Beijing Culture (000802): New frontline film and television leading company’s IP platform types continue to grow

Beijing Culture (000802): New frontline film and television leading company’s IP platform types continue to grow

Key points of investment: Box office champions such as “Wandering Earth” and “Wolf Warrior 2” verify the sustainability of explosive products and promote the company to become a new leader in film and television content.

The company has participated in box office champions / phenomenal films such as “War Wolf 2”, “Fanghua”, “I’m Not a Medicine God”, “Anonymous” and “Wandering Earth”, proving 西安耍耍网 the company’s sustainable explosive ability.

Since 2014-2018, the company has participated in the investment and distribution of nearly 25 films, among which 5 movie box offices ranked in the top 10 of domestic movie box offices of the year.

We expect the Chinese New Year box office champion “Wandering Earth” to have a final box office of about 4.7 billion, bringing 300 million to 3 to the company.

500 billion gross profit.

In addition to “Wandering Earth”, the company will have nearly 10 movies released in 2019 and 7-9 TV drama projects, and the performance is expected to exceed expectations.

  Complementary team + decision-making mechanism of the investment committee + full-process control + three-dimensional publicity, which greatly improves the performance continuity of project content companies.

Traditional domestic film and television companies generally have advantages in one of the three major areas of film, television or variety. It is difficult to develop the three areas in a balanced and balanced manner. The core reason is that these companies generally only have some core founders / families and have the ability toShort board.

(1) Song Ge, Du Yang, Lou Xiaoxi, and Wang Jinghua, members of the core business team, have worked for many years in movies, full-screen dramas, variety shows, etc., with excellent content judgment, investment, and project control capabilities; (2) investmentCommittees make decisions about project investment through strict income measurement standards to avoid the influence of human choice on decision-making and benefit transmission behavior; (3) “I am not a medicine god”, “Wandering Earth” and subsequent “Tropical Past”,Projects such as “Special Police Team” all use the form of cooperative investment with shareholders’ affiliate funds to strengthen the binding of interests with other producers; (4) The entire process controls the main investment projects, highlights the ability to publicize, and effectively creates explosive works.Experience, instead of improving project success rate.

  Invested 1.3 billion to build the “Feng Shen” trilogy. It is expected that the company will become a SIP-driven platform company in the entire industry chain in the future.

From 2016 to 2018, the domestic movie market entered a period of steady growth, with an annual box office compound intensity of 8%, but domestic movies achieved a 26% growth rate in 2018. The audience ‘s viewing taste and the Hollywood market opened a gap, which is good for Beijing culture, the leading domestic blockbuster.

In the Hollywood market, Marvel’s “Avengers”, “Iron Man”, “Thunder”, “Captain America”, “Guardians of the Galaxy” and other superhero series, and “Science Fiction” series such as “The Lord of the Rings” have achieved hugeBox office success.

Beijing Culture intends to invest no more than 1.3 billion to shoot the “Fengshen” trilogy, which will be released in the summer from 2020 to 2022 to drive explosive performance.

Through the “Seal God” SIP, the overall layout of theme parks, hotels, web dramas, variety shows and other entire industrial chains is established, and a three-dimensional development and three-dimensional marketing system based on the industrial chain is established, making the company a Hollywood IP with a large IP driving forcePlatform company.

  The first coverage was given a “Buy” rating.

We predict that the company will realize operating income in 2019-2021.

9.9 billion / 20.

42 billion / 23.

3.4 billion, realizing net profit attributable to mothers4.

8.8 billion / 5.

6.9 billion / 6.

60 ppm, corresponding to a net profit growth of 50.

0% / 16.

6% / 15.

8%, corresponding EPS is 0.



92 yuan / share.

The company is given a 24x target PE in 2019, corresponding to a target city size of US $ 11.7 billion, reaching 28% of space, and given a “buy” rating.

  Risk reminder: the risk that the box office of the main investment project will not meet the expectations; the risk that the TV drama project sales will not meet the expectations; the policy supervision risk of the film and television industry; the corporate governance risk.

Babies room (603214) financial report comments: gross profit margin continued to improve performance in line with expectations

Babies room (603214) financial report comments: gross profit margin continued to improve performance in line with expectations

[Investment Highlights]Baby Room released the 2019 third quarter report.

At the core of the report, the company achieved operating income17.

4.1 billion, an annual increase of 14.

52%; Net profit attributable to shareholders of listed companies is 0.

870,000 yuan, an increase of 32 in ten years.


E-commerce revenue grew rapidly, and offline store revenue grew steadily.

In the third quarter, the company’s e-commerce business 南宁桑拿 continued its high growth momentum, with a year-on-year growth rate of 78%, and its revenue share increased by about 1 pct compared to the same period last year.

In the first three quarters, a total of 39 offline stores were opened, 13 closed, and the number of stores closed at the end of the third quarter reached 266. The overall sales revenue of the stores increased.


In terms of categories, the revenue of cotton and toys with higher gross profit margins increased, and the revenue of food and milk powders increased rapidly and simultaneously.

In terms of different regions, Shanghai’s revenue accounted for more than 50%, and Zhejiang’s revenue grew faster. Cited in the first half of 2018, the revenue ratio increased by about 2.

Three averages, gross profit margin also increased by three in ten years.

19 深圳桑拿网 nations, ranking first in all regions.

Gross profit margin hit a record high and net profit margin increased.

The company’s gross profit index in the third quarter rose 2 in the same period last year.

22, a record high, mainly in food, milk powder and other categories increased gross margins.

In terms of expense ratio, the sales expense ratio increases by 1 every year.

44 singles, mainly due to the rent of new stores and property management fees, due to the rapid increase in labor costs, and the management expense ratio increased by 0.

55pct, mainly due to the company’s increased share incentives, amortization of share expenses, amortization of stock costs, employee performance, new offices, financial expenses decreased, mainly due to increased revenue.

The overall expense ratio increased by approximately 1 during the first three quarters.

45 averages, the company’s net interest rate increased by 0.

71 points.

[Investment suggestion]The company ‘s store exhibition speed in the first three quarters is in line with expectations, and M & A projects have also landed. Currently, 33 stores have been contracted to open.; The optimization of the product mix, the creation of private brands and the increase of direct supply brands are also expected to increase and improve the company’s gross profit level. We expect the company’s revenue in 19/20/21 to be 25.



470,000 yuan, net profit attributed to the mother1.



0.2 million yuan, EPS1.



99 yuan, corresponding to PE 31/26/22 times, maintaining the “overweight” level.

[Risk reminder]The macroeconomic growth rate is lower than expected; the company’s exhibition speed and quality are lower than expected.

It’s another bump!

Afghan issues make sanctions more frequent

It’s another bump!
Afghan issues make sanctions more frequent

US President Donald has had a lot of headaches since he took office: in the housework, the White House team has frequently changed, and people are heartbroken; in foreign relations, due to the influence of Russia, it is difficult to adjust Russia ‘s policy; on military issues,There are also options that are difficult to prevent in Afghanistan. The new government’s military strategy blueprint is dazzling to the US Congress, while John Nicholson, the top commander of the Afghan forces, may be laid off at any time.

  Reuters reports that it is generally recognized as showing rare humility and even obedience in treating military generals, and sometimes delegates power to Secretary of Defense James Matisse to determine the size of the US military in Afghanistan.

However, the issue of Afghanistan seems to be a hurdle, which has frequently made him angry.

  Reuters cited government documents on the 6th, just at the Antique White House meeting on the 19th of last month, stating that Matisse and the chairman of the Joint Chiefs of Staff Joseph Dunford were told that he wanted to replace Nicholson, the US commander in Afghanistan.
  That day, it must have been quite a failure: we couldn’t win.

  Nicholson was appointed by former President Barack Obama in 2016 and has been recognized by the Afghan leadership.

A person familiar with the matter said that he had previously wanted to be replaced by President National Security Assistant Herbert McMaster.

  Current and former U.S. officials are competent, and the change has been a long-time dialysis on Afghanistan and is frustrated.

As early as February this year, the gradual internal integration of the team showed that there was basically no choice in Afghanistan.

According to a former official, the lack of choice means that it is best to maintain the status quo, and small-scale surges have nothing to do with major strategic adjustments.

  According to him, in the early days of the pre-appointment, there had been discussions about a full withdrawal within the government, but this idea was not accepted.

Matisse, McMaster, Dunford, Nicholson, and Secretary of State Lex Tillerson all objected. They all believed that the Afghan Taliban would make a comeback if it did not continue to invest in supporting the Afghan security forces.

  Relatively good increase in troops, the previous people are not optimistic, such as the former chief strategist Stephen Bannon.

  After the 911 incident, the US military presence in Afghanistan at one time exceeded 100,000.

During Obama’s tenure, the United States forced the NATO International Security Assistance Force in Afghanistan to end its combat mission in Afghanistan at the end of 2014. Since then, it has provided training and technical support to the security forces.

At present, there are about 8,400 U.S. troops stationed in Afghanistan, and about 5,000 troops from other NATO countries in Afghanistan.

  U.S. intelligence agencies have predicted that even if the United States 深圳桑拿网 and its allies increase their troop in Afghanistan on a small scale, the situation in Afghanistan next year will definitely be worse.

  Reuters reported that the White House participated in a high-level meeting on the 3rd, chaired by Vice President Mike Pence, and that Afghanistan was discussed again.

However, the results are still improving, and it is difficult to conclude in a short time.

  According to sources, the forecast is expected to continue throughout the summer, exceeding the notice period for Congress in mid-August.

Congress has lost patience in anticipating the government’s delay in coming up with relevant strategies.

  In addition, on the issue of Afghanistan, how much pressure Pakistan and the United States have to cooperate with, the previous team did not agree.

McMaster and Nicholson claimed strong pressure, while Dunford and others argued that being too tough could be counterproductive.

  In the border areas of Afghanistan and Pakistan, Taliban and other organization personnel are hidden, posing a threat to the security of Afghanistan and Pakistan.

From time to time, the US Air Force launches cross-border strikes, causing dissatisfaction among Pakistani people and the government.

(Chen Lixi’s Xinhua News Agency special feature) Original title: Another bump!

Afghan issues make sanctions more frequent

Biological Shares (600201): Expansion of inventory turning point and expansion of business

Biological Shares (600201): Expansion of inventory turning point and expansion of business

Biology shares released the third quarter report of 2019: the report merged and the company realized operating income8.

4.8 billion (-40.

79%), net profit attributable to mother 2.

4.8 billion (-63.

52%), basically speaking, the return is 0.

22 yuan.

Single third quarter revenue 3.

3.7 billion (-49.

81%), and net profit attributable to mother was 78.46 million yuan (-75.


The income from pig seedlings is relatively high, and the profits affected by the African swine plague have fallen sharply.

The main product of biological shares is foot-and-mouth disease vaccine, and the income from vaccines for swine is relatively high.

Affected by the African swine fever epidemic since August 2018, the inventory 重庆耍耍网 of live pigs and sows has decreased significantly, resulting in a 40% decrease in the company’s sales revenue in the first three quarters of this year.


In addition, as the company’s foot-and-mouth disease market ‘s seedlings income ratio is much higher than the government ‘s harvesting seedlings (we estimate that the income ratio of the two in 2018 is about 4: 1), we expect the market size of high-margin seedlings to expand under the epidemic, leading to an increase in profit.63.

52%, the lowest above income.

The turning point of the inventory is approaching, and the business is expected to rebound at the bottom.

In September 2019, the live pigs and sows were down by 3 from the previous month.

0% and 2.

8%, narrowed for the first time since March this year.

According to the information of the Ministry of Agriculture and Rural Affairs, the live pig and sow inventories of pig farms with a size of more than 5,000 pigs had stabilized and recovered before September, with a month-on-month increase of 0.

6% and 3.


We believe that before the resumption of aquaculture production across the country, the inventory volume is expected to bottom out in the fourth quarter of this year, and the demand for pig vaccines will also stop falling and pick up.

For biological shares, as the company’s foot-and-mouth disease market has a relatively high proportion of seedlings, and the main customer group of market seedlings is large-scale farmers, the scale of conversion of large-scale farmers has rebounded. We believe that the company’s performance inflection point will be faster than the national inflection point.
In the long run, the far-reaching industrial layout, broad technical moat, and optimized customer structure promote the company’s leapfrog development.

1) Jinyu Biotechnology Industrial Park has been gradually completed. The national high-level biosafety laboratory in this intelligent manufacturing park contains both cells, small animals, and large animals P3 experimental conditions. It is the animal with the highest biosafety level in ChinaVaccine manufacturers.

2) Recently, Jinyu Baoling and the well-known Japanese animal health insurance company Kyoritsu Pharmaceutical established a joint venture company to jointly develop, produce, and sell pet vaccines, and develop domestic and foreign animal health markets.

This cooperation is the practice of the company’s strategic strategy and is expected to open up new points of profit growth.

3) A large number of small-scale farmers under African swine fever have withdrawn, and large-scale enterprises have seized more expansion of production capacity. We believe that the scale of hog breeding will accelerate.

The change in customer structure is expected to stimulate the demand for high-quality and high-priced market-oriented vaccines. The technology-leading companies represented by bio-shares are committed to enjoying dividends and achieving a double increase in revenue and market share.

Earnings forecasts and investment advice.

We estimate that the company’s net profit attributable to its parent in the years 19-21 will be 3 respectively.



90 trillion, EPS is 0.

70 yuan.

The company is one of the strongest technical protection companies in developing countries. It will not be affected by external environment in the short term and will not change its long-term growth capacity. Due to the high proportion of pig vaccines, we predict that the company’s profit will decline more than the industry average this year, but it will rebound next yearThe speed will be significantly faster than comparable companies, giving companies 65-70 times PE in 2019, with a reasonable value range of 18.


60 yuan, corresponding to 4 PB in 2019.


59 times, maintain “previous market” rating.

risk warning.

The pig inventory continued to make a significant breakthrough.

Northbound funds fell 53% today.

9.1 billion net inflows after the Spring Festival

Northbound funds fell 53% today.

9.1 billion net inflows after the Spring Festival

Original title: Northbound funds have a net reduction of 53 today.

9.1 billion, a net inflow of 34.4 billion after the Spring Festival. On February 18, Shanghai and Shenzhen continued to grow in volume.

At the close, the Shanghai Composite Index rose 0.

05% at 2984.

97 points; SZSE Component Index rose 0.

58% at 11,306.

49 points; GEM Index rose 1.

15% to 2170.

95 points.

  However, Northbound funds ended their net inflows for five trading days and turned to a net offset.

As of the close of February 18th, the total amount of northbound funds decreased by 53.

9.1 billion yuan.

Among them, the Shanghai Stock Connect saw a net decrease of 34.

2.0 billion, Shenzhen Stock Connect net decrease by 19.

8.9 billion yuan.

  At this point, since 2020, the net inflow of northbound funds has reached 727.

9.4 billion yuan, of which the net inflow of Shanghai Stock Connect was 340.

With a net inflow of RMB 6.1 billion, SZSE has a net inflow of 387.

3.3 billion yuan.

Since the market opened in February, northbound funds have totaled a net inflow of 344 this month.

02 billion.

  Among the top ten actively traded stocks on the Shanghai-Shenzhen Stock Connect, Gree Electric (000651), China Ping An (601318), and Guizhou Maotai (600519) were net sold 3 respectively.

2.8 billion, 3.

1 billion yuan, 2.

4.8 billion; BOE A (000725), TCL Technology (000100), and Shennan Circuit (002916) each received a net purchase of 3.

5.1 billion, 0.

9.2 billion, 0.

7.6 billion yuan.

  The earliest is that after the close of New York on February 21, FTSE Russell announced the arrangement of the first stage and third stage A shares after February 5 at 5 am Beijing time.

With the follow-up dismissal announcement, after the implementation of this expected arrangement, the factor ratio of FTSE Russell in the A-share split increased from 15% to 25%.

The expansion will be performed after the close on March 20.

  The FTSE Russell has said that the third expansion of the A-share division originally scheduled for March this year will be carried out as scheduled and will not be affected by the new crown pneumonia epidemic.

So, what impact will the new crown pneumonia epidemic have on the capital market?

  The well-known private equity Chongyang Investment believes that from the perspective of value, A shares are the first choice for large-scale asset allocation.

It cannot lead to the impact of the epidemic on the economy and corporate profits, but historical experience tells investors that the overall impact of similar epidemics on the stock market is often one-off, and panic selling caused by any crisis is actively boughtOpportunity.

Once the epidemic situation is gradually brought under control, sudden shocks may become the starting point of a new round of intermediate market for A shares.  Li Lifeng, chief strategy analyst of China National Securities, said: “In the short term, the market’s operating rhythm must be affected by the purchase and repurchase of fund products and product issuance; a little, the overall liquidity between banks will surely be passed to stocks.The existing way of running shares.

MSCI China Research Director Wei Zhen recently released a report entitled “Coronavirus Epidemic: Impact on the Market.”

The MSCI report states that many observers have compared the new coronary pneumonia outbreak to the SARS outbreak in 2003. Although this can provide useful insights, it is also necessary to take into account the differences between the two periods.

Compared with 17 years ago, China’s share in the global economy and market is more important.

According to World Bank data, China’s share of global trade rose from 5% in 2003 to 11% in 2018.

In fact, its share in the MSCI Emerging Market Index has gone from 7 in 2003.

86% rose to 34.


  Liu Mingchen, head of China strategy at UBS Investment Research, believes that when the market opened on February 3, the deregulation of financial supervision and the strength of credit injections were relatively decisive, to a certain extent supported the market’s confidence and did not let the market’sExcessive confidence in pessimism.

In addition, the market also sees that the government’s ability to execute and control resources in the prevention and control of the new crown pneumonia epidemic is relatively high, and the epidemic situation in Wuhan has also been controlled to a certain extent.

The combination of the above factors has given the market some confidence.

  The inflow of funds to the north may be due to the lack of foreign exchange funds actively entering the mainland market in 2019. Before the outbreak, there were some underfunding of active funds, so these funds were reduced at the same time and found a buying point for purchase.
  But foreign follow-up investment needs to observe the future direction of the stock market.

In the short term, we need to observe the proportion of operations, 淡水桑拿网 the impact on consumption, and the utilization rate of industries that rely on the global industry chain.

Foreign customers are still in the observation period and need to continuously correct the differences between the expected and actual conditions.

Liu Mingchen predicts that the project will still be in the observation period when it reaches 70% to 80%.

In terms of specific industries, foreign institutions have a preference for technology and consumption.

However, the observation period for foreign institutions to treat consumption will be slightly longer; and for technology stocks, especially alternative technology stocks including medical care, the enthusiasm will continue.

  In the long run, Liu Mingdi judges that sub-industries of all walks of life will have companies withdraw from this “winter”, leading the increase in the share of leading cities, and investors are advised to pay attention to the industry and sub-industry leaders.

This decision refers to the period during SARS. Many companies have passed through the most difficult period through mergers and acquisitions, and may become leaders in this industry. All sub-industries are facing this opportunity.

MSCI is about to expand and new suspense will be announced next Friday

MSCI is about to expand and new suspense will be announced next Friday

Source: Securities Times. According to official MSCI news, the results of the MSCI semi-annual index evaluation in November will be announced on November 8th (Friday), Beijing time, and the change can be made after the market closes on November 26th.

  Following the usual plan, this will be the third time that MSCI will increase the A-share split ratio. It is expected that all Chinese large-cap A-share split factors in the index will be increased from 15% to 20%, while China’s mid-cap A-shares will be increased by 20%.Divide by the MSCI index.

  With the further expansion of MSCI’s tolerances, the northbound capital that has been absorbed by the company has recently been swept up again, and the net purchase of A shares has reached a new stage.

  1 The third expansion of A-shares in MSCI this year will reach the passive incremental fund “Living Water” is expected to be the highest ever. According to the official news of MSCI, the semi-annual index evaluation results in November were announced on November 8th, Beijing time. The change was on November 26th.Effective after closing.
  This will be the last step in MSCI’s three-step expansion plan for A shares this year.

  In March of this year, MSCI announced a capacity expansion plan to increase the relative factor of A shares in the MSCI global benchmark index from 5% to 20% in three steps. The specific timetable is as follows: Step: As a semi-annual index increase in May 2019As part of this, MSCI will increase the Chinese large-cap A-share segmentation factor from 5% to 10% in the index, while replacing the Chinese GEM large-cap A-share segment with a 10% segmentation factor.

  Step 2: As part of the quarterly index growth in August 2019, MSCI will increase all Chinese market A-share segmentation factors in the index from 10% to 15%.

  Step 3: As part of the semi-annual index growth rate in November 2019, MSCI will increase all Chinese large-cap A-share segmentation factors in the index from 15% to 20%, and at the same time increase the Chinese mid-cap A-share (includingEligible GEM stocks) divided by 20% inclusion factor by MSCI index.

  Regarding the scale of funds that can be brought by the third step of expansion, the research report of Guojin Securities believes that due to the division of 北京男士会所 mid-cap stocks, the scale of passive incremental funds brought by this time will be the highest ever, which is expected to be 49.3 billion yuan.

  The agency estimates that the passive incremental capital brought by the introduction of 20% of mid-cap stocks in November was about 21.2 billion yuan, and the increase of large-cap stocks from 15% to 20% brought about 28.1 billion yuan of incremental capital.

  China National Securities believes that the transformation and opening up continue to advance, dividends further expand the international indexes, foreign exchange inflows will be the general trend, and become an important force to support the bottom of the market.

The agency believes that through the accelerated inflow of foreign countries, the proportion of foreign investment in a stock investor structure has increased rapidly.

According to statistics, from the perspective of the current market share of institutional investors, the maximum public offering ratio is 4.

52%; followed by insurance, accounting for 3.

79%; third is foreign, accounting for 3.


Consistent with the accelerated inflow of foreign exchange in the past two years, the proportion of foreign exchange has risen rapidly since 2016, and the gap with public offerings and insurance has narrowed rapidly.

It is expected that the proportion of foreign countries will further increase in the future.

  The research of Industrial Securities pointed out that from the perspective of the structural impact of MSCI’s behavior on A shares, the marginal incremental capital impact of mid-cap stocks was more significant.

  The agency believes that from a structural point of view, the ratio of MSCI divided by A-share large-cap stocks increased from 15% to 20% in November, while mid-cap stocks increased from 0% to 20% at one time.Added value particle size.

According to its calculations, in November, MSCI’s large-cap stocks and mid-cap stocks excluding A-shares accounted for 85% and 15%, but the incremental capital brought by large-cap stocks and mid-cap stocks was 57% and 43%, respectively.%.

Industrial Securities believes that from the perspective of the industry distribution of passive funds after further supplementation, pharmaceutical biotechnology, electronics, chemical, and computer metering amounts rank first, fourth, fifth, and sixth respectively. The amount of passively injected capital in growth industries isThere have been significant improvements during this release.

  2On the eve of capacity expansion, Kitakami Capital accelerated the “scanning of goods” weekly net inflow reached a new high in the past two months!

  With the expansion of MSCI, the scale of Beijing Capital’s net purchase of A shares has expanded significantly.

  Data show that Kitakami Capital has made a net purchase for 7 consecutive trading days, and the net purchase amount on November 1 was as high as 74.

5 billion yuan.

In addition, this week the capital of Northbound Capital gradually reached 230.

2.0 billion, a new weekly net buying close to two months.

  In fact, starting from June this year, the net purchase of Kitakami funds has accelerated overall. By October of this year, it had shown net purchases for five consecutive months, and the gradual net purchase amount since June had reached 1,719.

9.6 billion yuan.

  Judging from the situation in the last month, the proportion of 670 shares of China Stock Connect that have held the total share capital has increased since October, accounting for about 53% of the total number of China Stock Connect Standards.

  The shareholding ratio of individual stocks in the pharmaceutical biotechnology, electronics and other industries has increased.

  In specific stocks, the proportion of shares held by Dashenlin, Haixing Power, Weir Shares, Xusheng Shares, Sofia, Center, and Vantage shares has increased.

For example, at the end of September, the proportion of shares held by Dashen Forest and Land Shares in the total share capital was 4.

8700%, increased to 8 at the end of October.

9500%, an increase of 4.

08 averages.

  In terms of shareholding value, as of October 31, Guizhou Moutai was still the highest valued stock on the mainland, holding more than 110 billion yuan.Next are Ping An and Midea Group, each holding a stock market value of more than 60 billion.

Sanan Optoelectronics (600703) 2019 Interim Report Review: The industry continues to be depressed to conduct pressure on inventory

Sanan Optoelectronics (600703) 2019 Interim Report Review: The industry continues to be depressed to conduct pressure on inventory

19H1 revenue fell 19%, net profit attributable to mothers fell 52%, lower than market expectations of 19H1 company revenue 33.

880,000 yuan, a year-on-year decrease of 19%, and net profit attributable to the mother 8.

83 ‰, a year-on-year decrease of 52% and a gross profit margin of 35.

17%, one third 13.

71pct, net interest rate 26.

07%, net interest rate 18.

33 points.

Due to the impact of the macro environment and international trade prospects, the overall demand of the LED industry has declined, and the company’s profit has declined.

2Q19 revenue 16.

5.9 billion, 26% above the effective interest rate; net profit 2.

6.2 billion, previous interest rate 70%; gross profit margin 33.

33%, down 13.

60 points; net interest rate 15.

79%, down 23.

91 points.

Q2 As the prices of terminal products continued to decline, the increase in profitability was affected.

Increased pressure on financial indicators, increased inventory turnover days, and a decrease in the company’s net profit margin. The main factors were the decline in product prices leading to a decline in gross profit margin, while the company’s capitalization rate for research and development expenses fell slightly to 75% (82% in 18)Depreciation expenses increase by 22% per year, and asset impairment increases by 93% per year (the proportion of inventory impairment provision is 5 from the initial stage).

52% increased to 6.

72%), so the increase in the company’s budget expense ratio resulted in a decrease in net profit margin.

The company’s semi-annual report inventory 32.

380,000 yuan, ranking Q1 increased by 2.

800 million.

The inventory turnover days were 243 days, the highest in nearly 10 years, and the pressure to destock in the short term is still there.

19H1 Sanan integrated revenue 0.

48 ppm, a year-on-year decrease of 28%. The company has obtained qualified supplier certification from important domestic customers, and looks forward to full cooperation with domestic leading customers in the future.

The company’s RF business HBT, pHEMT foundry process lines have been supplied in small quantities, and power electronics, optical communications, and filter businesses have been steadily advancing.

Wuhu Anrui Optoelectronics mainly promotes the automotive LED business. Its 19H1 revenue has been -20% in a row and net profit has been realized at -70%. This is mainly due to the overall replacement of the automotive market sales this year, which has led to the decline in automotive LED profitability.

The company’s industry as a whole is stable, with long-term competitive development. 西安耍耍网 Maintaining an “overweight” rating. Short-term industry price declines have led to a decline in profitability.

Taking into account the short-term industry price pressure, the company is expected to 2019-202117.



5.9 billion, corresponding to PE 28/26/23 times.

The company’s leadership in the field of LED chips is solid overall, and its overall competitiveness is superior, and it continues to maintain the “overweight” level.

Risks suggest that the LED industry’s demand continues to fall short of expectations, and the prolonged destocking cycle of the industry has led to a decline in the company’s profitability.

Wuliangye (000858) Company Dynamic Comment: Performance Meets Expectations Reforms Smoothly

Wuliangye (000858) Company Dynamic Comment: Performance Meets Expectations Reforms Smoothly

Core point of view: The company released the semi-annual performance data announcement, and expects operating income of 271 from January to June 2019.

About 500 million, an annual increase of 26.

About 5%, net profit attributable to mothers is about 93%, with an annual increase of about 31%, of which Q2 operating income is expected to be about $ 9.6 billion, an increase of 27.

1%, net profit attributable to mother is 280,000 yuan, an increase of 32 year-on-year.

1% investment highlights: The volume and price of high-end Wuliangye rose, and the series of wines are expected to perform better than expected.

All Wuliangye wines are expected to be shipped in the first half of 20191.

5 initial value, the amount increased by 15% over the same period last year +, 1618, low and other Wuliangye issued a repeat of the overall rhythm, is expected to exceed 70%.

At the same time, 1618 and other Wuliangye have increased their prices by 10% compared to the same period last year, and the ex-factory prices of collector’s editions and the eighth generation 杭州夜生活网 have increased by about 10%, driving the overall price to increase by more than 5%.

The series of wines is organized and integrated, focusing on high-end and high-end single products to avoid disorderly competition and internal consumption. It is expected to perform well in the first half of the year and change the rough marketing model with significant results.

The reform is quite systematic from organizational structure to channel order.

Wuliangye dealers are tied to the corresponding terminal stores, scanning out of the warehouse to avoid channeling, and at the same time, the cost payment policy changes the profits to the dealers that serve the real terminals, the terminals that are really selling, and the consumer membership system is constantly improving.

The reform effect is significant. At present, the seventh and eighth generation approval prices have further moved up to 930?
Between 960, channel profit improved significantly.

  The price is still the core, and the volume will not be aggressive. It is expected that the price of the eighth generation Wuliangye Mid-Autumn Festival will rise steadily.

  At present, the company strictly controls the pace of shipments. The seventh generation is currently out of stock, and the dealers have less than half a month of inventory. The eighth generation makes monthly payments, and the shipments are less than one month.Already a strength of 20 pioneer distributors.

Around the peak of the double holiday season, the company is still expected to divide the wholesale goods according to the price situation. At the same time, with the corresponding supervision, the policy will be pushed forward, and the terminal transaction price will be worth a thousand.

  Profit forecast and rating: The company’s 19/20/21 revenue growth rate is expected to be 27%, 18%, and 15%, respectively, and the net profit attributable to the parent company will be 32%, 23%, and 20%, respectively.

The current PE corresponding to the market value is 26X, 21X, 18X, maintaining the recommended level.

Risk warning: Macro fluctuations exceed expectations, food safety issues

Hesteel (000709) Company Comments: Concerned about the impact of environmental protection and production restriction in the heating season

Hesteel (000709) Company Comments: Concerned about the impact of environmental protection and production restriction in the heating season

Performance summary: The company released the report for the third quarter of 2019, and achieved operating income of 942 in the first three quarters.

9 ‰, an increase of 4 in ten years.

1%; realized net profit attributable to shareholders of listed companies1青岛夜网 7.

8 ‰, a year-on-year decrease of 47%; net profit after deduction is 17.

600 million, a year-on-year decrease of 47%.

The EPS in the first three quarters of this year was 0.

17 yuan, single quarter EPS is 0.

03 yuan, 0.

08 yuan and 0.

06 yuan; third-quarter profit declines sequentially: Although this year, despite the strong real estate pulling demand for steel downstream performance is still solid, due to environmental protection and loosening of production restrictions, alternative production capacity and other factors have led to continuous growth in the industry’s supply side, the industry profit between advance and retreatThe baseline amplitude dropped.

From the perspective of some listed steel companies that have recently disclosed their results, the net profit of many companies in the first three quarters varied by 40% -75%.

The company’s three major production bases are located in production-restricted areas. In 2018, due to environmental protection and production restriction, production was suppressed, costs rose, and performance was dragged down.

With the loosening of production restrictions, the company’s steel output has increased since the beginning of this year, but under the background of the weakening of the industry’s overall supply and demand relationship, crop growth can only replace part of the decline in performance.

In the third quarter, taking into account the cyclical factors of steel companies’ raw material inventory, the impact of the rapid rise in iron ore prices on earnings in June was reflected in July. At the same time, the macro outlook in August was expected to worsen sharply under the dual compression of internal land financing and the gradual expansion of the external environment.The pessimism intensified and the steel price fell sharply, and the company’s third-quarter profit fell 23% month-on-month.

In terms of financial data, bills receivable increased by 92% compared with the earlier period. Basically, firstly, the proportion of bills receivable in sales receivables increased, and secondly, accounts payable adopted other payment methods; long-term extension decreased by 52% earlier, mainly due to overdue repaymentInterest; the asset impairment loss is reduced by at least 100%, in fact, no asset impairment loss has occurred in this period; the asset-liability ratio is expected to decrease: the company issued an announcement on March 11th, intending to issue a ratio of no more than 3 shares for every 10 sharesPlacing by all shareholders, the total amount of funds raised will not exceed US $ 8 billion, and the net amount after deducting the issuing expenses will be used to repay the company’s interest resistance.

The company’s asset-liability ratio has been continuously above 70% for a long time, which is at a relatively high level in the industry, resulting in high financial costs. The asset-liability ratio is expected to drop to 67 through the rights issue.

7%, which helps reduce financial risks and increase profitability.

The company’s application materials for share placement have been approved by the China Securities Regulatory Commission on June 28. Concerned about the impact of environmental protection and production restriction in the heating season: low interest rate environment and low inventory, real estate investment in the fourth quarter remained strong, proactive fiscal policy continued to develop, infrastructure weak recoveryContinuing, on the whole, steel demand under real estate support is worry-free during the year.

In addition, the policy of environmental protection and production restriction for the past year has been tightened recently, the supply side has been controlled to a certain extent, and the profit side of the industry has strived to stabilize and rebound.

Recent studies have found that Tangshan ‘s latest mid-to-late October production limitation plan has been basically included, and the impact of subsequent heating season production limitation on the company ‘s production still needs to be observed. Investment recommendations: The integration of future rights distribution plans will effectively solve the company ‘s long-term assets and liabilities.The problem is that the rate is too high, and the profit level is improved.

The downstream demand of the industry is still stable. The recent improvement in environmental protection and production restrictions has tightened. The supply and demand side is strong. The industry is 南京夜网striving to stabilize its profits. There are opportunities for steel stocks to rebound in the context of macro-recovery.

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

23 yuan, 0.

24 yuan and 0.

26 yuan, corresponding to PE is 11X, 10X and 10X respectively, maintaining the “overweight” level; risk warning: macroeconomic expectations, supply-side increase risks, environmental protection and production limit risks.

Sunshine City (000671): Relying on quality and reducing burdens to achieve quality growth

Sunshine City (000671): Relying on quality and reducing burdens to achieve quality growth
From Fujian to the whole country, in 2018, the expansion of 100 billion real estate companies was established in Fujian and started a national layout. It achieved full coverage of second-tier cities through diversified land acquisition methods, and actively expanded more formats and accelerated the layout of the entire industry chain.Step into the 100 billion club. At the same time, the company’s 2018 equity incentive plan helps to enhance the motivation and creativity of employees and highlights the company’s confidence in future development.In the first half of 2019, the company’s revenue and performance continued to grow at a high rate, and the certainty of the 19-year stock budget incentive evaluation criteria was high every year. Sales continued to grow at a high rate. The land bank focused on first- and second-tier cities. Since 2014, the company has continued to promote the nationwide layout and the sales scale has continued to grow.Since 2015, the company has launched the “3 + 1 + X” strategic layout and expanded its territory to the two economic circles of Beijing, Tianjin, Hebei and the Pearl River Delta. In terms of land acquisition, the company proposed a “three-full” investment strategy to obtain high-quality soil storage in core cities in the first and second tiers through various methods, and terminated the proportion of land storage in first and second tier cities in the first half of 2019 to 76.20%.With the continuous advancement of new urbanization construction, the company is expected to fully benefit from the estimated premium brought by market demand. The offset rate decreased, the financial situation was healthy, and quality growth was achieved. The company’s financial situation was gradually improved, and quality growth was achieved.1) In terms of financing: the company’s bond issuance channels are smooth, and the average financing cost in the first half of 2019.72%, a decrease of 0 from the end of 2018.22 points; 2) in terms of funds, operating cash flow has been positive since 2017, and monetary funds have continued to grow; 3) in terms of liabilities: the asset-liability ratio in the first half of 2019 decreased by 0 compared with the end of 2018.85pct to 83.58%, the net debt ratio decreased by 37 compared with the end of 2018.09pct to 145.13%; 4) In terms of profitability: Increased return on net assets increased by 1 compared with the same period in 2018.72 averages to 6成都桑拿网.92%. Diversified business continues to develop and adhere to the pursuit of quality. On the basis of in-depth development of real estate, the company has formed a “quick and stable” development trend of comprehensive strategic upgrade and diversified development.In terms of commercial real estate, the company has formed a unique commercial real estate strategy and a mature operating team. In terms of property management, in 2016, the Sunshine City property was newly upgraded, focusing on creating a “Youyue +” service brand and committed to providing property owners with temperature property services. Investment suggestion: scale up, quality tree benchmarking, maintain “buy” rating after exceeding 100 billion scale, the company practiced “scale up, quality tree benchmarking”, “3 + 1 + X” layout expansion of the country’s three coreIn the metropolitan area, the “Sanquan” investment strategy has acquired high-quality soil storage in core cities, achieved qualitative growth, and continued long-term development.The company’s EPS for 2019-2021 is predicted to be 1.09, 1.61, 2.13 yuan, corresponding to the current PE value of 5, respectively.7 times, 3.9 times, 2.9 times; net asset value 12.31 yuan, a discount of about 49 on August 14 closing price.21%; Maintain “Buy” rating. Risk Warning: 1. There are certain uncertainties in industry normative policies and project settlement progress, or they may affect the sales performance of listed companies; 2. Macroeconomic and liquidity fluctuations may have an impact on the company’s operations.