Jiechang Drive (603583) Company Comments: Performance continues to grow and blue ocean market leads the way

Jiechang Drive (603583) Company Comments: Performance continues to grow and blue ocean market leads the way

Investment Highlights Event: Jiechang Drive released the 2019 semi-annual report, and the company achieved revenue in 2019H1.

500 million, an increase of 36% in ten years; net profit attributable to mothers1.

50,000 yuan, an annual increase of 42.

6%; net profit after deduction of non-return to mother 1.

300 million, an annual increase of 23%.

The company achieved revenue in the second quarter alone3.

7 ppm, an increase of 24 in ten years.

7%; net profit attributable to mothers was 91.02 million yuan, a year-on-year increase of 43.

2%; net profit of 72.47 million yuan after deduction of non-return to mother.

The gross profit margin was basically stable, and the expense ratio increased slightly.

2019H1 company’s comprehensive gross profit margin 41.

9% for one year.

2pct; where Q1 / Q2 gross margins are 42.

1% / 41.

7%, a ten-year average of 3.

9pct / boost 2pct.

In the first half of the year, the company’s sales expense ratio was 8.

1%, increase by 1 every year.

8 points.

Management expenses (including R & D expenses) rate 11.

9%, increase by 1 every year.

7 points.

The research and development expenses are RMB 34.92 million, which is increased by 65 every year.

1%, indicating that the company continues to pursue and promote the development strategy of R & D first to build a competitive advantage.

Finance expense ratio -0.

6%, a decline of 0 per year.

Financial expenses include interest income of 4.04 million yuan (600,000 yuan in the same period last year) and exchange loss of 450,000 yuan (1.23 million in exchange gain in the same period last year).

Net profit of the company in the first half of the year 23.

1%, increase 1pc in one year.

The Q1 / Q2 net interest rates are 21 respectively.

2% / 24.

7%, a ten-year average of 1.

8 pieces / lift 3.

The main lines have broad prospects, and industry trends have helped the company grow rapidly.

By product: 1) Smart office: From 2013 to 2017, the company’s smart office revenue was 0.

3.3 billion, increased to 5.55 ppm with a CAGR of 75.


Affected by the healthy concept, the global smart office linear drive system will exceed 20 billion US dollars in 2021, and it is expected that the compound growth will exceed 20% in 2018-2021.

2) Medical 北京桑拿会所 health care: The company’s CAGR of revenue from 2013 to 2017 is 10.

11%, driven by the aging population, the global linear drive market is expected to reach USD 6.3 billion in 2021, and the CAGR will be 21 in 2017-2021.


3) Smart Home: CAGR of revenue from 2013 to 2017 was 22.

39%, affected by consumption upgrade, it is estimated that by 2022, the number of smart home reservations will reach 300 million units, with annual composite materials exceeding 15%.

Competitive customers build barriers to competition, and relocation of production capacity avoids tariff risks.

From the perspective of revenue structure, 80% of the company’s revenue comes from overseas, and it is estimated that more than half of its sales to the United States.

At present, the company has established strategic cooperation with Steelcase, Herman Miller, The Human, HAT Contract, Ergo Depot (Fully) and other customers in the United States to provide equipment for Google, Microsoft and other well-known enterprises.

As the company’s exports to the United States are included in the tariff list, the relocation of production capacity has also become the main way to avoid tariffs.

At present, J-star in the United States has already released part of its production capacity. At the same time, it has set up a production base in Malaysia in an attempt to gradually avoid tariff risks by relocating production capacity.

Equity incentives boost morale and bind performance growth.

The scale of the report, the company granted 2 million shares to 93 directors, senior management personnel, core technical and business personnel, accounting for 1 of the company’s total share capital.

66%, the grant price is 20.

93 yuan / share.

The conditions of exercise are that the income from 2019 to 2022 exceeds the growth rate of not less than 30%, and the profit exceeds the growth rate of not less than 20%.

Effectively bundle employee benefits with company growth.

Investment suggestion: We predict that the company will realize net profit attributable to mothers in 2019-2021.

27, 4.

21, 5.

45 ppm, an increase of 28 in ten years.

9%, 28.

7%, 28.

4%, the corresponding EPS is 1.

84, 2.

37, 3.

07 yuan.

Maintain the “overweight” rating.

Risk warning: the risk of sluggish demand in foreign markets, the domestic market penetration rate is less than expected, the risk of rising raw material prices, the risk of exchange rate changes

Midea Group (000333) Quarterly Review: Diversified Brand Matrix Promotes Upward Profitability

Midea Group (000333) Quarterly Review: Diversified Brand Matrix Promotes Upward Profitability
Diversified brands and products, with steady growth in revenue and net profit. Maintaining a “Buy” rating On April 29, 2019, the company disclosed its 2019 first quarter report, with total operating income of 755 in Q1 2019.10 billion yuan, +7 per year.42%, net profit attributable to mother 61.29 trillion, ten years +16.60%, net profit after deduction is 60.850,000 yuan, ten years +19.84.We expect the company’s EPS to be 3 in 2019-2021.52, 4.11, 4.65 yuan, maintaining the company’s “Buy” rating. Domestic sales of multiple brands and multiple levels consolidated the advantages, and export advantages expanded to expand the export company’s total operating income in Q1 2019 of 755.00 ppm, ten years +7.42%.We believe that the company’s home appliance products already have Midea, Little Swan, Hualing, Cuckoo, COLMO, Eureka, TOSHIBA (brand authorization) and other domestic and foreign brands. The brand matrix has initially formed, and the influence of mid- to high-end positioning brands has continued to increase, consolidating domestic salesAdvantage.Affected by the exchange rate and cost, the price advantage of home appliance export products has increased, and the company’s export sales have a clear driving force.Industry online data shows that from January to March 2019, the company’s air conditioning restructuring volume was 11.42 million units, +13 per year.5% (domestic sales +13.8%, export +13.2%), the refrigeration capacity of the refrigerator is 2.49 million units, ten years +8.4% (domestic sales +2.2%, export +17.5%), the amount of washing machine speed is 4.39 million units, +6 in ten years.6% (domestic sales +2.5%, export +24.9%). The development of mid- to high-end brands and exogenous factors are lifted, and the company ‘s gross profit margin is rising. We believe that the company is developing to a mid-to-high-end brand. At the same time, the impact of raw material price pressure and asset premium amortization is eliminated, driving the company’s gross profit margin to rise.64%, +2 in the past.43PCT.2019Q1 company selling expenses expense 12.60% a year -1.98PCT, “gross margin-sales expense ratio” is 16.04%, ten years +0.46%.The company’s management and R & D expense ratios remain relatively stable, of which, management expenses2.62%, ten years +0.03PCT, R & D expenses 2.92%, ten years +0.16PCT.Receiving the impact of rising interest income, the company’s financial expenses 成都桑拿网 were -4.8.1 billion. In Q1 2019, the company realized net profit attributable to mother 61.29 trillion, ten years +16.60%. The exchange of shares and the merger of Little Swan progressed steadily. From May 8, the company suspended trading. The company steadily promoted the exchange of shares and merger of Little Swan. After the merger, it promoted the improvement of internal collaboration and reduced costs and efficiency.At present, due to the impact of ex-rights and ex-dividends, the conversion price of Little Swan A shares is from 50.91 yuan / share adjusted to 46.91 yuan / share, the conversion price of Little Swan B shares from 42.07 yuan / share adjusted to 38.07 yuan / share, the share conversion ratio is adjusted to Little Swan A shares 1: 1.11584206, Little Swan B shares 1: 0.90556613. At the same time, the price 天津夜网 of the cash option of the dissident shareholders was also adjusted, and Little Swan’s A shares were changed from 41.85 yuan / share adjusted to 37.85 yuan / share, Little Swan from 32 shares.55 construction / share adjustment to 27.88 burns / share. May 7th is the registration date of claim ownership, and the company plans to request the license from May 8th. Mid- to high-end development or maintaining average price increase leading, optimistic about the company’s future growth. The company’s product brand development is committed to achieving differentiated product coverage. Mid-to-high-end positioning drives the average price to increase, while reducing the cost pressure. We are optimistic that the company’s gross profit level will continue to increase.We expect the company’s EPS to be 3 in 2019-2021.52, 4.11, 4.65 yuan, with reference to comparable companies’ 2019 PE forecast of 14.14x, the company has certain advantages in ROE. At the same time, considering that the company has the composite attributes of robots and white goods leading small appliances, it will be recognized by the company in July 2019.5?19.The price-earnings ratio is 5 times, corresponding to the target price of 61.60?68.64 yuan, maintain “Buy” rating. Risk warning: competition in the home appliance industry is intensifying.Unfavorable price fluctuations of raw materials, etc.

Quartz (603688) Interim Review: High-purity quartz sand strives for upstream optical fiber semiconductors

Quartz (603688) Interim Review: High-purity quartz sand strives for upstream optical fiber semiconductors
Event: Quartz’s 2019 semi-annual report shows that in the first half of 2019, it achieved revenue 3.0.8 billion, an increase of ten years.87%; net profit attributable to mother 0.7.6 billion, an increase of 30 in ten years.34%.Gross profit margin is 45.13%, +3 over the previous year.44 points; net margin 24.76%, +5 from the previous year.41 points. Continue to focus on high-end products and significantly improve profitability. Affected by trade friction, macroeconomic fluctuations and other factors in the first half of 2019, the prosperity of the downstream optical fiber and semiconductor markets declined.The reason is that the company’s strategy focuses on high-value content optical fiber semiconductors and high-purity quartz sand business, of which high-purity quartz sand revenue increased 126.25%, optical fiber semiconductor revenue increased by 7.40%. Optical fiber semiconductor core consumables. Electronic grade quartz products (quartz tube rods) are core consumables in optical fiber and semiconductor manufacturing processes, and have long been monopolized by foreign countries such as Heraeus.After the introduction of Quartz Fiber Optic Quartz Ferrules in 2018, the supply chain of mainstream optical fiber manufacturers has been expanded, and semiconductor supply qualification certification has continued to advance. In the future, through the certification and market promotion of optical fiber semiconductor products, domestic-made alternatives in related fields will be expected to become the company’s brightest performance boost. High-purity quartz sand sharpens swords for ten years, helping photovoltaics reduce costs and increase efficiency. Thanks to more than ten years of dedicated research, Quartz has expanded to large-scale production capacity of high-purity quartz sand, becoming the leading supplier of high-purity quartz sand in China.Considering that high-purity quartz sand is the main raw material of the quartz crucible used for photovoltaic monocrystalline silicon (primarily primarily monopolized by foreign suppliers), through parity online replacement, single-crystal photovoltaic companies have begun to replace domestic quartz sand with cost-effective performance to achieve their own reductionThis synergy.Therefore, in the first half of 2019, the company’s high-purity quartz sands replaced the imported quartz sands in the photovoltaic monocrystalline silicon market, and it is expected to continue this trend. The convertible bond investment project was actively promoted to help the company enter the fast track of development. The company issued a convertible bond plan in 2018, raised 6,000 tons of electronic-grade quartz products, and was approved by the CSRC in July 2019.We believe that the conversion of investment projects will greatly increase the company’s production capacity and order acceptance capacity, which will help seize market opportunities and significantly increase the company’s performance. Investment advice and profit forecast outlook, benefiting from the multi-dimensional pulling of optical fibers, semiconductors, and 杭州夜网论坛 quartz sand, the company’s performance has achieved rapid growth.It is expected that net profit attributable to mothers will be realized in 2019-2021.89/2.63/3.49 trillion, corresponding to the current price-earnings ratio of 21.69/15.61/11.77 times.Give the company a “Buy” rating. Risks suggest that domestic-grade electronic-grade quartz substitutes are less than expected, the demand for quartz sand is less than expected, and the progress of fundraising projects is less than expected.

The turnover of the two cities broke trillions and 22 hit a record high for 7 consecutive days

The turnover of the two cities broke trillions and 22 hit a record high for 7 consecutive days

European and American stock markets plummeted again, how to operate A shares?

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

  Securities Times reporter Zhou Sha yesterday, the two cities traded a total of 1.

At around 05 trillion, the turnover exceeded 7 trillion for 7 consecutive days, and the Shanghai stock index closed up by 0.

11%, Shenzhen Component Index rose 0.

The GEM index rose 32%.


From the perspective of individual stocks, among the tradable A-shares, there were 1855 advances, accounting for 49.

05%; 1,763 animals decreased, accounting for 46.

62%; 108 stocks with rising limit and 27 stocks with falling limit.

  Guoxin Securities believes that the market growth has intensified in the past 南京夜网 two days, in line with market rules and expectations.

In fact, the current market trend and volume can be better maintained, and the market is still expected to remain active after the release of continuous growth is overcome.

  Minsheng Securities pointed out that the estimated average value of the steel, coal, real estate, and construction industries is close to the bottom of the market in early January 2019. The value of the short-term resources and infrastructure real estate sectors are dominant, and they are concerned about the trading opportunities brought by the price increase of resources.

  The closing price of 22 shares hits a record high Securities Times · Data Bao statistics show that excluding new shares listed in the past year, a total of 22 shares closed at a record high of Securities Times · Data Bao statistics yesterday, but a total of 22 closing prices hitNew historical highs. According to the sector they belong to, there are 9 motherboards, 8 small and medium-sized boards, and 5 GEM boards.

From the perspective of industry attributes, the innovative high stocks in the pharmaceutical biology, building materials, and computer industries are separately concentrated, and each includes 3 stocks.

  From the previous performance point of view, the closing stocks hit record highs, and they continued to rise on average yesterday.

At 45%, the daily limit was Inco Medical, Shanghai Xiba, UFIDA Network, etc. Among the top gainers were Anjing Food, Qiaqia Food, Jianlang Hardware, etc.

On the vanguard side, the average high-end stock is expected to be 64.

78 yuan, of which there are 2 sustainable over 100 yuan, 50 yuan?
There are 8 for 100 yuan.

Potentially the highest closing price was St. Bang ‘s shares, which closed yesterday at 357.

55 yuan, up 4.

85%; followed by Borch Technology, Anjing Food, closing prices were 132 yuan, 78.

5 yuan.

  The net inflow of 9 main capital funds flowed upwards, and the total net inflow of the main high capital stocks of Chuangye High yesterday.

US $ 6.1 billion, of which 9 were the main net inflows of funds. The net inflow funds were the top Friend Network, Pioneer Intelligence, Qiaqia Food, etc. The net inflows were 4 respectively.

3.9 billion yuan, 2.

79 ppm, 64.08 million yuan; there were 13 main funds with net funds raised by Daun shares, New Hope, Shengbang shares, etc., with net funds of 2 respectively.

6.2 billion, 1.

23 trillion, 8759.

950,000 yuan.

  In terms of market value, the average market value of innovative high-shares is 359.

4.3 billion yuan, with an average market value of 281.

2.4 billion.

A useful network of friends with a higher total market value of A shares, New Hope, CITIC Special Steel, etc., were 1255.

9.6 billion, 1065.

81 trillion, 812 trillion US dollars; at least Shanghai Xiba, Yingke Medical, etc., the total A-share market ranked 39.

6.6 billion, 83.
7.2 billion.
The network of useful friends with high circulation market value, New Hope, Hengli Hydraulics, etc., the latest circulation market value is 1250 respectively.

3.2 billion, 1064.

7.3 billion, 503.

7.1 billion yuan.

  The ability to hit a new high is one of the indicators to measure the strength of the early warning. Among the stocks that hit a record high yesterday, some stocks continued to break the new high. From the number of highs in the past month, Daun shares closed 9The new record highs, Jianlang Hardware, Nanyang Co., Ltd., and Oriental Yuhong have reached 9, 8 and 7 new highs in the past month, respectively.

Delisting efforts to strengthen the ST sector to reproduce the limit of the tide and cap removal concept stocks rise against the trend

Delisting efforts to strengthen the ST sector to reproduce the limit of the tide and cap removal concept stocks rise against the trend
In the early morning today, due to the negative factors, the stock gap opened lower in real terms. The Shanghai Composite Index fluctuated slightly around the 2900-point overall mark, and the trading volume continued to maintain the volume state, indicating that the market wait-and-see atmosphere prevailed slightly.  At noon, the Shanghai Composite Index fell 0.99%, Shenzhen Component Index fell 1.21%, GEM Index fell 1.66%.The disk, ST and financial sectors were among the top losers. The concept stocks with the cap removed went against the market, and the strong stocks in the early period were highly differentiated.  The chairman of the China Securities Regulatory Commission, Yi Huiman, said last week that it is necessary to explore innovative ways of delisting and realize various forms of delisting channels. For enterprises that seriously disrupt the market order and touch the delisting standards, resolutely withdraw from the market to the end.  On the evening of May 10, the Shenzhen Stock Exchange released LeTV (rights), Qianshan Yaji (rights), * ST Longli (rights), * ST Kaidi (rights), Jinya Technology (rights), and * ST QueenAnnouncement on the suspension of listing of 7 companies including Taiwan (right protection), * ST Germany, etc. The number and intensity of the announcements are unprecedented.  Affected by the above news, the ST concept stocks reappeared in the early morning. * ST Wealth Control (protection of rights), ST Tianrun (protection of rights), * ST Renzhi (protection of rights), ST Yinyi and other 30 stocks fell.Among them, * ST Huaye has fallen for seven consecutive words since being capped by the star. Today, the number of orders after the limit may still exceed 700,000 hands, and it has been reported to 1.94 yuan is a record low.  Last Friday * ST Huaye announced that as of April 2019, the company gradually provided a total of 90 guarantees.90,000 yuan, accounting for 3973 of the company’s audited net assets in 2018.68%, of which the overdue guarantee budget exceeds 4.1 billion yuan.The company announced in another announcement on the same day that its net assets at the end of 20182.2.8 billion yuan, 2018 net profit was -64.380,000 yuan, the budget amount reached 2813 net assets.96%.  * ST Tiansheng was capped by a star in less than 2 years after listing.As the company’s 2018 financial report was issued by Beijing Xinghua Certified Public Accountants (Special General Partnership), an audit report could not be expressed, the former chairman of the company, Liu Qun, was eventually monitored by the Chongqing Public Security Bureau for suspected occupation and occupation., And several other former executives were criminalized by public security organs for suspected crimes. Accountants can obtain detailed information on the case and cannot determine the object of occupation, when, how, and the amount of occupation.  Recently, the Shenzhen Stock Exchange issued an annual report inquiry letter asking the company to explain: (1) the specific impact of the above matters on your company’s financial status and operating conditions, as well as the proposed countermeasures, and fully remind the relevant risks; (2) please combine with the companyInternal control self-evaluation report, detailing whether the company’s internal control system and its implementation are effective, and whether there are important or significant deficiencies; (3) Since 2018, the directors and senior management of your company have undergone major changes. Please indicate more than one director, highThe impact of changes in 杭州桑拿网 management on your company’s daily operations and the measures the company has taken and intends to take to ensure the stability of the management team and core employees.  Today, ST Tianrun, * ST Renzhi, * ST Divine City (protection of rights), * ST Colin, etc. are committed to also set a new record low, * ST Rich Control, ST Yinyi, * ST high rise (protection of rights), etc. or a historical lowHovering around the point.  Corresponding to the sharp drop in the ST sector, today, the concept stocks that took off their hats and picked up the star, strengthened, Lanhai Investment, the friendly group daily limit, petrochemical oil services, Jinling Mining, Anyuan Coal and other intraday daily limit, Datang Telecom,Kazakhstan air-conditioning and other gainers ranked first.  Since the cancellation of the delisting risk warning on May 7, the Friendship Group has continued to close the sun, and has continued to rise and stop in the past two trading days, which has been a new high for one and a half years.Youhao Group’s 2018 performance turned losses into profits, and it made a profit of 40.66 million yuan in the first quarter of 2019, which was more than the vertical net profit of 37.29 million yuan in 2018.  Bulk transaction information shows that Shanghai Yixin Reuters has bought Friendship Group 5 times in a row since April last year.The last time I bought 350,000 shares for Friday.  Hatting stocks such as Lanhai Investment and Petrochemical Oil Services have also received the attention of the main funds in recent days, all showing a clear net inflow.

Perfect World (002624) Semi-annual Report Review: Mobile Games Performance Exceeds Expectations, New Games Continue to Launch

Perfect World (002624) Semi-annual Report Review: Mobile Games Performance Exceeds Expectations, New Games Continue to Launch

The performance of key investment points grew faster than expected, and new mobile games continued to boost performance.

1) Revenue of 2019H1 is 36.

560,000 yuan (0% year-on-year.

29%), excluding stripped theater lines, affecting revenue growth of 12 per year.

44%, net profit attributable to shareholders of listed companies10.

300,000 yuan (+30 compared with the same period last year).

50%), deducting non-net profit 9.

7.3 billion (+ 37% YoY).

67%); 2) Revenue for the second quarter of 2019 16.

1.5 billion (yoy-13.

39%), net profit attributable to shareholders of listed companies5.

3.4 billion (yo + 26.

70%), deducting non-net profit 5.

100,000 yuan (+23 compared with the same period last year).

96%); 3) Net cash flow from operating activities is 1.

67 trillion, -2 in the same period last year.

41 trillion, due to the net reduction into the main reason for the company’s performance growth and film and television project investment funds decreased compared to the same period last year; 4) 2019H1 net profit exceeded the upper limit of the performance forecast range of 1 billion, mainly “Perfect World”, “Yunmeng”Four Seasons Song” and other mobile games online, including “Perfect World” mobile game performance exceeded expectations, boosting performance.

High-end mobile games have been launched in turn, becoming the main force for performance growth.

1) 2019H1 game revenue 28.

RMB 780,000 (+8 compared with the same period last year).

06%), accounting for 78% of total revenue.

10%, gross profit is 21.

110 thousand yuan (+17.

75%), of which mobile online game revenue was 16.

890,000 yuan (+39 compared to the same period last year).

42%), accounting for 46 of 杭州桑拿网 total revenue.

21%, PC-side online game revenue 9.

8.5 billion (15 compared to the same period last year.

00%); 2) In 2019, the company will successively launch the “Perfect World” mobile games, “Four Seasons Songs in Cloud Dreams”, “The Condor Heroes 2” and other boutique mobile games. The follow-up reserves include “New Demon Land”, “Dream”Gathering Cygnus”, “New Swordsman”, “My Origin” and other games cover MMORPG, turn-based, two-dimensional, sandbox, SLG, ARPG, open world and other games.

Film and television drama projects have abundant reserves.

1) Revenue from film and television business 7.

8.8 billion (-22% year-on-year.

42%), with a gross profit of 3.

9.7 billion (+ 1% year-on-year.

12%), due to the transfer of the cinema business, excluding its impact on revenue growth32.

25%; 2) Year-to-date “Little 北京夜网 Girl Flowers Never Abandon”, “Youth Fight”, “While We Are Young”, “Building a Dream Love”, “God Dog Seven” Season Three, “July and Ansheng”Broadcasted one after another; 3) The film and television drama project reserves are rich, including: “Old Tavern”, “New Year After Year”, “Heshan” and so on.

Earnings forecast: Taking into account the pace of TV series going online, we lower the company’s EPS to 1 in 2019/20/21.


03 yuan, the closing price on August 9 corresponds to 15/13/12 times PE, the company’s mobile game product line is rich, at the same time the rich TV drama business reserves, help promote the company’s rapid growth in performance, maintain a “prudent increase” rating.

Risk warning: product launch is less than expected; policy supervision is intensifying.

Resumption of trading continued to be stuck by 4 drop limit supplemental agencies -ST 华 泽

Resumption of trading was “trapped” by 4 drop limit supplementary agencies * ST Huaze

Every time reporter Xie Hongchen and every editor Chen Junjie March 21st, * ST Huaze shares resume trading after more than 2 years of suspension.

Until March 26, * ST Huaze’s expectation is that there will be a “one” daily limit.

According to the expectations of the China Merchants Fund Company, it is 0.

55 yuan, * ST Huaze still has to walk on the road for a long time.

  * ST Huaze’s “message” will inevitably affect the wealth of investors, and many of them are institutional investors, such as China Merchants Fund, Southern Fund and other subordinate funds.

  In addition, reporters from the “Daily Economic News” also combed and found that * ST Huaze actual controllers Wang Hui and Wang Tao in 2014?
In 2015, almost all of its holdings were pledged to securities dealers, banks and other institutions, and all these shares have been judicially frozen.

  Consolidated fund company “stepping on the thunder” * ST Huaze’s 2017 third quarterly report shows that two fund companies’ funds are among the top ten shareholders of tradable shares of the company.

Among them, the CSI 500 trading open-ended index securities investment fund holds 1.39 million shares, and the Chinese business smart life flexible configuration hybrid securities investment fund holds 1 million shares.

  On February 2nd, China Merchants Fund announced that starting from February 1st, 2018, the * ST Huaze stocks of the company’s subsidiary fund holders were further estimated and adjusted, and the adjusted valuation price was 0.

55 yuan or more.

On January 5th, the China Merchants Fund reduced the valuation of * ST Huaze stock to 6.

25 yuan.

  On February 3, three fund companies, Yinhua, Penghua and Dacheng, also announced that they would reduce the * ST Huaze exchange for holders of sub-funds.

At the end of January, China Merchants Fund lowered its ST Huaze estimates.

So far, 5 public fundraising funds have taken the action of reducing * ST Huaze’s estimate.

  ”Daily Economic News” reporter noted that on February 29, 2016, * ST Huaze closed at 12.

5 yuan, if the return of the Chinese business fund 0.

Calculated at 55 yuan / share, it may experience 61 daily limit, surpassing the ST insurance miles (29 daily limit) of the longest consecutive daily limit of A shares.

  The institutional investors dragged down by * ST Huaze are more than the above five.

Oriental Fortune Choice According to the quarterly report of fund companies, as of the end of 2017, there were a total of 17 fund holders * ST Huaze 3.45 million shares, of which there are many holdings of Xincheng CSI 800 Nonferrous Index-rated securities investment funds (twenty three.

450,000 shares), Castrol CSI 500 Trading Open Index Securities Investment Fund (5.

590,000 shares), Tianhong CSI 500 Index-type sponsored securities investment fund (4.


In addition, SDIC UBS Securities Investment Fund, Minsheng Bank of Canada Securities Investment Fund, Nuoan Securities Securities Investment Fund, Agricultural Bank of China Securities Management Investment Fund, etc. all hold * ST Huaze Stock.

  If the above-mentioned fund companies have difficulty holding shares in a short period of time, what is the impact of these two corresponding fund assessments?

  A staff member of the Southern Fund told the reporter of the Daily Economic News that according to the CSI 500 trading open-end index securities investment fund’s 2017 fourth quarter report, the fair value of ST Huaze’s stock at that time accounted for 0 of the net asset value.

At 09%, the fund’s products are index-based, passively tracking the CSI 500 Index. The fund’s share of stocks is not high when allocating a single stock, so the impact on the overall fund is relatively limited.

  Staff from the China Merchants Fund also made similar statements.

The above-mentioned total funds also said that the current operation of holding * ST Huaze stocks is only controlled by the fund manager, and the outside world would like to know the investment situation of this part of the fund’s quarterly report disclosure.

  The number of shareholders has increased significantly during the suspension period * ST Huaze has been suspended from March 2016. Although the suspension is in progress, the number of shareholders has been increasing.

  A reporter from “Daily Economic News” calculated all regular reports from ST Huaze since the first quarter of 2016. The total number of shareholders of its common stock increased from 51,818 at the end of March 2016 to 65,669 at the end of September 2017, an increase of 26.


Among them, the total number of shareholders at the end of the second quarter of 2016 was 60979, the total number of shareholders at the end of the third quarter was 61020, and the total number of shareholders at the end of the year was 61063.

The total number of shareholders at the end of the first quarter of 2017 was 61,126, the total number of shareholders at the end of the second quarter was 65,670, and the total number of shareholders at the end of the third quarter was 65,669.

  Why has the number of company shareholders been rising?

A listed company source told reporters that the reason behind is only clear to listed companies, but this is not surprising.

Its valuation states that if the personal financing account expires during the suspension period of the listed company and the price is lower than the financing price, the securities company will forcibly close the position. After the liquidation, the securities company will recover the stock to the account under the securities company.Causes the number of shareholders of listed companies to increase.
  The person also said that non-auction transaction transfers during the suspension may also cause an increase in the number of shareholders of listed companies.
  * ST Huaze’s former executive Li Ming told reporters that too many investors held * ST Huaze stocks through financing and securities lending. This part of the pressure is very high.

  * ST Huaze’s 2017 third quarter report revealed that shareholders’ participation in margin financing and securities lending business showed that the company’s shareholder Hong Qiuting held 0 shares through ordinary securities account holders and 5.37 million shares through investor credit accounts.Chengdu Zhongyi Industrial Investment Development Co., Ltd. holds 0 shares through ordinary securities account holders and 4天津夜网.61 million shares through investor credit accounts, which actually holds a total of 4.61 million shares.

  On March 26, the reporter called * ST Huaze on this issue, but contacted anyway to get a response.

  The actual controller of the nearly 200 million shares pledged by some securities firms and banks may be damaged due to * ST Huaze.

  * ST Huaze’s first and second largest shareholders, Wang Hui and Wang Tao, have been holding shares for pledge financing since May 2014.

May of that year?
In July, Wang Hui pledged 30 million shares, 45.44 million shares, and 6.6 million shares of its limited shares outstanding to Northeast Securities, Soochow Securities, and Huarong Securities.

On September 10, 2015, * ST Huaze announced that Wang Hui once again pledged stocks to Baoshang Bank.

As of the date of the announcement, the cumulative number of shares in which Wang Hui was pledged was approximately 1.

07 billion shares, accounting for 99 of the total number of shares held by the company.

At 998%, Wang Tao’s pledged shares totaled 84.18 million shares, accounting for 99 of the total number of shares held by his company.


  ”Daily Economic News” reporter combed, Wang Tao’s shares were pledged to Pacific Securities, Wanlian Securities, Huarong Securities, Shenyin Wanguo and Baoshang Bank.

* ST Huaze’s 2017 third quarter report shows that Wang Hui and Wang Tao each hold company shares1.

07 billion shares, 84.19 million shares, and all of them are in (judicial) freeze.

  Li Ming said that their (Wang Hui and Wang Tao) equity have been pledged to institutions, and more than 2 billion yuan have been loaned from the institutions.

  Under the current pledge and freeze at the same time, can this part of the pledge loan be repaid in full?

  Lawyer Wang Zhibin of Shanghai Minglun Law Firm told reporters that equity pledge is equivalent to a guarantee. If this part of the creditor’s rights is confirmed through judicial procedures in the future, the pledgee (brokers and banks) can apply for priority compensation of their equity.Judicial auctions, direct sale, assessment of debts and so on.

Sufficient debt settlement depends on whether the equity value is sufficient to cover the debt.

  Wang Zhibin also pointed out that if the pledged property (stock) depreciates, the risk is borne by the pledgee, and this part of the gap cannot be compensated preferentially and can only be implemented from other properties.

In other words, securities companies and banks have the right to seek compensation from listed companies, but they cannot give priority to compensation.

If a listed company has assets, it will be returned. If there are no assets or it is bankrupt, this part may be bad debts.

  On March 26, the reporter of “Daily Economic News” called the Northeast Securities, Pacific Securities and other companies’ directors and secretaries to inquire about the relevant situation, but their staff members said that they did not know the relevant situation in relation to specific business.

Zhejiang Longsheng (600352) Annual Report 2018 Comments: Intermediates and Dyestuffs Continue to Prosper

Zhejiang Longsheng (600352) Annual Report 2018 Comments: Intermediates and Dyestuffs Continue to Prosper

Investment Highlights Event: Zhejiang Longsheng released its 2018 annual report, which is expected to achieve operating income of 190.

7.6 billion, an annual increase of 26.

32%; realized operating profit of 50.

880,000 yuan, an increase of 49 in ten years.

39%; realize net profit attributable to shareholders of listed companies.

110,000 yuan, an increase of 66 in ten years.

20%, press the latest 32.

Based on the total equity of 5.3 billion shares, the company realized diluted earnings.

26 yuan, budget operating cash flow is 0.

33 yuan.

Among them, the fourth quarter achieved operating income of 45.

09 million yuan, an increase of 16 in ten years.

07%; realized operating profit 9.

570,000 yuan, an increase of 8 in ten years.

89%; realize net profit attributable to shareholders of listed companies.

33 ppm, a 55-year increase.

04%; quarterly 四川耍耍网 EPS is 0.

29 yuan.

  Maintain “Buy” rating.

Zhejiang Longsheng’s 2018 performance achieved long-term growth, and its annual profit reached a record high. This was mainly due to the rise in volume and price of intermediate products, continued significant growth in profits, and the price of dyes also fluctuated.

  Zhejiang Longsheng, as a leading dye company in the world, relies on leading environmental technology processing capabilities to establish a comprehensive dye integrated industrial chain, and through the acquisition of DyStar and the development of other special chemicals, the company is gradually moving towards “world-class specialProduct production service providers “.

In the context of increasingly stringent environmental protection, the dye industry has maintained a high level of prosperity, and the company’s competitive advantage has gradually improved.

The company’s m-phenylenediamine and resorcinol intermediate business are in an oligopoly. Recent incidents in other companies in the industry have exacerbated supply tensions, and earnings growth has further increased.

The company acquired a large amount of high-quality land in the core area of Shanghai. At present, land resources in the core areas of first-tier cities are becoming increasingly scarce, and there is huge room for appreciation of related assets.

Based on the latest equity, we adjusted the EPS for 2019-2020 to 1.

83, 1.

85 yuan, and dating 2021 EPS is 1.

The profit forecast of 88 yuan, maintain the “Buy” rating.

  Risk reminder: the competition in the dye and intermediate industry is intensifying, the risk of environmental protection accidents, and the progress of real estate projects is less than expected.

Hairong Cold Chain (603187): Global Commercial Refrigerator Leads Upgrading Consumption Upgrades to Promote Growth

Hairong Cold Chain (603187): Global Commercial Refrigerator Leads Upgrading Consumption Upgrades to Promote Growth

Benefiting from consumption upgrades and convenience store penetration, the long-term value of the commercial freezer industry has continued to increase, people’s requirements for food safety, fresh fruit and vegetable quality have been gradually improved, and new retail models have been gradually promoted at the same time.

Throughout the world, the demand for commercial freezer market breakthrough regions is the expansion of Europe and the United States, followed by New Zealand, Japan, South Korea and other Asia-Pacific regions.

At the same time, 杭州桑拿网 reviewing the development of Japanese convenience stores, its major development was mainly in the early 1970s to 1990s.

Looking at the current situation, GDP is still at the bottom, so the industry has only a certain countercyclical nature.

As domestic consumption upgrades, convenience stores continue to penetrate second and third tier cities, and new retail models are promoted, the demand for commercial refrigerators is expected to continue to boom.

The company is a global commercial freezer leader, and the business is a comprehensive and diversified growth company. The company is a global commercial freezer leader. Its business includes commercial freezer, commercial refrigerator, commercial supermarket display cabinet and commercial intelligent sales container. Customers include Nestlé, Unilever, Yili,Mengniu and 北京夜网 other world-renowned first-tier manufacturers.

In terms of industry, due to high customization requirements and fast service response demand, the entire industry is currently low in concentration and has a large market space.

The company’s various businesses have now achieved better growth. Among them, the domestic demand for commercial refrigeration display cabinets is stable, and overseas customers are entering the Southeast Asian market with major customers. Commercial refrigerated display cabinets have been transferred from overseas markets to domestic markets. Commercial supermarket display cabinets have benefited.Continued penetration in supermarkets and convenience stores; low density of commercial intelligent sales containers, future blue ocean market.

The company’s overall global market share is about 9.

1%, is expected to further increase market share in the future.

The company speeds up the construction of production capacity and follows the major customers to explore the overall industry development status of the Southeast Asian market. Considering that the industry surpasses the off-peak season, the company’s existing production capacity is still tight, and the surplus production capacity is the basis for obtaining customer orders.

Therefore, the company is accelerating the construction of production capacity, including “annual production of 500,000 cold chain terminal equipment projects”, “commercial vertical refrigeration display cabinet expansion production projects” and “smart cold chain equipment and commercial vending equipment industry projects.”

At the same time, in the second half of 2018, Yili and Mengniu successively promoted the “going out” strategy to open up the cold drink and dairy products market in Southeast Asia.

With a population of 6 billion in Southeast Asia, it is regarded as “China in 1990”. Cold drinks and dairy products have a bright future.

At present, the company has established subsidiaries in Indonesia and Vietnam to cooperate with major customers and expand overseas business.

Investment advice and profit forecast As domestic consumption upgrades and the continued penetration of convenience stores, we are optimistic about the company’s future development prospects.

It is expected that the operating income will reach 15 in 2019-2021.



7.9 billion yuan, net profit attributable to mothers2.



25 ppm, corresponding to the current P / E 17/13/11, gives the company a “Buy” investment rating.

Risks prompt the escalation of the global trade war, large customers choose other suppliers, and raw material prices have risen sharply.

Spring Airlines (601021): Earnings expected to increase in the first half of the year; expected benefit in the second half; oil prices continue to fall

Spring Airlines (601021): Earnings expected to increase in the first half of the year; expected benefit in the second half; oil prices continue to fall

Forecasting 1H19 earnings growth of 15% We expect the company’s second quarter net profit to increase by 5%, mainly based on 1) the company’s passenger load factor increased by 1 in the second quarter.

8 units, 2) It is expected that the company ‘s passenger kilometer revenue in the second quarter will be basically flat every year, 3) The average fuel price (in RMB) is expected to increase by 3%, and 4) The RMB will depreciate 杭州品茶夜网 against the US dollar2.


In the first half of 2019, the company’s net profit is expected to grow by 15% annually.

Points to Watch We expect the company’s second-quarter net profit to increase by approximately 5%, and net profit to increase by 15% in the first half of 2019.

Considering that the passenger load factor has improved significantly in the second quarter, and the marketization of revenue has continued to be stable, we assume that the company ‘s passenger kilometer revenue itself is basically flat in the second quarter, the average fuel price increased by 3%, and the unit non-oil cost increased slightly by 1%.

We expect the company’s net profit to grow 33% annually in the second half of the year, mainly benefiting from 1) oil prices are expected to continue to decline.

The CICC bulk group estimates that the average oil price in the second half of 无锡桑拿网 the year will be between US $ 60-65 / barrel (the average oil price in the second half of 2018 will be approximately US $ 72 / barrel, which is expected to fall by US $ 7-12 / barrel). According to our calculationsThe drop in oil price of US $ 1 / barrel corresponds to an increase in the company’s net profit of 40 million yuan; 2) The Civil Aviation Development Fund halved the collection and reduced non-oil costs.

Since July 1, the Civil Aviation Development Fund has halved the collection (we expect the annualized impact of net profit to be about 1.


Slightly lower the full-year profit forecast for 20196.

8% to 18.

63 megabytes, mainly based on 1) increase in seat kilometer revenue performance in the second half or weaker than the first half, from June to December 2018, airlines levied fuel surcharges for domestic flights, and we do not expect to trigger domestic fuel surcharges in the second half of this yearCollection of fees.

Under a high base, the growth performance of oil-containing passenger kilometers may be lower than in the first half of the year. Currently, it is assumed that the company’s passenger kilometers revenue growth in 2019 will increase by 2%; 2) It is estimated that the growth rate of capacity (in ASK) in 2019 is 12-13%The overall capacity growth rate in the first half year was only 9.

3%, even considering the acceleration of capacity growth in the second half of the year, we expect the capacity growth rate in 2019 is still lower than our expected 13-14%.

Estimates and recommendations The company currently sustainably corresponds to 2019/2020 20.


2x P / E, we lower the company’s 2019/2020 profit forecast6.

8% / 8.

5% to 18.


43 ppm. Maintain Outperform rating. Due to earnings adjustment, the target price will be lowered by RMB 8.

4% to 49 yuan, corresponding to 24 in 2019/2020.

1/20 times P / E, compared with the current consensus, there is 16% growth space.

Risks Aviation demand is less than expected; oil prices have grown significantly; fleet introduction has been slower; supplementary declines.