Feike Electric (603868): 4Q19 online retail slightly improved

Feike Electric (603868): 4Q19 online retail slightly improved
The current situation of the company is due to the need for epidemic prevention and control, and many companies across the country have begun to replace it until February 10; the latest Taobao data retail monitoring update. Comment 4Q19 online retail slightly improved: 1) Tao data monitoring, 1Q19 / 2Q19 / 3Q19 / 4Q19 Feike Tmall flagship store online retail quota + 21% / + 1% / + 9% / + 39%, 4Q19 online retailThe speedup is obvious.We expect that due to the company ‘s double eleven promotion, the proportion of e-commerce will increase further.2) Benefiting from online growth in the fourth quarter of 19th, the company has the opportunity to reverse the trend of revenue and profit growth for four consecutive quarters.The company’s revenue was -2Q18 / 1Q19 / 2Q19 / 3Q19 twice.7% /-4.4% /-5.6% /-0.8%, net profit is lower than -4.8% /-6.3% /-22.5% /-13.0%. We expect the epidemic prevention and control will slightly affect the performance in 2020: 1) The company’s online revenue accounted for more than 50%, and its dependence on offline channels was relatively errory.2) Epidemic prevention and control led to the expansion of most Chinese enterprises until February 10. We expect that in February and March, the offline flow of people will continue to be affected by the epidemic prevention and control.However, we estimate that consumers can easily replace offline channels through online channels when buying razors. The long-term problem is still the price increase and category expansion of shavers: 1) Feike electric shaver monopolizes the low-end market.The company strategically tried to keep the low-end market with the vPro brand as a terminal product, 天津夜网 and the average price of the Feike brand gradually moved up.This strategy is working.The market share of the vPro brand is low. Amoy data show that the retail sales of vPro flagship stores in 2019 will increase by only 19%.2) Secondly, Xiaomi’s ecological chain company Xumei Technology’s 2019 average retail price of 153 yuan / set (Tao data monitoring), has maintained its positioning in the price segment of 100-200 yuan, while Feike’s average retail price of 2019 is 73 yuan / set (Data monitoring).3) From the perspective of category expansion strategy, Feike’s row placement is currently difficult to challenge the Bull Group; the launch of Feike’s electric toothbrushes has gradually exceeded market expectations. At present, Mijia electric toothbrushes have stood firm in the price range of 100-200 yuan. It is recommended to take into account the improvement of online retail in 4Q19, and we slightly increase our EPS forecast for 2019 by 1% to 1.75 yuan; considering the impact of the epidemic on retail sales in the first quarter, the EPS forecast for 2020 is reduced by 2% to 1.79 yuan; EPS forecast for 2021 date 1.91 yuan.Maintain Neutral rating and lower TP by 10% to 35.70 yuan, corresponding to 20.4x / 20.0x P / E in 2019/2020, a 7% increase from the same period last year.The current priority is 19.1x / 18.7×2019 / 2020 P / E. Risk epidemic prevention and control leads to offline retail risks; the promotion of new products is not up to expectations.


Should the IPO review be tight or loose after the epidemic?

Should the IPO review be tight or loose after the epidemic?

Source: There is no doubt that the IPO’s role in promoting the economy is interesting.

  In the last decade, 2010-2019, A-shares achieved a total of 2,095 IPOs and raised a total of funds1.

87 trillion US dollars, IPO companies are mainly leaders in various industries. Through IPO, companies can make their financing smoother, management more standardized, and their brands more resounding, thereby cultivating rich and competitive enterprises and becoming the backbone of the industry.
  Moreover, because the first and second IPO spreads of the IPO are obvious and attract funds to participate in the primary market, the scale of internal venture capital funds is now trillions, and a large number of unlisted companies have been nurtured by venture capital funds, which has significantly promoted economic development.

  However, the contribution of the IPO to the economy mainly lies in cultivating leading enterprises that can participate in international competition. In fact, its contribution to solving the difficulty of financing enterprises is very limited. In terms of the overall economy, it will not be significantly affected by the IPO fluctuations.

  As of November 2019, the previous stock size of the whole society was 221.

28 trillion yuan, the balance of loans to the real economy is 150.

5 trillion yuan, 10 years of IPO financing1.

The rating of 87 trillion yuan can be described as “coupling money”.

  From 2010 to 2019, the number of A-share IPOs varies greatly from year to year, showing a typical jump up and down.

  At the same time, the growth rate of GDP cannot be seen to be related to the change in the number of IPOs.

  The most typical example is that in 2013, the number of IPOs was zero, but the decline in GDP was the smallest from last year, only from 7.

9% dropped to 7.


  The reason is not difficult to understand.

The number of Chinese entrepreneurs is tens of millions, and the number of IPOs per year is only a few hundred; of which, GDP in 2019 will reach 99.

09 trillion, while the total annual revenue of IPO companies during the same period did not exceed 1 trillion.

Regardless of the number of homes or the scale, IPO companies do not contribute much to the overall economy. The main advantage of the long-term economy is the majority of companies rather than individual companies.

  Listing is just the exclusive right of some companies. The business scale is large enough, and the industry must meet the listing list. The vast majority of companies cannot meet the listing requirements, especially those that are difficult to regulate such as catering and agriculture.

  The epidemic has severely damaged the worst food and beverage, hotel, tourism, film, transportation, education and training industries. Are there any epidemic impacts in these industries? Listing is extremely difficult. There are reasons why the scale of the company’s internal operations is generally small.Causes of difficult or unregulated business due to characteristics.

  For example, in the catering industry, only one company has passed the IPO review in the last ten years; in the hotel industry, there have been no IPO cases since the Jinling Hotel’s IPO in 2007; there are few IPOs in tourism companies, and successful ones are very tortuous. JiuhuaThe tourism “Sanjin Palace” was only successful. It took 15 years for the tourism in the Western Region to pass the review. Putuoshan’s listing was gone. The film, transportation, education and training industries, in addition to the giant nature of high-speed rail companies in the transportation industry.In recent years, there have been few corporate IPOs, especially in the film industry. There are currently no IPO companies under review.

  Because such companies are too difficult to IPO, it is naturally difficult to obtain venture capital investment.

  One thing is certain. Relaxing the IPO will hardly help the companies that have suffered the worst deterioration of the epidemic, because the road to the listing of such companies cannot be resolved simply by relaxing.

  It will never help, and there may be adverse effects.

The companies that can achieve the scale of listing are not small in scale and have a strong ability to resist disasters. If they obtain a large amount of funds due to the listing, they will consume a large amount of living space through low-price competition and other means, and will seriously damage the small and medium-sized enterprises that have serious losses.As far as the enterprise is concerned, it is a reaction.

  If deliberately relaxing the review of the IPO due to the impact of the epidemic, it will not effectively help the really difficult companies. On the contrary, it will only make bad companies muddy.

  The capital market is good at telling stories, and it is particularly good at far-fetched meetings. Every company can tell stories that have been greatly affected by the epidemic and have contributed greatly to epidemic prevention.

  As far as the market is concerned, the most important thing is not the easing or looseness 武汉夜网论坛 of the listing audit, but the consistency and predictability of the audit.

  In recent years, the predictability of IPO reviews has become increasingly clear, and the attractiveness of A-share IPOs has also become stronger.

  If the review of the epidemic’s phased landscape is relaxed, more companies will be disappointed and chilled, including listed companies, companies that have previously failed to list, and companies that are going to be listed in the future. Of course, more chilling investors will be.

  As far as the capital market itself is concerned, assisting to overcome the epidemic is only a phased task. If a bad company is listed under the banner of epidemic support, it will not effectively help the disaster recovery. Instead, it will have a long-term impact on the securities market, which will dampen investor confidence.Let all corporate IPOs be adversely affected.

  The problem is the problem, and it cannot be turned into a problem just because the epidemic appears.

  In the long run, implementing the reform behind the new securities law is the top priority of the capital market.

  The core of the new securities law is to adhere to the reform of the registration system with information disclosure as the core, and increase the crackdown on violations.

  Taking information disclosure as the core, I believe that everyone has fully realized its essence in this epidemic prevention and control, which is very correct and necessary.

  Therefore, the Fang Niutang Enterprise Listing Research Institute believes that the IPO review, how to review and how to review, do not be artificially intervened because of the epidemic!


Afternoon Mingbo City: Can technology stocks be bought?

Afternoon Mingbo City: Can technology stocks be bought?

Sina Finance News In the early morning, the three major indexes opened higher collectively, and then the size index diverged. The GEM index rebounded and showed a stronger performance.

Restructuring stocks in hotels, restaurants, finance, etc. rose in turn, the large infrastructure sector continued to be active, and the market’s speculation has picked up.

Looking at the board, medical waste treatment, food and beverage, and cloud gaming sectors saw the largest gains, while 青岛夜网 masks, radio and television, and shipbuilding sectors saw the largest gains.

At noon, the Shanghai index rose 0.

5% to close at 3004 points; Shenzhen Component Index rose 1.

2% to close at 11,635 points; GEM Index rose 1.

9%, closed at 2222 points.

The Shanghai Stock Connect saw a net decrease of 8.

8.6 billion, the Shenzhen Stock Connect decreased by 2.

92 billion.

  Naughty Tianzun: In the afternoon, pay attention to whether some counter stocks have high points and twisted them the day before yesterday, and then step back on the counter position. Today, after the next day, for the first time today, look at the next few days later. There are many stocks in the pharmaceutical sector. Short-term opportunities will appear again.It’s up!

For the short-term market, the market is currently in a clear rhythm of diversification. Investors learn to control risks and gradually seize the opportunity and control some risks at a time-sharing rhythm.

In the afternoon, investors paid close attention to whether there would be any counterpoints in the market yesterday. The time-share highs supported by the time-series lows at the end of yesterday appeared.

  Stock sea lighthouse: the trend of rising first and then declining in the afternoon is purely from the analysis of technical indicators. The MACD indicator line and the KDJ indicator line on the 60-minute chart of the Shanghai stock market have not formed a golden fork resonance state, indicating that it is difficult for the stock index to rebound temporarily.Rise; The 4-day moving average and the 5-day moving average are heading downward, respectively, to suppress the rebounding stock index; the 34-day moving average (2995 points) and the 30-day moving average temporarily fall, which has a downward reaction on the stock index above.

Therefore, when the broader market rebounds in the afternoon, don’t try to chase up and increase positions in the short-term. Beware of the stock index breaking through 3000 points and returning to the shock position to wash the market again.

The stock index did not cover the low opening gap early this week (3031.

23 points) before hitting the 256-day moving average down again can be a low-sucking.

  Huang Binhan: Today’s largest scale is the GEM blowout rose more than 5% attention to operating strategies, high-end stocks rose again, waiting to go or lighten up.

Then the bottom of the stocks to make up technology stocks, rolling operations mainly keep the stocks, bulls do not say the top, but the stocks have the top. Note that this is a new bull market, which is mainly beneficial to industry leaders, mainly growth leaders.

Under the fluctuations of the stock market, the only way for global funds to 北京夜网 get hot money is to use A shares. US stocks are higher, India is higher, and A shares have just fallen into a sharp decline.

  Guo Yiming: Can technology stocks be bought?

  Technology stocks are still the absolute main force in the market.

At present, we continue to pay attention to the group opportunities of technology stocks. However, after the continuous rise, many high-tech stocks are estimated to be too high, but other stagnation targets have increased the space, which does not hinder a lot of attention, especially to obtain performance support; mid-line positionsConfiguration can continue.

Even for high-end stocks, short-term risks have been released after continuous adjustments. Once there is incremental capital, these targets will be repeated. If they are held by serial midline, they can continue to be allocated until the trend of the period ends.


Hualu Hengsheng (600426) 2018 Annual Report Commentary The performance is basically in line with expectations The expansion of new projects will expand the room

Hualu Hengsheng (600426) 2018 Annual Report Commentary The performance is basically in line with expectations The expansion of new projects will expand the room

Event: The company achieved operating income of 143 in 2018.

5.7 billion (37 per year).

94%), and realized net profit attributable to mother 30.

2 billion yuan (147 per year).


The company also announced the profit distribution plan for 2018, and plans to use the existing share capital16.

2.7 billion shares are the base number, and a cash dividend of 2 for every 10 shares is distributed to all shareholders.

00 yuan (including tax), a total of 3 dividends.

2.5 billion.

The company also announced two new projects including “Improved Quality of Adipic Acid” and “New Materials of 30 Micron / year Amide and Nylon”, with planned investment of 15 respectively.

7.2 billion and 49.

800 million.

  The annual report performance is basically in line with expectations. The profitability of the fourth quarter, as the industry as a whole moves towards the chemical industry, has clearly declined since the third quarter of 2018, and the PPI of chemical products has continued to decline.

Affected by this, the company’s main products also experienced a significant price drop in the fourth quarter, and the price gap with raw materials also narrowed.

The company achieved first-class revenue of 143.

5.7 billion (37 per year).

94%), net profit attributable to mother 30.

20 ppm (147 per year.

10%), basically in line with our previous expectations.

Q4 achieved revenue of 35.

08 ten percent

47%, compared to -8.

92%), net profit attributable to mother4.

850,000 yuan (29 per year).

62%, -43.

twenty three%).

  Urea and cholesterol will become the main supporting points of the annual performance. The overall inventory of the urea industry is currently at a low level, the price is basically the same as the same period last year, and the spread has slightly increased. It is expected that the profitability of the company’s fertilizer sector will be one of the important supports for performance.

In 武汉夜网论坛 addition, the company’s 50 budget cereal project is an important growth point this year. Although the overall price and spread are currently low, the downstream polyester industry’s operating rate has further increased. It is expected that the subsequent profitability will be repaired, production growth and profit recoveryThis is another important support for the company’s performance this year.

  The park passed the certification, the new project extension company Growth Space’s park was certified by Shandong Province in September 2018, and its green chemical new material combination project with an annual output of 150 tons was selected as the first batch of preferred high-end chemical projects in Shandong Province.

The new adipic acid, amide and nylon new material projects announced by the company are part of the combined project, with plans to invest 15 each.

7.2 billion and 49.

80,000 yuan, it is expected to achieve revenue of 19 after completion.

8.6 billion and 56.

1.3 billion, net profit 2.

9.6 billion and 4.

4.6 billion, will further extend the company’s future growth space.

  Investment suggestion: We are optimistic about the company’s long-term development in the field of new materials and maintain a “buy” rating.

  We expect net profit attributable to mothers in 2019-2021.

800 million, ten-year growth rate of -21 / 14/10%, diluted EPS = 1.



83 yuan, currently corresponding to PE = 10.



  Risk warning: the industry boom gradually leads to the increase of the company’s profit; and the new production capacity is gradually expected to digest the progress; the new project commissioning progress exceeds expectations.


Skyworth Digital (000810): Q3 Performance Exceeds Expectations, Raw Materials Drops, Profits Boost Ultra HD Dividends, Releases Favorable Leader

Skyworth Digital (000810): Q3 Performance Exceeds Expectations, Raw Materials Drops, Profits Boost Ultra HD Dividends, Releases Favorable Leader

Event On October 24, 2019, Skyworth Digital released the 2019 third quarter report.

  The company’s total operating income in Q1 2019 was 62.

82 ppm, an increase of ten years8.

97%; net profit attributable to mothers4.

970,000 yuan, an increase of 114 in ten years.

92%; net profit deducted from non-attributed mothers4.

410,000 yuan, an increase of 118 in ten years.


  In terms of quarters, the company achieved revenue of 23 in Q3.

88 ppm, an increase of 15 in ten years.

68%; net profit attributable to mothers2.

400,000 yuan, an increase of 234 in ten years.

43%; net profit deducted from non-attributed mothers2.

190,000 yuan, an increase of 266 in ten years.

twenty two%.

  Brief Comment 1. The Q3 revenue accelerated faster than expected; the company’s main business was solidly grown and the company achieved solid revenue in the third quarter.

88 ppm, an increase of 15 in ten years.

68% earlier, 7 in the second quarter.

72%, 7.

The 55% growth rate has boosted significantly.

We believe that the company’s comprehensive strength in smart terminals is leading, and its business layout is stable and progressing, covering the national UHD policy dividend, and the prospects for performance are promising.

  Specifically, 1) Fusion products containing high-end functions such as intelligent gateways and intelligent network access are gradually ramping up, and the product structure is diversified and optimized; 2) Radio and television and communications operator customers have a solid foundation, in the radio and television market, the company’s smart home, Internet of ThingsProject construction continued to penetrate, and projects such as the Xueliang project and smart government and enterprise proceeded in an orderly manner. In the operator market, a number of products such as IPTV and OTT won the bidding at the headquarters, thereby strengthening market distribution capabilities; 3) Good overseas salesThe company continues to consolidate the complementary advantages of the Asian, African, and Latin American markets, while establishing global strategic partnerships with advanced companies such as Google and Netflix.

  2. The implementation of ultra-high-definition policies promoted the increase of 4K / 8K penetration. On February 28, the Ministry of Industry and Information Technology, the State Administration of Radio and Television, and the Central Radio and Television Station issued the “Ultra-HD Video Industry Development Action Plan (2019-2022)”,It is required to vigorously promote the development of the ultra-high-definition video industry and the application in related fields in accordance with the overall technical route of “4K first, taking into account 8K”.

In terms of specific planning, the Plan requires that 100 million 4K UHD video users be reached by 2020, 200 million users by 2022, and the overall UHD food industry size exceeding 400 million.

  At present, the penetration rate of ultra high-definition still needs to be reduced. According to CCTV data, the number of 4K ultra-high-definition interactive TV users in 2018 is expected to reach 20 million, and the target of 200 million users in 2022 could accommodate space.

With the rapid release of ultra-high-definition set-top boxes and network access requirements, the company is expected to fully benefit from being a leading digital smart terminal.

  3. The price of raw materials dropped and the gross profit margin increased. During the period, the margin of expenses improved and the profit side increased rapidly. In 19Q3, net profit attributable to mothers was realized

970,000 yuan, an increase of 114 in ten years.

92%; net profit deducted from non-attributed mothers4.

410,000 yuan, an increase of 118 in ten years.


Mainly benefiting from the improvement in gross profit margin brought by the return of raw material prices, the company achieved a comprehensive gross profit margin of 22 in 19Q1-3.

40%, an annual increase of 5.

67pct; Q3 gross profit margin acceleration accelerated, increasing by 7 every year.

66 points to 24.


  In terms of period expense ratio, 19Q1-3 company’s sales expense expense was 6.

63%, a year up 0.49pct, mainly due to the increase in agency fees and employee compensation; lower management costs.

32%, a decline of 0 every year.

36 points, mainly due to the effective management and control of depreciation booths and management staff salaries; as a result of the expansion of new product and new business R & D expenses in the current period, the R & D expense ratio increased by 1 in 19Q1-3.

09pct to 5.

48%, financial expenses 0.

13%, a decline of 0 per year.

19 points, mainly contributed by exchange gains and losses.

  In a single quarter, the increase in expenses during the period has dropped marginally.

19Q3 The company’s sales / management (including R & D) / financial expense ratios respectively changed 南京桑拿网 0.


43 / -0.

30pct, the growth rate decreased by 0 compared to Q2.



60pct, combined with Q1, the cost control has been improved quarter by quarter.

  4. Driven by the sales boost, the inventory and accounts receivable increased correspondingly. As for the inventory growth in which operating cash flow increased, stocks increased in 19Q1-3 compared with the same period in 18 in the third quarter.The company’s inventory was 13.

6.5 billion yuan, an increase of 13.

56%, the inventory turnover days were 75 days, the same as last year.

  In terms of accounts receivable, the company’s accounts receivable in 19Q1-3 increased by 14 compared with the same period last year.

55% to 49.

5.7 billion, turnover days were 196 days, 6 days higher than the same period last year.

Due to the high proportion of large customers, the company’s days of 合肥夜网 receivables are relatively relative, but the turnover efficiency of receivables is still at the level of the industry as a whole.

  The operating cash flow was significantly improved, and the company achieved operating cash flow of 0 in 1Q1-3.

92 trillion, an increase of 120 over the same period last year.

67%, of which the operating cash flow in the third quarter of a single quarter1.

79 trillion, a significant increase of 208.

48%, mainly contributed by the increase in sales driven by increased sales.

  Investment suggestion: We are optimistic about the development trend of innovation and penetration of the global intelligent digital industry and the leading position of Skyworth Digital in the initial R & D, production and marketing.

54, 95.

8.6 billion, an increase of 12 each year.

77%, 9.

50%, realizing net profit attributable to mother 6.

40, 7.

2 billion, an annual increase of 95.

02%, 12.

56%, corresponding to PE of 17, 15X, maintaining the company’s “overweight” rating.

  Risk reminder: Digital industry policy changes drastically; strategic cooperation falls short of expectations; key device supplies fall short of expectations, etc.


Borui Medicine (688166) Depth: Breaking through the difficulties of technology, ready for the era of generic drugs after winning

Borui Medicine (688166) Depth: Breaking through the difficulties of technology, ready for the era of generic drugs after winning

Standing on a good track: tightening environmental protection, advancing policies, ushering in good times for APIs, increasing manpower and cost pressures, gradually shifting US and European API capacity to emerging market countries represented by China and India, China ‘s fully mature basic industrial system, costThe advantages and advantages of fermentation products have gradually narrowed the gap with India.

Domestic environmental protection policies are tightened, domestic environmental protection policies are continuously tightened, barriers to entry are increased, and industry concentration is increased; the associated review is officially entered into the law, and the quality of APIs directly affects the approval of formulations, which benefits high-quality API suppliers;Adopting normalization, cost control has become the core of generic drug companies, reshaping the integration and value of the API industry.

High quality: Listed in multiple overseas markets, the competition environment for downstream preparations is loose, and the company’s APIs have been approved for listing in multiple overseas locations (US, Europe, Japan, South Korea, etc.), and the product quality has reached European and American high standards; the companyThe competition pattern of the downstream system corresponding to the drug substance is good, and the number of multiple downstream pharmaceutical products approved in the United States and China is ≤5, which has won a relaxed competitive environment for downstream customers.

At the same time, the downstream preparations can be replaced with a lot of short-term purchases of drugs through the expansion of the consistency evaluation variety.

Entecavir, which has been shortlisted, has successfully achieved a price-for-amount exchange. Entecavir’s 2019H1 will grow by nearly 30% each year.

The whole industry chain: Open the whole industry chain and fully enjoy the downstream profits. The company gradually opens up the entire chain of “raw material starting materials-> cGMP difficult 深圳spa会所 intermediates-> specialty drug substances-> preparation products”, manufacturing API and preparation integration businessModel to enjoy multi-directional profits of the entire industry chain.

In terms of the layout of the industrial chain, it has been extended to preparations. Three preparation products including Caspofungin have been approved; the use of bulk drug technology barriers has created a variety of profit models to replace technology transfer and technical services.Method and the proportion of sales of customer preparations, etc., in 2018, we have realized the equity income of three products of caspofungin, pimecrolimus, and carmiphene net of US $ 2600 million, and multiple rights distribution agreements for subsequent productsIs expected to continue to contribute to performance.

Investment suggestion The 杭州桑拿 company’s APIs focus on high-tech barrier products, narrowing the competitive environment, strong bargaining power, global multiple markets, and the average value of multiple interchanges in the industry chain are the points of profit contribution. The products will gradually be commercialized. We expect the company to 19-21The annual operating income is 5.



38 trillion, with a growth rate of 23.

66% / 21.

94% / 20.

15%, net profit attributable to mother is 1.



24 trillion, with a growth rate of 51.

88% / 42.

96% / 40.

65%, EPS in 19-21 is 0.



55 yuan / share, PE is 241/169/119 times.

Considering that the company is still in a period of rapid development, with high technical barriers and good future growth, it will be covered for the first time.

Risks indicate that the R & D progress is less than expected, technology income risks, environmental policy risks, exchange rate risks.


CITIC Special Steel (000708): will wholly-owned Xingcheng Special Steel

CITIC Special Steel (000708): will wholly-owned Xingcheng Special Steel

Main event: CITIC Special Steel announced that it intends to bid for Xingcheng Special Steel held by Taifu Investment through the supplementary licensing of the stock exchange.

5% equity, Xingcheng Special Steel will become a wholly-owned subsidiary of the listed company after the transaction is completed, and the underlying asset transfer price is 361759.

340,000 yuan.

The transaction is a cash payment and does not involve non-cash means such as issuing shares.

The company’s EPS thickening and performance commitment: Because it is a cash acquisition, the company’s EPS will be thickened, and the pro forma EPS in 2018 and January-April 2019 will increase by 0.

17 yuan / share and 0.

07 yuan / share.

In addition, Taifu Investment promised that the target company’s audited net profit after deduction to non-mother in 2019, 2020 and 2021 would be 33.

4.3 billion, 33.

2.3 billion and 33.

9.3 billion.

If the target company fails to fulfill its performance commitment for the current year, Taifu Investment promises to make compensation in cash in accordance with the Profit Compensation Agreement.

Special steel high-quality assets: Xingcheng Special Steel 86 was completed in the early stage.

After the 5% equity acquisition, CITIC Special Steel owns the “four major manufacturing bases” of Jiangyin, Qingdao, Jingjiang, Huangshi, and “two major raw material bases” in Tongling and Yangzhou, forming a strategic layout of the coastal industrial chain along the river, with raw materials resources and products, The complete special steel industry chain with product extension processing and terminal service involvement.

The company’s special steel production capacity reaches 1,300 tons, with more than 3,000 steel types and more than 5,000 specifications. It will become the largest and most comprehensive special special steel production company in the world, integrating the aggregation effect of existing special steel brands., It is completely conducive to improving the comprehensive competitiveness of the enterprise, and at the same time, the new procurement, production and sales system formed after the integration will help the company to take advantage of centralized procurement, improve the bargaining power of raw material procurement, and further reduce production costs.

There are 13 remaining IPOs.

The 5% equity will realize the company’s wholly-owned control of Xingcheng Special Steel.

The stability of the company’s performance highlights: CITIC Special Steel’s net profit attributable to its mother increased by 37% each time from January to September, which is commendable in the context of the overall performance change of the steel industry this year.

The company’s profit has risen against the trend, and the expansion is due to the fact that listed companies, as focused and stable special steel standards, can resist the transfer of cycle resistance. Even during the downturn of the steel industry, they can still achieve production and sales, and stable profits;After the overall listing of the assets, CITIC Special Steel’s production capacity reached 1,300 tons, becoming the world’s 杭州夜网论坛 largest and most comprehensive specialized special steel production company, which is less affected by industry constraints alone, and its high-end and high-quality customers are relatively stable.

In addition, Xingcheng Special Steel and its major subsidiaries have formed a strategic layout of the coastal industrial chain along the river, and a large number of bulk raw materials and other materials are used by CITIC Pacific Special Steel Co., Ltd. as a procurement platform to implement unified procurement, which is conducive to the benefits of scale and effectively reducesRaw material costs increase overall safety margins.

Investment suggestion: As a leading domestic special steel company, the company’s intervention products such as bearing steel, gear steel, tool steel, high-pressure boiler tube billets, and heat-resistant alloys are selling well at home and abroad, and the company has successfully acquired Xingcheng Special Steel.The advantages in automobile steel and other fields will be further consolidated. We are optimistic about the cost reduction space and overall synergy advantages of Qingdao Special Steel and Jingjiang Special Steel in the future.

It is expected that the company will realize net profit attributable to mothers from 2019 to 2021.

200 million, 51.

2.4 billion and 53.

1.5 billion, an increase of 26 a year.

96%, 4.

13% and 3.

73%, equivalent to 1.

66 yuan, 1.

73 yuan and 1.

79 yuan, corresponding to 13 for PE.

1X / 12.

6X / 12.

2 times, maintaining the “overweight” rating; risk warning: the severe deterioration of the macro economy leads to pressure on demand; the risk of a significant increase in the capacity of the steel industry.


Jianfa (600153): Controlling shareholder lifts pledge to replace office building profit 2Q19 growth or maintains stability

Jianfa (600153): Controlling shareholder lifts pledge to replace office building profit 2Q19 growth or maintains stability

It is expected that the net profit of the mother company will decline by 15% in the second quarter. We expect the net profit of the mother company to decline by 15% in the second quarter. This is mainly due to the high base effect of 18 Median Real Estate in the second quarter.

500 million), other paper pulp prices caused by the decline in inventory prices and losses (minimal impact), if you do not consider the profit of the office building, Jianfa Development 2Q19 growth rate is still 10%, remaining stable.

At the same time, we split the net profit attributable to the parent of 2Q18 Jianfa shares, and the total net profit attributable to the parent is 6.

1 billion yuan (20% year-on-year increase), of which Jianfa Real Estate attributed to its net profit1.

300 million (the corresponding 2015/16/17 is 1 respectively.



0 million), the net profit attributable to Lianfa Real Estate is 2.

0 million (the corresponding 2016/17 is 2 respectively.


400 million), the supply chain business belongs to the mother net profit.

5 ppm (corresponding to 2 in 2016/17.



The quarterly profit in 2Q19 was similar to 1Q19, both due to the decrease in the settlement of Lianfa office building projects.

Regarding the company’s recent operating conditions, we observe that the company’s fundamentals are large in scale and small in change. On June 28, 2019, the company issued an announcement to the controlling shareholder Jianfa Group (45 shares).

89%), the pledge of the total share capital.

58% (300 million shares), and the remaining 10 were released on July 2.

58% (300 million shares), at which point the pledge ratio has been reduced to zero.

Points of Attention 武汉夜网论坛 We lower our 2019 / 20e profit by 15% / 16% to 44.


70,000 yuan, corresponding to a net profit growth rate of -4 in 2019/20.

5% and 18.


The expected earnings reduction is: 1) the settlement of the Lianfa office building project will contribute 300 million less net profit this year than last year; 2) there is still uncertainty in the primary land development business, and two primary land developments will be completed in 2018.1.5 billion net profit. In 2019, we assume completion of a first-level land development and confirm net profit of 700-800 million.

We are optimistic about the continuous improvement of Jianfa’s profitability in 2019-2021: 1) the real estate business enters the settlement cycle and will continue to release profits; 2) the supply chain trade is strictly controlled, and the average 武汉夜生活网 value of the existing bear market bull market continues to gain market share.

Estimates and recommendations The company is currently sustainable at 8.

94 yuan, corresponding to 5 in 19/20.


8 times P / E.

Completely outperform the industry rating and maintain target price of 12.

1 yuan (35% upside), corresponding to 19/20 7.


5 times P / E, the dividend yield in 2019 is 5.

3%, strong stable return properties.

Risk infrastructure fell short of expectations; real estate restructuring policies tended to be tight; interest rates in the commodity market fluctuated.


Yifan Pharmaceutical (002019): F-627 domestic phase III clinical trials have achieved expected results and are expected to report production this year

Yifan Pharmaceutical (002019): F-627 domestic phase III clinical trials have achieved expected results and are expected to report production this year

Event: Company Announcement: Shanghai Jiannenglong, a holding subsidiary, received the results of a domestic phase III clinical trial of a recombinant human granulocyte colony-stimulating factor-Fc fusion protein (F-627) in diversified varieties on January 5, 2020., Its effectiveness and safety have reached predetermined evaluation standards.

Opinion: The clinical efficacy and safety of F-627 China Phase III have reached domestic listing standards.

F-627 China Phase III clinical results show that the efficacy is comparable to the control drug and the overall safety is good.

Compared with the control drugs, there were no significant differences in the incidence and severity of adverse events, and most of the adverse reactions associated with F-627 were mild to moderate, indicating that F-627 has good safety and tolerance.

At the same time, the screening, confirmation and neutralization antibody detection methods of this clinical trial were developed 佛山桑拿网 and validated in accordance with the latest FDA guidelines. The final results of this immunogenicity neutralization antibody test are opposite.

In general, clinical data has reached domestic market standards.

Phase III clinical trials in the United States have entered the final visit stage, and China is expected to report production this year.

G-CSF is the gold standard for whitening patients with cancer chemotherapy. It is recommended by three major guidelines such as NCCN. In 2018, global insulin was about 5 billion US dollars.

The original research is Amgen, of which Amgen’s long-acting Neulasta covers 80% of the US market. In 2015, the Neulasta patent expired.

F-627 independently developed by Genergy is a long-acting G-CSF using Fc fusion protein technology and CHO cell fermentation, which is a class of 杭州桑拿网 innovative drugs of the third-generation long-acting CSF.

Among them, the Phase III clinical 04 protocol in the United States (compared with placebo) has reached the main clinical endpoint, and the clinical trial 05 (compared with Neulasta) is implemented according to SPA. The trial has now entered the final visit stage.

According to, domestic G-CSF was about 5 billion U.S. dollars in 2018, of which only 3 PEG-modified G-CSFs with long-term effects were listed.

The F-627 domestic phase III clinical trial has reached the preliminary evaluation results, which will provide the necessary and key conditions for the product to be marketed in China, and also provide the basis for pricing after the listing in the Chinese market.

The products are generally in the preparation stage before domestic GMP certification, and it is expected to be put into production this year.

Earnings forecast and estimation: In the first three quarters of 19, the calcium pantothenate business was affected by swine fever, and the downstream demand for calcium pantothenate began to gradually recover in Q4.

Maintain EPS 0 for 19-21 years.



19 yuan, the current price corresponding to 19-21 years PE is 19/16/13 times.

Jiannenglong’s R & D pipeline will have substantial progress, F-652 has obtained FDA orphan drug qualification, and is preparing to start phase III clinical trials.

We are optimistic about the strategic prospects of preparations and innovative biopharmaceuticals. We currently maintain a “Buy” rating for the current expected earnings.

Risk Warning: Calcium Pantothenate has cyclical properties, and the progress of research and development and marketing of innovative drugs is not up to expectations.


Gemdale Group (600383): Sales increase, eye-catching investment tends to be stable

Gemdale Group (600383): Sales increase, eye-catching investment tends to be stable
Event Gemdale Group announced the sales and acquisition of projects in June 2019: In June 2019, the company achieved a contracted area of 107.90,000 square meters, an increase of 23 in ten years.12%; Achieved signing amount of 209.2 ten percent, an increase of 43 per year.59%.From January to June 2019, the company gradually realized a contracted area of 428.100,000 square meters, an increase of 13 in ten years.97%; cumulative contracted amount of 855.70,000 yuan, an annual increase of 35.68%. For the layout of the first- and second-tier cities with high-quality opinions, sales show importance.In June 2019, the company achieved a contracted area of 107.90,000 square meters, an increase of 23 in ten years.12%; Achieved signing amount of 209.20,000 yuan, an annual increase of 43.59%; the unit price of 19,388 yuan / square meter, an increase of 17%.Against the background of mediocre transaction performance in third- and fourth-tier cities, the company focused on the layout of core cities in the first and second tiers with strong sales strength.From the accumulated data, the company achieved a total contracted area of 428 in the first half of 2019.100,000 square meters, an increase of 13 in ten years.97%; the contract amount is 855.70,000 yuan, an annual increase of 35.68%; 45% of the expected sales target of 190 billion yuan has been achieved. It is expected that the company will be able to complete this sales target with a high probability through the acceleration of the push of the plate in the second half of 重庆耍耍网 the year. Investment is steady, and average floor prices remain low.In June, the company acquired 12 projects in Changchun, Dalian, Ezhou, Changsha, Taizhou, Shaoxing, Jinan, and Zhenjiang. The cost of land acquisition was 8 billion yuan, a decrease of 58%; the construction area of new projects was 1.63 million square meters, a decrease of 17%.The monthly land acquisition amount is only 38% of the sales amount; the average floor price is only 4923 yuan / square meter, accounting for 25% of the average sales price, which effectively protects the future gross profit level.The company’s accumulated land acquisition cost in the first half of the year was 39.7 billion US dollars, a year-on-year decrease of 17%; the construction area of newly added projects was 5.52 million square meters, an annual increase of 181%, and the conversion land acquisition accounted for 46% of the sales amount; the company increased its investment in second-tier cities in the first half of the year.In terms of resource layout, the cost of land acquisition in the first, second, and third lines accounted for 6%, 76%, and 18%, respectively, pushing the average floor price to shift. Investment suggestion: Gemdale Corporation has ample land reserves and high sales growth. The two wings of “business + finance” are icing on the cake, and its future performance will steadily increase. The company adheres to the “first-line + core second-tier” urban layout.The company’s EPS is expected to be 2 in 2019-2021.26, 2.80, 3.34 yuan, the corresponding PE is 5.61, 4.54 and 3.81 times, maintain “Buy” rating. Risk reminders: industry sales fluctuations; policy adjustments leading to operational risks (shed reform, restructuring, budget policies, etc.); changes in the financing environment (mortgages, development loans, interest rate adjustments, etc.); corporate operational risks (personnel changes, construction, land acquisition, etc.)The risk of exchange rate fluctuations; the monetization of the shed reform is not up to expectations.