Central Holdings (002129): Performance growth in line with expectations PV profitability continues to increase

Central Holdings (002129): Performance growth in line with expectations PV profitability continues to increase

Event: On October 8, 2019, the company released the first three quarter results forecast.

The company expects net profit attributable to mothers to be 6 in the first three quarters.

8.2 billion-7.

12 ppm, an increase of 60 in ten years.

20% -67.


The net profit attributable to the mother in the third quarter was 2.

30 ppm-2.

6 billion, an annual increase of 82.

89% -106.


Key points of investment: The performance growth rate is in line with Shen Wanhongyuan’s expectations. A low base brings high single-quarter growth.

In the first three quarters of 2019, the company carried out strict cost control and lean management, superimposed photovoltaics, and continued release of semiconductor’s advantageous production capacity, and the company’s overall operating cost was significantly reduced.

The company’s monocrystalline wafer market share has been continuously expanded, its bargaining power has been enhanced, and its profitability has continued to increase.

In the first quarter of 2019, the company’s net profit attributable to mothers increased by 50 in the second quarter.

15% and 51.


The company’s performance growth in the third quarter increased significantly to 82.

89% -106.

74%, benefited from the continuous improvement in production and sales scale and profitability, which also caused the company’s performance in the third quarter of 2018 to be affected by policy changes, and the current base was low (net profit attributable to the mother was 1.

2.6 billion).

The capacity of photovoltaic wafers has steadily expanded, and the leader has been consolidated.

In 2018, the company’s monocrystalline silicon wafer output exceeded 3 billion, with a market share of more than 30%, ranking first in the industry.

As of July 2019, the company’s photovoltaic wafer capacity has exceeded 30GW, and the total capacity is expected to exceed 56GW after the fifth phase of the project is put into production.

Relying on the industry-leading research and development strength, the company successfully broke through the 12-inch large-diameter photovoltaic crystal technology and has applied for hundreds of patented built-in technical barriers.

The application of M12 large silicon wafers will save non-silicon costs of about 22% for downstream battery customers, promote cost reduction and increase efficiency of the entire industry chain, and accelerate parity on-line access.

With the release of the company’s related capacity and cooperation with downstream battery customers, the market share of M12 large wafers will increase rapidly in the second half of 2020.

The expansion of large-scale semiconductor wafers is progressing steadily, and the 12-inch project is expected to start production in 2020.

In the first quarter 合肥夜网 of 2019, the company’s first 12-inch semiconductor polishing wafer production line has been put into production.

In the first half of 2019, the Tianjin plant’s 8-inch silicon wafer expansion project has achieved the designed capacity; the 12-inch test line project was produced in February and continued research and development work; the Yixing plant is expected to start production of the 8-inch production line and the 12-inch project in the second half of the yearThe equipment is expected to be moved in in the fourth quarter of 2019, and production will begin in the first quarter of 2020.

After the large-scale semiconductor wafer project is put into production, the company will achieve an 8-inch production capacity of 1.05 million wafers / month and a 12-inch production capacity of 170,000 wafers / month, becoming the leading 杭州桑拿网 domestic semiconductor silicon material.

Keep the profit forecast unchanged and the rating unchanged: The company is a national team of semiconductor materials, shouldering the historical responsibility of large silicon wafer domestication, and it also belongs to capacity between photovoltaic single crystal silicon wafers.

We estimate that the company’s net profit attributable to mothers will be 11 in 2019-2021.

53, 15.

01, 19.

95 ppm, corresponding EPS is 0.

41, 0.
54 and 0.
72 yuan / share.

At present, the corresponding PEs are 31, 23 and 18 times, respectively, maintaining the “overweight” level.

Risk warning: PV demand growth is lower than expected; semiconductor large wafer customer certification is lower than expected

Shuanghui Development (000895) Company dynamic review: Strong demand for ham sausage stimulates short-term performance The company’s long-term logic is smooth

Shuanghui Development (000895) Company dynamic review: Strong demand for ham sausage stimulates short-term performance The company’s long-term logic is smooth

During the epidemic, demand for Shuanghui ham sausage was strong, stimulating short-term performance.

During the epidemic, most regions adopted the strategy of closing the city, and catering outlets have closed. As a result, household consumption scenarios have increased significantly, third- and fourth-tier cities have become more obvious, and new consumer groups have favored convenient and delicious products. For instant noodles and ham sausage,Demand for products such as quick-frozen hot pot ingredients is strong.

According to the results of our grassroots research, during the epidemic period, Shuanghui ham sausages were out of stock in continuous supermarkets, Shuanghui’s strong logistics and distribution capabilities, and coordinated distribution among distributors. Most of the supermarkets have replenished 2-3 times.During the period, the sales revenue of commercial supermarket terminals generally doubled.

Assuming the epidemic is over at the beginning of April, the income of Shuanghui Ham Sausage accounted for ± 30% of the income of Ham Sausage and the profit of Ham Sausage accounted for ± 40% of the company’s overall profit during the period in previous years. In addition, the current price of chicken meat has dropped, resulting in an increase in gross profit margin of Ham SausageWill greatly improve the company’s profit elasticity.

Price increase + Sino-US pig spread + increased slaughter volume + perfect channel network, the company’s long-term logic is smooth.

In the long run, the company’s performance is expected to maintain stable growth. The main logic is as follows: 1) The price of ham sausages has just started, and there is still room for acceptable growth.

The consumption scene of ham sausage is more than instant noodles, but the price of instant noodles has increased by 150% + in the past 5 years, and the price of ham is less than 70%.The acceptance of the terminal is slightly smoother. Through Yurun, Delis, etc., it is gradually declining. It is expected that the company will complete the remaining price increase opportunity conversion in 3 years. It is estimated that it can contribute 5% to 7% of the 深圳桑拿网 performance elasticity each year. In the long term, the company’s price has steadily increased.The length of space for stable product upgrades.

2) The dividend spread between China and the US is expected to continue.

The Sino-US trade war is expected to ease next year, and agriculture is expected to be liberalized. Shuanghui will continue to enjoy the profit margin of the Sino-US pig spread and is expected to increase its profit elasticity by 5-8% each year.

3) Domestic pig prices are falling behind and slaughter volume will increase.

Domestic pork prices are expected to fall in the second half of this year, consumer demand will continue to rise, alternately through this round of reshuffle, some SMEs withdraw, the company’s slaughter volume will increase, and the increase in harvest market share is expected to be 3% to 5%.

4深圳桑拿网) Key logic: Continuous improvement of cold chain logistics and channel network.

Shuanghui has a systematic cold chain logistics, and at the same time actively develops catering channels, it can be a supply chain for Anjing.

Earnings forecasts and investment advice.

In 19 years, the price of pork showed an upward trend. The company adopted various measures to influence the changes in the price of raw materials. Under the dual effects of company reform and conditioning structure, the income of meat products is expected to further improve.

We expect the company’s revenue growth to be 15 in 2019-2021.

4%, 13.

4%, 15.

1%, net profit growth rate was 9.

5%, 19.

9%, 20.

3%, EPS is 1.

63, 1.

96, 2.

35, corresponding PE is 20, 17, 14X.

It is expected that the company’s performance will continue to improve and will gradually gain market recognition. If it is expected to rise to 23X, the corresponding continuation will be 45.

1 yuan, there is still 39% space.

As the target of high dividend rate, the company is a better choice for stable value investment, and it is given a “recommended” rating.

Risk warning: raw material prices fluctuate, new products expand less than expected, frozen pork import prices rise, and food safety issues.

Dahua Co. (002236): Net profit growth surpassed expectations and full orders on hand boosted third-quarter performance

Dahua Co. (002236): Net profit growth surpassed expectations and full orders on hand boosted third-quarter performance

Event: Dahua Co., Ltd. released the 2019 semi-annual performance report, reporting a series of realized revenue of 108.

07 million yuan, an increase of 10 in ten years.

11%; operating profit 13.

61 ppm, a ten-year increase of 8.

73%; net profit attributable to mother 12.

39 ppm, an increase of 14 years.


In addition, the company also issued a capital increase announcement of its holding subsidiary Dahua Robot.

Comment: The revenue performance in the second quarter was not good. The net profit growth attributable to mothers exceeded market expectations: the company achieved revenue of 108 in the first half of the year.

07 billion yuan, corresponding to Q2 single-quarter revenue of 64.

59 ppm, a ten-year increase4.

23%, lower than market expectations.

We believe that mainly due to trade disputes, the poor growth of overseas markets has slowed down the company’s overall performance.

In terms of profit performance, the company achieved net profit attributable to mothers in the first half of the year12.

39 ppm, an increase of 14 years.


The approach to the upper limit of the previous guidance was mainly due to the optimization of the company’s internal management.

The efficiency of management optimization is prominent, and the domestic and overseas markets are making concerted efforts: Dahua Co., Ltd. continues to promote internal management reforms, and the company’s operating efficiency has steadily improved.

Affected by the big environment in 2018, the results of management optimization have not been fully demonstrated, and 2019 will enter the harvest period.

Specific management optimization measures include: (1) Overseas markets: Company reorganization, one country, one policy, building a multinational operation and management platform, and enhancing localized operation capabilities.

At the same time, the establishment of two major overseas supply centers in California and Mexico, and the consolidation of overseas channels will help improve the gross profit margin performance of overseas markets; (2) Domestic market: The company will expand the profitability of regional sales units, assess cash flow, and activelyPromote the construction of business processes such as LTC and ITR, improve precision marketing and customer response capabilities, expand large-scale procurement, reduce costs and increase efficiency.

Looking into the second half of the year, the performance of Dahua shares is expected to accelerate: the company’s revenue growth rate in the first half of the year was 10.

11%, average performance.

Looking forward to the second half of the year, we believe the company’s performance will accelerate.

The reason behind is that in addition to the warming of the security industry, the company also won tenders for large and slender projects in the early stage, and will follow up in the second half of the year.

Typical projects are: Jinhua Xueliang Project front-end construction project (total amount of 4.

3.6 billion), Mexico Safe City Project, etc.

In addition, in our previous reports, we have repeatedly improved internal management to improve the company’s performance, which has been fully reflected in the first half of the year.

As the company’s revenue growth rate is better in the second half of the year, the cost control effect will be more obvious.

Capital increase in Dahua Robot to accelerate the deployment of automated robots: The company intends to increase the capital of its holding subsidiary Dahua Robot with the same proportion of its own funds of 4080 million and Huashi Investment.

After the capital increase, Dahua’s shareholding ratio remains 51%.

Dahua Robotics’ main products include storage and inspection robots. The company was established in 2018, and its 1H revenue in 20北京桑拿洗浴保健19 reached 238.

30,000 yuan.

The capital increase will further enrich the working capital of robotics companies and better promote Dahua’s business development in the field of pan-security.

Investment suggestion: The company’s net profit growth attributable to its parent in the first half of the year is close to the upper limit of the period indicator, exceeding market expectations.

With the warming of the industry and the completion of large-scale projects, it is expected to accelerate further in the third quarter.

We are firmly optimistic about the company’s long-term development as an industry leader.

It is expected that the company’s net profit attributable to the mother in 19/20/21 will be 30.17/38.


49 ppm; corresponding EPS is 1.



58 yuan, corresponding to the current sustainable respectively 16.



Three times, based on our judgment of the company’s future growth, we maintain a “strong recommendation-A” rating.

Risk factors: The downturn in the macroeconomic climate, intensified competition, and less than expected expansion of overseas and new business.

Sanyuan (600429) 2019 Interim Report Review: Brand Building Continuously Strengthens Profitability and Slightly Improves

Sanyuan (600429) 2019 Interim Report Review: Brand Building Continuously Strengthens Profitability and Slightly Improves

I. Event Overview The company released its semi-annual report for 2019 on August 27, and realized operating income of 41 in the reporting period.

73 trillion, ten years +9.

97%; net profit attributable to mothers1.

840,000 yuan, ten years +47.

32%; basic EPS is 0.

12 yuan.

Second, analyze and judge the steady growth of revenue, the growth rate of endogenous profits is faster than the growth rate of revenue, which shows that the quality of operations has improved significantly.


84 trillion, ten years +9.

97% / + 47.

32%, attributable to non-net profit1.

19 trillion, +22 a year.

07%, basically in line with the announcement of pre-increasing results announcement.

Overall, the company’s revenue in 19H1 achieved stable growth, and the liquid milk and ice cream businesses both achieved double-digit growth (+15 respectively).

0% / 13.

4%), but the milk powder business was affected by channel adjustments and the Brassica business was affected by factors such as the French first-half level variables, which led to an improvement in revenue.

In 2018, the company withdrew the independent sales right of the milk powder factory, so the problem of internal competition has been fundamentally resolved.

Brassica established a subsidiary this year, and some products will be sold internally immediately in the second half of the year, which is expected to bring a certain increase in revenue.

In terms of profit, non-recurring gains and losses such as corporate development funds and industrial development support funds transmitted the profit of 19H1, but the non-profit growth rate was still significantly higher than the revenue growth rate, indicating that the company’s operating quality has steadily improved.

19H1 gross profit margin 34.

11% every year -0.

11ppt, product structure improvement to a certain extent hedged the cost increase; the period expense ratio was 31.

95% a year -1.

49ppt, of which the sales expense ratio is 26.

02%, ten years +0.

55ppt; management expense ratio 4.

01%, year -1.

89ppt; financial expense ratio 1.

92% every year -0.


The increase in sales expense ratio was mainly due to the increase in expenses such as promotional fees and advertising expenses.

The company’s cost strategy in a strong market is generally stable. Based on the research, the company adopts a follow-up industry leading strategy in terms of low-temperature products and room temperature yogurt products, but the core room temperature milk business is relatively autonomous, so the sales expense ratio is relatively controllable.
Most of the management expenses were mainly due to the decrease in intermediary agency expenses incurred in the acquisition of French companies in the previous period, which resulted in a higher base in the previous period.

19H1 net profit is 5.

38%, a substantial increase every year 2.

43ppt, which is mainly disturbed by non-net profit and loss; if only the non-net interest rate is taken into account, this period will increase slightly by 0.

28ppt to 2.

84%. The brand building and the French company have been strengthened and coordinated in an all-round way. The sales channels have continued to be optimized. In 2019H1, the company will complete a full line of branding, a full range of ternary brands, extreme, light energy, and important brands such as Paranio for product upgrades and brand renewal.

In addition, the company sponsored TV shows such as “Shangxin · Forbidden City” and “Song of Songs”, and continuously enhanced the company’s brand reputation by hosting the “Beijing Milk Culture Festival” and releasing patriotic novel “Three Legends”.

In 2019H1, the company adheres to the sales strategy of “focusing on resources, focusing on regions and focusing on products” to strengthen budget execution and assessment.

In the first half of the year, the company had 2,366 dealers, of which the number of dealers outside Beijing / Beijing was 243/2123, respectively -17% / + 4%, an overall increase of 36, and the sales 杭州夜生活网 channel layout continued to optimize.

Third, profit forecast and investment recommendations The company is expected to achieve operating income of 81 to 21 years.



61 trillion, +9 ten years ago.

7% / + 8.

9% / + 8.

5%; net profit attributable to listed companies2.



89 ppm, +33 a year.

0% / + 8.

1% / + 11.

5%, the equivalent EPS is 0.



19 yuan, currently corresponding to 19-21 years PE is 34/32/29 times.

The company’s current estimate is 30 times higher than that of the dairy sector. It is covered for the first time and is given a “cautious recommendation” rating.

Fourth, the risk reminds that the competition in the industry is intensified, the cost rises more than expected, and food safety issues.

Suzhou Keda (603660) 2018 Annual Report Comments: Steady Growth in Performance National Secret + AI Enhances Core Competitiveness

Suzhou Keda (603660) 2018 Annual Report Comments: Steady Growth in Performance “National Secret + AI” Enhances Core Competitiveness
I. Overview of the event On the evening of March 19, the company released its 2018 annual report, with net profit attributable to mothers in 20183.22 trillion, an increase of 18 over the same period last year.90%; operating income is 24.54 trillion, an increase of 34 over the same period last year.41%; basic profit return is 0.9122 yuan, an increase of 17.92%.In 2018, it is planned to transfer 4 shares for every 10 shares to all shareholders and pay them out1.00 yuan. Second, analyze and judge the value of national secret products under the trend of domestic substitution. Governments, such as education and other industries, have expanded rich sources of income. In particular, the public inspection system has gradually become the main source of domestic video conference system procurement.According to statistics from the Government Procurement Information Network, the total procurement of video conference systems for government agencies in China in 2018 was about 4.33 ppm, accounting for 53% of the total procurement scale of the domestic video conference industry, of which the procurement scale of the public inspection system accounted for 23% of the total procurement scale.The company is an important supplier of public security and procuratorial information equipment. The growth rate of video conference business revenue has steadily increased from 27% in 2017 to 33 in 2018.97%, while taking orders from Xiongxiong New District to further enhance the brand effect. Under the trend of domestic substitution, the value of the company’s national secret products is expected to gradually become prominent.In May 2018, the company released an independently controllable video conference solution that is deeply integrated with the national secret algorithm and video conference system. It uses digital certificates / dynamic passwords for strong identity authentication and quantum confidentiality to ensure the security of the conference system.At present, the solution has been certified by the State Password Management Bureau, and it is expected to form a differentiated advantage in areas with higher security requirements such as government and public inspection law in the future. Education and other industries are actively developing, and the source of income is constantly increasing.The company has a number of solutions such as intelligent campus AI video integration applications, video inspection centers, and video resource comprehensive application platforms, which can cover the two major education market segments of general education and higher education.According to the company’s official website, 70% of universities in Shanghai choose to use the company’s products, and there have been more than 300 successful cases in universities across the country, such as the Shanghai Jiaotong University standardized electronic test room, Shanghai Jiaotong University 武汉夜生活网 cloud recording and broadcasting classroom, and Shanghai Jiaotong University online supervision system. The in-depth layout of “security + AI”, end-to-end intelligent products to build competitive advantages, continue to cultivate in areas such as public inspection law, and industry solutions that truly meet the needs are the company’s important advantages.The company has nearly 20 solutions covering various police types; there are more than 10 solutions covering the highest maintenance, 25 provincial procuratorates and more than 2,000 grass-roots procuratorates; there are nearly 10 solutions covering the courts, 17Provincial court clients.In 2018, the company ranked 20th among the top 50 a & s global security companies, and ranked 6th among domestic companies. At the same time, it was replaced by HC Security’s top ten outstanding security brands in 2018. End-to-end AI layout, gradually transforming products into core competitiveness.1) End-to-end comprehensive layout, with products such as “Haiyan” and “Falcon”, as well as intelligent identification cameras, structured analysis cameras and other products, able to create complete AI solutions for customers.2) The advanced advantages are outstanding, and many results have been achieved: upgrade to 3.Version 6 of the Haiyan vehicle big data system can perform hundreds of billions of levels of data analysis; the accuracy rate of vehicle characteristic recognition has been increased to more than 98%; the vehicle logo can identify more than 480 types; the vehicle model can identify more than 5,500 types;Big data platforms have landed more than 450 public security political and legal institutions, and more than 3,500 cases have been cracked. Key personnel are predicted4.50,000. While disclosing the annual report, the company plans to issue convertible bonds5.With key projects such as US $ 5.2 billion and video artificial intelligence industrialization projects, the technological advantages in the AI field have been continuously improved and strengthened. Third, investment advice The advantages of national secret products of companies in the video conferencing field are gradually prominent, and at the same time, education and other industries are deploying rich sources of income; companies in the security field are laying out AI based on industry solutions to effectively promote continuous improvement.The company’s EPS for 2019-2021 is predicted to be 1.22, 1.56 and 1.93 yuan, corresponding PE is 22X, 18X, 14X.Pick up the computer industry companies in the wind security sector. The related companies currently have an average PE of 69X. The company has certain advantages.The first coverage was given a “Recommended” rating. 4. Risk warning: The video conference market is developing less than expected, and the degree of integration of AI and security business is less than expected.

Tiannai Technology (688116): Leading company in lithium battery carbon nanotube conductive agent

Tiannai Technology (688116): Leading company in lithium battery carbon nanotube conductive agent

Key points for investment: Conductive agent companies that deduct non-net profit from rapid growth.

Tiannai Technology’s products are mainly carbon nanotube conductive additives. Benefiting from the explosion of the new energy automobile industry, the company’s product capacity and product sales have increased. The company’s carbon nanotube conductive paste sales in 2016-18 were 0.

36 brackets, 0.

87 brackets, 0.

79 conductive conductive price is 3.

700,000 yuan / ton, 3.

500,000 tons / ton, 4.

120,000 yuan / ton; the company’s revenue in 16-18 is 1.

3.4 billion, 3.

08 thousand yuan, 3.

28 trillion, a compound growth rate of 56.

47%; net profit after deduction is 0.

0.5 billion, 0.

1 billion, 0.

65 ppm, achieving rapid growth.

In H1, the company’s revenue reached 1.

880,000 yuan, deducting non-attribution net profit 0.

4.5 billion.

The proportion of carbon nanotube conductive agents will increase significantly in the future.

According to the company’s letter of intent to quote the data from the Lithium Power Research Institute of Industrial and Industrial Research, it is expected that by 2023, the global demand for power lithium batteries will reach 511GWh, and the average annual production capacity in the next five years will reach 36.


Compared with traditional conductive agents, carbon nanotubes have better conductivity.

In addition, carbon nanotubes can keep good electronic and ion substitution during the lithium battery cycle, thereby greatly improving the cycle life of the lithium battery.

According to the company’s letter of intent to quote the data from the Lithium Power Research Institute of Industrial Technology Research, in 18 years China’s power battery conductive agent market carbon nanotubes accounted for 31.

8%, while the traditional conductive agent carbon black and conductive graphite account for 66 in total.

3%. It is estimated that the proportion of traditional conductive agents such as carbon black + conductive graphite will be 13 in 23 years.

9%, while carbon nanotubes will increase to 82.

2%; It is estimated that the demand for carbon nanotubes for power lithium batteries in China will exceed 10 indicators, and the average annual production capacity in the next five years will reach 37.


Carbon nanotubes develop conductive shrinkage and space shrinkage.

According to the company’s prospectus of invoking data from the Institute of Industrial, Industrial and Research Lithium-Ion Research Institute (GGII), the carbon nanotube market in 18 years was about 3.

44 Initially, it is expected that the global carbon nanotubes conductivity demand will remain 40 in the next five years.

The compound annual growth rate is 80%, and the demand will 佛山桑拿网 reach 19 in 2023.

06 Prediction; It is expected that by 2023, the global market value of carbon nanotubes for power lithium battery conductivity will exceed 4.5 billion, with a compound annual displacement of 40 in the next five years.


The company has surpassed competition in carbon nanotube conductive agents.

According to the company’s letter of intent to quote data from the Institute of Industrial, Industrial and Research Lithium-Ion Research Institute (GGII), the company has now built a capacity of 750 tons of carbon nanotubes and has become China’s largest carbon nanotube manufacturer.

In 2018, Tiannai Technology accounted for more than 30% of China’s carbon nanotubes, divided by 30 in sales volume.2%, approximately 34 based on pre-allocation.

1%, ranking first.

Carbon nanotube conductive agent has two big core indicators: aspect ratio, carbon purity, the smaller the diameter of the carbon nanotube tube, the longer the length, the better the conductivity, and the quality is improved.

Tiannai has developed the third generation of carbon nanotubes, with a diameter of 5-10 nanometers, a length of 5-30 micrometers, and a purity of 99.

9%, the second generation of the earlier product has significantly improved, and the industry competition at the same time.

Profit forecast and estimation recommendations.

The company raised funds this time for the annual production of 3,000 tons of carbon nanotubes and 8,000 tons of conductive flakes projects, graphene, carbon nanotubes and by-product hydrogen and related composite product production projects.

We estimate that the company’s fully diluted EPS for 19-21 will be 0.

44 yuan, 0.

49 yuan, 0.

61 yuan (according to the total issued share capital 2).

3.2 billion shares), corresponding to the valuation of comparable companies, we give companies 35-40 times PE in 19 years, corresponding to a reasonable value range of 15.

40 yuan to 17.

60 yuan, it is recommended to purchase.

The company’s 19-year net net assets were 7.

19 yuan, 15.

40 yuan to 17.

A reasonable value interval of 60 yuan corresponds to 2 PB.


45 times.

risk warning.

The implementation of the fundraising project was less than expected; the development of new energy vehicles was less than expected; the company’s carbon nanotube conductive sheet prices and sales were less than expected, and bad debt and cash flow risks.

China State Construction Corporation (603018): a private enterprise design leader that underestimates high growth

China State Construction Corporation (603018): a private enterprise design leader that underestimates high growth

The transportation design consulting industry is leading, and the development of the entire industry chain drives growth. The company ranked 14th in the top 50 survey and design revenues of national engineering survey and design 青岛夜网 enterprises in 2017. It has a leading position in the Jiangsu traffic survey and design market, with comprehensive Grade A qualifications in engineering design and survey.It is the highest qualification level in the engineering design industry in developing countries and covers the widest range of qualifications in the business field.

Five professional institutes and two business divisions have been established in the business layout, which has improved the company’s ability to integrate resources, and promoted the technical development of traditional survey and design and emerging professions.

ROE has been improved, cash flow has been outstanding, and the company with future development momentum has achieved a 51% increase in operating income in 18 years.

2%, net profit attributable to mother increased by 33.

5%, 都市夜网 the company ‘s growth momentum is sufficient, the performance growth rate has remained above 30% for three consecutive years, and the return on net assets has also reached 16%, which has continued to increase for three consecutive years.

While the company expanded its business scale while expanding its business chain, business receipts were in good condition, and the net operating cash flow continued to grow year by year.

The company’s overall design strength and industry influence have been gradually improved, the R & D expansion has continued to increase, and the company’s per capita output value has continued to increase.

In addition, the company’s new starting orders continued to grow rapidly, the order reserve was sufficient, and the unfinished inventory also provided the company with performance reserves, and its future development momentum was abundant.

The industry continues to pick up, and business mergers are accelerating. Leading companies are expected to benefit from the increase in the growth of infrastructure investment. Domestic engineering survey and design companies will achieve a total of 19 operating income growth in 2018.

6%, following a bottoming out in 2015, maintaining a steady growth trend.

At present, the concentration of the survey and design industry has decreased, and the leading cities have a low proportion. The number of internal design companies in the industry is large, and the industry is fiercely competitive. Therefore, building integrated services has increasingly become an important path for the development of design companies.

As the state vigorously promotes the general contracting model of the project, the business of survey and design enterprises will gradually expand to the downstream of the industrial chain. The initial integration will increase the capital expenditure and income scale of the survey and design industry, and the industry’s proportion in fixed asset investment will continue to increase.

The new special debt regulations issued by the State Council in June 19 are expected to drive the growth of infrastructure investment growth, and the company, as a leading enterprise in infrastructure design, is expected to continue to benefit.

The indicators are in the leading position in the industry, the business is diversified, and the national layout is the trend. Compared with other domestic design companies, the company’s operating income and net profit scale and growth rate are among the top three in the industry. The company’s traditional business transformation and emerging industry layoutThey are also at the forefront of the industry.

Compared with Suzhou Jiaotong Group, China Construction Group has a more cautious business strategy and a more refined business layout. At present, it mainly focuses on the province’s business. The company’s revenue in and out of the province in 18 years decreased by 18 compared with 17 years.


0pct. In the future, after the maturity of the localized business model of China Construction Group is mature, the business growth outside the province will be further promoted.

Compared with the overseas design company TapAECOM, diversified business + international layout is the general trend. The company is actively developing towards the full life cycle of mature projects and continuously expanding the company’s business scope.

Estimates and profit forecast company orders, performance maintained high growth.

It has obvious advantages in terms of technical strength and cash flow management. At the same time, as the leader of cutting-edge infrastructure design companies, it continues to benefit from the “infrastructure repairing shortfall” policy and the integration of the Yangtze River Delta. It is expected that the order / revenue / performance growth rate will maintain rapid growth.
We calculated the company’s reasonable equity value based on the FCFF model to be 91.

07 trillion, with a budget value of 19.

63 yuan, which is significantly higher than the company’s current expectations. We estimate that the company’s net profit attributable to the mother will be 5 in 19-21.



The company will have a compound growth rate of approximately 6.2 billion US dollars in the next three years, giving the company a 19-year PE valuation of 15 times, corresponding to a reasonable value of approximately 16 yuan / share, and maintaining a “buy” rating.

Risk reminder: investment in fixed assets is less than expected, project progress is less than expected, exchange rate risk, goodwill impairment risk, investment merger and acquisition risk, repayment risk, etc.

Conch Cement (600585): Decreasing resumption of work affects the geometry-1Q sales pressure gradually becomes unchanged

Conch Cement (600585): Decreasing resumption of work affects the geometry-1Q sales pressure gradually becomes unchanged

The company ‘s recent situation The pre-holiday market ‘s expected opening of East China Cement was disturbed by the new crown virus epidemic during the Spring Festival. The market is generally concerned about the impact of emerging epidemics on the company ‘s short-term 1Q and performance.

Here we simulate the potential performance impact based on pessimistic / neutral / optimistic scenario assumptions.

Under the neutral assumption, do we estimate the impact of the epidemic on Conch 1Q performance?
20%, but only impact on performance?

Commentary on the short-term impact of 1Q sales, but 2Q20 peak season is expected.

In order to cope with the sudden epidemic situation, most provinces and cities have introduced measures for traffic control, isolation and postponement to resume work. We believe that the delay in the start of demand will be delayed by two weeks, reducing the company’s 1Q20 cement sales by 12%?

We expect the impact of the epidemic on the national cement market to be relatively short-term. If the epidemic is under control as expected and the weather conditions are good, the peak production and sales season is expected to begin in mid-March.

We expect 夜来香体验网 that in 2Q20, the company will usher in the concentrated release of demand caused by rushing work, which is expected to make up for the loss in sales and prices in 1Q20, which will have an impact without being overly pessimistic.

It is expected that the supply side will cease production in the near future, and the price adjustment will be controllable after demand starts.

According to our interviews with leading regional enterprises during the Spring Festival, most clinker production lines in most regions are still orderly performing peak shifts and limiting production or reasonably arranging maintenance.

Considering the pre-holiday East China and South-South storage locations are extremely low, we believe that the industry’s overall inventory pressure is not significant at present, but Anhui is still in normal production 杭州龙凤网 during the Spring Festival. The Guangdong-Guangdong region currently has a high clinker storage capacity ratio.Full kiln stopped kiln.

We expect that after demand has started one after another, the price of clinker is expected to remain stable, and the average cement level will improve, but the magnitude is manageable.

The epidemic is expected to affect about 4% of expected results, focusing on low-level buying opportunities.

Taking 1) the average growth rate of Conch in March and 2) the decrease in the price of cement before the start of demand as core variables, the impact of the epidemic situation on Conch’s performance under a optimistic, neutral, and pessimistic scenario was simulated.

We calculate on the neutral assumption that the emerging epidemic or the company’s sales and performance in 1Q20 occurred about 14% and 22%, respectively, but the impact on performance was only about 4%.

Taking into account the potential busy season in 2Q, the long-term profit level of Conch remains stable.

Estimates suggest that we maintain the company’s 2019e / 2020e EPS 6.


29 yuan, and?
2021e EPS6.

01 yuan.

The current A shares correspond to 2020 / 21e 7.

5x / 7.

9x P / E, H shares 2020 / 21e7.

1x / 7.

4x P / E.

Maintain Outperform industry rating and stock target price of 62.

9 yuan, corresponding to 2020 / 21e 10x / 10.

5x P / E; Maintain H-share target price of 67.

14 Hong Kong dollars, corresponding to 2019 / 20e9.

5x / 10x P / E, A / H shares correspond to 33% / 29% upside.

The progress of risk resumption exceeded expectations, and prices fell more than expected.

Chinese Representative: Working Together to Promote the Implementation of the Iran Nuclear Comprehensive Agreement

Chinese Representative: Working Together to Promote the Implementation of the Iran Nuclear Comprehensive Agreement
Xinhua News Agency, Vienna, February 26th (Reporter Yu Tao) On February 26th, a meeting of the Director-General of Political Affairs of the Joint Commission on the Comprehensive Agreement on the Iranian Nuclear Issue was held in Vienna, Austria to discuss issues related to the implementation of the comprehensive agreement and coordinate the next steps.The Secretary-General of the EU External Action Program Schmidt presided over the meeting, and Iranian Deputy Foreign Minister Araghi, Russian Deputy Foreign Minister Ryabkov and British, French and German officials attended the meeting.Wang Qun, Permanent Representative of China to the United Nations in Vienna, led a delegation.  Wang Qun pointed out that the comprehensive agreement is an important result of multilateral diplomacy and has the support of most countries in the international community.The United States withdrawing from the comprehensive agreement expects Iran to exert extreme pressure, which is the root cause of the continued tension in the Iranian nuclear wave and the biggest threat to the comprehensive agreement.We are on the right side of history. The more difficult it is to anticipate, the more we must strengthen our confidence and do the right thing to the end.Any diplomatic effort should take the maintenance of a comprehensive agreement as the basic premise, and all parties must take the maintenance of the comprehensive agreement as the starting point and deal objectively and fairly with the Iranian nuclear issue.The Iranian side has generally exercised restraint in reducing compliance, continued to accept the IAEA’s supervision and verification, and highlighted that all measures it has taken are reversible.At the current starting point, China 西安耍耍网 hopes that all parties to the comprehensive agreement will proceed from the long-term perspective and the overall situation and insist on resolving differences in implementation within the framework of the Joint Commission.  Expert Wang Qun, it is imperative for all parties to work together to restore the balance of rights and obligations in a comprehensive agreement, adopt practical substitution in accordance with the principle of gradual progress and step-by-step equivalence, and promote a complete and effective comprehensive agreement.China looks forward to the European Union ‘s effective implementation of the “Trade Settlement Support Mechanism” in Iran, and will take other steps to effectively and effectively protect Iran ‘s economic interests and support France ‘s early resumption of diplomatic mediation.At the same time, China also encourages Iran to continue its commitment to resume full compliance.The Arak Heavy Water Reactor Reconstruction Project is constantly making new progress. On this basis, China will continue to work with all parties to further promote this project.  After the meeting, Schmidt issued a presidential statement.The statement stated that all parties re-implemented and maintained the comprehensive agreement, promoted the easing of the Iranian nuclear index, will work to protect Iran’s economic interests, restore the balance of the rights and obligations of the comprehensive agreement, and hope that Iran will fully expand its nuclear commitments and continue to cooperate with the International Atomic Energy Agency.China and other countries have made progress in the transformation of Arak Heavy Water Reactor.

Sinopharm Consistency (000028): Pharmacy business performed well with high revenue growth

Sinopharm Consistency (000028): Pharmacy business performed well with high revenue growth

Key Investment Events: The company released its March 2019 quarterly report, and the company achieved operating income of 136 in Q3.

5 ppm, an increase of 24 in ten years.

2%; net profit attributable to shareholders3.

1 ‰, an increase of 9 in ten years.

1%, realized deduction of non-net profit3.

0 million yuan, an increase of 7 in ten years.


Opinion: The income side performed well, and the profit growth rate in the third quarter improved compared with the first half.

The company’s first half revenue increased by 21.

4%, continued to maintain a good growth trend in the third quarter; profit growth was lower than its revenue growth mainly due to the NUS Pharmacy’s share of the WBA capital increase of 40% in the last 3 quarters, Q3 profit growth has been significantly better than the first half.

In the third quarter, sales expenses and management expenses increased by 11 each year.

8% and 10.

4%, while finance costs 111 per year.

0%, which is mainly due to the implementation of the new lease standard in this period, and the lease debts are recognized as financial expenses in installments.

NUS Pharmacy’s income side is performing well, and continuous improvement in profitability is expected; referring to the overall revenue of Q3 Company and the semi-annual NUS Pharmacy’s revenue performance, we expect NUS Pharmacy’s Q3 revenue growth to be close to 20%; the top three companiesThe quarterly investment income and asset impairment losses combined contributed approximately 2 to net profit.

4 trillion, basically the same as the same period last year; and referring to the contribution of the distribution business in the first half of the year, we expect the distribution business to contribute about 5 in the first three quarters.

800 million US dollars, the first three quarters of the National University of Pharmacy’s contribution to the listed company’s net profit attributable to about 1.

US $ 400 million. If the financial cost impact of lease debt is excluded and equity dilution is not taken into account, the operating profit growth rate of NUS Pharmacy is expected to be above 25%. The profit growth rate is better than the income growth rate, and the improvement in profit margins continues.cash.
Profit forecast and investment recommendations: We forecast the company’s revenues to be 521 in 2019-2021.

200 million, 580.

9 ppm and 646.

300 million, an increase of 20 each 深圳丝袜会所 year.

9%, 11.

4% and 11.

3%; net profit attributable to mothers is 13.

100 million, 15.

200 billion and 17.

700 million, up 7 each year.

9%, 16.

3% and 16.

4%; corresponding EPS is 3 respectively.

05 yuan, 3.

55 yuan and 4.

13 yuan.

We give the company 18-20 times PE in 2020, corresponding to a price range of 63.


0 yuan, maintain the company’s buy rating.

Risk reminder event: The operation of NUS Pharmacy did not meet expectations, and the progress of subsequent pharmacy mergers and acquisitions did not meet expectations.The investment income part did not meet expectations.