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Baby-friendly Room (603214) Small and Medium Cap Information Update: Establish Strategic Partnership with Tencent to Accelerate Digital Upgrade of Mother and Baby Retail

Event: Established a strategic partnership with Tencent, and worked together to advance the digital upgrade marketing of maternal and 杭州桑拿网 infant retail, and carried out in-depth cooperation in digital operations to promote the digital upgrade of the maternal and infant retail industry.

We believe that the company’s mother-infant chain model has the advantage of “brand + professional + service”, and realizes the effective integration and expansion of offline channels through the form of “self-built + off-site mergers and acquisitions”; after reaching strategic cooperation with Tencent, relying on reducing social traffic, smallSupported by digital tools such as programs, it is expected to achieve a comprehensive upgrade from customer acquisition, operations to digital asset management.

We maintain our profit forecast unchanged. We expect the company’s 杭州桑拿网 net profit attributable to its mother to be 1 in 2018-2020.



9.3 billion yuan, corresponding to an EPS of 1.



93 yuan, maintain “highly recommended” level.

Leverage Tencent’s digital tools to achieve all-round upgrades from customer acquisition, operations to digital asset management, and the complication of mother and baby users ‘consumption habits, changes in concepts, and the replacement of marketing channels, for traditional mother and baby retailers in the marketing transformationBrings challenges.

The company reached a strategic cooperation with Tencent this time and is committed to realizing the traffic and capabilities of digital tools such as applets, WeChat payment, enterprise WeChat, and cloud services, and upgrading from three aspects: customer acquisition, operation, and digital asset management: (1)Passenger transportation upgrade: Social fission is realized through social interaction and sharing of mothers and mothers, and wide customer acquisition channels are effectively expanded through accurate marketing; (2) Operational upgrades: Improve the management level of shopping guides through corporate WeChat, deposit customers’ digital assets, and purchase code-scanning service purchases, Face payment, and other store intelligent experiences to achieve refined upgrades of in-store operations; (3) Digital asset management upgrade: Tencent builds a data center for the company to support precision marketing, achieve multiple scenarios, multiple materials access, and promote consumer experienceTo realize the upgrade of the digital asset platform for mothers and infants.

“Self-built + M & A” accelerates channel integration, offline retail leaders create a “mature and light consumer” for mother-to-child consumption in a comprehensive mother-to-child ecosystem, and mother-and-child chains build competitive advantage with “brands + professional + services”.

Since the listing, the company has achieved effective integration and expansion of offline channels through the form of “self-construction + mergers and acquisitions”: it is expected to open more than 45 stores in 2018, and the exhibition store will accelerate significantly; in December, it announced its intention to acquire Chongqing Taicheng to enter the southwest market and promote the nationwide layout.

At the same time, the company lays out a maternal and infant online shopping mall to form a linkage with offline stores. After joining hands with Tencent, it will further promote the digital upgrade of maternal and infant retail, focus on the maternal and infant ecosystem in the future, and expand comprehensive services such as early childhood education.

Risk warning: intensified competition in the mother and infant industry, the company’s new store operation is worse than expected, etc.

Li Daxiao: Mankind must be able to overcome the epidemic, the Chinese stock market has the ability to weld the 3000-point horizon

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  Li Daxiao, the chief economist of Yingda Securities, said that in the face of this major human epidemic, the Chinese people have shown unprecedented courage to fight against it. Numerous heroic medical workers, the People’s Liberation Army, and volunteers struggled to help the disaster-stricken areas and screamed.The moving story inspires the Chinese people. We have powerful strength and valuable spirit. Countless conscious citizens are quietly staying at home waiting for the counterattack. At this stage, the Wuhan-Hubei general attack has achieved phased positive effects. Today, the data outside the province has fallen to a low level.Bit.

Resumption of work and production is starting in an orderly manner, and the most difficult stage has passed!

The powerful consumption power of the Chinese people was not dissipated but temporarily suppressed. Once the epidemic passed, it would be released in revenge.

The heroic Wuhan people reached the peak of the country on the 17th stock account search (Jin Qilin analyst), showing how great the potential of the stock market is.

Don’t be pessimistic and don’t despair.

The next stage can be transformed into strengthening domestic security and epidemic prevention, while paying attention to preventing importation and strengthening international cooperation.

The stable development of China’s stock market can be expected.

I firmly believe that mankind will overcome the epidemic, China will overcome 杭州桑拿 the epidemic, the long-term economic development potential of China is huge, and the Chinese stock market will have a very bright future!

China’s stock market has the ability to defend 3000 points!

Defend 3000 points!

Guard 3000 points!

Weld 3000 Horizons!

Collision (603808) National Gold’s “National Brand Rise” Report Series 4-Collis: Light Luxury Group’s Leading Multi-Brand Integration is Mature

The investment logic company is 青岛夜网 committed to becoming an internationally competitive light luxury brand group. “Endogenous 无锡桑拿网 growth of the main brand + mergers and acquisitions of new brands” has driven rapid growth: After more than 20 years of deep accumulation, the main brand ELLASSAY has been ranked among the top brands of high-end women’s clothing for eight consecutive years.The top 10, ranked 1st in 2018.

Since its listing, the company has continued to promote the international brand merger and acquisition integration strategy. Driven by the “star main brand + merger and acquisition integration international brand” strategy, the company’s performance has grown rapidly, and its 2015 revenue CAGR was 56.

8%, deducting non-attributed net profit CAGR is 43.


In Q1-Q3 2018, the company achieved revenue of 17.

36 trillion, +25 for ten years.

87%; net profit of non-attributed mothers2.

59 trillion, +23 a year.


In the past 3 years, the company has polished out a more successful “mature + growth + cultivation” multi-brand operation model: ①The main brand ELLASSAY is the group’s main mature star brand. Q1 in 2017 and 2018?
Q3 revenue was 9 respectively.

6.2 billion yuan and 7.

11 trillion, each year +20.

76% and +9.


②Growing brands include LAUREL, Ed Hardy and Ed Hardy X and IRO. The positive effects of mergers and acquisitions integration are gradually being transformed into the company’s high-speed growth engine.
Q3 revenue increased by +20.

30%, +20.

82% and +54.


③ Cultivate brands including VIVIENNE TAM and JEANPAULKNOTT, continue to promote brand integration, and expect future growth.

The profitability is basically stable, and the inventory turnover is extra healthy: The company’s restructuring gross margin is about 68%. Considering ① the channel structure of the main brand is continuously optimized, ② the domestic layout of the IRO brand is accelerating, ③ other new brands are gradually maturing, ④ the multi-brand integration strategy continuesWe believe that the company’s net interest rate is expected to remain stable.

In addition, the company’s inventory turnover has continued to improve since 2013. The inventory turnover days have decreased from 262 days in 2013 to Q1 in 2018?
237 days in Q3, showing the company’s continuous improvement in inventory control capabilities.

The global market is emerging with many large market value and multi-brand luxury goods groups. LVMH has a clear M & A philosophy to dominate the luxury market: under the guidance of the concept of “minimizing merger and acquisition costs + maximizing brand value after integration”, the LVMH integration rule can be summarizedTo: dig brand history, outline brand characteristics, find suitable designers to express brand genes, streamline sales channels and build market image.

Driven by the multi-brand M & A integration strategy, the market value of LVMH Group increased from 11 billion euros to 129.8 billion euros from 1989 to 2018, occupying a dominant position in the global luxury goods sector.

Investment suggestion: Collision’s group operation has achieved initial results. The coordinated development of multiple brands has become the company’s new performance growth engine. With the continuous and steady growth in performance, the company is also expected to achieve a valuation conversion from a single brand to a multi-brand platform.

It is expected that the net profit attributable to mothers will be 3 in 2018-2020.

6.2 billion, 4.

3 billion, 5.

110,000 yuan, the current market value corresponding to PE is 17x / 14x / 12x, the first coverage given a buy rating.

Risk Warning: Growth of mid- to high-end women’s clothing, multi-brand integration is less than expected, risk of goodwill impairment, and restricted stocks lifted

79% to 8.

82 ppm net margin increased to 23%

Kanghong Pharmaceutical (002773): Long Mu’s revenue increased by 42.

79% to 8.

82 ppm net margin increased to 23%

Event: On April 28, 2019, the company released its 2018 annual report.

In 2018, the company achieved operating income of 29.

17 ppm, a ten-year increase4.

70%; net profit attributable to mother 6.

95 ppm, a ten-year increase of 7.

88%; deduct non-net profit 6.

29 ppm, an increase of 0 in ten years.


A cash dividend of 2 is to be distributed for every 10 shares.

80 yuan (including tax), the capital reserve will be transferred to all shareholders for every 10 shares of 3 shares.

Opinion: Long Mu earns 8.

82 ppm, an increase of 42.

79%, net profit margin increased to 23%.

Biological products (Lang Mu), proprietary Chinese medicines and chemical drugs are the company’s three main businesses. In 2018, the revenue and gross profit of the biological products segment increased to about 30%.

In terms of quarters, in the fourth quarter a single quarter achieved operating income7.

35 ppm, an increase of 6 per year.

98%, net profit attributable to mother 1.

88 ppm, with a ten-year average of 17.


With the first three quarters of revenue growth 3.

95%, net profit attributable to mothers increased by 21.

It is rated at 84%, and the budget revenue growth rate is basically stable with a slight increase of 0.

8 units, but the profit growth rate narrowed, down 14 units.

Net operating cash flow 3.

51 ppm, with a ten-year average of 54.

24%, the first is that in 2017, the subsidiary Kang Hong Pharmaceutical received compensation for relocation4.

54 ppm caused the current net operating cash flow to reach 7.

6.8 billion yuan.

Long Mu’s 2018 revenue 8.

820,000 yuan, an increase of 42 in ten years.

79%; gross profit 8.

30 ppm, a 51-year increase of 51.

Gross margin 94.
70%, an increase of 5 per year.

The 72 averages are mainly due to the scale effect of biopharmaceuticals.

In the past, due to the rapid promotion period of Langmu, higher selling expenses, and higher expansion of Kanghong Biological Research, the net profit margin of products was far lower than the average level of the biological products industry.

The layout of sales channels was completed in 2018, and the scale of revenue increased, and Langmu’s net interest rate increased by 23%.

Chinese patent medicines are initially obvious, and chemical medicines are basically flat, and it is expected to gradually recover in the future.

The company’s proprietary Chinese medicines had revenue in 2018 of 8.

63 ppm, with a ten-year average of 20.

4%; gross margin is 85.

79%, zero for ten years.

87 units.

The company’s chemical medicine revenue in 2018 was 11.

70 ppm, a ten-year increase of 8.

02%; gross margin 95.

07%, increasing by 0 every year.

22 units.

The company’s overall gross profit margin steadily rose to 92 in 2018.

17%, mainly due to the gradual increase in the proportion of biological products (Lang Mu).

Selling expenses 13.

7.5 billion (7.

72% +), with a sales expense ratio of 47.


Management expenses 3.

8.6 billion (23.

59% +), the expense ratio is 13.

23%, R & D expenses 2.

3 billion (20.

02% +), expense ratio 7.

90%, the total cost rate level reached 21%, beyond the increase of 3 alternatives.

Financial expense ratio -1.


The company announced that the issue of convertible bonds does not exceed RMB 16.

30 ppm, after deducting the issuance cost, all supplementary KH series bio-new drug industrialization construction 上海夜网论坛 projects, Compaqop eye ophthalmic injection international phase III clinical trials and registered listing projects will be carried out in order of priority.

Profit forecast and investment advice: We expect the company’s operating income for 2019-2021 to be 35.

2.8 billion, 42.

4.7 billion and 51.

70 ppm, an increase of 20 in ten years.

94%, 20.

35%, 21.

74%; net profit attributable to mothers is 9, respectively.
04 billion, 12.
18 ppm and 15.

80 ppm, an increase of 30 in ten years.

04%, 34.

76% and 29.

75%, corresponding EPS is 1.

34, 1.

81, 2.

Considering that Lang Mu has entered the rapid volume of medical insurance, the US clinical phase III trial was officially launched in 2018 to maintain the “overweight” level.

Risk reminder: the risk that Compaq’s promotion fails to meet expectations; the risk of failure of overseas clinical trials; the risk of drug price reduction.

China Public Education (002607) Annual Report Comment: Revenue Increased 55% Net Profit Increased 120% Management Efficiency Improved

Investment Highlights: China Education released the 2018 Annual Report on April 8.

In 2018, the company achieved operating income of 62.

370,000 yuan, an increase of 54 in ten years.

72%, net profit attributable to mother 11.

530,000 yuan, an increase of 119 in ten years.

67%, deducting non-net profit 11.

1.3 billion, an annual increase of 124.


Basic income is 0.

19 yuan (the latest equity dilution).

Net cash flows from operating activities14.

08 billion, advance receipts 19.


The company realized deduction of non-net profit in 201811.

1.3 billion, higher than the 18-year performance commitment9.

3 trillion, exceeding the 2018 performance commitment.

2018 distribution plan: The company plans to use the existing total share capital of 61.

6.7 billion shares are the base number, and a cash dividend of 2 for every 10 shares is distributed to all shareholders.

3 yuan (including tax).

The company’s business plan for 2019: ① Continue to carry out digital transformation of operations and make large-scale investments in software and hardware; ② Continue to innovate and upgrade high-value-added products in the field of recruitment and training in the public service category while maintaining the overall cost-effectiveness of the product;Management innovation, improving cost management, optimizing human resource structure, and increasing human resource value; ④ Through the enhancement of IT capabilities, maintain rapid network expansion and sinking speed and increase the development of county-level learning centers.

Brief comments and investment recommendations.


The company’s 2018 revenue increased by 54.

72%, gross margin fell to 0.

5 units.

The company’s 2018 revenue increased by 54.

72% to 62.

370,000 yuan, the total number of trainees increased by 57.

43% to 230.

79 thousand people.

The company’s comprehensive gross profit margin decreased by 0.

5 up to 59.


In 2018, the company accelerated market development, further sinking channels to prefecture-level cities and counties, and consolidating and enhancing the company’s channel advantages.

By the end of 2018, the company had covered 701 learning center sites in 319 prefecture-level cities, with an annual increase of 20.



Face-to-face training: income increase53.98% to 57.

70 ppm, face-to-face training revenue as a percentage of total revenue from 92 in 2017.

96% canceled 92.


In 2018, the company’s proportion of long-term courses continued to increase.

The overall unit price of face-to-face training increased by 13.


(1) Civil service sequence: The civil service sequence income doubles 49.

15% to 30.

820,000 yuan, a decrease in the proportion of face-to-face training income1.

73 up to 53.


(2) Public institution sequence: The income of public institution sequence doubled 37.

91% to 7.

850,000 yuan, a decrease in the proportion of face-to-face training income1.

58 up to 13.


(3) Teacher sequence: Teacher sequence income increases by 60 each year.

58% to 10.

750,000 yuan, the proportion of face-to-face training income rose 0.

77 up to 18.


(4) Comprehensive face-to-face training sequence: Comprehensive face-to-face income has doubled by 187.

37% to 12.

72 ppm, an increase of 10% in face-to-face training revenue.

23 up to 22.



During the period, the cost rate has decreased by 6 per year.

88 averages, net 南宁桑拿 profit attributable to mothers increased by 119 per year.


① Selling expense ratio: decrease by 3 every year.

20 averages to 17.

67%, sales expenses increased to 11.

20,000 yuan.

② Management expense ratio: decreased by 2 every year.

53 up to 14.

00%, management expenses increased to 8.

7.3 billion.

③R & D expense ratio: decreased by 0 every year.41 up to 7.

29%, R & D expenses increased to 4.

5.5 billion.

④Financial expense ratio: decreased by 0 every year.

74 up to -0.

04%, financial expenses are -252.

800,000 yuan, the reason for the negative expenditure is the increase in interest income from time deposits.

Finally realized the net profit attributable to mother 11.

530,000 yuan, an increase of 119 in ten years.

67%, deducting non-net profit 11.

13 ppm, an increase of 124 in ten years.



Online training: Revenue increased by 57.

64% to 4.

44 trillion, the proportion of total revenue from June 2017.

98% increase to July 2018.


2016-2017 online training business revenue was 1.

7.9 billion (+206.

96%), 2.

810,000 yuan (+57.

60%), continuing high growth in 2018.

(1) Online training: 111 online training.

580,000 person-times increased by 91 per second.


In 2016 and 2017, online training was 24 each.

130,000 people, 58.

360,000 person-times; annual growth of 142.

27% and 141.


We believe that the high number of trainings is due to the company’s improvement of online teaching platforms and business innovation.

(2) Unit price for online training: Unit price is 397.

48 yuan / person, previously downgraded to 17.


The online guest price for 2015-2017 was 583.

92 yuan / person, 739.

84 yuan / person, 482.

09 yuan / person.

It rose by 26 each year in 2016.70%, a year-on-year decrease of 34% in 2017.



Revenue by region: The revenue in Northeast China increased significantly.

The company’s business areas are divided into seven regions: northeast, north, east, south, central, northwest, and southwest.

Among them, the revenue in East China accounted for the highest proportion, reaching 25%, and the revenue increase in the Northeast region was the largest, reaching 128.



The quality of cash flow is better, and the company’s ability to obtain cash through the flow of operating assets is a substitute.

In 2018, the company’s operating cash flow increased by 40 each year.

88% to 14.

08 million yuan, the net profit cash ratio fell to 126.

50%, the company’s net profit and cash ratio over the years are greater than 1.

Cash flow from investing activities showed a net decrease, and the value increased by 50 in the first half of the year.

48% to 23.

6 billion.

Cash inflows from financing activities increased significantly to 14.

12 ppm is 10 of cash inflows from financing activities in 2017.

67 times.

Update profit forecast.

It is expected that the company’s net profit attributable to its parent in 2019-2021 will be 16 respectively.

97 ppm, 23.

01 billion, 28.

72 trillion, EPS is 0.

28 yuan, 0.

37 yuan and 0.

47 yuan, an increase of 47 each year.

18%, 35.

63% and 24.

79%, the company’s current sustainable corresponding PE for 2019-2021 is 47 times, 34 times and 28 times.

Judgement of the company.

We believe that Zhonggong Education has become a leader in the industry. Using its many years of management experience, it has expanded its teaching network and established a standardized training system. It has initially achieved the expansion of vocational education categories from civil servant training to public institution training and teacher recruitment training.Management experience was successfully replicated.

The concentration of the vocational education market is still fragmented. China Education has a nationwide vertical integration and rapid response capability. At present, it has basically formed a vertical integration and rapid response capability that emphasizes R & D, strong channels, and rapid response.

We expect the company to connect capital market, endogenous level, and capital to promote the expectation of companies to accelerate product conversion, extension level, change market concentration, leading companies are expected to expand the scale, capital, technology and other advantages, integrate high-quality resources, and continue to expand market shares.

Taking into account the company’s expected improvement in IT capabilities, such as improved management efficiency, channel sinking and category expansion, etc., we believe that the company is the most pure stock of A shares and a leading company in the field of vocational education.There is a certain premium on ownership.

Taking into account the company’s 2018 revenue scale and brand power, the company’s assessment is closer to the future of leading US education stocks and the valuation of New Oriental.

Kaiyuan shares are instrument and meter, vocational education dual main operations, and the instrument and meter business must be lowered.

① PE estimation method: 50-52 times PE in 2019, corresponding to 14.

00 yuan / share -14.

56 yuan / share.
② EV / EBITDA estimation method: 45 times EV / EBITDA in 2019, with an enterprise value of US $ 92.5 billion, a net debt of US $ 2.6 billion, and a market value of US $ 89.9 billion, equivalent to a value of 14.

58 yuan / share.

Given 47 times EV / EBITDA in 2019, the enterprise value is 966 trillion, the net debt is 26 trillion, the market value is 940 trillion, and the corresponding value is 15.

24 yuan / share.

This method corresponds to a value of 14.

58 yuan / share -15.

24 yuan / share.

Combining the two results gives the company 14.

00 yuan -15.

A reasonable value range of 24 yuan, maintaining the “continuous market” rating.

risk warning.

Risk of market competition and risk of staff turnover.

Gujing Liquor (000596): Huizhou wine faucet upgrade lasts vintage vintage pulp fragrance nationwide

Anyway, the chaos will be revitalized.

The blessing of the “eight famous wines” gene. The company led the liquor industry in the 1990s. In the late 1990s, due to the transformation of “price reduction and dimension reduction”, the diversified development strategy entered a recession.

In 2007, the reforms in the midst of twists and turns, the new term is stable and efficient, the introduction of old-fashioned pulp series, continuous channel “three links project”, the company once again entered a healthy development track.

The current competitive landscape in the province is clear, and the company will continue to consolidate its leading guidance in the future.

Looking at the province: fully benefit from the expansion of the sub-high-end market, with a total of more than 10 billion expected in the future.

Looking at the mid-to-high-end market, the company explores the market with vintage puree series and leads the province’s mid-to-high-end competition with high brand / channel / product strength. In 18 years, the company’s internal mid-to-high-end products such as Gu 5 and gift offerings accounted 西安耍耍网 for over 60%In the province’s mid- to high-end market, the market share exceeds 40%. In the future, under the trend of concentration on the right, the disadvantages of famous wine brands / channels inside and outside the province appear, and Gujing will further consolidate its leading advantage.

From the perspective of the sub-high-end market, consumption upgrades have driven the mainstream price band in the province to continue to rise above 200 yuan, and the trend of sub-high-end capacity expansion is expected.

Looking at the development of enterprises and macroeconomic indicators, the Jiangsu liquor market is generally about 4 years ahead of Anhui. The benchmark liquor consumption in Anhui Province is expected to reach 31 billion in 2022, and the next high-end share will exceed 9 billion. CAGR of 18-22 yearsAt 25%, the company currently has a high volume of ancient eight, and the market share of the sub-high-end market is relatively high. Under the background of the extremely high barriers to channeling famous wines into Anhui, the company will make full use of the sub-high-end market ‘s nearly 5 billion expansion bonus in the future.

From the perspective of future space, the company’s current high-end products in the province are steadily growing, and the high-end products maintain high-speed growth. In the future, the share of the province is expected to exceed 10 billion under the two-wheel drive. The revenue structure is further optimized. The proportion of sub-high-end products and above is expected to reach 40.% And holds over 40% of the shares in the province’s secondary high-end market.

Exploring outside the province: Relay brand + channel advantage, strategy based on city.

The company has the advantage of brand + channel, and the popularity of the wine puree series has increased outside the province, building brand barriers; while the factory setting model represented by high channel control / execution power / bargaining power has established the company’s channel barriers.

Relaying brand / channel advantages, the company promoted the flooding of nationalization due to the city ‘s policy. In response to the weak Yulu market of real estate wine, it participated in the competition by copying the “three links project” channel model; targeting Hubei Province, a strong core market of real estate wine, the company acquired localThe famous wine Huanghelou made the cut; for the stable East China market, it strengthened cooperation with large businessmen and looked forward to taking the lead.

Adapt to local conditions and benign development, it is expected that the market outside the province will provide important contributions to the company’s performance in the future.

Entering the harvest period of expenses, the profit elasticity will continue to be released.

At present, the company enters the period of return on investment, and the expenditure of advertising + promotion expenses tends to be stable, and the sales / management expense ratio will tend to go down under the effect of scale.

After 14 years, the company’s net profit bottomed out and rebounded to 21 in 19H.

At the level of 3%, with the smooth development outside the province + optimization of product structure + continued decline in expense rate, the elasticity of profits will be released in the future.

Profit forecast and investment rating: As the leading company in Huizhou, the company is internally stable and will fully benefit from the high-end expansion bonus in the future. The national layout is also worth looking forward to.

We estimate that the company’s net profit attributable to mothers will increase by more than + 31% / 22% / 18% in 19-21, and the corresponding EPS will be 4 respectively.



31 yuan, corresponding PE is 34/28 / 23X, the first coverage, giving the company a “Buy” rating.

Risk prompts: Macroeconomic downturn; increased competition within the province; blocked expansion outside the province; food safety and other issues.

Gloria British (002821) 2019 Interim Report Review: New Business with High Performance and Continuous Progress

Investment points Commercial orders continued to increase.

With the continuous transformation of early projects, the company’s commercialization orders continued to increase, and the clinical stage business in the first half of 2019 achieved revenue3.

54 ppm, a 74-year increase of 74.

71%, gross margin increased by 1 in ten years.

70% of the business achieved commercial revenue6.

72 ppm, an increase of 33 in ten years.

29%, gross profit margin decreased by three in ten years.


Looking at the operating data of major subsidiaries, Gloria Life Sciences achieved revenue2.

850,000 yuan, an increase of 101 in ten years.

09%, achieving a net profit of -0.

28 ppm, a 55-year increase.

00%; Fuxin Gloriain achieved zero income.

90 ‰, a decrease of 26 per year.

96%, achieving a net profit of 0.

10 ‰, a decrease of 32 per year.

12%, Jilin Kailaiying realized income 7.

52 ppm, an increase of 55 in ten years.

59%; realized net profit2.

68 ppm, a 57-year increase of 57.


  Profit forecast and rating: As one of the domestic CMO / CDMO leading companies, the company uses the advantages of green pharmaceutical technology and is committed to enjoying the dividend of the global CRMO industry’s vertical transfer and continuously increasing the company’s market share.

The company’s future layout in the domestic CRMO market extends from the production of API intermediates to APIs and preparations.

We adjust our profit forecast and expect the company’s EPS for the years 19-21 to be 2.


05, 3.

91 yuan, corresponding to 39 on August 7, 2019 PE.

5, 31.

5, 24.

6 times.

  Risk reminder: Order business operation and progress are less than expected, risk of customized R & D failure, exchange rate risk, risk of loss of core R & D personnel, high risk of customer concentration, risk of price war caused by intensified 杭州桑拿网 competition, and potentially serious environmental protection

Mass Transportation (600611) Coverage Report for the First Time: Support for Leasing of Financial Real Estate for Main Business Leasing

This report reads: The historical cost of the taxi business license and the current price controls make it difficult for the company’s intentions to temporarily transform the profits of major industries. Fortunately, real estate and financial assets provide value support.

Investment Highlights: Taxi business is subject to asymmetric controls and is rated “Neutral”.

The relocation and the main business of the hotel strive to maintain stability, real estate development projects are settled one after another, and stock disposal attempts to continue to contribute to profits.

We predict EPS for 2019-21 to be zero.

39, 0.

39, 0.

41 yuan.

Combining DCF with the average PE of a comparable company, gives the company a target price of 4.

06 yuan.

Compared to online taxis, traditional taxi companies are subject to asymmetric regulation of prices and licenses. The company’s intentional operation is difficult to reflect sustainable performance growth in the short term.

Taxi and hotel business earnings are expected to be stable.

The high-compensation stage for online car rental and Internet car rental has passed, and the company’s business distribution is basically stable.

The competent department’s tolerance for the innovation of Internet car rental business is conducive to the travel of the general public, but objectively leads to a reduction in the value of all taxi companies’ inventory licenses.

Considering the growth of medium and long-term labor costs, the improvement of future profitability depends on the relaxation of price controls.

It is expected that the current macroeconomic expectations cannot temporarily place too high expectations on deregulation of prices.

The rise in hotel occupancy has led to a rise in revenue growth, and business is expected to be stable in the future.

Financial investment contributes profits.

The annual report of the 2018 annual report deals with financial and financial assets with a book value of US $ 3.6 billion. It is expected to contribute profits in the future and smooth changes in performance.

However, because the company’s time to dispose of financial assets is uncertain, and the disposal price is more difficult to predict, its contribution to profits is also uncertain.

Real estate settlement will contribute profits and cash flow.

Real estate projects are about to be pre-sold, and will 合肥夜网 contribute profits in the future. At the same time, by withdrawing cash, the company’s financial costs will be reduced and future investment capabilities will be enhanced.

risk warning.

Loss of taxi drivers, renewed net bookings, hotel occupancy rates, house prices, and stock prices

China Animal Husbandry Co., Ltd. (600195): Cycles boost growth after results meet expectations

In the first three quarters of 2019, excluding Jindawei’s net profit decreased by about 20% every six months, in line with market expectations. The company announced the third quarter report of 2019. The report may report that the company achieved revenue of 29.

550,000 yuan, a year-on-year increase of 7.

47%, net profit attributable to shareholders of listed companies.

7.2 billion, -19 years old.

58%, excluding the impact of Jin Dawei (1.

10 billion investment income), the company’s performance increased by 21.


In 19Q3, the company achieved revenue 11.

190,000 yuan, 13.

69%, net profit attributable to shareholders of listed companies1.

10ppm, yoyo-24.


The company’s performance is in line with market expectations.

We expect that the company 2019?
The 21-year EPS is 0.

50 yuan, 0.

53 yuan, 0.

56 yuan, maintain “Buy” rating.

The boom in poultry vaccine continues, and the growth of FMD market seedlings has benefited from the continued high prosperity of the poultry industry chain. The company’s poultry seedlings continued to grow at the first half of the first three quarters. Grassroots understand that the growth rate of poultry seedlings has increased by 40% +.

In terms of piglets, due to the impact of the African swine fever epidemic, the domestic pig breeding volume has deviated from the deviation range, and the company’s piglet business has been affected by this, causing a certain degree of deviation.

Grassroots understands that for every 10% of FMD vaccine seed income in the first three quarters, the FMD market seedling income grows by nearly 10%, and 3) Non-FMD pig income increases by about 30%.

In addition, in the first three quarters, the company’s sales expenses were basically stable, one per quarter.

30%, the financial expenses are affected by the initial debt repayment, and the extension has been reduced several times, each time falling by 81.


The boom of the poultry chain continues, and the fry is expected to improve marginally. The breeding boom will increase the amount of yellow chicken slaughter; plus poultry, eggs will have a certain substitute for pork protein consumption in the future; the expected intensity of poultry breeding will be expanded, and the prosperity will be maintained in the next year.

In terms of pig breeding, the current pig inventory is at a historically low level. We believe that there is not much room for hog throughput to continue to be arranged, the frequency of outbreaks caused by the decline in conversion breeding density is reduced, and some of the farms will be supplemented by high profitability in the future.Promote the marginal improvement of hog production capacity.

In addition, on August 30, the company obtained the export production license for domestic and foreign resettlement of FMD O, A, and Asia Ⅰ trivalent inactivated vaccines for agricultural products, positioning the export, and targeting Pakistan along the “Belt and Road”.country.

With high R & D investment, the product is rich and enters the pet blue ocean to add vitality. For a long time, the company has maintained its leading position in the veterinary biological products industry by increasing research and development efforts.

In the first three quarters of 2019, the company’s R & D expenses increased by 22.

64%, obtained foot and mouth disease type O, type A bivalent 3B protein epitope deletion inactivated vaccine (O / rV-1 strain + A / rV-2 strain), providing product conditions for purification work in specific disease-free areas.

In the first three quarters, management expenses increased by about 2,000 million. We believe that it was mainly due to the accrual of technology use fees.

In addition, the company and Jiangsu Crazy Dog Breed “Strategic Cooperation Framework Agreement”, through cooperation, can effectively integrate the advantages of China Animal Husbandry product development, funding and Crazy Dog Pet services, channel operations, and help 杭州桑拿 the company expand pet vaccine and nutrition businessTo cultivate new points of profit growth.

Market-oriented reforms are advancing steadily. Maintaining a “Buy” rating. Considering the depopulation of pig production caused by the African swine fever epidemic, we predict that the company’s net profit attributable to mothers in 2019-21 will be 4.

2 billion, 4.

44 trillion, and 4.

74 trillion, corresponding to EPS are 0.

50 yuan, 0.

53 yuan, and 0.
56 yuan, with reference to 30 times the PE level of comparable companies in 2020, comprehensively considering the company’s operating mechanism, improved incentives, and rich product reserves. We give the company 35-40 times PE in 2020 with a target price of 18.

20 yuan, maintain “Buy” rating.

Risk Warning: The swine fever epidemic in Africa continues to 杭州桑拿网 spread, and the pet vaccine business is developing less than expected.

Depth * Company * Sunlord Electronics (002138): Steady revenue growth brings 5G new opportunities for development

The company released its semi-annual report for 2019: the report consolidated and the company realized operating income12.

17 ppm, an increase of 7 over the same period last year.

77%; realize net profit attributable to shareholders of listed companies.

950,000 yuan, down 13 from the same period last year.

80%; net profit after deduction 1

8.2 billion, a decrease of 4 over the same period last year.


Key points of support level In the context of the trade war and sluggish demand, sales revenue in the second quarter achieved 杭州桑拿网 a record high.

In the first half of 2018, the electronic boom was high, but the continued fermentation of the trade war in the second half of the year, the uncertainty of the global economy increased, and the demand for end customers decreased, resulting in a sluggish demand for the component market.

According to the latest mobile phone quarterly tracking report released by International Data Corporation (IDC), the overall integration volume of China’s smartphone market in the first half of 2019 is about 1.

800 million units, an estimated 5 in the same period last year.


Among them, the second-quarter budget is about 97.9 million units, which decreases by 6 every year.


In this context, the company achieved sales revenue6.

700 million, an annual increase of 5.

5%, a record high.

The reported growth, the expected growth of research and development growth, and the reported growth forecast are an increase of more than 20 million from the same period of the previous year, a year-on-year growth of 39%, which clearly exceeds the growth rate of sales revenue.

The future can be expected.

Expand the market and develop new products to promote the company’s long-term development.

In the first half of the year, the company achieved better results in the fields of automotive electronics and communications.

The automotive electronics business has made breakthrough progress and has achieved stable and large-scale expansion, an increase of 429 compared with the same period last year.


Benefiting from 5G, the future is expected.

The GSA’s “August 2019 5G Ecosystem Report” shows that the number of 5G terminal equipment announced globally has reached 100, and 56 operators in 32 countries have announced the deployment of 5G technology in their existing networks.

Increasing support for mobile phones is expected to increase the use of inductors, while increasing the use of miniaturized high-end precision inductors.

The company, as a leading inductor, is expected to benefit.

It is estimated that the company’s EPS in 19-21 will be 0.

73, 0.

96 and 1.

11 yuan, corresponding to PE is 30, 23 and 20 times.

Considering that 5G mobile phones are expected to increase the amount of inductance, the company as a leading company in the field of inductance will benefit and maintain a BUY rating.

The main risks faced by the rating are that the development of mobile phone end customers is less than expected; the progress of the automotive electronics business is less than expected.