BYD (002594): High growth in the first half of the year awaits heavy volume of new models

BYD (002594): High growth in the first half of the year awaits heavy volume of new models

Event Overview 2019H1 achieved revenue of 621.

800 million, an increase of 14 in ten years.

8%; net profit attributable to mother 14.

5 ppm, an increase of 203 in ten years.

6%, net profit after deducting non-return to mother 7.

40,000 yuan, an increase of 210 in ten years.


Among them, 2019Q2 revenue was 318.

80,000 yuan, an increase of 8 in ten years.

4%; net profit attributable to mother 7.

1 ppm, an increase of 87 in ten years.


After deducting non-return to mother’s net profit3.

30,000 yuan, an increase of 195 in ten years.


2019Q1-Q3 performance indicators: Expected net profit attributable to mother 15.

6 ppm-17.

6 trillion, corresponding to the growth rate of 1.

8% -14.


  Analysis and judgment: The sales of new energy vehicles have significantly increased driving revenue growth. In terms of business, 2019H1 automotive business, mobile phone foundry, and secondary battery revenue were 339.

800 million, 233.

200 million, 44.

500 million, the annual growth rate was 16.

3%, 14.

4%, -1


1) Automotive business: 2019H1 new energy vehicle revenue 254.

50,000 yuan, an increase of 38 in ten years.

8%, the 厦门夜网 proportion of revenue further increased to 40.

9%, benefiting from the high growth of the company’s new energy vehicle sales.

According to the data of China Automobile Association, the cumulative sales volume of BYD new energy vehicles in 2019H1 is 15.

730,000 vehicles, an increase of 74 in ten years.

34%, a significant increase in sales driven revenue growth.

2) Mobile phone foundry: 2017H1 and 2018H1 basically maintained a steady growth of 10% +, and continued to grow at about 4% in 2017 and 2018.

3) Secondary batteries: For the time being, it is mainly dragged down by the photovoltaic business. The domestic installed capacity of photovoltaics in 2019H1 is 11.

4 GW, a decrease of more than 50%.

  Expense control strengthened to enhance profitability 2019H1 company gross profit margin17.
1%, increase by 1 every year.
2杭州桑拿pct, mainly due to the significant increase in the gross profit margin of the automotive business.

In terms of products, the gross profit margin of the automotive business in 2019H1 was 23.

2%, an increase of 4 per year.

5pct; mobile phone foundry gross margin is 8.

6%, a decline of 3 per year.

9 points.

Net interest rate 2.

7%, increase by 1 every year.

0pct, mainly due to the strengthening of cost management and control caused the continuous decline in sales expense ratio1.

2 points to 3.

7%, the financial expense ratio fell slightly to zero in ten years.

2 points to 2.


The management expense ratio and R & D expense ratio increase slightly every year.

1pct and 0.


In a single quarter, the gross profit margin for 2019Q2 was 15.

8%, 0 per year.

4pct, net interest rate 2.

4%, a year to raise 0.

3pct, R & D expense ratio, management expense ratio, and sales expense ratio decreased by 3.

3pct, 2.

8pct, 1.


  Focus on new energy vehicle business: short-term new model-driven growth, long-term focus on increasing urban share.

  The continuously developing new energy vehicle business and the continuous development of gradual research and development. The company has achieved independent control of the technology of the new energy vehicle industry chain in power batteries and IGBTs, and has continuously improved its product line, covering both pure electric and hybrid technology routes., From the low-end to the high-end, from A00 to B, to meet a variety of consumer needs.

The company announced the sales of Xinneng Automobile in July 20191.

70,000 vehicles, down 11 every year.

8%, mainly due to subsidy decline and superimposed off-season effects.

The supplementary tax rebate caused short-term pressure on the company’s performance, but in the long run, it promotes the advantages and disadvantages of the new energy vehicle industry. The company is committed to introducing the independent controllable advantages of the new energy vehicle industry technology and the entire product line to gain more market share.

And the double-point policy relays the compensation for the downgrade to ensure the growth of the industry. Through the second half of the year, the company will launch new models such as e2, e3, the new Qin EV and e1, and a new generation of Song.High growth rate.

  Investment suggestions We believe that the company’s new energy vehicles are expected to maintain a high growth rate in 2019, and it is expected to become an independent and controllable technological advantage of core components and improve its product line to gain more market share. It is expected that revenues will increase by 15 in 2019-2020.

7% and an increase of 18.

1%, reaching 1505.

3 ppm and 1777.

500 million, net profit attributable to mothers increased by 16.

6% and an increase of 32.

8%, reaching 32.

4 ppm and 43.
0 million yuan, EPS is 1.
19 yuan and 1.

58 yuan, corresponding to 43 times and 33 times of the current PE.

With reference to the company’s historical PE interval center 35-38 times, in view of the company’s new models launched this year, the company’s PE estimate for 37 times in 2020, the target price of 58.

46 yuan, the first coverage given “overweight” rating.

  Risks suggest that the sales volume of the new energy automobile industry is lower than expected, the sales of new models are lower than expected, and the market share is lower than expected.

Zhuoyi Technology: The only independent X86-based BIOS vendor in mainland China

Zhuoyi Technology: The only independent X86-四川耍耍网based BIOS vendor in mainland China

Investment points: The only independent vendor of X86 architecture BIOS in mainland China.

The company focuses on “independent, secure, and controllable” cloud computing business. It has core firmware (BIOS, BMC) technology and cloud platform technology with independent intellectual property rights. It is one of the few domestic companies with multi-architecture BIOS such as X86, ARM, and MIPS. Technology and BMC firmware development technology manufacturers, the only one in mainland China, one of the world’s four independent X86 architecture BIOS vendors.

The company is also one of the few domestic companies that can provide BIOS firmware technology services for domestic chip Loongson (MIPS architecture), Huawei (ARM architecture) and so on.

Security and quality cloud service 无锡夜网 business provider.

The company has cloud computing device core BIOS and BMC firmware technology, which can provide cloud service business customers with more comprehensive and autonomous controllable cloud computing services starting from the hardware level of computing devices.

At the same time, the company built a cloud platform architecture with independent intellectual property rights, which completely covers the IoT layer, IaaS layer, DaaS layer, PaaS layer and SaaS layer. It is one of the few companies in China that can provide end-to-end cloud services.

In addition, the company provides a mature government-enterprise cloud solution, which can achieve data connectivity between various government departments and enterprise departments without affecting the long-term government data.

Supported by domestic substitution policies, the rapid development of the industry can be expected.

As the country increasingly improves information security, the company will directly benefit from the national information technology independence, security, and control proposed in the Outline of the National Information Development Strategy, and the domestic cloud computing equipment market will grow rapidly.

The company can provide large-scale, reliable BIOS and BMC firmware products for domestic CPU manufacturers and cloud computing equipment manufacturers, and the company’s sales scale strives to increase steadily.

Proposed to raise funds about 3.

500 million.

The raised funds will be invested in the development of domestic BIOS firmware and BMC firmware product series1.

5 trillion, based on big data, 2 trillion yuan for the construction of Zhuo Yizheng’s enterprise cloud service product series.

Net income increased rapidly, and research and development expenses accounted for a high proportion.

From 2016 to 2018, the company’s operating income was 11981.

650,000, 15235.

660,000, 17569.

400,000; net profit attributable to mother was 2862.

400,000, 3307.

330,000, 5157.

780,000; gross profit margins are 53.

52%, 44.

91%, 49.

19%; the company’s R & D expenses are 1238.

540,000, 1550.

12 million, 2039.

450,000; R & D expenses account for 10% of revenue.

34%, 10.

17%, 11.


Select the first listing standard, and it is recommended to use the PE estimation method.

The company complies with Article 2 of the Shanghai Stock Exchange’s Science and Technology Board Stock Listing Rules.


Listing criteria of Article 2 (1): The market value is expected to be no less than RMB 1 billion, and the net profit in the past two years can be positive and progressive.In the past year, the net profit was positive and the operating income did not exceed RMB 10,000.

Risk reminder: the risk of high customer concentration, the concentration of cloud service business areas, and the risk of loss of core technical staff

Aonong Bio (603363): Large number of breeding pigs and hog breeding section have great flexibility

Aonong Bio (603363): Large number of breeding pigs and hog breeding section have great flexibility

Event: Recently, we conducted a field survey on the production and operation status of Aonong Bio and its future development plan.

The company is a high-tech farming and animal husbandry enterprise integrating feed, animal health, pig farming and raw material trading.

Focusing on the brand positioning of “feed-centric service enterprises and food-oriented pig-raising enterprises”, the company actively develops and develops feed and pig breeding businesses, and its competitiveness is constantly increasing.

There are a large number of breeding pigs and we are actively deploying fattening capacity.

At the beginning of the listing, the company mainly sold breeding piglets and piglets in order to complement the feed business.

Since 2018, the company has been focusing on developing pig breeding business and actively supporting fattening capacity, which has increased the number of pigs produced.

At present, about 60% of the pigs sold by the company are piglets. In the future, the construction of the company’s fattening capacity and the growth of the stocking scale will increase the proportion of fattening pigs.

At present, the company has sufficient hog production capacity. At the end of the first quarter, the company has a total of 40,000 sows in stock, and 60,000 sow pig farms are under construction. The stock and construction capacity will reach the scale of 2 million hogs next year.

In the future, the company will increase its fattening capacity through self-built breeding communities and the development of stocking models. The goal is to achieve 6 million pigs per year by 2023 and 3 million pigs by 2021.

On May 14, the company issued an announcement to merge the “Cooperative Management Framework Agreement” with Guizhou Qihuan Modern Agricultural Development Co., Ltd. to establish Guizhou Aonong Qihuan Livestock Breeding Co., Ltd.

The “Seven Rings of Aonong” currently has 5,000 sows in stock and a designed sow inventory of 10,000. The company’s pig production has further expanded.

At present, the company ‘s complete pig breeding cost is about 14 yuan / kg, and the increase in costs is mainly due to the increase in the cost of African swine fever control. In addition, the company ‘s complete matching of the scale also leads to higher breeding costs.

淡水桑拿网 The synergy effect of the feed plate is obvious.

The company’s feed business contributed gross profit in 20187.

79 trillion, accounting for 99% of the company’s gross profit, is still the company’s largest business segment.

Prior to 2017, the focus of the company’s feed sector was mainly on expanding the feed market. After 2017, the company began to focus on the efficiency of feed sales. The cost rate during the 2018 period has dropped significantly. In the future, the company’s feed segment will continue to rise during the feed segment.

At present, the company’s feed sales are mainly pig feed, accounting for about 85% of the total feed sales.

In the future, the company will increase the sales of poultry meat and aquatic materials. The company plans to increase sales of other feeds to 50% of the total feed sales by the time the mid-term target is completed.

Risk Warning: Swine Fever and Disease, Natural Disasters, Poor Pig Production

Boss Electric (002508): Q3 performance rebounded strongly, engineering channels doubled and increased optimistic about leading performance flexibility

Boss Electric (002508): Q3 performance rebounded strongly, engineering channels doubled and increased optimistic about leading performance flexibility
Incident October 28, 2019, Boss Electric released the third quarter report of 2019. The company’s total operating income in Q1 2019 was 56.25 ppm, a ten-year increase4.3%; achieve net profit attributable to mother 10.86 ppm, a ten-year increase of 7.3%; net profit deducted from non-mother 10 is realized.33 ppm, an increase of 11 years.4%. In terms of quarters, the company achieved revenue of 20 in Q3.98 ppm, an increase of 10 in ten years.6%; net profit attributable to mother 4.15 ppm, an increase of 18 in ten years.2%; net profit deducted from non-attributed mothers4.110,000 yuan, an increase of 23 in ten years.9%. Brief Comment 1. The boss of Q3 rebounded strongly, the output of smoke machine hit a record high. The boss of Q3 appliances entered a rebound cycle, and Q3 achieved a revenue of 20 in a single quarter.98 ppm, an increase of 10 in ten years.6%, earlier Q1 / Q2 were +4 respectively.3% /-2.The growth rate of 0% has rebounded significantly.Mainly driven by the engineering and innovation channels, the decline in retail sales has also narrowed. In terms of engineering channels, the company continued to strengthen its hardcover cooperation with head real estate enterprises such as Evergrande and Vanke. The engineering channels achieved 100% growth in the first three quarters.In terms of production scheduling, due to the demand for stocking on Double Eleven, the company ‘s emissions reached a record high in October, and it is expected to remain high throughout the fourth quarter. From the perspective of the industry, Q3 kitchen appliances as a whole are still operating at the bottom, and the size of the kitchen appliances has been improved.According to the data of Zhongyikang, the retail sales of 19Q3 range hoods, gas stoves and water heaters were US $ 8.8 billion, US $ 5.93 billion, and US $ 14.3 billion, respectively.30%, -1.67% vs -4.03%, Q1 changes by 1 respectively.58, -0.30 and -2.93pct, narrowing down the range hood.In terms of size, Q3 single-season range hoods, gas stoves, and water heater retail sales have gradually increased by 2.27%, 3.35% vs. 3.88%, but dragged down by terminal prices, overall revenue is still falling. 2. Profitability increased, the growth of gross profit margin accelerated. During the period, expenses effectively controlled the growth of Q3’s profit side. The company achieved net profit attributable to mothers in Q3 of 20194.15 ppm, an increase of 18 in ten years.2%; net profit after deduction is 4110,000 yuan, an increase of 23 in ten years.94%, a decrease, the company did not substantially loose the price when the industry was under pressure, and the profit side remained stable; the restructuring benefited from the low profit of raw materials and replacement dividends.The company’s consolidated gross profit margin was 55 in 19Q1-3.04%, an annual increase of 1.74pct, Q3 single quarter gross margin was 55.69%, an annual increase of 2.62 points. Costs have declined during the period.19Q1-3 Company selling expenses 27.68%, a decrease of 0 per year.04 points.Q3 single season selling expenses 27.02% declines by 0 every year.94pct, due to the increase in the proportion of engineering channels due to the decrease in sales expense requirements; 19Q1-3 management expense ratio (including research and development) is 6.53%, a decline of 0 every year.34pct; Q3 single season management fee 6.84%, a decline of 0 every year.32pct.19Q1-3 financial expenses budget-1.06%; annual growth of 0.4pct, mainly due to the decrease in interest income. 3. Multi-channel adjustment and optimization, engineering channels doubled and increased. Facing the sluggish industry environment, the company adjusted and optimized multi-channels to promote performance growth.In the retail channel, the company optimized the specialty store system to hedge against the impact of the KA downturn, while actively exploring the first and second stock markets; in the e-commerce channel, the company accelerated online and offline collaborative development, optimized operating efficiency, and actively adjusted online categories to meet customer needs. In terms of engineering channels, the company continued to deepen cooperation with Evergrande, Vanke, Country Garden and other real estate enterprises. The central range hood provided assistance to the development of strategic customers for engineering channels.According to the monitoring data of the fine decoration of Aowei Real Estate, the market share of the “boss brand” range hood is 37.8%, ranking first in the industry.At the same time, the company actively cooperates with cabinet companies such as Europa, Smi, and home improvement companies such as Love Space and Golden Mantis to stimulate the vitality of the home improvement market. In 2019, more than 80% of the top 100 real estate companies and major cabinet home improvement companies choose their bosses as kitchen appliancesBusiness.The growth rate of the company’s engineering channels in the first three quarters reached 100%, and Q3 accelerated further in the single quarter. The entry channel of engineering channels is relatively high. Real estate developers prefer higher brand positioning, improved service capabilities, and better product quality to cooperate. High-end brands such as bosses have unique advantages. It is expected that the proportion of hardcover channels will increase in the future.Benefit fully from evolution. 4. Turnover efficiency is slightly predicted. In terms of Q3 cash flow growth, the inventory is dazzling. In 19Q1-3, the company’s inventory fell earlier than the same period in 18 years. At the end of the third quarter, the company’s inventory was 12.53 trillion, down 6 from the same period last year.2%, inventory turnover days rose 8 days to 139 days. In terms of accounts receivable, the accounts receivable of the company in 19Q1-3 increased by 63 compared with the same period last year.55% to 5.04 trillion, mainly due to the increase in the proportion of engineering channels with an extended repayment period.Turnover days were 23 days, an increase of 6 days compared with the same period last year, and the turnover rate was still at a relatively high level as a whole. Operating cash flow increased significantly, the company achieved operating cash flow in 19Q1-3 10.350,000 yuan, down 13.78%, but Q3 achieved operating cash flow in a single quarter3.77 ppm, a 377-year increase.38%, mainly due to the increase in sales due to sales boost. Investment suggestion: We believe that the kitchen appliance industry is currently at the bottom, with a low base after the third quarter of last year, and the background of terminal retail has no more deviation. The second bottom of the kitchen appliance fundamentals will be a small probability event.Subsequently, the real estate completion data picked up. Boss Appliance Q3-Q4 tried to get out of the high and low trend. The third quarterly report shows that the rebound in performance has been 合肥夜网 realized.We estimate that the company’s operating income for 2019-2020 will be 77.77, 80.19 ppm, a ten-year increase4.75%, 8.00%; net profit attributable to mothers is 15 respectively.50, 16.90 ppm, a five-year increase of 5.21%, 9.03%, corresponding PE is 15 respectively.5x, 16.9x, maintain “Buy” rating. Risk warning: intensified market competition, rising raw material prices, and adverse effects on the real estate cycle.

Haitong Securities (600837) 19th Annual Report Review: Self-operated flexible and complex leasing subsidiary landed on HKEx

Haitong Securities (600837) 19th Annual Report Review: Self-operated flexible and complex leasing subsidiary landed on HKEx

Introduction to this report: The elasticity of self-operated investment income has been greatly released, driving the 19H1 performance to increase significantly in the past ten years.

The average value of routine procedure fees maintained a relatively high growth, and the premium rate for stock pledge performance increased, and the company’s existing PB1.

3 times, lower than comparable companies, increasing holdings.

Investment Highlights: Maintain “Overweight” rating and maintain target price of 17.

37 yuan / share, corresponding to 19P / B1.

6 times.

The company’s operating income for 19H1 / net profit attributable to its parent was 177.


300 million, previously +62.

1% / + 82%, ROE 4.

56%, ten years +2.

0 points; 19Q2 net profit 17.

600 million, -53 from the previous month.

4%, in line with our expectations.

At the end of the period, the net assets attributable to the mother was 122.4 billion yuan, +3 earlier.


The self-operated investment income surpassed the big increase to drive the company’s performance growth, and we maintain the company’s EPS forecast for 2019-21 is 0.



12 yuan.

The company’s 19-year performance and asset quality have been maximized and improved, currently P / B 1.

3 times, which is lower than the estimates of comparable companies.

The self-employed elasticity was released outstandingly, and the stock pledge performance ratio rebounded significantly.

1) 19H1 self-operated income (including fair-loss loss gains) of 60 billion yuan, + 275% over the 杭州夜生活网 same period, accounting for 43% of main income. It is expected that directional investment in equity will be the main force for incremental growth.

2) 19H1 company’s stock base turnover exceeds + 30% (A shares as a whole + 29%), net income from securities brokerage business + 19%, commission rate 10,000.

04, a 9% decline each year.

3) At the end of June, the company’s two financial surpluses were 39.6 billion yuan, + 14% from the beginning of the year, and its market share was 4%.

35%, -0 from the beginning of the year.


The size of stock pledges was 48.8 billion, which was -9% earlier, and the rise in the stock market led to the fulfillment ratio rose to 245%, + 50pct earlier.

19H1█ Net income 22.

500 million, previously -15%; credit impairment loss of 10.

600 million yuan, the provision of shares and leases increased sequentially.

4) 19H1 investment bank net income16.

500 million, ten years + 8%, 19H1 successfully applied for six science and technology board projects, two projects in July the first batch of IPO.

5) The scale of asset management at the end of the period was -14% from the beginning of the year, and net income from asset management business was 6.

700 million, previously + 96%, it is expected that the collective performance management floating performance compensation will continue to increase.

It is planned to increase the net capital by US $ 20 billion, and Haitong Hengxin will be listed on the Hong Kong Stock Exchange.The company’s leased subsidiary, Haitong Hengxin, was listed on the Hong Kong Stock Exchange and became the company’s third overseas listing platform.

Haitong Hengxin 19H1 net profit 7.

300 million, previously + 12%, with an estimated ROE of 11.

4%, non-performing rate is 0.


Catalysts: The implementation of capital market reform and innovation policies; increased market activity.

Risk warning: the stock market has fallen sharply; industry supervision has become stricter.

Tianqi Lithium (002466): Advancing in Adversity

Tianqi Lithium (002466): Advancing in Adversity

Core point: semi-annual report: net profit attributable to mother in the first half of the year 1.

The 930,000 yuan company released its 2019 Interim Report 苏州桑拿网 and achieved revenue of 25 in the first half of the year.

9 trillion, minus 21.

28%; net profit attributable to mother 1.

9.3 billion, a decrease of 85.

2%; EPS is 0.

17 yuan / share, the same reduction of 85.


The company expects net profit attributable to mothers to be 2-2 from January to September.

500 million, a reduction of 85% -88%.

Revenue was 13.

3.7 billion, 12.

5.3 billion, net profit attributable to mothers was 1.

11 ppm, 0.

820,000 yuan, the second quarter revenue fell 6.

3%, net profit doped 21%.

The company’s H1 performance exceeded the main level due to the decline in lithium prices (average price of H1 lithium products 7).

RMB 990,000 / ton, down 38% in half a year; sales of lithium products1.

94 at least, a year-on-year increase of 18%), the decline in Q2 performance was mainly due to the growth rate of lithium product sales (Q2 lithium product sales fell 14%, the average price rose 0.


Company H1 lithium concentrate sales 18.

99 ounces, a decrease of 11%, with an average sales price of 5,469 yuan / ton, an increase of 1


In addition, the increase in M & A loan interest rates is also a leader that leads to the maximum expansion of the company’s H1 performance (the company H1 only generates 8 M & A loans.

61 billion US dollars in expenses, offsetting SQM investment income2.

After 4.8 billion, net interest on borrowings is still increasing 6.

1.3 billion).

(Allocation letter of reply) M & A loan principal and interest payment is the company’s main task. The company’s main task is to solve the problem of M & A loan principal and interest payment. According to the rights issue response letter, the company needs to repay the principal of the M & A loan from 2020 to 2023.twenty four.

75, 24.

7.53 billion yuan.

In 2019, the company’s proposed rights issue will not raise more than 7 billion U.S. dollars. As of June 30, the company still has more than 4 billion U.S. dollars of remaining public offering bonds, 53

$ 5.8 billion in unused bank credit and beyond.

$ 6.8 billion in monetary funds.

The 北京夜网 company can ensure the repayment of the principal of M & A loans through various financing methods.

The profit forecast and investment proposal do not consider financing such as rights issue. It is expected that the company’s EPS for 2019-2021 will be 0.

08, 1.

82 yuan / share; considering the company’s leading region and the future growth of the company and the industry, maintain a reasonable value before 28.
The judgment of 0 yuan / share remains unchanged, and the rating of “Buy” is maintained.

Risk Warning: Low-expected financing progress such as rights issue; low-expected progress of new projects.

Pien Tze Huang (600436): The rapid growth of Pien Tze Huang sales continues to be optimistic about the company’s development

Pien Tze Huang (600436): The rapid growth of Pien Tze Huang sales continues to be optimistic about the company’s development

The event company released the 2018 annual report on April 12, the company released the 2018 annual performance report, and realized operating income in 2018. The 杭州夜生活网 net profit attributable to the parent and the net profit after deduction were 47.

6.6 billion, 11.

4.3 billion and 11.

24 ppm, an increase of 28 each year.

33%, 41.

62% and 44.

97%, realized profit 1.

89 yuan, slightly more than our navy expected.

A brief review of the company’s brand cultivation has achieved initial results. The sales of the Pianzai series have grown rapidly. In 2017, the company expanded its advertising and launched brand cultivation and promotion from TV, newspapers, high-speed rail naming rights, and today’s headlines. Major achievements at the beginning of 2018: ① Pharmaceutical industry, medicineBusiness, daily necessities and cosmetics, food and other businesses all achieved growth, with operating income of 18 respectively.

8 billion, 23.

5.4 billion, 4.

9.8 billion, 0.

1.3 billion, an increase of 28 each year.

45%, 23.

82%, 56.

71%, 3.

15%; ② Pien Tze Huang has not adjusted its price in 2018, and the growth in performance has come from the increase in sales. It can be seen that the operating income of drugs for liver disease (approximately Pien Tze Huang) has reached 17.

97 ppm, an increase of 32 in ten years.

07%, the growth rate is slightly higher than the overall growth. It can be seen that the sales of Pianzai series products have achieved rapid growth. ③ The Pianzai Experience Center covers most of the country’s capitals and major economically developed cities. It has newly entered blank provinces such as Xinjiang, Shanxi, and Inner Mongolia to promote the company.Product sales.

④ The company’s selling expenses are 3.

92 ppm, a decrease of 2 per year.

84%, promotion, business promotion, and advertising expenses have been slightly reduced, and still achieve outstanding performance. It can be seen that the company’s brand has been successfully cultivated. It is expected that the company’s brand influence will continue to promote performance growth.

Increasing investment in research and development, the Pien Tze Huang series is expected to grow for a long time. Pien Tze Huang is a national top secret formula with a long history and occupies an important position in the field of liver protection and liver protection drugs.

Based on the existing advantages, the company cultivates a large variety of Pien Tze Huang, actively develops a series of pharmacology, toxicology, quality standards and clinical research projects with the main line of treating liver diseases and tumors, and the auxiliary lines of anti-inflammatory, immune regulation, anti-alcoholic and liver protection.36.

In 2018, the company invested a total of 10.8 million yuan in research and development, an increase of 44 per year.

twenty two%.

Continuously enriching R & D projects and surplus R & D strength, the company has initially formed a R & D layout and R & D pipeline with the characteristics of the Pianzi 癀 brand, which will further enhance the company’s competitiveness and profitability, and lay the next level for the long-term sales growth of the Pianzi 癀 seriesbasis.

The strategy of “one core and two wings” is steadily advancing, and daily necessities and cosmetics first bloom. The company focuses on the development strategy of the “one core and two wings” large health industry in the field of daily necessities, cosmetics, and health food. At present, daily necessities and cosmetics have achieved rapid volume growth, and operating income in 2018 has further increased56.

71%, this part of the business mainly depends on two subsidiaries, ① Fujian Pien Tze Huang Cosmetics Co., Ltd. to achieve operating income2.

7.4 billion, an increase of 56.

95%; ②The subsidiary Zhangzhou Pianzi 癀 Shanghai Jahwa Dental Care Co., Ltd. realized operating income1.

2.2 billion, an increase of 40.


It can be seen that the company’s cosmetics and oral care businesses have successfully entered the market and won the favor of consumers. The pharmaceutical cosmetics and pharmaceutical toothpaste have precedents. This part of the company’s business promotes continuous heavy volume; therefore, the company is realizing 11 health foods and foods.The development of the company provides technical support for the strategic development of the “health products”. The company’s cosmetics and health products are expected to achieve two blossoms.

The main financial indicators were basically normal. Due to the increase in the prepayment for the subsidiary Xiamen Pianzai Honghong Pharmaceutical Co., Ltd. (consolidation), the company’s prepayment reached 1.

530,000 yuan, an increase of 39 in ten years.

4%; resettlement of the pre-paid project development and construction funds invested in 70 acres of commercial land in the previous period, and the company’s other receivables are only 40.58 million yuan, a decrease of 59.
60%; As the subsidiary Xiamen Pien Tze Huang Hongren Pharmaceutical Co., Ltd. realized the 2017 annual performance assessment profit, Fujian Yangming Kangyi Biomedical Venture Investment Enterprise paid to it 5.72 million yuan in price adjustment for intangible assets. The annual amount of 14.3 million yuan was reduced to 8.58 million yuan; the company increased direct materials for direct use of liver disease drugs, direct labor and manufacturing costs, and the main business paired reached 27.
40 ppm, gross margin is 42.

42% before 2017.

26% decreased slightly; the company reduced its publicity expenses, realized efficient management, and changes in the RMB exchange rate, so the sales expense ratio, management expense ratio and financial expense ratio were 8 respectively.

23%, 7.

17%, -0.

21%, 10 before 2017.

87%, 7.

32%, -0.

11% supplementation improved; other financial indicators of the company are basically normal.

Earnings forecast and investment rating We are optimistic that the company will enter a period of rapid growth in both volume and price: 1) Pien Tze Huang is an exclusive breed with a national top secret formula and is a resource-based Chinese medicine. In addition, the company has a long history of strong brand strength and strong pricing.Capabilities; 2) The company strives to ensure the excessive supply of raw materials for the Pien Tze Huang series in the next few years through various methods; 3) The company vigorously promotes the sales growth of the Pian Tsai Huang series through a new marketing model.

It is expected that the company’s operating income for 2019-2021 will be 61.

5.8 billion, 81.

13 ppm and 108.

6.3 billion, net profit attributable to mothers was 14.

6 billion, 19.

3.7 billion and 25.

76 trillion, an increase of 27 each year.

8%, 32.

6% and 33.

0%, equivalent to 2 respectively.

42 yuan / share, 3.

21 yuan / share and 4.

27 yuan / share, corresponding P / E is 49.

0X, 36.

9X and 27.

8x, maintain BUY rating.

Risk analysis Drug price reduction risk, accounting policy change risk, raw material supply risk and raw material price risk, exchange rate change risk.

What are the good development goals for smart cars?

What are the good development goals for smart cars?

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


Smart cars usher in great benefits!

11 departments jointly issued documents to clarify future development strategies Zhou Jian On February 24th, 11 ministries and commissions including the National Development and Reform Commission, the Central Network Information Office, and the Ministry of Industry and Information Technology issued a “Smart Vehicle Innovation and Development Strategy””)”).

  Wind data shows that as of today’s close, the driverless index has increased by 4.

36%, Huayang Group, Luchang Technology, Baolong Technology and other stocks daily limit.

  What is a smart car?

  ”Strategy” defines smart cars as “a new generation of cars that are equipped with advanced sensors and other devices, use artificial intelligence and other new technologies and have autonomous driving capabilities, and have gradually become intelligent mobile spaces and application terminals.”, Self-driving cars, etc.

  The Strategy proposes that at this stage, smart cars have become the strategic direction for the development of the global automotive industry in terms of technology, industry, applications and development.

  Therefore, the development of smart cars has important strategic significance in the past.

  In addition, the national systems and management systems of developing countries and the automotive industry chain have strategic advantages in the development of smart cars.

  What are the development goals?
  The “Strategy” proposes that by 2025, the technological innovation, industrial ecology, infrastructure, regulations and standards, product supervision and network security system of China’s standard smart cars will be basically formed.

  The realization of smart cars with conditional autonomous driving has reached large-scale production, and the realization of highly automated smart cars for market application in specific environments.

  The construction of intelligent transportation systems and 都市夜网 related facilities in smart cities has made positive progress. Wireless communication networks for vehicles (LTE-V2X, etc.) have achieved regional coverage. New generations of wireless communication networks for vehicles (5G-V2X) have been gradually applied in some cities and highways.Spatio-temporal reference service network achieves full coverage.

  Looking forward to 2035 to 2050, China’s standard smart car system will be fully completed and improved.

The safe, efficient, green, and civilized smart car powerhouse is expected to be gradually realized, and smart cars fully meet people’s growing needs for a better life.

  How to develop smart cars?

  The Strategy has formulated six main tasks for the development of smart cars.

  Task 1: To build a collaborative and open intelligent vehicle technology innovation system, 深圳桑拿网 we must break through key basic technologies, improve testing and evaluation technologies, and carry out application demonstrations.

  Task two: To create a cross-border integrated intelligent automobile industry ecosystem, strengthen the core competitiveness of the industry, cultivate new market players and promote the application of new technologies.

  Task Three: To build an advanced and complete intelligent vehicle infrastructure system, we must promote the planning and construction of intelligent road infrastructure and build a vehicle wireless communication network with wide coverage.

  Task four: Build a comprehensive system of smart car regulations and standards, improve laws and regulations, improve technical standards and promote certification.

  Task five: Rebuild the scientific and standardized smart car product supervision system, strengthen vehicle product management and vehicle use management.

  Task six: Establish a comprehensive and efficient intelligent vehicle network security system, improve the security management linkage mechanism, improve network security protection capabilities, and strengthen data security supervision and management.

  What supportive policies are there?

  The “Strategy” proposes to ensure the innovation and development of smart cars from the five aspects of strengthening organization and implementation, fully supporting policies, strengthening talent guarantee, deepening international cooperation and optimizing the development environment.

  The simplest is the support policy. The Strategy proposes to study and formulate relevant management standards and rules, introduce policies to promote the development of autonomous driving for road traffic, and guide enterprises to plan and participate in smart car development in an orderly manner.

  Utilize a variety of funding channels to support the research and development and industrialization of key technologies for smart cars, smart transportation and smart city infrastructure construction.

  Strengthen financial and financial policy guidance, and qualify eligible enterprises to enjoy pre-tax income tax alternatives in accordance with pre-established fiscal policies, and gradually implement preferential fiscal and tax policies for SMEs and start-ups.

  The use of financial leasing and other policy tools will focus on supporting new business formats and developing new models.

  The potential of the smart car market is unlimited. From January 2018, the National Development and Reform Commission issued a public consultation draft to the official release of the “Strategy” in February this year, which took two full years.

  A person in charge of a car company, after knowing the official release of the Strategy, bluntly stated that the future must be software-defined cars.

  He Xiaopeng, chairman of Xiaopeng Automobile, also said on his Weibo that there is finally a directional guide.

  Screenshot of He Xiaopeng’s Weibo This “Strategy” is generally regarded as “a programmatic document and layout design for the development of smart cars”, which will guide and promote including automotive, automotive electronics, 5G, artificial intelligence, autonomous driving, Beidou satellite, cloud computing,Transformation and upgrading of data and other industries.

  A practitioner in the field of autonomous driving told Shanghai Securities News that at present, there are differences in the field of autonomous driving from international ones, but are changing. The implementation of the Strategy will help to catch up in this field. “We haveThere are a lot of companies that have good hardware, software, and algorithms, and many listed companies will be born.

He also stated that it is time to release the right of way as soon as possible to help the commercialization of companies in the autonomous driving field land as soon as possible.

  According to the research report of Tianfeng Securities, compared to traditional cars, the total smart car purchase cost is more than 3,000 USD per vehicle.This means that an average of more than 20 million new car markets each year, corresponding to a huge market of nearly 60 billion U.S. dollars, only the large-scale road infrastructure investment brought by wireless communication for vehicles, and the value-added of cloud service data, etc.New industries.

  According to the “Forecast of the Development of China’s Self-driving Car Industry” and “Investment Strategic Planning Analysis Report” issued by the Foresight Institute of Industry, related data, self-driving cars can generate a 200 billion to 1 by 2025.

A huge market of $ 9 trillion.

By 2035, global driverless car sales will reach 11.8 million units, with a compound annual strength of 48 between 2025 and 2035.

35%, when China will occupy 24% of the global market.

  In fact, many car companies are planning to “brain” their cars, and some projects have already blossomed.

  Since 2014, SAIC has invested in hardware and software companies in multiple fields, including millimeter-wave radar, high-precision maps, V2X, in-vehicle intelligent voice, and autonomous driving, through multiple platforms.

In 2015, SAIC Group and Alibaba jointly funded the Zebra Network to develop a set of domestic independent operating systems. At present, in addition to SAIC’s Roewe, MG, and Maxus vehicles, the partners also include Dongfeng Citroen, Ford, Qoros and other car companies.

In September 2019, six companies including SAIC, BMW, Didi, Baidu, Hailiang Technology, and Shenlan Technology obtained smart connected vehicle demonstration application licenses or commercial licenses for autonomous driving.

Why is it difficult to detect and diagnose?How should Japan cope with new coronary pneumonia?

Why is it difficult to detect and diagnose?How should Japan cope with new coronary pneumonia?
People’s Daily Online, Tokyo, February 27 (Sun Lu and Li Muhang) At 19:30 on the last 27th, Japan confirmed a total of 895 people infected with the new coronavirus (“Diamond Princess” 705).Among them, 35 people were infected in Tokyo and 39 people were infected in Hokkaido.With the increasing number of new coronavirus infections in Japan, how to seek medical treatment promptly when there is a persistent fever or cough, how to receive more tests and reduce the disease, and how to initiate active treatment after the infection appearsThe Internet has 无锡夜网 sent many complaints from Japanese people about the government’s efforts to prevent and control the government.Netizens are difficult to detect and difficult to diagnose at home. Observe the anxiety at home. Japanese netizen “Emi’s four brothers’ mothers” left a message: The 9-year-old man has a fever of more than 37 in 4 days.Coughing more than 5 degrees and called the New Crown Virus Counseling Center, but the other party said “only people who have been to China or have been in contact with a positive patient can be examined.”In this case, there are probably tens of thousands of Japanese invisible new crown virus carriers, right?Two days later, my legal last hope was to call the health center again, and I repeated the information about my husband ‘s condition (travel experience in Canada and the United States), the situation of the children, and the doctor ‘s instructions, 杭州夜网 while crying.I hope they can agree to check the child.However, the answer was still that the inspection could not be performed because the inspection conditions were not met.Japanese netizen carnism commented that because of work, last week, he had contact with people who had just come from China, and now he has had a fever of 38 degrees and a cough.This is the case, and the hospital and the health center in Kagawa Prefecture do not test for viruses.Is it due to retina infection?Subsequently, a Japanese netizen named Junko Yamada left a message and suggested that carnism go directly to the hospital for examination.Carnism reluctantly replied: “The hospital responded to me that if it was not the designated New Crown Virus Hospital, it would not be able to perform the test.I went to the designated hospital today and said my condition. The other person said that my CT showed that it was not pneumonia, and the cause of the symptoms was not known. “Similar messages from Japanese people have appeared frequently on Japanese social networks recently, and many families have suffered because they cannot be diagnosed.Professor Akira Okada of the former National Institute of Infectious Diseases expressed dissatisfaction with the advance detection instructions on a Japanese TV program.(Picture snapshot video screenshot) According to the Tokyo Metropolitan Infectious Disease Information Center, the patient’s condition will be reported to the health center through the original medical institution, and the boot decides to check related matters.Inspections were performed by the local health research institute and the National Institute of Infectious Diseases.General medical institutions do not test patients.In other words, fever patients first go to a nearby clinic for medical examination. If they are suspected of contracting new coronavirus, the clinic will report to the health center, and the health center will send the test samples to the research institution for examination.Regarding the current testing process, the former National Institute of Infectious Diseases, Professor Okada Okada, on a Japanese TV program, provided that the current testing and treatment indicators adopted by the Japanese government only provide PCR testing for severe patients with new coronavirus.Pain turns into resentment, which can lead to a cliff-like shift in cabinet support.According to the latest survey results by Sankei Shimbun in Japan, Abe ‘s cabinet approval rate has replaced 36.2%, the unsupported rate rose to 46.7%, this is the first time since July 2018 that the non-support rate is higher than the support rate.The director of the Medical Government Research Institute and the physician Shang Changzheng said that patients who want to be tested should be tested whether they are mild or severe.Shang Changzheng said that there are currently hundreds of testing companies in Japan. Even a small testing company can test about 100 quarantine samples a day. The unit that Japan can test a day is 100,000.The degree of virus infection can be known only by detecting mild patients, and now only detecting severe patients, it is impossible to grasp the situation of most patients.[1][2][3]

Yunnan Baiyao (000538): H1 deduction non-performance previously expected to establish a sound long-term incentive mechanism

Yunnan Baiyao (000538): H1 deduction non-performance previously expected to establish a sound long-term incentive mechanism

The event company released the semi-annual report for 2019 and the directors and supervisors’ KPI assessment plan. In the first half of 2019, the company realized operating income. The net profit attributable to the parent and the net profit after deduction were 138 respectively.

9.7 billion, 22.

47 ppm and 11.

3.5 billion, an increase of 5 each year.

72%, 8.

59% and -25.

93%, achieving a budget benefit of 0.

48 yuan, on the one hand operating cash flow2.

16 yuan, the net profit after deduction is lower than our expectation.

The company announced the management measures (draft) on the remuneration and assessment of core personnel such as directors and supervisors.

A brief review of drug moisture, cost adjustments, and asset impairment charges H1 deducted non-attributable net profit In the first half of 2019, the company’s non-recurring profit and loss totaled 11.

11 trillion, of which non-current assets disposal gains and losses (including the write-off portion of the provision for asset impairment) is 10.

US $ 7.1 billion, mainly because the company will focus on the main business in the future and will merge and acquire two subsidiary financial business subsidiaries acquired after Baiyao Holdings for asset replacement. It is expected that similar asset disposal will not occur in H2.

The business scope of the parent company is mainly the company’s pharmaceutical division. The parent company’s revenue in 2019H1 is 25.

33 ppm, a ten-year increase of -1.

48%, net profit -0.

830,000 yuan, an increase of -124 in ten years.


The decrease in parent company’s net profit was mainly due to the provision for asset impairment losses and credit impairment losses, both of which were 1.

62 ppm and 2.

51 ppm, of which the asset impairment loss was mainly due to the inventory depreciation loss of Sanqi, and the credit impairment loss was mainly the loss of other receivables.

Excluding the interest income and investment income factors, we estimate that the company’s pharmaceutical division H1 has achieved digital segmentation, and channel clearance is still ongoing.

The Health Products Division is mainly Yunnan Baiyao Group Health Products Co., Ltd., with operating income of 24 in 2019H1.

74 ppm, a five-year increase of 5.

2%, net profit 9.

56 ppm, a ten-year increase of -0.

6%, the increase in cost-side investment has dragged down the business unit’s performance growth.

The main expenditures at the expense end are: 1) toothpaste series products: continued 19H1, Baiyao toothpaste market share increased to 20.

1%, has leapt to the first place in the country, and has surpassed black toothpaste; 2) Mask products: The company adopted the mask products 19H1 to strengthen product promotion.

In the Chinese Medicine Resources Division, we estimate that the 19H1 will achieve a steady increase in number, and the growth in profit will decline. This is mainly due to the loss of inventory from the March 7 inventory, but the overall profit volume of the division is limited, which will have a small impact on the company’s consolidated statement of profit.
In the pharmaceutical business sector, operating income was 89 in 19H1.

50 杭州夜网 ppm, an increase of 12 in ten years.

86%, net profit (caliber of provincial pharmaceutical company) 1.

0.94 million yuan, an increase of -14% in ten years.

Provincial pharmaceutical companies ‘net profit decreased mainly due to: 1) As the company absorbed M & A Baiyao Holdings, the corresponding data of the same period last year and the end of the previous year were adjusted accordingly, and the comparable caliber has changed; 2) Provincial pharmaceutical companies’ business development momentum is good, and the expenses are somewhatImproving growth and dragging down current performance.

Announcing the KPI evaluation plan for core personnel such as directors and supervisors, and improving the incentive mechanism to reform The KPI evaluation plan for core personnel such as directors and supervisors is based on the principles of marketization, internationalization, differentiation, and diversification; it applies to company directors, supervisors, and other core personnel ((Including managers and core backbones who do not participate in the company’s party and mass system, etc.), excluding independent directors.

The core lies in budget composition and adjustment and annual performance evaluation. Specifically, annual compensation consists of fixed salary, short-term incentives, incentive funds and long-term incentives.

1) Fixed salary: It is a fixed part of salary, which is determined based on factors such as job value, job responsibilities, risks, pressure and market competitiveness.This part of the bonus is generated according to the actual working month.

Fixed salary = standard fixed salary × position coefficient. The standard fixed salary is comparable to the same-sized peer-level salary level of the benchmark industry. It is determined to be 1.8 million yuan (before tax). The standard fixed salary has significantly improved compared with the achievements of directors and supervisors in 2018.Incentive: It is the part that is linked to the current performance of the company and the result of individual performance.

55%, allocated according to the annual performance completion rate indicator plan; 3) Incentive funds: incentives that are linked to long-term performance, the total package is (the company’s current net profit-previous year’s net profit) × 15%, only for the current yearAccrual is only carried out when the performance completion rate is ≥100%.

All incentive funds are reserved for the fund pool, which will be used by future directors and supervisors and other key personnel to invest in emerging projects of the company, increase the shareholding of listed companies, equity incentives, or employee equity investment; 4) Formulate long-term incentive plans.

Annual performance assessment: 1) indicator level: divided into company size assessment indicators and individual work performance assessment indicators; 2) indicator types: financial indicators and management indicators; 3) management scales, job responsibilities and differences for different personnelSet the proportion of each assessment index.

We believe that this company ‘s KPI assessment plan for key personnel such as directors and supervisors covers a wide range of people. The annual budget involves short, medium and long-term incentives for key personnel such as directors and supervisors.

In addition, the company has revised the executive budget management and assessment method in November 2017, and the executive budget has achieved significant growth.

Considering the employee shareholding plan that will be launched after the current stock repurchase is completed, we believe that the company will establish a comprehensive incentive mechanism covering core personnel in the future.The company is healthy, sustainable and stable.

Operating cash flow has decreased significantly, and the expense ratio has increased. The remaining financial indicators are basically normal. In the first half of 2019, the company’s comprehensive gross profit margin was 29.

04%, a decrease of 1 per year.

Four, mainly due to the increase in the proportion of low-gross commercial income and the increase in the proportion of low-gross industrial drugs; the increase in sales expenses increased by one.

62%, mainly due to structural adjustments, the cost of drugs from the health products and commercial sectors tilted.

Management expenses have increased significantly78.

57%, mainly due to the annual increase in employee compensation, intermediary agency service fees, equity expenses, and delivery period expenses.

Finance costs increase by 208 per year.

51%, mainly due to the decrease in interest income; accounts receivables and bills receivables increased slightly and were basically normal; the net cash flow from operating activities decreased significantly by 111.

86%, mainly due to the increase in the revenue of the pharmaceutical sector and the increase in the advancement of pharmaceutical business.

The remaining financial indicators are basically normal.

Earnings forecast and investment rating We have lowered our earnings forecast and expect the company to achieve operating income of 289 in 2019-2021.

11 ppm, 319.

45 ppm and 353.

47 trillion, net profit attributable to mothers was 35.

2.9 billion, 38.

9.3 billion and 43.

7.0 billion, an annual increase of 6.

7%, 10.

3% and 10.

6% (Originally expected to return to the mother net profit of 36.

5.6 billion, 40.

3.7 billion and 44.

520,000 yuan, an increase of 10 each year.

6%, 10.

4% and 10.

3%), equivalent to 2 respectively.

81 yuan / share, 3.

10 yuan / share and 3.

43 yuan / share, corresponding PE is 28.

0X, 25.

4X and 23.

0X, maintain BUY rating. Risks prompt fierce competition in the consumer goods industry; new shareholders and management team run in longer than market expectations; outbound M & A progress and intensity are difficult to predict;