Poly Real Estate (600048) September 2019 Monthly Report Review: Ample Geographical Resources

Poly Real Estate (600048) September 2019 Monthly Report Review: Ample Geographical Resources

The company has a large reserve of resources for development business, and will take measures in 2019, with a comparative advantage in capital costs.

Maintain “Buy” rating.

The average sales price improved in September, and the sales performance was slightly flat.

In September 2019, the company sold an area of 271.

90,000 square meters, an increase of 14 in ten years.

6%; sales amount 368.

100 million, a year down 0.


On January 9, 2019, the company sold an area of 2,293.

80,000 square meters, an increase of 13 in ten years.

3%; sales 武汉夜网论坛 amount 3467.

7 ppm, an increase of 14 in ten years.


The company’s average sales price in September was 13,539 yuan / square meter, a decrease of 12 per year.

9%, indicating that the company’s low-tier cities have increased their market share.

From January to September, the average selling price rose by 0 year-on-year.


In our opinion, the company ‘s first-tier and second-tier cities ‘phased decline in sales is also the reason for the slightly flat September sales.

Take local rationality.

In 2019, the company is more cautious in taking land.

From January to September, the company’s land acquisition / sale area was 64.

9%, land acquisition amount / sales amount is 28.

7%, significantly lower than 112 in 2018.

6% and 45.


Due to the company’s sufficient stock resources, this modest control over land acquisition will not lead to sales breaks.

At the end of June 2019, the company is under construction1.

100 million square meters.

Guarantee good credit and take advantage of capital cost.

The cost of funds in the company’s history is sufficient, and the interest rate at the end of June 2019 denied that the comprehensive cost was 4.


However, the company’s net debt ratio is not low.

The recent cautious land grabbing by the company is conducive to strengthening credit and further leveraging capital cost advantages.

At the peak of high-quality resource settlement, performance continues to be expected.

The existing projects settled by the company, but the land price has been greatly increased when the land is taken, and the house price has been significantly increased during the sale, and the potential profits are huge.

Risk factors: the risk of the company’s medium and long-term profitability falling.

Investment suggestion: The company’s credit history, capital cost, adequacy of stock resources, cost control capabilities and other advantages are very balanced.
The company’s share capital has changed slightly due to equity incentives. We fine-tune the company’s EPS forecast to 2.


18 yuan (the original value is 2.



19 yuan), integrated NAV and relative estimation method, we maintain the company18.

Target price of 41 yuan / share and investment rating of “Buy”.

Social security fund positions highlight the trend of increasing holdings, holding 72 stocks for 3 consecutive quarters

Social security fund positions highlight the trend of increasing holdings, holding 72 stocks for 3 consecutive quarters
Social security fund positions highlight the trend of increasing holdings and long-term holdings. 72 stocks were held for two consecutive quarters. Source: Securities Daily reporter Wang Mingshan. Recently, the Ministry of Human Resources and Social Security announced at a press conference that the social security fund will increase by 103 billion yuan in the third quarterAccording to the Jinjin commission contract, the proportion of medium and long-term funds entering the market in the A-share market will steadily increase.”Securities Daily” reporter noted that among the 556 listed companies that have disclosed the third quarterly report, social security funds appeared in the list of institutional investors of 107 companies. The latest shareholding situation reflects two types of Masukura and long-term holdings.Trend.  Among the 107 listed companies, the number of shares held by the Social Security Fund in 60 of them increased compared with the merger at the end of the second quarter, and the number of shares held by 15 companies remained unchanged, while the number of shares held by 32 companies decreased.In addition, the characteristics of long-term holdings of social security funds are also well reflected in the 107 listed companies mentioned above. 72 of them have been held by social security funds for more than three consecutive quarters, and many of them have long holding periods.Listed companies for several years.  The latest holdings of 107 stocks increased by 60 and reduced by 32 consolidated listed companies in the third quarterly report of 2019. The social security fund’s shareholding situation at the end of the first three quarters of this year has gradually become clear.”Securities Daily” reporter noted that as of October 24, 556 listed companies have disclosed the 2018 third quarter report, of which 107 institutional investors in listed companies appeared in social security funds.  This can explain to a certain extent that the layout of social security funds in the A-share market has once again expanded.”Securities Daily” reporter noted that there are currently 3556 listed companies in Shanghai and Shenzhen. According to the coverage ratio of social security fund holdings, after all listed companies have disclosed the three quarterly reports, social security funds are expected to appear in nearly 700 listed companies.Institutional investor list; at the end of the second quarter of this year, social security funds only appeared on the list of institutional investors of 522 listed companies.  Compared with the indicators of the second quarter of this year, the 107 stocks held by the social security fund in the third quarter also saw a certain change in the number of positions held, and the market entry speed of the social security fund was significantly accelerated.”Securities Daily” reporter combed and found that compared with the second quarter of this year, the social security fund increased its holdings of 60 shares during the third quarter, reduced its holdings of 32 shares, and held 15 other shares at the same level as at the end of the previous quarter.  At present, the stock with the largest increase in the number of social security fund holdings is Antarctic E-commerce. The reporter of the Securities Daily noted that the number of social security fund holdings has increased steadily in recent quarters: until the end of the first quarter of this year, the social security fundThe number of shares held is only 4,073.60,000 shares; by the end of the second quarter of this year, the number of shares held by the social security fund increased rapidly to 9,148.670,000 shares; by the end of the third quarter, this number had increased to 9444.720,000 shares.  As of the end of the third quarter, the number of shares held by the Social Security Fund 418 and Social Security Fund 423 on Antarctic 无锡夜网 E-commerce accounted for 2 of the outstanding shares.31% and 1.68%, the sixth largest and eighth largest shareholder of the listed company.In addition, the list of institutional investors in Antarctic E-commerce has not appeared in the supplementary public fund products. The two funds with the largest number of shares are Huitianfu related equity fund products. According to public information, the manager of the social security fund 423 portfolioIt is the Huitianfu Fund.  The benefits of long-term holdings of social security funds show the holdings of only 72 stocks for three consecutive quarters. Social security funds have always been regarded as the vane of value investment. Their long-term and stable style has gradually become a model for other institutional investors.Among the social security fund holdings disclosed in the 杭州评茶阁 third quarterly report, the social security fund’s holding style has been well reflected again: 21 stocks were newly held by the social security fund during the third quarter of this year, and another 85 stocks have been funded by the social security fund.Hold more than two quarters; of the above 85 stocks, 13 stocks are new to the social security fund during the second quarter, and another 72 stocks have been held by the social security fund for more than three quarters.  If the cycle is further lengthened, out of the 107 listed companies held by the Social Security Fund in the third quarter, the holding period has reached 60 for four consecutive quarters, and the holding period has reached 55 for five consecutive quarters.There are 49 stocks that have been held for six consecutive quarters, 40 stocks that have been held for seven consecutive quarters, and 34 stocks that have been held for consecutive quarters and quarters . Social security funds for some listed companiesHas been held for years.  In addition, the reporter of the Securities Daily also focused on the continuous increase in the holdings of these stocks by the Social Security Fund in recent quarters. The results show that out of the 60 stocks that the Social Security Fund increased in the third quarter, 29 stocksThe Social Security Fund has increased its holdings for two consecutive times, 13 shares have been increased by the Social Security Fund for three consecutive times, and 6 stocks have been increased by the Social Security Fund for four consecutive times. They are: Antarctic E-commerce, High Energy Environment, Yuyue Medical, RyanTakashi, I Takeshi and Meiya Optoelectronics.

Rongsheng Development (002146): Steady performance growth highlights high index value

Rongsheng Development (002146): Steady performance growth highlights high index value
The event company released a quick performance report and achieved a total operating income of 709 in 2019.50,000 yuan, an annual increase of 25.88%; realized net profit attributable to mother 91.20,000 yuan, an increase of 20 in ten years.32%.  A brief review of the carry-over driven performance and stabilized the 100 billion heels.The company’s current revenue and performance both achieved steady growth initially due to the increase in the company’s real estate business carry-over scale in 2019.  However, the growth rate of performance was slightly lower than the growth rate of revenue, mainly due to the decline in gross profit margin. The company’s gross profit margin fell by zero in the first three quarters.9 up to 31.3%.Operating profit margin and net profit attributable to mothers decreased by 0.8% and 0.6%, from the reflection of the three quarterly data, it may come from the increase in the three fee rate and the decline in net investment income.In 2019, the company plans to sign a contract amount of 1120 million, and actually completed the contract amount of 1153.60,000 yuan (ten years + 13.6%), achieving a contracted area of 1098.1 IWC (+11 a year.7%), while successfully fulfilling the expected goal, at the same time, the 100 billion body weight has stabilized the heel.In addition, since 2015, the company has been continuously selecting the attributes of dividends, and the dividend ratio has exceeded 25% for four consecutive years. According to the performance report data and the company’s dividend ratio last year, 南京桑拿网 the company’s current yield will reach 6.3%, high index properties stand out.  The soil reserves have been properly expanded to complement the regional quality.The establishment of the company strengthened the land reserve through a multi-pronged approach through bidding, auction, and equity acquisition.In 2019, the company previously added 10.25 million cubic meters of soil storage, an annual increase of 29.2%, corresponding to a total price of 287.9 trillion, accounting for 25% of the sales amount in that year, an increase of nearly 8% over last year.From the perspective of the layout, the company has better grasped the strategic potential of participating in the “Yangtze River Economic Belt” and “Guangdong-Hong Kong-Macao Greater Bay Area” policy bonus areas formulated in the early stage, and has entered Suzhou, Foshan, Nantong 杭州夜网 and other cities to further optimizeThe layout of the soil reserves originally concentrated in the Beijing-Tianjin-Hebei region.  Maintain BUY rating.Fine-tune company EPS to 2 for 2019-2021.09/2.53/3.04 yuan (the original forecast was 2.10/2.53/3.06 yuan), the current sustainable corresponding company PE is estimated to be 4 in 2019/2020.1x / 3.4 times.

Bank of Communications (601328): Expense control better supports PPOP and net profit grows steadily

Bank of Communications (601328): Expense control better supports PPOP and net profit grows steadily

Investment Highlights Quarterly Highlights: Net interest income in the first and third quarters increased by 3 sequentially.

0%, volume and price are driven together.

The scale of interest-earning assets is +0.

3%, the scale of credit increased by 1.

5%, annualized net interest margin of 1 in a single quarter.

49%, up 3bps from the previous month, the negative contribution of the rising margin of the interest margin.

2. Net handling fee increases by +9 per year.

8% compared to the first half of the year.

The 2% growth rate was higher.

It is expected that the industry’s overall consignment business will continue to improve in growth.

  3. Technology empowerment, operational 合肥夜网 efficiency has increased, and the cost-to-income ratio has continued to decline.

The annualized cost-to-income ratio in a single season is 33.

28%, a decline of 3 per year.

2 units.

The management fee increases by 6 every year.

4%, a growth rate of 14 from the semi-annual.

There is a 5% drop in resistance.

  Insufficient quarterly reports: 1. In the background of high bases, revenues have tens of marginal conflicts.

1Q19-3Q19 revenue growth rate was 18 in ten years.

5% / 11.

4% / 8.


2. The single quarterly annualized net increase in write-backs increased, which was +0 month-on-month.

29% to 1.


  Under the background of a high base, the margin of the ten-year growth rate of revenue is shortened; expenses are well controlled, which supports PPOP, and net profit growth is stable.

1Q19-3Q19 revenue, PPOP, attributable net profit or growth rate were 18 respectively.

5% / 11.

4% / 8.

6%, 15.

7% / 9.

9% / 9.

6%, 4.

9% / 4.

9% / 5.


  Growth rate of performance growth in the first three quarters of 19: The positive contribution performance factors are scale, interest margin, cost, and growth rate.

The negative contribution factor is non-interest-bearing, provision.Taking a closer look at the changes in the contribution of each factor, the marginal contribution to performance has improved: 1. Non-interest negative contributions to performance growth have weakened.

2. The expenses were well controlled and turned into positive contributions.

3. The provisioning strength was slightly weakened, and the negative contribution to performance was replaced.

The marginal contribution attenuation is: 1, the positive contribution attenuation attenuation.

2. Pricing preferences are contributing to reconstruction.

  Investment suggestion: The company 2019E, 2020E PB 0.

61X / 0.

56X; PE 5.

84X / 5.

53X (Original Bank PB 0.

76X / 0.

69X; PE 6.

44X / 6.

16X), Bank of Communications’ 186 strategy has been implemented steadily, technology empowerment has accelerated, the company’s operating efficiency has improved significantly, and the current variable discount is higher. It is recommended to pay active attention.

  Risk warning: The economic growth exceeds expectations, and the company’s 武汉夜生活网 business advances less than expected.

Fenglin Group (601996) Annual Report Comments: Capacity Expansion on Schedule Meets Expectations

Fenglin Group (601996) Annual Report Comments: Capacity Expansion on Schedule Meets Expectations

Event: The company achieved revenue of 15 in 2018.

97 ppm, an increase of 22 in ten years.

71%; net profit attributable to mother 1.

39 trillion dollars, an increase of 15 per year.

32%; net profit after deduction to mother 1.

25 ppm, a ten-year increase of 7.

twenty three%.

In the fourth quarter of this year, it achieved revenue of 5.

07 million yuan, an increase of 48 in ten years.

88%; net profit attributable to mother 0.

2.9 billion; net profit after deduction is 0.


Opinion: The Nanning and Chizhou factories were put into production as scheduled, and the revenue growth accelerated quarter by quarter.

(I) By quarter: the company’s Q1 / Q2 / Q3 / Q4 achieved revenue 2 respectively.




0.7 million yuan, an increase of 12 in ten years.

16% / 1.

57% / 26.

19% / 48.


Net profit attributable to mothers is 0.




29, of which negative growth in the second and third quarters.

In 2018, the company’s Nanning and Chizhou factories completed the technical transformation. They were officially put into production in March and July respectively. After experiencing a rapid climb in production capacity, they have now reached full production and have achieved profitability in 2018.

The new capacity was put into production, and the revenue growth rate accelerated significantly in the second half of the year.

The initial negative growth in profits in the second and third quarters was that a large number of projects under construction were solidified in the quarter, and the depreciation and amortization expenses increased significantly. At the same time, the cumulative climbing period was increased, dragging down profits.

(II) In terms of products, the company’s fiberboard / particle board / forest trees achieved revenue 9 respectively.



48 trillion, which changes by 15 each year.

22% / 62.

76% /-29.


The products of Nanning and Chizhou factories of the company are particleboard, fiberboard, and the expansion of production capacity brings revenue growth.Because the first rotation of the fast-growing forest land is 5 years, the forest industry revenue fluctuates due to the impact of changes in the area of harvestable forest land and the accumulation volume in the current period.

The gross profit margin increased for four consecutive years, and the management expense ratio increased slightly.

In 2018, the company achieved a gross profit margin of 22.

57%, a slight increase of 0 a year.

55pct, the company’s gross profit margin was 16 in 2014.

44%, continuous improvement for 4 consecutive years.

The company’s fiberboard / particle board gross margins were 19 respectively.

14% / 28.

07%, respectively, changed to -0 in ten years.

35pct / +0.

19 points.

Profit forecast and estimation: The company is expected to achieve EPS of 0 in 19-21.

20, 0.

22, 0.

26 yuan, corresponding PE is 18X, 16X, 14X.

Give “overweight” rating.

Risk Warning: Rising raw material prices and increasing competition in the industry

FTSE Russell expands capacity in three steps: Divide by 25% to see full list

FTSE Russell expands capacity in three steps: Divide by 25% to see full list

A shares welcome again!

The latest news shows that FTSE Russell announced the quarterly adjustment results of its flagship index in February 2020.

This quarterly adjustment raised the separation factor for A shares from 15% to 25%.

  The total increase of 141 fractional stocks shows that the flagship index FTSE Global Equity Index Series has replaced 88 Chinese A-shares, of which 10 are A-shares in the broader market, 7 are A-shares in the mid-cap market, and 67 are in the small-cap A-share market.There were 4 A shares; in addition, some odd shares were readjusted in accordance with the market value. Only Yongyi was excluded from micro-cap stocks, and a total of 141 odd shares were added.

The above changes became effective after the close on March 20th (before the opening on March 23rd).

  What does not involve the science and technology board at all is that this time the FTSE A-share related index adjustment involves the science and technology board, and there are also Shanghai and Shenzhen stocks.

  Ranking, MSCI is more open to the science and technology board.

In MSCI’s first quarterly quarterly results of the 2020 index published on February 13, Jinshan Office, as the subject of the Science and Technology Innovation Board, also swapped the MSCI China All Stock Index (all MSCI China stocks) and the MSCI China A-Onshore Index (MSCI中国 A陆上)作为权重标的之一,而不是首次首次科创板标的获替代。
In November 2019, when the MSCI semi-annual index increased, the small-cap stocks of the MSCI China All-Share Index and the MSCI China A Onshore Index joined 12 science and technology board stocks. At the same time, China Pass was replaced by MSCI China A-shares.Large-cap stocks on the mainland.

  In the MSCI official exclusive response e company, the differences in A-share split conditions were also introduced.

To sum up, there are many categories of MSCI-related indexes, and the relevant standards for Chinese stocks are not the same. The standards for China Stock Connect trading still belong to the “MSCI China Index”.Companies are no exception.

  Or bring 4 billion US dollars of incremental funds. Before the adjustment, according to official information, the FTSE Russell replacement of the A-shares program was implemented in three steps. After the implementation of the adjustments, the proportion of A-shares replacement factors was reduced by 15% to 25%.Air Force, the first two steps of the plan have been implemented.

  On February 10, FTSE Russell stated that the expansion of the A-share split in the third quarter will proceed as scheduled and will not be affected by the epidemic.

Relative to the subsequent expansion of the inclusion index, FTSE Russell said that it is currently necessary to wait for the third 苏州夜网论坛 division to be completed before deciding how to conduct the next stage of market consultation and evaluation.

  According to historical experience, the expansion of foreign capital in A shares will trigger a large accumulation of funds.

Officially, e company conducted statistics on relevant data. On June 21, 2019, the effective date of the adjustment of the FTSE Russell index for the first split of A shares, the net inflow of funds from Northbound was $ 7.3 billion, and the net inflow of funds from Northbound was nearly 20 billion yuan.

  After the close on September 20 of the same year, the A-share division of the FTSE Russell Index and the expansion of S & P Dow Jones both carried out. On the same day, the capital of Northbound Shanghai bought a net 148.

At 6.2 billion yuan, the total net purchase of Zhou Bei’s funds exceeded 20 billion yuan.

  The Chuancai Stock Exchange stated in the research report that according to the official data of the FTSE Russell, the funds tracked by the FTSE Russell Global Stock Index System are about 1.

At USD 7 trillion, the size of passive “linked tracking” index funds accounts for about 80% -85%, and active “reference tracking” index funds account for 15% -20%.

After the completion of the three steps of the first phase of the A-shares FTSE Russell Index, it is estimated that it will bring about 2 billion, 40 billion, and 40 billion US dollars of passive tracking incremental funds.

  As the financial industry continues to open to the outside world, the three major international index companies, MSCI, FTSE Russell, and S & P Dow Jones, have separated A shares from their global index systems, and have successively increased the substitution factor.

  This week, the capital of Northbound Capital bought 6.5 billion this week, and the A-shares successfully traded for more than one trillion yuan in multiple days.

The capital of Kitakami also stepped up its layout, with a net purchase of 64 this week.

In terms of market value, it was 9.3 billion U.S. dollars. In order to increase market capital, Beihang increased its efforts to buy growth stocks in Shenzhen.

3 trillion, Shenzhen Stock Connect net purchase 52.

6.3 billion yuan.

  According to statistics, three shares of Guizhou Moutai, Wuliangye, and China National Travel Service were bought over 1 billion yuan by the Beijing Capital Fund this week, respectively 15.

700 million, 11.

6.9 billion, 10.

1.9 billion yuan.

Among them, China International Travel Service’s capital holdings and stock market values reached record highs, while Moutai in Guizhou and Wuliangye’s holdings reached new highs in more than half a year.

49 shares of BOE A, Mindray Medical, WuXi AppTec, Ningde Times were also net-purchased over 100 million yuan this week by Beijing Capital.

  Technology stocks have become the biggest winners this week. Beishang Capital has net purchases of over 100 million stocks this week, and nearly three have become electronics, computer, and communications technology stocks.

Recently, Ningde Times has successively reported related cooperation issues with Tesla, overlapping Tesla’s soaring in the US stock market, and the Northbound Funds continued to increase significantly after the holiday. This week, it invested 3 more.

7.8 billion Masukura more than 2.4 million shares, the total position increased from 47.13 million shares before the holiday to the current record high of 69.56 million shares, and successfully promoted to the north capital of 10 billion heavy stocks.

  Securities Times’s new media platform focused on listed companies

CICC Gold (600489): Continued growth of gold price is expected to drive performance rebound

CICC Gold (600489): Continued growth of gold price is expected to drive performance rebound

Event: Recently, CICC Gold released the 2019 Interim Report, and the company achieved operating income of 167 in the first half of 2019.

0.7 million yuan, an increase of 3 every year.

75%; net profit attributable to shareholders of the parent company is 0.

73 trillion, down 41 a year.

08%; realized basic profit income of 0.

02 yuan, down 50 previously.


Opinion: The domestic gold price rises, and the company’s output increases.

In the first half of 2019, due to factors such as the turbulent international situation and the increasing downward pressure on the global economy, the average domestic spot price of gold reached 287.

7 yuan / gram, an increase of 5 in ten years.


Under the background of rising gold prices, the company ‘s net profit attributable to shareholders of listed companies has decreased. As the company actively responds to national environmental protection policies, some mines have undergone rectification, resulting in a decrease in gold output; only the debt-to-equity project dating strategyInvestors: The company’s gold product output has improved due to the decline in the company’s shareholding in the Central Plains Smelter.

Reporting information, the company produced a total of mineral gold11.

18 tons, 33 refined gold.

10 tons, smelting gold 17.

90 tons, a decrease of 4.

53%, 10.

65% and 13.


The successful implementation of the acquisition will increase the company’s performance.

The report summary, the company “plans to purchase Zhongyuan Smelter 60 北京体验网 through additional issuance and cash payments.

“98% equity and 90% equity of Inner Mongolia Mining” are still in progress.

Absolutely, the profitability of Zhongyuan Smelter is better, and net profit will be realized in 2018.

550,000 yuan, net profit in the first half of 20191.

9.5 billion.

In this transaction, Zhongyuan Smelter 60.

98% equity transaction was priced at 47.

07 billion.

Inner Mongolia Mining mainly produces copper fine powder and molybdenum fine powder, and achieved net profit in 20186.

32 ppm, the main business gross margin reached 40.

73%, its copper metal reserves are 233.

42 samples, average grade 0.

144%; molybdenum metal reserves 55.

05 samples, average grade 0.


In this transaction, the price of 90% equity of Inner Mongolia Mining was 37.

970,000 yuan, after the completion 四川耍耍网 of the acquisition, will improve the profitability of listed companies.
On June 27, 2019, the State-owned Assets Supervision and Administration Commission of the State Council agreed in principle the company’s overall plan for the issuance of shares and payment of cash to purchase assets and raise matching funds, but this matter needs to be approved by the China Securities Regulatory Commission before implementation.
The price of gold is still in an upward cycle.

The current downward pressure on the global economy is increasing, and the world’s largest economy, the United States, is still slowing down. The Fed continues to cut interest rates and increase expectations. At the same time, the uncertainty of the international trading environment has increased, and market risk aversion has increased.

We believe that this round of gold’s rising cycle has not yet ended, and we are still optimistic about the subsequent trend of gold prices.

Earnings forecast and rating: Based on the company’s existing share capital and excluding this reorganization, we expect the company’s total diluted earnings for 2019-2021 to be 0.

08 yuan, 0.

10 yuan, 0.

12 yuan, calculated based on the closing price of 2019-08-27, corresponding PE is 118 times, 97 times, 80 times respectively, maintaining the “Buy” rating.

Risk factors: The output of mineral gold does not meet expectations; the risk of fluctuations in gold prices; increased production costs; natural disasters, environmental protection and other emergencies leading to production interruptions; this fixed increase has not been approved by the CSRC.

Antarctic e-commerce (002127): GMV strong growth under a high base, receivables turnover continues to improve

Antarctic e-commerce (002127): GMV strong growth under a high base, receivables turnover continues to improve

Investment points: Maintain Overweight rating: The company has a large user base, high cost-effective products, and rich experience in e-commerce operations. Maintain 2019 EPS to 0.



83 yuan, with reference to comparable companies and considering the recent pressure on consumption, giving about 26 times PE in 2019 with a target price of 12.

98 yuan.

  Strong growth above a high base, and receivables turnover continued to improve.

2019H1 company revenue 16.

3.4 billion, previously +32.

44%, net profit attributable to mother 3.

8.6 billion, an increase of 32.

37%, performance is in line with expectations.

Brand licensing income 3.

8.1 billion (+ 35% YoY).

64%), and Time Connect’s revenue grows by 33 per year.

74% to 12.

10 billion.

The company improved the level of supplier management, improved the performance evaluation system, and significantly improved the turnover days of accounts receivable, reducing at least 21 days to 89.

51 days.

  The high growth of social e-commerce boosted GMV growth.

Company GMV stock 109.

80 billion, up 61.


  By brand, the Antarctic GMV is 95.

400,000 yuan (+67 compared with the same period last year).

64%), Cadillac Crocodile and Classic Teddy 12.

6.6 billion and 8919.

370 thousand, +36 a year.

66%, +51.


Ali, Jingdong, social e-commerce and Vipshop have a GMV of 73.

6.2 billion, 17.

6.2 billion, 13.

60 billion, 4.

37 billion, an increase of 55.

64%, 37.

56% and 130.

74 and 167.

78%, omni-channel balanced development.  Currency conversion conversion 3.

20% every year -0.

93pct is mainly due to the company’s expansive policy support for highly competitive categories and new categories. The service rate of social e-commerce platforms with higher growth rates has been reduced.

  Open up big store strategy and strictly control quality.

The company complies with the flow rules of e-commerce channels, introduces big store strategies, integrates brand explosion capabilities and a strong supply chain, and quickly forms a scale effect.

Strategic cooperation with third-party quality inspection agencies, increase business supervision, hire industry experts to guide rectification, improve the supply chain partners’ entry and exit mechanisms, and provide comprehensive 深圳桑拿网 quality management.

  Risk reminder: Brand development is less than expected, e-commerce channels rely on risk, and accounts receivable risk

East China Pharmaceutical (000963): Fourth-quarter performance growth accelerates and research projects progress steadily

East China Pharmaceutical (000963): Fourth-quarter performance growth accelerates and research projects progress steadily

Operating income in 2018 increased by 10 per year.

17%, net profit attributable to mothers grows 27.

41% In 2018, the company achieved operating income, net profit attributable to mothers, net profit attributable to mothers after deduction 306.

6.3 billion, 22.

6.7 billion, 22.

3.6 billion, a 10-year growth.

17%, 27.

41%, 22.


In the fourth quarter of 18, the company realized operating income, net profit attributable to mothers, net profit attributable to mothers 74.

5.9 billion, 4.

5.8 billion, 4.

520,000 yuan, an increase of 16 each year.

89%, 57.

79%, 73.


The growth rate of core industries in China, the United States and East China has accelerated.

08 million yuan, net profit 18.

60 ppm, an increase of 24 in ten years.

13%, 39.

24%, the growth rate significantly accelerated.

The core product Bailing Capsule has increased the promotion of the grassroots and OTC markets, and the grassroots share is still low.

Acarbose benefited from a higher proportion of reimbursement for medical insurance. The company integrated raw materials and sales advantages, and passed the consistency evaluation for the first time. The competitive pattern advantage is expected to be maintained.

The immunosuppressive line mainly includes cyclosporine, tacrolimus and morphomycodyl esters. The new version of the medical insurance indications 杭州夜网 has released restrictions to varying degrees and is still growing steadily.

The impact of commercial transfers was eliminated, and the acquisition of Sinclair in the UK to enrich the medical and beauty business and the initial pharmaceutical business income223.

49 ppm, a five-year increase of 5.

47%, the impact of the two-vote system on the transfer business was gradually eliminated, and the gross profit margin increased by 1.

18 points, mainly from the increase in the proportion of distribution.

The company completed the acquisition of British medical beauty company Sinclair, and acquired 7602 million international medical beauty business with a gross profit margin of 74.

31%, to effectively complement the existing medical beauty business.

R & D expanded, and products under development steadily advanced in 20深圳桑拿网18.

0.6 million yuan, an increase of 52 in ten years.


Annual report shows that Mehuatinib is conducting first-line 72 cases of phase II clinical trials and has been enrolled and is being tracked; DPP-4 inhibitor HD118 has completed phase I clinical trials of healthy cure and concurrently transplantation modeling; oral GLP-1 innovationThe drug TTP-273 was declared clinical at the end of 2018.

The EPS is expected to be 1 in 19-21.


The RMB 89 / share company’s endogenous products maintained steady growth, and the product pipeline under development gradually became rich.
We expect the company’s EPS to be 1 in 19-21.

95 yuan / 2.

39 yuan / 2.

89 yuan, corresponding PE is 17/14/12 times.

The company’s innovation and internationalization business is worth looking forward to, giving the industry average PE21X in 2019, corresponding to a valuation of 40.

90 yuan / share, maintain “Buy” rating.

Risks remind the core products of medical insurance control fees; the progress of products under development is less than expected.

Aerospace Electric (002025): The company’s long-term performance has grown steadily and is optimistic about the company’s long-term high-speed development

Aerospace Electric (002025): The company’s long-term performance has grown steadily and is optimistic about the company’s long-term high-speed development
Event: On April 15, the company released its 2018 annual report and achieved operating income of 28 in 2018.34 ppm, a ten-year increase of 8.50%, realizing net profit attributable to mother 3.59 ppm, an increase of 15 in ten years.27%. Operating income increased steadily and profitability was further enhanced.The company is a leading company in the field of military segment connectors, and its revenue in 2018 increased even more8.50%, mainly because the company’s marketing strategy is effective, military products, civilian products and international markets blossom, and products continue to grow.The company’s net profit attributable to mothers increases by 15 per year.27%, higher than the growth rate of revenue growth6.The 77 averages are directly due to the company’s main business gross profit margin of 36 in 2018.79%, 0 higher than 2017.56 singles, mainly due to the company’s revenue contribution of the connector business has the largest increase in gross profit margin (2017, 39.02%; 2018, 41.26%).The company continues to enhance its innovation capabilities, continuously increasing new technology and new product R & D investment. The R & D expense in 2018 was 3.20,000 yuan, an increase of 27 in ten years.twenty four%.In terms of period expenses, the company management expenses are 2.$ 3.4 billion, an annual increase of 2.13%; the company’s 2018 financial expenses were -1741.450,000 yuan, down -30 every year.03%, mainly due to the increase in foreign currency exchange earnings of Suzhou Huaying Aerospace Electric Co., Ltd. The intelligent manufacturing project is completed, the holding companies are merged, and the industrial layout is optimized. The company’s performance will gradually increase and release in the future.Company inventory at the end of 20183.7 billion, an increase of 12 in ten years.65% is basically: the lead time for orders for consumer products is short, the reserve for supporting products in the communications field has increased moderately, the delivery cycle for some motor products’ order contracts has shifted, and product inventory has increased accordingly.According to the number of reports, the absorption and merger of Guizhou Linquan, a holding subsidiary of Suzhou Linquan, will help the company optimize its industrial layout and rapidly increase the market competitiveness of the motor business segment.Accounts receivable of the company at the end of 201814.4.9 billion, an increase of 17 in ten years.47%, due to the impact of the military reform, it is difficult for the company to return the funds in a timely manner, and the corresponding accrual increases.With the gradual elimination of the effects of the military reform, it is expected that the company’s ability to collect funds will be improved.We expect that in the future, the impact of the military change will be eliminated, the delivery of company orders, the emergence of synergies in the merger of subsidiaries, and the commissioning of smart manufacturing projects, the company’s performance will be more released. Based on the main industry of military industry, the company actively develops the civilian products business and cultivates new performance growth points.The military connector is the company’s main business. The 北京夜网 company’s military business is positioned at the high end, and the military product basically covers the entire military equipment field.As the leader of military high-end connectors, the company will greatly benefit from the expansion of military connectors and the increase of market concentration in the future.In terms of civilian products business, the company actively develops civilian products business. It has begun to deploy optical devices in the past two years. In 2016, it acquired Jiangsu Aolei Optoelectronics, which operates the optical communication technology business. Currently, in all optical communication device market spaces, the high-end module market and chip marketBeing monopolized by foreign countries, the domestic demand for replacement is urgent, and the optical device business is expected to become the company’s new performance growth point in the future. The only listed company of the Tenth Academy of Science and Technology, the capital operation is worth looking forward to.The tenth academy of AVIC is the controlling shareholder of Aerospace Electrical Appliances. There are a number of alternative subsidiaries of Aerospace Electrical Appliances, Aerospace Control, Aerospace Electricity, and Aerospace Testing.The ten hospitals are rich in high-quality external assets, and the return on asset securitization rate is only about 20%. The subsequent capital operation is worth looking forward to. Profit forecast and investment advice: We predict that the company’s realized revenue for 2019-2021 will be 34.31/41.90/51.590,000 yuan, an increase of 21 in ten years.06% / 22.14% / 23.11%; net profit attributable to mothers4.35/5.34/6.60 ppm, an increase of 21 in ten years.25% / 22.70% / 23.63%; corresponding to 19-21 years EPS are 1.01/1.24/1.54 yuan.Maintain “Buy” rating. Risk reminders: Macroeconomic fluctuation risks; raw materials increase and price fluctuation risks; product quality and production safety risks.