Dongcheng Pharmaceutical (002675): Performance growth is in line with expectations The nuclear medicine sector continues to be bullish

Dongcheng Pharmaceutical (002675): Performance growth is in line with expectations The nuclear medicine sector continues to be optimistic

Performance growth was in 苏州夜网论坛 line with expectations.

The company released the third quarter report of 2019, and achieved operating income of 21 in the first three quarters.

75 ppm, an increase of 33 in ten years.

38%; Net profit attributable to shareholders of listed companies2.

79 trillion, an increase of 43 in ten years.

98%; non-net profit attributable to shareholders of the listed company is 2.

93 ppm, an increase of 44 in ten years.


The company achieved operating income in the third quarter8.

48 ppm, an increase of 24 in ten years.

70%, net profit attributable to mother 1.

00 ppm, an increase of 23 in ten years.

21%, deducting non-net profit 1.

40,000 yuan, an increase of 24 in ten years.


Financial indicators: selling expenses 5.

9.4 billion, a year-on-year increase of 59%, with a sales expense ratio of 27.

32%, an annual increase of 4.

43 are single, we think 天津夜网 it is mainly due to the company’s overall revenue growth caused by the increase in selling expenses; management expenses1.

170,000 yuan, an annual increase of 27%, financial costs of 42 million yuan, each 20% decline, management costs and financial costs are well controlled.

Looking at other financial indicators, accounts receivable for reporting performance10.

0.6 million yuan, an annual increase of 22%.

Inventory 8.

07%, an increase of 39% each year, mainly due to the increase in the price of crude heparin.

Net cash flow from operating activities was 3.

990,000 yuan, an increase of 2% in ten years.

As for the situation of each sector, we expect the raw material medicine sector to grow steadily. As the price of heparin has increased in the third quarter of 2018, the growth rate has gradually improved.

In the nuclear medicine sector, Yunke Pharmaceuticals is expected to maintain a growth rate of 20-25%, Andyco’s 18F-FDG growth rate is expected to be about 30%, and the overall growth rate of GMS is about 10%.

The situation of domestic nuclear drug duopoly has formed, and Dongcheng Pharmaceutical is expected to continue to develop rapidly.

The domestic market of nuclear medicine is growing rapidly, and domestic per capita supplementation is far lower than that of the United States, and the market potential is large.

At present, the main products of Dongcheng’s product pipeline include Yunke injection, target drug, positron medicine, I-125 sealed seed source, C-14 capsule and other main products. Others include I-131 oral solution, strontium chlorideProducts such as Dongcheng also involve agency business. The company is continuously narrowing the same small differences with China. In the future, the company’s breakthrough progress in the construction of nuclear drug network and therapeutic nuclear drugs will continue to draw closer or even surpass the same with China.Tiny gap.

The company’s nuclear drug R & D pipeline has great potential products, focusing on the company’s nuclear drug development.

公司核药管线中铼 [188Re]依替膦酸注射液(骨转移疼痛)、氟[18F]化钠注射液(骨转移诊断)、[18F] 氟丙基甲酯基托烷注射液(帕金森诊断)、BNCT 疗法(硼中子俘获治疗癌症新领域)以及钇 [90Y]微球(肝癌治疗)等产品,将承载国内核药发展的重任,未来随着国内核医学市场的潜力的释放We believe that after the listing of these products in the future, it is expected that the company will not bring rich results.

Profit forecast: It is estimated that the company’s net profit attributable to its mother in 2019-2021 will be 3 respectively.

8 billion, 4.

82 trillion and 6.

50,000 yuan, a year-on-year increase of 36%, 27% and 25%, corresponding to PE respectively 29X, 23X and 18X; EPS is 0.

47 yuan, 0.60 yuan and 0.

75 yuan.

Maintain “Buy” rating.

Risk warning: the price of raw materials drops; the performance of the nuclear medicine sector exceeds expectations

Shaanxi Black Cat (601015): Multiple points of coal chemical business blossom into the future

Shaanxi Black Cat (601015): Multiple points of coal chemical business blossom into the future
The company disclosed the 2018 annual report: 104 realized operating income.7.2 billion (+9.72%), net profit attributable to shareholders of listed companies.2.5 billion (+31.35%), where Q1, Q2, Q3, Q4 are 0.76, 0.29, 0.98 and 1.22 trillion, after the company excludes non-recurring profits and losses, the net profit attributable to the mother is 3.0.5 billion (+24.93%), with a budget benefit of zero.26 yuan / share (+ 4%), exceeding the average ROE is 5.86% (-1.07pct). Coke business performance continued to rise, mainly due to rising coke prices.Reported quantity, the company’s coke production is 511.In June, it rose by 0 every year.7%; coke sales 494.5 Initially, it drops by 5 per year.9%; coke business income 87.600 million, up 10 in ten years.9%; coke business cost 82.700 million, an annual increase of 6.5%苏州夜网论坛, coke business gross margin 4.9 trillion, an increase of 272 per year.8%.The biggest trend in performance growth is that the rise in coke prices drives the company’s sales prices to rise significantly.The average price of the company’s coke sales in 2018 was 1,772 yuan / ton, an increase of over 17.8%; the cost is 1673 yuan / ton, which rises by more than 13.1%, the price increase is greater than the cost increase to reach the gross profit per ton of coal (99 yuan / ton) rose 296% per year. The tar business performance has improved, mainly due to the significant increase in tar purity.Reported quantity, company tar production 19.3 Initially, it fell by 2% a year; tar sales were above 19, and then fell by 0.38%; income from tar business was 5.3 ‰, an increase of 16 per year.61%; tar business cost is 1.5 ‰, an increase of 19 per year.1%, tar business gross profit 3.800 million, an increase of 15 every year.7%.The increase in performance was mainly due to the obvious increase in tar and crude oil.In 2018, the company’s tar unit price was 2811 yuan / ton, an increase of 409 yuan / ton, and the unit cost was 785 yuan / ton, which was an increase of 129 yuan / ton.The tar unit gross profit (2026 yuan / ton), where the price rise was greater than the cost increase, exceeded 281 yuan / ton, surpassing the increase of 16%.1%. The decrease in the performance of the crude benzene business was mainly due to lower prices and higher costs.Reporting intermediates, company crude benzene production5.5 Initially, it rises by 1 each year.6%; crude benzene sales 5.5 Initially, it rises by 0 every year.8%; crude benzene business income was 2.3 ‰, a decrease of 3 per year.1%; crude benzene business cost is 1.2 ‰, an increase of 23 per year.9%, the gross profit of crude benzene business was 10,000 yuan, a year-on-year decrease of 22.96%.The rough reason for the crude benzene performance was that the unit cost of crude benzene (2261 yuan / ton) exceeded 23% and the content (4167 yuan / ton) decreased by 3.8% caused the gross profit of crude benzene units (1906 yuan / ton) to fall 23 year by year.5%. The performance of the methanol business has improved, mainly due to the increase in production and sales and the significant increase in costs.Reported average, methanol business income is 3.600 million, up 4 every year.5%; methanol business cost is 2.USD 300 million, an annual growth of 37%; gross profit of the methanol business1.300 million, down 25 a year.04%.There are two main reasons for the decline in performance. One is the company’s methanol production (16.4 early), pin (16.3 Benchmark) Volumes decreased by 5.16% and 6.7%; the second is the average cost of methanol (1391 yuan / ton) increased by more than 46.7%, although the average sales price (2205 yuan / ton) also continued to rise by 12.4%, but the significant increase in average cost led to a gradual decline in the gross profit of methanol (814 yuan / ton) 19.7%. The performance of the LNG business has improved, mainly due to the increase in production and sales and the significant increase in costs.Reporting information, the company’s LNG business income was 4.200 million, up 1 year.1%; LNG business cost is 2.50,000 yuan, an annual increase of 27.17%, gross profit of LNG business is 1.700 million, down 21 a year.72%.There are two main reasons for the decline in performance. One is production (11.5)), pin (11.4 Benchmark) Volumes are reduced by 13 each year.6% and 15.The second is that although the sales price of LNG units (3,712 yuan / ton) has gradually increased by 19%.7%, but the unit cost of LNG sales (2177 yuan / ton) increased significantly by 50.7% led to a decrease in unit gross profit (1535 yuan / ton) by 7.3%. The ammonia business has been fully launched, and its future revenue is expected to increase significantly.In April 2016, the company’s subsidiary Black Cat Energy Synthetic Ammonia production line ceased production for supporting technological transformation. Trial production began in June 2018. The current production capacity is 9 tons / year. In 2018, a total of 0 synthetic ammonia was produced.8 nominal.At the same time, the subsidiary Longmen Coal Chemical Co., Ltd. invested a total of 1.2 billion US dollars in a synthetic ammonia / urea project (with an annual output of 28 synthetic ammonia or 48 urea) to produce chlorine in 2018.9 initial.The total reported, the company’s synthetic ammonia production2.For the first time, sales of synthetic ammonia were 2.With 4 samples, the ammonia business income was 5,779.80,000 yuan, the synthetic ammonia business cost was 3,924.20,000 yuan, gross profit of synthetic ammonia business was 1,855.60,000 yuan, 32% gross profit margin.In 2018, the average sales price of synthetic ammonia was 2321 yuan / ton, the average cost was 1576 yuan / ton, and the unit gross profit was 745 yuan / ton.In the next few years, the company’s synthetic ammonia business volume can increase, and synthetic ammonia production and sales are expected to increase significantly. In 2018, the company’s investment in environmental protection increased significantly, and it is expected to decline significantly in the future.According to the report list, the company’s subsidiary Longmen Coal Chemical Industry was included in the list of key pollution monitoring enterprises announced by the environmental protection department, and the company and its subsidiaries immediately increased their investment in environmental protection facilities.And 2017 environmental protection expenditure of 38.4 million yuan (0% of the company’s operating income.4%) score, environmental protection expenditure in 20184.100 million, accounting for 4% of the company’s operating income, exceeding 992%.At present, a large number of facilities of Longmen Coal Chemical in waste gas treatment, solid waste disposal, wastewater treatment, noise prevention, etc. have been put into use. Only coal mine greenhouse projects with an estimated investment of 100 billion US dollars are still under construction. The cost of environmental protection expenditures in the future is expected to be significantdecline. The company’s coal chemical business is expected to reach a new level in the future.The report summary, (1) The “coking transformation and upgrading project” constructed by the subsidiary Xinfeng Technology has been completed, but has not yet been put into production. It is expected that the combined test conditions will be combined in March 2019 and production will begin in July 2019.Items with 29.36 cobalt / year chemical coke as raw material, can be 3 years.24.3 billion cubic ammonia synthesis gas (main product), 0.4.8 billion cubic meters of water gas (by-products), 0.3.2 billion cubic meters of decarbonized gas (by-products), 0.33.7 billion cubic meters of methanol gassing (by-products).(2) Hei Mao Chemical, a subsidiary of the company, has completed the “BDO Project” across the board, with an annual output of 6 to 1,4-butanediol (BDO). Production is expected to begin in July 2019 with an expected output.4 nominal.(3) Subsidiary Inner Mongolia Black Cat invests in Qingshan Industrial Park, Wulatehou Banner, Bayannaoer City, Inner Mongolia Autonomous Region.44 ppm, the construction of a comprehensive utilization of 260 coke oven gas produced by coking plant with an annual production of 30 insulin and methanol 8 co-production of ammonia is expected to be completed in June 2020.The company’s coal chemical business is expected to reach a new level in the future. Profit forecast and estimation: We expect the company to achieve net profit attributable to shareholders of the parent company in 2019/20/21 of 4, respectively.8/5.5/6.10,000 yuan, equivalent to EPS are 0.35/0.37/0.40 yuan / share, currently 6.21 yuan, corresponding to 18 for PE.0/16.9/15.6 times, maintaining the company’s “Hold” rating. Risk reminders: macroeconomic downturn; uncertainty of administrative capacity reduction, and alternative energy sources.

Fuyao Glass (600660) 2019 First Quarterly Report Review: Negative Effect of Low Demand Continues

Fuyao Glass (600660) 2019 First Quarterly Report Review: Negative Effect of Low Demand Continues
Investment Highlights: Maintain “Overweight” rating.Reported core company revenue 49.3.4 billion, an increase of 2.91%, net profit attributable to mother 6.0.6 billion yuan, an increase of 7.72%, in line with market expectations.Due to the low demand for automobiles, the company cut its EPS to 1 in 19-21.69 (-0.08), 1.78 (-0.25), 1.98 (-0.33) yuan, an increase of 3%, 5% and 11% respectively, maintaining the company’s target price for 2019 of 31.49 yuan. Low domestic car demand continued, and the company’s growth rate continued, but product structure optimization continued.Approximately 19% of the forecast includes a decrease of approximately 10% in the average domestic revenue reported. We judge that it is mainly affected by the low point of the domestic automotive industry, according to statistics from the China Automobile Association.42%, 13.72%, continuing the downward trend of the industry in the second half of 2018.In terms of price, the company’s product structure continued to optimize, and the overall ASP increased by 2-3pct compared with the first quarter of 2018. Overseas revenue continued to grow at a high rate, but the discounted sales of float glass in the United States dragged down overseas 武汉夜网论坛 profits.It is estimated that the overseas revenue in 19Q1 continued to grow at a high rate, which was about 17% higher than the same period last year.The U.S. factory is expected to sell about 800,000 units in the first quarter, and sales have nearly doubled from the same period last year.However, due to the rigidity of float glass production and increased inventory pressure, it was sold at a discount, diluting the profits of the US plant.It is estimated that the annual profit of the US factory is about 6.4 million US dollars, which is about 2 million US dollars over the same period of last year. Affected by the factors of Sam integration, float discount sales and fuel price increase, the gross margin decreased. Reported company sales gross margin decreased by 39.08%, a ten-year average of 2.At 84pct, our judgment is mainly based on three aspects of impact: 1) SAM 北京夜网 is still in the early rectification period, the return is limited, and the gross profit rate is reduced by about 1.7pct; 2) US and domestic float glass are sold at a discount, which affects about 06 points; 3) The price of natural gas rises, affecting about 0.5 points.We believe that SAM is expected to achieve rectification and mass production in the second half of the year. The ramp-up of the US plant capacity will gradually absorb the surplus original film capacity, and the company’s gross profit margin is expected to gradually increase. Risk warning: Automotive demand continues to grow, U.S. plant capacity climbs less than expected

Jinshi Resources (603505): Merger of leading fluorite mine industry

Jinshi Resources (603505): Merger of leading fluorite mine industry
Event: 杭州桑拿 The company issued an announcement that it intends to acquire 80% of the equity of Ningguo Zhuangcun Mining Co., Ltd. held by the transferor in the form of a debt-based acquisition, with the total purchase price not exceeding 1.04 million U.S. dollars, and has now concluded the “Transaction Intent Agreement” with the transferor. Fluorite resources are integrated into the next city.Ningguo Zhuangcun Mining Co., Ltd., which the company intends to acquire, owns the mining right of the fluorite mine in Zhuangcun, Ningguo City, Anhui Province. The scale of the mining license is 500 million US dollars / year, and the reserve of fluorite is about 115.57 budget.It is following 2018 1.After the acquisition of Inner Mongolia Xiangzhen for 500 million US dollars, the layout of fluorite minerals in other provinces is another step forward 北京桑拿洗浴保健 in the company’s strategy of “based on Zhejiang and distribute nationwide.” As a leading domestic fluorite company, the industry is further consolidated, and it is planned to purchase high-quality fluorite mineral resources., The company’s resource reserves have been further enriched, and the resource grade has been further improved. The fluorite industry was rectified and maintained a high level of prosperity.The fluorite industry continued to rectify, illegal production, and environmental protection companies that failed to meet standards accelerated withdrawal. Under the strict supervision, the effective production capacity of the industry continued to decline. Refrigerants, electronic hydrofluoric acid, fluorinated polymers, fluorinated fine chemicals, pharmaceuticals, pesticides and other downstreamThe demand market has a bright future, which guarantees the steady growth of fluorite prices. The unbalanced supply supports the strong price of fluorite. At the same time, the fourth quarter is usually the peak season for downstream refrigerant stocking. In addition, northern enterprises suspend production due to low winter temperatures. Fluorite prices are expected to reopen growth channels. The production capacity of fluorite faucets was released, and the industry was further improved.The company is a domestic leader in fluorite, with a capacity of 35 tons, the largest in China, and is a benchmark for the fluorite industry in terms of safety and environmental protection.With the operation of Xiangzhen Mining, the company’s fluorite sales have further increased. According to the interim report, the output of fluorite fine powder and lump ore during the trial production period reached 3,200 tons / month and 5,900 tons / month, and there is still room for improvement.In addition, after the technical transformation of Xiangzhen Mining, it can be produced in the low temperature environment in the north. The earlier northern fluorite mining plant stopped in winter to form a clear competitive advantage.Lanxi Jinchang Mining 20’s initial / mining project is expected to start production at the end of the year, at which time it can contribute about 2 replacements of fluorite powder. The strategic layout of Inner Mongolia resources has huge potential in the future.The company’s proposed internal Mongol Ejina Banner has developed integrated fluorite resources. It will have 3,000 minerals in 5-10 years through exploration, mergers and acquisitions, and a total supporting investment of about 2 billion.The company made use of technological advantages to jointly establish a new “Inner Mongolia Jinshi Industrial Co., Ltd.” with the three parties to promote the integration of fluorite resources, and there is considerable room for future growth. Earnings forecasts and investment advice.We expect EPS to be 1 in 2019-2021.17 yuan, 1.48 yuan, 1.69 yuan, corresponding to PE of 15X, 12X and 10X, maintaining the “buy” level. Risk reminder: the risk of the termination or progress of the acquisition transaction being less than expected, the risk of serious fluctuations in the price of fluorite, and the risk of security accidents.

Bank of Wuxi (600908) prudently manages risk control Prudently adjusts business structure to enhance risk pricing

Bank of Wuxi (600908) prudently manages risk control and prudently adjusts business structure to improve risk pricing

The scale of assets ranks third among listed rural commercial banks, with obvious geographical advantages. Wuxi Bank was established in 2005 and was restructured from rural credit cooperatives. It was listed in September 2016 and is the first listed rural commercial bank.

In the third quarter of 2018, the company’s asset scale was 145.8 billion yuan, ranking third among listed rural commercial banks.

The company’s shareholding structure is decentralized, and the shareholding of senior executives is highly encouraged.

The company is located in Wuxi, which is the center of the Yangtze River Delta. Its GDP growth rate and per capita GDP level exceed the national and Jiangsu levels.

The tertiary industry accounts for more than half of Wuxi’s industrial structure, mainly in wholesale and retail.

The company has achieved full coverage of its business outlets in Wuxi, with a large number of branches. The company’s profits are concentrated in Wuxi. The intensified transfer competition has also begun to focus on the pace of expansion in other places.

The company’s investment highlights: better profitability, relatively prominent corporate business, cost control instead of peers 1) The company focuses on serving small, medium and micro enterprises, which account for nearly 96% of corporate loans.

The structure of public loans continued to be optimized, the manufacturing industry was pressured down, and the tertiary industry was supported.

2) The proportion of the company’s retail loans is lower than that of its peers and housing mortgage loans. The transformation of the retail business has been steadily progressing, the retail proportion has been steadily advancing, and the citizen card has been used to increase the business stickiness of local residents.

3) The company adjusted its asset structure, reduced the size of loans and the same industry, and stepped up investment in securities. 3Q18 securities investment accounted for 32%, a higher level for the industry.

4) The company’s profitability is good, operating income is growing faster, and the stability of profit growth is relatively high. Negative growth for 15 years can also turn negative into positive.

The decrease in ROE is narrower than that of its peers, showing its stability in profitability. ROA has grown from its lowest level in the industry to second only to Changshu Bank.

The 1H18 company’s net interest income accounted for 94%, the highest among listed rural commercial banks, and its cost-to-income ratio dropped significantly to 27%, significantly lower than its peers, showing a strong cost control capability.

5) Liabilities-side deposits accounted for 85%, the highest level among comparable listed rural commercial banks.

The scale and growth rate of deposits performed the best among listed rural commercial banks.

6) Although the level of interest margin has improved marginally, it is always lower than that of its peers due to further reductions in the rate of return on assets and the cost of debt.

The overall asset quality is better than comparable peers, and companies with higher levels of capital adequacy have a non-performing loan ratio of 3Q18 that is 10bps lower than the end of 17 to 1.

28%, a sub-optimal level among listed rural commercial banks.

Concerned about the loan rate / overdue loan rate respectively decreased 68bps / 7bps to 0 from the end of 17 years.

81% / 1.

37%, less stress on bad newborns.

The company’s bad identification is prudent and strict. Loans / non-performing loans overdue for more than 90 days have been below 100% since 15 years, and 1H18 dropped by 15pct earlier to 82%.

The provision coverage ratio improved in the third quarter of 2018, increasing 35 percentage points earlier to 229%.

The company’s 3Q18 capital adequacy ratio was 17.

09%, an increase of 2 earlier.

97 units, ranking first among all listed banks.

More than 3 billion convertible bonds are successively converted into stocks, and capital is expected to receive more supplements.

Investment suggestion: The company is located in southern Jiangsu with developed economy and fertile resources, perfect governance, deep cultivation of local small, medium and micro enterprises with distinctive characteristics, excellent profitability, and overall asset quality better than comparable peers.

We believe that the company’s overall operation is stable and the share of increased risks. If the company’s business 无锡桑拿网 structure or positioning is more prominent in the future, the pricing level will be significantly improved; at the same time, larger executive management holdings will also help the company’s stable operation.Provide strong support.

Taking into account the company’s major non-recognition and provisioning provisions, we lowered the company’s performance growth rate and expect the company’s 18/19 net profit growth rate to be 9.

6% / 9.

0% (was 11).

1% / 15.

8%), the current total corresponding to 18/19 PB is 1.


1. However, taking into account the company’s stable operating style and prudent risk control standards, as well as greater certainty in the performance of assets after the compression of assets, it also replaces the alternative valuation level and upgrades the investment rating from “neutral” to “recommended”.

Risk Tips 1) Asset quality is affected by the economic beyond expected range, and credit risk is exposed centrally.
The banking industry is closely related to the national macroeconomic development, and its asset quality is even more affected by the overall macroeconomic development growth rate and quality.
If the macro-economy exceeds expectations, it will inevitably cause the industry’s overall asset quality pressure and affect the disposal and recovery of non-performing assets, thereby affecting the company’s profit growth rate.

2) The policy budget is stronger than expected.

In the context of deleveraging and risk prevention, the breadth and depth of industry supervision have been continuously strengthened. Similar policies and regulatory plans such as new asset management regulations have been introduced. If the overall regulatory trend or the adjustment of policies in a certain area exceeds expectations, the industry andThe company’s operating stability caused adverse effects.

3) Systemic risks arise from market decline.

Bank stocks are an important component of large-cap stocks, and their overall rise and fall are closely related to market investment style.

If the overall market systemic risk declines, it may drive the industry to reduce the decline, thereby affecting the company’s performance.

Hytera (002583): Performance in line with expectations continued to grow in overseas markets

Hytera (002583): Performance in line with expectations continued to grow in overseas markets

Event: The company released the 2019 performance forecast on February 2. It is expected that net profit attributable to mothers will be realized in 20194.


800 million, an annual increase of 0.

67% -21.


Comments: 1. The performance was basically in line with expectations, the overseas business continued to grow, and the improvement in cash flow significantly took into account the increase in internal macro uncertainties, leading to a certain degree of uncertainty in the company’s non-recurring profit and loss.The general meeting of shareholders adopted the “Summary of Revising the Relevant Content of the Company’s Phase I Equity Incentive Plan” to increase the operating income based on the performance evaluation nuclear indicators and deduct non-net profit substitution as the selected assessment indicators.The achievement of the expected performance or one of the supplementary assessment indicators can constitute the conditions for the release of the first-period performance stock.

According to the supplementary assessment indicators, based on 2018, the company’s revenue in 19-21 will gradually decrease below 15%, 30% and 45%; non-net profit deduction will gradually not exceed 30%, 60% and 90%.
The company optimized conditions for unlocking performance, gave full play to the role of equity incentives, motivated employees to work, and promoted the long-term healthy development of the company’s business.

According to the company’s performance forecast, the company is expected to realize net profit attributable to its mother in 2019.


800 million, with a median of 5.

3 percent, an increase of 11.

1%, performance is basically in line with expectations.

Among them, the fourth quarter is expected to achieve net profit attributable to mothers in the range of 3.


7 trillion, with a median of 4.

2 ten percent, an increase of 22 per year.


In 2019, under the background of macro indicators, the company’s overseas business continued to grow steadily. The overseas headquarters and Supler’s business expanded well. At present, there are ample orders in hand, and the company’s international competitiveness and business layout have been further consolidated.

We speculate that the company’s comprehensive gross profit margin may have shifted slightly in 2019 due to product structure changes brought about by the rapid growth of modified cars and EMS business.

However, the company’s new business is developing well. In 2019, new products such as PoC, multi-mode terminals, and steering systems have achieved scale expansion, which is expected to drive the company’s profitability in the future.

In the second half of 2019, bonus payments and litigation costs increased significantly, and the company’s short-term performance was under pressure.

However, the company continued to promote refined operations, with good management and control of operating expenses, significant improvement in long-term operating cash flow, and the overall situation of the company has gradually improved, thereby maintaining steady growth in revenue.

  2. Overseas orders have abundant reserves, and global dedicated communications demand is still strong. The overseas market of the company continues to make efforts, and announcements of large project orders hit a new high at the same time.

In terms of different regions, the emerging markets of the “Belt and Road” have grown rapidly, and the consolidation effect of European subsidiaries has continued to appear.

In the “Belt and Road” countries such as the CIS, South Asia, and Africa, the construction of private network communications is relatively backward, but the demand for private network communications is strong, and the potential market space pattern.

Emerging markets lack the accumulation of prior private network technology. Hynold has overcome the advantages of product technology integration and made breakthroughs in emerging markets.

In Europe, Sepura has deeply cultivated the private network field. For 厦门夜网 many years, it has obvious channel advantages in Europe. It has comprehensively integrated with Hytera from multiple dimensions such as technology, market, and product, and its comprehensive competitive advantage has been significantly improved.

  In 2019, the company’s overseas expansion scale is smooth. It is announced that orders for large projects have reached the best level in history. It is optimistic about the company’s future channel capacity expansion and profitability improvement.

The company’s outstanding products and good services continue to make breakthroughs in developed markets such as Europe and emerging markets such as Latin America and Africa, and achieve steady development of global business.

  3. The integration of wide and narrow, public integration is gradually confirmed, which is expected to bring business growth to the company. TETRA and DMR products of the company are expected to expand smoothly overseas. The growth of domestic PDT products is accelerating. New products are expected to become the company’s new growth engine.

Hytera is a global scarce private network manufacturer with self-developed wide-narrow integration solutions. At present, it has launched a variety of new products such as broadband expansion, multi-mode terminals, multimedia command centers, and ad hoc network communications.

Among them, broadband and narrowband fusion products have been delivered in mass production, and the third-generation fusion command center has started large-scale commercial use at home and abroad.

Judging from the current implementation of new products, short-term company new products will be the first to be commercialized in some “Belt and Road” countries and some markets with mature broadband network construction; in the future, relatively mature markets such as China and other private network construction will change in EuropeStandards and further maturity of market cultivation have gradually opened.

  The company’s new products are slightly different in the timing and focus of market expansion strategies, but in general, the integration of width and narrowness and the integration of public and private are private network solutions that can protect existing investments and meet the needs of new applications., Has become the mainstream development trend of global private network communications.

The successful landing of the company’s new products overseas also verified the feasibility of the scheme.

In 2019, the company’s new product revenue contribution has steadily increased, and the annual revenue share is expected to continue to increase, opening up the company’s future growth space.

  4. The overseas market continued to develop, and new business of wideband-narrow convergence + public-private integration accelerated to land, and the company’s operating inflection point gradually emerged. Maintaining the “Strongly Recommended-A” rating. Hytera is a scarce global company with a comprehensive self-developed broadband and narrowband fusion solutionThe leader of private network communications, the domestic and overseas markets continue to open, and new products are accelerated to land.The company has gradually transformed from a horse-growing and extensive growth to a refined operation for profit, and the cash flow situation has improved significantly.

The company’s new products have been recognized by the market one after another, and it is expected to take advantage of the broadband network of the private network in the future to achieve double growth in performance and estimates.

Due to the uncertainty of the lawsuit between the company and Motorola, the short-term legal expenses have increased. Considering that the company’s 2019 performance is affected by overseas lawsuits and the increase in non-operating expenses in the first three quarters, the company’s profit forecast is lowered. It is estimated that 2019-2021Net profit attributable to mothers was 5, respectively.

3.9 billion, 6.

7.6 billion, 8.

3.8 billion yuan, corresponding to 28 PE in 2019-2021.

0, 22.

4 and 18.

0 times, maintain “strongly recommended-A” rating.

  Risk warning: Sino-US trade friction, US-trade friction, US-trade friction, business expansion is less than expected, cost control business expansion is less than expected, cost control business expansion is less than expected, cost control business expansion is less than expected, cost control market competition is intensified and market competition加剧 ,海外

China National Travel Service (601888) 2018 Annual Report and 2019 First Quarterly Report Review: Q1 High-Growth Tax-Free Shops in the City Will Open and Promote New Space

China National Travel Service (601888) 2018 Annual Report and 2019 First Quarterly Report Review: Q1 High-Growth Tax-Free Shops in the City Will Open and Promote New Space

The 18-year performance is in line with the expectations of the express report. In 19Q1, it maintained rapid growth, and the gross profit margin increased significantly: 18-year revenue was 470.

07 billion / + 66.

21%, excluding the impact of the consolidation of Shanghai in Shanghai, the income growth rate was 29%, and net profit attributable to mothers was 30.

9.5 billion / + 22.

29%, net of non-attributed net profit 31.

$ 4.4 billion / +27.

82%, EPS1.

39 yuan, in line with the express report.

Accrued asset impairment losses for 18 years2.

9.8 billion (among which the inventory price loss was 2.

03 billion), exchange rate may be 1.

1.8 billion, a significant reduction in investment income compared to 17 years (50.63 million in 18 VS 17 in 2).

2.0 billion) affecting 成都桑拿网 the overall net profit for 18 years.

Among them, Q4 revenue was 129.

06 billion / + 71.

22%, net profit attributable to mother 3.

90 billion / -37.

46%, deducting non-attributed net profit4.

5.2 billion / -20.

83%, the fourth quarter performance due to accrual of employee bonuses, inventory depreciation provisions and other expenses.

1Q1 revenue was 136.

9.2 billion / + 54.

72%, net profit attributable to mother 23.

06 billion / +98.

80%, net of non-attributed net profit of 15.

8.9 billion / + 37.

37%, slightly more than expected.

18-year overall gross profit margin 41.

46% / + 11.

64pct, benefiting from the product structure adjustment and scale effect brought by the merger and acquisition day, and the proportion of merchandise sales with a higher gross profit margin increased from 56% in 2017 to 74% in 1819. In 19Q1, it was replaced by China 天津夜网 National Travel Service, with a gross profit margin of 49.

45% / + 9.


Of the three fees, the 18-year sales rate was 24.

68% / + 12.

20pct, leasing and salary expenses increased due to acquisition of Shanghai and new airport business; management fee rate3.

41% /-0.

42pct, financial rate -0.

01% / + 0.50pct.

Outlying islands are exempt from tax growth. Shanghai Airport is exempt from taxation for 18 years. The subsidiaries have exempted 18 years of revenue from 344.

8.1 billion, of which tax-free revenue was 332.

2.7 billion / + 123.

59%, tax-free gross profit margin 53.

09% / + 7.

36 points.

1) Revenue from Sanya Haitang Bay is 80%.

10 billion / + 31.

66% (including tax-free revenue of 77.

7.1 billion / +32.

46%), net profit 11.

06 billion / + 21.

36% (affected by increases in rents, etc.).

2) Shanghai and Shanghai consolidated their accounts in March 18, and Shanghai Airport’s tax-free revenue was 104.

5.1 billion, net profit attributable to mother 4.

67 billion.

3) Capital Airport tax-free revenue 73.

8.9 billion / + 71.

39%, affected by the consolidation in April of 2017, net profit attributable to mothers1.

7.6 billion.

4) Hong Kong Airport revenue was 2.1 billion.

In addition, tourism service business revenue was 122.

90 billion / + 0.

1%, but may be 0.

4.4 billion.

The duty-free shops in the city are about to open, and the logic of the license bonus remains unchanged: the integration effect after the merger and acquisition is gradually reflected, and the tax-free gross profit margin can still be improved in the future under the scale effect.

In May, the duty-free shops in Beijing will be opened. If the city’s tax-free policy for Chinese people is released in the future, it will expand the scope of duty-free scale.

In the future, China Tourism Group, the controlling shareholder, plans to inject 51% of Haiwai’s equity into listed companies, which will increase the profits of listed companies.

Considering that the company’s Q1 performance was slightly higher than expected, we raised its EPS in 19 to 2.

35 yuan, taking into account the impact of the climbing period of the city’s stores in the future, the 20-year EPS is reduced to 2.

51 yuan, plus 21 years of EPS is 2.

90 yuan, maintaining the “overweight” level.

Risk warning: economic downturn, gross margin growth is less than expected, tax exemption policy falls short of expectations

Gree Electric (000651): Announcement of Distribution Assignment Announcement, pending Mixed Landing Successfully Landed

Gree Electric (000651): Announcement of Distribution Assignment Announcement, pending Mixed Landing Successfully Landed

Event: Gree Electric Appliances issued the “Announcement on the Public Solicitation of Transferees of Some Shares of the Proposed Transfer of the Controlling Shareholders by the Controlling Shareholders”, which clarified the basic conditions of the allocation and transfer, the solicitation conditions of the intended transferees, and the determination of the publicly solicited transferees.

Comment 44:

17 yuan / share (the closing price today is 50.

38 yuan / share).

The transferee’s public solicitation period is from August 13 to September 2, 2019, a total of 15 trading days.

Prior to submitting the application materials, the intended transferee shall pay RMB 6.3 billion as a contract guarantee deposit.

After the expiry of the public call, Gree Group will organize an evaluation committee to conduct a comprehensive evaluation, and finally determine the final transferee. Within 10 working days after the transferee is determined, it will merge the “Share Transfer Agreement” with Gree Group and reach the “Share Transfer Agreement”40% of the transaction price combination shall be paid as a performance bond within 5 working days from the date.

The group has strict requirements on the transferee. If the final implementation of Gree’s corporate governance is clearly enhanced, some of the core requirements for the transferee in this announcement include: 1) the intended transferee should be a single legal entity or controlled by the same shareholderOr a combination of no more than two legal entities controlled by the actual controller; 2) the intended transferee promises that after the transfer of the shares, the lock-up period of the shares is not less than 36 months;Listed companies update strategic resources such as effective technology, market and industrial coordination, and assist listed companies to improve their industrial competitiveness.

北京夜生活网 At the same time, the Group requires the transferee to include the following in the letter of intent: 1) specific measures to improve the governance structure and incentive mechanism of the listed company; 2) the intent transferee’s ideas and plans for the subsequent development strategy of the listed company;The re-election plan or requirements of the company’s existing board of directors put forward specific measures to maintain integration and stability and specific plans for future cooperation with joint ventures.

We believe that the above requirements will ensure that the guarantee party has the expectations and ability to deeply participate in the future governance and long-term development of Gree Electric Appliances, helping Gree to clarify its medium- and long-term strategic planning and improve the incentive system.

If the subsequent implementation of the mixed reforms is successfully implemented, it will clearly improve corporate governance, leading to an improvement in long-term operating quality and estimated levels.

In the second half of the year, the focus on Gree’s fundamentals was the change in competitive strategy. In the tracking report “When to reshape the pattern and look forward to the return of the king”, we judged that Gree’s new cold year’s competitive strategy has the possibility of shifting from prevention to offense.

If the 2019H2 competition strategy is more proactive and moderately promoted, Gree is fully capable of reversing the short-term division alternative.

If it can further streamline channel benefits and promote channel system reform and efficiency after the implementation of mixed reforms, it will have a strong brand and manufacturing barriers, and Gree will still be the absolute leader in the field of home air conditioning.

Investment suggestion: The company can continue to approach the bottom of historical expectations on a sustainable basis. At the same time, the mixed reform and change of the reserve price and the current price discount is only 12%, and the safety marginal income.

The follow-up preliminary core catalysis looks at the successful landing of mixed reforms and the reshaping of the competitive landscape.

In the long run, the steady growth of performance, the debt-like attributes brought by high yields, and the estimated substantial repair space constitute Gree’s forecast of future expected returns, and it remains one of the most valuable varieties in the current market.

Maintain 19-19 EPS forecast to 4.



94 yuan, corresponding PE is 10/9/8 times, maintaining the “buy” level.

Risk warning: industry demand is lower than expected; brand competition is worsening; Gree mixed reform is lower than expected.

After the rapid development of domestic logistics real estate, the first public investment REITs will be invested.

After the rapid development of domestic logistics real estate, the first public investment REITs will be invested.

RCREIT observation 丨 Public fundraising REITs point gold logistics real estate investment source: REITs industry research author 丨 Friends of Zhongrong Wealth often online shopping may find that the joy of receiving goods is getting faster and faster, and in some areas, many goods can even be “Chaochao”Evening. ”

The speed of this online shopping flow benefits from the development and specialization of logistics real estate.

  Logistics real estate is not a new thing, and the definition is very mature, that is, according to the needs of logistics enterprise customers, invest in and build modern logistics facilities required for business development at appropriate locations, generally including various logistics centers, logistics parks, and distribution centersAs well as storage facilities such as logistics industrial parks.

  The increase in the demand for warehousing and logistics, the scarcity of land for logistics and other reasons have led to the rental yield of logistics real estate being significantly higher than that of shopping malls and office buildings, and there is a trend of further improvement.

  Logistics real estate funds (including REITs) have solved the problem of flexible exit of logistics real estate investment and financing, making logistics real estate an extremely attractive investment project.

  The development of domestic logistics real estate followed the rapid development of the logistics industry. The concept of the logistics industry originally originated in the United States in the 1980s. However, in China, the development of logistics real estate really started in 2000 and has ushered in the golden decade of rapid development since then.

  At this stage, the total compound logistics annual growth rate reached 16%, while the global logistics scale annual growth rate was only about 5%.

  The rapid development of China’s logistics real estate came later, as early as 2016, China’s logistics cost accounted for 14% of GDP.

9%, far higher than the level of 10% in European and American countries.

  However, if the quality of raw materials is left out, the current domestic logistics real estate still has structural problems and the facilities are relatively backward.

  There are currently 5 in China.

500 million square meters of logistics facilities, of which only less than 1 billion square meters to achieve modern logistics facilities standards.

Therefore, good logistics real estate is still very sought after.

  In addition, although domestic logistics real estate already has a considerable foundation, due to the rapid rise in demand from e-commerce and third-party logistics, and the limitation of industrial land supply, the gap between supply and demand in the industry is huge.Higher return on investment.

  From the perspective of customers, customers in the logistics real estate market can be divided into three categories: ▍ The most stable traditional retail and traditional manufacturing retail industries such as Wal-Mart, Carrefour, Adidas, Nike, Manufacturing Rack Bosch, Schneider, GM and other brands.

The use of logistics real estate is mainly for the purpose of revitalizing fixed assets, and there is no growth potential for resistance.

  ▍High growth main: e-commerce such as Alibaba, Jingdong, Suning and other Internet e-commerce; ▍High growth main: third-party logistics Debang, SF, DHL and other express brands.

In the past 10 years, the scale of the logistics real estate market has grown steadily, mainly due to the promotion of e-commerce and third-party logistics.

  The rapid development of e-commerce consulting e-commerce has given rise to the strong demand for logistics and warehousing in China. After several years of rapid development, the Chinese logistics industry is undergoing a stage of transformation and development. The need for cost-effective and efficient modern logistics facilities is increasing year by year.So with the high development of animal flow real estate.

E-commerce and third-party logistics are the main demanders of high-end warehousing.

  Logistics real estate rental yield outperforms office buildings. From the perspective of per capita logistics area and market concentration, the high-end logistics market is still in the early stages of the market, increasing space potential.

  However, compared to the earlier residential and commercial real estate, logistics real estate has problems of low land transfer fees, reduced revenue contribution, and low land utilization. This has led to the problem of difficulty in obtaining real estate in general logistics in first-tier cities, which will also become a fast logistics logistics.The main factor of development.

  Dade Lianghang estimates that by 2020, China’s logistics real estate supply gap will exceed 1 trillion square meters.

The long-term imbalance between supply and demand has caused the vacancy rate of warehousing to decrease year by year, and rents to rise, driving the industry’s return on investment upward.

  Figure Network The supply of land for logistics real estate in first-tier cities takes into account the gap between supply and demand and the particularity of logistics real estate. At present, the rental yield of logistics real estate significantly exceeds that of shopping malls and office buildings, and there is still a trend of further improvement.

  Take Shanghai as an example. In the past 5 years, the compound annual rent intensity of Shanghai’s high-quality logistics and warehousing market has reached 5.

8%, much higher than the rental return level of about 2% of residential investment.

At the same time, the vacancy rate of Shanghai’s high-quality logistics park also dropped to a very low level, and the overall vacancy rate in the market was only 9.


  Looking at the first-tier cities, the overall net return on investment in logistics real estate is above 7%, which is much higher than the return on investment of commercial real estate and residential real estate between 2% and 4%.

  It is definitely a problem of low standardization of commercial real estate and extremely large securitization. Logistics real estate is more likely to be favored by overseas funds and long-term investors.

  According to CBRE statistics, in 2018, the return on investment in property facilities in major cities has a significant advantage.

  In terms of investment returns, public real estate investment trusts have a series of characteristics such as large investment amounts, weak realizing capacity, and long recovery periods.

  Basically, for sales properties such as residential properties, logistics real estate projects can only obtain operating income such as rent through property management. The recovery period of funds is very long, and it usually takes more than 10 years.

  Therefore, in the self-sustaining mode, although it can obtain the full cycle operating profit return, it will cause a very high capital occupation, reduce the asset turnover rate of investors, and affect its expansion rate in the industry.

  However, as the infrastructure industry, the most important thing for logistics and real estate is to intervene in a network that extends in all directions, seize core and key positions, and construct asset barriers.

Therefore, whether to solve the financial problem and seize the opportunity in the industry has become the key to development in the industry.

  And the dating and development of logistics real estate funds (including REITs) provide a way to revitalize asset drainage 武汉夜生活网 funds for such breakthroughs, and have an attractive alternative to both supply and demand sides of logistics real estate.  Publicly issued real estate investment funds (public offering of REITs) refer to standardized financial products that convert real estate assets or equity (including infrastructure, leased houses, commercial properties, etc.) into publicly traded alternatives to liquidity.

  This model has been developing rapidly in foreign countries for many years, and the development of REITs in mainland China is also steadily advancing.

  From the perspective of investment logic, interest rates affect the development of the logistics real estate market. Interest rates have fallen, high-yield fixed-income products have decreased, credit spreads have narrowed, forming a coefficient effect, which has attracted investors 青岛夜网 to passively invest in commercial real estate.

And REITs provide a smooth channel for the investment, financing and withdrawal of logistics real estate, reducing investors’ worries.

  Figure Internet logistics real estate REITs transaction structure map The basic assets of REITs are the key allocation targets of insurance, trust and other institutional investors.

  After standardization, this product with long-term considerable returns and low correlation with other traditional investment products is expected to release more long-term institutional investors and individual investors for configuration.

A misunderstanding?

Vietnam denies wanted persons “abducted” from Germany

A misunderstanding?
Vietnam denies wanted persons “abducted” from Germany

Germany ‘s foreign ministry said on the 2nd that Vietnamese government officials kidnapped former Vietnamese state-owned enterprise executive Zheng Chunqing from Germany back to Vietnam.

  Vietnam ‘s Ministry of Foreign Affairs on the 3rd denied the kidnapping of the suspect in the major corruption case, saying that he had surrendered himself to the country.

On the same day, Vietnam ‘s national television broadcast Zheng Chunqing ‘s remorse.

  [Lexus with official license plate]Zheng Chunqing is 51 years old. From 2007 to 2016, he served as Deputy Secretary of the Party Committee, General Manager, Chairman of the Board of Directors of Vietnam Oil and Gas Installation Co., Ltd., and member of Houjiang Provincial Party Committee and Vice Chairman of the People’s Committee.

  In May 2016, Vietnamese media exposed photos of Lexus private cars owned by Zheng Chunqing with official license plates.

His actions were against the rules and caused widespread public outrage.

  The General Secretary of the Central Committee of the Communist Party of Vietnam, Ruan Fuzhong, is responsible for investigating Zheng Chunqing.

Vietnam News Agency reported that Zheng Chunqing lacked responsibility and malfeasance while serving as an executive at Vietnam Oil and Gas Installation Co., Ltd., causing illegal and illegal behavior in economic management, which caused the company to cause about 30%.

3 trillion Vietnamese dong (approximately 1.

$ 5 billion).

Moreover, Zheng Chunqing did not take the above errors seriously and honestly.

  In addition, Zheng Chunqing was also implicated in a fraud case involving a residential community construction project.

  Zheng Chunqing was revoked from Congress and expelled from the party.

In July last year, Zheng Chunqing escaped from Vietnam during his sick leave and disappeared.

The Ministry of Public Security of Vietnam wanted Zheng Chunqing nationwide last September and pursued it through Interpol.

  [Summary or abduction]On July 31 this year, the Ministry of Public Security of Vietnam announced that Zheng Chunqing, a person involved in a major corruption case, had surrendered to the Security Investigation Bureau of the Ministry of Public Security.

  However, German media reported that Zheng Chunqing did not return to Vietnam to surrender himself. Instead, he was tied up in the Tiergarten Park in Berlin on July 23 by a number of Vietnamese security agency agents carrying weapons and taken away in the air car.

  The German “German Süddeutsche Zeitung” reported that Zheng Chunqing had applied for asylum in Germany and was scheduled to receive a hearing on the asylum application on July 24.

  The German Ministry of Foreign Affairs issued a statement on August 20, saying that the kidnapping of Vietnamese citizen Zheng Chunqing on German territory was a flagrant violation of German and international law. It was unprecedented.

  The German foreign ministry also announced that an intelligence officer at the Vietnamese embassy in Germany was an unwelcome person, leaving the country for a 48-hour period.

  The Minister of Foreign Affairs of Vietnam responded at a regular press conference on the 3rd. The Vietnamese side regretted the statement made by the German Foreign Ministry. The Vietnamese side has always known and hoped to maintain and develop a strategic partnership with Germany.

  Vietnamese National Television later broadcast a picture of Zheng Chunqing’s remorse.

In a confession dated July 31, Zheng Chunqing stated that he fled Germany because of immature considerations.

During his time in Germany, he lived a life of fear and fear, recognizing the need to face reality, returning to his country to acknowledge his fault and apologize.

  [Strike hard on corruption]Several senior officials of the central and local government of Vietnam have been disciplined for the case of Zheng Chunqing.

  Vietnam ‘s Vietnam News Agency reported that in October last year, former Vietnamese Minister of Industry and Commerce Wu Huan Hui appointed Zheng Chunqing for violation of regulations and was punished by the Prosecution Committee of the Central Communist 夜来香体验网 Party of Vietnam.

The director of the Vietnamese government office, Mei Jinyong, said that Wu Huihuan ‘s mistakes were very serious. Ruan Fuzhong, general secretary of the Central Committee of the Communist Party of Vietnam, was responsible for the party, the state, law enforcement, and judicial institutions to investigate the situation of Wu Huihuan ‘s violation of laws and regulations.

  The following month, the meeting of the inspection committee of the Central Committee of the Communist Party of Vietnam decided that the former member of the Central Committee of the Communist Party of Vietnam, Huang Mingzhi, the former secretary of the Provincial Party Committee of Houjiang Province, Chen Gongzheng, the secretary of the Provincial Party Committee of Houjiang Province, the former member of the Central Committee of the Communist Party of Vietnam, and the former Deputy Minister of the Organization Department of the Central Committee, Chen Liuhai, etc.The punishment was artificial because these people violated the party discipline and cadre work regulations and transferred Zheng Chunqing from the Ministry of Industry and Commerce to Houjiang Province.

  On July 31 this year, Ruan Fuzhong presided over a meeting of the Anti-Corruption Steering Committee of the Communist Party of China.

He said that in the first half of this year, anti-corruption and anti-waste efforts have achieved remarkable results.

The meeting reached agreement on seven major tasks in the second half of each year, including continuing to implement the anti-corruption regulations of the party and the country, and making positive progress in anti-corruption work.

(Hui Xiaoshuang) (Xinhua News Agency special feature) Original title: A misunderstanding?

Vietnam denies wanted persons “abducted” from Germany