Guoan kicks off a new phase of training next week, Hou Yongyong is back in sight

Guoan kicks off a new phase of training next week, Hou Yongyong is back in sight
The Beijing Zhonghe Guoan team will re-focus on the work body tomorrow at noon and undergo nucleic acid testing. If there is no accident, the team will officially start a new training session next Tuesday.The Guoan team’s current training is the same as that of Kunming’s previous training: Yu Dabao, Zhang Xizhe, Chi Zhongguo, Li Lei, Li Ke, and Yang Fan reported to the national team. Jin Minzai returned to China for marriage and was temporarily unable to return.”The All-China Class” is initially preparing for war.But the good news is that Hou Yongyong is expected to return to China in the near future.Since the end of March, Hou Yongyong in Norway has been trying to book tickets, hoping to return to China as soon as possible.However, affected by the epidemic, the result of his multiple attempts was the cancellation of the flight.As of this afternoon, the flight booked by Hou Yongyong was normal and he is expected to return to China next week.After entering the country, Hou Yongyong still has to accept 14 days of centralized isolation before meeting with the team.As the overall epidemic situation in Brazil is not optimistic, another naturalized player Alan is still difficult to determine the return date.In addition, the new stage of the national security team training is still completed by the addition of French assistants and Chinese coaches.As in Kunming, the coaching staff will communicate with France ‘s head coach Genesio every day, and the coach will deploy new training content based on the coaching staff ‘s report.Sauna, Ye Wang Zhou Xiao editor Wang Xihuang proofread Li Ming

Huadian International (600027) Annual Report 2018 Review: Volume and Price Rise Significantly Improve Performance

Huadian International (600027) Annual Report 2018 Review: Volume and Price Rise Significantly Improve Performance

The single-quarter performance increased month-on-month, and the gradual profitability significantly improved the 2018 revenue of 883.

6.5 billion, +11.

84%; net profit attributable to mother 南宁桑拿 16.

9.5 billion, +294.

16%; net profit attributable to non-mothers is 16.

920,000 yuan, +278.


In the fourth quarter, single-quarter revenue was 240.

51 ppm, gross margin is 11.

60%, ring-on-epoxy 1.

47 cases, net profit attributed to mother 1.

7 billion, -68.

54%; net profit deducted from non-return to mother 1.

98 ppm, -62.


Preliminary assessment of asset returns 3.

65%, an increase of 2 from last year.


  Volume and price both rose, and revenue maintained a steady growth. By the end of 2018, the company had 60 holding power plants in operation with a holding installed capacity of 5,157.

05 million kilowatts, +2.

86%, of which coal-fired generating units had a holding capacity of 4,022.

50 thousand kilowatts, the installed capacity of gas power generation holdings is 511.

810,000 kilowatts.

The recovery in electricity demand has improved the utilization rate of the units. The national thermal power utilization hours were 4361, which increased by 143 hours per hour. The average utilization hours of the company’s power plants were 4,264 hours, an increase of 273 hours from the same period last year, + 6.


Benefiting from the increase in installed capacity and the increase in utilization hours, the company completed 2,098 domestic power generation in 2018.

5.4 billion kWh, +9.

46%; online power 1959.

9.2 billion kWh, +9.

32%, with 10,405 sales completed.

190,000 GJ, +27.


In 2018, the company’s average on-grid electricity price was 407.

27 yuan / MWh, compared with 398 in 2017.

RMB 38 / MWh increased by 2.

23%; Affected by the combined effect of electricity and electricity prices, the company’s consolidated revenue will increase by 11 per year.


  The gross profit margin in the single quarter went down month-on-quarter, the financial expense ratio was properly controlled, and the non-operating expenses increased significantly. The gross profit margin for the single quarter was 11.60%, ring-on-epoxy 1.

47 pct; average gross margin is 12.

35%, an increase from last year.

81 pct, of which fuel cost is about 449.

800,000 yuan, + 13.


Period expenses cost 8.

14%, compared with 0 for the same period last year.

37 pct, of which the management expense rate is the same as last year, and the financial expense is 6.

87%, compared with 0 for the same period last year.


The investment income is 9.

1.1 billion, a slight breakdown from last year6.

85%, non-operating expenses are 5.

2.9 billion, +84.


Net operating cash flow is +39 per year.

23% to 178.

0.6 million yuan; the asset-liability ratio decreased by 0 from the previous month.

82 to 70.

40%, the company’s debt structure continued to improve.

  Investment suggestion: Fuel price peaks in the short term, optimistic about the thermal power 四川耍耍网 investment market. The current coal production is steadily advancing, the demand at the end of the heating season is falling, and the high inventory of power plants is suppressing the purchase demand.

It is expected that net profit attributable to mothers will be 28-20 in 2019-2021.



400 million; diluted EPS is 0.



42 yuan, corresponding to PE15.



4 times.

  Risk reminder: Electricity demand has fallen more than expected, and coal prices have risen more than expected.

Jacques Technology (002409): IC manufacturing localization is imperative, layout of electronic materials usher in good development opportunities

Jacques Technology (002409): IC manufacturing localization is imperative, layout of electronic materials usher in good development opportunities
Report Summary: The flame retardant leader has made a comprehensive layout in the field of electronic materials.The company is a domestic leader in phosphorus-based flame retardants. Through the endogenous and epitaxial expansion of the company’s business scope, from flame retardants to LNG insulation materials, and through the acquisition of Huafei Electronics, Comet and UP Chemical entered the field of high-end electronicsThe various businesses are expected to achieve coordinated development and the company maintains rapid growth. Environmental protection is normalized, and the profit of the flame retardant business is expected to return.With the normalization of environmental supervision, the marginal effect diminishes, the price of raw materials gradually declines, the company’s flame retardant profit is expected to return, and the company adopts various methods to mitigate the impact of environmental pressure on the production capacity.LNG insulation materials have obtained downstream orders. Through the continuous increase in global natural gas demand, the company’s LNG insulation materials will gradually increase its volume. The localization of high-end manufacturing remains unchanged, and the OLED blue ocean market needs to be broken.Since 2018, Sino-U.S. Trade frictions have gradually heated up. ZTE, Fujian Jinhua, etc. have successively opposed the U.S. embargo sanctions, and once it was difficult to carry out normal production.The suppression of chronic high-end manufacturing in foreign countries has made the “Made in China 2025” plan even more urgent. The road to localization is long and long, and the line is coming.Recently, Samsung and Huawei have launched OLED folding screen mobile phones. The folding screen will be ahead of the display trend, driving the accelerated development of upstream OLED materials. UPChemical has been in the field of flexible packaging for a long time, which is conducive to continuous use. Large funds accelerate the integration of resources, and there is huge room for domestic substitution.Large funds hold companies 5.73% of the shares, the company’s subsidiary UP Chemical products IC precursors, Hua Fei 西安耍耍网 electronic products spherical silicon powder and Komet products electronic special gas and other downstream reverse semiconductor fields, the company as a large fund in the listed company’s multiple semiconductor material field blessingThe first material company, in terms of the introduction of subsidiary products and subsequent development, will definitely benefit from the accelerated development of the platform of the large fund, and there is huge room for domestic substitution. Earnings forecast: The company is expected to realize revenue from 2018 to 202015.64/24.86/28.8.7 billion, net profit attributable to mothers1.47/2.93/3.88 ppm, corresponding to PE is 54/27/21 times, maintain “Buy” rating. Risk warning: the risk of rising raw material prices and less-than-expected capacity release, and the progress of domestic semiconductor factory construction is gradually expected.

Su Kennongfa (601952) Tracking Express: Operation Stable, Waiting for Food Prices to Rise

Su Kennongfa (601952) Tracking Express: Operation Stable, Waiting for Food Prices to Rise
The company’s recent stable operation has not been affected by the new crown pneumonia epidemic.The company expects that in the dual drive of the acquisition of Golden Sun Grain and Oil and the promotion of social service business, its revenue will increase by 63 in 2019.5%; but due to the sluggish rice and wheat prices, the profit slightly shifted.The company’s main business may still be under pressure in the short term, and it is expected that it will benefit from a rebound in food prices and a reduction in land rent costs in the medium and long term.Reduce EPS forecast and maintain “Buy” rating. The operation is stable and has not been affected by the epidemic.The company’s main business was the previous cultivation of rice and big wheat, and it also operated rice and rice seed businesses.February is just the season for growing in the fields, it is not yet the season for rice cultivation, and it is not the season for selling rice seeds.Only the rice business is slightly affected by the delay in 杭州桑拿网 resuming work, but it is expected to be limited.Overall, the company’s operations have been stable recently and have not been affected by the new crown pneumonia epidemic. In 2019, revenues increased rapidly, and profits fell slightly.The company recently released a report on 2019 results.It is expected to realize (statutory audit, the same below) operating income in 2019.800 million (same increase of 63.5%), net profit attributable to mother 5.900 million (twice).57%).The high increase in revenue was mainly due to the company’s acquisition of Golden Sun Grains and Oils (merged into 20.2.8 billion in revenue), and promote the impact of agricultural socialization services.The slight decrease in profits was mainly due to the sluggish trading in the grain market and the significant decline in prices of major agricultural products 北京夜网 such as rice and wheat.Performance was lower than expected. Wait for food prices to pick up and land rents to fall.In the short term, as domestic rice and wheat inventories are still high and grain prices are still low, the company’s main business is expected to remain under pressure.In the medium and long term: 1) Rice and wheat prices are expected to rise, and the company’s main business has improved.The main reasons are: adjustment, the adjustment of rice and wheat planting area and the expiration of the old grain will drive the inventory to disappear; gradually, the stock of corn has been low, and the price of corn has continued to rise, which has accordingly promoted the growth of alternative consumption of rice and wheat.2) Government rent is expected to improve.The company’s land is mainly from Jiangsu Nongken Group.The rent standards of the two companies are adjusted every five years based on changes in food prices.The next rent adjustment will be in 2021.The low food prices since 2018 may lead to improvements in the company’s land rent costs. Risk factors.Abnormal weather led to a reduction in rice / big wheat production in spring, and the state sold its reserve rice / wheat. Profit forecast and estimation.In the short term, the downturn in rice and wheat prices may weigh on the company’s main planting business.In the medium to long term, if the expected reversal of food prices and improvement in land rents are realized, it is expected to drive the company’s earnings elasticity release.Based on this, the EPS forecast for 2019/20/21 is reduced to zero.43/0.45/0.62 yuan (was 0.47/0.54/0.72 yuan). Taking into account the stability of the company’s operations and the catalytic role of the national land policy, referring to the historical forecast level of similar companies, a 20-fold estimate for 2020 is given, and the target price is lowered to 9 yuan.

You need to raise your lungs in autumn and winter

You need to raise your lungs in autumn and winter
The autumn and winter season is a period of high incidence of respiratory diseases. The high incidence of respiratory diseases includes colds, acute bronchitis, acute episodes of chronic bronchitis, and pneumonia.Why does autumn and winter become a high incidence of respiratory diseases?   Low temperature is on the one hand, and the large temperature difference is the main reason.Strictly speaking, cold does not directly cause these diseases.However, due to the sudden cold weather, many people do not notice the change of seasons, and do not pay attention to the warmth of clothes, and they get cold. Coupled with poor immunity, respiratory infections are prone to occur, and then induce various types of bronchial asthma, acute bronchitisRespiratory diseases.Traditional Chinese medicine talks about lungs as the main qi, breathing, opening the nose to the nose, combining fur, and guarding the outside.Therefore, external evils invaded from the nose, nose, and fur, and every time they first committed the lungs, the lungs’ main function was unfavorable. Qi was reversed and coughed, and asthma was abnormal.   Respiratory exercises can improve the symptoms of shortness of breath, shortness of breath, dyspnea, wheezing, etc. in patients with respiratory diseases, adjust the breath in and out of the body, improve the function of the internal organs, and improve the immunity of the body.Clinical studies have found that breathing exercises have a significant effect on restoring lung function.   Respiratory exercises consist of seven sections. The specific methods are as follows: Reducing lips breathing Purpose: To prevent the narrowing and narrowing of the small airways during exhalation, so as to facilitate the discharge of gas from the alveoli.   Method: Use the nose when inhaling, close the lips lightly when exhaling, exhale the gas slowly, and the mouth is whistling.   Objective: To enhance the strength of diaphragm muscles, reduce airway resistance, increase tidal volume, and improve hypoxia and carbon dioxide retention.   Method: Put your right hand on the belly button and left hand on your chest.When inhaling, expand the abdomen to the maximum and keep the chest still.When exhaling, contract the abdomen inward as far as possible, keeping the chest still.   Breath holding breath Objective: To extend the exchange time of oxygen and carbon dioxide in the lungs so that more oxygen enters the blood.   Method: Inhale, hold your breath for 3 seconds, turn your head to the right, and exhale.Inhale, hold your breath for 3 seconds, while turning your head to the left, exhale.   Stretching Breath Purpose: To increase lung function and relieve shoulder and neck pain.   Method: Straighten your arms, lift your head forward and upward gradually, and inhale deeply; then, close your arms, lean forward, and exhale deeply.(Note: try to use abdominal breathing.) Press to welcome Xiangxiang Purpose: Relieve rhinitis, toothache and cold.   Method: Flex the thumbs of both hands, and massage Yingxiang Point with the first knuckle (Yingxiang Point is opened beside the midpoint of the outer edge of the nasal wing and in the nasolabial fold).   Push Fengchi Objective: To relieve headache, neck aches and falling pillow.   Method: With the palms extended, use the side of the small knuckle or the small fish to push the same side of the occipital Fengchi acupoint (Fengchi acupoint is parallel to the earlobe on both sides of the big tendon behind the forehead), commonly known as the big tendon to achieve acidThe pain is degree.   Chest thumping purpose: To excrete the secretions trapped in the airways by virtue of the vibration and gravity generated by thumping.   Method: The thumppers bent their fingers together to bring the palm side into a cup shape, and beat the chest wall rhythmically with the strength of the wrist.   Respiratory exercises are mainly in the upright posture, and some movements 杭州桑拿网 can also take the sitting and lying postures. It is advisable to exercise according to the physical condition.Elderly people with poor lung function should not be eager to achieve success. You should stick to it and practice once or twice a day.Respiratory exercises should pay attention to breathing depth and breathing volume to improve breathing efficiency.Consistent breathing exercises can improve lung function and improve the symptoms of lung diseases.In addition, this exercise can also effectively relax the tight nerves, soothe anxiety and reduce the symptoms of insomnia.

Zhongshun Jierou (002511): Beautiful semi-annual results, strong revenue growth, strong profit elastic transformation

Zhongshun Jierou (002511): Beautiful semi-annual results, strong revenue growth, strong profit elastic transformation

[Event]The company released its 201天津夜网 9 Interim Report and achieved operating income of 31.

72 ppm, an increase of 22 in ten years.

67%, net profit attributable to mother 2.

75 ppm, an increase of 37 in ten years.

59%, after deducting 41 for the next ten years.


By quarter, Q1 / Q2 revenue was 15 respectively.


3 ‰, 25 per year.

8% / 19.

9%, net profit attributable to mother 1.


5 ‰, 25 per year.

2% / 49.


[Comment]Strong revenue growth and profit elasticity conversion.

The company’s single-quarter revenue growth continued to be stable, and the profit elasticity benefiting from the decline in pulp prices has been reset.

Gross profit margin for the second quarter of 2019 was 39.

23% in one year, the chain rate has increased by about 5 pct, mainly due to the company’s continuous product structure upgrade and profit elasticity benefiting from the decline in pulp prices in the first half of the year.

Eventually, the broadleaf pulp is USD 541 / ton, which is 20% longer than the initial stage, and the conifer pulp is USD 595 / ton, which is 18% longer than the initial stage.

In the original decline process, the company also promoted profit growth by increasing sales expense distribution incentive channels, and the Q2 sales expense ratio was 20.

97%, management costs 4.

3% (about 24.5 million), eventually achieving 9.

28% net interest rate, temporarily increased by 1.


Products, channels and production capacity to build a clean and stable and strong moat.

The nature of household paper is a consumer product, and the continued performance of revenue reflects the company’s strong ability to expand channels.

New channels achieved rapid breakthroughs. Traditional channels continued to develop steadily. The company promoted revenue growth through the active layout of e-commerce, commercial sales and other channels. New channels such as mother and baby and new retail 厦门夜网continued to expand.The ratio has continued to improve. The ratio of FACE / LOTION / natural wood is about 60% or more, compared with 41 in 2017.

2%, and gradually rebuild the moat for its own development.

Profit forecast and investment rating: We are optimistic about Jierou’s future new channel layout. It is expected that the company’s EPS for 2019-2021 will be 0.



73 yuan, corresponding PE is 28/21/18 times.

The company has entered a high-speed growth period of performance and has ample future growth space. It maintains “strong recommendation”.

Risk warning: RMB depreciates significantly, and channel expansion fails to meet expectations.

Qianhe Flavor Industry (603027) 2019 Interim Report Review: Performance Exceeds Expectations Stable Growth of Various Categories

Qianhe Flavor Industry (603027) 2019 Interim Report Review: Performance Exceeds Expectations Stable Growth of Various Categories

The performance was lower than expected at a low base, and the cost-effectiveness ratio gradually increased the company’s 19-year H1 revenue5.

9.4 billion (+24.

07%), net profit attributable to mother 0.

8.7 billion (-35.

55%), deducting non-attribution net profit 80.16 million yuan (+34.

35%), the transfer of 100% shares of the subsidiary in the same period last year, the distribution of income 6910 million caused by non-recurring gains and losses, single Q2 revenue of 300 million increased by 30%, deducting non-attribution net profit of 36.62 million yuan increased by 62%The Q1 average was significantly higher than the previous quarter, and the performance was better than expected. The main reason was that the condiment business was replenished and sold actively. The previous expenditures were effective and the base in the same period last year was reduced.

H1 gross profit margin 46.

61% (+ 3cts) was mainly driven by the growth of high-end products such as zero-adds, which drove structural upgrades. Zero-added products accounted for nearly 60% of the total. The brand focus was positive. H1 sales expense ratio was 23.

51% (+4.

1pcts) The main reason is that budget advertising expenses increased by 44% and employee budgets increased by 61%. The strategy of allocating expenses to the company’s ultra-high-end products has gradually developed significantly; management + R & D expense ratio6.

85% same as minus 1.

1pct, in which single Q2 is reduced by 3.

5pcts, mainly due to the recognition of the allocation of incentive costs in the same period last year, and the cost-effectiveness ratio has continued to improve since Q2.

Under the comprehensive influence, H1 deducts non-net interest rate13.

5% (+1 pct), the company has maintained double-digit revenue growth in the four quarters since 18H2, and there is sufficient room for profit rebound after pressure on advertising fees is released.

With zero addition as the representative of the high increase in condiments, the base camp performed positively, the company’s condiment business H1 revenue5.

300 million with a 22% increase, of which soy sauce 3.

5.6 billion (+ 37%), the increase in growth has increased, zero-added products have been focusing on positive results since they were renewed in November last year, with an increase of 40% +; vinegar 0.

9.9 billion (+20.

(87%), the promotion effect since the remodeling in February has been recognized by the market, the bundled income has been gradually recognized, and the base of cooking wine has increased by about 30%.

Caramel color 78.43 million (-17.

(64%). The decrease was mainly due to the impact of the loss of more than 40 million customers in Q2 last year. The supplement mainly came from double profitability and powdered caramel color.

The company focuses on zero-addition as its core strategy, adheres to the strategy of supplementing high fresh soy sauce, and insists on expanding the market inside and outside the province for common development: continuing to cultivate the southwestern base market, focusing on product upgrades, and H1 revenue2.

9.3 billion increased by 16.

4%, accelerated month-on-month, the southwestern region focuses on first-tier cities and the top 100 counties. East China, South China, North China, Central China, Northwest China and Northeast China both increased by 28% /-12% / 65% / 45% / 50% / 56%.Affected by the business scope of caramel color in South China, online growth of 59% maintained high growth.

Company announcement with 1.

5 billion cash acquisition of 100% equity of Zhenjiang Hengkang Sauce and Vinegar is expected to strengthen the regional channel and category advantages in East China, strengthen the multi-channel marketing layout, stably expand production capacity, and tolerate the company’s recent efforts to strengthen brand packaging upgrades and marketing, and expand ground expansion in Sichuan and Chongqing.The effect of media launch is expected to be gradually realized; in the future, community consumption habits will be trained through the addition of channel guides.

It has made efforts in five channels, namely retail, catering, special communication, e-commerce, and international trade. The catering channel layout is organized through a one-hundred-person team, and the small base promotes acceleration.

At present, the company’s capacity expansion project is being implemented steadily. The 10-inch soy sauce production line is expected to be put into use by the middle of the year. Profit forecast and 杭州桑拿 estimation: We are optimistic about the company’s positioning of high-end condiment companies and the development space for differentiated race tracks. It will rapidly expand from regional leaders to outside the province.Channel operation contributed incremental increase, marketing strengthened brand power continued to increase, maintaining EPS 0 in 2019-2021.



81 yuan, corresponding to PE41 / 32/25 times, and the one-year target is estimated at 24.


6 yuan, maintain “Buy” rating.

Risk factors: fierce market competition; risk of cost fluctuations; excessive investment costs

Kailuan shares (600997): Coke, chemical product prices lead to lower profits

Kailuan shares (600997): Coke, chemical product prices lead to lower profits

Event: On October 29, 2019, the company released three quarterly reports, reporting that the two companies achieved operating income of 157.

$ 2.8 billion increased by 1.

8%, the degree of net profit attributable to mother 10.

11 ppm, a ten-year increase2.


Comment on the quarter-on-quarter average decline in the first three quarters of results: According to the announcement, the company achieved net profit for the first three quarters.

11 ppm, a ten-year increase2.

04%, net profit attributable to mothers was achieved in the third quarter.

89 ‰, a decrease of 29 per year.

36%, down 18 from the previous month.


The volume and price of cleaned coal rose: the company produced 223 cleaned coal in the first three quarters of 2019.

49 for the first time, with an annual increase of 2.

41% sold 128 clean coal.

34 is the earliest, at least under 9.


The carbonization of the clean coal is 1219.

06 yuan / ton, an annual increase of 5.


The output of cleaned coal in the third quarter was 75.

At the beginning of 14, the annual growth rate was 4.

13%, an increase of 4 from the previous month.

89%; sales are 40.

82 at least, down 3 per year.

13%, an increase of 9 from the previous month.


The cleaned coal single quarter quarter was 1,223 yuan / ton, an increase of 4 per year.

57%, down from the previous month.


Coke price fluctuations: In the first three quarters of 2019, the company produced coke 545.

94 for the first time, growing by 5 per year.

48%, sales of coke 548.

75 for the first time, growing by 4 per year.

24%, coke formaldehyde is 1907.

28 yuan / ton, an annual increase of 3.


The single-season coke output in the third quarter was 171.

01 for the first time, with an annual increase of 0.21%, down 6 from the previous month.

31%; sales were 170.

1 Initially, downgrade 6 every year.

02%, down 7 from the previous month.


The ton of pyroformaldehyde was 1,862 yuan / ton, a decrease of 2 from the previous month.

28%, a decline of 5 per year.


Chemical prices continue to fluctuate: the company sold methanol in the first three quarters of 201912.

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

83%; quality is 1859.

89 yuan / ton, down 21 previously.


Pure benzene sales were 5.

38 for the first time, growing by 5 per year.

7% with a purity of 3932.

81 yuan / ton, down 26 previously.

51%; sales of adipic acid 11.

42 Initially, it grew by 5 per year.

84% with a purity of 7176.

54 yuan / ton, down 20 previously.


Sale of polyoxymethylene 2.

82 for the first time, growing 41 each year.

71% with a purity of 9445.

89 yuan / ton, down 24.


In terms of cost, coking coal purchase cost was 1285.

34 yuan / ton, an annual increase of 3.


In the single quarter, methanol sales were 3.

6 initial, down 28.

29%, a decrease of 3 per year.

74% of methanol income per ton was 1726.

24 yuan / ton, previously downgraded by 28.

56%, down 9 from the previous month.


Pure benzene sales were 2.

28 Initially, the annual increase is 55.

1%, an increase of 12 from the previous month.87%, purity 4335.

87 yuan / ton, an increase of 21 from the previous month.

82%, down 21 a year.


Adipic acid single-quarter sales were 3.

51 for the first time, downgrading 12 every year.

03%, down 13.

55%; purity is 7296.

9 yuan / ton, down 15 before.

01%, up 2 from the previous month.

twenty two%.

POM sales were 1.

09 for the first time, with an annual increase of 122.

45%, an increase of 81.

67%, 9016 purity.

64 yuan / ton, down 28 before.

26%, down 4 from the previous month.


Coking capacity was shut down for 60 years / year, with an annualized impact of approximately 45.55 million yuan: According to the announcement, according to the Chengde City Government, two coke ovens in the first phase of the coking project of the company’s subsidiary Chengde Zhongli Company were required to be closed before October 31, 2019The suspension will involve coking capacity for 60 years / company. The combined caliber capacity will be reduced from 720 tons / year to 660 tons / year, a decrease of 8.

3%, equity capacity decreased by 30.

6 cathode, down 6.


According to the announcement, the operating income of Chengde Zhongli Phase I from January to September 2019 achieved 9.

120,000 yuan, net profit 6698.

570,000 yuan, annualized net profit is expected to be 8931.

430,000 yuan, considering the company’s 51% equity, the mother caliber is 4555.

30,000 yuan.

As the coke oven and related systems are shut down, some fixed assets will not be reusable or there will be a risk of impairment. However, the net value of the fixed assets of the first phase of coke ovens and related supporting systems of Chengde Zhongye Company’s coking project will be approximately 9126.

390,000 yuan, the overall impact is expected to be limited.

Investment suggestion: The prosperity of the coking industry will improve, and the company’s future performance will be elastically reorganized.

Give overweight-A investment rating, 6-month target price of 6.

32 yuan, equivalent to 9 times the price-earnings ratio.

We expect the company’s net profit for 2019-2021 to be 12 respectively.



180,000 yuan, EPS is 0.

79, 0.

82, 0.

83 yuan / share.

Risk reminder: coal prices and coke prices fall more than expected, coking decapacity falls short of expectations, chemical product prices 无锡夜网 fall, and large asset impairments are accrued

Kailaiying (002821) Company Research: Gao Ying Capital’s Full Subscription for Win-Win Cooperation to Promote the Company to a New Level

Kailaiying (002821) Company Research: Gao Ying Capital’s Full Subscription for Win-Win Cooperation to Promote the Company to a New Level

Event: On the evening of February 16, the company announced the company’s 2020 non-public offering of stock plans.

Funds Raised: 23.

1.1 billion; Pricing: 123.

56 yuan / share, the benchmark date for the non-public offering of shares is the date of the announcement of the resolution of the 33rd meeting of the third board of directors of the company, and the issue price is not less than 80% of the average price of the company’s stock trading 20 trading days before the benchmark date;; Number of non-public offering of shares: not more than 18.7 million shares; Issued object: 1 specific object, Hillhouse Capital Management Ptd.

Limited company


Total share capital after issuance: 2.

500 million shares.

Sale restriction period: 18 months.

Use of funds: The full amount will be used to supplement the company’s working capital after deducting the issuing expenses.

Viewpoint: The strategic investor is a star institution in the primary market, and the company is expected to reach another level.

The primary market star institutions subscribed for all non-publicly issued shares in cash, and the win-win cooperation between Gao Ye Capital and Gloria Engel is of great significance.

After the initial public offering, Gaofeng Capital will become a shareholder holding more than 5% of the company’s shares and establish a comprehensive and in-depth strategic cooperation relationship with the company in the field of global innovative drugs.

Relying on its accumulated technology, experience, capacity and platform system in the field of innovative drug services, Gloriad can provide alternative CMC R & D and production services for innovative drug companies invested by Gao Capital and its related parties.

For Gloriain, Gaofeng Capital can actively promote Gloriain to significantly improve the breadth and depth of serving innovative pharmaceutical companies, and to launch in new business areas such as nucleic acid, biopharmaceutical CDMO, and innovative pharmaceutical clinical research servicesIn-depth strategic cooperation can be described as a win-win situation.

It will increase supplementary liquidity to provide sufficient guarantee for subsequent strategic layout and technology research and development.

The company’s next phase of business strategy includes macromolecules, small molecules (API + preparation integration), CRO + CDMO integration, and full life cycle service for drug development.

In terms of customers, it is necessary to strengthen the pipeline penetration rate of major European and American pharmaceutical companies, and to further increase the “breadth” of customers and expand small and medium-sized innovative drug companies.

In terms of technology, the company will further increase research and development investment to maintain the company’s leading position in the 苏州夜网论坛 industry.

The fixed increase will provide sufficient capital guarantee for the company’s various aspects of layout, help the company to increase efficiency and speed up, and accelerate the increase of the company’s market share and industry share.

Earnings forecasts and investment advice.

It is expected that the company’s net profit attributable to the parent in 2019-2021 will be 5 respectively.

7.3 billion, 7.

6.9 billion, 10.

26 ppm, an increase of 33.

8%, 34.

1%, 33.


EPS are 2 respectively.

48 yuan, 3.

32 yuan, 4.

44 yuan, corresponding PE is 65x, 48x, 36x.

If the additional diluted shares are considered, the EPS is 2 respectively.

29 yuan, 3.

08 yuan, 4.

10 yuan, corresponding to PE is 69x, 51x, 39x.

We believe that the company is a technology-driven domestic CDMO leader and benefits from the continuous advancement of the domestic MAH system.

In the next few years, the company is expected to achieve faster growth in the performance of commercialization projects. The depth and breadth of service innovation companies after the war is set to increase the set date is full of strength.
The growth rate of results in the next three years is expected to maintain 30% -35%, and maintain a “Buy” rating.
Risk reminder: project risk in clinical phase; project risk in commercialization phase; expected risk of macromolecular CDMO strategy implementation; risk of project issuance less than expected.

Visual China (000681): 411 Incident Affects Short-term Results but Customer Growth Trend Stable

Visual China (000681): “411 Incident” Affects Short-term 成都桑拿网 Results but Customer Growth Trend Stable
1H19 results are slightly lower than our expected 1H19 results: revenue 4.2 billion, a decline of 16 per year.49%; net profit attributable to mother 1.33 ppm, a decrease of 3 per year.10%.The performance was slightly lower than our expectations and that of the market, mainly because the company’s business was affected more than expected by the “411 Incident” 1. Development Trends The shutdown and rectification of the website affected performance, and now normal operations have resumed.Affected by the 411 incident, the core business of 1H19 achieved revenue3.9.8 billion, accounting for 99.06%, an annual increase of only 0.1%.According to our calculations, 2Q19 core operating income2.45 ppm, a year-on-year decrease of 14%; however, the gross profit margin of the business remained stable, and the gross profit margin decreased by 0 in 1H19.99pct to 63.33%.At present, the company’s operations are also on track, and even the 411 incident will have a certain impact on the company’s performance in the short term.It is conducive to the orderly development of the industry and is conducive to the company’s healthier and faster development. Increase investment in research and development, and create a “big, medium, and small front desk” model.The number of reports, the company’s R & D investment increased by 12 every year.24% to 28.95 million yuan. If we consider changes in the scope of consolidation, we expect the R & D expenses related to visual content and services to increase.The company has restructured its technology research and development system to aggregate content data, user behavior data, and content usage scenario data. It can improve the efficiency of content use and management for large customers, and gradually improve the company’s ability to standardize and serve a large number of long-tail users. In response to customer differentiated services, the number of customers has steadily increased.Based on the industry and market development trends and huge development space, the company conducts comprehensive research on the application scenarios and content requirements of users in different industries, and formulates different product combinations and price systems for large customers and long-tail customers. The report scale and companyThe number of directly contracted customers has increased by 31% each year.On June 26, the company and AVIC Group’s high-level strategic cooperation agreement, the two sides will carry out in-depth cooperation in copyright documents, becoming a typical case of in-depth cooperation with large customers.The company will focus on providing targeted services to key customers. First, it will fully explore the needs of key customers for all products and applications.We believe that the continuous improvement of customer quality and quantity is an important guarantee for the company’s revenue growth. Earnings Forecasts and Estimates Due to the impact of the 411 incident, we lower our net profit for 2019/2020 by 18.68% / 21.21% to 3.28 ‰ / 4.2.3 billion.The current consensus is 41/2019/2020.5x / 32.2 times.Maintain Outperform rating but lower target price by 8.0% to 24.20 yuan, corresponding to 40 times the 2020 price-earnings ratio, compared with the recent continuous 24.5% upside. Risks Copyright protection risks, customer expansion is not up to expectations, industry competition is intensifying, lifting of restricted stocks may bring trading shocks.