Meihua Biological (600873) Annual Report Comments: Stable Operation and Rising Opportunity for Company Performance

Meihua Biological (600873) Annual Report Comments: Stable Operation and Rising Opportunity for Company Performance

Event: The company’s 2018 annual report showed that operating income reached 126.

48 ppm, an increase of 13 in ten years.

62%, net profit attributable to mothers to achieve 10.

2 billion, down 14 every year.


Q4 achieved operating income of 33.

47 ppm, a ten-year increase4.

89%, net profit attributable to mothers2.

72 ppm, a decrease of 43 per year.


The company’s proposed profit distribution plan is to distribute cash dividends to all shareholders for every 10 shares3.

30 yuan (including tax), according to the existing total share capital is expected to distribute cash dividends10.

About 25 trillion (including tax).

The market for xanthan gum and small varieties of amino acids has improved, and the performance contribution is obvious. Under the situation that the price of the main MSG product is sluggish, the company has nurtured many years of nucleotides.

Thanks to the increase in production capacity, the decline in new customer development and production costs, the overall sales volume, volume and profit margin of xanthan gum have increased compared to the same period last year, of which sales volume increased by 51.

8%, with an average budget increase of 18.


The sales of small varieties of amino acids, especially glutamine, isoleucine, adenosine and valine, increased significantly. In 2018, the business income of small varieties of amino acids increased by 50% compared with 2017.

The business income of human medical amino acid products increased by 50 compared with the same period last year.

04 impurities, mainly due to the increase in sales of glutamine, isoleucine, adenosine and other products, as a result of rising sales prices.

Weak demand for feed amino acids has dragged down prices. Leading companies in these industries will increase a large amount of amino acid production. In addition, affected by the African swine fever epidemic, the total feed demand, and the prices of threonine and lysine will be weak.

Coupled with the main material corn, the price of raw coal has risen, leading to a decrease in the gross profit margin of the amino acid sector for feed compared to the same period last year.

12 units.

The company’s Jilin Baicheng’s annual output of 40 was included in the comprehensive amino acid project and it was put into production and commissioning in Q4 of 2018.

After Baicheng put into production, the 成都桑拿网 company’s amino acid output reached 70 tons, the company’s leading position in the lysine industry will be further consolidated, and the cost of amino acid production is expected to continue to decline.

The base number affects Q4 performance, and non-profit deductions continue to grow.

72 million US dollars, a decline in resistance in ten years, mainly due to the high base of 2017Q4.

In the second half of 2017, there was a breakthrough increase in threonine prices, driving 2017Q4 earnings growth.

From a business point of view, 2018Q4 operation is relatively stable, and the gross profit margin and net profit margin are roughly equivalent to 2018Q3.

Initially, the change in net profit was mainly affected by the decrease in government subsidies, which measured the decrease in government subsidies in 2018 and 20172.

4.8 billion.

After extrapolating non-recurring gains and losses, the net profit in 2018 was 8.

92 ppm, an increase of 7 per year.

09%, showing better profitability.

Monosodium glutamate is steadily rising. The price of monosodium glutamate, the company ‘s main product, was strong in the first half of last year. It once hit the lowest point in the history of the industry.The achievement of the standard was stopped and restricted to varying degrees. The market supply and the expectations of downstream customers were greatly affected. The market price began to rise rapidly and eventually appeared after reaching the annual high point in mid-to-August.The quotation was maintained at about 8300 yuan / ton, and the average price for the whole year increased by about 10% per year.

The prices of monosodium glutamate and mononucleotide increased, driving the company’s food taste optimization products to increase operating income over the same period last year.

52 averages, gross margin increased by 3 quantities over the same period last year.

We expect that the price of taste nucleotides will continue to rise steadily in 2019, and there will be better performance in 2019. The profit forecast starts from the first quarter of 2019. The price trends of major products are judged. The price of monosodium glutamate as a whole is rising steadily, and the demand for flavor nucleotides is still relatively strong.

Due to the destocking effect brought by African swine fever, the prices of threonine and lysine products may continue to decline and decline, and small varieties of amino acids will still become the pillar products of profitability in 2019.

We forecast the company to achieve sales revenue of 146 in 2019.

4.0 billion, an annual increase of 16.

68%, realizing net profit attributable to mother 13.

1.8 billion, an annual increase of 31.

61%, EPS0.

42 yuan, corresponding to an estimated 12 times.

As a leading company in the MSG industry, we believe that the company’s assessment and performance have room for improvement in both directions, giving an 18x estimate and a target price of 7.

56 yuan, give a buy rating.

Risks prompt price fluctuations caused by intensified competition in the industry, major deficiencies in the management of the company, swine fever and other epidemics aggravate downstream demand and increase macroeconomic fluctuations.

Kanghong Pharmaceutical (002773): Rapid increase in R & D expenses drives growth in biopharmaceuticals

Kanghong Pharmaceutical (002773): Rapid increase in R & D expenses drives growth in biopharmaceuticals

The event company released the first half of 2019 performance report, and achieved operating income of RMB 15 in the first half of the year.

19 ppm, an increase of 9 in ten years.

79%; net profit attributable to mother RMB3.

4 ‰, an increase of 9 in ten years.

67%; net profit of RMB 3 deducted from non-attributed mothers.

160,000 yuan, an increase of 18 in ten years.

07%; net cash flow from operating activities 2.

390,000 yuan, an increase of 71 in ten years.

14%; EPS is 0.

39 yuan.

The performance of the assessment was in line with expectations. Biopharmaceuticals continued to grow rapidly. The company’s 武汉夜网论坛 biological products sales continued to grow rapidly. Chinese patent medicines, chemical drugs and other businesses made steady progress.

Operating income for the first half of 201915.

19 ppm, an increase of 9 in ten years.

79%, net profit attributable to mother 3.

40,000 yuan, an increase of 18 in ten years.

07%, the company’s net asset income in the first half of 2019 increased by 8.

06%, maintaining a high level.

The company’s operating cash flow was 2.

39 trillion US dollars, an annual increase of 71.

14%, the cash liquidity has improved, the first of which is the receivable supplement.

The company strongly supports R & D investment and enhances core competitiveness.The R & D investment in the first half of 2019 was 2.

840,000 yuan, an increase of 125 over the same period last year.


Biological products have driven revenue growth and their 苏州夜网论坛 proportion has further increased.

In the first half of the year, revenue from biological products was 5.

60,000 yuan, an increase of 26 in ten years.

81%, biological products accounted for 31% of total revenue from the same period last year.

90% increase to 36.

85%, the biological products business has gradually become the company’s new growth force.

Initially, the subsidiary Kang Hong Biological achieved net profit in the first half of the year.

7.3 billion, accounting for 50% of net profit, an annual increase of 62%.

Compaq’s third indication, “Diabetes-induced macular edema (DME), caused visual impairment” was approved for marketing in May 2019. An attempt is made to negotiate medical insurance through price during the year.Growth, which boosts company performance.

Chemical and traditional Chinese medicine have stabilized and are expected to pick up in the second half of the year.

Chemical income 5.

6 ppm, an increase of ten years.

76%, accounting for 36% of total revenue.
85%; Chinese patent medicine income is 3.

9.7 billion, accounting for 26% of revenue.
16%, an annual increase of 1.


The sales of chemical drugs and proprietary Chinese medicines have stabilized, and their proportion in total revenue has decreased compared to the same period last year. Considering that the company began to promote marketing reforms in the second half of 2018, the sales channels and marketing teams were adjusted, and the base was reduced. It is expected to increase in value in the second half of this yearSpeed up.

Revenue from other businesses and medical devices was 47 million and 1.31 million yuan, respectively, which accounted for a large proportion of total revenue, and both did not exceed 0.


R & D expansion has grown, key product approvals have progressed The company’s R & D expansion has continued its efforts to promote the development and listing of new products and the approval and registration of key products. In 2019, the R & D investment reached 2 in the office year.

840,000 yuan, an increase of 125 over the same period last year.


The Compaq Air Force has been approved internally for the treatment of wet age-related macular degeneration (wAMD) and visual impairment (pmCNV) caused by choroidal neovascularization secondary to pathological myopia.

In addition, Compaq International Multicenter III clinical trials, another indication for retinal vein stenosis (RVO), is currently in Phase III clinical trials in China, and related research is progressing as planned.

Except for Compaq, the company’s research and development of other products is progressing smoothly.

KH906 eye drops is a product under application for the treatment of trauma, chemical burns, and corneal transplantation-induced neovascularization. It is a Class 1 biological innovative drug with independent intellectual property rights independently developed by the company.Approved, currently patients have been enrolled for treatment.

KH903, a new class 1 biological drug applied for the treatment of colorectal and other organ tumors, has entered clinical phase II.

KH901 is a new class 1 biological drug with an international patent for therapeutic tumor vaccines, and is also in clinical phase II.

In terms of proprietary Chinese medicines, the company applied for a new drug KH110 (Wujia Yizhi Granules) for the treatment of Alzheimer’s disease, which has been approved by the State Drug Administration.

In terms of chemical drugs, epiprazole orally disintegrating tablets have obtained clinical approval from the State Drug Administration.

The company’s supporting capacity construction continued to advance, ensuring clinical and commercial capacity supply.

Kanghong Pharmaceutical’s solid oral preparations for off-site reconstruction and expansion project has been invested 80%, and it is expected to be put into use soon; KH series bio-new drug industrialization construction project is expected to be put into use in July 2020; Compaqop Eye DropIndustrialization projects have invested over 90% and are expected to be completed and used soon.

Earnings forecast and investment rating We expect the company to achieve net profit attributable to mothers for 2019-2021 of 8, respectively.

4.9 billion, 10.

4.5 billion and 12.

76 trillion, the corresponding growth rate is 22.

2%, 23.

0% and 22.

1%, EPS is 0.

97 yuan / share, 1.

20 yuan / share and 1.

46 yuan / share, corresponding to price-earnings ratios of 36 times, 29 times, and 24 times respectively, covering for the first time, giving an overweight rating.

Risks suggest that the sales price will drop, the review progress may be less than expected, the drug development failure, and the lack of talent.

Comb your hands sooner or later to recharge your body

Comb your hands sooner or later to recharge your body
Everyone knows that combing your hair with a comb has health benefits. In fact, there are two natural health soils in the human body, which are the palms and feet.Chinese medicine believes that the beginning or end of the human body’s twelve meridians are gathered in the hands and feet, and massaging the hands and feet can clear the meridians, regulate the viscera, yin and yang, and qi and 苏州桑拿网 blood, and replenish the whole body with energy.1.Balance Yin and Yang.Chinese medicine believes that the occurrence of any disease is the result of the imbalance of the yin and yang of the human body.The 北京夜网 disease acts on the body, fights against evil with righteousness, and fights against multiple evils. The relative balance of the human body’s yin and yang is destroyed, the Qi machine rises and falls abnormally, and the Qi and blood are not adjusted, resulting in pathological changes.The massage of the palms and soles of the feet can adjust the functions of the internal organs and balance the yin and yang.2.Through the meridian.The meridian is a system in which the human body runs qi and blood, communicates with the body, and connects the limbs and bones.Therefore, “Lingshu · Meridian” said: “The meridians must die, live with all kinds of illnesses, and adjust the facts, which is indispensable.”If a meridian deforms, meridian shifts and viscera are expected to come to the door.For example, the hand yin and dysfunction of the lungs may be caused by headaches, fever, chills, no sweat, nasal congestion, headache, chest pain, etc. Second, there may be internal organ discomfort, including cough, pressure, shortness of breath, and chest tightness., Sore throat, frequent urination, bowel movements, upset and hot hands, hemoptysis, etc.Many diseases can cause meridian dysfunction during the course of development. The massage of the palms and feet can clear the meridians and smoothen (lubricate and facilitate movement) the joints.3.Regulating Qi and activating blood.The method of reconciling qi and blood is to use improved massage to clear the meridians, promote qi and blood circulation, promote and improve physiological circulation, and make the body qi and blood full and smooth.The operation of Qi and Blood is complementary, Qi is blood, and blood stasis is Qi stagnation.Massaging the palms and soles of the feet can regulate qi and blood, which promotes blood circulation and stasis through three aspects: one is to directly promote the circulation of qi and blood through massage; the other is to promote the activities of limb tissues;In order to achieve the purpose of moving blood, blood stasis.The specific operation method is: Use a comb to scrape the palms of the palms back and forth, the left and right sides of the palms, and the palms of the feet, taking the fever as the degree.At the same time, you can use a comb to press the hands and feet and the soles of the hands and feet to the pain points, 20 times each.It should be reminded that since the morning and evening are the time to wake up the body and the viscera to rest, this method is best done once a day, morning and evening.▲

Great Wall Motor (601633) January 2020 Sales Data Review: Incentive Plan Increases Internal Strength, Expands Overseas, Expands Space

Great Wall Motor (601633) January 2020 Sales Data Review: Incentive Plan Increases Internal Strength, Expands Overseas, Expands Space
This report reads: The company sold 80,000 units in January 2020, each 28%, due to the decrease in working days due to the misalignment of the Spring Festival. It is expected that the incentive plan and overseas expansion will provide momentum for the company’s long-term performance growth. Investment Highlights: Maintain target price to 11.5 yuan to maintain the “overweight” level.Maintain the company’s EPS 佛山桑拿网 forecast for 2019/20/21 to 0.46/0.49/0.59 yuan, maintaining the target price of 11.5 yuan. The company’s sales in January 2020 were 80,000 units, and the average daily sales volume over the Spring Festival holiday was 3590 units, accounting for -3%. It is expected that the company will actively control terminal inventory.The monthly sales volume of pickup trucks of the Great Wall gun is 5,551 units, which has been maintained at a level of more than 5,000 monthly sales since listing. It is expected that under the background of restrictions on pickup trucks entering cities at the prefecture level and below, the company’s overall sales of pickup truck products will increase.Support strength. The incentive plan was submitted again, binding the interests of shareholders and employees, and improving the company’s long-term competitiveness.The incentive plan involved a total of 1966 people, accounting for 3% of the total number in 2018.According to company estimates, the total cost of the fair incentives.440,000 yuan, 0 lower than the 2019 version.200 million yuan.The assessment method still uses the method of increasing sales and profits. The reference base for sales in 2020 is 1.11 million units, which is 40,000 lower than the earlier 2019 version. The profit reference base is 47 trillion, which is 2 trillion higher than the 2019 version.Awareness of profitability. In January 2020, the company’s export sales increased by + 18%, and its international layout was gradually improved to expand its growth space.The company completed the construction of the Russian plant in June 2019, with a planned production capacity of 80,000 units. In January 2020, it integrated the agreement with General Motors. It plans to acquire the General Motors India’s Tarigan plant.Liang Automobile, a joint venture between the company and BMW, was approved by the Development and Reform Commission of Jiangsu 上海夜网论坛 Province in November 2019. The construction scale is to produce 160,000 fuel-powered passenger cars per year and to develop pure electric passenger cars. Risk reminder: the progress of production capacity construction is less than expected, and product profitability recovery is less than expected.

Yutong Bus (600066): Outstanding Company Underrated Bus Leader

Yutong Bus (600066): Outstanding Company Underrated Bus Leader

The passenger car industry has now entered a mature stage and sales have entered a platform stage.

We think there is little room for the bus industry to continue to decline in the future, and the annual sales volume of the industry may remain at about 500,000.

There is still room for improvement in the penetration rate of new energy buses, and the sales volume of large and medium-sized buses is relatively stable. The concentration of the large and medium-sized buses industry has continued to increase 杭州夜网论坛 in the past three years. Further improvements in the future can still be overcome, which is good for Yutong.

In terms of categories, buses and buses are irreplaceable, and their holdings continue to increase, making it difficult to shift sales significantly.

The penetration rate of new energy bus sales for buses has been high, and there is little room for further improvement, but it is certain that the penetration rate of new energy buses will continue to increase.

Affected by the high-speed rail diversion, the seat passenger car market will remain stable or continue to shrink in the future; the school bus market will continue to remain stable, making it difficult for major ups and downs.

New energy bus subsidy policies are becoming stricter, but the impact of the decline may be less than expected.

Taking 杭州桑拿 2018 as an example, among the new energy buses, the proportion of large, medium and small passengers was 51%, 37%, 4%, and 8%, respectively.

Among new energy buses, the proportion of urban buses reached 95%, and among new energy buses, the proportion of urban buses was as high as 98%. This trend is likely to continue in the future.

The “deception” incident has accelerated the tightening of subsidy policies.

The subsidy began to decline rapidly in 16 years, and the compensation tilted towards the high-charge model.

At present, the supplement is sufficient. The impact of continued decline in the future will be less than the impact of the compensated decline in previous years on the profit of bus companies.

Yutong Bus Company has excellent governance and many excellent ones.

Both budget financial data and per capita financial data are at the forefront of the industry.

The gross profit margin was broken by the impact of new energy subsidies, and profitability was stronger than intervention.

The high investment in research and development has strengthened the competitive advantage of the product and promoted the increase of Yutong’s market share.

Yutong has already laid out on fuel cells and has commercialized demonstration operation products.

The average value of Yutong’s PE and PB is small.

The reasonable PE of commercial vehicle companies is estimated to be more than 15 times. We think that the reasonable PE of Yutong is more than 15 times. At present, the market has underestimated Yutong.

PB is at the highest position in history, Yutong PB is 2 most of the time.

7 times more, currently 1.

9 times the PB uplink space is still engaged.

Investment suggestion: A reasonable estimate of the commercial vehicle mark is higher than that of a passenger car.

Coupled with Yutong or because of its own competitive advantages, the city’s share has increased.

Therefore, we believe that Yutong’s reasonable PE is more than 15 times. At present, there are low estimates of Yutong in the market. We expect the company’s net profit attributable to mothers to be 24 in 19-21.

0 billion, 25.

700 million and 27.

800 million, corresponding to PE of 12.

4 times, 11.

6 times, 10.

7 times, giving Yutong Bus 15 times PE for 20 years, corresponding to a target price of 17.

40 yuan, the first coverage given a “buy” rating.

Risk reminder: The passenger car industry’s sales volume is less than expected, the replacement of new energy buses has declined more than expected, and the price reduction of Sandian’s procurement has fallen short of expectations

Enhua Pharmaceutical (002262): Performance in line with expectations

Enhua Pharmaceutical (002262): Performance in line with expectations

Performance growth was in line with expectations.

The company achieved operating income of 20 in the first half of 2019.

9.7 billion, an annual increase of 12.

41%; Net profit attributable to shareholders of listed companies3.

22 ppm, an increase of 22 in ten years.

87%; net profit attributable to shareholders of the listed company after deduction.

2.2 billion, an annual increase of 23.

25%, corresponding to EPS 0.

32 yuan.

Among them, the second quarter achieved operating income10.

48 ppm, a ten-year increase of 11.

53%; net profit attributable to mothers1.

96 ppm, an increase of 22 in ten years.


The company also announced that in the first three quarters of 2019, net profit attributable to mothers will be in the range of 4.


70 ppm, an increase of 15-35% per year.

The company’s performance growth was good and in line with expectations.

The industrial sector maintained rapid growth.

The report summary, the company’s pharmaceutical industry sector achieved operating income13.

55 ppm, an 18-year increase.

55%, the industrial sector revenue share further increased to 64.


Three pipeline anesthesia, mental and neurological categories achieved revenues6.

7.7 billion (+16.

99%), 5.

08 thousand yuan (+23.

47%) and 0.

7.5 billion (+34.


Among them, the 杭州桑拿网 first-line products are strong, and Forli is expected to maintain a rapid growth of about 15%; the growth of some second-line products is affected by the volume of purchases, and the growth rate of right-US is expected to be about 30%.The growth rate is in the single digits. Other varieties such as remifentanil, duloxetine, and aripiprazole have maintained rapid growth of more than 50%.

According to the number of reports, the commercial sector has remained basically stable, achieving revenue7.

16 ppm, a 10-year increase3.

05%; API revenue is 0.

4.1 billion (-7.

93%), which is expected to be related to the decrease in overseas revenue.

Significant improvement in operating efficiency.

The reported revenue benefited from the company’s cost control and the increase in the proportion of high gross margin products, and the company’s gross sales margin reached 59.12%, an increase of 6 per year.

08pp, of which the gross profit margin of the industrial sector rose by 3.

12pp, the business sector rose 4.


In terms of expense control, the company’s sales expenses subsidized in the first half of the year31.

27% (+2.

74pp), it is expected that the company has further strengthened product promotion efforts; management costs have been reduced4.

56% (+1.

41pp), mainly due to the sharing of incentive expenses this year; financial expenses are available for -0.

38%, unchanged from last year.

The company’s net sales margin is 15.

10% year-on-year increase of 1 year.


The report summary, the company’s operating cash flow rankings increased by 65 in the same period last year.

08%, reaching 2.

8.8 billion yuan, with good returns and abundant cash flow.

Research and development expanded, and research and development projects advanced steadily.

At the core of the report, the company’s R & D occupation reached 0.

77 ppm, an increase of 13 in ten years.

90%, 87 R & D personnel were introduced in the first half of the year, and the company has more than 60 projects under research.

At present, the company takes consistency evaluation as the top priority for research and development. Risperidone tablets have passed the consistency evaluation; clozapine tablets, dexmedetomidine hydrochloride injection, risperidone dispersible tablets and gabapentin capsules have been declared;Clonazepam tablets, midazolam injection, remifentanil hydrochloride for injection are about to be declared.

In addition, in terms of generic drugs, five have been declared for production, and three have been filed for clinical or BE filing. For innovative drugs, three of the companies are in the clinical stage. TRV-130 has completed phase III clinical trials in the United States and declared NDA.

Profit forecast: We predict that the company’s net profit attributable to the parent company in 2019-2021 will be 6 respectively.

5.7 billion, 8.

1 billion, 9.

900,000 yuan, the corresponding EPS is 0.

64 yuan, 0.

79 yuan, 0.

97 yuan, currently the corresponding PE is 18 respectively.



4. Maintain the “Recommended” level.

Risk reminder: the risk that the progress of drug bidding does not meet expectations; the risk of drug price reduction; the risk that the development of new drugs does not meet expectations

Lin Yang Energy (601222): The third quarter earnings growth rate is slightly lower than market expectations of the new smart meter standard landing countdown

Lin Yang Energy (601222): The third quarter earnings growth rate is slightly lower than market expectations of the new smart meter standard landing countdown

Performance review maintained outperformed the industry’s 3Q 2019 results slightly worse than market expectations Lin Yang Energy announced 3Q results: revenue 8.

800 million US dollars, -22% a year, -10% MoM; net profit attributable to mother 2.

700 million US dollars, previously + 7%, + 2% month-on-month, slightly lower than the market’s expected growth of about 10%, mainly due to less than expected progress in the volume of electricity meter business.

The company also called investors after the antique performance on the 22nd.

  In the third quarter, meter revenue increased slightly from the previous month, and gross profit margin improved positively.

The company achieved revenues of approximately 1.2 billion in the first three quarters of the electricity meter segment, with an implied revenue of approximately 4 in the third quarter.

400 million US dollars, equivalent to 58% of electricity meter revenue in the first half, a slight increase from the previous month, but the growth rate was less than market competition expected.

We believe that mainly due to the execution of 2017-2018 bidding orders in the third quarter, the impact of accelerated grid investment has not yet been fully realized.

At the same time, the gross profit margin of electricity meters continued to improve in the third quarter, mainly benefiting from the company’s increased procurement standardization to reduce supply chain costs, and proactively abandoning low-margin product lines. We expect this measure to bring continuous improvement in gross margin.

  Development trend State-owned ubiquitous electric power new smart meter standards are expected to be launched as scheduled in the fourth quarter, and the products may promote investment in meter replacement after they are launched next year.

The company expects that the new generation of smart meter standards participating in the development of the State Grid will be launched in the fourth quarter of 2019 as originally planned, and will be submitted for inspection in 2020.

  Considering that the separation of the meter’s main control and metering chips under the new standard has become a general trend, and at the same time the last round of meter verification has begun for nearly 6 years, we believe that when the next generation of smart meter replacement is initiated in 2020, the full meter replacement will be the main path.Instead of a new plug-in communication module model with severe market competition, it is expected to drive investment in meter replacement.

  Inject it into the group’s financial leasing company and wait for the demand for photovoltaic parity to start.

When the company announced its results, it announced that it planned to inject Huahong Photovoltaic’s financial leasing platform, which is part of the group, for consideration 3.

2 trillion yuan, implying about 0.

66 times P / B ratio.

Although the platform is currently in the expected state, it has promoted the role of financing channels in the company’s PVEPC business development and self-sustaining power station development process.

We believe that this injection is expected to streamline the downstream business of 深圳桑拿网 photovoltaics and reduce related party transactions. This will be the next step for the company after the start of photovoltaic parity demand1.

The orderly release of the 6 GW reserve project provided funding support.

  Earnings forecast and estimation Considering that the growth rate of the third quarter performance is slightly lower than the market expectation, the growth of electricity meter orders and the improvement in gross profit margin are in line with expectations. We maintain the company’s profit forecast unchanged.

Maintain Outperform rating and 6.

Target price of 75 yuan, corresponding to 13.

5x 2019 P / E ratio and 11.

7 times 2020 price-earnings ratio, 51 than the previous inclusion.

0% upside.

The current priority corresponds to 8.

9 times and 7.

8 times the 2019/2020 price-earnings ratio.

  Risks The new standard smart meter replacement bidding 北京桑拿洗浴保健 progress is less than expected.

After more than 20% of electronic stocks have set a new high, the institution recommends 5 potential stocks in the field

After more than 20% of electronic stocks have set a new high, the institution recommends 5 potential stocks in the field
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  Source: Securities Daily Original headline: More than 20% of electronic stocks hit a record high after the festival. Institutions recommend 5 potential stocks in this field. Reporter Zhao Ziqiang. Following Xiaomi’s release of the annual 5G flagship mobile phone Xiaomi 10 series last week, Huawei also announced the re-release of 2On the 24th, the “5G Full Scenario” series of antique Huawei terminals released a series of new 5G products such as mobile phones, PCs, tablets, and IOT (Internet of Things).Correspondingly, the electronics industry of the A-share market (Shenwan Tier 1) has been active recently, and the sector index has increased by 13 weekly.40%.  The strength of the electronics industry has not improved only this week, or there has been a continuous growth process since December last year, especially after the opening of the Spring Festival, the electronics industry index has completely filled the post-holiday gap.The gap then continued to rise.  In terms of the performance of individual stocks in the sector, in the 15 trading days after the holiday, electronic stocks reached a record high of 56 stocks, accounting for 21 of the total of 261 industry stocks.46%, that is, over 20% of the stocks hit a record high.The number of innovative high-level stocks in the secondary industry shows that the secondary industry of the 5 types of electronics has broken the highest price in history. Among them, the semiconductor industry has a maximum of 27, the electronics manufacturing and components II have a maximum of 9, and other electronics and optical optoelectronics have more than 5Only stocks hit new highs.  For the rapid upswing of the electronics industry, Xia Fengguang, a private equity ranking network futures fund manager, believes that 5G, communications, and chips belong to the general electronics industry. These are the development directions encouraged by the policy and are in the industry’s upward boom cycle.The absolute overall economic growth has slowed down. Even in major consumer industries such as liquor, the leading tends to concentrate, but the accumulation is in a downward state, volume expansion, and rising prosperity are very scarce.The concentration of market capital in the booming industry is a natural choice for capital, and it is the same as the leader who embraces increased concentration in subdivided industries.In addition, the rich concept of subdivided topics in the electronics industry has attracted some speculative capital participation, which is one of the reasons for its continued strength.  A large influx of funds has also provided momentum for sector growth.Data show that along with the 天津夜网 market rebound, there is also an increase in turnover. On Friday, the turnover in Shanghai and Shenzhen reached 11710.300 million US dollars, this is the third consecutive trading day after the transaction volume exceeded 1 trillion after February 19 trillion.At the same time that the market was cross-linked, more than 143 stocks in the electronics industry made active net purchases (single transactions of 200,000 shares or 100 million) with a total purchase of 158.6.4 billion.  Due to the enlargement of the turnover, analysts generally have better expectations for the future trend of the broader market. Similarly, they are also optimistic about the electronics industry.Bohai Securities believes that although the epidemic situation is serious and will have a certain impact on the macro economy in the short term, it has not changed 北京夜网 the long-term logic of the industry. At present, companies are gradually returning to work in an orderly manner, and the impact of the epidemic on the industry has gradually weakened.The electronics industry has the largest increase, but it is estimated that there is still room for improvement. At present, it is entering the preview period of the annual report. The industry trend is more obvious, and it is optimistic about the smart wearable field.  Institutions are also very optimistic about some stocks in the electronics industry.Specifically, among the 86 electronic stocks that the institution is optimistic about in the past month, 7 of them are: Huiding Technology, Zhaoyi Innovation, Chuangyihui, Star Semiconductor, Changdian Technology, Huanxu Electronics, Dongshan Precision, etc.Individual stock institutions give “buy” or “overweight” recommendation grades with an average value of 5 or more.Bohai Securities further improved the stock pool and recommended 5 promising stocks in various fields, namely: metal parts recommendation, Changying Precision; antenna recommendation, Xinwei Communication; fingerprint recommendation, Huiding Technology; PCB recommendation, Shengyi Technology; Recommended in the field of LED, Guoxing Optoelectronics.

Accelerated foreign goods sweeping: A-shares recover 300 billion and hundreds of billions of incremental funds are on the way

Accelerated foreign goods sweeping: A-shares recover 300 billion and hundreds of billions of incremental funds are on the way

Foreign stocks have been expedited, A shares have recovered 3,000 points, and billions of incremental funds are still on the way. The FTSE and S & P two indexes are adjusted. They will take effect after the close on September 20. A shares will welcome a substantial increase.

  On September 20, the Shanghai Index closed up by 0.

24%, to recover the 3,000-point integer mark to close at 3006.

45 points.

The total turnover of the two cities was 546.9 billion. The industry sector was mixed, and the transportation equipment sector was the strong leader.

  Northbound capital flowed in at US $ 18.4 billion today, and foreign countries accelerated their efforts to raise funds late in the morning, actively sweeping goods.

Since late August, foreign admissions have continued to increase, and the three major international indexes have expanded simultaneously, and will continue to contribute trillions of incremental funds during the year.

  Benefiting from the influx of foreign capital and the long-term allocation of A-shares, analysts suggest focusing on blue-chip stocks that have sustainable growth potential and prices below value in industries such as information technology, medical insurance, and financial services.

  1Foreign investors are picking up after the close on September 20, and will usher in a new stage in which global stock indexes replace Chinese A-shares. The FTSE Russell ‘s relative A-share factor is increased from 5% to 15%.The change factor breaks down A shares for the first time.

  In other words, Standard & Poor’s and FTSE Russell’s expansion will take effect at the same time as the opening of September 23, and today as the last trading day before September 23, a large amount of planned funds may be “one step in place”.

  At the end of the day, there was a sharp net inflow of funds from Beijing to 184.

5.8 billion, and significant changes in late trading.

  According to the previous experience of MSCI’s A-share removal and expansion and FTSE Russell’s division of A-shares, in the end of the last trading day of Beijing Capital’s performance, there will often be a phenomenon of heavy buying.

  An expert from a senior institution in Shanghai told the reporter of the International Financial News: “Foreign countries generally build positions in the last few minutes.

Because the error between the pursuit of passive funds and the index is the smallest, it will choose to go in at the last time before making up.

“Independent financial commentator Guo Shiliang said in an interview with the” International Financial News “reporter:” Today is an important time point for S & P Dow Jones correspondence and FTSE Russell expansion, gradually accelerating the recognition of A-share market value by net inflow instead of production.

“According to the FTSE Russell Index announcement, this time there are 87 new Chinese A shares, of which 14 are A-shares, 15 are A-shares, 50 are A-shares, and 8 are A-shares.

Of the 1,099 A shares that S & P Dow Jones distinguished from the 87 A shares newly replaced by FTSE Russell, 64 overlap.

Among them, there are 34 main boards in the Shanghai Stock Exchange, 15 main boards in the Shenzhen Stock Exchange, and 15 small and medium-sized boards.

  UBS Securities China equity strategy team estimates that before the opening on September 23, there will be about $ 5 billion in passive exchange net inflows of A shares, of which $ 4 billion comes from the FTSE decomposition factor improvement, and about $ 1 billion comes from the S & P Dow Jones Index for the first time.Reach A.

At the same time, it is expected that the A-share market in 2019 will usher in more than $ 20 billion of passive redundant net traffic.

  It is obvious that with the arrival of the three exponential resonance expansion periods, a large number of entry fields have continued to accelerate since late August.

  In the first week of September, the capital inflow to the north hit a record high.

As of September 18, Beijing’s capital has gradually had a net inflow of 688 since August 16.

0.6 billion.

With the MSCI capacity expansion, the single-day net inflow of Beishang capital on August 27 reached a new high for the year. Next Monday (September 23), the simultaneous implementation of FTSE Russell capacity expansion and S & P Dow Jones Nass will be implemented.Net inflows pushed a new high.

  The three major indexes will expand simultaneously, and will continue to contribute trillions of incremental funds during the year.

  According to estimates by Guosheng Securities, the current expansion of the three major international indexes in August and September is expected to bring in US $ 45.5 billion of index-tracking funds, about 300 billion yuan, of which on September 23, it is expected to receive approximately US $ 6.4 billion of passive funds for admission.

In addition, according to the replacement plan issued by the Air Force MSCI, it is expected that a round of MSCI expansion plans will be implemented in November this year, with corresponding incremental funds of about 200 billion yuan. By the end of the year, all three major index expansion plans have been completed.Inflows are expected to exceed the trillion mark.

  2 A-shares are becoming more and more popular. According to media reports, FTSE Russell said today that it may seek to increase the A-share replacement factor in September 2020.

  Whether it is the cancellation of QFII / RQFII quotas, or the increase in the proportion of A-shares by internationally renowned indexes, the homogeneity behind it reflects the significant value of A-shares being cured and invented.

  Zhang Xin, deputy director of the State Administration of Foreign Exchange, said recently that the current share of the internal stock and bond markets is relatively low, and the conversion to the global mainstream market index has successively converted into shares and RMB bonds, and the weight has been gradually increased.Qualified foreign institutional investors will steadily increase their domestic assets in an orderly manner.

  Han Wei, Managing Director of Thai Stone Investment, said in an interview with the reporter of the International Financial News: “A-shares are becoming more and more popular with foreign capital. The fundamental reason is the gradual realization of continuous improvement of comprehensive 杭州桑拿 national strength. China has now become the world’s leadingOne of the economies.

In the context of continuous deepening reform and opening up, the Chinese capital market represented by A shares will inevitably become an important part of global asset allocation by international investors.

“” In the future, the proportion of foreign exchange funds will continue to increase. The trend and external expansion of the A-share circulation market value will continue to increase. Marketization, internationalization, and institutionalization will continue to be the main tone of future capital market development.

Guo Shiliang told this reporter that in the future, the proportion of institutional investors will continue to rise, and the market will also trigger the era of institutionalized gaming.

Scarce resources and core high-quality targets will still be the focus of foreign attention in the future.

  3 Opening up and reform promote the opening up of the capital market, overseas funds, public funds, and insurance funds are the three most important holders of A-shares.The latest data show that China Stock Connect and QFII account for 2 of the market capitalization of A shares respectively.

6%, 0


  Since 2019, the allocation of foreign industries has tended to be all-A.

According to the research report of Debon Securities, relative to the industry configuration of all A shares, the over-allocation in food and beverages has been reduced, and the under-allocation in mining and banking has been alleviated. At the same time, the industry allocation in automotive, electronics, and non-bank finance has been reduced.Increase the industry configuration in pharmaceutical biology, household appliances.

  Under the new pattern of constant inflow of foreign countries and holding A stocks that exceed the size of public funds, will there be some changes in A shares?

What investment opportunities are worth watching?

  The reform of the A-share market mechanism has become the main thrust of the domestic market investment style and investment philosophy in line with international standards.

According to Li Xunlei, chief economist of China and Thailand Securities, opening up and mechanism reform can promote each other: shortening, without institutional reform and improvement, the intensity and depth of opening up will be limited, and the enthusiasm for a large number of participations will be difficult to improve.Unless foreign countries must enter the country, I am afraid that they will have to “follow the customs”. In the process of reorganization and opening to the outside world, the investment behavior of foreign financial institutions and the need for supervision can promote the reform and improvement of the A-share marketization mechanism.
  Many aspects of foreign influence on A shares tend to be long-term.

In terms of investment potential, Li Xunlei believes that the four aspects of deterministic premium, high index, low volatility stock investment, technology emerging industries, MSCI index and its constituent stocks deserve attention.

  Han Wei told this reporter that the continuous inflow of foreign countries can not only support the development of the real economy through the Chinese capital market, but also be conducive to value investment and the promotion and expansion of long-term investment concepts in the country.

Thanks to the influx of foreign capital, information technology, medical insurance, financial services and other industries have sustainable growth potential and prices below the value of blue chip stocks will break through in the future.

  4 3000-point Tug Saw Today, the two cities fluctuated in a narrow range.

Disk, transportation equipment, gold, engineering construction, transportation logistics, brewing, electronic components, electronic information industry, etc. led the rise, and aerospace, securities, telecommunications, and hotel industries led the decline.

Railway infrastructure, ETC, driverless, connected cars, consumer electronics, smart cities and other conversion stocks performed.

  Recently, with the problems of Saudi Arabia ‘s oil problem in the Middle East, rising oil prices and rising pork prices, August ‘s economic data was less than expected, and other factors have affected the market to some extent.

On the whole, today the Shanghai Composite Index stands at 3000 points again, which has boosted market confidence.

  Xiangcai Securities said that the market’s shock this week is normal. The mainstream technology leaders have not been affected at all, but have set a new historical high and consolidated the mainstream pattern of technology stocks.

In addition, the sub-new stocks have seen a pick-up and strengthened the earning effect, focusing on the underestimation of the performance of sub-new stocks next week.

  Looking ahead, CITIC Securities said that from the perspective of the stock market, the judgment of maintaining the A-share bull market pattern remains unchanged, and the brokerage industry, technology and conflict-reversing cycle industries will all perform well.

Foreign countries will continue to overweight Chinese assets, with PE (price-earnings ratio) of less than 10 times in various industries, and leading stocks with abundant cash flow will continue to be overweighted.

  In terms of allocation strategy, Tianfeng Securities stated that in the long-term dimension, it adheres to the leading consumer and technology leaders.

In the short-to-medium-term dimension, it is recommended to pay attention to three dimensions: First, the bottom of the ROE (return on equity) of the interim report is improving and is expected to continue, such as securities companies and photovoltaics.

Second, the ROE of the Interim Report is still deteriorating, but it is expected to bottom out soon, just like the wind power and automotive sectors.

The third is to benefit from the industrial chain industry that accelerates the completion of real estate, furniture, kitchen appliances, and decorative materials.

Increase in shareholding surges important shareholders of more than 100 companies and directors and supervisors to enter the market to protect the market

Increase in shareholding surges important shareholders of more than 100 companies and directors and supervisors to enter the market to protect the market

Image source: Visual Chinese author Chen Lixiang broke through the A-share fluctuations after the Dragon Boat Festival. Listed company’s important shareholder, Dong Jiangao, and its subsidiaries became one of the main players in the stock market’s protection.

Securities Times · e company reporters found that since June 19, more than 100 listed companies have disclosed plans to increase their holdings, and hundreds of important shareholders or directors have entered the market to buy stocks.

  Increase in holdings continued to surge Securities Times · e company reporters found that on June 19 and 20 two days, hundreds of A-share companies began to increase their holdings. On June 21, at least 20 more companies were added.The tide continues to surge.

  Ruifeng Optoelectronics (300241) announced on the evening of June 21 that Gong Weibin, the actual controller, intends to increase the company’s shares in the next 12 months by an amount of no more than 20 million yuan and no more than 100 million yuan.

  In the plan to increase holdings, the majority of the planned increase in holdings amount to 10 million yuan, and the proportion of holdings generally does not exceed 2% or 3% of the company’s total share capital.

Among the new shareholding plans added last night, the controlling shareholder of Sino-Singapore Technology plans to increase its holdings by 20 million to 50 million yuan, and the controlling shareholder of Falsheng Falsheng Hongsheng Group intends to increase its holdings by no more than 3%.

  In addition, Dong Jiangao, a listed company such as Celex (603716), Astron (603378), Yaxing Chemical (600319), Lifan (601777), and Farson (000890), has also joined the increase.
  It is obvious that the number of listed companies planning to increase their holdings with over 100 million funds is increasing.

  On the evening of June 21, Fusenmei (002818) announced that the company’s controlling shareholder and actual controller Liu Bing planned to increase the company’s shares in the next 12 months.2% of total equity.

  Jincai Interconnection (002530), the actual controller Zhu Wenming and other shareholders, intends to increase their total holdings within the next 12 months1.

200 million yuan?

500 million yuan.

Yu Haifeng, Chairman of Dilong Culture (002247), also plans to increase its holdings by no less than US $ 100 million in the next 12 months and increase the holding price by no more than 10 yuan / share.

24 yuan / share.

  Prior to this, the shareholders of the controlling shares of Haige Communications (002465) planned to increase their holdings of no more than 1 billion company shares in the next two months through the products of the capital management plan.The highest plan.

In addition, Zhongdi Investment (000609), the controlling shareholder of Zhongdi, has melted, and the actual controller, Li Qin, also plans to increase its holdings to not less than 100 million yuan in the next 6 months.

  The ranks of suggesting listed companies to buy back shares are also increasing.

Willy (300190) shareholder Great Wall Asset Management Reorganization Company repurchases shares, and the recommended repurchase price is no more than 8 yuan / share, and the total repurchase amount is not less than 50 million yuan; Shengtong shares (002599) intends to use no more than 1.

500 million funds repurchase some social public shares, the repurchase price does not exceed 13 yuan / share, and the repurchase share does not exceed 1153.

840,000 shares; Huawu shares (300095) repurchased 67 shares yesterday through a centralized bidding.

270,000 shares, paying a total of 409.

770,000 yuan.

  Prior to this, listed companies such as Asia Pacific Technology, Dr. Peng, Longxin GM, and Tianyin Holdings have successively announced plans to repurchase shares.

  ”Myself” came into the market to protect the market Since June 19, A-shares have fallen sharply. The merged listed company, Dong Jiangao, believes that its company cannot fully reflect the company’s value, and has planned to enter the market to “protect the market.”

Thirty 杭州桑拿洗浴会所 important shareholders of listed companies bought stocks from the secondary market the day before yesterday, and at least 20 other companies updated their progress in increasing their holdings yesterday.

Yesterday’s market volatility intensified. Li Li, the actual controller of China Taiyue (300002), and Jielong Group, the major shareholder of Jielong Industry (600836), purchased 1.5 million shares and 1.65 million of their own shares.Agricultural resources, on June 19?
During the 21st, the company gradually increased its holdings of 1.07 million shares of Sultan with an average transaction price of 5.

23 yuan / share.

  Yaxing Chemical (600319) announced on the evening of June 21 that its shareholder Yaxing Group gradually increased its holdings of 3.12 million shares of Yaxing Chemical in the past three trading days, accounting 南京桑拿网 for 0 of the total share capital.


As of now, Yaxing Group holds company 6.

01% equity.

  In addition, the Air Force has announced a listed company to increase its holdings, and two days have successively released updates on its holdings.

  Sanfangxiang (600370), the controlling shareholder of Sanfangxiang Group, acting in concert with the senior management of Helun Petrochemical, has announced an increase plan. On the evening of June 21, it said that it had cumulatively increased its holding of Sanfangxiang 847.

160,000 shares, accounting for 1 share capital.

063%, gradually increasing the amount of approximately 2331.

780,000 yuan.
  In addition to important shareholders and directors and supervisors, employees of listed companies have also become members of the guarding army.

Tianbang shares (002124) and some core employees of its wholly-owned subsidiaries totaled 210 people. In the past three trading days, the total holdings of Tianbang shares increased by 212.
64 million shares.

On the 20th, the actual controller of Huarui Co., Ltd. (300626) not only was responsible for increasing employees’ holdings of the company’s shares, but also promised to make a profit.

  According to Wonder statistics, from June 19 to 21, there were more than 100 listed companies that announced the progress of their holdings, and their major shareholders bought more than US $ 1 billion in shares through the secondary market.

  Among them, Jilin Aodong, Huaying Agriculture, Beijing Kerui, Sanaifu and other 10 companies, major shareholders bought stocks from the secondary market more than once.

Jilin Aodong (000623) had the most changes, including 8 executives including Chairman Li Xiulin who increased their holdings, and the average transaction price was 17.

3 yuan / share nearby.

  The three companies that have increased their holdings by more than 1 trillion are Youngor, Guangyuyuan and Shenzhen Huicheng.

Younger (600177) announced that the actual controller of the company, Li Rucheng, proposed an increase in holdings on February 7 this year, and plans to increase the company’s total share capital by 1% under the replacement of the company’s size not exceeding 10 yuan per share?

As of the close of June 20, Li Rucheng and his concerted parties gradually increased their holdings to over 70 million shares, accounting for 2% of the company’s total share capital.

Wonder statistics show that during this period, its total increase in holdings exceeded 1 trillion.

  Source: Securities Original title: Overweight surge surges over 100 major company shareholders and directors and supervisors to enter the market to protect the market