Sangang Minguang (002110): Improved profitability is expected to stabilize and rebound

Sangang Minguang (002110): Improved profitability is expected to stabilize and rebound

This report reads: The company’s first-quarter performance in 2019 is in line with expectations. The company’s profit has fallen due to the weak season and rising costs, but it can be replaced.

We expect that through the stabilization of costs and the continued strong downstream demand, the company’s performance will stabilize and rebound.

Investment Highlights: Maintain the “overweight” rating.

The company achieved operating income of 83 in the first quarter of 2019.

470,000 yuan, a slight decrease of 0 a year.

45%; net profit attributable to mother 9.

62 trillion, down 32 a year.

2%, the company’s performance was in line with expectations.

Maintain the company’s EPS for 2019/2020/2021 to 3.



17 yuan forecast.

Maintain the company’s target price of 26.

14 yuan, maintaining the “overweight” level.

Affected by rising costs, the company’s profit growth in the first quarter declined, but still showed the expected replacement.

In the first quarter of 2019, iron ore supply is expected to tighten due to the Vale dam breach and the impact of the Australian hurricane, and iron ore 北京桑拿洗浴保健 prices have risen sharply.

Affected by rising costs and the low season of downstream demand, the company’s first quarter profit fell, but the industry’s comparison, the company’s profit forecast.

We expect the continued strong downstream and downstream demand and the high level of iron ore prices to stabilize, and the company’s earnings will stabilize and rebound.

Asset-liability ratio continued to decline, and net operating cash flow continued to rise.

In the first quarter of 2019, the company’s assets and liabilities were restructured31.

26%, a decrease of 3 from the end of 2018.

For 49 units, the company’s asset credit ratio continued to decline.

In the first quarter of 2019, the company’s net operating cash flow5.

4.5 billion, a year-on-year increase of 4 in the first quarter of 2018.

04 billion.

The 杭州桑拿 company’s operation is stable and better, and the company’s overall strength is constantly increasing.

Infrastructure confirmed a rebound, and demand stabilized in the second quarter.

The growth rate of infrastructure investment in the January 2019 quarter confirmed a rebound, while real estate investment was stable, and new construction started beyond expectations.

We expect the infrastructure rebound to continue and real estate to continue to sustain, and downstream demand will remain stable in the second quarter.

After the impact of the accidents in Brazil and Australia is gradually digested, iron ore prices will stabilize at a high level.

We believe that the stabilization of costs and the stabilization of demand will drive the company’s earnings to stabilize and rebound from the second quarter.

Risk warning: the macro economy is accelerating to decline; the supply side rises more than expected.

CITIC Construction Investment (601066) 2018 Annual Report Comments: Investment Banking Business Continues to Lead the Self-operated Contrarian Trend and Gets Positive Income

CITIC Construction Investment (601066) 2018 Annual Report Comments: Investment Banking Business Continues to Lead the Self-operated Contrarian Trend and Gets Positive Income

Investment Highlights The company’s performance clearly exceeds the industry average, with a ROE of 6.

79%, active leverage has declined.

The company realized operating income in 2018, and net profit attributable to mothers increased and decreased3.

50%, 23.

11%, a clear industry average (-14.

47%, -41.

04%); active leverage ratio 3.

36, a decrease of 0 from 2017.

40pct; ROE is 6.

79%, a decrease of 3 from 2017.

11 pct, but still make the industry average (3.


Brokerage: The market share has declined, and the average commission rate has remained flat compared to 2017.

The company’s net income from brokerage business in 2018 decreased by 24 every year.

77%, exceeding the margin slightly higher than the industry average (-23.


According to the annual report, the market share of its stock-based transactions was reset2.

83%, compared with the company’s market share of 3 in 2017.

01% formaldehyde 0.

18 points.

According to preliminary calculations, the company’s average commission is reset to 0 in 2018.

452 ‰, unchanged from 2017.

Credit business: The market share of the two financial markets has decreased, the scale of fair pledges has been reduced, and large amounts of impairment provision have been made for the funds raised.

According to the company’s annual report, as of the end of 2018, the company’s margin on margin trading was 251.

2.2 billion, market share 3.

32%, a decrease of 1 from the end of 2017.

20 pct; stock pledged at 339.

RMB 08 million, a decrease of 113 from the end of 2017.

2.9 billion.

It is obvious that the company accrued credit impairment losses in 201811.

54 million, of which the impairment loss on the funds raised was 10.

76 trillion, 3-6 months and more than 6 months of impaired funds depreciation ratio reached 3 respectively.

87%, 6.

22%, a new high for democracy.

Investment Banking Business: Continue to lead the industry with outstanding equity financing.

In 2018, the company’s investment banking business income decreased and fluctuated6.

37%, significantly better than the industry average (-27.

40%).According to wind data, the company’s IPO underwriting market share is 9.

62%, an increase of 3.

31 points, ranking third in the market; the market share of additional underwriting is 13.

68%, the year before 2017 increased by 2.

30pct, ranking third in the market; the market share of debt financing underwriting is 8.

41%, a decrease of 0 from 2017.

38 points.

Asset management business: The scale of asset management decreased better than the industry average, and the business structure improved.

In 2018, the company’s asset management scale was 6522.

29 ppm, a decrease of 0 per year.

78%, better than the industry average (-21.


The company’s overall asset management business structure has improved. Collective asset management and the proportion of special asset management have increased.

23, 4.

22pct, the proportion of directional asset management dropped by 5.

45pct, the initial success of the transition.

Self-operated business: Investment income has gained positive income against the trend, and bond investment has performed well.

The company’s self-employed business performed well in 2018, achieving net income of 24.

25 ppm, a 10-year increase3.

38%, comprehensive income growth rate 2.

70%; if excluding the impact of the caliber (total interest income from other debt investment and debt investment).

4.3 billion) and realized a net income of 36.

60 ppm, an increase 都市夜网 of 56 in ten years.

53%, the actual comprehensive income growth rate4.


As of the end of 2018, the company’s own scale was 897.

2.2 billion, an increase of 167 over the end of 2017.

9.2 billion yuan.

Core logic: Under the background of the registration system, the underwriting of new shares will highly rely on the comprehensive competitiveness of the underwriter’s research, pricing and sales capabilities. We believe that the concentration of domestic investment banks will promote further improvement.

The company’s investment banking business continues to lead the industry. After listing, its capital strength has further strengthened, and it ranks first in the industry. Its business chain is replaced intact and its competitive strength is transformed. We believe that the company is expected to benefit from 成都桑拿网 this round of domestic capital market reform.

Profit forecast: If we do not consider the company’s fixed increase plan released in January, we expect the company’s EPS for 2019-2021 to be 0.

54 yuan, 0.

64 yuan, 0.

78 yuan, the corresponding PB of the closing price on March 18, 2019 are 3.

93 times, 3.

62 times, 3.

30 times, no coverage for the first time.

Risk warning: market downside risks, market turnover shrinks sharply, and equity margin risks increase

Improving efficiency

Improving efficiency

Hot spotlight: The Guangdong-Hong Kong-Macao Greater Bay Area is not only benefiting from “one country”, but also enjoying the convenience of “two systems”.

The aim is to play a coordinating role of optimal design from the perspective of a country to improve innovation efficiency; reorganization, the multiple entities within the Guangdong-Hong Kong-Macao Greater Bay Area can fully communicate and coordinate to find the best path to optimize innovation between different systemsInnovation effect.

  The Guangdong-Hong Kong-Macao Greater Bay Area has excellent conditions for innovation, but the huge potential for innovation has not been fully realized and there is still a lot of room for development.

  From the perspective of technological industry innovation, Shenzhen is the first national independent innovation demonstration zone with cities as the basic unit; eight national high-tech zones including Guangzhou are collectively referred to as the “Pearl River Delta National Demonstration Zone” and are the second cities in the countryThe group is a national independent innovation demonstration zone.

The Guangzhou-Shenzhen-Hong Kong Science and Technology Innovation Corridor is positioned as the main carrying area of a world-class innovation center, and future innovation resources will continue to gather.

Shenzhen-Hong Kong takes digital communications as its main innovation area and ranks among the top three in global innovation strength. In 2016, the number of Guangdong, Hong Kong and Macau invention patents surpassed that of San Francisco.

  From the perspective of institutional innovation, the “One Country, Two Systems, Three Customs Areas, Three Currency” system formed in the Guangdong-Hong Kong-Macao Greater Bay Area is an inherent advantage that other bay areas or economies in the world do not have.

Under such a system structure, although the flow of people, logistics, information, funds, etc. cannot be fully realized in the short term, in the long run, this system pattern will surely make Guangdong-Hong Kong-Macao Greater Bay Area sufferCountry “and enjoy the convenience of” two systems. ”
The aim is to improve the competitiveness of the country / region and the efficiency of innovation; to improve, the multiple subjects within the Guangdong-Hong Kong-Macao Greater Bay Area can fully communicate and coordinate to find the best path to optimize innovation between different systems and enhance the effectiveness of innovation.
  For the Guangdong-Hong Kong-Macao Greater Bay Area, building an innovative economy faces both huge development potential and many challenges.

For example, the existence of different systems provides the possibility for more flexible institutional arrangements, but how to reduce the transaction costs between different systems as soon as possible and form cooperative dividends is an innovative problem that all parties need to solve.

  Talent is the first strength and the key to the development of innovative economies.

Therefore, to let the Guangdong, Hong Kong and Macao Greater Bay Area unleash the vitality of innovation, we must first allow the elements of innovation to fully flow.

From the perspective of promoting the pace, the mainland cities should have a timetable to realize all-round opening to Hong Kong and Macao talents. Hong Kong and Macao also need to create conditions for orderly opening up to mainland talents.

Guangdong Province has now launched the “Talented Talents Guangdong Card”, which can expand the scope and content of citizens of Hong Kong and Macao to enjoy citizenization.

In essence, the Guangdong-Hong Kong-Macao Greater Bay Area should take the lead in promoting mutual recognition of professional qualifications.

Third, the Guangdong-Hong Kong-Macao Greater Bay Area should combine the expansion of the free port policy to facilitate the customs clearance of commodity goods (especially scientific research equipment).

Fourth, we must explore exchange rate cooperation mechanisms between RMB, cholesterol, and Australian dollars, and take the lead in realizing the free flow of scientific research and innovation.

  It is necessary to cultivate a large and innovative industrial system, fully study the forefront of the fourth technological revolution and the industrial revolution, and change the focus of the development of the science and technology industry in the Greater Bay Area.

The Greater Bay Area has a large area and a large population. The vast advantages of the hinterland should be fully utilized to promote the transformation and utilization of scientific and technological innovation in the Greater Bay Area cities.

San Francisco, the New York Bay Area, and the Tokyo Bay Area have manufacturing ratios between 5% and 15%.

The manufacturing proportion of the nine cities in the Greater Bay 四川耍耍网 Area is 60%.

Therefore, it is necessary to actively promote the integrated development of informatization and industrialization, develop the digital economy, and form the characteristic competitiveness of the innovative economy of the Greater Bay Area.

Promote the coordinated development of scientific and technological research and development, the real economy, human capital, and financial resources to form an innovative industrial chain.

Promote the application of next-generation information technology in the Greater Bay Area, and build the Smart Bay Area, Smart Technology Corridor, and Smart Communities.

Give full play to the role of the Hong Kong Stock Exchange and Shenzhen Stock Exchange to promote the smooth entry of financial resources into the real economy and support the new economy, new technology, new models, and new business formats.

Focus on promoting the development of venture capital and supporting the rapid growth of innovative companies such as “unicorns” and “gazelle”.

  We must magnify the role of innovation platforms.

Aiming at the new round of scientific and technological revolution and the frontier issues of the industrial revolution, Hong Kong, Macao and mainland cities are encouraged to jointly build an international scientific research platform, joint laboratories, etc. to carry out special research.

Relying on the Guangzhou-Shenzhen, Guangzhou-Zhuhai, and Guangzhou-Zhuhai industrial clusters, the Guangzhou-Shenzhen-Hong Kong Science and Technology Corridor and the Guangzhou-Zhuhai Industrial Corridor will accelerate the layout of science and technology along with industrial resources along the transportation line. The construction industry will be tightly connected, with strong spatial linkages and good functional connectionsWorld-class innovation corridor.

Layout and construction of capital innovation center, science and technology industrial park, innovation research institute, innovation workshop.

It is necessary to enhance the functions of Guangzhou Intellectual Property Exchange Center and Shenzhen Patent Exhibition and Trading Platform, and build an intellectual property service platform that is leading in innovation.

  It is necessary to improve the system and mechanism of innovation cooperation.

Shenzhen’s innovation relies on enterprises, but it is also subject to sudden changes in high housing prices, high-end talent drain, and weak original innovation power. Except for Guangzhou and Shenzhen, other manufacturing cities have insufficient research and development dynamism.

The average value of R & D personnel and expenditure of higher education institutions in Hong Kong exceeds 50%, which promotes a huge space for cooperation between higher education institutions in Hong Kong and Mainland enterprises.

  There are certain policy differences between the economies in the Greater Bay Area in terms of budget and labor security, and a “win-win” road should be explored to make appropriate sexual adjustments to relevant policies.

In the past, the robbery project, robbery and other practices prevailed between the Mainland and Hong Kong and Macao economies. In the future, the project should be co-constructed, cost shared, and gradually shared and transformed.

Encourage entrepreneurs to lead various types of science and technology innovation committees, science and technology innovation funds, and technology entrepreneurship platforms to promote market-oriented mechanisms to promote win-win cooperation between science and technology innovation and industrial development.  □ Feng Kui (demonstration of the National Development and Reform Commission’s Urban and Small Town Reform and Development Center)

Cobos (603486): Short-term changes in performance, equity incentives highlight development confidence

Cobos (603486): Short-term changes in performance, equity incentives highlight development confidence
Event 1: The company’s revenue in the first half of 2019 was 24.2.7 billion, before -3.80%; net profit attributable to mother 1.3.2 billion, -36 in the past.63%; deduct non-net profit 1.24 ppm per year -39.79%. Event 2: The company intends to grant 6.72 million shares to 298 incentive objects, accounting for approximately 1.2%, the grant price is 13.9 yuan / share. Investment points In the first half of the year, the company’s own products bucked the trend and the performance change caused by the strategic transformation of the foundry business: by category, the 2019 H1 深圳桑拿网 service robot business / clean small home appliance business / other business revenue were 16 respectively.7.6 billion / 6.96 ppm / 0.55 trillion each year -2.60% /-5.98% /-11.94%.Among its own brands, Cobos brand service robot revenues16.3.8 billion, accounting for 67% of revenue.47%, ten years +11.24%, self-owned cleaning small appliances revenue 0.96 trillion, ten years +119.48%.In the OEM / ODM foundry business, due to the company’s strategic contraction of service robot ODM business, service robot ODM revenue is 0.390,000 yuan, at least -84.47%, clean small household appliances OEM / ODM revenue was $ 600 million, which fell by -13 every time.87%.Due to the shrinking ODM business with high profit margins and the increase in market investment of Tianke brand clean small appliances, the company’s net profit has also improved compared with the same period last year. Market concentration has increased, and industry leaders have increased their sales against the trend.Under the background of the Sino-US trade friction and the rapid growth of the domestic consumer market, the retail sales of the domestic sweeping robot market in H1 2019 is -9 higher than before.2%.In the first half of the year, the cleaning robot CR3 reached 71%, one year + 10pct, of which the domestic market share of Cobos was as high as 48%, and one year + 8pct.The product structure of service robots is continuously optimized.According to the data released by Zhongyikang, the report combined the increase of online retail sales in the domestic market with the segmented planning products represented by LDS and VSLAM, increasing to 61%, each time +21.3 points.The preliminary development trend of miniaturization, wireless, lightweight and intelligent cleaning products is expected to continue to expand rapidly in the capacity of small cleaning appliances. During the period, the expense ratio rose slightly, and sales + research and development went hand in hand: the company’s comprehensive gross profit margin for 2019H1 was 37.3%, ten years +0.7 points.The net interest rate is 5.4%, twice -2.8 points, mainly affected by the increase in the expense ratio during the period.The company’s expense ratio during the first half of the year was 29.9%, ten years +4.7 points.The selling expense ratio is 18.1%, ten years +1.9pct, mainly due to the company’s further development of robot brand overseas business, the introduction of overseas local talents and the company to promote the development of Timco brand smart clean small appliances, personnel deployment, staff budget increase; management expense ratio 6.3%, ten years +0.6pct; financial expense ratio is 0.3%, ten years +0.6 points.R & D costs amount to 1.25 billion, previously +38.9%, accounting for 5 in revenue.2%, ten years +1.6pct, mainly because the company further introduces high-level R & D talents. Operating cash flow has improved, and the operating cycle has slightly lengthened: 2019H1 operating cash flow is zero.480,000 yuan, +278 a year.31%.The substantial increase in net cash flow from operating activities was mainly due to the decrease in cash paid for purchasing inventory and receiving labor services in the first half of the year.900 million. The announcement of the equity incentive budget demonstrates long-term development confidence: On August 30, 2019, the company released the 2019 equity incentive plan expenditure.The company-level performance assessment target is to take 2018 as the base, and the self-owned brand household operating income from 2019 to 2022 shall not be less than 10, respectively.0%, 32.0%, 58.4%, 90.1%, compound annual growth rate = 17.4%; and based on 2019, the company’s net profit growth will not be less than 15 in 2020-2022.0%, 32.3% and 52.1%, CAGR = 15%.This incentive plan is conducive to stimulating the business vitality of the enterprise, and at the same time fully demonstrates the company’s firm confidence in future performance. Profit forecast and investment rating: It is estimated that the company’s net profit attributable to the parent in 2019/2020 will be 3 respectively.9/5.200 million, corresponding to 36/27 times the corresponding PE, maintaining the “overweight” level. Risk reminder: market competition leads to a decline in the company’s share, price war products average market competition leads to a decline in the company’s share, the progress of technological breakthroughs and the decline in policy support are expected to fall, the progress of overseas market expansion is less than expected, and the relatively high proportion of overseas business revenue leads to pricing risks

GEM refers to standing at 2100 points, which is a bit fierce.

GEM refers to standing at 2100 points, which is a bit fierce.

Source: Xiaoji Quick Run Today (February 17) A shares have risen strongly, and the GEM is ahead.

GEM index rose 3.

72%, a new high since May 25, 2016.

  GEM index performance in the past year 20190218-20200217 Data source: Many people in Wind have raised the GEM today, “attribution” to the new rules of refinancing.

  On the evening of February 14 (Friday), the CSRC issued the revised “Administrative Measures for the Issuance of Securities by Listed 杭州桑拿 Companies,” the “Interim Measures for the Administration of Securities Issuance by Listed Companies on the Growth Enterprise Market,” and the “Implementation Rules for Listed Companies’ Non-public Issuance of Shares” ((Hereinafter referred to as “the new rules for refinancing”).

The amendments include lowering the issuance conditions, releasing restrictions on holdings, optimizing the non-public issuance system arrangement, and extending the validity period of approval documents.

  Source: The website of the China Securities Regulatory Commission actually introduced the new rules for refinancing, which is conducive to improving the construction of the capital market system, enriching related financial products, and boosting the popularity of market investors. The scope of application includes the entire A share.

  But why 夜来香体验网 does GEM stand out?

  Under the new rules, how many companies can be added that meet the requirements of the new refinancing rules?

  Which industries might benefit from this?

  Which companies are more market-focused?

  Today, we find the latest opinions of brokers for reference.

  1 GEM has become the biggest focus of the new refinancing rules Why is the new refinancing rule good for GEM?

  One of the main points of the new refinancing regulations is to moderately relax the refinancing of the GEM.

  Source: Monita Industrial Securities believes that the GEM has become the most important point of the “new rules for refinancing”, and the New Deal may help this round of market.

  Since the beginning of this year (February 17), the GEM Index has increased by as much as 19.

36%, the previous Shanghai and Shenzhen 300, CSI 500 rose significantly.

At the same time, the New Deal has reduced the performance of GEM companies’ participation in refinancing, which is conducive to expanding the refinancing function of GEM enterprises, supporting physical financing, and has a positive role in promoting corporate development.

  Industrial Securities also calculated the average increase and decrease of major indexes since 2018, 5 days, 10 days, and 20, 60 days after the release of favorable policies related to refinancing.

Can be polished, GEM refers to relatively speaking, the average gain is the best performer.

Combined with the moderate loosening of GEM refinancing by this policy, GEM refers to the current round of market is expected to continue further.

  May be able to “unbind” 419 GEM companies Tianfeng Securities statistics show that for the GEM companies, after the release of the new rules, there are mainly the following effects: For public offerings, the old rules require that both the profit andAsset-liability ratio requirements. After the new regulations cancel the asset-liability ratio requirements, it will be able to untie 347 GEM companies.

  For non-public offerings, which do not involve changes in asset-liability ratio requirements, the new rules have cancelled the last two profit requirements, and the new rules have modified the terms to unbundle 72 GEM companies.

  On the upper limit of the issuance scale, the new rules have made significant changes earlier in the draft, from 20% to 30% of the total share capital.

This is an incremental benefit for improving the liquidity of GEM companies.

  Earlier consultation draft, the interruption of the new and old cut off from the approval of approval to the completion of the issuance, meaning that more cases apply the new rules.

The specific benefit is the cases that have been approved within the past 6 months, but have not yet been issued.

As far as non-public offerings are concerned, this change may affect 62 fixed increase cases.

  2 Technology and securities sector or more benefit from the refinancing needs of certain industries. According to the refinancing announcement of listed companies, Monita has divided the refinancing purpose into two categories: major asset restructuring and supplementary cash flow.

  Major asset restructuring: Under this category, it is basically the supporting financing needs for M & A and restructuring.

  From historical data, from 2009 to the present, there have been 116, 92, 84, 80, 67, and 66 refinancings for the purpose of reorganization in the media, machinery, equipment, computers, medical biology, chemicals, and electronics industries, and these industries haveThe amount of refinancing is also higher than in other industries.

  In addition, considering the major assets reorganization of a listed company from the board of directors to completion, it usually takes 6-7 months.

According to calculations, the current industries with a large number of merger and reorganization plans are chemical industry, medicine, machinery and equipment, real estate, media, electronics, and computers.

  Supplementary cash flow: Concerning the replenishment of working capital, the relevant demands of the pharmaceutical, chemical, building decoration, electrical equipment and other industries are contradictory.

  From the perspective of industry demand, Monita believes that refinancing loosening is expected to significantly improve the media, computer, and electronics industries; while the benefits of the mechanical equipment and electrical equipment industries mainly come from the decline in refinancing issuance conditions.

  In some industries, Everbright Securities believes that in the first half of the policy period, certain industries with higher policy sensitivity will generate structural investment opportunities.

  Among them, trade and retail, power equipment and new energy, real estate, basic chemicals, comprehensive, computers, consumer services, securities firms and other eight industry sectors, the change in relative income seems to have a certain relationship with changes in the direction of supervision of the regulatory layer.

  From historical data, when the supervisory authorities tightened the fixed-income market, the eight industries mentioned above underperformed the market significantly within six months after the policy was introduced.  When the regulatory authorities loosen the supervision of the fixed-income market, the above eight industries can significantly outperform the Shanghai Composite Index within half a year, among which the securities companies and the computer industry have relatively high returns.

  Certain industries may directly benefit from the refinancing business. CITIC Securities believes that the marketization and relaxation of the long-established issuance system may further stimulate the short-term market.

  From a short-term perspective, the probability of incremental allocation of funds is an estimated depression that flows to this round of rebound.

  From the perspective of risk-benefit ratio, pay attention to the opportunities for rotation in the securities brokerage, automobile, real estate, upstream industrial products, building materials and banking industries.

  When the market digests the policy, it will realize that the refinancing policy is more structured and market-oriented, rather than treating all companies equally, and the market will return to the mode of physical financing efficiency rather than idling.

  In the GEM and technology industries, industries that are asset-heavy and have positive capacity cycles will benefit more.

In addition, with a large amount of stock financing needs, the income of investment banking and asset management businesses in the securities industry will increase, and the estimated level of the non-banking industry may also increase.

In the long run, technology is still the main line, and adjustment is the allocation opportunity.

  3Some companies are worth watching?

  Anxin Securities: Investors in the secondary market of the three types of companies that are being followed by the market should look for high-quality companies that have significantly benefited from policy support and have reasonable financing needs.

What specific companies are there?

  The companies that have passed the Dingzeng meeting have passed the review by the CSRC. The company is closest to the implementation of Dingzeng. The certainty is relatively the largest and the market can easily find these companies.

  However, since such companies have already been set to increase by wholesale banks, the marginal benefit to the new regulations is not great.

  High-tech companies with fixed-income plans Among the many fixed-income plans, the fixed-increasing plans involving mergers and acquisitions of high-tech companies have attracted much attention.

Historical experience also shows that the constant increase in the direction of science and technology often brings higher excess returns.

  However, similarly, since the company in this category has already issued a fixed increase plan, the overall marginal benefit of the new regulations is not great.

  Those who can benefit from the new regulations can be issued. The better companies were unable to issue fixed gains in the past.

It is expected that the types of companies may have higher demand.

  How to choose these companies?

  One of the screening strategies is to replace the 2017 technology companies that are profitable in 2018, or the 2017 technology companies that are profitable in 2018, but are expected to be profitable in 2019.Since then, the fundamentals will go up for high-quality companies.

  Such companies should have excellent quality, broad industry prospects, and refinancing needs, but they cannot be increased by gradually increasing market rules.

Now that it has become the new regulations, among these companies, there are likely to be some companies that will issue fixed growth plans in the future.

  Shen Wanhongyuan: Adhering to the two investment ideas on February 15, 2020, there are currently 90 existing bidding projects that have passed the conference and have been approved. The total amount of pre-disclosed funds raised is 178.4 billion.

  From the perspective of selected individual stocks, there are two ways to grasp the investment with a fixed increase: discount security mat + stable dividend payout + stable growth in performance; industry prosperity change + high growth expectations + possibility.

  With the increase of market concentration, industry leaders or leading companies will enjoy higher growth.

  In terms of investment strategy, you can focus on the long-term economic boom, the relative certainty of performance growth and the segmentation that has both growth and profitability, as well as the fixed growth opportunities of some high-scoring and high-scoring dividends.

  GF Securities: Give priority attention to democratically determined increments. Enterprises can focus on companies that meet these conditions: free cash flow is higher than the average in the same industry: swap and acquisition capabilities; low PE value: market size management space size, estimated and fixed value appreciation rate historyThe negative correlation law presented above; the high proportion of major shareholders: the smaller the shareholding change, the appeal conversion; the low proportion of pledged deposits: low implementation defects; growth stocks: growth stocks with higher performance growth in the next 1-2 years, flexibilityCoefficient, historically small and medium-sized market value-added growth rate win rate; priority attention to emerging growth enterprise two types of fixed increase plan companies; priority attention to advanced manufacturing, national reform and other national strategic directions, especially “light assets, high research and development” enterprises Tianfeng Securities: NoSmall companies can grow indifferently. Small and medium-sized companies in the technology sector after 2016 have almost no opportunity. The industry cycle has declined, financing, and merger and acquisition policies have tightened. Eventually, the prosperity has fallen for three consecutive years.

  Beginning in the second half of 2019, experiencing a resonance explosion in the global cloud service, semiconductor, and 5G industry cycles. Both head companies and small and medium-sized companies can enjoy dividends, overlapping mergers and acquisitions, and financing. The prosperity of the technology sector will show a trend of diffusion.

  But not all small companies can grow without differentiation.

The current liquidity environment, market size, and investor structure are significantly different from 2014-2015. Considering that the market has undergone a round of ups and downs from “M & A Feast” to “One Place Feather”, small and mediumThe company has reasonable participation in screening.

Tesla’s cobalt-free battery leads to significant drop in cobalt concept

Tesla’s cobalt-free battery leads to significant drop in cobalt concept

Tesla’s expansion of the battery-related industry chain is good!

Come to Sina University of Finance and listen to the opening column of the Trading Day Financial Morning Post.

  Original title: Tesla’s “cobalt-free battery” triggers a drop in cobalt concept stocks. Cobalt-containing batteries or at least maintain inertia growth Source: Tesla affected by the financial association plans to launch “cobalt-free batteries”, Luoyang Molybdenum on February 19Industry, Huayou Cobalt, and Hanrui Co., Ltd. collectively lowered the limit. Regarding the impact of Tesla’s “abandoning cobalt” on operations, the company replied that it was “unclear” or “there is 苏州夜网论坛 no such data.”

Institutional investors stated that the models reported by the automakers to the Ministry of Industry and Information Technology had been determined, battery adjustment was not easy, and it was not easy to replace batteries with well-designed models, and cobalt-containing batteries would maintain inertia growth for at least a certain period of time.

  On February 18, it was reported that Tesla is automatically developing and producing “super batteries” and increasing battery life and battery life. It is expected that specific information such as battery composition will be announced at the battery investor conference in April.

According to the relevant staff of Tesla, the self-developed “super battery” is committed to reducing the cobalt content of the battery to zero without reducing the performance of the battery.

  Affected by this news, Colombian concept stocks fell sharply on February 19.

In the morning of the same day, both Hanrui Cobalt and Huayou Cobalt opened their trading limits, and Luoyang Molybdenum fell 6 in the opening.

67%, to the close of the afternoon of the same day, the three companies consolidated collective limit.

  Regarding the impact of Tesla’s “abandoning cobalt” on the company, the reporter called three listed companies respectively, and the person from Luoyang Molybdenum Securities Department responded to the reporter: “I am not clear in this regard.” A person from Huayou Cobalt Securities Department said: “There is no such aspect.”Data, but the company’s downstream manufacturers have entered the Tesla industry chain, “Han Rui Cobalt Securities Department’s phone is still unanswered.

  In this regard, some institutional investors told the Finance and Economics Association reporter that now that the price of cobalt is high and the cost advantage of lithium iron phosphate, Tesla, as the leader in the electric vehicle industry, may cause the industry to change after the technical route is changed.
  ”Once the industry changes, cobalt prices will lose a certain level of demand support. It is expected that the products and prices of listed cobalt companies will have a certain degree of impact.

“The institutional investor judges.

  Another senior investor believes that cobalt, lithium nickel manganate, lithium nickel cobalt aluminate and many other battery technologies require cobalt. In addition to electric vehicles, many 3C digital products also require cobalt-containing batteries.

  ”In terms of electric vehicles, after the OEM develops and designs the models, it will report to the Ministry of Industry and Information Technology for final production, including the models in the” Recommended Tools Catalog for the Promotion and Application of New Energy Vehicles. “Need to go through the procedure, it is not easy to adjust.

“The senior investor said,” Including models that have been designed but not yet available, according to different battery technologies, targeted designs have been made for voltage platforms, battery volume, operating temperature, etc., and adjustments are not convenient.

“” Tesla’s battery replacement technology route may indeed lead to changes in the industry’s technology route, but more of the incremental market changes in the new car sector are triggered. The impact on the existing stock market is limited. The stock market must at least maintain a certainAs time inertia grows, the demand for cobalt is unlikely to return to zero directly.

“The senior investor said.

2 trillion Yu balance treasure-sister article-how attractive is the fund portfolio?

2 trillion Yu’ebao “sisters” come to the fund portfolio attractive?

China Fund’s financial management circle is “Hi!”

Alipay enlargement: 2 trillion Yu’ebao “sister article” is coming, how attractive is it?

  China Fund News reporter Ling Yun Are you still buying surplus treasure?

There are more than 600 million people in use across the country. Recently, Alipay has 杭州桑拿网 quietly launched a certain remaining treasure ‘s sister product “Good Balance”, and the latest announced yield over the past year is over 3%, even approaching 3.


  As soon as Alipay fired, the attention of the Internet wealth management market was very high!

  So what are the characteristics of Yingjia?

Why are there some advantages to traditional “babies” that are not worth buying?

Let’s take a look with Fund Jun.

  Alipay launched a “good balance” yield is significantly higher than the currency funds recently in Alipay’s “Yuebao” page, there has been a main “flexible access” wealth management products, showing the increase in earnings in the past year.


  This product was launched by E Fund Fund in cooperation with Alipay. It is called “E Fund has a good balance”, and its risk level is “Low Risk”. It starts at 100 yuan.

The product page shows at least three characteristics: 1. Stable returns, generally higher than the cargo base; 2. Strict control of risks, which may lead to probability; 3. Flexible access, buy and sell at any time.

  In addition to E Fund’s good earnings, this series of products launched by Alipay also include 3 products: Huaxia Fund’s “Huaxia Currency Enhancement”, CCB Fund’s “CCB Currency Enhancement” and Huitianfu Fund’s “Huitianfutiantianli”.
  There is a certain difference in the yields of the four products, and the current highest surplus, Jia, has increased by 3 in the past year.

68%, the lowest one yields 3.


However, overall, the yields are above 3%. Compared to less than 3% of “baby” products, they are definitely attractive.

  What’s the secret of the new product?

  So, what is the relationship between Yingjia and Yingbao, which have similar names?

Judging from the naming of some products, a series of products such as Jiayujiao are currency enhancement, that is, to enhance income on the basis of currency funds, and this part of the enhanced income mainly replaces the debt base.

  Take Yujiao as an example, it is not a pure currency fund like Yu’ebao, but a fund portfolio that includes 65% of the money fund (CCB Cash Gain Currency) and 35% of the bond fund.Base also includes 20% of Yifangda Anyue Ultra Short Bond Bond C and 15% of Yifangda Anyui Short Bond Bond C.

  Several other funds in the same series also consist of cargo-based and debt-based, with a ratio of 7: 3.

  It is the debt base in the portfolio that contributes its excess returns over the cargo base.

However, joining the debt-based operation has also caused the fund portfolio to lose some of the conveniences only found in the pure-goods base: 1. Monetary funds such as the minimum purchase amount and Yu’e Bao can also be purchased for one cent; funds such as good balances can be purchased from the point of purchaseAt least 100 yuan.

  2, real-time refund, Yu’e Bao has a 2-hour fast credit function, with a daily limit of 10,000; good balance only has ordinary credit function, that is, refund before 15:00 on the same day, and credit before 24:00 the next day.

  3. Holding period. For monetary funds such as Yu’ebao, because the refund fee for the purchase is 0, they can be redeemed at any time, and can even be used directly for online payment;There are requirements for holding days, and boots lead to shorter holding time of the combination.

If the short-term revival redemption occurs, the actual return on hand may even be negative after offsetting the redemption rate.

  For example, when the two debt bases in the good balance are held for 7 consecutive days, the selling fee is exchanged for 1.

5%; of which the short-term debt fund has a selling rate of 0 when the holding period is between 7 and 30 days.

In other words, if you want to redeem the zero rate, you must hold it for at least 30 days.

  (Selling rate of the super short-term debt fund in Yujia) (Selling rate of the short-term debt fund in Yujia) Since the enhanced income of the portfolio mainly comes from the debt base, this part of the income will also fluctuate with the yield of the debt base.Once the debt base performs poorly, it may also drag down the overall return of the portfolio.

  In summary, although Yu’ebao has a “running underperform” profit margin, it still has advantages in change management, redemption at any time, etc. According to this, good balance is more suitable for higher yield requirements, and the funds can be short-term.Idle investor.

  Can the fund portfolio cope with declining returns?

  At present, like the good balance, the “goods base + debt base” is packaged into a single product for sale, which is rare on the three-party financial management platform, but similar fund assortments are not rare in practice.

  For example, there is a portfolio area “Niu Jibao” on the public fund platform of Good Buy Wealth. By matching different types of funds and adjusting the ratio, it has formed multiple fund combinations such as conservative, stable, balanced, and growth.And therefore customer needs for different risk tolerances.

  For example, the wealth management platform “Slow and Slow” launched a fund portfolio “Stable Happiness” in cooperation with Bank of Communications Schroder in 2017. Through the “Seven to Three Matching Ratio” of multiple bond funds and hybrid funds, it has been nearly a yearAchieved annualized returns of more than 7%.

  Regardless of whether it is Alipay or other three-party platforms, the purpose of merging fund portfolios is to obtain relatively high and stable returns while diversifying risks and controlling retracement itself.  Fundamentally, the “breakthrough just realized” under the new rules of asset management has brought challenges to bank wealth management products. At the same time, the relaxed market environment has also allowed the yield of “baby” products to continue to decline.

  The monitoring data released by Rong 360 Big Data Research Institute shows that by August 2019, the expected return on bank wealth management products has fallen for 18 consecutive months, and the average expected return on bank wealth management has increased by 4 in August.


Two or three years ago, the yield of Yubao could reach this level.

  Bank financial management yields kept falling, and “baby” product yields continued to decline.

Since the annualized yield of Yu’ebao on the 7th in 2018 broke “3”, it means that it has gone down all the way, and once replaced 2 this year.

Below 5%, it has picked up recently. The current 7-year annualized yield of Yu’ebao is about 2.


  The continued decline in yields has also led to a reduction in scale.

The data shows that at the end of the second quarter of 2019, the total size of the 78 “baby” money funds was 4.

44 trillion, down 5 from the end of the first quarter.


  According to Rong 360 Big Data Research Institute, since 2017, the overall growth rate of “baby” has shown a clear trend, and the growth rate in the second quarter of 2019 is the second negative growth after the fourth quarter of 2018.

The reason for the decrease is enough to reduce the continuous decline in yields and significantly reduce the attractiveness to investors; the replacement lies in the increase of T + 0 wealth management products by banks, 合肥夜网 and other short-term wealth management debt-based alternatives, forming a diversion.

  In May 2018, Alipay made a change to the currency fund, and in addition to the remaining treasure, it successively received currency funds of other fund companies for users to choose from.

Today, Alipay has once again made changes to the monetary fund and launched a cargo-based + debt-based enhanced version.

Whether such an attempt will be recognized by the market will also require investors to answer the answer.

Jidong Cement (000401) Annual Report 2018 Review: Reorganization Completes New Start, Focuses on Regional Infrastructure Project Progress

Jidong Cement (000401) Annual Report 2018 Review: Reorganization Completes New Start, Focuses on Regional Infrastructure Project Progress

Revenue growth 22.

57%, net profit attributable to mother increased by 194.

09%, planned to send 10 yuan 4 yuan in 2018 the company realized operating income of 308.

4.9 billion US dollars, the same caliber (the same below) to achieve annual growth of 22.

57%, net profit attributable to mothers14.

830,000 yuan, an increase of 194 in ten years.

09%, net of non-attributed net profit11.

950,000 yuan, an increase of 1378 in ten years.

60%, EPS is 1.

101 yuan / share, and plans to send 10 yuan 4 yuan (including tax), in line with combat performance notice.

The substantial growth of the company’s performance was mainly due to the rise in the volume and price of cement clinker, and the establishment of a joint venture with Jinyu Group to consolidate the balance sheet.

Optimization of profitability, substantial increase in cash flow The company sold cement clinker title of 9664 in 2018, a longer growth under the same caliber5.

At 6%, we estimate the long-term cement clinker ton revenue, ton cost and ton gross profit to be 290.

8 yuan, 201.

5 yuan and 61.

1 yuan, an increase of 15 over 2017.

7 yuan, 12.

7 yuan and 3 yuan, of which the increase in ton cost is mainly due to the increase in raw material prices and labor costs.

The company’s gross profit margins for cement and clinker businesses were 32.

13% and 20.

56%, an increase of 3 per year.

33pct and 1.

21 points.

Benefiting from the company’s revenue growth and the increase in cash inclusion ratio, the operating net 西安耍耍网 cash flow in 2018 reached 65.

31 billion, an increase of 85 previously.


The regional structure has improved, and the industry is stronger than the whole country. With the completion of the asset reorganization with the indirect shareholder Jinye Group, the company’s controlled cement capacity has reached.

700 million tons, clinker production capacity reached 1.

1.7 billion, with a market share of more than 50% in the Beijing-Tianjin-Hebei region, becoming the third largest cement manufacturing company in North China and Beijing-Tianjin-Hebei. The difference between ownership and ownership has further increased, and the market voice has been further enhanced.

On the demand side, the demand in North China has gradually improved since the fourth quarter of last year, and the growth rate of infrastructure investment 重庆耍耍网 in Beijing-Tianjin-Hebei region has gradually increased to -1.

33%, 27 units higher than last year’s lowest point, cement demand increased by 4%.

15%, ranking first in the seven major regions of the country, higher than the national cement demand growth rate of 3%.

In the form of better supply and demand, cement prices in North China have remained stable since the off-season in the second half of last year, and there has been a noticeable decline. Inventory levels are lower than the country.Nationwide.

Pay attention to the advancement of regional infrastructure projects and continue to give a “Buy” rating.

With the advancement of the shortcomings of infrastructure construction, the integration of Beijing-Tianjin-Hebei and the construction of Xiong’an New District, the demand for regional cement continues to increase.

As a leading cement company in North China, the company won the first bid for the construction of Xiong’an New Area in 2019, and actively supports the construction of Xiong’an New Area. We expect the EPS to be 1 in 19-21.


73/1.90 yuan / share, the corresponding PE is 13.



5x, continue to give a “Buy” rating.

Risk warning: Regional infrastructure investment projects are progressing less than expected; on the supply side, strict environmental protection controls exceed expectations.

Shanghai Jahwa (600315): The 18-year expense ratio significantly reversed and accelerated the recovery of Herborist in 19 years

Shanghai Jahwa (600315): The 18-year expense ratio significantly reversed and accelerated the recovery of Herborist in 19 years

Investment Highlights Event: The company announced that it realized revenue 71 in 2018.

3.8 billion, an increase of 10 in ten years.

01%; net profit attributable to mother 5.

40,000 yuan, an increase of 38 in ten years.


Gross profit margin and net profit margin were 62.

79% / 7.

57% each year -2.

11pct / + 1.

56 points.

Looking at 4Q18 alone, it achieved revenue of 17.

1.8 billion, an increase of 11 in ten years.

66%; net profit attributable to mother 0.

8.7 billion, an increase of 42 previously.


Tang Meixing’s actual profit was 74.54 million yuan, which greatly exceeded the expected net profit commitment of 48.98 million yuan at the time of acquisition, a realization rate of 292%.

Revenue increased by 10.

01%, fair incentive conditions are not met, Herborist is negative growth.

The expense ratio supplemented with higher investment income, and other income boosted the growth rate of net profit.

The revenue growth rate is less than the 23% revenue growth rate of equity incentives. The essence is: 1) Herborist market recognition is not up to expectations, and the revenue has declined slightly; 2) The online growth rate is the smallest, but the e-commerce channel growth rate is slightlyOver 30%, exceeding the industry’s average growth rate, but the development of special channels is not good, dragging online revenue growth rate to 13.


The company’s main growth points in 2018 are the growth rates of other brands: Liushen achieved double-digit growth, and the US and Canada’s net growth rate was close to 10%. Yuze, Jiaan, and Qichu all achieved 40 +% growth.

The company’s net profit attributable to mother increased by 38.

63%, much higher than revenue growth, mainly due to: 1) reduction in sales expense ratio 2.

2pct; 2) Management costs reduced by 0.

7 points; 3) The company receives investment income 1.

3 billion, of which the return on investment in associates and joint ventures is zero.

69 ppm 4) The company received government subsidies due to the relocation of the original factory, and received a total of other benefits1.

8.7 billion.

Among them, the decline in gross profit margin in 2018 was due to the cost of raw materials and the low efficiency of the new plant.

It is expected that e-commerce will continue to make efforts in 2019 to increase the support rate of Ping An Special Channel and embrace the “huameijia” to build a closed loop of data marketing.

Herborist is positioning younger consumers to create star products with negative growth in revenue.

In 2018, the company accounted for only 22 online.

46%. In the future, the company will deepen its online channels, further increase its online share, and effectively increase revenue growth.

The shareholders of the company’s board of directors nominated candidates for Ping An of China, and the support of Special Channel is expected to further increase.

Establish a closed-loop CRM marketing for “Huameijia” CRM members to achieve precise marketing, differentiation and increase customer stickiness

Herborist is expected to realize new changes: 1) Switching of consumer positioning, target consumers will switch from 30-40 + to 18-30 +; 2) Brand positioning is “young” and “fashionable”; 3) Stars will be built in 2019The product freeze-dried mask, Tai Chi essence, wants to promote the 佛山桑拿网 brand recovery and achieve positive growth.
With Herborist, Liushen’s data rebounded strongly in February this year, and the company’s performance rebound has begun to take shape.
According to third-party information, Taobao data shows that in February this year, Herborist skincare category Tmall was placed at 675.

440,000 yuan, an increase of 61 in ten years.

57%, an increase of 84 from the previous month.

66pct; Herborist makeup category also turned negative, and the February issue continued to grow at a rate of 6.

64%; Liushen is still the company’s core growth point, and the extended growth rate in February was as high as 1159%; Gao Fu’s past growth rate in February increased by 15.

9pct up to 17.


Earnings forecast and investment rating: The company is expected to benefit from the high growth rate of online channels in 2019, with special channels adjusted as soon as possible, and the introduction of new product sources to boost revenue growth, the industry is expected to return to growth.

Slightly adjusted EPS from 19-21 to 1.



80, an annual increase of 28.

3%, 31.

7%, 32.

2%; PE corresponding to the closing price of March 12, 2019 are 31/23 / 17x.

Give a “prudent overweight” rating.

Risk warning: the improvement of the consumption capacity of the third and fourth tiers is not as expected, the brand is not up to expectations, and the domestic optional consumption growth rate has slowed down.

Changdian Technology (600584): The packaging and testing leader is ready to go

Changdian Technology (600584): The packaging and testing 都市夜网 leader is ready to go
Leading company in China’s packaging and testing industry, the board of directors changes, injecting new vitality for development.Changdian Technology is the third largest packaging and testing company in the world, with the largest market share in the country.Its main business is packaging and testing of integrated circuits and discrete devices, covering major global semiconductor markets, and it is continuously approaching international leaders in advanced packaging technology. In April 2019, the company’s seventh Board of Directors was re-elected, and there were differences in personnel.And two of the non-independent directors are from SMIC. In addition, SMIC, the company’s second largest shareholder, is a wholly-owned subsidiary of SMIC.The scale factor promotes the coordinated development of the company 四川耍耍网 and SMIC.In addition, due to the resignation of the CEO in September 2019, the company welcomes the former NXP Global Senior Vice President and President of Greater China. Nearly 30 years of rich experience in integrated circuits will once again enhance the company’s strength. The packaging and testing industry has a bright future, and the domestic market has unlimited potential.With the advent of the 5G era, the reception of mobile terminals is a huge test, and the refinement and modularization of RF front-ends have brought huge market demand for the packaging and testing industry.Similarly, the demand for functions, specifications, and small size of the Internet of Things also requires advanced packaging technologies such as SiP and Fan-out to be rapidly applied.It is estimated that from 2018 to 2024, the annual compound growth in revenue of advanced packaging technology will reach 8%, and the revenue of advanced packaging technology in 2024 will reach nearly $ 50 billion. As a leading domestic packaging and testing company, the company is expected to continue to benefit. Industry funds help companies speed up integration and are expected to usher in a turning point in performance.From 2009 to 2017, the annual compound intensity of revenue was 33.5%, 2018 revenue 238.600 million, unchanged from the previous year.In 2015, Xingke Jinpeng’s merger and acquisition and non-public equity raising in 2018, the industrial fund became the company’s largest shareholder, holding 19% of the shares. The joining of Xingke Jinpeng has successfully expanded the scale of the company, and the company’s global market share has increased significantly from 3.9% to 10%, reaching 13% in 2018.At present, 85% of the world’s top 20 semiconductor companies are corporate customers.Due to the interaction of the acquisition of Xingke Jinpeng on the company’s operating cash flow, and because of poor global smartphone sales, some customers controlled inventory to delay orders, and the company’s performance in the first half of 2019 continued the distorted situation in 2018, achieving revenue 91.5 ‰, a decrease of 19 per year.1%, net profit attributable to mother -2.600 million.As the global foundry leader TSMC returns to growth and the downstream 5G deployment ahead of schedule brings demand growth, the company’s 19H2 is expected to usher in an inflection point in performance. Estimates and ratings.We mainly refer to the PB and PS estimation methods to estimate the company. No matter from the historical forecast level or with reference to companies in the same industry, the current level of the company’s PB and PS is at a relatively relative level. We are optimistic about the company’s growth space as an internal packaging and testing leader.Covered for the first time and given an “overweight” rating. Risk reminder: 5G commercialization process is less than expected risk; risk of Xingke Jinpeng integration progress is not up to expectations; risk of raising projects put into production is less than expected risk; downstream demand is not up to expected risk; valuation risk