Shanxi Fenjiu (600809): Revenue growth meets expected profit benefits and tax cuts exceed expectations

Shanxi Fenjiu (600809): Revenue growth meets expected profit benefits and tax cuts exceed expectations

Event: The company announced its 2019 Interim Report and achieved revenue 63.

7.7 billion, net profit attributable to mother 11.

900 million, net of non-attributed net profit11.

8.9 billion, due to the acquisition of the group’s alcoholic assets Yiquan Chung and Baoquan Chung in March and June of this year, which further reduced related-party transactions, and after the adjustment, they have grown repeatedly under the same caliber.

3 %%, 26.

28%, 25.


For the second and third quarter income, net profit attributable to mothers, net profit attributable to non-mothers was 23 respectively.

2, 3.

13, 3.

1.2 billion, an increase of 26 each year.

30%, 37.

96%, 32.

98%, revenue was in line with expectations, and profits exceeded expectations.

The volume of Bofen increased, and the income of Fenjiu (including sales companies, international trade, commerce and technology companies, etc.) increased rapidly in the first half of the year.

34 billion, a series of wine (Fen Brand + Xinghua Village) 4.

800 million to prepare wine 2.

01 billion + 33%. Due to changes in the disclosed statistical caliber, we estimated that the sales company’s growth rate exceeded 25% based on grassroots research. In addition to the second quarter of Fen’s suspension of rectification, other companies also achieved good growth.

In terms of different products, we expect that Bofen ‘s volume will increase by 60%, and Qing 20 will have a growth rate of nearly 40%.Both are the most stable.

Realize income within / outside the province31.


6.7 billion, excluding sales companies, other products mainly contribute revenue in the province. It is estimated that the sales company in the province alone has grown by nearly 20% in the first half of the year.

Notes receivable of the company at the end of the second quarter26.

1.9 billion, an increase of 6 from Q1.

8.2 billion, down 9 previously.

8.4 billion, the company uses a bill of exchange to improve the efficiency of dealers’ funds.

Q2 quarterly advance receipts 14.

8.1 billion, a month-on-month increase of 2 per year.

78, 6.

The 6.1 billion yuan was related to the price increase of Lao Baifen in the second quarter and the blue and 杭州桑拿 white price increase in July.

The acquisition and consolidation of Yiquan Yong Baoquan Chung also brought a substantial increase in cash payments for the purchase of commodities in the second quarter, and the net operating cash flow after the adjustment in the second quarter was -8.

1.4 billion, -2 in the same period last year.

9.2 billion.

Market launch expanded, net profit margin increased steadily and the company’s gross profit margin increased in the second quarter3.

29 points to 70.

60%, price increase, adjustment point adjustment range contribution, tax ratio, financial expense ratio decreased by 1.

75, 1.

15 points, sales expense ratio, management expense ratio increased by 4.48, 0.

38 single to 23.

02%, 7.

37%, the net profit in the second quarter alone increased by 0.

9 points to 13.


Overall net profit for the first half of the year was 18.

66% increased slightly by 0.

08 averages.

Among the selling expenses in the first half of the year, the relatively large advertising expenses increased by 38%, and the market development expenses increased by 190%, which is related to the company’s annual increase in out-of-province market expansion, basic market investment expansion, and terminal expansion investment.

The number of terminals at the end of the company was 31.

90,000, 46 by the end of May.

80,000, with an annual target of 550,000.

Profit forecast and rating: The “13313” pattern determined by the company this year, that is, a base market (Shanxi), three major sectors (Beijing-Tianjin-Hebei, Yulu, Shaanxi-Mongolia), three small market sectors (East China, Two Lakes, Southeast),13 An opportunistic market outside the province. The province has a stable tone to ensure healthy development. Outside the province, apart from the traditional advantage market in Shanxi, the rest are more focused and targeted.

From January to May outside the province, the growth rate reached more than 50%, and 22 markets were estimated. In the first half of the year, Inner Mongolia, Shandong, and Beijing each doubled, 70%, and 40%.Dazzling.

The company’s sales expenses in the first half of the year were faster than revenue, and more was spent on shaping the brand’s high-end image to guide end consumers and create consumption levels. There were also advances for some activities in the second half of the year.go.
It can be seen that each product since this year has gradually implemented a gradual system, more accurately controls the health of the channel operation, the market price of products has steadily increased, and dealers’ confidence has become stronger and stronger.

Since last year, the Group’s overall liquor assets listing has accelerated, and the brand slimming plan has been completed since the third quarter of 2018. The company has also set up a marketing reform office to take the Fen liquor brand as the leader and accelerate the sharing of resources with Zhuyeqing, Xinghuacun and Fen brand liquorAnd synergistic development.

We are optimistic about the company’s solid and excellent market in the province and the momentum of rapid development outside the province.
The EPS in 2021 is 2.

29, 2.

95, 3.

54 yuan / share, 30 times next year, with a target price of 88.

5 yuan, buy rating.

Risks suggest contradictory changes in the macro economy, and liquor sales are lower than expected;

Biyin Lefen (002832): Another push for employee share plans to share high growth

Biyin Lefen (002832): Another push for employee share plans to share high growth

Guide to this report: The company intends to use the repurchased shares to launch the second phase of employee stock ownership plan, showing confidence.

The development of stores has accelerated, the average store revenue has grown significantly, and the high performance growth has continued, maintaining an increase in holdings.

Event: The company plans to carry out the second phase of employee shareholding plan, raising funds not exceeding 100 million, and participating total number of employees not exceeding 900, of which 6 are supervisors, with a duration of 24 months and a lock-up period of 12 months.

The source of stocks for the employee shareholding plan is the shares repurchased by the company, and the purchase price is the average repurchase price.

According to the repurchase plan announced by the United Nations Army, the total amount of repurchases is between 50 million and 1 trillion, and the total number of repurchased shares is expected to be up to 2.38 million shares at a price not exceeding 42 per share.

The company adjusted the repurchase price up to 70 yuan / share later.

As of May 10, 2019, 186 had been repurchased.

290,000 shares, with a total turnover of 6774.

740,000 yuan, the average transaction price is up to 36.

37 yuan.

The company has not yet completed the share repurchase, which is still 3,225.

260,000 yuan repurchase quota.

Comment: Maintaining an Overweight Shareholding Rating: The company intends to use the repurchase shares to launch the second phase of the employee stock ownership plan, unlocking human potential, accelerating the expansion of store openings, improving store efficiency, and continuing to increase the sales boom, maintaining the EPS of 2019-2021.



65 yuan, maintaining the target price of 67.

80 yuan to maintain the overweight level.

The re-launch of employee stock ownership plans highlights confidence and keeps watch on value.

Following the first employee shareholding plan in January 2018, the company implemented it again, inspiring 900 employees of the company to help performance rise and share growth.

The first phase of the employee shareholding plan is 99.98 million yuan, the number of participants is 600, and the average transaction price is 59.

05 yuan / share, the corresponding cost after ex-dividend and ex-right is 34.

15 yuan / share.

The second phase of the launch has a wider coverage. The company encourages employees to release potential and promote performance growth through a sound internal incentive mechanism.

The dual measures of repurchase + employee shareholding plan demonstrate the company’s confidence, raise the upper limit of the repurchase price, release positive signals, and stimulate market sentiment.

The opening of the store was better than expected, and the efficiency of the single store improved.

Under the background of consumer pressure, the company’s sales in 2018 increased against the trend and its performance exceeded expectations.

On the basis of last year’s high base in 2019Q1, it continued to improve.

In 2018, the company’s net addition of 112 stores opened faster than expected.

Average store revenue is increasing by 19 per year.

44% to 193.

160,000 yuan, mainly due to the expansion of store area, 杭州桑拿 geographical optimization and celebrity spokespersons to increase brand exposure.

Channel expansion is in the ascendant, and online layout opens up space.

In the future, the company will consolidate the channel card advantage of first- and second-tier cities, deeply explore the high-end commercial circle market, and simultaneously sink the terminal, expanding the channel layout to third- and fourth-tier cities with better economy.

It is expected that there will be 2-3 times more space for future channels.

The company plans to actively deploy online channels, cooperate with well-known e-commerce in-depth cooperation, increase consumer access, and further open up imagination.

Risk warning: Channel expansion is less than expected, new brand promotion is less than expected, inventory impairment risk.

Tongkun Co. (601233) 2018 Annual Report Comment: PTA Prosperity Increased and Production Expanded to Consolidate the Leading Position of Polyester Filament + PTA

Tongkun Co. (601233) 2018 Annual Report Comment: PTA Prosperity Increased and Production Expanded to Consolidate the Leading Position of “Polyester Filament + PTA”

Event: On March 13, the company released its 2018 annual report, achieving operating income of US $ 41.6 billion, an annual increase of 27%; net profit of 21.

2 ‰, one year + 20%, that is, net profit of -3 in 2018Q4.

800 million, slightly lower than market expectations.

At the same time, the company announced a 2.3 billion convertible bond plan for 50-inch intelligent super-simulation fiber projects and 30-year green fiber projects.

Comment: In 2018, the prosperity of PTA improved, and the company’s capacity expansion fully benefited.

According to the industry data we observe, the average price of polyester filament POY increased by 1185 yuan / ton, and the average price difference increased by 23 yuan / ton; the average price of PTA increased by 1287 yuan / ton, and the average price difference increased by 217 yuan / ton.

The price trend rose first and then fell. It was the highest point in September 2018, and the highest quarter of 2018Q3.

In 2018, the company added 120 tons of polyester filament production capacity, increased filament production capacity to 570 tons, and polymerized production capacity of 520 tons. The second phase of Jiaxing Petrochemical PTA was successfully opened and the PTA production capacity increased to 370 tons.

In 2018, the company achieved sales of 451 tons of polyester filament and approximately 350 tons of PTA output.

According to our feed, the gross profit per ton of polyester filament is about 1063 yuan (including PTA benefits), then +215 yuan / ton.

Initial realization of net profit 21.

2 trillion, a single ton net profit of 470 yuan; of which, the PTA sector (Jiaxing Petrochemical) achieved a net profit of 8.

900 million US dollars, net profit per ton is about 250 yuan; polyester filament segment achieved net profit12.

3 trillion, net profit per ton is about 270 yuan.

In 2018Q4, the plunge of the filament was damaged, and in 2019Q1, the filament was generally profitable, but the PTA was acceptable.

Affected by the rapid price increase in the third quarter of 2018 and the decline in demand growth in the fourth quarter of 2018, the prices of polyester filament and PTA fell sharply in the fourth quarter of 2018, and the fourth quarter performance was significantly affected by inventory losses.

At the end of the year, the company accrued 2.

The impairment loss of 900 million assets has been fully reflected in the decline in inventory losses.

According to the industry data we observe, in the first quarter of 2019, the average POY spread of polyester filament yarns was -271 yuan / ton, the average price difference of FDY + 313 yuan / ton, and the profit of the filament was weak; but the average price difference of PTA was only +117 yuan /Ton, profitability is still acceptable.
In terms of price, both filament and PTA increased slightly.

We expect the company’s 2019Q1 performance to exceed the downturn, but the 2019 PTA market is still worth looking forward to.

With the gradual commissioning of private large-scale refining and chemical 南京桑拿网 production, the large-scale release of domestic PX capacity will lead to a partial transfer of PX profits to downstream “polyester filament + PTA”, and “polyester filament + PTA” will continue to profit and remain stable.

In terms of PTA, increasing production capacity in 2019 exceeds the supplementary demand, and the spread is expected to further expand.

Expansion of production strengthened the “polyester filament + PTA” leading accessories.

The company’s existing polyester filament production capacity is 570 to 2020, and it plans to increase another 120 to 690 tons in 2019, focusing on production in the second quarter of 2019.

After 2019, there are 290 tons of polyamide polyester filament and 500 tons of PTA production expansion plans.

The company’s PTA increased production capacity to cover its own polyester 杭州夜网 filament demand and realized the integration of “polyester filament + PTA”.

With the expansion of downstream production capacity, the company will form a demand gap in raw material PX. ZPEC Phase I is expected to reach capacity in the second half of 2019.

The company owns a 20% stake in Zhejiang Petrochemical’s 4,000 preliminary refining and integration project, and the first phase of 2000 will reach production in the second half of 2019.

While completing the upward integration, investment income will also increase significantly.

Maintain “Buy” rating and adjust target price to 15.

3 yuan.

Based on a cautious estimate of polyester filament market, we maintain 2019 EPS as 1.

37 yuan, lowered the EPS in 2020 to 1.

66 yuan (was 1).

37 yuan and 1.

71 yuan), plus 2021 EPS is 2.

12 yuan.The current sustainable corresponding PE is 10/8/6 times.

Due to the upward movement of the overall market assessment, we averaged 11 in 2019 based on industry comparable companies.

The 1x PE calculation target price is 15.

3 yuan, maintain “Buy” rating.

Risk warning: the end of the filament boom cycle; the PTA boom is worse than expected; the production progress and profit of the Zhejiang Petrochemical project are worse than expected.

Northbound capital inflows exceed 80 billion during the year and resumes pursuit of traditional white horse large-cap stocks

Northbound capital inflows exceed 80 billion during the year and resumes pursuit of traditional white horse large-cap stocks

Original title: Net inflow of northbound funds has exceeded 80 billion during the year, and resumed the pursuit of traditional white horse large-cap stocks. On February 20, the bulls staged a forced short market. The Shanghai and Shenzhen stock markets once again increased in volume, and the daily limit of the two cities exceeded 100., Shanghai Composite Index rose 1.

84% at 3030.

At 15 o’clock, the station successfully reached the 3000-point mark; the Shenzhen Stock Exchange rose 2.

43% at 11,509.

09 points; GEM Index rose 2.

21% to 2186.

74 points.

  Net inflow of northbound funds for the second consecutive trading day, especially accelerated inflows late.

As of the close of February 20, the total net inflow of northbound funds was 38.

9.7 billion yuan.

Among them, Shanghai Stock Connect has a net inflow of 10.

6.4 billion yuan, the net inflow of Shenzhen Stock Exchange 28.

3.3 billion yuan.

  Since then, the net inflow of northbound funds has exceeded 80 billion since 2020, reaching 804.

3.6 billion.

Among them, Shanghai Stock Connect had a net inflow of 375.

There were 2.8 billion yuan in net inflows from Shenzhen Stock Connect to 429.

09 billion.

  However, since the opening of the Lunar Year of the Rat, that is, February 3, Northbound funds seem to have resumed their pursuit of traditional white horse large-cap stocks.

Statistics show that since February 3, the total net inflow of northbound funds has been 420.

4.4 billion yuan, of which the net inflow of Shanghai Stock Connect was 262.

7.9 billion yuan, Shenzhen Stock Exchange net inflow of 157.

6.5 billion.

  Recently, Northbound funds have bought a lot of stocks with a net cash amount. Too many of them are traditional white horse stocks that have continued to increase over the course of Northbound funds. Guizhou Maotai (600519) is still the most popular target of Northbound funds.

Among the top ten stocks traded on the Shanghai-Shenzhen Stock Connect on February 20, Guizhou Moutai, Ningde Times, and China National Travel Service received net purchases of 7, respectively.

2.5 billion, 4.

5.2 billion, 3.

4.7 billion yuan.

Ping An of China ranked first in net sales, with an amount of 3.

2.2 billion.

Hikvision, BOE A were net sold 2 respectively.

1 billion yuan, 1.

0.5 billion.

  At the same time, the international index’s expansion of the A-share division factor will also promote a net inflow of northbound funds.

FTSE Russell recently said that the expansion of the A-share division factor in the third quarter of March this year will not be affected by the epidemic and will proceed as scheduled.

Guojin Securities believes that this expansion will bring about $ 28 billion in passive incremental funds.

In the short term, passive incremental capital inflows will drive market sentiment, and many will enter at the same time as investment funds.

  Haitong Securities believes that the market has been seriously overbought in the short term. At present, investors are advised to stay drunk while staying awake. Investors holding these mainstream sectors can still enjoy the trend and follow 合肥夜网 the trend. There is no mainstream sector positionInvestors must pay attention to pursuing high risks. Due to the huge profitability of these sectors, major adjustments may occur at any time. If you want to increase your position, it is recommended to choose some technology stocks that are still low.In terms of specific operations, investors are still advised to repeatedly dig deeper into 5G, big data cloud computing, industrial Internet and new energy vehicles, and high-quality enterprises in the connected car industry chain, and actively absorb dips.

  The strategy team of Tianfeng Securities pointed out that after the completion of MSCI’s “three steps” expansion of A shares, it may be in the “gap period” in the future.

In this context, industrial trends and the integration of individual stock industries (corresponding 厦门夜网 to the report, that is, the stability and sustainability of performance) are factors to consider in the allocation of exchanges. In the long run, consumption (China’s dominant industry) and technology (new) Industry trends) will be more favored.

  The agency believes that foreign behavior is not static but changes as industry trends develop.

The huge domestic consumer market and the increase in per capita consumption levels, using the consumer industry to obtain long-term growth space, consumer blue chips have long been the core assets of foreign allocation.

In addition, the technology industry trend is the most important main line in the next few years. The rise of 5G, new energy automobile and other industrial trends will bring ToC applications (cloud games, VRAR games), and ToB applications (big data, industrial Internet, physicalInternet, artificial intelligence, autonomous driving, etc. are gradually implemented, and the industry chain will generate more investment opportunities, but in the end, there are a small number of companies that can continue to show their performance, which is still subject to long-term market verification.

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.