of 142%; the budget order accounts for 42% (in the past + 20pct), and the continuous optimization of the layout structure will help the gross profit margin of the manufacturing side rise.In the first three quarters, the company sold the total capacity of fans.25GW, of which 2S-class volume sales capacity reaches 3.4GW.The company’s gross profit margin for the third quarter was 19.12%, an increase of 1 from the second quarter.17pct, gross margin has shown marginal improvement.19 expense ratio during the first three quarters of 16.53% (one year -2.00pct).Driven by the rush to install existing items, we believe that the upward elasticity of performance caused by the rebound in gross profit margin and the decline in expense ratio will constrain the company’s performance to continue to be released. Affected by incoming wind in Q3, the number of wind power utilization hours slightly decreased. Until the end of the reporting period, the company’s newly-added equity and grid-connected installed capacity of 195MW, and the grid-connected self-operated wind farm’s equity installed capacity reached 4.6GW.Capacity of domestic wind farm projects under construction1.39GW, wind farm project capacity under construction1.22GW.The average utilization hours of the company’s generating units is 1,645 hours, which is 126 hours higher than the national average. The location and management advantages are obvious.Affected by the wind, the number of hours of power generation drops by 9 hours per year.In the first three quarters of 19, the company generated 59.2.3 billion kilowatt-hours, an annual increase of 2%, of which direct electricity transaction volume accounted for 34% of the subsidiary Tianrun’s total power generation.81%. We believe that wind power operations will continue to contribute stable cash flow and profits to the company. The manufacturing side enters the profit repair channel. We are optimistic that both quantity and profit will rise. We maintain the “Buy” rating. We believe that the inflection point of the gross profit margin at the manufacturing side has emerged. Through the optimization of delivery order structure and cost control, the gross profit margin will enter the rising channel.Taking into account the effect of current to low-order order delivery on gross profit margin, we adjusted the net profit attributable to mothers to 34 in 19-21.45/44.33/51.42 (previous average 36.17/43.68/54.2.5 billion), comparable companies averaged PE15 in 19 years.52 times, considering the inflection point of the gross profit margin and the addition of the faucet, the company is given a 19-19x target PE with a target price of 15.58-17.22 yuan, maintain “Buy” rating. Risk warning: the growth rate of supplementary installed capacity exceeds expectations; fierce competition in the price of wind turbines, and the risk of falling gross profit margins.

Laobai Dry Wine (600559): Performance needs to be adjusted and still needs patience

Laobai Dry Wine (600559): Performance needs to be adjusted and still needs patience
The incident described the company’s first three quarters of revenue 28.2.2 billion, +16 a year.09%; net profit attributable to mother 2.71 ppm, +11 for ten years.16%; of which Q3 income is 8.63 ppm, at least -11.27%, net profit attributable to mother is 77.31 million yuan, -20 years.99%. Core point 1. The performance exceeded expectations and was obvious in the third quarter: the company’s third quarter report exceeded expectations, mainly due to the continuous destocking and mediation structure this year, coupled with the impact of liquor consumption in Q3 province, the company’s single third quarter revenue and profit averageNegative growth. Through the improvement of the consumption environment in the fourth quarter, market demand is expected to gradually recover.In terms of different regions, in addition to the penetration of the market pressure in the province, brands such as Confucius House in Shandong and Wuling in Hunan fully reflect that the revenue growth rate is more than two. 2. The product structure continues to improve, and the next high-end development determines the future growth potential: the overall growth rate in the third quarter, but the product structure continues to improve, and the third quarter gross margin fell by + 1pct to 63.9%.In terms of different products, high-end wine earns +22 per year.3% to 9.6 trillion, it is expected that the growth rate of Shiba Jiufang in 15 years / 20 years refreshed; low-end products repeatedly -1.6% to 8.1 ‰, of which Q3 replaced 26 in a single season.8%, as of now, the 夜来香体验网 company ‘s SKU has dropped from more than 700 to less than 100 now (actually contributed revenue of about 60). Future product adjustments will have a marginal impact on the company ‘s performance, and its revenue growth rate will increase slightlyHigh-end cultivation effect. 3. The company’s long-term logic remains the same, but adjustment still requires patience: the company we have been working on is focused on: First, the high-end (eighteen wineries fifteen years / twenty years, etc.) volume leads to faster income,The second reason is that the improvement of product structure and the decline in the expense ratio have led to the continued recovery of profit margins. The third is the accelerated manifestation of synergies, and the market share in Hebei has increased.After several years of efforts, the company’s net interest 杭州桑拿 rate and income scale have reached a level, but due to the shortcomings of brand power and the competitive layout of Hebei, the company’s fundamentals are still in the process of recovery, and long-term adjustment still needs to be patient. 4. Profit forecast and rating: EPS is expected to be 0 in 19-21.47/0.58/0.72 yuan, corresponding to PE26 / 21/17 times.The company’s performance is mainly affected by short-term factors, and the long-term fundamentals are still in the process of recovering. 5. Risk prompts: 1) Declining economic growth restrains industry demand; 2) The intensified competition pressure in the province affects the company’s performance; 3) Macroeconomic changes cause the prices of high-end liquors such as Maotai Wuliangye to fall, squeezing demand for second-end prices; 4)The operating fundamentals of the M & A company did not meet expectations; 5) Food safety risks.