Archives March 2020

Valin Steel (000932) Annual Report Commentary Report: The fourth quarter of the quarter is waiting for the overall listing of the main steel industry

Valin Steel (000932) Annual Report Commentary Report: The fourth quarter of the quarter is waiting for the overall listing of the main steel industry

2018 performance overview: total operating income of 913.

70,000 yuan, an increase of 19 in ten years.

1%; net profit attributable to owners of the parent company 67.

800 million, a 64-year growth of 64.

5%; basic income 2.

25 yuan.

In the fourth quarter, net profit attributable to owners of the parent company.

0 million yuan, down 15% from the previous year.

8%, 35.


The company plans to use the capital reserve to convert its share capital to 4 shares for every 10 shares for all shareholders.

  Earlier the third quarter was a profit high, and the fourth quarter was the lowest.

The company’s production of iron, steel and materials was 1631/1972/1836 in the short term, increasing by 10% / 14% / 10% every other year; the sales volume of steel products was 1849, an increase of 12%; the company’s products were forecasted based on the income and sales volume of the steel industryThe average sales price was 4,674 yuan / ton, more than ten years.


In 2018, the company’s product volume and price went up, and the company’s operating income achieved significant growth.

In terms of quarters, the company’s gross profit per ton of steel from Q1 to Q4 2018 was 760 yuan / ton, 881 yuan / ton, 1003 yuan / ton, and 734 yuan / ton, which gradually became the profit peak in the third quarter.Weak, steel prices and other factors affected, gross profit per ton of steel fell about 269 yuan.

  Increased profitability of sheet and steel pipe products.

Among the three main types of products of the company’s main directors, boards and tubes, operating income increased by 7 and increased by 7.

14%, 33.

50%, 39.

01%, of which plate revenue accounted for more than 50%, is the main driving force for revenue growth.

In terms of profitability, the gross margin of long products fell by 0.

14 up to 18.

58%; the high profitability of construction machinery, shipbuilding, oil and gas and other fields that benefited from sheet and steel pipes increased their gross profit margins by 4 respectively.


67 up to 18.

70% / 16.


  The overall listing of the 武汉夜生活网 main steel industry continued to progress.

The company issued shares and paid cash for the acquisition of “Sangang” (Hualing Xianggang, Hualing Henggang, and Hualing Liangang). The reorganization work is progressing step by step. The current six investment institutions have increased their capital to “Sangang” 32.

800 million US dollars have been paid in place, and the industrial and commercial change registration procedures related to “Sangang” have been completed, but the plan still needs to be approved by the board of directors, the shareholders’ meeting and the SASAC.

In 2018, the company realized a total net profit of 8.6 billion yuan, of which net profit attributable to owners of the parent company was 67.

800 million, net profit attributable to minority shareholders18.

200 million, accounting for 21%.

After the completion of the acquisition, the company can obtain all the shares of “Sangang”, increase the scale of the listed platform, reduce minority shareholders’ equity, and increase the company’s performance.

  Investment Advice.

Regardless of the overall listing impact of the main steel industry, we estimate that the company’s net profit attributable to shareholders of listed companies for 2019-2021 will be 48.


600 million, budget revenue is 1.



81 yuan, corresponding to PE is 4.



2 times.

In 2019, the overall profit of the industry began to fall from a high level, which is a rational return. The company is a leading regional sheet metal company and has always had excellent performance and low estimation characteristics. We maintain an investment rating of “overweight”.

  Risk reminders: Stall at supply side increases risk; demand growth exceeds expectations; risk of uncertainty in overall listing of the main steel industry.

Jinyi Technology (002869) Company Review: High Prosperity Company Performance in Order Verification Industry Attempts to Accelerate Cash

Jinyi Technology (002869) Company Review: High Prosperity Company Performance in Order Verification Industry Attempts to Accelerate Cash
The event company issued an announcement on the evening of August 13th, announcing that it had signed an OBU procurement contract with Jiangsu Tongxingbao on the 12th, with a contract period of August 1 to October 31 this year.  The order is expected to bring at least US $ 400 million in revenue for the company, and the industry’s high business climate can be verified. According to the results of the evaluation of the Anhui Provincial Expressway ETC Bluetooth Electronic Label Procurement Project in 2019, the lowest OBU offer is about 65 yuan per unit. Conservatively assume this orderOBU unit price is about 60 yuan. Based on this, we expect this order is expected to bring 4 to the company.0.8 billion revenue, which is equivalent to 67% of the company’s consolidated revenue in 2018.55%, the industry’s high business climate has been verified.At the same time, according to the announcement of the company, the company gradually expanded the contract’s capabilities, and the company’s production capacity was unhindered. The company’s Q3 performance is expected to usher in a significant improvement.  The company’s performance is expected to accelerate its realization and continue to increase its shareholding. According to the Central Broadcasting Network, until the end of July 2019, the total number of ETC users nationwide reached 9.78 million, which only completed 51 of the one-year total OBU issue.25%. If the issue of OBUs is successfully completed this year, we estimate that each ETC equipment manufacturer will need to invest about 82 million OBUs this year.At the same time, according to the company’s announcement, the company obtained the qualification to increase capital for Shandong Expressway ETC card issuer and operating entity Xinlian Payment, and the company’s customer resources and sales channels also tend to be further expanded.  Taking into account the company’s industry level, the company’s Q4 performance accelerated to fulfill the current value expectation, maintaining the company’s net profit for 2019-20213.10, 3.22, 1.97 trillion, giving the company a target market value of 70 trillion, corresponding to 22 in 2019.5 times PE, maintaining the overweight rating.  Risk reminder:天津夜网 the progress of the company’s order landing is lower than expected; the unit price of the company’s products is lower than expected

China CITIC Bank (601998) Annual Report Comments: The positive effects of deep structural adjustment gradually appear

China CITIC Bank (601998) Annual Report Comments: The positive effects of deep structural adjustment gradually appear

Investment Highlights: CITIC Bank released the 2018 annual report.

In 18 years, the company achieved operating income of 1648.

5.4 billion (+5.

20%, year-on-year); net profit attributable to mothers was 445.

1.3 billion (+4.

57% year-on-year).

At the end of 18, the company’s non-performing loan subsidy1.

77%, an increase of 0 from the end of 17 years.

09 averages.

The performance of the company 18 has obviously improved, and asset quality and capital have been further consolidated.

It is believed that the positive effects of the deep adjustment of the company’s business structure on performance and asset quality have gradually appeared since 17 years, and the general trend of the company’s fundamentals stabilizing and recovering remains unchanged.

  The growth rate of net interest income improved quarterly, and the decline in non-interest income narrowed.

In 18 years, the company’s operating income increased by 5 per year.

20%, the growth rate is similar to Q1-3.

Among them, the growth rate of the company’s index net income has benefited from the company’s continuous improvement in net interest margin and scale factors1.

67 averages to 5.


The company’s 18-year net fee and commission income supplemented the financial situation, and the custody and guarantee business dragged down gradually.

56%, but the decline is narrower than 18Q1-3.

The majority of the 06 majority was mainly due to the narrowing of the decline in fee income of financial management business, credit commitments, custody and other interventions affected by financial supervision.

  Realized that the pressure on the bad rate was gradually digested, and the bad rate declined for two consecutive quarters.

The company replaced all non-performing loans overdue for more than 90 days with non-performing loans at one time in 18H1. At the end of Q2, the company’s non-performing loans overdue for more than 90 days accounted for 109 of non-performing loans.

38% dropped to 93.


At 18H2, the company continued to be strictly identified as non-performing assets. At the end of 18Q4, the company’s loans overdue for more than 90 days accounted for 1% of non-performing loans as compared to the end of Q2.

26 up to 92.


Realizing that the trend will cause short-term pressure on the company’s NPL ratio, the company’s NPL ratio increased quarter by quarter in the first half of 2018.

Since the second half of the year, the trend of bad expectations has significantly reduced the pressure on the company’s non-performing ratio. The non-performing ratio has declined for two consecutive quarters, and the non-performing ratio has decreased by 0 at the end of Q4.

02 averages to 1.


Affected severely by adverse reactions, the company’s last provision coverage ratio in 18Q4 decreased by 30 percentage points from the periodical high point in the last period of Q1. However, due to the seriousness of adverse perceptions, the pressure on the non-performing ratio was gradually digested, and the company’s provision coverage ratio has tended tostable.

  The positive impact of the deep adjustment of the asset structure on the net interest margin gradually emerged.

Since 17 years, the company has proactively taken measures to make in-depth adjustments to its asset structure. Its asset allocation has gradually shifted towards retail loans and debt investment. It has shifted its credit resources to key areas, key industries and key customers in public business and strengthened low-quality and low-efficiency.Exit efforts for corporate clients.

Benefiting from the above adjustments, the company’s average yield on interest-earning assets in 18 years increased by 0 compared with 17 years.

Among the 36 shares, the average yield of loans and advances increased by 0 compared with 17 years.

With 25 per share, the yield on debt investment increased by 0 compared with 17 years.

55 units.Driven by the return on interest-earning assets, the company’s 18-year net interest margin improved by 0 compared to 17 years.

15 up to 1.


  The positive impact of the in-depth adjustment of asset structure on asset quality gradually emerged.

In the past 18 years, the rise in the company’s non-performing rate was mainly due to the negative cognitive trend.

It should be noted that the impact of bad expectations on the reset of adverse pressure is one-time and will be gradually digested in the short term.

The medium and long-term trend of asset quality is expected to be objective macroeconomic aggregates and the assets that the company can control independently.

Since 17 years, the company’s asset investment direction has been significantly optimized. The company has expanded the allocation of retail assets and bond investments. It has shifted credit resources to key areas, key industries and customers in the public sector, and increased the withdrawal of low-quality and inefficient customers.

At the end of 18, the company’s retail loans accounted for an increase of 17.

62 up to 40.

14%, compared with the proportion of public loans at the end of 17 dropped 6 values to 52.


As for public debt, the balance and proportion of loans to manufacturing and wholesale and retail industries in the hardest hit areas of non-performing assets both fell.

The optimization of asset structure will provide medium and long-term support for the company’s asset quality, and the gradual digestion of adverse pressures and expected adverse 四川耍耍网 pressures will be gradually absorbed. The positive impact of asset structure optimization on asset quality will gradually emerge.

  The margin of capital security has gradually consolidated, and the scale of assets has entered a conventional growth model.

At the end of 18 years, the company’s core tier 1 capital adequacy ratio, tier 1 capital adequacy ratio and asset redundancy ratio increased by 0 at the end of 17 years earlier.

13, 0.

09 and 0.

With 82 assets, the safety margin of asset adequacy ratio has increased.

In March 19, the company successfully issued 40 billion US dollars of convertible debt, if the entire conversion of equity can statically increase the capital adequacy ratio of about 0.

85 units.

It is expected that the company will successively launch plans for issuance of perpetual bonds and 南京桑拿网 secondary capital bonds to further increase the safety margin of other primary and secondary capital.

After 17 years of active contraction and deep adjustment of asset structure since 17 years, the company ‘s gradual reduction in the safety margin of the merged capital of the company has been gradually reduced. It is expected that the company ‘s asset scale will enter a conventional growth model, and the role of scale in revenue will improve.strengthen.

  Investment Advice.

The company’s 19-20 BVPS is expected to be 8.

86 and 9.

56 yuan to 6 on March 27.

Calculated at the closing price of 15 yuan, the corresponding PB is 0.

69 and 0.

64 times.

As of March 27, the company’s PB (LF) was 0.

75 times, lower than the industry average.

The company’s 18 performance has improved significantly compared to 17 years, and asset quality and capital have been further consolidated.

It is believed that the positive effect of the deep adjustment of the company’s business structure on performance and asset quality has gradually appeared since 17 years, and the general trend of the company’s fundamentals stabilizing and recovering remains unchanged, maintaining the company’s “overweight” investment rating.

  Risk warning: asset quality deteriorates severely and systemic risk.

Huatai Securities (601688): Adhering to the concept of differentiation, diversified development of FINTECH’s leading business

Huatai Securities (601688): Adhering to the concept of differentiation, diversified development of FINTECH’s leading business

Investment Highlights Huatai Securities, as the leader of brokerage brokerage and wealth management business, has become increasingly stable in its 10 years of Internet strategic customer advantages. It explores the deepening of institutional business transformation. Fintech’s technological advantages facilitate the transformation of wealth management. It relies on the integration of investment banking and the entire business chain system to developNew advantages, the active management transformation of asset management while gradually improving cross-border asset allocation capabilities, and gradually expanding the scope of the practice of differentiated competition concepts.

As a diversified and comprehensively developed large securities firm, it has completed the fixed increase and GDR issuance to enrich its capital, deepen the reform of ownership, appoint strategic investors, market-oriented employment of senior managers, and highlight brand competitiveness.

  Fintech’s leading customer base is strong, and the advantages of platform development are progressive: 1) Effective Internet diversion and integrated services continue to improve customer stickiness: Since the company’s Internet strategy has been promoted for 10 years, it has accumulated a large customer base through the efficient drainage of the wealth of the Internet through the companyThe market share of stock-based trading market steadily ranks first in the industry. Leading industries create CRM customer management systems, technology development to continuously optimize the cost structure, explore wealth management transformation, and achieve continuous growth in the scale of customer assets through integrated services. 2) Integrated financial management, Technology is continuously upgraded to help transformation: The company’s huge customer base has hidden development potential, and through the adjustment of the department structure to improve the investor’s adaptive goals, focusing on customer needs, and gradually increasing the scale of service efficiency; continuous independent system innovation through independent research and development, Acquired AssetMark, the North American TAMP industry leader, completed advanced platform and technology concepts in advance, and adopted investment and investment platform as the starting point to help the transformation of wealth management; 3) Company A + H + G listed in three places, and raised funds across multiple regions to enhance capital strength, We think that the company is in寻Seeking differentiation on the path of development, and constantly strengths and forward-looking layout, financial technology platform development, wealth management transformation of the development prospects worth the wait.

  Wealth management gathers customer resources and seeks for in-depth transformation of institutional services: 1) The company’s brokerage business has traditional advantages, transforms innovation and seeks breakthroughs: existing Internet technologies have gradually expanded in the industry to replace standardized business processes, and the company has adopted continuous forward-looking technologiesExplore. Wealth management is based on the customer base + technology-driven advantages. It builds an online and offline integrated management system, transforms each and every conversion. It will continue in 2019H1, and investment consultants will account for the number of employees of the parent company.

04%, continued to maintain the number one position in the industry, and the scale of product sales has grown. Looking ahead, we believe that the company strives to use the investment consulting platform as an entry point, continuously enrich its product line, strives for a customer-centric productization strategy, and gradually realizes the model +Upgrade of platform + market influence; 2) Seek in-depth transformation of 杭州夜网论坛 institutional services: the subsidiary Huatai merges and reorganizes business, integrates professional capabilities and innovative development concepts of the team, repeatedly creates classic cases, establishes a good brand and reputation, and brings competitive advantagesThe company actively explores the investment bank thinking to drive the cooperation and development of asset management, capital intermediary and private investment business. It is deployed in TMT, big health, cross-border business and other aspects. The company ‘s OTC transaction nominal principal has stably entered the top five in the industry.The practice and development of differentiated development concepts in institutional business.

  Investment suggestion: The company always pursues differentiated competition, and the scale of stock-based transactions superimposes the development of institutional business brands.

On December 17, 2019, the company announced the list of members of the Executive Committee. The strategy of market-oriented hiring of senior management was implemented. Zhou Yi served as the director and CEO of the executive committee, and continued to improve efficiency.

As of October 26, 2019, the company announced that the number of GDRs in existence was 39.87 million shares, less than 50% of the number of shares issued, and the current GDR may be 2.

73 US dollars, and a price difference is limited, short-term arbitrage space is small, short-term uncertainties are gradually eliminated.

We estimate that Huatai Securities’ operating income from 2019 to 2021 will be 227/285/329 billion US dollars, an annual increase of 41% / 26% / 15%, corresponding to the net profit attributable to mothers from 2019 to 2021 is 82/103/119 billionYuan, an annual increase of 63% / 26% / 15%, the corresponding EPS is 0.



At 31 yuan, the BVPS is 13.



58 yuan, which is estimated by the comprehensive comparable company and its segment, which will give the company PB 1 in 2017.

80 times, covering the first time with a “Buy” rating.

  Risk warning: secondary market transactions continue to be sluggish, major changes in regulatory policies, company mergers, and business changes beyond expectations.

Tianwei Food (603317): Chuanwei Dragon Leader Quartet Enjoys Growth by Wind

Tianwei Food (603317): Chuanwei Dragon Leader Quartet Enjoys Growth by Wind

The company is a Sichuan-style compound seasoning leader with excellent brand power / product power / channel power.

In the future, the company hopes to fully benefit from the blue ocean dividend of the compound condiment industry, strengthen brand marketing / accelerate channel expansion, and achieve sustained and rapid growth.

We are optimistic about the company’s long-term space and short-term performance with high certainty. We give it a “Buy” rating with a target price of 47.

5 yuan.

Compound Condiment Faucet, Szechuan Seasoning No.


The company focuses on the research and development, production and sales of Sichuan flavor compound seasonings. It has well-known brands such as “Good People” and “Dahongpao”, and operates more than 100 types of compound seasonings in 9 categories, including hotpot base, Sichuan cuisine seasoning, sausage bacon seasoning, Chicken essence, hot sauce and so on.

The company’s hot pot bottoming industry top three, Sichuan cuisine seasoning industry first.

In 2018, the company’s revenue / net profit was 14.

100 million / 2.

After the listing, the company enjoys an accelerated development of industry dividends, and its revenue / net profit will increase by 32% / 41% in 2019H1.

Compound seasoning: high-quality track, promising prospects.

The domestic compound condiment industry is in the blue ocean development period. In 2016, the industry scale was 854 trillion, and the per capita consumption (9.

$ 3) compared to the US / Japan (88.


US $ 5) is significantly lower, with a CAGR of 14 in 2016-2021.


Among them, hot pot ingredients / Sichuan-style compound seasoning has the best prospects, and the current competition pattern is scattered.

Companies with three competitive advantages at the same time are expected to stand out: ① strong brand influence; ② potential channel expansion and control; ③ research and development and category upgrade capabilities.

Based on excellent brands & products, the ability to expand channels has been continuously improved, and the space is vast.

(1) The company has a high brand awareness in Sichuan-style compound spices. After listing, it will increase brand promotion and focus on the “good people” brand to expand its influence.

The company’s product research and development capabilities are outstanding, and it has continued to introduce trial marketing categories and flavors. At present, the pickled fish seasonings and handmade hot pot base materials have sold over 100 million yuan, and there is broad room for growth.

(2) The company has the ability of fine channel management, and has built a considerable team of dealers and sales personnel. At the end of 2018, it had 809 dealers / retail terminals30.


The company is accelerating channel expansion, and the number of dealers is expected to continue to increase.

2019H1 growth exceeds expectations, optimistic about future growth space.

In 2019H1, the company’s revenue / net profit increased by 32% / 41% respectively, continuing the high growth trend.

The company’s performance continued to increase rapidly, overcoming the prosperity of the compound seasoning industry, and the effectiveness of the company’s accelerated market development and brand promotion after listing.

Considering that the company has accelerated the development of distributors and made breakthroughs in brand building, it is expected that the company’s revenue / net profit will continue in 2019H1 in 2019, and the revenue / net profit will achieve 25% + / 20% + compound growth in 2018-2023.

Risk factors: less-than-expected risk of channel expansion; risk of raw material price fluctuations; product quality risk.

Investment suggestion: It is predicted that the EPS for 2019-2021 will be 0.



45 yuan.

The company is a leader in compound condiments and enjoys industry dividends. It is 北京夜生活网 expected to continue to grow rapidly. Based on industry assessments, the company will give a target price of 47.

5 yuan, corresponding to 40 times PE in 2020, the first time to give a “buy” rating.

Hongya CNC (002833) Company Dynamic Comment: Stable Growth and Active Progress in Overseas Markets

Hongya CNC (002833) Company Dynamic Comment: Stable Growth and Active Progress in Overseas Markets

The performance increased steadily, and the gross profit margin of each product increased: The company disclosed the 2018 annual report and the 2019 first quarter report.

The company achieved operating income of 11 in 2018.

94 million, an increase of 45 per year.

59%; net profit attributable to shareholders of the listed company is 2.

70 ppm, an increase of 15 in ten years.

31%, the company’s performance increased steadily.

The company achieved a comprehensive gross profit margin of 37 in 2018.

05%, down by 1 every year.

34%, but the target business gross profit level increased, edge banding machines, machining centers, panel saws, CNC drilling business gross profit margin were 49.

73%, 24.

39%, 28.

40%, 26.

26%, rising by 0 each year.

37%, 8.

28%, 1.

07%, 2.


In terms of period expenses, the company’s sales expenses subsidy3.

41%, up 2 every year.

21 percentages; administrative expenses 5.

24%, rising by 0 every year.

55 percent; R & D expenses are 2.

86%, rising by 1 every year.

42 percentages; finance costs 0.

05%, rising by 0 every year.

13 percentages.

The total expense ratio for the period is 11.

56%, up 4 each year.

30% is due to the increase in the company’s acquisition of MASTERWOOD.

In 2018, the company provided 2,256 provision for impairment of goodwill.

640,000 yuan.

The company disclosed the profit distribution plan for 2018 and plans to distribute a cash dividend of 3 to every 10 shares for all shareholders.

00 yuan.

In Q1 2019, the company realized operating income 2.

$ 8.9 billion, an increase of 15 per year.

43%; net profit attributable to shareholders of listed companies was 7,639.

140,000 yuan, an annual increase of 8.

18%, performance growth in line with expectations. The main business blossoms and the level of product automation improves: In 2018, the company’s high-end CNC furniture machinery and equipment manufacturing grew steadily, and the sales revenue of various series of products increased significantly.

The edge banding machine realized sales revenue5.

12 ppm, an increase of 19 in ten years.

18%, accounting for 42% of total revenue.


Processing center realized sales income2.

320,000 yuan, an increase of 401 in ten years.

11%, accounting for 19 of total revenue.

40%; Panel saw realized sales revenue2.

08 million yuan, an increase of 16 in ten years.

73%, accounting for 17 of total revenue.

42%; CNC drilling sales revenue1.

810,000 yuan, an increase of 55 in ten years.

55%, accounting for 15 of total revenue.


From the perspective of product structure, the total revenues of panel saws, CNC drills, and machining centers accounted for more than 50%, and the company’s product automation level has increased year by year.

It is reported that the company has reserved a certain amount of major customer orders. In order to meet the needs of major customers, the company’s products have developed in the direction of flexibility and customization.R & D funding in 2018 amounted to 4,598.

530,000, an increase of 45 per year.

38%; the number of R & D personnel accounts for 20.

28%, an increase of 9 per year.

34 percentages.

In 2019, the company’s research and development focuses on high-speed flexible square edge production lines, through-type CNC drilling, high-speed heavy-duty composite machining centers and other projects.

In the past three years, the company’s self-developed core technology products accounted for 80% of the total revenue. The core technology has a high productization rate and the core products have been continuously upgraded.

At the same time, the company launched a number of new models in 2018 including dual-drill package five-sided CNC drill, dual-drill package six-sided CNC drill, four-spindle dual-station machining center, CNC drilling center connection, precision heavy-duty double-end edge banding machine connection, etc.Numerical control products and product lines are constantly enriched to help the company’s sustainable development.

Merger and acquisition of MASTERWOOD company, actively enter overseas markets: In 2018, the company’s wholly-owned subsidiary Hongya Hongya to 1596.

270,000 Euros acquired a 75% stake in MASTERWOOD, Italy.

MASTERWOOD is mainly 南宁桑拿 engaged in the development and production of high-end CNC machinery. It has the technology of self-assembly and production of high-performance core CNC components, which can effectively complement the company’s CNC machining center and the technical shortcomings in the field of automatic connection.MASTERWOOD’s extensive sales network will further expand its business in overseas markets.

According to the report, the company realized overseas income of 3.

7.1 billion, accounting for 31 of total revenue.

03%; the products are exported to Italy, Australia, Russia, Ukraine and other European, American and Southeast Asian countries and regions.

Investment suggestion: We forecast the company’s EPS to be 2 in 2019-2021.

4 yuan, 2.

9 yuan and 3.

5 yuan, corresponding to PE is 18 times, 15 times and 12 times.

Maintain 武汉夜生活网 the “Recommended” level.

Risk warning: New product expansion is less than expected; industry competition risk; domestic and foreign market risk.

Accelerated entry of 3 types of medium and long-term domestic capital into the market in 2020 is expected to bring hundreds of billions of increments

Accelerated entry of 3 types of medium and long-term domestic capital into the market in 2020 is expected to bring hundreds of billions of increments

Come to Sina University of Finance and listen to Ling Peng’s “Ling Peng Strategy Training”, an investment system that teaches you to earn explosive stock market!

  Source: Securities Daily reporter Bao Xing’an. After comprehensively deepening the reform and opening-up of the capital market, three types of medium- and long-term funds such as pensions, occupational annuities and insurance funds will accelerate their entry into the market.

  Expanding pension investment channels On December 30, 2019, Chen Xiangjing, director of the National Social Security Fund Fund Pension Division, revealed at the Social Security Forum of the Chinese Academy of Social Sciences and the launch of the “China Pension Development Report 2019” that social security fund interventions have been entrusted since 2016.Operating basic endowment insurance, up to now, 22 provincial (autonomous region, municipal) governments have intervened with social security funds to sign entrusted investment contracts for basic endowment insurance funds, with a contract size of more than $ 1 trillion.

Chen Xiangjing said that only 13 provinces will start entrusting by the end of 2020, which will further improve the financial sustainability of the urban and rural residents’ endowment insurance system and promote the continuous improvement of the level of personal account accumulation.

  ”It is imperative to realize the sustainable development of the pension security system through the expectation of enterprises to reduce their burdens and pressure on fiscal expenditures to raise the level of pension market investment.

Taking basic pension insurance as an example, the current entrusted investment ratio has not yet reached 20%.

We must increase investment in the pension market.

In particular, pension insurance for urban and rural residents must be invested and operated as early as possible to improve the pension level of the account and the ability of the fund to pay.

Chen Xiangjing said.

  Suning Financial Research Institute senior justice Fu Yifu told the Securities Daily reporter that to promote the entry of pensions into the market, we need to promote the healthy interaction of healthy pension operators and the healthy development of the capital market in order to be effective.

Pensions should not only consider how to “preserve value”, or should consider “preservation” and “value-added” together.

Taking into account the characteristics of pensions, its investment should still be stable first. On this basis, try to expand investment channels and seek steady and rising value.

  Fu Yifu believes that in the long run, reorganization and pensions are expected to become a stable source of long-term capital in the capital market, forming a stable cornerstone of stock value discovery and value investment, and advocating for the investment philosophy of pursuing long-term returns without bringing to the capital market.Short-term ups and downs; restructuring, pensions entering the stock market will expand the ranks of institutional investors.

  How many basic pensions can enter A shares?

According to a research report issued by CITIC Securities, it is expected that over a long period of time, the “long money” brought by China’s pension system to the equity market will mainly come from the public pension system.

The basic pension entrusted by the first major subject to social security management and operation has entered the market with a scale of about 50 billion yuan, and the incremental part is expected to be about 100 billion yuan.

  Pressing the “accelerator key” for occupational annuities into the market is also the second pillar of pension. Occupational annuities have been pressed for “accelerator” when entering the market.

At present, among the 33 professional annuity projects in the country, including the central state organs and institutions, 31 provinces, autonomous regions and municipalities, as well as the Xinjiang Production and Construction Corps, 15 professional annuity projects have begun investment operations. The conservative estimate is that the actual account size has exceeded 30 million.yuan.

  For example, Shandong Province took the lead in launching professional annuity investment operations at the end of April 2019.

As of the end of November 2019, the cumulative plan was to reinvest more than 50 billion yuan, increase the value by more than 1.2 billion, and achieve an investment yield of 3.

32%, generating an occupational annuity budget2.

400 million yuan.

  Liu Xiangdong, deputy director of the Economic Research Department of the China International Economic Exchange Center, told the Securities Daily reporter that how to revitalize sleeping or inefficient funds is one of the key points of current macro policies.

The entry of professional annuities into the market is to stimulate the value-added income of this part of the fund and tap its potential to support the development of enterprises.

Therefore, more professional annuities will be added to the market in the future, and will become an important supporting force for stabilizing the stock market.

It is optimistic that the scale of professional annuity entering the market this year may reach the level of 100 billion yuan.

  The proportion of insurance funds entering the market will increase. As an important institutional investor in the capital market, insurance funds are also important incremental funds for A shares.

Guo Yiming, director of investment consultant of Jufeng Investment Gu, told a reporter from Securities Daily that the overall support for the market is quite obvious, especially under the long-term investment nature of insurance capital.

  Statistics from the China Banking Regulatory Commission show that as of the end of November 2019, the balance of insurance fund utilization was 17.

96 trillion.

Specifically, among them, bank deposits2.

42 trillion yuan, bonds 6.

31 trillion yuan, stock and securities investment funds 2.

25 trillion.

The earliest is that in the first 11 months of 2019, the balance of insurance funds invested in stocks and securities investment funds increased by 13 compared with the same period in 2018.

3%, the share of stock and securities investment fund investment in insurance fund utilization surplus also increased by about 0 compared with the same period in 2018.

13 averages.
  While the channels for insurance funds to enter the market have been continuously widened, the regulatory ratio of insurance funds’ equity investments has also been managed to improve.
Liang Tao, vice chairman of the China Banking Regulatory Commission, disclosed at a press conference of the State Council in July 2019. Next, consider introducing more investment autonomy of insurance companies under the principle of prudent supervision to further increase the proportion of securities investment.

At present, the CBRC is actively studying to increase the supervision ratio of equity assets of insurance companies.

  In the “Interim Measures for the Supervision of Insurance Asset and Liability Management” issued in August 2019, it is proposed that for insurance companies with high asset and liability management capabilities and good matching conditions, according to market demand and the company’s actual operating conditions, the scope and model of fund use should be appropriately givenProportion and policy support for insurance 成都桑拿网 products, etc. encourage prudent and prudent insurance companies to try first.

  Guo Yiming said that in addition to the constant introduction of foreign exchange, the most important height of the supervisory layer is to continuously attract long-term funds into the market.

Democracy, approval of the CSI 300 ETF budget and stock investment, while providing more convenience for institutional funds such as insurance funds to enter the market.

Therefore, the proportion of insurance funds entering the market may increase. While bringing incremental funds to the market, it will also stimulate market vitality, help deepen market reforms, and promote healthy market development.

  Regarding the question of how much insurance funds can enter A shares, Guo Yiming said that the surplus of insurance funds in 2019 should exceed 18 trillion yuan.

If the 10% growth rate is to be maintained in 2020, the surplus of insurance fund utilization will reach about 20 trillion yuan.

On average over ten years, the proportion of insurance funds involved in stocks and securities investment funds averaged over 10%. On the basis of the continued increase in premium balance and the assumption that the proportion of equity assets in insurance investment increased to 15%, stocks and securities investment funds are expected to reach 30 billionAccording to the calculation of the stock market entry ratio in the past two years, the amount of incremental funds flowing into A shares in 2020 is about 500 billion yuan.

Mak Home (600337): Steady sales performance and continuous optimization of supply chain

Mak Home (600337): Steady sales performance and continuous optimization of supply chain
Investment Highlights The company released its 2019 Interim Report: reporting a series of realized revenues27.0.9 billion (+7.27%), net profit attributable to mother 2.16 billion (+5.11%), deducting non-net profit 1.900 million (-5.85%); of which, Q2 achieved revenue of 16 in a single quarter.4.3 billion (+8.69%), net profit attributable to mother 1.4.9 billion (+4.67%), deducting non-net profit1.26 billion (-9.23%), Q2 revenue growth rate increased faster than Q1. The growth of direct sales channels is steady, and the management of franchising channels is optimized. The report reports that the company’s direct sales channels (mainly Meikemeijia) realized revenue.1.6 billion (+7.35%), gross margin of 64.06% (-1.(04pct), of which 4 new stores opened in Meikemeijia to 108, we expect its growth mainly from the same store growth of old stores; franchise business (mainly physical) to achieve revenue2.3.9 billion (-14.(73%), which has improved due to the company’s adjustment and optimization of key franchisees in the first half of the year. It is expected that the improvement will be welcomed in the second half of the year. ART Classic + Western District stores total 193 (basically the same as earlier), with a gross margin of 33.97% (-2.23pct); income from international wholesale business 7.09 thousand yuan (+15.26%), gross margin 33.49% (-14.09pct).Taken together, the company’s performance business gross profit margin has been reduced to a certain extent, and we believe that it was mainly due to the company’s destocking efforts in the first half of the year.It is obvious that in the first half of the year, the overall passenger flow of shopping malls has declined, and the resale sales of the company’s direct-operated sub-brands have increased by 13%, and YVVY has increased by 11%, achieving contrarian growth. Improve the category layout and enter the big home, expand B-side cooperation: In the first half of the year, the company’s soft-packed products revenue increased by 21%, of which jewelry increased by 61%, and bed products increased by nearly 400%. We estimate that the proportion of soft-equipped products revenue has increased to about 15%At the same time, the overall delivery capacity of the company’s customized wardrobes has been improved, and the store layout has been smooth, and it has begun to contribute to performance growth and the category extension has been smooth.The reporting company actively promoted the cooperation with real estate developers such as Greentown,西安耍耍网 Jinmao, Sunac to achieve the overall delivery of the hardcover, and at the same time cooperated with foreign integrated hotels to rapidly increase 2B sales estimates.We estimate that the company ‘s 2B investment in 19H1 is about 20 million yuan. The company ‘s existing budget order reserves overlap. It may enter the heavy volume phase in the second half of the year. The scale is expected to reach over 100 million, which will contribute to the company’s considerable growth. Growth rate of gross profit margin and good cost control: In the first half of the year, the gross profit margin of the international wholesale business changed, the company’s destocking efforts were conducted, and the overall gross profit margin decreased.45 points to 52.9%; period expense ratio totals 43.28% (-3.14pct), with a sales expense ratio of 30.47% (-5.02pct), due to the in-depth development of digital marketing, which resulted in a significant reduction in advertising marketing expenses; the total management + R & D expense ratio.94% (-0.28pc), the company continued to strengthen the implementation of organizational slimming strategy, consulting services expenditures, expenditures, office management costs and other administrative expenses have been reduced; financial expense ratio 2.87% (+2.17pct), due to the increase in the size of working capital loans and the repeated indexing of special expenditures for overseas M & A projects.Taken together, the company’s net profit attributable to the parent is 7.98% (-0.18pct). The supply chain continued to be optimized and the operating cash flow was good: the net operating cash flows of the two companies.8.1 billion (-3% in the same period last year.2.9 billion), substantial improvement, mainly due to the company’s implementation of the supply chain improvement strategy since the fourth quarter of 2018, digesting existing inventory, delaying the pace of new product development, SKU downsizing in three aspects, the overall supply chain delivery cycle improved compared to 2018 8 day.At the end of the period, the company’s inventory was 19.93 billion.3%), turnover days increased by 4.71 days to 302.67 days; accounts receivable 3.3.8 billion (basically the same as the beginning of the period), and the number of days of accounts receivable turnover increased by 4.01 days to 22.49 days. Profit forecast and investment advice: Through the company’s multi-category and franchise channel expansion, the supply chain management continues to improve, and the company helps maintain steady growth.We expect the company to achieve revenue of 58-21 in 19-21.48, 66.18, 74.14 ppm, an increase of 11 years.2%, 13.2%, 12.0%; net profit attributable to mother 4.99, 5.68, 6.35 ppm, an increase of 10 in ten years.7%, 13.7%, 11.9%, the current corresponding PE for 19-21 years is 12 respectively.91X, 11.35X, 10.15 times, maintain “Buy” rating. Risk Warning: Real Estate Forecast Exceeds Expectations, Franchise Channel Expansion Exceeds Expectations

Dongyi Risheng (002713): Sumei integration saw rapid growth in revenues, and order growth improved in the first quarter

Dongyi Risheng (002713): Sumei integration saw rapid growth in revenues, and order growth improved in the first quarter

Investment highlights: The company’s 2018 net profit is growing by 16 per year.

1%, slightly lower than our expectations (20%). We believe that the economic downturn has a decline in the quality of home furnishings with consumer attributes. The new gradual single line. The extension of the project execution cycle has led to slower growth in the fourth quarter.Affected by traditional intervention factors, net profit was reduced by RMB 79.69 million, which basically met expectations.

In 2018, the company achieved operating income of 42.

0 million yuan, an increase of 16 in ten years.

4%, achieving a net profit of 2.

53 ppm, an increase of 16 in ten years.


Among them, 18Q1 / Q2 / Q3 / Q4 achieved single-quarter revenue of 7 respectively.

1.7 billion / 10.

9.3 billion / 11.

30 billion / 12.

6.3 billion, corresponding to a growth rate of 34.

4% / 14.

3% / 27.

0% / 2.

51%; single quarter net profit was -0.

6.2 billion / 0.

7.3 billion / 0.

7.4 billion / 1.

6.8 billion, corresponding to a growth rate of 5.

7% / 43.

1% / 47.

0% /-4.


In the non-recurring profit and loss project, the company’s disposal of the equity of the subsidiary in 18 years, the income obtained by the micro loan network shares increased by 12.69 million yuan compared with similar subjects in the previous year, the net non-operating and expenditure increased by nearly 10 million,Annual net profit growth rate 5.


The company achieved operating income of 19Q1.

9.7 billion, an increase of 10 years.

1%, realizing a net profit of -79.69 million yuan. The company’s net profit was negative in the first quarter due to factors affecting household filling, which was slightly lower than 6,207 trillion yuan in the same period last year, mainly due to the increase in asset impairment losses and the decline in investment income in the first three months.

Sumei’s business integration has gradually achieved results, and its revenue has achieved rapid growth.

In terms of business segments, the decoration and decoration business achieved revenue of 37.

7 ppm, an increase of 12 in ten years.

3%, achieving a net profit of 2.

46 ppm, an increase of 21 in ten years.

4%; revenue from design business4.

20,000 yuan, an increase of 71 in ten years.

4%, achieving a net profit of 1.

0.6 million yuan, an increase of 38 in ten years.1%; revenue from sales of goods2.

90,000 yuan, an increase of 21 in ten years.

6%, achieving a net profit of 17.32 million yuan, a year-on-year increase of 6.


From the perspective of the subsidiary, Sumei contributed about 1 in revenue.

42 ppm, an increase of 57 in ten years.

9%, experienced early system running-in, Sumei’s business management has been continuously optimized. In 2018, the company focused on the channel model of “mainly direct sales, supplemented by service providers”. At the end of the year, Sumei opened 48 direct-operated stores.The model finally went through, resulting in 18 years of successful volume realization and rapid revenue growth.

The profit side is split according to the business segment. The productized home improvement Sumei is still in the business growth period, the cost expenses are extended, and the profit side has achieved about 90 million yuan (a decrease of 4,191 million in the same period last year). Therefore, the business is gradually developing to the mature stage.Realize loss reduction.

In the acquisition of the target, Ji Ai Design achieved a net profit of 67.1 million yuan, an increase of 5 years.

3%. As a result of increasing the purchase of 20% equity in 18 years to achieve 80% shareholding, it contributed approximately 53.68 million yuan in equity profits, an annual increase of 40%.

5%; Chuangyu realized a net profit of 33.76 million yuan, an annual increase of 21.

5%, and contributed equity profit of 1,722 million; Beijing Xinyi contributed equity profit of 2,348 million, which was 798 thousand in the same period last year; Shanxi, Nantong and Changchun Dongyi combined achieved net profit of 958 million, a decrease of 38.

8%, contributed equity profit -1.07 million yuan, 4.37 million yuan in 17 years.

Excluding the impact of Sumei and the acquisition target, the company achieved revenue 31 in 2018.

1 ppm, an increase of 8% over ten years, net non-profit is 1.

99 ppm, an increase of 15 in ten years.


The expense ratio and asset impairment losses have increased, and the company’s 18-year net profit margin has decreased by zero.

23 averages 7.


In 2018, the company’s comprehensive gross profit margin was 37.

2%, a year to raise 0.

25 units.

Add back the R & D expenditure and increase the expense ratio by 0 during the period.

63 single to 28.

1%, of which the sales expense ratio increased by 0.

75 single to 16.

9%, mainly due to the company ‘s business expansion in reporting performance, the corresponding publicity expenses increased by 0 compared to the previous.

39 ppm, artificial bonus increased by 0.

460,000 yuan, etc .; the management expense ratio decreased by 0.

37 up to 7.

97%, R & D expense ratio increased by 0 compared with the same period last year.

11 up to 3.

09%; financial expense ratio increased by 0.

15 up to 0.

16%, mainly due to the acquisition of Beijing Xinyi Oriental Interior Design Co., Ltd. amortized unrecognized financing costs of 5.8 million yuan and exchange losses of 1.48 million yuan.

The company’s asset impairment loss as a percentage of operating income has been maximized to 0.

31 up to 0.

55%, mainly due to the increase in accounts receivable by one each year.

09,000 yuan, of which the proportion of aging within 2 years decreased by 1.7 up to 75.


Under the comprehensive influence, the company’s net interest rate dropped by 0.

23 single to 7.


In 1Q1, the company’s comprehensive gross profit margin dropped by 1.

32 up to 30.

95%, during which the expense ratio (including research and development) increased.

67 averages to 39.

9%, of which the sales expense ratio increased by 1.

14 up to 23.

9%, the management expense ratio is reduced by 0.

55 single controls are better, and the financial expense ratio is increased by 0 due to the decrease in deposit interest.

08 averages to 0.

21%, the percentage of asset impairment losses increased by 0.

48 averages to 0.


In the past 18 years, the company’s cash-to-cash ratio has decreased, the cash-to-cash ratio has increased, and the net operating cash flow has repeatedly declined.

6.4 billion.

The company’s annual net cash flow from operating activities is 2.

50,000 yuan, less inflows a year 3.

6.4 billion.

In 18 years, the company’s cash ratio was 99.

5%, a decrease of 5.

1 share per share, advance receipts decreased by at least 1,262 million, and bills receivables and accounts increased by 1.

1.3 billion; payout ratio is 83.

4%, an increase of 4 per year.

For each 8 shares, bills payable and accounts payable increase by 0 each year.

88 trillion, ten years increase in advance of 0.

4.5 billion.

Due to seasonal factors in the first quarter, the business combination of home improvement companies must pay wages and salaries, rent property, advertising and other expenses. The cash is reflected as a replacement. However, due to the reduction of fees and taxes and other cash related to operating activities, it has decreased by 51.88 million yuan.Under the comprehensive influence, the net cash flow of the company’s operating activities in 19Q1 was 13.6 million yuan, which inflowed 33.33 million yuan over a year.

The real-estate data in the first quarter of 19 exceeded expectations, and the company’s order growth 南京夜网 picked up. Consecutive consumption upgrades in subsequent cycles led to subsequent orders and the performance improved.

Real-estate data from January to March 19 exceeded expectations, and investment growth continued to rise.

2 up to 11.

8%, the rebound of new construction growth rate increased by 5.

9 up to 11.

9%, the reduction in completed area narrowed1.

1 unit, the growth rate of sales area narrowed.

Seven single, combined consumer expectations for the improvement of home quality will drive the company’s new breakthrough orders to grow rapidly in the future: the company’s 18-year Dongyi new leap over 42
6 ppm, an increase of 5% in ten years, the new Q1 / Q2 / Q3 / Q4 / 2019Q1 single sign new 10 each quarter.
500 million / 11.

700 million / 11.

900 million / 8.

500 million / 11.

4.6 billion, the corresponding growth rate was 16% / 4% / 18% / -17% / 9%, of which 18 new home improvement business signed 37.

7 trillion, a year-on-year growth of 4%, the growth rate has shown improvement in the first quarter of 19, 2018Q1 / Q2 / Q3 / Q4 / 2019Q1 single quarter new signing 9 respectively.

5 billion / 10.

5 billion / 10.

200 million / 7.

600 million / 9.

800 million, corresponding to a growth rate of 8% / 5% / 12% /-8% / 4%.

As of the end of March 2019, the company had accumulated outstanding orders39.

100 million US dollars, an annual increase of 3.

2%, including home improvement business 32.

800 million, an annual increase of 2.


Maintain the profit forecast, increase the profit forecast for 2020-21, and maintain the “overweight” rating: the company’s 19-21 net profit is expected to be 3 respectively.

1.3 billion / 3.

7.6 billion / 4.

5.1 billion, the growth rate is 24% / 20% / 20%, corresponding to PE respectively 16X / 14X / 11X, maintaining the “overweight” level.

Sinopharm Uniform (000028) Company Announcement Comment: Distribution business steadily improves retail business worth looking forward to

Sinopharm Uniform (000028) Company Announcement Comment: Distribution business steadily improves retail business worth looking forward to

Event: On the evening of March 20th, the company announced the 2018 results flash report, and achieved operating income of 431 in 2018.

2.2 billion, an increase of 4 a year.

51%; net profit attributable to mother 12.

5.0 billion, an increase of 13 in ten years.

95%; yield 2.

82 yuan, an increase of 14 a year.


Opinion: Revenue from distribution business and steady increase in profits.

The company’s distribution business achieved operating income of 327 in 2018.

5.7 billion yuan, with annual value added3.

92%; realized net profit of 7.

1.6 billion, an increase of 11 in ten years.

89%, about the first half of 2018 revenue growth rate +0.

79%, profit growth +8.

93% overall improvement.

We believe that in 2018, the company actively responded to the “two-vote system”, “GPO”, pharmacy custody and other factors. The revenue and profit growth of the distribution business steadily increased, reflecting better management 深圳桑拿网 and operation capabilities.

With the acceleration of retail business revenue, the combination of strong and strong is worth looking forward to.

In 2018, the retail sales of NUS Pharmacy achieved 108 operating income.

7.8 billion, an increase of 8 in ten years.

45%, which is about +5 in the first half of 2018.

23% increase; net profit achieved 3.

02 trillion, an increase of 15 in ten years.


NUS Pharmacy, as the number one pharmaceutical retail company in China, is one of the few companies with a nationwide direct drug retail network. As of the half of 2018, NUS Pharmacy had 4,004 stores, covering 19 provinces across the country./ District / municipality, access to nearly 70 large and medium cities.

NUS Pharmacy sinks in advantageous areas, increasing the development speed of hospitals around the 武汉夜网论坛 hospital; expanding the integration of wholesale and retail strategies, strengthening fine management of commercial procurement; and accelerating the exploration of new models of e-commerce business.

According to the company’s 2018 Interim Report, NUS Pharmacy has been changed to a Sino-foreign joint venture. Its Sinopharm shares 60% and WBA holds 40%. We believe that WBA, as an international chain pharmacy giant, has the internal operation and external expansion capabilities of Pharmacy.

Earnings forecast and investment advice: We are optimistic about the consistent development trend of Sinopharm. We expect that the distribution business will grow steadily in the future, and the retail business will benefit from the integration of batches and the integration of war and investment.

We expect the company’s revenue to be 431 in 2018-20.



500 million, the previous appreciation of 4.

5%, 7.

5%, 7.

8%, net profit attributable to mothers is 12 respectively.

1, 13.

5, 15.

500 million, an increase of 14 in ten years.

0%, 12.2%, 14.

7%, the corresponding EPS is 2 respectively.

82, 3.

16, 3.

62 yuan / share.

Considering that the PE of comparable companies is 20 times in 2019, we give Sinopharm 19-19 times PE in 2019, with a reasonable value range of 60.


34 yuan / share, given a “primary market” rating.

Risk reminder: the risk of price reduction of centralized medicines, the integration of NUS pharmacy does not meet the expected risk.