San Aifu (600636): Over 10 years of education informatization in Ovia has been leading the industry in 4K recording and broadcasting and a series of products

San Aifu (600636): Over 10 years of education informatization in Ovia has been leading the industry in 4K recording and broadcasting and a series of products

Acquired Ovia and entered the field of education informatization.

The company announced in 2016 that it planned to acquire 100% of Ovia’s equity with cash of 1.9 billion. The related transaction was completed in early 2018. The company’s business was changed to the dual main business of culture and education and fluorine chemical industry. Ovia was an education business.The main carrier.

In the first three quarters of 2018, the company achieved operating income13.

49 trillion, a reduction of 67 a year.

5%; net profit attributable to mother 5.

44 ppm, an increase of 350 per year.

6%; net profit after deduction is RMB 93合肥夜网.92 million, a decrease of 37 per year.


Of which, the wholly-owned subsidiary Ovia achieved operating income2.

50 ppm, a ten-year increase3.

45%; net profit attributable to mother 1.

24 ppm, an increase of 11 years.

56%, the education sector’s performance grew steadily, contributing to the main source of profit.

Policy dividends and the rise of Internet education are driving industry development.

1) In terms of policy, education informatization is a key means to solve the problem of imbalanced education resources. Since 2010, the state has issued a diversified policy to rapidly promote the construction of education informatization.

The “Operation Plan of Action 0” was issued, which is the latest signal released at the policy level regarding education informatization.

2) On the demand side, the continued 北京养生会所 growth of fiscal budget expenditure and the demand for value-added services on the C-side of education informatization drive the development of the industry.

Budget, the national fiscal education budget accounted for more than 4% of GDP for 6 consecutive years. It is estimated that the proportion of education informatization budget in education budget is not less than 8%. The budget of education informatization in 2017 is not less than 2731 trillion.In 2020, the budget for education informatization may reach 386 trillion; by 2020, the potential market size of the C-end of K12 education informatization is 212 billion.

Alvaia has been deeply involved in the field of education informatization for more than ten years. Three major advantages have helped the business to develop strongly.

1) Background of shareholders of central SOEs.

After the reorganization was completed, the company’s controlling shareholder was changed to China Wenfa, which is a specialized platform for the SASAC system to invest and operate in the cultural industry, and has a natural advantage in integrating high-quality assets in the industry.

Ovia has an endorsement by the central enterprises with the culture and education industry as its main business, which is conducive to integrating the resources of the education industry to expand the business of the culture and education sector.

2) Independent research and development strength.

Ovia ‘s main core products have been independently developed, and have a complete set of independent intellectual property rights for software and hardware products. Since the release of the distributed recording and broadcasting system in 2005, technology and products have continued to evolve, and they have pioneered the introduction of a number of innovative educational video recording and broadcasting.Products, the market share of education informatization recording and broadcasting products ranked first in 2017, with sufficient momentum for follow-up development.

3) Business model change, upgrade from “TO B” to “TO G”.

After dating the background shareholders of central SOEs, Ovia changed its role from the previous single recording and broadcasting supplier to the role of regional investment construction operator, and the client also changed from the previous school (to B) to the government (to G).

At the same time, Ovia actively cooperates with the Internet and emerging companies to promote the in-depth application of artificial intelligence technology in the field of education informatization.

Under the development plan of the ultra-high-definition video industry, Avia’s 4K recording and broadcasting technology and series of products will benefit.

The “Ultra HD Video Industry Development Action Plan (2019-2022)” on March 1 requires that by 2022, the overall size of the internal ultra HD video industry exceeds 4 trillion yuan, the 4K industry ecosystem is basically complete, and 8K key technology product research and developmentAnd breakthroughs in industrialization.

In 2018, Ovia developed and introduced the industry-leading 4K recording and broadcasting technology and normalized recording and broadcasting products, and launched a supporting 4K-SDI transmission method to solve the problem that 4K video cannot be transmitted over long distances.

At present, 4K products in the ultra-high-definition video industry have not yet been popularized, but there is an industrial basis. Under the development plan of the ultra-high-definition video industry, Ovia ‘s 4K-related audio and video technologies and series products have benefited.

Investment suggestion: A wholly-owned subsidiary, Ovia, has been deeply involved in the industry for many years. It is a leading company in the field of education informatization and has the largest market share of self-developed education recording and broadcasting products.Broadcasting supplier, transformed into a more comprehensive regional smart education overall solution provider; At the same time, Ovia has achieved a certain technological breakthrough in the field of 4K audio and video products and data transmission, is expected to achieve business expansion, and the momentum for subsequent development is sufficient.
Net profit of listed companies is expected to be 2 in 2019/2020.


RMB 860,000, EPS 0.


64 yuan, corresponding to 30/25 times the current budget PE.

Using the segment estimation method, we will give 35 times the target PE for education and cultural business and 15 times the target PE for fluorine chemical business in 2019, corresponding to a target price of 17.90 yuan, covering for the first time, give “Buy-A” rating.

Risk reminder: the competition in the industry is intensifying, the brain drain, the technology gradually exceeds expectations, and the risk of fluctuating fluorochemical product prices.

Super trillion trillion A shares for 6 consecutive days is not bad money

Super trillion trillion A shares for 6 consecutive days is not bad money
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  Super trillions for 6 consecutive days, A shares are not bad money now!The GEM turnover was nearly 4 trillion yuan this month, and it usually goes like this after the amount of days!  Source: Mao Jun, the company ‘s official Weifang Securities Times, on the last 2 days. The A-share extended external market continued to plummet and was visibly volatile, but the market trading has remained highly active, and the total transaction volume of the two cities has maintained a trillion US dollars for 6 consecutive trading days.More than yuan, and continue to increase gradually.  The GEM, which led the gains in the current round of trading, has created historical volume one after another, making some investors exclaim that the bull market is coming.  Influx of funds into the market Before the holiday, the A-share market was in a doldrums for a time, but after the holiday, it went from a trough to a climax almost overnight, and the market enthusiasm was closely related to the continuous influx of funds.  After the holiday, in order to deal with the impact of the pneumonia epidemic, the initial release of excess trillion yuan of liquidity.Recently, Guo Shuqing, secretary of the Party Committee of the People ‘s Bank of China and chairman of the China Banking and Insurance Regulatory Commission, said that the People ‘s Bank of China and the Banking and Insurance Regulatory Bureau comprehensively and comprehensively use a variety of policy tools to maintain reasonable and sufficient liquidity.Various measures have been taken to guide the financial industry to fully support the orderly resumption of production and production, while firmly maintaining the bottom line of avoiding systemic financial risks.  Foreign countries have not stopped entering the A-share market due to market fluctuations.MSCI’s first quarterly adjustment this year 北京桑拿洗浴保健 will take effect after the close of this Friday.In addition, the FTSE Russell also announced some of the global index series index evaluation results. It removed 141 A shares and removed 54 A shares. This change took effect after the close of the market on the 20th of March. According to the official data of FTSE Russell,The subdivision will bring in $ 28 billion of passive incremental funds for A shares.  Although the capital of Beijing Capital has reduced its holding of some A-shares due to the escalation of risk aversion due to the external quake in recent days, the capital of Beijing Capital has still bought a total of US $ 20.7 billion in net A shares since the holiday.Beijing Capital continued to increase warehouses in traditional industries such as Guizhou Moutai, Gree Electric Appliances, and Yili, which also markedly 北京桑拿 increased technology growth stocks in the Ningde era, Hang Seng Electronics, and Qixingchen.  Financing customers are not far behind, and have made net purchases of 10 billion yuan in a row.The financing balance reached 11077.7.2 billion yuan, a new high in more than four years since January 2016.The electronics and computer industries received net purchases of US $ 19 billion and US $ 10.8 billion respectively after the holidays, the two industries with the largest net purchases of financing.  Post-holiday fund raising was unusually hot. Explosive funds were one after another. Many equity products were sold out in a day.Relevant technology-based ETFs are also very attractive for gold. According to Wind statistics, from February 24 to 25, China Net Securities China Securities 5G communication theme ETF funds had a net inflow of about 63.US $ 5.3 billion, Huaxia Guozheng Semiconductor Chip ETF, Cathay Pacific CES Semiconductor Industry ETF, Guolian CSI refers to the semiconductor product and equipment ETF, and Ping An CSI New Energy Automotive Industry ETF has a net inflow of 23 respectively.5.3 billion, 14.8.1 billion, 10.4 billion, 9.2.6 billion.  The short-term or remaining huge inflow of funds on GEM, and even a record high trading volume, some investors believe that the bull market is coming, and some investors believe that the short-term market is excessive and the market requires adjustments. So how long can the stock strength continue?  Taking the hottest GEM recently as an example, the market closed on Wednesday for a total of 3 GEM transactions since February.85 trillion, the largest monthly turnover in history.The GEM also had 4 monthly transactions of over 3 trillion, which were 3 in May 2015.2.9 billion, sold in June 20153.4.9 billion, with transactions in November 20153.5.5 billion yuan, March 3, 2019.01 billion.  From these 4 days, the performance of the GEM, the market outlook is worrying.After the trading volume in May 2015, the GEM bull market is nearing its end. After a slight increase in early June, it began to decline significantly.In June, the market plummeted, and the bottom was not detected until the end of 2018.Due to the oversold rebound in November 2015, the GEM transaction also sharply enlarged, but that was the end of the market. In December of that year, the overall change slightly, and the market plummeted again in January of the following year.  At the beginning of 2019, the market picked up again. By March, GEM transactions again broke through 3 trillion yuan, and the market turned again. In April of that year, May fell for February in a row, and it fluctuated sideways for the next six months.At the end of the year, it began to gradually rise again. At present, it has accelerated its growth, and the transaction volume has hit another day.  Due to the issuance of new shares, the market size is not the same. The current 3 trillion transactions and the previous 3 trillion transactions cannot be simply compared. The turnover rate may explain the problem.  Wind statistics show that the overall turnover rate of GEM on Wednesday was as high as 5.99%, the turnover rate for the seventh consecutive trading day exceeds 5%, and the turnover rate on Monday and Tuesday is even more than 6%.  Historically, the turnover rate of the GEM has exceeded 5% four times: March 17, 2015-April 13, 2015, the turnover rate continued to change around 5%, during which the GEM Index increased by 27.73%, accelerating growth after a slight adjustment, the largest increase in more than a month over 60%; May 11, 2015-June 4, 2015, 18 trading days GEM turnover rate maintained at about 5%, during the periodGEM refers to the maximum increase of 39%, but it has been the last crazy, after which the market plummeted; from October 12, 2015 to November 30, 2015, the GEM turnover rate remained within 5% within 33 trading days.During the period, the GEM index increased by up to 35%, but then also entered the top area. From February 25, 2019 to March 13, 2019, the turnover rate of the GEM remained at about 5% for the 12 trading days. The index increased the most during the periodIt was 20%, but then also entered the top area and oscillated.  Generally speaking, from the comparison of historical data, the turnover of the ChiNext is overwhelming. When the turnover rate exceeds 5%, most of the time indicates that the market will be short-term repetitive and adjustment is required. Investors should pay attention to short-term market fluctuation risks.

Hunan Gold (002155): 2018 performance is in line with the forecast; output slightly declines

Hunan Gold (002155): 2018 performance is in line with the forecast; output slightly declines

2018 results and forecast are in line. Hunan Gold announced 2018 results: operating income of US $ 12.5 billion, an increase of 21% per year, attributable to the parent company’s net profit2.

70 ppm, a reduction of 10 per year.

5%, corresponding to a relative profit of 0.

22 yuan, net profit after deduction is 2.

6.7 billion, a year-on-year decrease of 16%.

In the fourth quarter of 2018, the company’s single-quarter revenue was US $ 2.8 billion, an increase of 17% year-on-year, and a decrease of 8% month-on-month.

USD 9.1 billion, an increase of 76% per year and an increase of 1 from the previous quarter.

2x, the performance improvement mainly comes from the gross profit area: 4Q18 company’s gross profit increased / increased by 0 from the previous quarter.

77 ppm / 0.

52 ppm, combined gross margin increased by 1.

0ppt / 2.

8ppt to 12.


Comments: 1) Reserves at the end of 2018: 138 for gold, antimony and tungsten.

6 tons, 25.

July, 10.

9 average; 2) Yield decreased slightly.

The company produced gold in 20184.

9 tons, reduced by 2 every year.

2%, antimony production 3.

2 Initially, decrease by 4 each year.

6%, the output of tungsten products was 2,290 standard tons, a year-on-year decrease of 1.


3) The domestic gold price fell slightly in 2018.

The average domestic gold price in 2018 was 271 yuan / gram, a year-on-year decrease of 1.

5% is the company’s gross profit margin of the gold sector in 2018 rose by 1%.

9ppt is one of the reasons.

In the fourth quarter of 2018, the average domestic gold price was 275 yuan / gram, which was flat for many years and rose 3% month-on-month.

4) Asset impairment losses in 2018 decreased by 56% annually to 32 million yuan.

5) Cash flow from operating activities increased by 61% to 7 per annum in 2018.

800 million.

6) The effective tax rate in 2018 was 26%, an increase of 7 over.


Development trend Gold price has support.

Recently, the Fed maintains an earlier sentiment. We believe that the U.S. interest rate hike cycle in 2019 is expected to peak and will support gold prices.

At the same time, we expect global mineral gold production to stabilize or decline slightly in 2019, and we are optimistic about the potential demand for gold in asset allocation.

Plan for 2019: total output of 53 tons of gold (including outsourcing), antimony 杭州夜网论坛 products3.

9 tungsten, 2500 standard tons of tungsten products, an increase of 34%, 23%, 9% each year.The company plans to have sales revenue of 16 billion yuan in 2019, an increase of 28% year-on-year.

Earnings forecast is based on assumptions such as price and output changes. We raised our 2019/20 profit forecast by 36/25% to 0.


26 yuan.

Estimates and recommendations Companies currently sustainably correspond to 19/20 years33.


2x P / E, maintain neutral rating, but raise target price by 20% to 9 yuan, corresponding to 34 in 19/20.


3 times P / E, a 3% increase compared to current expectations.

Risk demand for precious metals fell short of expectations; gold prices fell more than expected.

Jieshun Technology (002609): Internet waves, sand washing and smart parking set sail again

Jieshun Technology (002609): Internet waves, sand washing and smart parking set sail again

This report reads: As a leading domestic manufacturer of smart parking equipment, the company’s equipment gross profit has picked up through rapid changes in the competitive landscape. Online business has grown rapidly, and industry platforms and urban operation projects have blossomed.

Covered for the first time with a target price of 12.

48 yuan investment points: the first coverage given “overweight” rating, target price of 12.

48 yuan.

The market generally believes that Jieshun Technology is a leader in the manufacturing of smart parking equipment, but ignores the company’s new business, such as Jiepark, city project operation, and Tianqi platform, which gradually stand out from the industry and contribute to the company’s profit.Continuously introduced.

We believe that gradually changing Internet companies will gradually withdraw from the field of smart parking, and the company’s main business, smart parking smart hardware and equipment, will gradually improve its gross profit.

At the same time, the company’s new business MRT parking, city project operations, and the business model of the Apocalypse platform have gradually become clear, and began to contribute to income and profit.Promulgation of policies to expand related needs.

It is estimated that the operating income for 2019-2021 will be 12 respectively.

69, 17.

92, 23.

8.4 billion, net profit attributable to mothers1.

69, 2.

33, 3.

19 trillion, corresponding to EPS 0.

26, 0.

36, 0.

49 yuan.

Considering the rapid growth of the company’s industry and the core competitiveness of the product, the company is given a target price of 12.

48 yuan, corresponding to 48 times PE in 2019.

The first coverage was given an “overweight” rating.

The company’s smart parking brand, Jie Parking, has gradually become clear in its business model, and has received strategic investment from Ant Financial.

The company’s respective smart parking brands, MRT parking, as of August 2019, had more than one million transaction 成都桑拿网 orders, more than 9,000 smart parking lots, more than 33,000 lanes, and 3.05 million parking spaces.Strategic investment, the current business model is gradually clear, and is expected to gradually become profitable.

For city project operation, the new business of Tianqi Platform is gradually developing, and national policies are constantly breaking through, increasing construction demand.

City operations, solution business such as Apocalypse achieved revenue of 3,044 in 2019H1.

620,000 yuan, an increase of 27 over the same period last year.


For city project operations, the company won the bids for a number of local government operating platforms such as Huizhou, Chengde, Linyi, etc., and the policy of supplementing short-slab projects was gradually promoted through the Political Bureau meeting in August 2019.北京夜生活网 This business is expected to make further breakthroughs in the future.

Catalyst: Winning bids for large-scale urban projects, and the rapid growth of daily orders for rapid parking risks Risk reminder: Three-free model is making a comeback, and urban project order uncertainty

The implementation of the National Six standard is getting deeper into the tail gas catalytic industry to welcome development opportunities

The implementation of the “National Six” standard is getting deeper into the tail gas catalytic industry to welcome development opportunities

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  Original title: The implementation of the “National Six” standard is getting deeper into the tail gas catalytic industry to meet the development opportunities. Reporter Teng Fei ○ Editor Xu Rui “National Six” is one of the strictest exhaust emission standards in the world.

The implementation of the “National Six” standard has been gradually deepened. According to the new standard, both gasoline and diesel vehicles need to be equipped with catalysts. The installation of equipment has also caused the expected increase in the amount of exhaust catalytic materials.The catalyst carrier and the coating material represented by vanadium must have broad application prospects.

  The industrial chain is beginning to appear in the current A-share market. The main players involved in the honeycomb ceramic business are listed companies of Guoci Materials and Aofu Environmental Protection.

Its Chinese porcelain material has a well-established layout in the ceramics industry chain, and has stronger raw materials and channel advantages.

  National porcelain material executives revealed that as early as 2018, the company has conducted product testing with auto manufacturers. At present, it has basically completed the one-year verification cycle and has started to expand to the batch application stage, mainly for domestic customers such as Changan.Master, and the company has established cooperative relations with well-known overseas companies such as Ford and Toyota.

However, due to the shortening of the verification cycle for overseas customers, no scale sales have yet been formed.

  The application of Aofu environmental protection products is slightly refined, focusing on the development of diesel truck heavy-duty honeycomb ceramic carrier field. At present, the company’s “National Six” product supply is also very tight, and the proportion of exports will increase in the future.

According to reports, from 2016 to 2018, the number of SCR carriers produced by Aofu Environmental Protection in the domestic commercial truck carrier market share was 3.

50%, 8.

06% and 9.

49%, the market share has increased year by year.

The company landed on the Science and Technology Innovation Board in 2019, and the investment project was the construction of a new honeycomb ceramic carrier production line and related technical transformation projects.

  It is understood that another critical moment of the catalyst is coating.

It mainly has two functions, one is to improve the mechanical strength of the carrier, and the other is to improve the purification efficiency of the catalyst.

At present, the high temperature resistant coatings used on exhaust gas treatment carriers are mainly based on their own materials.

The main supplier of intermediate materials in the A-share market is Wanrun. The company’s main product is calcium carbonate for exhaust gas purification. It currently has 5,850 tons of bicarbonate and will continue to add 3,000 tons of production capacity in the next three years.

The company is a leading domestic manufacturer of intermediate molecular sieves and the world’s second largest supplier of high-end intermediate environmental protection materials.

  At the 苏州桑拿网 beginning of the “gold rush” new blue ocean new industry, there is often a high-margin “honeymoon period”, which is also applicable to honeycomb ceramic products.

The gross profit margin of OFF Environmental Protection’s honeycomb ceramic carrier in 2018 was approximately 56.

At 06%, Guocai Materials did not directly disclose the profit data of this business unit, but from the perspective of revenue and net profit, Guocia Materials also has a very high gross profit margin in this field.

  According to the above-mentioned executives, the business sector of Guoci Materials is currently mainly operated by a wholly-owned subsidiary, Prince Ceramics. The company achieved revenue in 20181.

7.1 billion yuan, net profit 88.75 million yuan.

Under the ranking, Offshore Environment achieved revenue 2 in 2018.

480,000 yuan, net 南京桑拿网 profit 46.76 million yuan.

  National Gold Securities research report shows that after the implementation of the “National VI” standard, the demand for honeycomb ceramic materials as a catalyst carrier doubled, and the market space reached 9.5 billion; the demand for high-purity nano-alumina as a base coating material will increase by 14,776 tonsWith an increase of about 1 billion market space, the demand for polymer molecular sieves will increase by 7,225 tons due to its breakthrough in the application of diesel vehicles, and increase the market space by about 2 billion.

  Facing broad application prospects, relevant listed companies will undoubtedly usher in new opportunities for development.

Changshan Beiming (000158): a traditional industry giant transforming informatization services

Changshan Beiming (000158): a traditional industry giant transforming informatization services

Introduction 南京夜网 to this report: The company’s dual software / textile businesses are parallel.

The promotion of the ODR platform has accelerated across the country, and smart cities are advancing steadily. Tencent hopes to help the software business develop rapidly; the textile business has a strong overall strength, and should respond to risk risks and give an appropriate overweight rating.

Investment Highlights: Cover for the first time and give a cautious overweight rating.

The company was originally a large textile listed company. Since the acquisition of Beiming Software in 2015, it has maintained the dual development of software / textile.

Forecast the company’s net profit for 2019-2021.



220,000 yuan, EPS0.



13 yuan, using PE and PS two estimation methods, given a target price of 6.

16 yuan, 重庆耍耍网 for the first time covering a prudent increase in holdings.

Software business: ODR / Smart City goes hand in hand, and Tencent hopes to help the software business accelerate again.

1) The software business has developed rapidly. In 2018, the revenue accounted for more than 50% for the first time, and the industry ranking has been increasing year by year.

2) The ODR platform of Beiming Software R & D / operation is the only domestic dispute resolution network integration platform. We are optimistic that it will become an effective supplement to the traditional judicial approach: ① The advantages are obvious: both improve the efficiency of the use of legal resources and help the administrative and judicial organs improveThe clear statistics channels ensure numerous advantages such as uniform dispute resolution standards; ② rapid development: the platform has gathered a large number of legal resources and has a mediator of over 4.

30,000 people, an increase of 330% compared with January 2018, and has been launched in many provinces, and the promotion of the country has accelerated.

3) The smart city business is steadily advancing. Beiming Software has gradually become an outstanding solution provider in the field of smart city construction.

4) Tencent initially held shares, and it is expected to rely on Tencent’s strong platform to support its own business development.

Textile business: Strong comprehensive strength helps the company to resist the downside risks of the royal industry.

1) Rising labor costs and increasing trade frictions have reduced the prosperity of the textile industry, and the company’s textile business is in a state of low profit.

2) We believe that the company has alternative strengths in many fields such as talent, management, research and development, which helps the company to resist the uncertainty caused by the changes in the external environment of the royal family.

Catalyst: Risk of rapid breakthrough in national promotion of ODR platform Tips: ODR platform promotion is less than expected, trade friction, rising labor costs, etc.

Guanglianda (002410): Strategic Cooperation with Beijing Construction Engineering Co., Ltd. Starts New Journey of Digital Building

Guanglianda (002410): Strategic Cooperation with Beijing Construction Engineering Co., Ltd. Starts New Journey of Digital Building

Event: According to the company’s official website, Guanglianda officially signed a strategic cooperation agreement with Beijing Construction Engineering Group on July 4.

Join hands with Beijing Construction Engineering to start a new journey in digital construction.

Beijing Construction Engineering Co., Ltd. is a domestic top-level construction general contracting super-class enterprise. As a representative of early-stage construction enterprises, its business covers 32 provinces and cities nationwide and 28 countries and regions around the world.

On both sides of the capital’s Chang’an Street, Beijing Construction Engineering has built 80% of the modern buildings represented by the Tiananmen Architectural Complex. In the 2008 Olympic Games, Beijing Construction Engineering has built 29 venues and supporting projects.

Democratic Quanta has a deep history of cooperation with Beijing Construction Engineering. Guanglianda ‘s digital construction concept is fully compatible with Beijing Construction Engineering ‘s super high-rise and other complex building practices. Therefore, Beijing Construction Engineering is also a pioneer customer of Guanglian in construction.

In the application case, Guanglian’s “smart construction site + BIM construction” dual platform was successfully implemented in the Daxing International Airport project undertaken by Beijing Construction Engineering.

The signing of the strategic cooperation agreement 无锡桑拿网 between the two parties will further start the new journey of digital transformation of Beijing Construction Engineering Group, and is committed to actively feedback and accelerate the sales and restructuring of construction business products of Guanglianda.

“Construction 3.

0 “new products are officially released, and comprehensive promotion is worth looking forward to.

At the annual China Digital Building Summit in Qingdao on June 28, Guanglianda released “Construction”.

0 “blockbuster new product-a digital project management (BIM + smart construction site) platform that provides one-stop services for the digital transformation of the construction industry.

Adhering to the concept of digital architecture, this platform opens up overlapping data. Based on a unified platform, it relies on four major technologies such as BIM, IOT, AI, and big data. It is compatible with N applications and open to customers and ecological partners.

Comprehensive perception and real-time interconnection of key elements such as the “human-machine-material loop” at the construction site, realizing digital, systematic, and intelligent construction project management, and accelerating the acceleration and drive of construction project management upgrades. The comprehensive promotion starting in the second half of the year is worth looking forward.
Investment suggestion: in the market dimension, from the cost of construction to ten times the space of construction, in terms of product form, from traditional packaged software to the “cloud” is our core logic of optimistic about the company.

It is expected that the EPS for 2019-2020 will be 0.

33 yuan and 0.

46 yuan, maintain “Buy-A” rating, 6-month target price of 40 yuan.

Risk warning: the progress of cost-to-cloud progress exceeds expectations; the promotion of new construction products is less than expected.

Nanwei Medical (688029): R & D high-yield performance continues high growth

Nanwei Medical (688029): R & D high-yield performance continues high growth

Event: On October 28, the company released the third quarter report of 2019: the company achieved revenue 9 in the first three quarters.

6.1 billion (+41.

19%); net profit attributable to mother 2.

2.7 billion (+38.

9%); deduct non-net profit 2.

24 billion (+49.

03%); net cash flow from operations 2.

0.4 billion (+54.

twenty two%).


11 yuan / share.

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

Comments: 1.

Revenue from major products maintained rapid growth in the first half.

1.8 billion, an increase of 40 in ten years.

14%; net profit attributable to mother 1.

50, an annual increase of 30.

61%; deduct non-net profit 1.

4.9 billion, an increase of 45 in ten years.


The annual performance of the first three quarters continued the historical stable growth rate, and the sales revenue of the core product scale hemostatic and closed products increased by 54.

41%, EMR / ESD product revenues increase by 90 per year.

47%, other categories of products (biopsy, extended, ERCP, EUS / EBUS, etc.) continued to maintain steady growth.


During the expansion period, the expense ratio increased normally. The gross profit margin continued to increase in the first three quarters. The company’s sales expense ratio and management expense ratio were respectively different.

56%, 13.

05%, a year to promote 0.

45%, 0.

8%. The increase in the sales expense ratio is mainly due to the increase in sales scale and the increase in marketing expenses and sales staff. The increase in the management expense ratio is also the increase of new employees and other listing-related expenses that cannot be deducted from the issuance income during the IPOIncrease in normal results.

In the first half of the year, the company’s gross profit margin was 65.

86% (+2.

86%) and a net interest rate of 25.

37% (-2.

25%), ROE20.

55%. The increase in gross profit margin is related to factors such as the iteration of major products and new products, or the conversion of some raw materials from outsourcing to self-control, or falling procurement costs.


High investment in research and development, high efficiency, and building core competitiveness. The company is committed to research and development, focusing on the world’s cutting-edge technologies. The ratio of research and development expenses to operating income in 16-18 is 4.
30%, 5.
91%, 5.

33%; 19 in the first three quarters of the year.

7%, the amount of research and development expenses increased by 40 compared with the same period last year.

09%, mainly due to continued investment in research and development projects, increased research and development personnel, clinical and material expenditures.

With high R & D 合肥夜网 funding, in 2018, the company successfully developed 16 new products, obtained 18 registration certificates and market access approvals; from June 19 to the end of the third quarter, the company’s products received approximately 28 registration certificates for the first time at home and abroad.Fast research and development, high success rate, and low unit research and development costs.

Profit forecast: The company is at the leading level in the segmentation of endoscopic diagnostic and therapeutic equipment and tumor ablation equipment, and the industry has room for growth. It is estimated that the net profit attributable to mothers will be 2 in 19-21.



8.6 billion, corresponding to PE of 80/59/45 times, maintain “Buy” rating.

Risk warning: New product launch schedule is less than expected, and 杭州桑拿网 the two-vote policy intervention has distorted effects on distribution

Review of the recent situation of Fosun Pharma (600196)

Review of the recent situation of Fosun Pharma (600196)

The company is a large-scale pharmaceutical enterprise with an entire industrial chain layout. The company is a comprehensive large-scale pharmaceutical enterprise. Its business includes pharmaceutical manufacturing, medical diagnosis and medical equipment, and medical services. It also covers the business of pharmaceutical commercial circulation by investing in Sinopharm Holdings.

In terms of overseas distribution, Fosun Pharma increased its value to 10 in 2017.

USD 9.1 billion (equivalent to RMB 72.

(US $ 5.8 billion) successfully acquired Indian generic drug company Gland Pharma Limited, which 杭州桑拿网 is the first injectable drug manufacturer to pass the US FDA certification.

  Drug and service profits have improved, and short-term performance is under pressure: The company’s 2018 revenue was 24.9 billion US dollars, an annual increase of 34.

45%, after excluding comparable factors such as new mergers and acquisitions, it has increased by dozens.

43%, net of non-attributed net profit 20.

9 trillion, down 10 a year.


The company’s pharmaceutical sector profits are downgraded by 4 per year.

5%, mainly due to the impact of auxiliary drugs on Aohong Pharmaceutical, the main product calf serum deproteinized sales fell by more than 49.

At the same time, R & D investment increased and Fuhong Hansen’s equity incentive expenses were increased.

The initial decline in the profits of the medical services section was 合肥夜网 that the joint venture, United Family, built a billion in Shanghai, Guangzhou, and Beijing, and made a breakthrough in operations. Excluding this effect, the section profits increased by 19.


Although the company’s performance has improved, the net profit has picked up from the third quarter, and the non-attributable net profit was deducted in the fourth quarter.

9.8 billion, an increase of one year.


  The research and development strength broke through, and the biopharmaceuticals gradually entered the harvest period: the company’s biggest focus in pharmaceuticals was innovative drugs.

In 2018, the company’s research and development funding was 25.

07 million yuan, an increase of 63 in ten years.


  Fuhong Hanlin, a subsidiary of the company, is a leading domestic monoclonal antibody R & D company. Rituximab injection similar drug (HLX01) developed by Fuhong Hanlin has become one of the first monoclonal antibody similar drugs approved for marketing.Beginning to contribute revenue to the company in the second quarter.

At the same time, the company also has a large number of monoclonal antibodies in research, and its research and development progress is leading in the country.

In the next three years, rituximab analogs, trastuzumab analogs, adalimumab analogs, and bevacizumab analogs are expected to be approved for marketing.

  Profit forecast: We expect the company EPS to be 1 in 2019-2021.



81 yuan, covered for the first time, given an “overweight” rating.

  Risk reminders: 1) Intensified industry competition; 2) Risk of loss of core technical personnel.

Sun Paper (002078): Profit improvement continued to improve in the second half of the year. Paper + pulp continued to expand production to consolidate core competitiveness.

Sun Paper (002078): Profit improvement continued to improve in the second half of the year. Paper + pulp continued to expand production to consolidate core competitiveness.

Event: The company released its 2019 Interim Report: The company achieved revenue of 107 in H1 2019.

76 ppm, a ten-year increase2.

89%, net profit attributable to mother 8.

870,000 yuan, an average of 27 in ten years.

81%, deducting non-net profit 8.

64 ppm, with a ten-year average of 28.


In Q2, the company’s revenue was 53.

25 ‰, an average of ten years.

97%, net profit attributable to mother 5.

0.6 million yuan, a ten-year average of 17.

18%, deducting non-net profit 5.

3 ppm, a ten-year average of 12.

77%, the profit margin ratio narrowed in Q1. Comments: Paper prices rose, pulp prices fell, and Q2 profit improved.

2019H1 company gross profit margin 19.

71%, a decrease of 7 per year.

21pct, net interest rate 8.

32%, a decrease of 4 per year.

55pct, the cost rate during the period is 10.

21%, an increase of 0 every year.

81pct, sales, management, R & D, and financial expense ratios are 3 respectively.

52%, 2.

39%, 1.

49%, 2.

81%, respectively +0.

48, +0.

04, +0.

83, -0.

54 points.

The company’s gross profit margin in Q2 was 21.

77%, a decrease of 4 per year.

6pct, an increase of 4 from the previous quarter.

07pct, net interest rate 9.

67%, a decrease of 2 per year.

5pct, an increase of 2 from the previous month.

68 points.

The improvement in Q2 earnings was mainly due to rising paper prices and low pulp costs.

On the paper side, cultural paper’s profit is expected to improve in the second half of the year, and cardboard paper introduces the original endowment ownership ownership advantage.1) Revenue from non-alternative cultural paper in H1 2019 35.

120,000 yuan, compared with the same period of last year.

64%, gross profit margin 21.

52%, ten years -10.

07 points; Coated paper income 15.

110,000 yuan, 29 compared to the same period last year.

83%, gross profit margin 20.

06% a year -13.

66pct, cultural paper, coated paper, the main unit of increase in paper prices decreased due to the decline in paper prices, Q2 price increases will be reflected in the second half of the results, while the pulp price decline will contribute to the company’s second half profit elasticity.

2) Revenue from kraft linerboard 14.

320,000 yuan, +20 compared with the same period last year.

71%, gross margin 14.

04%, ten years +1.

2pct, the company adjusted the structure of cardboard paper products, wood pulp, semi-chemical pulp and other transfers to improve profitability; corrugated base paper revenue4.

55 ppm (commissioned in the third quarter of last year) with a gross profit margin of 14.


3) Income from household papers 3.

960,000 yuan, a year-on-year increase of +3.

23%, gross margin of 10.

32%, -5 per year.

83pct, mainly affected by market competition.

4) Laminated base paper income 4.

160,000 yuan, -3 compared with the same period last year.

68%, gross margin 19.

19% a year -8.

47 points.

At the pulp end, the old uranium chemical pulp was converted to dissolving pulp, which contributed to the increase in performance.

2019H1 dissolving pulp income 18.

260,000 yuan, +26 over the same period last year.

38%, gross profit margin 21.

7% for one year.

2pc, Laos Chemical Pulp converted 30 production in the last four quarters to replace the dissolving pulp. The company 杭州桑拿 ‘s total capacity of dissolving pulp is 80, which is expected to contribute to the increase in performance;

70,000 yuan, +2.

93%, gross profit margin 23.

3%, twice -2.

57 points.

The expansion of paper production capacity has consolidated the leading area, and the diversified paper types have developed steadily.

The company has recently announced the establishment of a new Guangxi subsidiary and the expansion of the integration of forestry pulp and paper and the construction of a new cultural paper project announcement 45, which continues to consolidate the advantages of raw materials, expand the capacity of cultural paper, consolidate the leading scale and increase the right to speak as the industry concentration increases.

At present, the company’s production capacity of cultural paper is 120 to (expected to 淡水桑拿网 increase by 45 inches in 2021), coated paper capacity is 100 to be in place, boxboard paper is 160 to (expected to increase by 80 feet in 2021), coated base paper is 30 to, and tissue paper has a threshold of 12,The expansion of the capacity of cultural paper contributed to the increase in performance, and the layout of various paper types drove steady development.

Promote the integration of forestry pulp and paper, and continue to consolidate the advantages of raw materials.The second phase of Laos ‘s 40-phase waste paper pulp has been trial-produced and shipped back to China in June this year for the production of corrugated board of the headquarters. The conversion company also owns 40 tons of semi-chemical pulp, 10 parts of wood pulp, 90-inch chemical pulpChemical pulp is currently being converted into 30 to dissolved pulp), and will be put into production from 20 to 2019 Q4. At the same time, it plans to build a new subsidiary in Guangxi to reserve forest land resources and transform it into “forest-paper-paper integration”.
The company’s EPS for 2019-2020 is expected to be 0.

80, 0.

87 yuan, corresponding to 9 for 2019-2020 PE.

46, 8.

68 times, taking into account the increase in paper prices, the profit repair brought by the decline in pulp prices, the expansion of paper business to contribute to the increase in performance, the increase in pulp ratio brings cost advantages, and maintain a “buy” rating.

Risk warning: paper prices fluctuate sharply, and raw material prices fluctuate sharply.