Categories
桑拿

Tongfu Microelectronics (002156): High-quality packaging and testing leader accelerates the rise in the off-season in the fourth quarter

Tongfu Microelectronics (002156): High-quality packaging and testing leader accelerates the rise in the off-season in the fourth quarter
Announcement: The company released the 2019 annual performance forecast. The net profit attributable to mothers in 2019 was 13.34 million to 20 million yuan, a year-on-year decrease of 89.49% -84.twenty four%.Among them, the net profit attributable to mothers in the fourth quarter was 4,077,47.3 million yuan, an annual increase of 219.83% -239.11%. The investment points fully benefited from the improvement of the 合肥夜网 market sentiment of the packaging and testing market, and the rapid growth of 2019Q4 performance: the company’s net profit attributable to mothers in 2019 has gradually declined 89.49% -84.24%, basically the sluggish demand in the semiconductor market in the first half of 2019. At the same time, the company’s R & D spending in the fourth quarter of 2019 is expected to increase by more than 13 million compared with the same period last year.The foundation. In the second half of 2019, the company’s operating performance turned losses into profits, and net profit attributable to mothers increased significantly by 219 in the fourth quarter of 2019.83% -239.11%, the performance achieved a substantial increase, mainly due to the second half of 2019, the rebound in the market sentiment rebound markedly, the company’s overseas wealth 北京夜网 Suzhou Suzhou, the wealth overseas Penang customer orders increased, at the same time, domestic 5G commercial accelerationUpon landing, the company’s domestic customer orders were full, which promoted the company’s operating performance in the traditional off-season to achieve rapid growth. The leading advantages of advanced packaging are obvious, fully benefiting from the increase in packaging and testing needs: the company has deeply cultivated the field of integrated circuit packaging and testing, and has ranked among the top three in China and the top ten in the world. It has a significant market leading position.The company’s packaging technology reserves are deep, and the sales of advanced packaging products account for more than 70%. The company has vigorously developed advanced packaging fields for high-performance computing, storage, high-definition display drivers and other applications. In 2019, the company’s R & D investment reached 6.More than 700 million, an annual increase of more than 20%.At the same time, the company actively expands its production capacity. It is expected that in 2020, the production capacity of supporting large customers AMD will increase by 50% compared with 2019. The scale advantage is obvious. Through the continuous improvement of the packaging and testing market demand, the company is conducive to full use. High-quality customer resources, the first to benefit from the large volume of new products of major customers: In 2019, the company’s major customer AMD released a number of 7nm high-performance processor products, leading manufacturers of performance upgrades, new product first-mover advantages are significant, the market share continues to increase, the company and AMD deep cooperationTo undertake more than 90% of AMD’s CPU packaging business; secondly, the domestic CPU market is expected to enter a period of rapid growth in 2020, the company has rich technology reserves in the field of CPU packaging, the first-mover advantage in the domestic CPU packaging market is obvious, domestic CPU packagingThe testing business has increased significantly. At the same time, Hefei Changxin 19nm 8GB DDR4 memory chip is about to be mass-produced. As its core packaging factory, the company is expected to benefit from the continued volume of related products in the future; therefore, MTK released industry-leading 5G chips andFor TV chips, the company is also expected to benefit from the rapid growth of MediaTek’s new product restructuring.With the volume of new products from many high-quality customers, the company’s future performance growth momentum is sufficient. Profit forecast and investment grade: The company’s operating income for 2019-2021 is expected to be 85.96, 110.21, 140.100,000 yuan, an increase of 19.0%, 28.2%, 27.1%; The net profit attributable to the mother for 2019-2021 is 0.20, 4.70, 8.40,000 yuan, an increase of -84.4%, 2271.1%, 71.3%, achieving an EPS of 0.02, 0.41, 0.70 yuan, corresponding to PE 1437, 61, 35 times.Tongfu Microelectronics has sufficient growth momentum in its future performance and maintains a “Buy” rating. Risk warning: market demand is less than expected; new product launches are less than expected; customer development is less than expected.

Categories
新闻

Hualu Hengsheng (600426) 2019 Interim Report Review: Interim Report Exceeds Expectations

Hualu Hengsheng (600426) 2019 Interim Report Review: Interim Report Exceeds Expectations

Event: The company achieved revenue of 70 in the first half of 2019.

7.6 billion yuan, with an annual increase of 1.

13%; net profit attributable to mother 13.

09 billion yuan, down 22% ten years ago.

Q2 single-quarter revenue of 35.

3.3 billion won was flat in Q1; net profit in Q2 was 6.

6.7 billion, an increase of 3 from the previous month.

89%.

Interim results exceeded market expectations.

Cost reduction and incremental hedge product price breakdown.

The prices of some of Q2’s products fell. Among them, the 杭州夜网 average market prices of acetic acid, ethylene glycol, compound fertilizers, octanol, and butanol decreased by 14 from the previous month.

9%, 10.

7%, 8.

4%, 6.

9%, 5.

9%.

The company adjusted its product structure in time. The sales volume of 1H fertilizer increased by about 44 inches, which effectively hedged the impact of profitable output of methanol and polyols.

In addition, the prices of major raw materials such as coal, benzene, and propylene decreased, driving the gross profit margin of Q2 to 30.

2% (1% higher than the previous month.

7pct).

Optimistic about the company’s performance center, new projects open up room for growth.

We believe that the company has fully demonstrated its capacity adjustment capability of “multi-line, flexible co-production”. At present, the prices of all major products are relatively at the bottom. It is expected that the company ‘s performance center will remain stable and increase.

The company plans to build caprolactam and nylon new material projects (30 cases / year) and 16.

The 66 year / year refined adipic acid quality improvement project will further complement the strong petrochemical industry chain layout and provide the company with performance increase.

Investment suggestion: We expect the company’s revenue to be 154.16% -167.6 billion in 19-21, net profit attributable to the mother 25.

7/27.

8/30.

200 million yuan, corresponding to the current PE 10.

0x / 9.

2x / 8.

5 times.

The company is a scarce target in the industry with high integration and excellent cost control. We continue to be optimistic about the company’s growth and maintain a “buy” rating.

Risk reminder: changes in environmental protection policies, reduction in product prices, and project construction progress falling behind expectations

Categories
ECcxJq

Agricultural Bank of China (601288): 3Q results meet expectations

Agricultural Bank of China (601288): 3Q results meet expectations

Performance in line with expectations The company announced its results for the first three quarters of 1919: revenue of $ 475 billion, an increase of 3 years.

8%; net profit attributable to mothers is 18.07 million yuan, a year-on-year increase of 5.

3%; 3Q single-quarter revenue increased by 0 year-on-year.

4%, net profit attributable to mothers increases by 6 per year.

1%, 4 of the earlier 1H19.
.

9% accelerated slightly.

Revenue and profit were in line with expectations, with interest margins and asset quality being the main highlights.

Development Trend The growth rate of 3Q revenue growth is mainly related to the decline in net fee growth.

But interest margins, costs, and asset quality are excellent, and cost control and county-level regional development are also highlights.

Spread: The estimated 3Q quarter spread is 2.

03%, up 2bp from the previous quarter.

Agricultural Bank’s loan-to-deposit ratio continued to rise, with loan growth significantly faster than deposits (up 12% and 8% respectively from the end of 2018).

It is expected that the stable and plentiful deposits of ABC should be strict in controlling the cost of attracting reserves.

Asset quality: The balance of non-performing loans decreased by 18 trillion compared with the beginning of the year, making the non-performing loan ratio decrease by 17bp to 1 from the beginning of the year.

42%.

Provision coverage ratio rose to 281%.

Quarterly credit costs fell 3bps to 0 杭州桑拿 from the previous quarter.

93%, down 35bp earlier.

Marginal credit costs are expected to fall further in the future, which will provide strong support for profit growth.

Cost control: business and management fees increased by only 2 in the first 9 months.

7% is the cost-to-income ratio of 31bp to 27.

1%.

Agricultural Bank of China’s axial network scale has the potential for cost savings in the process of technology empowerment and network conversion.

County area development: Loans and deposits in county area businesses increased by 13% and 9% from the end of the previous year, faster than city outlets.

The bad rate dropped by 33bp to 1.

75%, asset quality improves at an accelerated rate.

Earnings forecasts and estimates remain unchanged.

We maintain our Outperform rating on the stock, and we raise our target price by 3 based on final earnings conversion.

6% to 4.

87 yuan, corresponding to 1.

0x 2019 P / B ratio and 0.

9 times the 2020 P / B ratio, 33 as compared with the recent inclusion.

1% upside.

H-shares maintain an Outperform rating and we raise our target price by 1 based on final earnings conversion.

9% to 4.

86 burning, corresponding to 0.

9x 2019 P / B ratio and 0.
8 times 2020’s P / B ratio, 50 more recently included.
5% upside.

Risks Macroeconomic growth has been long-term, and asset quality performance has fallen short of expectations.

Categories
夜生活

Shenzhen Tianma A (000050) Quarterly Report Review: Q3 High Profits Continue to Overweight Flexible OLEDs

Shenzhen Tianma A (000050) Quarterly Report Review: Q3 High Profits Continue to Overweight Flexible OLEDs

Events: (1) The company’s revenue in the first three quarters of 2019 was 23.4 billion U.S. dollars, a year-on-year increase of 7.

7%, net profit attributable to mother 10.

3 ‰, a year-on-year decrease of 15%, net profit of non-attributed mothers5.

50,000 yuan, an increase of 7 in ten years.

3%; the company’s 19Q3 single-quarter revenue was 88.

3 ppm, an increase of 13 in ten years.

7%, net profit attributable to mother 3.

9 trillion, down 10 a year.

3%, net of non-attributed net profit 2.

70,000 yuan, an increase of 66 in ten years.

6%.

(2) The company intends to raise no more than RMB 7.3 billion through non-public offering of shares to invest in Wuhan Tianma G6 AMOLED Phase II production line.

Opinion: The company is in the leading position in the small and medium size display field, especially in the high-end display area such as LTPS. We believe that the company’s high profit growth in Q3 is mainly due to the upgrade of product structure.Development prospects in the professional display field.

1.

Q3 profit achieved high growth rate, product structure continued to upgrade The company’s revenue and profit scale were relatively stable in the first three quarters, Q3 single-quarter non-attributed net profit growth rate was 66.

At 6%, the performance is dazzling. We believe that it mainly benefits from the increase in the proportion of high-margin products such as the company’s high-end LTPS product specialty products.

As a leading company in the small and medium size and automotive display industries, the company is expected to continue to maintain its leading edge and is optimistic about the company’s development prospects.

2.

Non-public issuance of shares. The company intends to invest in the second-phase production line of AMOLED. The company will issue a preliminary plan for non-public issuance of shares in August.

The current consumer electronics market continues to increase demand for gradual development, high definition, wide viewing angles, ultra-thinness, etc. AMOLED display panels are the main technological upgrade route in the future. The company’s fundraising projects will help the company to further improve its technological level and capacity scale, and enhanceCore competitiveness to consolidate and improve the company’s industry position and market influence.

After the project is completed, it is expected to increase the annual average sales income by about 17.18436 million yuan (combined with the overall calculation of the first-phase project and the second-phase project) and add an annual average total profit of about 2.25.9 billion yuan.

3.

Continued expansion of production, 48 billion yuan invested in Xiamen OLED production line company co-invested 48 billion yuan in Xiamen OLED production 四川耍耍网 projects (substrate size 1500mm * 1850mm), the designed production capacity is 48 thousand flexible display substrates per month.

It will further enhance the company’s market layout in the small and medium-sized high-end display, especially in the AMOLED field, which will help the company improve its business layout, seize the opportunity of the rapid development of the AMOLED industry, and accelerate the realization of leading corporate strategic goals worldwide.

Investment suggestion: The company is in the leading position in the small and medium size display field. We are optimistic about the company’s development prospects in the small and medium size high-end display and professional display field. Due to the tight supply and demand relationship in the panel industry, the company’s 19-year profit forecast is reduced to 21.

800 million down to 12.

16, giving the company a 20-21 profit forecast of 15.

26 and 20.

19 trillion, EPS is 0.

74 and 0.

99 yuan, corresponding to 23 in 19-21.

7/18.

89/14.

27, corresponding to PB 1.

06/1.

02/0.

96.

Risk Warning: Panel prosperity is lower than expected, orders are lower than expected, showing the risk of technological iteration

Categories
桑拿

Dongcheng Pharmaceutical (002675) Comments: Performance Meets Expectations, Maintains Rapid Growth, Nuclear Medicine Sector Keeps Optimistic

Dongcheng Pharmaceutical (002675) Comments: Performance Meets Expectations, Maintains Rapid Growth, Nuclear Medicine Sector Keeps Optimistic

The performance was in line with expectations and continued to maintain rapid growth.

The company released its 2019 interim report and achieved operating income in the first half of the year13.

27 ppm, a 39-year increase of 39.

60%; Net profit attributable to shareholders of listed companies1.

7.8 billion, an annual increase of 59.

14%; non-net profit attributable to shareholders of the listed company is 1.

880,000 yuan, an increase of 58 in ten years.

46%; EPS is 0.

22 yuan, an annual increase of 39.

60%.

The company achieved operating income in the second quarter7.

93 ppm, a 43-year increase of 43.

90%, net profit attributable to mother 1.

1南京桑拿网 4 ‰, a year-on-year increase of 66%, and the growth index in the second quarter was more prominent in the first quarter.

Antico began to complete all the consolidations in April, excluding the consolidation factors, it is expected that the overall profit growth rate can still reach 45-50%.

In terms of financial indicators: Looking at the overall cost, the period’s cost rate in 19H1 was 34.

18%, H1 for 31 was 31.

06%, of which selling expenses 3.

50 billion yuan, an annual increase of 66%, and a sales expense ratio of 26.

4%, an annual increase of 4.

We believe that 22 sales expenses are mainly due to the increase in the company’s overall revenue. Among them, the sales expenses of the preparations segment increased the most. The management expenses were 74.73 million yuan, an increase of 28% year-on-year.Management expenses and financial expenses are well controlled.

Looking at other financial indicators, accounts receivable for reporting performance9.

1.4 billion, an increase of 18% in ten years.

Inventory 7.

980,000 yuan, an increase of 26% in ten years.

Net cash flow from operating activities was 2.

59 million, a year-on-year increase of 48%.

Both the nuclear medicine and drug substance sectors performed well in the first half of the year, and the preparation sector continued to grow at a high rate.

Revenue from the API segment 5.

29 ‰, an increase of 28% in ten years, and a gross profit margin of 27.

08%, an annual increase of 5.

53 single, mainly due to the rise in the price of heparin raw materials under the influence of classical swine fever;

530,000 yuan, an increase of 78 in ten years.

70%, mainly due to the rapid growth of naltreparin preparations; the nuclear medicine sector revenue5.

1.3 billion, an increase of 32 in ten years.

14%, of which Yunke Pharmaceuticals income 2.

2.4 billion, an increase of 20 in ten years.

03%, net profit 1.3.0 billion, an increase of 23 in ten years.

70%, H1 Yunke Pharmaceutical maintained a steady growth in 19 years; Antico revenue 1.

670,000 yuan, an annual increase of 40%, net profit 60.13 million yuan, an annual increase of 20.

78%, after the decentralization of PET / CT certificates, Andyco maintained a good growth momentum; Shanghai Xinke’s revenue1.

26 trillion US dollars, an annual increase of 11%, net profit of 25.46 million yuan, an annual increase of 9%, Shanghai Xinke maintained steady growth.

Profit forecast: It is estimated that the company’s net profit attributable to its mother in 2019-2021 will be 3 respectively.

8 billion, 4.

82 trillion and 6.

50,000 yuan, a year-on-year increase of 36%, 27% and 25%, corresponding to PE of 25X, 20X and 16X; EPS is 0.

47 yuan, 0.

60 yuan and 0.

75 yuan.

Maintain “Buy” rating.

Risk warning: the price of raw materials drops; the performance of the nuclear medicine sector 深圳桑拿网exceeds expectations

Categories
按摩

Zhaoyan New Drug (603127) Incident Review: An important step in the international development of the acquisition of the American company BIOMERE

Zhaoyan New Drug (603127) Incident Review: An important step in the international development of the acquisition of the American company BIOMERE

Event: The company issued an announcement on the evening of May 17th. The company plans to pay US $ 27.28 million to acquire 100% equity of Biomere. After the transaction is completed, Biomere will become a wholly-owned subsidiary of the company. The transaction is proposed to use cash acquisition. The source of funds is the company.private 重庆耍耍网 capital.

Views: 1.

Biomere: American preclinical CRO with a high degree of synergy with the company’s business1) This time the company only acquired the CRO business of Biomere, Biomere’s main preclinical CRO business and vaccine research and development business, the pre-delivery vaccine business will be replaced according to the agreement.

2) Biomere’s preclinical CRO has strong synergy with the company, including GLP and non-GLP businesses, of which the GLP business has passed the FDA on-site inspection.

3) Biomere’s pre-clinical CRO business process is excellent, with more than 20 years of operating experience, a mature business model and management structure, a good customer base (including large pharmaceutical companies such as Shire, Novartis, Abbott), and about 100 employeesThe team and the laboratory and animal room of about 8,268 square meters have developed into one of the Top 3 preclinical CROs in the New England region of the United States, and are one of the few CRO companies in the region that can conduct primate experiments.

4) Biomere’s pre-clinical CRO business is mature and profitable. In 2018, the CRO business achieved revenue1.

260,000 yuan, with a net profit of 10.98 million yuan.

2. An important step in the development of internationalization and further improvement of internal collaborative profitability. Biomere will be the first overseas company with a complete business acquired since the company was established. We believe that this acquisition is a step in the company’s acceleration of the implementation of its internationalization strategy.Important steps taken: 1) After the acquisition of Biomere, the company will have a GLP laboratory in the eastern United States, which will improve the US market layout, further optimize the company’s business structure and customer group structure, and increase the company’s overseas brand influence.

2) After the acquisition of Biomere, the company further expanded Biomere’s business scope and project quality by increasing capital expenditure on Biomere, technical training and business undertakings, and rapidly improved Biomere’s profitability.

3) Extension expansion is an important means for the rapid development of CRO. The acquisition of Biomere can accumulate valuable experience for subsequent overseas mergers and acquisitions, and at the same time lay the foundation for building a professional international management team, and provide talent reserves for future extension development.

3. The company’s logic is reorganized: high-end CRO companies with high endogenous growth and predictable extension are currently maintaining the high growth trend of their preclinical evaluation. The extension of internal business extension is worth looking forward to, and the company’s growth is constantly opening up.

1) The company has been engaged in pre-clinical evaluation of drugs for many years, and its combat effectiveness is almost full. Suzhou 1 in 2019.

The gradual commissioning of the 10,000-square-meter animal house and the 750-square-meter animal house in Beijing will bring huge performance flexibility. Full orders in hand will be released quickly, and the pre-clinical evaluation will gradually increase. The trend of high growth remains unchanged. The company recently disclosed that it will build in Chongqing, Wuzhou and other places.The new drug evaluation center project will provide guarantee for long-term development.

2) The company continues to improve the overall competitiveness of the CRO field, accelerates new business layouts such as pharmacovigilance, and first-phase clinical trials, fosters new profit growth points, and will further increase the company’s growth ceiling.

3) The acquisition of the pre-clinical CRO business of the American company Biomere will have a synergistic effect with the company’s business and increase its profitability. At the same time, it will further expand the overseas influence of the “Zhaoyan” brand, as an alternative measure for the subsequent internationalized developmentbasis.

Summary: We estimate that the company’s net profit attributable to its parent from 2019 to 2021 will be 1.

6.1 billion, 2.

3 billion, 2.

97 ppm; EPS is 1.

00 yuan, 1.

43 yuan and 1.

84 yuan, corresponding PE is 46X, 32X and 25X.

We are optimistic that the company is the absolute leader in the field of domestic safety evaluation. Under the high prosperity of the domestic CRO industry, the high performance growth is both explosive and sustainable.

The addition of new production capacity in 2019 will provide great performance flexibility in the 杭州夜网论坛 next two years. The extension of internal business extensions will continue to improve the company’s ceiling and maintain the “strongly recommended” level.

Risk warning: less-than-expected capacity expansion; adverse changes in pharmaceutical policies; less-than-expected business expansion; intensified competition in the industry, etc.

Categories
洗浴

Sante Ropeway (002159): Change of controlling shareholder of water theme park company for the first time

Sante Ropeway (002159): Change of controlling shareholder of water theme park company for the first time

The 3Q19 results were in line with our expectations of the company’s 3Q19 results: operating income for the 1-3Q195.

23 ppm, an increase of 3 per year.

8%; net profit attributable to mother 0.

1.8 billion, down 88 a year.

7%, corresponding to a relative profit of 0.

13 yuan.

Among them, 3Q19 operating income2.

39 ppm, an increase of ten years.

1%; net profit attributable to mother 0.

5.5 billion, down 11 every year.

4%.

The company’s performance is in line with our expectations.

Financial analysis: 1) 1-3Q19 revenue for two years +3.

8%, reflecting the stable passenger flow of the attractions where the ropeway business is located; 2) 19Q3 sales expenses increased by +6.

1%, corresponding to the sales expense ratio of 3.

2%; management expenses for ten years -6.

5%, corresponding to the management expense ratio of 10.

8%; 3) 1-3Q19 financial expenses +34 each time.

3%, mainly due to Chongyang and Keqi’s two project company indexes no longer being capitalized, and the company’s completion of ABS issuance at the end of 2018, which resulted in the increase of the scale of interest-bearing liabilities in this period;Big.

Change of controlling shareholder of the company: 1) On August 13, the company announced that the controlling shareholder of Wuhan Contemporary Technology Industry Group Co., Ltd. (formerly holding company) 25.

(07% shares) transferred its 27,861,295 unrestricted tradable shares to Wuhan Contemporary Urban Construction Development Co., Ltd., accounting for 20% of the total share capital.

09%.

2) The actual controller of contemporary technology and contemporary city construction and development replaced Mr. Ai Luming. The actual controller of the three special cableways has not changed since the assignment.

3) On August 27, the transfer of the share transfer agreement has been completed, the company’s controlling shareholder has become a contemporary urban construction and development company, and the actual controller is still Mr. Ai Luming.

The development trend actively deals with inefficient assets and tests the theme park for the first time.

1) The company’s inefficient assets and liabilities will continue to advance asset handling.

2) On August 22, the company announced the acquisition of 80% equity of Wuhan Longchao East Lake Ocean Park Co., Ltd., including 60% equity held by Kawo Tourism, and 20% equity held by Huamahong. The total purchase price was 2.

800 million, becoming the controlling shareholder; 2020/2021/2022 promised that the net profit after 北京夜网 deduction is not less than 27.8 million / 34.4 million / 42.8 million yuan; East Lake Ocean Park mainly operates the “Wuhan East Lake Ocean World” amusement project, which is the firstTry a theme park project.

Earnings forecasts and estimates remain unchanged from 2019/2020 EPS forecasts of 0.

24 yuan / 0.

37 yuan.

Currently corresponds to 2019/2020 56 previously.

5x / 36.

3 times price-earnings ratio.

We maintain our Neutral rating. We reduce our target price by 10% to 14 due to the increase in the risk of goodwill facing the company.

63 yuan, corresponding to 62 times the 2019 price-earnings ratio and 40 2020 price-earnings ratio, there is 10% upside compared to the current mainstream.

The improvement of venture company management failed to meet expectations; resource integration and asset replacement 深圳桑拿网 failed to meet expectations.

Categories
OVLFlyki

Daqin Railway (601006) February 2019 Operation Data Review: February traffic volume is in line with expected equity contribution or hedging risk

Daqin Railway (601006) February 2019 Operation Data Review: February traffic volume is in line with expected equity contribution or hedging risk

The average daily coal consumption of the power plant is back to 65?
70 and carry out summer maintenance and replacement, daily traffic in March or 120 or more.

Tanggang Railway may contribute rights and interests in 20193.

400 million, Tang Tie’s earnings hedged the risk of diversion, and the company’s net profit is expected to increase by 1 after the balance sheet.

1%.

Assume that the dividend payout ratio is maintained at 50%, and the dividend yield is close to 6%, making the investment attractive.

The daily shipment volume in February was in line with expectations, and the spring maintenance and consolidation may speed up the rush.

In February 2019, the company’s core asset Daqin Line completed a freight volume of 3185 to reduce at least 10.

5%.

Daily average volume 113.

8 announced, basically in line with our previous expectations.

It is expected that the Daqin Line will enter the spring maintenance period of about 23 days in April, or it may force coal companies to speed up the rush.

At the same time, considering that the average daily coal consumption of the power generation group has returned to a high level, the transportation volume is expected to recover in March.
杭州桑拿

The average daily coal consumption may return to a high level, and the average daily coal consumption in March or above 120.

As of February 28, the average daily coal consumption of the six major power generation groups was 49.

In 22, it was down 29 from January.

9%; The coal inventory of the six major power generation groups was 1,709 titles, an increase of 12 from the previous month.

0%; Qingang coal inventory of 545 attachments, an increase of 1 from January.

5%.

As of March 8th, the coal inventory of the six major power generation groups and Qingang has been adjusted to around 1648 and 561 leads. It is expected that the average daily coal consumption of the six major power generation groups will return to 65?
Around 70.

After the year, the price of coal will rise, and the shipping of coal enterprises is expected to increase. The daily shipment volume of the Daqin Line in March or above 120.

Tanggang Railway holds 19 shares.

73%, high-quality assets merged to enhance profitability.

SDIC Transportation, Caofeidian Port Affairs and Hebei Jiantou issued a confirmation letter promising to keep the company consistent with the company when exercising shareholders’ voting rights, with four companies holding a total of 61 shares.

6%, beyond the scope of consolidated financial statements.

Tanggang Railway is mainly responsible for the railway freight transportation of Cao Line, Caoxi Line, Jingtang Port Line, etc., with a mileage of 237.

6 kilometers.

In 2017, the Tanggang-Hong Kong Railway completed freight volume2.

1.3 billion tons, of which Qian Cao line accounted for 84%.

Under the background of the ban on automobile transportation in the port, the geographical advantages of the Jigang Railway have been enhanced, and its profitability has been significantly improved.

On January 9, 2018, the net interest rate of Tang-Hong Kong Railway increased to 39.

3%, the baseline Qin Railway is 18 high.

0, high-quality asset injection to improve profitability.

Accelerating the increase in coal diversion and transportation, Tang Tie may contribute equity3.

4 billion.

Qingang Co., Ltd. invests in the sixth and seventh phases of the coal terminal in Caofeidian Port, with a total annual design tungsten of 100 million tons.

The certainty of the coal port moving south has been improved, and the relocation of the Cao Line as the location of Caofeidian and Lingang Railway in the Jingtang Port area has been enhanced.
On January 9, 2018, Tanggang Railway realized net profit13.

800 million, considering the acceleration of coal diversion in Caofeidian Port Area, it is estimated that net profit will be about 1.7 billion in 2019.
The acquisition of the reconstruction of the Tang-Gang Railway will enhance the collection and distribution system itself and its independence until 2019.

5 billion, Qin Port is expected to diverge to 1000 length of Caofeidian Port, the company’s net profit will be reduced by 75 million, Tang Tie’s earnings or hedging the risk of diversion, the company’s net profit is expected to increase by 1 after the consolidation.

1%.

Risk factors: The demand for thermal coal is less than expected, the imported coal exceeds expectations, and the southward movement of coal ports is more than expected.

Earnings forecasts, estimates and investment ratings.

The daily average volume in February was 113.

8 is the highest, basically in line with expectations.

The daily average coal consumption of the 6 major power generation groups has recently returned to 65?
70 and carry out continuous spring maintenance, daily traffic in March or more than 120.

Considering Tang Tie’s post-consolidation equity or hedging risks, we adjusted our 2018-2020 net profit forecast to 145.

200 million / 146.

700 million / 147.

500 million (previous forecast 2018-20) 14.7 billion / 14.2 billion / 14 billion US dollars, corresponding to EPS0.

98/0.

91/0.

91 yuan (previous forecast was 0.

99/0.

95/0.

94 yuan).

The 2019 Railway Working Conference is committed to the in-depth implementation of incremental freight operations, benefiting from the layout and reorganization of Daqin or maintaining full load, and enhanced high dispersion attractiveness.

Maintain “Buy” rating.

Categories
夜网

Yifeng Pharmacy (603939) 2019 Expansion of Stock Incentive Program Review: New M & A Rapid Expansion of Stock Incentives is Timely

Yifeng Pharmacy (603939) 2019 Expansion of Stock Incentive Program Review: New M & A Rapid Expansion of Stock Incentives is Timely
Event: The company released the 2019 budget stock incentive plan (draft), which is planned to be 28.The price of 90 yuan / share is issued to 127 incentive targets.500,000 shares, 54 years.250,000 shares, accounting for 0% of the company’s share capital.72%.Incentives include: middle and senior managers of the company, core managers and core business (technical) personnel.  Opinion: The new round of incentives is mainly middle-level and continues to strengthen core competitiveness. In this period of equity incentive plan, only executives affiliated with two vice presidents Wang Yonghui and Xiao Zaixiang, most of them are not homogeneous in “Jikang Equity Investment” (major shareholder), The original “Yifeng Investment”, “Yizhifeng” and “Yirentang” (formerly “Yizhitang”) are held by three employee shareholding platforms, and the remaining 125 incentive objects set up the middle management of the headquarters and branchesThe personnel and core technical personnel mainly cover the middle and high-level personnel after the previous round of incentives (2011). Compared with the 2018 alternative stock incentive plan (hereinafter referred to as the “18-year plan”) released and cancelled by tactical companies,Incentive coverage expanded from 117 to 127, and the number of incentive stocks increased from 177.6 + 300,000 shares expanded to 217.105 + 54.250,000 shares, the scope and intensity of incentives expanded.Our Air Force has proposed that one of the company’s core competitiveness is the strong execution power brought by a better middle-level incentive mechanism (refer to “Keep improving, aged Wufengcheng-Yifeng Pharmacy (603939).(SH) Investment Value Analysis Report, 2018-11-21).If this incentive plan is successfully implemented, it will continue to strengthen the company’s core competitiveness.  Improve performance evaluation indicators, reflecting confidence in the company’s development prospects. The pricing of this incentive plan is based on the average transaction price 57 a day before the suspension.50% of 80 yuan / share and the average trading price of 51 before the first 60 trading days.The higher of 50% of 89 yuan / share is slightly lower than the 18-year plan, indicating that the company’s senior management and middle management have recognized the company’s development prospects.From the perspective of performance appraisal targets, the net profit growth of the 18-year ranking in 19-21 is no less than 25% / 40% / 65%, that is, the net profit attributable to the mother in 19-21 is not less than 5.21/5.83/6.8.7 billion, 夜来香体验网 and in the 18-year plan, it is required that the net profit in 19-20 years must increase by not less than 50% / 75% compared to 17 years, that is, the net profit attributable to the mother in 19-20 years is not less than 4.70/5.49 trillion, that is, the 19-year incentive plan raised the assessment requirements and reflected the confidence in the company’s development prospects.  The initial approval is expected to incur a cost of 47.05 million yuan, but it can promote the company’s continued rapid expansion. According to the company’s announcement, it was first announced at 217.A total of 45 million budgeted stocks are expected to confirm a total cost of 47.05 million yuan. Assuming it was granted in May 2019, amortization costs of 19.67 million yuan, 19.6 million yuan, 8.49 million yuan, and 2.18 million yuan will be required in 19-22. According to ourThe Air Force predicts that the growth rate of net profit will be reduced in 19-21.0pp, 3.4pp and 1.1pp, the impact on the company ‘s performance is reduced. It is expected that fair incentives will obviously increase the motivation of employees to work, and its contribution to performance growth will obviously exceed the impact of incentive costs.  The rapid expansion of new mergers and acquisitions, and the time for stock incentives, to maintain the “buy” rating. As this equity incentive has not yet been completed, maintain the company’s forecast of EPS for 19-21 is 1.53/2.02/2.66 yuan, corresponding to 19/21 PE is 38/29/22 times.The company’s rapid expansion of reserves growth momentum in 18 years, 19 years of “mature, crypto, mergers and acquisitions, services” and other keywords to buy “grade.  Risk Warning: Uncertainty still exists in equity incentives; there is still uncertainty in the event of the completion of M & A; M & A integration fails to meet expectations.

Categories
新闻

Nangang Iron & Steel Co., Ltd. (600282) 2019 Interim Report Review: Smaller Decline in Performance and Earnings Highlighted

Nangang Iron & Steel Co., Ltd. (600282) 2019 Interim Report Review: Smaller Decline in Performance and Earnings Highlighted

Incident company released semi-annual report, the company achieved operating income of 240 in the first half.

950,000 yuan, an increase of 11 in ten years.

44%; realized net profit attributable to parent company18.

41 trillion, down 19 a year.

56%.

Commenting on the optimization of the product structure of reducing costs and increasing efficiency, the company’s overall profit growth of steel products has gradually fallen below the industry average.

In terms of production, in the first half of the year, the company’s steel products achieved strong production and sales, except for pig iron output, which was affected by the overhaul of No. 2 blast furnace for a decade.

17% to 481.

15 For the first time, the average output of crude steel and 武汉夜网论坛 steel has increased, and the report states that the company has completed crude steel output of 539.

54 cobalt, steel output 503.

02In the beginning, the output of crude steel and steel was the best in history.

In terms of sales, the company seized the potential of infrastructure construction, actively changed the structure of its products, and increased its market share in the fields of energy, railways, and rail transportation. The company’s comprehensive average molecular weight of steel products in the first half of the year was 4,030.

52 yuan / ton, up 90 before.

40 yuan / ton.

In terms of cost control, in the first half of the year, the company faced the challenge of increasing the cost of raw fuel caused by a large amount of iron ore.4.

5.1 billion.

Production, sales and cost control worked together to push the company’s profit in the first half of the year to fall below the industry average, and the company’s profit fell only 19 in the first half.

56%, far below the level of industry average profit decline of about 30%.

The company’s minority shareholding problem will be solved and profitability will be improved.

In 2017, the company transferred part of the shares of Nangang Development to CCB Investment due to debt-to-equity swap. In April this year, the company’s controlling shareholder Nanjing Steel United acquired the shares of Nangang Development and Jinjiang Furnace held by CCB Investment. The company plans to issue sharesWay to purchase Nangang Development and Jinjiang Furnace Charge 38 from the controlling shareholder.

72% equity. After the transaction is completed, the target company will become a wholly-owned subsidiary of the company. Based on the caliber of the first half of 2019, Nangang Development and the integration of Jinjiang Furnace Charge into the company will increase the net profit of its parent company shareholders by 18.

4.1 billion to 21.

49 trillion, an increase of 16.

7%.

Reduce costs and increase efficiency, optimize product structure and enhance the company’s profitability. Maintain the “overweight” rating. The company’s EPS for 2019-2021 is expected to be 0.

77, 0.

81, 0.

84, corresponding to PE.

00, 3.

82, 3.

70 times, maintain “overweight” rating on the company.

Risk warning: The company’s steel product demand is less than expected, and the restructuring progress is less than expected.