Sun Paper (002078): Q2 net profit exceeds expected cultural paper leading value bottom

Sun Paper (002078): Q2 net profit exceeds expected cultural paper leading value bottom

Event On August 28, 2019, Sun Paper published its 2019 Interim Report, and the company achieved total operating income of 107 in 19H1.

76 ppm, a ten-year increase2.

9%; net profit attributable to mother 8.

8.7 billion yuan, -27 per year.

8%; net profit after deducting non-return to mother 8.

64 ppm, -28 per year.


The decrease in profit was mainly due to the decline in the prices of major products and the rise in the cost of purchasing raw materials.

By quarter, the company’s 19Q1 / Q2 single-quarter revenue was 54.

51, 53.

2.5 billion, change by +8 each year.

1%, -2.

0%; net profit attributable to mothers is 3.

80, 5.

0.6 billion, changing -38 each year.

3%, -17.

2%, the decline in net profit attributable to mothers in 19Q2 narrowed significantly, exceeding market expectations.

Our analysis and judgment of the revenue-end pulp and paper products business has grown rapidly.

In terms of products, the income of the pulp and paper products business of the company in 19H1 increased steadily, every +2.

93%, the revenue of electricity and steam business fell steadily and slightly, -2 per year.

19% to 3.

7.5 billion.

Of which: non-replacement cultural paper income is -4 per year.

6% to 36.

12 ppm; dissolving pulp has grown rapidly in ten years26.

4% to 18.

2.6 billion.

By region: Mainland China sales revenue increased by +2.

4% to 105.

8.9 billion yuan, accounting for 98% of total operating income.

3%; overseas sales income +41 for ten years.

7% to 1.

8.7 billion, accounting for total revenue1.


The margin has increased, but earnings are expected to gradually pick up.

19H1 company’s gross profit margin decreased by 7.

21 points to 19.

71%.Among them, the gross profit margin of pulp and paper products business is ten years -7.

43 points to 19.

62%; gross profit margin of electricity and steam business decreased by -4.

02pct to 21.

44%; gross profit margin of other businesses +9 for ten years.

35pct to 24.


The decrease in gross profit margin was mainly due to the decline in the prices of major products and the rise in the cost of purchasing raw materials.

Since 2019, the price of wood pulp has continued to decline from about 5,500 yuan23.

6% to about 4,200 yuan; the price of double-adhesive paper fell steadily and decreased by 3383 from 6383.

3% to 6175 yuan; the price of double copper paper fell from 6033.

3% to 5833 yuan.

In the short term, the off-season of the paper industry has passed, accompanied by the demand for a large number of cultural papers from the preparation of spring textbooks for students in September-December and the promotion and promotion of the year before, and the demand for packaging paper that was promoted at the end of the double eleven and double twelve.It is expected that the price of pulp and paper products will rise, thereby increasing the level of profitability.

In the long run, the company’s capacity release guarantees an increase in revenue: (1) The company’s 10 input to the wood chip pulp production line and the 40-ton semi-chemical pulp production line will enter a stable production period in 2019. The 20-year investment in natural high-yield biomass fiber projects is expected toPut into operation in the fourth quarter of 2019; (2) The Laos 120 papermaking and papermaking project is advancing steadily as planned. The 40 to recycled fiber pulp board production line in the project has been trial-produced in June 2019, and two of the subsequent projects have an annual output of top 40The high-end packaging paper production line is expected to gradually enter the trial production stage every half a year in the first half of 2021; (3) The company plans to implement an annual output of 45 characteristic cultural paper projects with a total investment of RMB 20.

USD 1.6 billion to increase the company’s high-end cultural paper production capacity.

The expense ratio increased slightly during the period, and net operating cash flow rose steadily.

The sales expense ratio, management expense ratio, R & D expense ratio and financial expense ratio are +0 respectively.

77pct / + 0.

45pct / + 0.

31pct / -0.

24pct to 20.

56%, 7.

44%, 4.

74%, -0.


Net interest rate fell by 4.

55pct to 8.


19H1 The company achieved net operating cash flow22.

16 trillion, compared with 20 in the same period last year.

8 billion yuan, an increase of 6 over 杭州夜网论坛 the same period last year.


Investment suggestion: We expect the company’s operating income from 2019 to 2020 to be 232.

26 ppm and 251.

08 thousand yuan, at least +6 respectively.

7% and +8.

1%; net profit attributable to mothers is 20 respectively.

39 ppm and 22.

49 trillion, a year of -8.

9% and +10.3%; corresponding P / E is 7.

9x and 8.

7x, maintain “Buy” rating.

Risk factors: The price of raw materials fluctuates, the project progress falls short of expectations, and the price of paper changes.

Jiantou Energy (000600): Volume and price rise, the company’s performance exceeded expectations by 156%, continue to be optimistic about the company’s profit repair

Jiantou Energy (000600): Volume and price rise, the company’s performance exceeded expectations by 156%, continue to be optimistic about the company’s profit repair

Event: On March 16, the company released its 2018 annual report, which achieved operating income of 139 in 2018.

7.6 billion, an annual increase of 32.

24%, achieving net profit attributable to the parent company4.

32 ppm, an increase of 156 in ten years.

33%, the company’s ROE reached 3.

99%, an increase of 2 from last year.

45 units.

Opinion: The increase in volume and price caused the company’s revenue to increase by 32 in 2018.

The 24% increase in power generation and electricity prices at the same time is the company’s high income growth in 2018 of 32.

24% of prime.

In terms of power generation, the company completed 411 in 2018.

4.7 billion kilowatt-hours, completed 383 on-grid electricity.

7.1 billion kWh, an increase of 15 each year.

51% and 15.

74%; the average utilization hours of the company’s holding generating units is 5,234 hours, which is increased by at least 378 hours each year.

In terms of electricity prices, the company’s on-grid electricity price in 2018 was estimated to be 368.

08 yuan / MWh, an increase of 34 over 17 years ago.

23 yuan / MWh.

Into the standard coal hit a record high, the gross profit margin of the power generation business increased slightly.

The average coal price of 97 averages reached a new high. In 2018, the average price of 5500K thermal coal in Qinhuangdao Port reached 649 yuan / ton, an increase of 14 yuan / ton from the previous year.

As for the company, in 2018, the unit price of the standard coal into the furnace reached 638 yuan / ton, an increase of 13 yuan / ton from the previous year, and an annual increase of 2.


Due to the increase in power generation and the increase in the cost of coal prices, the cost of the company’s power generation business increased by 31 compared with the previous year.

11%, lower than the revenue growth rate of power generation business 32.

62%, the company’s power generation business gross margin reached 15.

33%, a slight increase of 0.

97 units.

Interest expenses increase by 19 per year.

3%, the company’s share of power plant revenue growth rate in 2018 the company realized interest expenses5.

7.5 billion, an increase of 0 from last year.

9.3 billion, an increase of 19 years.

3%, due to the increase in the company’s interest-bearing debt scale and the rise in comprehensive financing costs.

As of December 31, 2018, the company had interest rate denying the scale reached 132.

4.3 billion yuan, an increase of 5 from last year.

2.8 billion; after calculation, the company’s comprehensive financing cost reached 4 in 2018.

34%, an increase of 0 from the previous year.

55 units.

In terms of investment income, the company realized investment income in 20181.26 trillion, an increase of 0 from last year.

1.4 billion US dollars, of which the return on investment in associates and joint ventures is zero.

US $ 6.3 billion, a record low in recent years. The main reason is that the power plants in which the company has shares continue to rank in 2018.

We have calculated the operating results of 6 companies including Handan Peak, Hengfeng, Cangdong, Wangtan, Longshan, and Guodian Chengde. The six participating power plants achieved profit in 20181.

550,000 yuan, a decrease of 2 from last year.

8.4 billion.

In the future, the cost of coal prices will gradually decline, and the company’s equity level in power plants is expected to increase significantly.

Profit forecast and forecast: The company’s 2018 performance exceeded expectations. This time we raised the company’s profit forecast, predicting that the company’s net profit attributable to the mother for 2019-2021 will be 9.

50, 14.

02 and 15.

380,000 yuan, an increase of 120% in ten years, 47.

5% and 9.

7%, EPS is 0.

53, 0.

78 and 0.

86 yuan, corresponding to PE is 12.

95, 8.

78 and 8.

00 times, PB is expected to be 1 in 2019-2021.

03, 0.

93 and 0.

The coal price hub will go down, the power supply and demand in the region where the company is located will be tight, the hours of use will 苏州夜网论坛 remain high and the market electricity discount will be small.Strong, the current company PB1.

14 times away from the historical estimate of Hub 1.

5 times continuous shrinkage difference, maintaining a highly recommended grade.

Risk reminder: the risk of a substantial increase in electricity consumption, the risk of a significant increase in coal prices

Anzheng Fashion (603839) In-depth Report: Continuously Promoting Multi-Brand Development Strategy

Anzheng Fashion (603839) In-depth Report: Continuously Promoting Multi-Brand Development Strategy

Key points of investment: The company is a leader in high-end women’s wear, with multi-brand operations.

In general, the company owns two high-end fashion brands: Zanzi, Yin Mo, Anzheng Zhongshan, Mosak and Finachen, and Anna Kou, an e-commerce brand.

The company founded the core brand “Zizi” women’s clothing in 2001, and has now developed into one of the domestic leading brands of high-end mature womenswear.One of the top ten women’s clothing brands.

The company continues to promote the multi-brand strategy, and has now formed a “pyramid” brand camp with a solid structure, diverse styles and complementary positioning.

At present, the company’s performance still mainly depends on the contribution of “Zhuzi”, and the performance of other brands has increased year by year.

At present, nearly 70% of the company’s revenue comes from its core brand “Zizi”, and the “Zizi” brand achieved revenue 8 in the first three quarters of 2018.

USD 5.0 billion, accounting for about 69% of revenue, a 15-digit decrease from 2013.

In recent years, the company has continued to 武汉夜网论坛 promote its multi-brand strategy, and its sub-brands have gradually contributed to performance and the proportion of revenue has gradually increased; Yin Mo, Anzheng, Mosak and Fina Chen achieved revenues in the first three quarters of 20181.

6.5 billion, 0.

5.5 billion, 0.

1.9 billion and 0.

8.8 billion yuan, accounting for 14.

2%, 4.

7%, 1.

6% and 7.

6%, an increase of 5.

4 digits, 2.

8 digits, 1.

6 digits and 7.

6 averages.

The adjustment of terminal channels ended in 2016 and resumed expansion in 2017.

The company’s terminal channels continued to adjust from 2015 to 2016, and its franchise stores closed 33 and 95, respectively, while its direct-operated stores maintained better expansion, with a net increase of 33 and 42 stores from 2015 to 2016, respectively.

In 2017, the franchise channel resumed expansion, and the total number of franchised stores increased by 31; the direct sales channel continued to expand, with a net increase of 24 directly managed stores.

The channel continued to expand in 2018. At the end of 2018Q3, the total number of terminal stores increased by 40, of which franchised stores and direct-operated stores increased by 24 and 16 respectively.

The company’s performance has gradually picked up since 2017.

Affected by the adjustment of terminal channels, the company’s 2016 performance improved.

In 2017, the expansion of terminal channels resumed, and performance resumed positive growth.

In 2018, it maintained rapid growth.

In the first three quarters of 2018, the company’s total operating income and net profit attributable to mothers were 11 respectively.

6.2 billion and 2.

4.7 billion, an increase of 16 each year.

66% and 20.


Maintain recommended level.

It is expected that the company’s early 2018-2019 earnings will be 0.

81 yuan and 1.

00 yuan, corresponding estimates are 16 times and 13 times.
The company continues to advance its multi-brand strategy, continues to expand offline, and expects rapid growth online.
The company’s future performance is expected to increase steadily. The current estimate is reasonable and the recommended level is maintained.

risk warning.

The terminal consumption is sluggish, channel expansion is slowing down, and inventory impairment risks.

Starnet Ruijie (002396): The Rise of ARISTA in China: From Addition to Subtraction

Starnet Ruijie (002396): The Rise of ARISTA in China: From Addition to Subtraction

This report reads: The underrated leader of domestic digital communication white card exchanges, the card is located on the front line of domestic IDC switches white card trend.

Development path, market prospects benchmarking Arista, domestic local benchmarking tide information, or Davis double-click will be welcome.

Investment Highlights: Cover for the first time and give an “overweight” rating.

It is predicted that Starnet Ruijie’s net profit attributable to mothers for 2018-2020 will be 5 respectively.

8.1 billion, 7.

26 billion, 9.

08 thousand yuan, EPS is 1.

00 yuan, 1.

24 yuan, 1.

56 yuan.

With reference to comparable estimates and the principle of low EVA, we give the company 28 times PE in 2019, corresponding to a target price of 34.

72 yuan.

Covered for the first time, giving “overweight” rating.
Starnet Ruijie is an underrated domestic leader in datacom white-box switches. With long-term cooperation with BAT / operators, it will multiply the domestic datacom white card wave and rise to China’s “Arista”.

The market underestimates the scope and value of the “National Bank Edition Arista”.

In the field of data communications, white-branding has become a major trend in the industry, but the penetration rate of white-labeling in China is still low. Internet giants and operators will support a switch manufacturer against CT manufacturers just as they support Inspur.

Starnet Ruijie is a long-term partner of British American Tobacco Company and operators. In 2018, it first obtained Alibaba Cloud hardware certification, and 四川耍耍网 in the end of the year, it acquired 70% of the shares in China Mobile related tenders.It is not far away to be unique in the field of domestic white-brand switches.

The company learns to “do subtraction”, focuses on the main business of government and enterprise network equipment, and focuses on creating value.

In the past ten years, the company has established many subsidiaries and business segments to create a battleship in the communications industry with tens of billions of revenue, but the complicated business synergy is not strong.

Since last year, the company has focused on Ruijie Networks as its core business entity to reduce the burden on the company and fuel its development.

In the future, with the further improvement of the capital market system, the company is expected to continue to get rid of the burden, focus on the main business, and create new kinetic energy through mixed reform and activation to build a wider moat.

Catalyst: Cooperation with major Internet giants will be gradually implemented.

Risk reminder: Intensified competition in the industry brings downside risks to margins, 5G commercial advancement fails to meet expectations, and the Sino-U.S. Trade war brings risks of industry uncertainty.

Huan’an and Huaneng’s (601699) 2018 Annual Report Comments: Revenue Meets Expected Estimates Still To Be Repaired

Huan’an and Huaneng’s (601699) 2018 Annual Report Comments: Revenue Meets Expected Estimates Still To Be Repaired

This report reads: Lu’an Huanneng’s 2018 revenue is in line with expectations, but the depreciation and restructuring of mines related to asset impairment dragged down performance. We believe that the demand for coal injection is expected to drive future performance growth, and the company’s valuation is upRepair space.

  Investment Highlights: Revise down earnings forecasts and 南京夜网 maintain a “cautious increase” rating.

Combined with the decline in coal prices since 2019 and the uncertain impact of downstream demand, we cut the company in 2019?
EPS to 0 in 2020.


04 yuan (down 9.

2% / 8.

0%) plus EPS forecast for 2021 (1.

05 yuan), maintaining 8.

Target price of 33 yuan, maintain “cautious increase” rating.

  Revenue was in line with expectations, and impairment losses dragged down performance.

Realized operating income of 251 in 2018.

4 billion, an annual increase of 6.

78%, net profit attributable to shareholders of listed companies26.

62 trillion, an increase of -4 in ten years.

29%, net of non-attributed net profit 26.

54 ppm, a ten-year increase of -4.

53%, basic profit income is 0.

89 yuan, an increase of -4 in ten years.


Affected by the depreciation of the relevant assets for depreciation and reorganization of mines, the company continuously reports impairment losses.

1.4 billion, an annual increase of 262.

17%, dragging down performance.

  Security inspections are tightening, imports are expected, and demand for injection coal is improving.

Since the early days of mines, chemical safety accidents have occurred frequently, and domestic security inspections have continued to strengthen, and supply may occur.

Recently, Shanxi Province issued the “Notice on Carrying out Special Inspection and Rectification Actions in the Coking Industry” to comprehensively rectify issues such as illegal production and unlicensed sewage in the coking industry. The rectification action lasted from 3 months to 9 months.

In addition, Australia’s imports of high-quality main coking coal have decreased, and domestic low-sulphur high-quality main coke resources are relatively tight, and prices have been supported to a certain extent, which will soon stimulate the demand for injection coal.

  The cost management level is excellent and the capital structure is continuously optimized.

The company’s expense management level is 杭州桑拿 excellent, and the company’s expense subsidy was 18-2016.

78% / 16.

32% / 13.

12%, showing a continuous downward trend, while the asset-liability ratio continues to optimize, in 2018 fell to a three-year low of 65.


  risk warning.

Coal prices fell more than expected, asset impairment risks, and macroeconomic risks.

Binhua Co. (601678) Tracking Report: Downward Product Prices Slow Down Performance, New Projects Boost Transformation and Development

Binhua Co. (601678) Tracking Report: Downward Product Prices Slow Down Performance, New Projects Boost Transformation and Development

Performance in 2019 has improved.

The company announced its 2019 performance report, and the company expects to achieve a total operating revenue of 61 in the full year of 2019.

61 ppm, a decrease of 8 per year.

74%, expected to achieve net profit attributable to mothers4.

6.5 billion, down 33 each year.

77% in the fourth quarter is expected to achieve revenue of 15.

7.4 billion, down 2 every year.

11% in the fourth quarter is expected to achieve net profit attributable to mothers.

2 billion, the previous growth rate was 192%.

Performance is in line with market expectations.

The prices of major products fell and profits fell.

In 2019, the company’s main products, caustic soda, and propylene oxide prices have decreased to a certain extent compared with the same period of the previous year. According to wind data, from January to December 2019, the circulating price price fell by 16%, and the price of caustic soda (hundred percent) dropped by 25%.The average price of its main raw materials fell by a relatively small margin, and the price of millimeters rose by 13%, leading to increased cost pressure on the company and a 武汉夜生活网 decline in product gross profit.

Actively transform and upgrade, and pay attention to the long-term development of the company.

Initially, the company actively transformed and upgraded its development. In the first half of 2019, the company’s 6,000-ton electronic-grade hydrofluoric acid plant was successfully started, and 1,000-ton lithium hexafluorophosphate had been converted into qualified products.

The epichlorohydrin plant was successfully commissioned in May, and qualified products were replenished on July 3, and sales began in July. The above products are expected to contribute incremental performance in 2020.

The company intends to raise RMB 2.4 billion of convertible bonds to invest in the “carbon three carbon four comprehensive utilization project (Phase 1)”, and the total project investment is expected to be 6重庆耍耍网3.

US $ 3.4 billion, which mainly includes a 60-inch plug-in dehydrogenation project and an 80-inch butane replacement project. It is expected to achieve an average annual net profit of 6 in normal years after commissioning.

7.2 billion US dollars, the project is expected to start a new chapter in the company’s development after the project is put into production.

Investment suggestion: It is estimated that the company’s net profit attributable to the parent will be 6 in 2020-2021.

5.3 billion, 6.

8.8 billion yuan, corresponding to 0 EPS.

42 yuan, 0.

45 yuan, corresponding to the current PE 14.

0X, 13.

3 times.

As a leading chlor-alkali leading company, the company has gradually actively transformed its development and maintained its “overweight” rating.

Risk reminders: Product demand growth is not up to expectations, the company’s new project production progress is gradually expected, the risk of changes in trade policies, etc.

Tongkun Co., Ltd. (601233) Interim Review: PTA’s performance increased sharply

Tongkun Co., Ltd. (601233) Interim Review: PTA’s performance increased sharply

Event: The company released its semi-annual report for 2019, and achieved a total operating income of 246 in 19H1.

3.3 billion (+31 year-on-year.

90%), achieving net profit attributable to mother 13.

900,000 yuan (+2 year-on-year.

16%) and realized deduction of non-net profit13.

110 thousand yuan (-1 year on year.

87%), the overall basically in line with market expectations.

Q2 single quarter net profit 8.

69 ppm, PTA can bring profit growth.

Since the company’s performance since 2019, with the commissioning of the Hengli PX project, the PTA transfer supply and demand layout has improved, and Jiaxing Petrochemical (400 in two phases became PTA) has significantly increased its profits.

In 2019H1, Jiaxing Petrochemical’s net profit reached 8.

50 ppm-This includes the contribution of the PTA business and some filaments, approximately the same period last year3.

3.7 billion increased by 152.

twenty two%.

From the perspective of price difference, PTA insertion deduction of 600 yuan / ton, net profit per ton after tax after processing fee is 432 yuan / ton, instead of Q1’s 103 yuan / ton growth rate, PTA profit growth directly contributed to Q2 single quarter net profit 8.

6.9 billion good performance.

Filament is compensated by quantity, and it is difficult to prevent the length of gross profit: the strength of the proportional PTA transition, and the approach of the filament is slightly embarrassing.The logic of not buying down; mergers, trade wars have led to the suppression of textile export orders, and weaving swaps have also been pressured by high stocks of grey fabrics, further suppressing the price and quantity of upstream filament replacement.

From the perspective of business operation, the gross profit of filament in 19H1 was 15.

9 ppm (net of PTA profits), about the same period last year.

1.4 billion US dollars 28.

18%-This is still the case with increased filament production (yield increase of about 10%).

However, on the whole, how does Tongkun’s PTA-filament industry chain layout contribute to overall profitability and stability?

北京桑拿洗浴保健 Profit forecast: The net profit attributable to mothers is expected to be 28 in 2019-2021.



80 ppm, corresponding to PE is 8/6/6 times, maintaining the “Buy” level.

Risk reminder: Oil price drops sharply, and macroeconomic downside risks.

Hansen Pharmaceutical (002412) reported for the first time: Star single products gradually launched regional pharmaceutical leaders and then compete for the top!

Hansen Pharmaceutical (002412) reported for the first time: Star single products gradually launched regional pharmaceutical leaders and then compete for the top!

Hansen Pharmaceutical: The leading pharmaceutical company in the region was formerly a state-owned enterprise, and became the first listed company in Yiyang, Hunan after the restructuring.

The company’s development is closely focused on the main business, and the layout structure is clear.

Mr. Liu Lingan is the actual controller of the company. He is also the chairman of Hunan Pharmaceutical Industry Association and the largest shareholder of Nanyue Biopharmaceuticals (mainly engaged in blood products).

The company’s revenue has continued to grow steadily, and its profitability is strong. At the same time, it has invested in Sanxiang Bank, a high-quality target, to optimize its profit structure with high investment income.

  Industries: Encourage the expansion of the Chinese medicine industry as the adjustment of the Chinese medicine industry progresses. The development of the traditional Chinese medicine industry is favorable. Upstream: Double growth of medicinal planting area and output; Midstream: When production capacity is optimized, the number of manufacturing companies decreases while quality improves; Downstream: Chinese medicine sales account for the overall drug marketThe proportion is small, and the demand for public hospitals continues to grow.

At present, Chinese medicine occupies a relatively small market, and the industry has great potential for future development.

In terms of policies, the health care reform policy has brought challenges to relevant enterprises from all aspects of the industrial chain.

  At the same time, the state has frequently issued encouraging policies for the Chinese medicine industry, which has boosted corporate confidence and benefited the healthy development of the industry.

  The company’s core advantages: supply chain optimization + sinking marketing channels, supporting the turning point of celebrity single product performance!

  First, build a product echelon of main + potential + reserves and continue to explore new growth points in performance.

The company’s existing products can be divided according to strategy: 1) The main product: Si Mo Tang Oral Liquid, which is the main product that supports the company’s revenue growth for a long time.Gastrointestinal Power Drugs.

The company has long been committed to improving the quality of this product and consumer recognition; 2) Potential products-categories that are expected to grow into big stars: The company has multiple Chinese and western medicine varieties, mainly including shrink spring capsules, ginkgo leaf capsules and wholly-ownedThe Tianma Xingnao Capsules of Ziyongzitang Pharmaceutical Subsidiary, etc., may become the company’s new source of performance growth; 3) Reserve products: while developing new drugs, tap the potential of existing products, and accelerate the progress of the evaluation of chemical consistency.Consumption of new demand for reserves.

  Second, the strength of the supply chain has continued to improve, and it has comprehensively assisted marketing in developing new markets.

The company in the product chain 1) upstream: extend to the planting end in other ways to enhance the ability to control raw materials; 2) midstream: provide sufficient production capacity through automatic transformation of production lines, good supply chain management capabilities to achieve year-round high production-sales ratio and low inventory,At the same time, in terms of product research and development, the company continues to increase investment in scientific research; 3) Downstream: The company has long insisted on building a professional sales team to adapt to the implementation of medical reform policies such as the “two-vote system”, which will help the company focus its sales on hospitals and other big B companies in this contextThe terminal sinks to the small B terminal such as the grassroots, and then to the C terminal such as retail to take the lead.

  Earnings forecasts and investment advice.

We expect the company to achieve revenue in 2019-2021.



910,000 yuan, net profit 2.



4.5 billion.

Corresponds to EPS 0.



68 yuan.

We are optimistic about the company’s continuous launch of star single products in the field of Chinese and Western medicines, and the continuous development of marketing channels, giving the company 30 times PE in 2020 and a target 杭州桑拿网 price of 15.

90 yuan, for the first time, give “overweight” rating.

  Risk reminder: pharmaceutical industry policy / safety and environmental protection risk, raw material procurement / single product structure / quality / drug safety / R & D risk, goodwill impairment risk, high sales expense ratio, and management risk brought by rapid expansion

Zhengjin Huijin reveals the secrets of heavy stocks in the second quarter-14 new shares and 200 shares have been held for 4 years

Zhengjin Huijin reveals the secrets of heavy stocks in the second quarter: 14 new 200 shares have been held for 4 years
Source: DataBao Industrial Fulian obtained a new heavy warehouse of several hundred million US dollars in Huijin Gold Management in the second quarter.  With the announcement of listed companies’ semi-annual reports in 2019, the position trends of the institutions in the second quarter have gradually surfaced.Securities Times?Data Bao statistics show that as of August 20, there have been more than 250 stocks in the semi-annual report showing that China Securities Finance Co., Ltd., Central Huijin Investment Co., Ltd., Central Huijin Asset Management Co., Ltd. (hereinafter referred to as “Shenzhen Huijin”)Institutional positions.From the perspective of the direction of holding shares, most of the shares have not changed. 14 stocks are new and heavy positions, 1 share is an increase, and two shares are reduced.  According to statistics from the end of the period, Zhengjin Huijin held more than 230 billion yuan in stock market value.Specific to the individual stocks, Zhengjin Huijin’s market value at the end of the Ping An period reached 913.8 trillion bits, ranking first; the market capitalization of Guizhou Moutai reached 185.26 trillion second place; holding Ping An Bank’s closing market value reached 88.9.4 billion ranked third.In addition, holdings of Poly Real Estate, Vanke A, Shanghai Port Group and other stocks at the end of the period have a market value of more than 4 billion yuan.  From the perspective of the proportion of positions held, the highest proportion of securities held by Zhengjin Huijin among the outstanding shares is still Ping An of China.3.1 billion shares, accounting for 9 A shares.52%.Wanhua Chemical took second place and held 9,894 shares at the end of the period.710,000 shares, accounting for 6 shares.95%.Lu Thai A ranks third with 3862 shares.870,000 shares, accounting for 6.88%.In addition, holding Yueda Investment, Tsingtao Brewery, Commodity City and other stocks accounted for over 6%, Jingwei Huikai, Meihua Bio, Pangang Vanadium and Titanium all exceeded 5%.  In this picture of Securities Times, a new 14-stock heavy stock is that the above-mentioned plum blossom biology has become the only 北京夜网 stock that has been added.Data show that Central Huijin Asset Management Co., Ltd. (hereinafter referred to as Huijin Asset Management) newly entered the stock in the second quarter.270,000 shares, which helps to get a total increase in positions.Rhein Biology and * ST Grand Controls (right protection) were reduced.Among them, Huijin Asset Management reduced its holdings of Rhein Bio over 5 million shares in the second quarter, withdrawing from the top ten of ST Control, with a holding of 1164 before exiting.50,000 shares.  In terms of new stocks, as of the latest, the number of new stocks of Zhengjin Huijin has reached 14.In terms of holding stock prices at the end of the period, Industrial Wealth Union, CICC Environment, and stocks such as 2343 and 5 were higher, reaching 3 respectively.500 million, 0.9.8 billion, 0.8.5 billion yuan.In terms of shareholding ratio, the average shareholding ratio of individual shares held by Industrial Fulian, Evergreen, CICC Environment, Kangyue Technology, and Kangqiang Electronics exceeds 1%.It is worth mentioning that industrial wealth is a combination of popular concepts, including the Shenzhen sector, Huawei concept, 5G concept, smart machines, and industrial interconnection.In addition, Kang Qiang Electronics is a well-known Xu Xiang concept stock.  Nearly 200 shares that have held most of the shares unchanged for 4 consecutive years are all stocks held by Zhengjin Huijin during the heavy holding period.Statistics show that nearly 200 shares in the list have held positions for 4 years.Among these stocks, 29 stocks continued to increase their net profit in the first half of the year by more than 10% and their dynamic price-earnings ratio was less than 20 times.  Of the above 29 stocks, the highest net profit growth rate in the first half of the year was Soochow Securities, which grew more than 27 times in one year.Lansheng’s growth rate is second, close to 10 times.In addition, Guizhou Tire, Yonggao shares, Qilianshan and other stocks in the first half of the net profit growth rate all exceeded 100%.From the perspective of price-earnings ratio, China Happiness has the lowest dynamic price-earnings ratio, less than 5 times.In addition, Rongsheng Development, Qilianshan, Xishan Coal and Electricity and other stock markets have reduced their earnings ratios.In terms of market performance, Liangxin Electric has surged 26 since July.77% ranked first in the list of gains. Livzon Group, Poly Real Estate, Yonggao and other stocks rose more than 10% on average.

Sanlipo (002876): The display material becomes the leader of high-quality track polarizers.

Sanlipo (002876): The display material becomes the leader of high-quality track polarizers.

50% of the production capacity of display panels is transferred to mainland China, and polarizing plates will become the best investment track for display materials: display panels are undergoing the third industrial transfer from South Korea and Taiwan to mainland China, taking advantage of manufacturing cost advantages and supporting the industrial chain.We believe that the transfer of display panels will bring investment opportunities for display materials.

From the perspective of the market size and localization rate of various types of materials, we believe that the industry space is close to 20 billion, and polarizing plates with localization rate of less than 10% are expected to become the best investment track.

While localization of small-size polarizers is being carried out, large-scale replacement of large-size polarizers for television is about to start: At present, the supply of small-size polarizers is mainly concentrated in Japan’s Sumitomo Chemical, Nitto Denko and South Korea’s Samsung polarizers.Therefore, the rise of domestic mobile phone brand manufacturers, domestic polarizer leader Sanlipo, using product cost-effectiveness and localized service advantages, is realizing the replacement of small sizes. After the large-scale panel production capacity is gradually transferred to China in the next three years, the replacement of large-size polarizersWill be fully open.

In Q3 2019, the inflection point of Sanlip’s performance appeared. Next year, the large and small size polarizer business volume will help the company’s long-term 深圳spa会所 growth: in the third quarter of this year, the company’s small size polarizers are in strong demand, which will help expand Hefei’s production capacity, and the small size profitability will improve significantly.Drive company gross margin from 5 in Q1 2019.

3% increased to 20% of Q3.

In 2020, the two large-size polarizer production lines in Hefei will enter the peak production period, and the Longgang 1490mm small-size polarizer production line will be mass-produced in the second half of next year. It is expected that the performance will enter a stage of sustained high growth. We expect the company’s revenue CAGR to reach 550%, EPS CAGR will reach 71% investment proposal and next year South Korea’s Samsung Display and LGD will withdraw some excess capacity, the display panel industry supply and demand layout will significantly improve, the industry supply and demand ratio will replace 20% in 2019 and drop to 8% in 2020The industry is expected to enter a new cycle of high prosperity.

As the upstream raw material manufacturer of the panel, the company will gradually realize the maximum release of new production capacity in the next 5 years, and its performance will enter a period of rapid cashing. Next year, the company is expected to usher in a stage of “industry return” and “company performance”, and gradually achieve “Davis double-clicks. ”

We use the price-earnings ratio method to give the company a target price of 78 yuan in the next 6-12 months, compared with 2020 2.

The 24 yuan EPS, the pro forma P / E ratio is estimated to be about 22x, and the first coverage gives a “buy” rating.

  Risk reminder: Because the cost of raw materials accounts for more than 70% of the cost of polarizers, and most of the company’s raw materials are purchased in Japanese yen, changes in currency exchange rates will have a disruptive effect on the company’s costs; in the future, the company’s new production line will be gradually put into production.The introduction of products may be less than expected, which may affect profitability; the intensified competition in the industry may cause the price of polarizers to decline, affecting the company’s performance; the company’s equity quality deposit ratio will rise, and approximately 27% of the original stock may be lifted from the taboo risk in May 2020; the risk of inventory price decline.