Ziguang Guowei (002049): Focusing on the stable development of smart security chip integration business

Ziguang Guowei (002049): Focusing on the stable development of smart security chip integration business
Introduction to this report: Ziguang Guowei is a leading domestic chip design company, and its core business of IC has developed steadily. Investment Highlights: Cover for the first time, give a cautious overweight rating, target price 50.96 yuan.We estimate the 杭州夜生活网 company’s net profit attributable to its parent to be 4 in 2019-2021.66, 5.94, 7.550,000 yuan, an increase of 34%, 28%, 27% year-on-year, EPS is 0.77, 0.98, 1.24 yuan, giving the company 52 times PE in 2020, corresponding to 50 yuan.96 yuan. Ziguang Guowei is a leading chip design company in China.The company’s main business is the design and sale of integrated circuit chips. The main products include intelligent security chips, special integrated circuits and memory chips.In the past five years, the company’s operating income scale has increased from 10.8.7 billion to 24.580,000 yuan, with an annual compound strength of 22.63%. IC core business has developed steadily, and the 5G era welcomes new markets.Intelligent security chip is the company’s largest business with stable operating income.The development of special integrated circuit business has broad prospects and significant 杭州夜网论坛 growth.The 28nm advanced process FPGA test piece will be released soon, and it will be the first to bring the domestic proprietary FPGA into a new generation of process processors.The development of 5G and the Internet of Things has driven the demand for upstream semiconductors, bringing a larger market for smart card chips, FPGA and other services. Acquisition + divestiture, integration of business further strengthened the leading part.1) Acquired Linxens, the world’s largest manufacturer of smart security chip card micro-connectors, to achieve the “security chip + smart connection” layout, enhance the company’s ability to resist risks, and promote the coordinated development of the upstream and downstream of the industry chain.2) The company proposes to divest the memory chip business that is subject to restrictions on manufacturing foundry capacity, etc., to alleviate the pressure on the company’s capital performance and subsequent R & D and promotion, and improve the company’s profitability.Combined with the overall strategic layout of Ziguang Group in the field of warehouses, the need for funds for sustainable development is guaranteed. Risk warning: global semiconductor boom drifts; domestic substitution is less than expected.

Zheng Yanpan: Affected by the external impact of the A share plunge, the decision to adjust the rhythm

Zheng Yanpan: Affected by the external impact of the A share plunge, the decision to adjust the rhythm
Source: Daily Economic News Every time Zheng Buchun’s new crown pneumonia epidemic spreads globally, related news is more disturbing, so overnight US stocks plunged again, among which the Dow fell 3.15%, down 3 the previous day.56%.US stocks fell nearly 7% in 天津夜网 two days, which is quite rare.  According to the Associated Press reported on February 25 local time, International Olympic Committee member Dick Pound discovered in an interview with media reporters that the Tokyo Olympics can be postponed until late May to make a decision.  Even the Japanese epidemic is worrying, South Korea seems to be more nervous, and Iran and Italy, even South America, which has always been out of the picture, have also become infected.  International investors have confidence in China’s ability to fight the epidemic, and have less confidence in other countries.Therefore, once the global epidemic is severe, the selling pressure of global stock markets will become even heavier.Everyone knows that the significant deterioration of the Chinese epidemic was on January 23 and the next few days. At that time, the US stocks did not decrease much, which itself can explain the problem.  The system of each country determines the overall level of anti-epidemic mobilization and combat capabilities. This is not only directly proportional to medical technology, more money but less money, and more importantly, the ability of the entire population to mobilize.Obviously, if you only compare this ability, almost everyone in the world will believe that China has an overwhelming advantage!  The actual situation of China’s epidemic situation has been set for the first time, but the intensified epidemic situation has increased the variables, so investor confidence will also be shaken, and worries will increase.  On Tuesday, the A-shares that sustained the pressure of the sharp plunge suffered another heavy hit on Wednesday, ending the close. The Shanghai and Shenzhen Composite Index fell 0 respectively.83%, 2.71%, the KLCI fell 2.The GEM KLCI dropped 92%.31%.After-hours data showed that Northbound funds replaced 67 on Wednesday.US $ 2.7 billion, a net repeat of 3 consecutive days and a cumulative net repeat of 202 for 3 days.6.3 billion yuan.  From the perspective of the market, the performance of heavy stocks such as banks, electrical appliances, and real estate is relatively defensive, while the weight and blue-chip development power are mainly concentrated in the morning, and they return a large increase in the afternoon.Weights, blue chips and technology stocks have always had a seesaw effect, as did Wednesday. On Wednesday, the technology sector fell in a large area, and only a few software stocks became popular.Among the most popular technology stocks in the recent past, there are the daily limit of Huachuang North, Shennan Circuit, Jingfang Technology, and Eternal Lithium.Technology ETFs have experienced rare setbacks, with most technology-related ETFs falling by around 7%.  The advance of technology stocks is too large, and it is very easy to plunge if there is a slight wind, and it may be difficult to change the situation where it is at the tuyere, so this is only a technical adjustment.  I think that after the technology stocks have changed their profit chips, the probability will be strong in the future.Recently, a large number of technology ETFs and technology public funds have been issued, and there are many potential buyers. Therefore, it is difficult for technology stocks to show a sustained downward trend.  Investors can still participate in technology stocks, only part of them can be allocated. It is not advisable to participate in all positions. It is 南宁桑拿 better to allocate some blue chips at the same time. This operation can smooth the fluctuation of the market value of the holding position, or maintain a calm state of mind.  If there is no more serious news about the epidemic today, perhaps the adjustment will end quickly.Looking at the future trend of European and foreign stock indexes on Wednesday evening, the trend of US stocks may improve on Wednesday night, so today technology stocks have the opportunity to counterattack.

Yutong Technology (002831): Diversified Expansion Reshapes Growth Logic Profit End Improves Catalytic Performance Turning Point Up

Yutong Technology (002831): Diversified Expansion Reshapes Growth Logic Profit End Improves Catalytic Performance Turning Point Up
Yutong Technology promotes product diversification strategy, gradually expands the past contradiction of excessive dependence on a single industry and customers, and further opens up room for growth.In terms of operating performance, affected by cost and exchange pressure, the profit growth rate in 2018 improved by a long-term growth rate of 1.47%), but 18Q4 revenue growth of 28.9%, and profits grow 25% per year.6%, the basic verification of the early factors affecting the subsidence, the performance caters to the logic of the upward turning point. The implementation of the product diversification strategy welcomes the acquisition period and opens the revenue ceiling.  1) Consumer electronics packaging: The traditional 3C packaging shell, but the logic of new customer development and key customer penetration enhancement supports the company’s business to maintain stability.And smart wear, smart audio and other industries are in an explosive stage. Yutong has already entered the supply chain of customers such as Amazon and Harman in the early stage, and the smart product packaging business is expected to become a new driver.  2) Tobacco and alcohol packaging: The total tobacco and alcohol packaging market size is estimated to be more than 2000 trillion points. The company has focused on the development of the tobacco and alcohol packaging market before listing.The supply chain of high-quality customers, and the acceleration of the layout through the acquisition of Wuhan Aite, the establishment of joint ventures, etc., this business is expected to 夜来香体验网 usher in the harvest period in 2019, which will effectively boost the overall performance growth.  3) Other social packaging: The company is also focusing on the development of large health packaging, such as the acquisition of Jiangsu Dejin Fali Cosmetic Packaging, and the production of paper and plastic has contributed to the increase in performance. Cost & exchange pressure was released and profitability rebounded to catalyze high growth.  The price of white cardboard has fallen sharply, the RMB exchange rate has tended to stabilize, reducing exchange pressure, and Yutong’s profitability has promoted recovery.In addition, the new business’s current profitability is inferior to the traditional business, but the release of cost pressure has a short-term drag on the net interest rate, and the subsequent release of the scale effect 青岛夜网 of the new business will not significantly reduce the overall profitability.  Investment suggestion: The diversification strategy has gradually achieved significant results. The release of costs and exchange pressure further catalyzed the improvement of earnings. Yutong is expected to usher in a turning point in performance. It is expected that the EPS for 2019-2021 will be 1.38 yuan / 1.67 yuan / 2.00 yuan, the corresponding PE is 17 respectively.4X / 14.3 times / 12.0X, maintain the recommended level.  Risk warning: the volume of new products is less than expected; product expansion is less than expected; raw material prices have exceeded expectations.

Hualu Hengsheng (600426) 2018 Annual Report Comments: Long-term performance growth and multiple lines show advantages

Hualu Hengsheng (600426) 2018 Annual Report Comments: Long-term performance growth and multiple lines show advantages

The company’s traditional business reduces competitiveness, and the gap between supply and demand in Bulgaria is huge. The company’s projects are expected to increase its performance after reaching production, and enjoy the dividends of substitution in the import market.

We forecast the company’s EPS for 2019-2021.



74 yuan / share, given a target price of 21 yuan, maintain “Buy” rating.

The prosperity of the industry has increased, and long-term performance has increased.

The company released its 2018 annual report and achieved operating income of 143 in 2018.

57 trillion, +37 a year.

94%; net profit attributable to mother 30.

20 trillion, +147 a year.


In Q4 2018, it achieved a single quarter operating income of 35.

08 thousand yuan, ten years +10.

47%; net profit attributable to mothers in a single quarter4.

850,000 yuan, +29 for ten years.


The company’s performance and operating performance have improved, mainly due to policy dividends and changes in international crude oil prices. The chemical industry has ushered in a boom cycle and product profitability has increased.

Q4 product prices have declined, and revenue has been -8.

93%, net profit attributable to mother is -43.


The company expects to realize sales revenue of 14 billion yuan in 2019.

Stock optimization + incremental upgrades, multi-line at one end show advantages.

The company plans overall inventory optimization and incremental upgrades, strengthens platform construction and comprehensive utilization of resources, and creates a “one-end, multi-line” circular economy flexible multi-generation production operation model, achieving interconnection and interoperability of the three atmospheric platforms, and improving resource utilization efficiency.

The company’s urea cost is leading in the industry, and the sales of polyols are stable. The market shares of DMF, acetic acid, and adipic acid have reached 30%, 9%, and 11%, respectively.

The company has a rich product structure, strong market competitiveness, and superior anti-risk capabilities.

Cholesterol production capacity came into being, leading mergers consolidated.

The company fully grasps the production technology of ethylene glycol from synthesis gas, and the industry leader in coal water slurry gasification technology. It is connected with a set of 5 tons / year coal-to-carbon dioxide device, and the quality reaches polyester level.The project has been put into production, and the total production capacity has reached 55 tons, which has been further consolidated above the leader.

Black Chinese have long relied on imports, with import dependence above 60%.

The company has excellent crude oil quality and high recognition in downstream polyester and polyester enterprises, which has been converted into a production capacity of 50 tons. It is expected to preferentially seize the domestic alternative market and significantly increase its performance.

Risk factors: fluctuations in raw material prices; intensified market competition; fluctuations in product prices.

Investment suggestion: The company’s traditional business has improved competition, and the gap between supply and demand in Bulgaria is huge. The company’s projects are expected to increase performance after it reaches production.

In the first three quarters of 2018, the price of the company’s main products was at a high level, and its profitability was good. In the fourth quarter, product prices fell and profitability fell slightly. The company actively responded to market changes.

We lower the company’s EPS forecast for 2019-2020 to 1.


56 yuan (the original forecast was 2).


27 yuan / share), plus the EPS forecast for 2021 is 1.

74 yuan.According to the company’s historical forecast, according to 15 times PE in 2019, the target price is 21 yuan, and the rating of “Buy” is maintained.

Tianyi Shangjia (688033) new stock report: New category of high-speed iron powder metallurgical brake faucet opens up growth space

Tianyi Shangjia (688033) new stock report: New category of high-speed iron powder metallurgical brake faucet opens up growth space

Hard technology “hidden champion”, high-tech barriers create strong profitability.

The company is a leading supplier of powder metallurgical brake pads for high-speed rail EMUs in China.

As a high-tech high-speed iron component, powder metallurgical brakes have been monopolized by international leaders until 2012.

In 2013, the company seized the opportunity of abnormal imported brake pads for the Alpine EMU on the Harbin-Dalian line, and started the domestic 南宁桑拿 replacement of powder metallurgical brake pads. The Harmony era has competed with international leaders and became the only core supplier in the Fuxing era.

The company’s gross profit level is close to 75%, and its net profit level is nearly 50%. The company’s revenue from 2015 to 2018 will be 2.

7.5 billion to 5.

5.8 billion, with a CAGR of 26.

6%; net profit attributable to mother from 0.

89 ppm increased to 2.

6.3 billion, with a CAGR of 43.


Consumable attributes, benefiting from the EMU market, the market share still has room for improvement.

Powder metallurgy brake pads are typical consumables. Considering the wear of brake pads on different models and motor vehicles, trailers need to be replaced every year.

Eight times, this determines that the aftermarket for brake pads is much larger than the new car supporting market.

According to our calculations, according to the national EMU holdings as of April 2019, the number of brake pads that need to be replaced every year is 125.

0.6 million tablets.

The company has sales of 27 in 2018.

70,000 tablets, the market share is about 22%.

Based on the demand for newly constructed brakes and maintenance brakes, we estimate that the demand for brakes for domestic EMUs will be 137 in 2019-2021.

7, 150.

3, 162.

90,000 pieces, and up to 2 million pieces in the long run, the company will continue to grow in the future.

Benchmarking international leaders, consolidating the overall advantage of iron, and IPO investment projects to expand the urban rail market.

Knorr, an international leader, has occupied 50% of the global market share of rail brake systems. In 2017, the revenue of this part of the business reached 21.

500 million euros.

As the industry’s “dark horse”, Tianyi Shangjia continued to consolidate part of the iron and steel industry, and is making thorough technical and product reserves for the upcoming CR300 and CR200.

In fact, the company’s IPO investment project has overweight synthetic brake pads, which is expected to enter the urban rail and locomotive brake pad markets in the future. Product development will gradually increase to open up the company’s growth space.

Considering the company’s scarcity and future growth space, we believe that the company’s secondary market is reasonably priced at 78.

800 million.

The main benchmarking company is Knorr, a company listed on the German headquarters, with a market value of 150 as of July 5.

300 million euros, dynamic PE 23.

6 times.

Considering that the growth and profitability brought by Tianyi Shangjia in the domestic market is far higher than Knorr-Bremse, we believe that 25 times PE for 2019 forecast performance is a more appropriate level of estimation, then Tianyi Shangjia secondary market is reasonableMarket value 78.

800 million.

Based on the total share capital before the issue of 40085.

70,000 shares, calculated based on the newly issued 47.88 million shares, the secondary market is reasonably priced at 17.

56 yuan / share.

Considering the price difference between the first and second levels, the 深圳桑拿网 inquiry range is recommended to be 15.81-16.

68 yuan / share.

If the final issue price is high, draw attention to trading risks.

Risk reminder: quality control risk, supplier concentration risk, customer purchase price drop risk.

Construction Research Group (002398): Construction comprehensive service provider welcomes rapid growth in the new round

Construction Research Group (002398): Construction comprehensive service provider welcomes rapid growth in the new round

Construction comprehensive service providers welcome rapid growth in the new round, covering the “Buy” rating for the first time. CCRI is gradually the first overall construction scientific research institution listed. We believe that the company has ushered in a new round of rapid growth and is expected to show rapid growth in 2011-2012The expected excess income growth trend during the growth period is significantly increased due to the following reasons: 1) Additives business: stable demand, increased industry concentration, rapid cost decline, gross profit margin increase, and rapid growth in net profit; 2) Inspection business:”Regional, cross-sector” development strategy, endogenous + episodic steady growth; 3) Building information and intelligent service business: increase collaboration with downstream construction customers.

We judge the company’s 19/20 profit growth rate is 50% / 22%, EPS0.

54, 0.

66 yuan, currently expected to correspond to 19 / 20E P / E 11x / 9x, significantly lower than comparable companies, using the segment estimation method, the target price of 7.


74, corresponding to 13-16x 19-year target PE, covering the “Buy” rating for the first time.

  The admixture leader benefited from the increase in concentration and gross profit margin. In 2015, the sales value of admixtures for concrete increased by 552 trillion. The industry concentration has increased significantly from 17 years. The driving factors include: 1) the environmental protection trend is severe and small factories are withdrawing;) The concentration of downstream customers has increased, and the requirements for brand, service capabilities and financial strength have increased; 3) The industry’s profit margin has declined, and some companies have taken the initiative to withdraw. CCRI currently has 15 production bases across the country, which is close to the upstream polyether origin of Oak.The strength of the technical service team is constantly developing. With the entering of a new round of rapid allocation of production capacity in 17-20 years, it is expected that the revenue side will maintain rapid growth.

19Q1 cost-side epoxy resin decreased rapidly, and regional bargaining power brought about price adjustment of water reducer products. The industry’s leading company’s gross profit margin rebounded significantly in 19Q1. It is expected that the net profit growth rate of Jianyan admixture business in 19/20 will be 64%/ 27%.

  Xiamen Construction Engineering testing leader, actively practicing multi-region + multi-field expansion of construction engineering and building material testing industry has a low concentration. According to the data of the CNCA, the construction engineering / building material testing market size in 2017 was 36.52 billion yuan.The area of testing qualification area is significant, and the testing of building materials is subject to restrictions on 南宁桑拿 material characteristics and freight economy. It also has certain regional characteristics. New laboratories or acquisitions outside the country are the main means to achieve expansion in the field. The company is currently in the Xiamen Construction Engineering Inspection Market.The market share is the first, and the profit rate is stable at more than 30%. Through the “self-built + acquisition” to expand foreign business, currently also has layout in Chongqing, Shanghai, Hainan, Yunnan, and announced the intentional acquisition of large institutions in Hebei and Shanghai, 2018Xiamen test income 2.

600 million in the field 1.


The company actively expands the testing business in new areas such as electronics and electrical, environmental protection, transportation, and fire protection, and moves towards a comprehensive testing agency.

  Overwrite Buy rating for the first time with a target price of 7.


At RMB 74 we expect the company to earn EPS 0 in 19-21.



79 yuan, an annual increase of 50% / 22% / 19%, currently expected to correspond to 11 / 9x 2019 / 20E P / E, at a historically low forecast, but also significantly lower than the average valuation of comparable companies.

Estimated 19-year net profit is broken down into admixtures 2.

2 ppm + detection 1 ppm + other 0.

50,000 yuan (concrete 0.

2+ software services 0.

2 + other 0.

10,000 yuan), with reference to the valuation of comparable companies, adopting the segment assessment method, giving admixtures / testing / other businesses 13-15x / 15-20x / 13-15x2019E P / E estimates, target price 7.


74 yuan / share, covering the buy rating for the first time.

Catalysts include: 1) faster-than-expected performance growth; 2) landing of outbound mergers and acquisitions.

  Risk warning: The real estate investment growth forecast is higher than expected, and the cash flow of the admixture business deteriorates.

2 quarterly data is freshly released. Outstanding performance fund managers favor the Royal Economic Cycle stocks.

2 quarterly data is freshly released. Outstanding performance fund managers favor the Royal Economic Cycle stocks.

China Fund Daily’s second quarterly report is fresh!

  With the disclosure of the second quarterly report of public funds, core information such as asset allocation, holding positions, and outlook for the market of some outstanding funds have also surfaced.

  Data show that in the second quarter, too many LOF hybrid funds have increased their positions in the volatile market. Most of them currently have more than 80% of their positions. Fund managers with outstanding performance prefer stocks that can withstand the economic cycle. Quality leading stocks are favored by most fund managers.And benefiting from the investment potential of the science and technology board, there are enough fund managers to be optimistic about the allocation value of technology stocks.

  Most of the LOF mixed base shocks in the second quarter were in higher positions. From the LOF funds that have already announced the second quarter report, there are currently only 16 hybrid LOF funds with comparable data. The holding positions are 75%, which is an average increase in positions over the first quarter report.2.

3 averages.

Among them, Penghua’s power increased, Penghua’s high-quality governance increased slightly, and Southern Ruihe three years, Pinghua Ding slightly reduced its holdings.

  From the overall position data, in addition to the three-year strategic placement in South China, Ping An Dinghong and other funds, a small number of hybrid LOF funds currently hold more than 80% of their positions, showing a positive attitude towards the market outlook.

  Table 1: Changes in the holding positions of hybrid LOF funds. Outstanding funds holding faucet stocks against the royal business cycle. At present, the overall performance of the LOF funds in the second quarter report has been disclosed. The overall average return rate this year.


The 10,000 industries with the highest yields have a preferred yield of 46.

05%, Rongtong leads the growth, Qianhai Kaiyuan Shanghai-Hong Kong-Shenzhen agricultural theme selection yield also exceeded 30%.

  So how do the managers of these excellent funds view the performance of the stock market in the future?

Fund Jun sorted out the outlook of the following outstanding fund managers as follows: Table 2: Yields of some outstanding LOF funds The Wanjia industry prefers mixed fund manager Huang Xingliang The first-day credit volume is not sustainable, and the market ‘sIt is expected to return to manual and merge the Sino-U.S. Trade friction to escalate. In the second quarter, the A-share market went through a round of adjustment.

The Huawei incident has exacerbated market volatility in the short term, but has long regulated the direction of domestic policy and industry.

  From a structural point of view, the consumption of white horses represented by food and beverage has performed well, and the remaining sectors have been adjusted to different degrees, reflecting the overall reduction in investor risk.

The Fund reduces the allocation of the media industry with high operational uncertainty, increases the weight of pharmaceutical R & D services and generic drugs sectors with good business trends, while maintaining core semiconductors, cloud computing, network security, new energy vehicles and other emerging growth sectorsConfiguration.

At present, the overall style of the fund tends to grow.

  Rongtong’s leading growth mixed fund manager Zou Xi and He Long’s market in the second quarter of 2019 showed a trend of rising and falling, mainly because the market continued to be expected to be officially revised in the second quarter.And only.

Although the short-term market is under pressure, we don’t think there will be any bad things in the medium and long term. The Chinese economy will also truly enter the generation-for-quality era. The long-term estimation center of the market will promote continuous improvement.

  The escalation of the trade war also had a big impact on the market in the second quarter, but we clearly see that compared with last year, the market income has improved significantly, which also indicates that the normalization of Sino-US friction has formed a consensus in the market.

Therefore, we are not pessimistic about the market as a whole, and the portfolio continues to maintain high positions, diluting the necessity of carbonic acid economy and trade itself.

  Our general thoughts are: (1) Macroeconomic research and judgment We believe that structure is more important than accumulation.

(2) With regard to the Sino-US trade war, the transition of the industrial structure is more important than the negotiation itself.

In general, in the second quarter, we considered the impact of random events on the portfolio in terms of operations, and followed neutrally in style and large-scale assets. We focused on industry comparisons and screened consumer goods and investment goods to benefit from the long-term economic revaluation of stocks.Structural varieties whose estimated value hub is expected to continue to improve.

  Stock selection also continues to adopt the idea of diversified alpha, control the risk exposure to a single stock and a single direction, obtain mid-to-long-term stable industry alpha and individual stock alpha, and obtain real risk-adjusted returns for holders, and continue to improveThe customer’s long-term actual holding income.

  In the third quarter, the face of the weakening global PMI and growth data, the long-term and short-term yields of U.S. Treasury bonds are inverted, and global growth, especially the US Federal Reserve and the European UnionInitially, it expressed the improvement of Sino-US trade prospects and the outlook of the world economy, and pointed out the prospective guidelines for adopting easing policies to promote and support the economy in the future.

  Domestically, the science and technology innovation board has continued to accelerate, and local government special debts can be used for major project capital and other structural reforms and countercyclical adjustment policies. The market has been digesting the interest rate stratification of the interbank market brought by events such as the contractor bank incident., Negative factors such as poor credit expansion coefficient, market risk is expected to improve.

  We judge that the current market is still in the expected iterative phase before the fundamentals have substantially improved. During the period of policy support and economic fundamentals bottoming out, the expected uncertainty will aggravate market changes, and we will be more determined to be able to withstand fluctuations in the economic cycle.Leading companies of good size make investment judgments and decisions from a transitional perspective.

  Wanjia Social Responsibility Opens Mixed Fund Manager Mo Haibo’s Future Market Outlook: Overseas Fed has interest rate cut expectations, which means that there is a lot of room for actionable domestic policies. We think the market will enter a new round of estimation and the process of slow repair of emotions.in.

During this period, events such as the science and technology innovation 北京桑拿洗浴保健 board, the 70th anniversary of the National Day, and appropriate and powerful reform and opening-up policies, the market will go out of the current bottom shock zone and form a round of upward market.

  Configuration recommendations: blue chip + growth.

  Among blue-chip companies, we attach more importance to the additional full real estate and its industrial chain released in the second quarter, sometimes in the building materials, home appliances, furniture and other sectors.

We believe that it is the backbone of the national economy, and there are very big benefits. There is room for better estimation in the future.

  In the growth sector, due to the impairment of the small and medium-sized board and the goodwill of the GEM in the fourth quarter of last year, bottoming out profits, the fourth quarter of this 南京龙凤网 year is expected to be a definite improvement, and improve the business environment of private enterprises, solve pledged blasting positions, and let the policy target small and medium-sized boardsGEM will continue to benefit, so after the index bottoms out, the small and medium-sized tickets will bottom out earlier than the main board. Among them, there are fundamentals to support, and the bull market will begin to grow.

We continue to be optimistic about independent and controllable technology companies, including computers, semiconductors, and new energy vehicles.

  Jiang Qiujie, Southern Tianyuan New Industry Equity Fund Manager In the second quarter of 2019, the macroeconomic and microeconomic indicators of the economy dropped somewhat, and some early-cycle industries continued to improve.

Sino-US relations formed a significant disturbance to the market during the quarter.

In the long game of great powers, the market will immediately re-connect with continuous changes.  The conversion of the old and new economic growth momentum is a slow process. With the potential economic growth rate moving downward, no strong stimulus in real estate and infrastructure, and the weak overseas economy, the economic situation may have repeated bottom areas.

From a long-term perspective, we are still constantly looking for advantageous industries that can become the new momentum of China’s economy in the next ten years.

  The fund pays close attention to the changes in the market environment, adheres to its consistent style, and looks for industries that are constantly improving in their deployment in order to bring long-term and stable returns to investors.

The Fund generally operated with medium-to-high positions this quarter, looking for industry opportunities to recover from the bottom; at the same time, selecting the best, and reducing the impact of the economic downturn on investment returns through the industry’s own adjustment capabilities.

  Edit: Captain

Lijiang Tourism (002033) 2019 Interim Report Review-Ropeway Business Under Pressure

Lijiang Tourism (002033) 2019 Interim Report Review-Ropeway Business Under Pressure

The company’s operating income in the first half of the year 3.

18 ‰, an average of 7 in ten years.

At 07%, net profit attributable to mothers was 98.05 million yuan, down by 17 for many years.


Q2 single quarter company revenue invoice 8.

06%, attributable to the mother’s net profit level 13.


The decline in the company’s revenue and performance was mainly due to the impact of price cuts on ropeways.

Reduced ropeway prices have reduced revenue.

The overall tourist reception of Lijiang tourism market has been picking up after two consecutive years of rectification in 2019H1. Lijiang City received 26.18 million tourists from January to June, an increase of 16.


The company’s three ropeways receive a total of 210 tourists.

170,000 person-times, an increase of 21.

92%, including Yulong Snow Mountain / Yunshanping / Yiniuping each receiving tourists 148/54/8.

60,000 person-times, an increase of 11 respectively.

4% / 67.

9% / 11.


However, since October 18天津夜网, the ticket prices of the three ropeways have fallen by 33% / 27% / 25% respectively. As a result, the passenger price of the three ropeways has decreased to varying degrees, resulting in a 22% decrease in the company ‘s ropeway business revenue in the first half of the year and a decrease in gross profitUp to 5.

58 points.

The live entertainment business is picking up, and the hotel’s loss reduction continues.

In terms of other businesses, 19H impression Lijiang performed 350 shows and achieved revenue of 7,735.

570,000 yuan, an increase of 50 in ten years.

5%, achieving a net profit of 3330.

540,000 yuan, an annual increase of 91%.

After two years of overall market expectations, the impression of Lijiang’s operating environment has improved, and the total number of tourists to Yulong Snow Mountain has been 深圳桑拿网 reported. At the same time, the company has increased its marketing efforts to Impression Lijiang, driving the growth of sales and revenue.

The hotel business income was basically flat, and the performance decreased by about 7 million yuan compared with the same period last year.The occupancy rate has generally improved, and at the end of 18, the long-breaking 5596 commercial street has been turned into an overall rental operation.

The profit level is under pressure, and fee control is obvious.

The time interval of the company’s 19H comprehensive gross profit margin affected by the price drop of the cableway3.

44 cases, the gross margin of impression performance increased by 9.

69 pcts; The company’s expenses are reasonably controlled, and the expense ratio during the period decreases by 1 every year.

76 pcts, of which the decrease in promotional expenses resulted in a reduction in the sales expense ratio2.

74 pcts, the increase in wages and social security led to a slight increase in the management expense ratio.

Risk factors: natural disasters, long investment project cycles, fierce competition in the local tourism performing arts market, and hotels turning losses into less than expected.

Investment suggestion: The company has completed the control of scarce core resources such as Shangri-La, Lugu Lake, etc., and carried out the project under construction step by step, constantly improved the layout of the northwestern Yunnan tourism ecosystem, and sought breakthroughs in steady development.

At present, the company’s main business reception volume has shown a restorative growth. The heavy asset project is about to open (Batang Holiday Hotel has been opened in July, Shangri-La and Lugu Lake towns are still actively promoting), and regional resource integration has continued.

Taking into account the latest State Council’s instructions on the price adjustment of audience tickets, it is expected that the pressure on revenue growth will remain in the short to medium term.

We adjusted our diluted EPS forecast for 2019-2021 to zero.30, 0.

33, 0.

36 yuan (previous forecast was 0.

42, 0.

46 yuan, supplemented in 2021), maintaining the “overweight” level.

Jidong Cement (000401): Beijing-Tianjin-Hebei is not weak in off-season 2019H2 results push another record high

Jidong Cement (000401): Beijing-Tianjin-Hebei is not weak in off-season 2019H2 results push another record high

Event: The company released its 2019 Interim Report and achieved 160 revenues in the first half of the year.

78 ppm, an increase of 25 in ten years.

18%, net profit attributable to mother 14.

800 million, an increase of 60 in ten years.

82%, net profit after returning to the mother 14.

470,000 yuan, an increase of 194 in ten years.

65%; of which Q2 achieved revenue of 110.

700 million (+17.

09%), net profit attributable to mother 14.

3.5 billion (-4.

48%), net profit after deduction is 14.

180,000 yuan (+43.


Comments: Beijing-Tianjin-Hebei demand bottomed out, and the volume and price of 2019H1 both rose and the performance increased.

Along with the integration of Beijing-Tianjin-Hebei and Xiong’an New Area, cement demand in the Beijing-Tianjin-Hebei region is strong, and the growth rate of cement output in North China in the first half of the year was 18.

11%, demand bottomed out, and the company’s comprehensive sales of cement clinker in the first half of the year was about 4,576 tons, an increase of about 14%, sales growth rate ahead of most cement companies, of which Q2 sales of about 3610 indicators; we believe that Beijing, Tianjin and HebeiMost of the regions are mainly national-level key projects, receiving strong financial support, so the project has a high landing rate and demand is guaranteed, while the peak-peak production is normalized and environmental protection is becoming more severe, regional supply can be controlled, and the supply and demand pattern is stable and better.The price has risen sharply. According to our calculations, the average ex-factory price of the company in the first half of the year was about 320 yuan / ton, with an annual increase of about 70 yuan / ton. Of which, the average price in North China in Q2 rose by about 20-30 yuan / ton.The gross profit is about 125 yuan / ton, which is an increase of about 20 yuan / ton from the previous month. The increase in both volume and price has driven the company’s high growth. Based on the restructuring caliber, Q2

48%, initially the result of the restructuring adjustment of the accounting process after the reorganization. The net profit attributable to the parent in 2019H1 is calculated in accordance with the shareholding ratio of the joint venture. Jidong Cement’s performance is only accounted for 53%. If the net profit is taken into account, Q2 net profit will increase by 16.

86%, reflecting the growth in performance brought about by the rebound in regional prosperity; in terms of regions, the gross profit margin in North China fell by 0.

96 samples, we judge whether the price increase in North China is expected, followed by the extension of the production limit in the first half of the year and the increase in production line amortization costs; in other regions, the rise in consolidated prices, the gross profit margin must be increased to a certain extent.

Cash flow was plentiful, and the asset-liability ratio continued to decrease.

In the first half of the year, the company’s operating net cash flow was 36.

8 trillion, of which Q2 is 33 trillion, an annual increase of 112.

4%. At the end of the 苏州夜网论坛 reporting period, the company had cash in hand of 61.

With 5.8 billion US dollars, it has sufficient cash flow to ensure the steady progress of its operations, reduce and repay debt, and optimize the debt structure. At the end of the first half of 2019, the company’s assets and liabilities were reorganized55.

04%, a decrease of 17 per year.

63 pct, down 2 from the previous month.

46 pct, of which Q2 financial expense ratio decreased by about 2 copies year-on-year; we estimate that the company’s financial expenses per ton in the first half of the year was 63.

7 yuan, a decrease of about 10 yuan / ton per year. After the update is completed, the management level has been steadily improved, and the cost has continued to decline during the period.

Tangshan’s production limit exceeded expectations, and the off-season is not off, helping 2019H2 go further.

Following 北京桑拿洗浴保健 a one-week production limit at the end of June and a 15-day suspension in July, Tangshan again suspended production for 10 days in August. The environmental protection efforts continued to increase, and the suspension of production continued to exceed market expectations. Therefore, the price of the Beijing-Tianjin-Hebei region during the off-season period did not decrease but instead reversed.The trend is rising, and the off-season is not obvious.

We believe that the stricter environmental protection in Beijing-Tianjin-Hebei region and the normalization of off-peak production will effectively control the regional supply. The off-season price growth will make the price in Q4 peak season high. Considering the improvement of the supply-demand pattern in Beijing-Tianjin-Hebei region, the company’s cement in Inner Mongolia will be activatedAssets (the price of Hohhot cement has risen by 40 yuan / ton in mid-to-late June) and the current high price basis, the company’s performance in 2019H2 is further promoted.

The new Jidong region ‘s right to speak has increased, and the upward trend in the next two years is determined: We believe that the company ‘s outstanding performance in the first half of the year will start in the next two years: 1) June-August production will be limited and prices in the Beijing-Tianjin-Hebei region will not be off-season2) Under the support of the policy, the certainty of the restoration of infrastructure in the second half of the year will increase, and the demand in the Beijing-Tianjin-Hebei region, which is dominated by key projects, is expected to grow steadily. As the production capacity of small enterprises has been fully released, it will gradually reduce space, and the layout of supply and demand will continue.Improve the certainty, 3) The company completed the transfer of assets integrated with Jinyu in 2019Q1, and more fully integrated with Jinyu, the company’s expense management and operating efficiency are still improving the downgrade space, 4) due to the low proportion of production capacity, the company’s non-The contribution of core regions to performance elasticity is much smaller than that of northern China. Therefore, even if the return of price earnings in non-core regions returns to more than expected, it will not affect the overall upward trend of the company. Investment recommendations: We maintain a net return to motherhood of 30 in 2019 and 2020, respectively.

8.4 billion, 35.

08 billion yuan, EPS is 2 respectively.

29 and 2.

6 yuan, corresponding to 7 and 6 times the PE of 19-20 years, optimistic that the company benefits from the high prosperity of the Beijing-Tianjin-Hebei region, maintaining a target price of 24.

4 yuan and “Buy” rating.

Risk warning: real estate and infrastructure investment exceeds expectations, and the demand side is further reduced; supply-side reforms are gradually expected, and gradual withdrawal is gradually exited, and the supply and demand pattern is worsened; prices of coal, ore and other materials are rising, leading to higher costs

Changan Automobile (000625): Changan Ford’s retail picks up with independent brands growing many times

Changan Automobile (000625): Changan Ford’s retail picks up with independent brands growing many times
Event: The company announced the sales data for August. The overall sales of Changan Automobile in August was 1,25023, a year-on-year decrease of 5%.Among them, Changan Ford sold 14,768 units, Changan Mazda sold 10,295 units, and Chongqing Changan sold 45,310 units, an increase of 36%. Overall sales fluctuated slightly, and independent brands performed well.According to the data of the Federation of Passenger Unions, the wholesale period of generalized passenger cars for 8 months has 北京夜网 been extended by 8%, and the retail volume has been shifted by 10% each time, which is a 6% increase from the previous month.According to statistics from Changan Ford’s national sales and service agencies, Changan Ford’s retail volume in August increased 30% month-on-month.However, due to the high temperature holiday in early August, both the production and wholesale volume of Changan Ford shifted month-on-month and were in the state of destocking. At present, Changan Ford’s overall inventory is at a low level.With the advent of “Golden Nine Silver Ten”, Changan Ford is expected to gradually recover sales through advantages such as new models and low inventory.Changan Mazda’s sales of 10,295 vehicles remained stable.The independent brand performed well. Chongqing Changan sold 45,310 vehicles, an annual increase of 36%, which was basically unchanged from the previous month.In terms of different models, the main models of independent brands performed well. Among them, CS75 sold 12,075 units, an increase of 55% per year, CS75 Plus was pre-sold for 19 days, and orders exceeded 11,729 units; CS35 sold 8,621 units, an increase of 151%. The low point has passed, and operations have continued to improve.In the second quarter, the company achieved a substantial reduction in performance through measures such as cost reduction and efficiency improvement, and the company will usher in the listing of several heavy models in the second half of the year, which is expected to drive the company’s sales and performance to increase simultaneously.Recently, a number of heavy-duty models of the company are listed or pre-sold. Changan Ford includes the Sharp ST / ST-Line, Fox Active, Taurus initial modification, and Changan autonomous, the heavy-duty model cs75plus.Changan Mazda’s new Angcorsella starts pre-sale at the Chengdu Auto Show.The listing of the new Mavericks in the fourth quarter and the localization of Lincoln models will further strengthen the Changan Ford product cycle.At the sales end, Changan Ford’s business policy gradually shifted to sales and production, and its attitude towards dealers gradually improved.At the same time, on the basis of zero interest rate, a financial policy of either zero down payment or zero interest rate was introduced, which will help promote Changan Ford’s sales in the second half of the year. Earnings forecasts and investment advice.In 2019, Ford and Ford ushered in a strong cycle of new products, increased sales and improved profitability.It is expected that EPS for 2019-2021 will be 0.26/1.05/1.48 yuan, maintaining the “overweight” level. Risk reminder: The travel company’s advancement is less than expected, Changan Ford’s new model launch is less than expected, and the electrification and intelligent advancement is less than expected