31 Mar

Jierong Technology (002855): Strong certainty in second half performance conversion

Jierong Technology (002855): Strong certainty in second half performance conversion

In the first half of the year, the company’s actual net operating profit exceeded 深圳桑拿网 market expectations. In the first half of 19, it realized revenue13.

22 ppm, an increase of 31 in ten years.

22%; net profit attributable to shareholders of the listed company is 0.

27 ppm, a five-year increase of 5.

05%; comprehensive gross profit margin in the first half of 15.

95%, down 2 percentage points; net profit margin 2.

03%, content 0.

5 units.

In the first half of the year, the cost of equity incentives exceeded 10 million yuan, resulting in a company management fee of 1.

110,000 yuan, an increase of 32 in ten years.

twenty two%.

Excluding the impact of equity incentive expenses, the company’s performance exceeded market expectations.

Driven by major customers such as OPPO, Huawei, and Samsung Electronics, the precision structural parts business achieved revenue12.

4 billion yuan, +31 per year.

62%; precision mold business achieved zero.

27 trillion, +52 a year.

29%.

Company revenue in the second quarter 7.

66 ppm, an increase of 20 in ten years.

04%, net profit is 0.

18 ppm, a six-year increase of 6.

35%.

The gross profit margin for the second quarter alone was 16.

11%.

The business resumed initially. The performance of the second half of the year is highly certain. The net profit of Q1-Q4 companies for the 18 years was 0.

0.8 billion, 0.

1.7 billion, 0.

06 ppm and -0.

02 million US dollars, the net profit margin fell, the first is the relocation of Samsung’s internal factory caused the company’s operating business revenue changes, in the process of opening new customers to face the painful period of increased expenditure costs.

With the improvement of overall efficiency, favorable factors such as the smaller impact of changes in the Samsung plant and the increase in profitability of metal structural parts have gradually transformed, and the company’s net profit margin is expected to return to normal levels.

Looking at each year, we believe that the company will achieve a gradual and rapid increase in net profit from Q3 of 19, and its 2019 performance will reverse the previous slump and rise again.

Actively improve the solution business, develop new business directions for data processing requirements, and significantly increase the demand for thermal management of consumer electronics terminals. Consumer electronics thermal energy management solutions have become one of the main directions for component suppliers in the future.

The company is actively deploying thermal management projects for consumer electronics terminals, which mainly provide one-stop overall solutions for heat storage and heat dissipation.

The company hopes that in the future, the advantages of infrastructure product products and services will integrate the heat dissipation module with the existing structural component business to provide comprehensive services for downstream customers.

Investment suggestion: Maintaining the “overweight” rating company’s profitability will be reversed, and the cooling business is in line with the future development trend of the industry.

We maintain the Air Force profit forecast and expect the net profit attributable to the mother to be zero in 19-20.

78/1.

35/1.5.3 billion, a 10-year increase of 166% / 72% / 13%, corresponding to a PE of 40.

26/23.

26/20.

52 times, maintaining the “overweight” level.

Risk warning: The macro economy continues to weaken, and intensified competition leads to continued decline in product profitability.

30 Mar

Changshu Bank (601128) Company Research: Micro-loan Recovers Demand Deposits and Bright Profitability Steadily Improves

Changshu Bank (601128) Company Research: Micro-loan Recovers Demand Deposits and Bright Profitability Steadily Improves

Event: Changshu Bank announced the third quarter report, and the first three quarters achieved revenue of 47.

900 million (ten years +11.

86%), net profit attributable to mother 13.

700 million (+22.

4%), the non-performing rate at the end of September was 0.

96% (same as QoQ), provision coverage ratio increased by 13.
.

5pc to 467%.

  The micro-loan business grew rapidly and customers steadily declined: 1) The size of micro-loans steadily increased: Q3 loan size increased by 3.9 billion, of which personal loans increased by 3.8 billion, and operating loans increased by 20.

400 million, the proportion of total loans steadily increased to 33.

52%; 2) The number of micro-credit customers increased rapidly, and at the end of September, there were about 25 customers with credit lines below 1 million.

70,000 households, a steady increase from the end of June 1.
.

60,000 households; 3) The customer structure continued to sink. Among the 3.9 billion loans increased in Q3, more than 50 million loans for public loans decreased by 1.6 billion, while micro loans under 1 million increased by 2.3 billion, and continued to be “small and micro”.

  Performance growth accelerated, and profitability steadily increased.

  1) Performance growth angle: Q3 single quarter revenue, PPOP, and net profit attributable to mothers increased by 8 respectively.

69%, 7.

62%, 26.

82%, an increase of 0 from the second quarter.

04 tablets, 2.

2 and 7

0pc, performance growth steadily accelerated.

  2) Net interest margin angle: Measured from the average caliber at the beginning and end of the period, the Q3 single quarter interest margin increased significantly by 13bps from Q2.

It is expected that the proportion of personal business loans (micro-loans) with higher yields on the asset side will increase steadily, while the cost of resistance will also decrease.1.2 billion (+7 chain.

1%).

  3) Capital return perspective: ROE in the first three quarters was 12.
.

27%, it is estimated that after excluding the conversion of convertible bonds, the ROE is increased to 13.

52%, increasing by 0 every year.

98.

In the medium and long term, the ROE of Changshu Bank will continue to rise steadily through the steady increase 南京夜网 in the proportion of micro-loan business.

  The quality of assets is excellent. Provisions naturally release profits, and the provision coverage ratio is as high as 467%.

At the end of September, the non-performing rate was flat at 0 from Q2.

At 96% level, the balance and proportion of focus loans (1.

63%) continued to maintain a “double down” trend.

In the case of excellent asset quality and continuous improvement, Changshu Bank realized a “provision of natural release of profits”. In the third quarter, the provision in the single quarter was even reduced by 15%.0.

11pc up to 467%, 4.

46%.

  Asset-liability structure: The proportion of loans increased steadily, and demand deposits grew brightly.
  1) Assets: Total assets increased by 1 in the third quarter.

48%, of which, under the circumstances of the development of micro-loan business, loans increased by 3.9 billion (+3).
8%), its proportion in total assets steadily increased to 58%.

  2) Debt side: deposits increased by 17 in the first half of the year.

In the case of 2%, Q3 deposits increased steadily by 1%, of which demand deposits increased by 2.2 billion (+4).

9%), effectively reducing the comprehensive cost of liabilities.

Interbank certificates of deposit + interbank debt surplus was 20.3 billion, accounting for only 12% of total liabilities.

5%.

  Investment suggestion: The overall performance of the third quarterly report of Changshu Bank is dazzling, the growth rate of performance has steadily increased, the micro-loan business has steadily developed, the asset quality has continued to improve, the core resistance advantage has been continuously reflected, and various indicators are leading the industry.

In the medium to long term, Changshu Bank’s micro-loan business system is mature. It is expected that the city’s proportion will continue to increase in the future, and it will gradually develop into a regional micro-loan business with a prominent investment value. At present, its 2019 and 2020 PB are only 1.

45x, 1.

32 times, there is room for contradictive improvement in the future evaluation, and maintain the “Buy” rating.

  Risk warnings: micro-loan investment is less than expected; the lifting of the ban on restricted stocks has brought about changes; the macro economy has exceeded expectations for a long time, and interest rate marketization has advanced beyond expectations.

29 Mar

Keming Noodle Industry (002661) Performance Express Review Comments: 19Q4’s performance improved significantly After full resumption of work, performance flexibility will gradually appear

Keming Noodle Industry (002661) Performance Express Review Comments: 19Q4’s performance improved significantly After full resumption of work, performance flexibility will gradually appear

I. Overview of the event The company released a report on 2019 results, and realized a total operating income of 30 in 2019.

34 trillion, ten years +6.

24%, achieving net profit attributable to mother 2.

09 million yuan, ten years +12.

40%, the basic EPS is 0.

65 yuan.

Second, analysis and judgment of profit growth in line with expectations, Q4 performance significantly improved the company in 2019 to achieve revenue / return to net profit.

34/2.

09 million yuan, at least +6.

24% / + 12.

40%, the previous revenue growth rate slightly exceeded expectations, profit growth in line with expectations.

The company’s Q4 single quarter achieved revenue / attribution net profit.

84/0.

760,000 yuan, at least -8.

62% / + 245.

45%.

In the first three quarters of the company, the expansion of low-margin products and the extension of expenses have dragged down performance; Q4 increased the proportion of high-margin products while controlling sales expenses, and the company received a total of 1,845 government subsidies in Q4.

370,000 yuan, the expansion of the above factors promoted a significant increase in profit growth in 19Q4.

The downstream orders are full, and the performance flexibility after full resumption of work will show that the company’s non-noodle business will account for about 15% in 2019. The high-end wet noodle production capacity will be replaced by approximately 1, and the instant noodle production capacity will be replaced by approximately 2.

Since the outbreak of this year, household consumption of noodles, instant noodles and other products has increased significantly. In February, the company’s cumulative unsold orders exceeded 1.
.

6 At least, the company’s only instant noodle production capacity can meet about 10% of the order. Noodles are also out of stock in some channels, and the production capacity gap has penetrated.

The main contradictory factor of production capacity is the difficulty in recruiting and returning to work. In the future, the return rate of each factory will gradually increase. After the production capacity is gradually released, the high flexibility of performance will gradually appear.

The category and capacity expansion guarantee the company’s long-term growth. The company is currently continuously expanding new categories based on the noodle business, and has formed a product structure mainly consisting of noodles, supplemented by instant noodles and wet noodles.

With respect to the traditional noodle business, the company expanded to consolidate the 重庆耍耍网 advantages of the supermarket channel through high-margin products, and gradually promoted channel sinking through low-margin products.

In terms of new products, the company acquired overweight non-fried instant noodle business through the acquisition of COFCO Wudao Dojo; meanwhile, it gradually entered the catering channel through its high-margin wet noodle business.

In addition, the company ‘s new daily processing 3000-ton wheat flour production line project aims to strengthen the matching with cost-effective products and increase the self-supply rate of flour to ensure the profit stability of low-margin products.

Third, the profit forecast and investment recommendations are expected to earn revenue from 2019 to 2021.

34/40.

44/46.

92 ppm, ten years +6.

2% / + 33.

3% / + 16.

0%.

Net profit attributable to listed 西安桑拿 companies 2.

09/2.

55/3.

100,000 yuan, ten years +12.
5% / + 21.
8% / + 21.

6%, equivalent to EPS0.

63/0.

77/0.

93 yuan, corresponding PE is 26/21/17 times.

The estimated value of the existing food industry is about 33 times. The company estimates that it significantly exceeds the overall level of the previous industry and maintains a “recommended” rating.

Fourth, risk warnings Fourth, the market acceptance of rice noodle products has declined, financial costs have run out of control, and food safety issues have been raised.

28 Mar

AVIC MECHANICAL & ELECTRICAL (002013): Leading military and civilian leaders in aviation mechanical and electrical industry help growth

AVIC MECHANICAL & ELECTRICAL (002013): Leading military and civilian leaders in aviation mechanical and electrical industry help growth

Leading domestic aviation mechanical and electrical industry, aviation mechanical and electrical industry development driving force growth company is the aviation mechanical and electrical system business platform affiliated to AVIC Group, aviation mechanical and electrical system products are complete, business scale and technical capabilities have advantages in the domestic aviation mechanical and electrical field.

With the upgrading of domestic military aviation equipment and the advancement of domestic production of large aircraft industry chains in the future, the company has broad business development prospects.

At the same time, with the transformation and upgrading of non-aviation business and the promotion of state-owned enterprise reform, the company aims to improve the quality and efficiency of its operations, and it is also expected to usher in a new round of asset integration.

We expect the company’s EPS for 2019-2021 to be 0.

26 yuan, 0.

29 yuan and 0.

33 yuan, target price range 8.

79-9.

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

The aviation electromechanical business platform of the group, the military and civilian market has broad prospects for development. The company is a professional integration and industrialization development platform for the aviation electromechanical system business affiliated to AVIC Group.Capabilities occupy an advantage in the domestic aviation mechanical and electrical field.

The aeronautical electromechanical system is the total weight of the system that performs flight flight support functions over the aircraft. It has an important impact on the overall performance of the aircraft. Its product value usually accounts for 15% of the total value of aerospace vehicles
20%.

According to the data of AVIC Group, the annual market size of military aviation 西安耍耍网 electromechanical system production and maintenance exceeds 33 billion.

The rapid deployment of new military aviation equipment is the main driving force for the company’s short-term business growth.

The domestic large aircraft industry chain is accelerating and improving, and the domestic market for supporting aviation mechanical and electrical products will be broad in the future.

Pioneer in the reform of conventional military industrial enterprises, and gradually increase asset integration. The company is a pioneer in the reform of conventional military industrial enterprises, taking the lead in implementing employee shareholding among state-owned military industrial listed companies; the controlling shareholder has also been included in the list of double-hundred companies, and it is steadily advancing the ongoing corporate reform.

At the same time, the company, as the specialized integration platform for aviation mechanical and electrical systems of AVIC, has completed several mergers and acquisitions of aviation mechanical and electrical assets, and gradually realized further integration of aviation mechanical and electrical related assets.

Leading domestic aviation mechanical and electrical enterprises, with broad prospects for the military and civilian markets. For the first time, we have assigned a “buy” rating. We expect the company to achieve operating income of 125-2019 respectively.

38 ppm, 138.

71 ppm and 150.

6.1 billion, net profit attributable to mothers9.

3.3 billion, 10.

47 ppm and 11.

98 trillion, the corresponding EPS is 0.

26 yuan, 0.

29 yuan and 0.

33 yuan.

According to the company’s historical PE evaluation, from November 2013 to the present, the historical average evaluation level is 43.

41 times PE; excluding 2015 and other estimated extreme values, the historical average estimate is 34.

87 times PE.

We are optimistic about the company’s future business development capabilities and scarce industrial platform segmentation. Based on the historical average forecast level, we will give a PE valuation of 34-36 times in 2019 with a target price range of 8.

79-9.

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

Risk warning: military spending growth may be lower than expected, military product installation progress may not meet expectations, and military industry reform may not meet expectations.

27 Mar

Industrial and Commercial Bank of China (601398): Steady performance growth

Industrial and Commercial Bank of China (601398): Steady performance growth

Event: On August 30, 2019, the Industrial and Commercial Bank of Japan announced its 2019 interim results. Investment highlights: Pre-provision profit growth increased by 9.

9%. Expected risk assets grow by 7 per year.

6%: The operating income in the first half of 2019 will increase by 9 per year.

5%, a ten-year increase in profits before provision.

9%, the net profit attributable to mothers increased by 4 per 杭州桑拿 year.

7%.

The balance of deposits increased by 8% from the beginning of the year, and the total amount of loans increased by 5 from the beginning of the year.

5%, and expected risk assets to grow by 7 per year.

6%.

In the first half of the year, NIM decreased by 1BP compared with 2018: In the first half of the year, asset-side loan yields increased by 12BP, while liability-side deposit costs also increased by 12BP.

The increase in loan yield is mainly due to the increase in the yield of public loans, while the increase in the interest rate on deposits is mainly due to the upward shift in the cost of retail deposits, and the cost of personal time deposits rose by 19BP earlier.

The main contribution of new loans came from the corporate business: from the perspective of the structure of new credit, the new corporate 苏州桑拿网 and retail loans accounted for 54% and 46% of new loans.

The increase in corporate loans is mainly concentrated in the infrastructure and leasing services industry, and other industries have also invested; the increase in retail loans is mainly concentrated in personal housing mortgage loans and personal business loans.

Net fee income is increasing by 11 per year.

7%: In terms of itemized data, the settlement and clearing business, investment banking and guarantee commitment business revenues increased significantly.

The settlement business mainly benefited from the rapid growth of third-party payment business, while revenue from wealth management related business was still floating in the first half of the year.

Total asset quality remained stable: The company’s total asset quality continued to improve, with indicators such as non-performing ratio, non-performing net generation ratio, proportion of attention-based loans, and overdue ratio all falling.

Looking at the breakdown data, the non-performing ratio of real estate-related loans increased slightly.

Profit forecast and investment advice: ICBC’s overall performance has maintained steady growth and asset quality has continued to improve.

The cost of deposits on the debt side has risen rapidly, and the company’s current PB estimate for 2019-2020 is zero.

75 times, 0.

69 times, maintaining the “overweight” level.

Risk factors: The economic recession is better than expected; the market decline presents systemic risks.

26 Mar

Zhongke Shuguang (603019) Quarterly Review: Substantial Progress in Supply Chain Operations

Zhongke Shuguang (603019) Quarterly Review: Substantial Progress in Supply Chain Operations

Investment Highlights The company released three quarterly reports with steady growth in performance.

In the first three quarters of 2019, the company achieved operating income of 67.

810,000 yuan, an increase of 24 in ten years.

24%; realize net profit attributable to mother 2.

50 ppm, an increase of 43 in ten years.

57%; net profit deducted from non-attributed mothers1.

1.3 billion, an increase of 33 in ten years.

64%.

From the single quarter data, the company achieved operating income of 21 in 3Q19.

74 ppm, a five-year increase of 5.

93%; net profit attributable to mothers was 46.09 million yuan, a year-on-year increase of 67.

07%.

Compared with 19Q2, the growth rate of net profit attributable to mothers increased in 19Q3 (the net profit growth attributable to mothers in 19Q2 was 23.

70%).

  The supply chain has been operating steadily.

On June 24, 2019, the company was included in the US Export Control Regulations (EAR) entity list.

Subsequently, the company mitigated the impact on the company’s production and operation by sorting out the supply chain, finding alternative parts, and adjusting production plans.

The company weighed that, at present, substantial progress has been made in the operation of the supply chain, and a relatively complete response plan has been formed to keep the company’s supply chain running smoothly.

  Self-research capabilities have been continuously strengthened.

The company continued to increase R & D investment and strengthen self-research capabilities. 19Q1-3 the company invested R & D expenses4.

41 trillion, an increase of 54 in ten years.

18%.

R & D accounts for 6 of the revenue.

5%, compared to 5 in the same period last year.

0%, an increase of 1.

5 units.

In the first three quarters of 2019, the company expanded R & D investment in areas such as advanced computing, storage, big data, and cloud computing that can be localized, including edge computing servers, storage software, localized component replacement and domestic servers.Type, increase the proportion of high value-added service revenue, and gradually integrate it into the application of a systematic information technology infrastructure to improve the product ecology.

  Silicon Cube is the world’s leading scientific and technological achievement of world-class Internet, and its technical strength is continuously verified.

On October 20, 2019, at the Sixth World Internet Conference, the company’s silicon cube immersion liquid-cooled computer was selected as the 15 leading Internet technology achievements in the world.

The silicon cube immersed liquid-cooled computer combines the latest research results in computer architecture, efficient cooling, high-speed networking, and mass storage, breaking through traditional cooling methods, and achieving world-leading deployment density that can effectively support AI and big data.Cloud computing and other applications.

At present, silicon cube has been applied in many provinces and cities such as Beijing, Nanjing, Shanxi, Gansu and so on.

The company’s technical strength has been continuously verified by the market and endorsed by the industry.

  Earnings forecasts and investment advice.

At present, the company’s various businesses are operating normally and its operations are stable.

We believe that the “Entity List” incident 南宁桑拿 has a certain impact on the company’s performance in the short term, but in the long term, the company’s products and core R & D capabilities are not affected.

We estimate that the company’s net profit attributable to its parent in 2019-2021 will be 5 respectively.

29 ppm / 7.

53/10/10.140,000 yuan, EPS is 0.

59 yuan / 0.

84 yuan / 1.

13 yuan, currently expected corresponding PE is 58 times, 41 times, 30 times.

Maintain “Buy” rating.

  risk warning.

Demand from downstream customers was lower than expected risk, and business development of subsidiaries was lower than expected risk.

25 Mar

Guanglianda (002410) 2019 First Quarterly Report Review: Performance Growth Meets Expected Continuous Growth Strategy Transformation Speed

Guanglianda (002410) 2019 First Quarterly Report Review: Performance Growth Meets Expected Continuous Growth Strategy Transformation Speed

Event: The company released the 2019 first quarter report, and the company achieved revenue 4 in Q1 2019.

5.7 billion, an annual increase of 37.

42%; net profit attributable to mothers was 55.36 million yuan, an annual increase of -2.

29%; net profit after deduction of 49.77 million yuan, an annual increase of -6.

86% comment: The performance growth is in line with expectations, and the cloudification transformation accelerates the company’s revenue in Q1 20194.

570,000 yuan, an increase of 37 in ten years.

42%, the rapid growth of the company’s revenue in the first quarter of 2019 was mainly due to the continued growth of its main business and the recognition of revenue from newly signed cloud contracts in the second half of the year; the company signed new cloud contracts in the first quarter of 20191.

31 ppm, a 72-year increase of 72.

61%, the cloud transformation was smooth, and the balance of advance accounts related to cloud transformation at the end of the period.

8.5 billion, continuing to maintain rapid growth.

Expenses increased rapidly in the critical period of strategic transformation. At present, the company is in a critical period of cloud strategic transformation and expansion of the construction business. All aspects are shifting and costs are increasing rapidly. The company’s selling expenses in the first quarter of 20191.

35 ppm, an increase of 23 in ten years.

96%; administrative expenses 1.

34 ppm, a 47-year increase of 47.

04%; R & D expenses 1.

23 ppm, a 67-year increase.

63%; preliminary rapid increase in expenses 1) due to the rapid growth of the company’s 成都桑拿网 personnel and related expenses 2) due to the company’s continued growth in cloudification transformation and new product investment.

Construction business outlook picks up 2018In 2018, the company made strategic adjustments to the construction business. 100% holdings of Zebra, Yilian Electronics, Ibiki, Zhumeng, Zhongran and other subsidiaries changed products, personnel, and channels to integrate, resulting in less growth in the construction business.It is expected that the efficiency of the company’s construction business will continue to improve through the 18-year integration. It is expected that the construction business will return to a faster growth track in 19 years.

Investment advice and profit forecast are expected to achieve net profit attributable to the mother from 2019 to 2020.

25, 6.

64, 8.

400,000 yuan, 南京夜网论坛 corresponding to EPS0.

47, 0.

59, 0.

75, corresponding to PE 59, 47, 37 times, given an “overweight” rating.

Risk prompts that the progress of cloudization transition is gradually lower than market expectations, and the development of construction business is less than expected

24 Mar

Sinochem (601117): Engineering gross margin growth continues with prudent PPP strategy to promote strong cash flow protection

Sinochem (601117): Engineering gross margin growth continues with prudent PPP strategy to promote strong cash flow protection

Company dynamics keep outperforming industry companies. We have recently studied China Chemicals and merged with the company to communicate the recent operating conditions and long-term development strategies. The specific content is as follows.

  Comment on the traditional chemical engineering to consolidate its advantages and increase the gross profit margin to maintain a high level.

At present, there is fierce competition in the field of chemical engineering. The company plans to continue to consolidate its design advantages in coal chemical industry and basic chemical industry, and continue to vigorously develop design to lead its general contracting business.

In the first three quarters, the EPC business accounted for about 44% of the company’s engineering contract orders. We expect the EPC business to remain stable in the future and drive the company’s gross profit margin to remain high.

  Continue to actively develop infrastructure and environmental protection businesses.

Based on the chemical engineering business, the company actively develops infrastructure and environmental engineering contracting businesses that are related to the company’s traditional competitive advantages.

1) Infrastructure business: The company plans to continue to respond to national strategies such as the Yangtze River Grand Conservation and actively contract related infrastructure projects. It plans to have infrastructure revenue of 10 billion yuan within 2-3 years (we estimate that the proportion of revenue from the corresponding engineering contracting business is about 8-10%); 2)Environmental protection business: The company plans to continue its business development in the environmental protection fields such as industrial wastewater treatment and soil treatment through endogenous and extended M & A.

  Carefully develop PPP business.

Since 2019, under the background of relatively tight local government funds, the company has developed a PPP business with an appropriate and cautious attitude and strictly controlled the project acceptance standards. The projects undertaken are mainly provincial capitals, municipalities directly under the central government, second-tier corporate resident sites, and other repayment capabilities.s project.

We believe the company’s prudent PPP development strategy helps control operating risks and related investment expenditures, and maintains a strong level of cash flow.

  The industrial sector has strong earnings and is expected to continue to advance 杭州桑拿 in the future.

The company’s caprolactam project, Indonesian power plants and other industries have strong profitability of investment assets. In the first half of 2019, the company’s industrial and other businesses achieved gross profit margins.

6%, significantly higher than the company as a whole, accounting for 23% of gross profit in the first half.

In July 2019, the company announced that it plans to participate in the investment and construction of a nylon 66 new material industrial base with an annual output of 100 tons. If the project is successfully put into production, it is expected to achieve a better level of profitability.

We believe that the company is expected to continue to promote industrial investment in high-end chemicals and other fields in the future, driving the company’s overall profitability to 北京桑拿洗浴保健 continue to improve.

  Estimates suggest that the current company meets the corresponding.

3x 2019e P / E.

We maintain our profit forecast and outperform the industry rating and target price of 7.

1 yuan is unchanged, corresponding to 13x 2019e P / E and 14% uplink space.

  The fierce competition in risky chemical projects has put pressure on gross profit margins, and the profitability of investment assets has fallen short of expectations.

23 Mar

Buy Yang, identify physical fitness_1

Buy Yang, distinguish your constitution
The initial concept of yin and yang refers to the backward direction of daylight. The concept of yin and yang was generally formed to the Western Zhou Dynasty. In the Spring and Autumn and Warring States Period, medical scientists began to apply it to medical theory.In the field of medicine, everything that has the characteristics of going out, going up, being excited, warming up, etc. is yang.  Insufficient yang qi and impaired yang qi are two pathological states for yang qi: yang qi deficiency refers to the pathological phenomenon of the failure of yang qi in the body, weakened function, decreased metabolic activity, low body reaction, and insufficient yang heat.There are many causes of yang deficiency, such as yang deficiency, congenital insufficiency, overwork, overexhausted emotions, injured viscera for a long time without healing, diet inconvenience, long-term residence in cold and wet places, etc .;During the process, the abnormal changes in the elevation, ingress and egress may easily lead to the obstruction of the ventilator, and it is difficult for the yang 杭州桑拿网 gas to dilate and spread out, resulting in changes that accumulate in the body.Clinical manifestations include pale complexion, chills, cold limbs (mainly waist and abdomen), preference for hot food, loss of energy, pale and tender tongue, and weak pulse.  It can be seen that the deficiency of yang is mainly manifested as physical weakness, while the impaired yang is an abnormal distribution.Therefore, in daily conditioning, each is different.  For those with insufficient yang, the general treatment principle is to “make up for the deficiency”, that is, to supplement yang, so that yang can be reborn and exert normal physiological functions.In terms of diet, medicinal and diet, don’t eat cold products, eat some mutton, angelica, wolfberry and other foods that can enrich yang, and even choose large vertebrae, Guan Yuan, Qi Hai, 杭州夜生活网 Shen Zhen and other points for moxibustion in the cold season.Each moxibustion is about 15 minutes, twice a week.You can also choose to apply acupoints, such as Sanfu paste, Sanjiu paste, and so on.Normally, you must develop good living habits, improve your immunity, strengthen physical exercise appropriately, gradually jog, brisk walking, Chinese medicine Baduanjin, and 24 solar terms.  If the yang is not accessible, the treatment should be performed by regulating the ventilator, because the yang is distributed in an orderly manner to improve its operating function.In the diet, you can choose a small amount of cinnamon, Xiangfu, Bupleurum and other foods that can clear the liver and regulate qi, and regulate the effect of the air ventilator. In some cases, it is recommended to go cupping away from the hospital and scrape and clear the meridians to make the yang flow smooth.

22 Mar

Innovative drug research and development golden harvest period is about to recommend 4 outstanding stocks

Innovative drug research and development golden harvest period is about to recommend 4 outstanding stocks

Recently, the State Food and Drug Administration issued the “2017 Drug Review Report”, which mentioned that in 2017, 542 IND applications for chemical drugs were reviewed by the Drug Evaluation Center, and 481 applications were approved for review, of which 481 were approved.There are 399 applications for innovative drug clinical trials (involving a total of 170 varieties). The number of clinical trial approvals for innovative drugs doubled in 2016. Innovative drugs with clinical value in antitumor, anti-infection, nervous system and other fields are widely needed.Approved for listing.

At the same time, relevant persons said that pharmaceutical innovation has always been an important area related to national economy and people ‘s livelihood. With the encouragement of a series of policies, the current internal research and development of innovative drugs has entered a booming stage of “full bloom”, and the industry-related listed companies have gradually continued to rise.

  In terms of market performance, the Securities Daily Market Research Center found that according to the flush flush statistics, since March 22, in the context of the overall fluctuation adjustment of the broader market in the past five trading days, the defensiveness of the innovative drug sector has become prominent and continues to decline.

5%, outperforming the broader market over the same period 3.

34 averages, nearly half of the stocks in the sector during the period of adverse market growth, of which, Boji Medicine (27.

67%), Quantum Hi-Tech (10.

84%), Tiger Medical (10.

35%) The average growth rate of the three stocks during the period is more than 10%, and includes the new open source (9.

79%), Hisun Pharmaceutical (5.

83%), Jinhua shares (5.

36%), Watson Bio (5.

29%), Gloria British (4.

94%) During the period, the 11 stocks continued to increase by more than 3%, and their performance was equally remarkable.

  In terms of capital flow, the large single fund in the market has also selected the innovative drug sector as a “safe haven” in the past five trading days, and has actively developed its layout. Among them, Baiyun Mountain (8748).

130,000 yuan), Asia Pacific Pharmaceuticals (4342.

940 thousand yuan), Jinhua shares (3658.

280,000 yuan) and other three stocks during the period received an average of more than 30 million yuan in large single funds sought after, transformation, Watson Bio (2842.

0.94 million yuan), Beda Pharmaceutical (2618.

880,000 yuan), Hisun Pharmaceutical (2386.

250,000 yuan), Galaxy Bio (1572.

530,000 yuan), Boji Medicine (1550.

180,000 yuan), new open source (1222.

99 million yuan), Xin Litai (1162.

150,000 yuan), Guang Sheng Tang (1015.

The total inflow of large single funds during the period of 8 stocks and other 8 stocks is more than 10 million yuan, and the above 11 stocks attract a total of 3 yuan.

1.1 billion yuan.

  Analysts point out that the innovative drug research and development cycle is long and the capital investment is large. In the next few years, domestic pharmaceutical innovation will usher in a golden 南京夜网论坛 harvest period. In the long run, the innovation leading companies with rich R & D pipelines and capital and technological strength will gradually determine the benefits.At present, the peak period of annual report disclosure has been entered, and stocks with sustainable and high growth performance have continuous or existing trading opportunities.

  On the surface of performance, there are currently 13 listed companies in the innovative medicine sector that are the first to publish the 2017 annual report performance data and the report indicates that net profit has grown, of which Zhifei Bio (1229.

25%), Livzon Group (464.

63%) 2 companies’ annual net profit in 2017 doubled, Haichen Pharmaceutical (45.

02%), Baiyun Mountain (36.

71%), Changchun High-tech (36.

53%), Jiuzhou Pharmaceutical (32.

4%) and other 4 companies reported that the increase in performance was more than 30%.

Among the above outstanding stocks, Lizhu Group, Zhifei Biological, Changchun High-tech, Baiyunshan and other four outstanding stocks have the best performance in the market. They were recommended by 18, 16, 8, and 6 institutions within 30 days.attention.