New rules for refinancing landing consolidation fund believes that it will reactivate the fixed-income market

New rules for refinancing landing consolidation fund believes that it will reactivate the fixed-income market

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  New rules for refinancing officially landed The merger fund believes that the market will be reactivated: Securities Daily newspaper reporter Wang Ming (Jin Qilin analyst) Shan On the evening of February 14, the Securities Regulatory Commission released some adjustments to the terms of the refinancing system of listed companiesRelevant rules, and announced the implementation of the rules.

At this point, after nearly three months of soliciting opinions, the new rules for refinancing have finally officially landed.

The newly released new rules for refinancing “dry goods” are full: the GEM refinancing cloud has been reduced, the refinancing approval period has doubled, the fixed-increase lock-in period has been halved, and the minimum discount for non-public issuance pricing has been lowered . “Securities Daily” reporter noticedAfter the new rules for refinancing were released, the supplementary institutions were informed of detailed explanations at the first time, among 西安耍耍网 which the agency’s fixed increase business was repeatedly cited.

Kaiyuan Securities mentioned that the implementation of the refinancing new policy will guarantee the success rate of issuance in the fixed-income market. The relaxation of the issuance conditions and the increase in the probability of successful issuance will stimulate more listed companies to choose fixed-income financing. The fixed-income market will usher in a golden development period.
  Multi-dimensional loosening of new rules for refinancing. In 2015 and 2016, when the institutional growth business was hot, the slogan “buy the stocks and invest in the weak markets” was widely circulated among institutional investors.

Compared with the volatile A-share market, the fixed-income market with its “discount” attribute is very popular, and the fixed-income return has a higher return on investment, and it has become the first choice for asset allocation by many institutional investors and high-net-worth customers.That period was the pinnacle of institutional growth.

  As the fixed-income market continues to be hot, some bad phenomena have begun to appear: institutions do not regulate publicity and marketing, malicious speculation by listed companies before release, or the market has begun to ignore the fundamentals and popular “storytelling,” etc.The market seems a bit deformed.

As a result, the supervisory authorities issued the “Defined Increase New Deal” in a timely manner to strictly regulate the fixed increase business.

Since then, the bubble of the Dingzheng market has begun to burst.

  ”Securities Daily” reporter noted that the new rules for refinancing at the discount rate cap, change the lock-up period, relax restrictions on holdings, lower the participation threshold and other dimensions have given strong support to the fixed increase business, which is expected to effectively address the core of the fixed increase marketDemand issues.

  Large funds are optimistic about the opportunity to increase the market. At present, only Jiutai Fund still manages the increase of public funds in the market.

When seeking comments on the new refinancing regulations, Lu Weizhong, the president of Jiutai Fund, said in an interview with the Securities Daily that the fixed increase is the most important means for refinancing of listed companies. Policy adjustments are in sight. A more market-oriented and smootherThe refinancing reform of listed companies, which can be widely accepted by investors, will reactivate the development of the fixed-income market.

  After the new rules for refinancing were officially released, Jiutai Fund also interpreted it at the same time.

Jiutai Fund believes that the financing environment and financing capacity of listed companies will be significantly improved, and fixed investment will become a rare investment in 2020. The current layout of fixed investment can provide three major opportunities.

First, the early fixed-income investment fund will enjoy a policy bonus period of 3 months to 6 months. Second, the majority of fixed-income investment targets are small and medium-cap growth stocks, and the current return advantage is obvious. Finally, after the implementation of the refinancing new policy, the market styleThe switch will be further accelerated, and the estimated advantages of small and medium-cap growth stocks are very obvious.

  Southern Fund analysis believes that the new refinancing regulations released signals of relaxation are expected to once again boost the market.

The improvement and relaxation of the issuance restrictions can increase the enthusiasm and feasibility of enterprises to participate in the fixed increase, and play a “timely rain” role for technology companies with high liquidity, high R & D investment and traditional industries in transition; coping, pricing mechanisms and reductionsThe relaxation will be able to resist increasing the attractiveness of fixed increase to investors, help social funds enter the market, effectively support the real economy, and increase the proportion of direct financing.

  Xu Zhiyan, assistant general manager of Huaan Fund and general manager of the Index and Quantitative Investment Department, also interpreted the new refinancing rules online.

Xu Zhiyan said, “We found that the GEM has a large market value and good liquidity. Of the top 50 split leading companies recognized by the market, 45 companies have met the refinancing conditions.

The growth potential of the GEM 50 Index M & A growth is increasing, no matter from the current forecast or growth perspective, the value of investment is particularly prominent.

Rongsheng Development (002146) 2019 Performance Express Review Comments: Take Land Actively with Good Value and Achieve Stable Growth Consistent with Expectations

Rongsheng Development (002146) 2019 Performance Express Review Comments: Take Land Actively with Good Value and Achieve Stable Growth Consistent with Expectations
Sufficient settlement performance has steadily increased, and active prevention of epidemic prevention has resumed.The company expects to achieve revenue of 709 in 2019.5.3 billion, an annual increase of 25.88%; Expected operating profit of 134.38 ppm, an increase of 21 in ten years.40%; net profit attributable to mother is estimated to be 91.2 billion, an annual increase of 20.32%.The gradual increase in performance is mainly due to the increase in settlement items brought about by the growth of the company’s business. The profit growth rate has gradually exceeded the revenue growth rate or due to the slight decline in the company’s profit margin.3%, a slight decrease of 0 compared to 2018.9 points, still high in the industry.In order to deal with the impact of the epidemic situation, the company launched the “epidemic prevention treasure” on February 15th to carry out informatization management of project epidemic prevention, to ensure the quality of resumption of work and to gradually push the disk. The sales volume and price went up, and 佛山桑拿网 the strength was increased.In terms of sales, the company’s sales in 2019 achieved stable growth, with a sales amount of 1153.5.6 billion, an annual increase of 13.58%, exceeding the initial sales target of 112 billion yuan; the sales area reached 1098.07 million cubic meters, an annual increase of 11.66%; the average selling price was 10,505 yuan / flat, a year-on-year increase of 1.72%.In terms of land acquisition, the company added land acquisition 997 in 2019.80,000 cubic meters, an increase of 31 in ten years.2%; corresponding to the amount of land acquisition 296.3 ten percent, an annual increase of 69.9%; take the average floor price of 2970 yuan / flat, an annual increase of 29.5%.The amount of land acquisition / sales is 25.7%, an increase of about 8 in 2018.At 5 points, the holding strength has increased.From the perspective of land acquisition distribution, the second- and third-tier cities are the main ones, and the new land acquisition areas in the Bohai Rim, the Midwest, the Yangtze River Delta, and the Pearl River Delta accounted for 50%, 32%, 14%, and 2% respectively.In January 2020, the company achieved a contracted area of 50.170,000 square meters, an annual increase of 38.67%; signing amount 50.3.4 billion, an annual increase of 8.37%, continued to maintain steady growth. The financing channels were unblocked and the debt structure was continuously improved.The company recently issued a $ 300 million bond with a maturity of 364 days and a coupon rate of 8.75%. Diversified financing channels ensure the company’s stable cash flow.The company’s dividend yield in 2019 is expected to exceed 6%, to obtain better allocation value. The company’s performance report is basically in line with expectations, maintaining the company’s buy rating, and the company’s forecast EPS for 2019, 2020 and 2021 is 2.09, 2.59, 3.03 yuan, corresponding to PE for 2019, 2020, and 2021 are 4, respectively.2, 34, 2.9 times. Risk Warning: Uncertainty in Epidemic Development, Real Estate Market Drops Beyond Expectations

Ping An Bank (000001): Stable transition and continuous improvement

Ping An Bank (000001): Stable transition and continuous improvement

On the evening of October 21, Ping An Bank announced its 2019 third quarter performance report, and achieved operating income of 1,029 in the first three quarters.

60,000 yuan, an increase of 18 in ten years.

8%, achieving a net profit of 236 attributable to shareholders of the parent company.

2 ten percent, an increase of 15 per year.


The performance continued the high growth trend in the first half of the year, with revenue and profit growing at more than 15%.

From the perspective of performance breakdown, the driving factor of high revenue growth mainly comes from the daily average interest-earning assets +6 per year.

3%, interest margin + 33bps per year, net fee income +17 per year.


The spread is 33bps to 2 every time.

62%, asset and debt pricing are contributing in the short term, but the company’s Q3 NIM is down 9bps from the previous quarter, of which assets -10bps / debt -2bps.

The preliminary structure is mainly due to the downward link in loan pricing, but the disadvantages are that the overall cost is stable, and the interest rate on the 广州桑拿 retail side has dropped significantly.

As for non-interest, handling fees and investment income were affected by the base of the same period last year. The growth rate fluctuated, but the absolute level was stable.

Asset expansion accelerated, bonds continued to increase, and the retail transition steadily advanced.

In terms of scale, asset growth accelerated in the third quarter (Q2 / Q3 were +1 respectively.

7% / 3.

3%), which is expected to be related to the replenishment of converted debt capital.

From a structural point of view, benefiting from the reduction in the reserve ratio, the asset structure has been further optimized.

The results of the company’s retail transformation continue to materialize. The company ‘s basic retail and private banking customers and asset management scales have achieved an early growth of more than 25%. The increase in loans is tilted towards retail, especially small consumer loans.

4 points to 59.

2%, but the new loan, auto financing and other businesses based on risk control reasons, this period has some control.

The non-performing ratio has improved, the generation ratio has been paid attention to, and the proportion of loans has declined, and asset quality has continued to solidify.

Judging from the main indicators, the marginal improvement of the company’s asset quality is obvious, and the provision continues to increase.

We believe that the first phase of the improvement of the company’s asset quality has been completed, and the follow-up mainly observes whether the non-performing mutations in retail loans can restore effective control. If the incidence of non-performing loans can be effectively controlled, there is still room for credit costs to penetrate.

We slightly adjust the company’s EPS to 1, 2019, 2020, and 2021.

58 yuan, 1.

71 yuan and 1.

96 yuan, estimated net assets at the end of 2019 is 14.

08 yuan, calculated based on the closing price on October 21, 2019, the corresponding PE for 2019-2021 is 10.



6 times, corresponding to 1 at the end of 2019.

2 times.

The company’s retail in the early stage has gradually entered the cashing stage. At present, the improvement of operations has gradually been transformed into financial indicators. There is still room for optimizing the retail business, especially the allocation of corporate resources will help improve and reduce costs.

In the future, we need to focus on observing the improvement of risk control capabilities—improvement of asset quality—credit cost savings—elasticity of operating performance and the progress of the transformation of corporate business.

The company’s recent performance in the secondary market confirms investors’ recognition of the fundamentals and is estimated to have been repaired to the next highest level of shares.

We believe that the transition and transformation are advancing, the flexibility of subsequent performance is improved, and we maintain a prudent overweight rating on the company.
Risk warning: Asset quality is changing faster than expected, retail transition is not progressing

Milkway (603713): Acquisition of Zhenyi Development to supplement hazardous chemical gas storage resources

Milkway (603713): Acquisition of Zhenyi Development to supplement hazardous chemical gas storage resources

Event: Company announcement to RMB 1.

Acquired 100% equity of Shanghai Zhenyi Enterprise Development Co., Ltd. at a price of USD 45.2 billion.

Opinion: Acquisition of revitalization and development supplements the blank of hazardous chemical gas storage.

On March 28, 2019, the company signed an Equity Transfer Agreement with Zhang Minxian, Du Wanfang, etc. The company intends to use self-funded funds to acquire 100% equity of Zhenyi Development, the total holder of each seller. The transaction price for this acquisition is 145,200,000.

00 yuan, after the completion of the acquisition, Zhenyi Development will become a wholly-owned subsidiary of the company.

Zhenyi Development’s physical assets are mainly distributed in the area of No. 155 Gaoxianhuan Road, Gaodong Town, Pudong New District, Shanghai.

The main business of Zhenyi Development is the 深圳丝袜会所 storage of dangerous chemicals, freight forwarding, import and export of goods, and unpacking services. The warehousing business is the company’s development leader in the next few years. The acquisition of Zhenyi Development can complement the company’s hazardous chemical gas storage.The lack of resources expands the storage service capacity of Waigaoqiao hazardous chemicals.

Zhenyi Development collaborates with the company on customers, regions, and businesses.

With the acquisition of Zhenyi Development, the company increased the two major business types of pharmaceutical warehouses and unpacking, expanded the scope of services, and produced a significant synergy with the company in terms of business.

1) Replenish hazardous chemicals library resources.

Zhenyi develops Class A and Class B dangerous goods warehouses 武汉夜生活网 with competitive advantages in the Shanghai area. The qualifications of hazardous chemicals warehouses are relatively scarce. Pricing initiative is an alternative.

2) The customer base is complementary to the company.

The target company has a stable customer base of sufficient scale, some Shanghai New Development International Logistics Co., Ltd., Shanghai Conghui Industrial Co., Ltd., etc.

At the same time, the target company’s new entry covers the medical-related industries, and sometimes Hollojet Medical Technology (Beijing) Co., Ltd. has formed a good complementary supplement with the company in the customer group.

3) Regional coordination.

The target company is located in the Gaodong Industrial Park, Waigaoqiao, Pudong New Area, only 1 km away from the Waigaoqiao Port Phase IV and V Ports.Nanhui warehouse, Jiading warehouse formed regional coordination, and the coverage area deepened.

Investment strategy: M & A Zhenyi Development, we raised our profit forecast, predicting that the company’s net profit for 2019-2021 will be 1.



55 ppm, an increase of 45 in ten years.

8% / 38.

4% / 33.

2%, EPS is 1.



33 yuan.

We believe that the company has high-quality customers, continued development of its warehousing business, acquired high-quality warehousing resources, has high growth, and upgraded its rating to a “buy” rating.

Risk reminders: market risks in the downstream chemical industry, security operations risks, risks related to information technology systems, and acquisition failure risks.

Top Group (601689): Lightweight automotive electronics leading short-term performance under pressure

Top Group (601689): Lightweight automotive electronics leading short-term performance under pressure

Brief evaluation of performance The company announced its semi-annual report for 2019 and realized revenue in the first half of the year.

400 million, 2.

100 million, 2.

0 trillion, respectively -20 per year.

7%, -51.

8%, -49.


Q1 gross profit margin was 26.

0%, a decrease of 2pct over the same period last year.

The sales / management / R & D / financial expense ratios are 5 respectively.

1% / 4.

4% / 6.

3% / 0.

1%, compared with 13 of the same period last year.


7% down 3.

3 points.

Business Analysis NVH (Shock Absorber / Interior Function) business is affected by the auto market and its short-term performance is under pressure.

H1’s return to net profit decreased by more than the decline in revenue. Performance was under pressure due to the sluggish auto market and the annual decline in NVH.

Among them, the H1 shock absorber business achieved revenue in 20199.

9 ‰, a year-on-year decrease of 15%, and gross profit margin decreased by 3 compared with the same period last year.

5pct; interior decoration business realized revenue 7.

9 ‰, a year-on-year decrease of 34%, and gross profit margin decreased by 2 over the same period of the previous year.

6 points.

It is expected that the company’s short-term performance will be affected by the decline in NVH business growth.

8 million orders, 6-year cycle) Mass production, forming a support for 3-5 years of performance.

Lightweight business supports initial development.

The company’s lightweight products include lightweight chassis (growth engine, acquisition of Fondona’s main high-strength steel chassis to improve product layout), control arms, battery packs and large body structure parts, steering knuckles, etc., 2019H1 chassis business revenue 5.0 billion, a year-on-year decrease of 15%, due to the downward pressure on the gross profit margin decreased by 4 over the same period last year.

5 points.

At present, the lightweight business products have entered the mass production stage, and many orders have been settled. They have won the favor of domestic and foreign automakers, especially new energy vehicle companies, and cut into Tesla’s supply chain EVP and IBS to lead long-term growth.

2019H1 smart brake business achieved zero revenue.

500 million, a previous decline of 32%, gross profit margin decreased by 7.

High value-added automotive electronic products are the future direction. The company actively deploys electronic vacuum pump EVP and intelligent brake system IBS, and the research and 杭州桑拿论坛 development expenses increase by 10%.

At present, three generations of electronic vacuum pumps have been put into production-plug-in electronic vacuum auxiliary pumps, vane-type electronic vacuum auxiliary pumps and vane-type electronic vacuum independent pumps for new energy vehicles, which have been supplied to main engine factories, and IBS has completed samples.

It is expected that EPV and IBS will reach full production status in 2022.
Profit adjustment and investment advice The company is a leader in NVH, and it is developing towards a lightweight chassis and automotive electronics (electric vacuum pump + intelligent electronic brake system) to support medium and long-term development.

Due to the continued downturn in the downstream auto market, the 2019 profit forecast is lowered by 30%.
It is expected that the company’s net profit attributable to the parent in 2019-2021 will be 5 respectively.



700,000 yuan, the corresponding EPS is 0.



73 yuan, downgraded to overweight rating.

Risks suggest that the development of new energy vehicles is worse than expected; the growth rate of the automotive industry has fallen faster than expected; the prices of upstream raw materials have risen more than expected; the annual downward pressure has exceeded expectations; and rising depreciation costs caused by rising fixed assets each year.

Hailiang Co. (002203) Company In-depth Report: Cost Advantage Construction, Wall Construction, Capacity Expansion, Consolidation of Leading Position

Hailiang Co. (002203) Company In-depth Report: Cost Advantage Construction, Wall Construction, Capacity Expansion, Consolidation of Leading Position

The year-on-year growth of copper processing capacity has promoted steady growth in performance: from 2015 to 2018, the company gradually increased its production capacity through self-built projects, technological transformation and cross-mergers, driving revenue and net profit growth for three consecutive years.

At the end of 2018, the company has a copper pipe production capacity of 58 inserts, copper rods 7 inserts, and copper rows 2 inserts. At present, there are more than 50 copper processing materials under construction, and the expected capacity growth in the next two years.

In the first half of 2019, the company successfully acquired the copper alloy rod and copper pipe business where the global copper processing industry leader KME is located, inserting 28 into the copper alloy rod production line and 5.

The 2-lead copper tube production line was included in the bag, and subsequently opened up the European market.

As the company’s self-built capacity is put in batches, overseas M & A projects gradually contribute to profits, and the company’s performance growth is worth looking forward to.

Steady operation without fear of fluctuations in copper prices. Intelligent production creates cost advantages: the company only earns processing fees and does not earn copper prices. It completely hedges raw materials, completely eliminates raw material price risks, and guarantees stable profits.

At the same time, the company continued to reduce costs and reduce costs, and improved the level of intelligent automated production. The production efficiency of the single production line exceeded the industry average by 40%, which significantly improved its competitiveness.

At present, the company’s gross profit per ton of copper processing material is stable at around 3,000 yuan, and the gross profit per ton and the overall gross profit margin are second only to the production of high-end copper alloy materials in the industry.

With the launch of many new intelligent information production projects around 2020, the company’s advantages in production efficiency will be further consolidated, and the profit level is expected to increase again.

The copper pipe industry gradually integrates the company as a leader to gain resources. The domestic copper pipe market shows that Hailiang Co., Ltd. and Jinlong Copper Pipe are both strong and strong, and there are many small and medium manufacturers. Due to the limited processing capacity of channels, small and medium manufacturers are difficult to obtain stable orders.Will be gradually phased out, the industry will gradually enter the integration phase.

Hailiang is backed by the world’s top 500 Hailiang Group, and is committed to integrating order resources and background advantages. Through mergers and acquisitions and self-built capacity, it gradually increases the industry’s city share and consolidates its leading position.

Future performance with strong output growth expectations is worth looking forward to: The company’s future production volume is expected to be strong. At the same time, the company’s stable operating model and consolidated leadership can ensure the stability of profitability, and future performance is worth looking forward to.

We expect the company’s net profit to reach 12 in 2019-2021.



8.4 billion; corresponding to EPS0.



91 yuan / share, corresponding to PE16.



57 times, give “recommended” rating.

Risk warning: production capacity is less than expected copper 深圳spa会所 processing fees on a regular basis

Xugong Machinery (000425): Interim profit doubled, operating net cash flow hits record high, and hits record high

Xugong Machinery (000425): Interim profit doubled, operating net cash flow hits record high, and hits record high

Investment Highlights: Event: The company’s 1H19 revenue was 311.

5.6 billion, an annual increase of 30%, net profit attributed to the mother22.

8.3 billion, an increase of 107% in ten years, net of non-attributed net profit 21.

79 ‰, an increase of 116% in ten years, and a gross profit margin of 18.

3%, an increase of 1 per year.

0ppt, net interest rate 7.

3%, an increase of 2 per year.

7ppt, net operating cash flow 28.

4.1 billion, a record high over the same period.

1H19’s main business segment cranes / scrapers / pile machinery / fire-fighting machinery revenue growth rates were 34% / 12% / 45% / 59%.

  The gross profit margin of the crane sector increased, maintaining the leading position.

1H19’s crane business achieved revenue 114.

78 ‰, an increase of 34% in ten years, the gross profit margin of the crane business is 24.

9%, an increase of 3 per year.


  We believe that the improvement in the gross profit margin of the crane business is mainly due to the high growth in sales revenue. If the crane sales increase steadily in the second half of the year, the gross profit margin of the business will help maintain stability.

In addition, 1H19’s multiple crane products maintain the leading position, among which the mobile crane market share ranks first in the world. It has replaced half of the country in the domestic 100-ton large-ton mobile crane market, and the large-ton crane has an absolute leading position in the industry.The market share of casual truck cranes has historically reached a high level of over 60%.

  Asset quality has been consolidated, and overseas and emerging businesses have advanced in an orderly manner.

1H19 company accrued credit impairment losses7.

RMB 340,000 (increased in accounts receivable and changes in accounting policies), asset impairment losses1.

5.3 billion, a total of about 8.

8.7 billion.

We believe that the company’s substantial provision in the first 杭州夜生活网 half of the year is conducive to consolidating the quality of assets. Considering that the company’s net operating cash flow has created a record high for the same period, we expect the quality of the company’s remaining operating debt (such as accounts receivable) to improve or improve.
In 1H19, the company’s emerging business has progressed in an orderly manner. The company’s environmental compartment removable garbage truck market share ranks first in the domestic domestic industry, and the market share of road sweepers and scrubbers ranks among the top three domestic domestic companies; the first half of aerial work vehiclesThe gap between the market share and the number one in China has narrowed, and we are sprinting towards the number one in the industry.

At the same time, the company’s overseas revenue in 1H19 reached 44.

4.8 billion yuan, an annual increase of 20%.

According to the company’s semi-annual report, citing customs statistics, the export scale of the Xugong brand and its own exports both ranked first in the industry.

  Ratings and estimates.

We expect the company’s EPS to be zero in 19-21.



65 yuan.

The average 19-year estimated PB of construction machinery comparable companies is 1.

5 times, we think the company’s 19-year reasonable PB estimate interval is 1.


4 times, corresponding to 4 BPS.

33 yuan, the reasonable value range is 5.

20 yuan-6.06 yuan, “continuous market” rating.

  risk warning.

Macroeconomic downturn, crane recovery, inventory machine disposal risks.

Hangmin (600987): Industry production speeds up, leading companies are clear

Hangmin (600987): Industry production speeds up, leading companies are clear
Key points of investment: Recently, safety accidents in the chemical industry have occurred frequently. From the explosion in Xiangshui, the explosion in Kunshan, the explosion in Ma’anshan to the explosion in Taixing, which triggered the price of m-phenylamine and disperse dyes.The raw materials in the printing and dyeing industry are mainly dyes, and raw materials such as dyes + auxiliaries account for about 20%.But for competitive leading companies, they can pass on costs to maintain gross margins.From the company’s historical data, the year when fuel prices increased significantly, the company’s profitability improved.After the incident, as of 4 months, the company has raised the price of its products twice, and the price increase of dyes will benefit the company’s gross profit in the short term. The industry’s supply-side reforms have led to the elimination of low- and medium-end production capacity. At the same time, environmental protection policies have become more stringent. The introduction of environmental protection laws has also driven the cost of the industry to accelerate the clearing of industry capacity.64 printing and dyeing companies in Keqiao printing and dyeing companies were shut down, and more than 100 printing and dyeing companies were rectified rigidly, and their production increased.Hangzhou Xiaoshan District has launched a shutdown and relocation plan in 2017, and plans to reduce more than 40 printing and dyeing companies to 19 in 2021.At the same time, the cost of environmental protection has increased and the scale of printing and dyeing companies has expanded. Some continuous companies have to withdraw from the market.On January 11, 2018, the number of printing and dyeing companies surpassed 322, and the number of companies became 18.78%, an increase of 3.7 units.Accelerated liquidation of industry capacity will benefit leading companies with scale effects, strong comprehensive management capabilities and better profitability. In 2018, the company merged with Hangmin Baitai to realize the dual main business of “fabric printing and dyeing + gold jewelry”.Hangmin Baitai is a leading company in the domestic gold jewellery industry. It has long established gold jewellery processing services for old temple gold, Lao Fengxiang, Ming jewellery, and mancaron. It currently has an annual production capacity of 80 tons of gold jewelry.The volume of gold jewelry processing ranks first in East China and third in the country.Looking at the industry in the future, per capita consumption of gold jewelry in developing countries will 佛山桑拿网 still decrease. In 2016, the per capita consumption of gold and jewellery in the mainland area was only about 54 US dollars, which was far lower than the American average of 306.70 dollars, 180 in Japan.The overall level of the world such as 20 US dollars, there is still room for potential growth in the industry in the future.Hangmin Baitai’s committed net profit in 2018, 2019 and 2020 is not less than 72 million yuan, 85 million yuan and 102 million yuan respectively, which is equivalent to 10 net profit attributable to mothers in 2018.88%, 12.84%, 15.41%. Risks revealed: domestic apparel retail, apparel export growth rate improved, textile and apparel production capacity continued to shift to Southeast Asia; environmental protection and energy saving requirements further increased; raw material price risk; brand building 无锡夜网论坛 was less than expected.

UFIDA (600588): Rapid profit growth, domestic replacement prospects expected

UFIDA (600588): Rapid profit growth, domestic replacement prospects expected

The company issued a performance forecast, and it is estimated that the annual net profit for 2019 will be 1.04062-128.547 million yuan, an annual increase of 70% -110%.

The whole new generation of Yonsuite products is worth looking forward to.

YonSuite is a public 杭州桑拿网 cloud platform created by the company for growth companies. It provides integrated digital management solutions for people, finance, property and buses, connects social business networks, and supports customer-centric industrial chain collaborative business innovation.Full implementation 3.

0 strategic products, future development is worth looking forward to.

The best partner of Huawei Kunpeng.

In September 2019, the company and Huawei jointly released an enterprise digital application platform, jointly released smart financial solutions, and had more honors such as “Yunpeng Ecological Cooperation Best Practice Partner” and “Huawei Cloud Ecological Cooperation Best Practice Partner.

Against the background of Huawei’s growing ecosystem, the company’s NC Cloud has taken the lead in completing adjustments.

Became the first batch of member units of the ecological alliance of the PK system.

In September 2019, UFIDA became the first member of the ecological alliance of the PK (“P” for Feiteng Phytium CPU chip and “K” for Kirin KylinOS operating system) system.

Among them, core product services such as UFIDA NCCloud and UFIDA also passed local certifications.

Investment suggestion: It is expected that the company’s EPS for 2019-2020 will be 0.

58 yuan, 0.

51 yuan, maintain Buy-A rating, 6-month target price of 39 yuan.

Risk warning: Cloud-based execution is weaker than expected; corporate IT spending is lower than expected; financial sector growth exceeds expectations.

Huaxin Cement (600801): Regional prosperity continues to show good value

Huaxin Cement (600801): Regional prosperity continues to show good value

Event: On 夜来香体验网 August 24, 2019, Huaxin Cement released the 2019 semi-annual report. The report gradually progressed, and the company realized operating income of 143.

870,000 yuan, an increase of 21 every year.

07%; net profit attributable to mother 31.

63 ppm, an increase of 52 in ten years.

93%; Realize basic profit income1.

51 yuan.

Opinion: The average sales volume of some of the company’s products has increased, and production capacity is still in an expansion period.

In total, the company sold 3559 cement and clinker.

74 Initially, ten years increased by 10.

69%; aggregate 779 sold.

41 for the first time, growing 27 each year.

74%; sales of concrete 176.

77 for the first time, growing by 18 per year.

72%; the amount of treatment for various types of hypertension into the kiln reached 99.

In September, the whole year increased by 46%.

At present, the company ‘s Yunnan Jianchuan, Jinghong, Kaiyuan and Lincang aggregate projects are completed and put into operation, adding 450 tons / year of aggregate production capacity; Zhaotong, Yunnan; Shiyan, Hubei; Wuhan Changshankou;Hubei Yichang sludge disposal project was put into operation and the environmental protection business disposal capacity was improved in the 134s / year.

In addition, the company’s Yunnan Luquan, Hubei Yellowstone, Uzbekistan and Nepal integrated clinker production line is under construction, and the future increase in production capacity is about 700.

The high prosperity of the core market helped boost the company’s performance.

In the first half of 2019, the company’s major markets were generally positive, especially in Yunnan, Sichuan and Chongqing, which were driven by regional infrastructure, showing a situation of rising volume and price.

However, due to the reduction in the construction of key projects in Guizhou, demand has improved; the impact of rain in the first half of Hunan area also suppressed some of the demand.

In our opinion, taking the measures to limit parking in Guizhou, the supply side began to exert forces and prices rose. The weather in Hunan has improved and downstream demand will gradually be released. In the second half of the year, the market contribution of the two provinces will increase.

Continue to be optimistic about cement market repair.

Since 2019, as some regions continue to increase production capacity through reductions, and at the same time overlap the expected downward impact of the real estate market, the market has seen a double change in increasing supply and decreasing demand in the industry.

However, we believe that supply is the key factor that determines the industry’s prosperity at this stage, and demand is not inevitable.

The “National Building Materials Industry Coordination and Self-discipline to Promote Steady Growth of Economic Benefits” conference held in August 2019 once again demonstrated that supply-side control is the basis for the future development of the industry.

In our opinion, gradually the follow-up market gradually eliminates the expected difference in cement prices, and the cement sector has ushered in the repair of the market in the fourth quarter.

Earnings forecast and rating: Based on the company’s existing share capital, we expect the company’s diluted earnings for 2019-2021 to be different.

14 yuan, 3.

41 yuan, 3.

51 yuan, based on the closing price of 2019-08-27, the corresponding PE is 6 times, 6 times, and 5 times respectively, maintaining the “overweight” level.

Risk factors: macroeconomic downside risks; supply-side contraction is not up to expected risk; the risk of rising raw material costs; new business development is less than expected risk.