Hangfa Power (600893): Expected to increase related income in 2020

Hangfa Power (600893): Expected to increase related income in 2020
Recently, Hangfa Power issued an announcement of the expected execution of continuing connected transactions with the actual controller and its related parties in 2019 and the continuing connected transactions in 2020.Down by 5.88%, purchasing goods and receiving services increased by 4.11%.Sales of merchandise to the aviation development system in 202011.520,000 yuan, a decrease of 10 compared with the implementation in 2019.21% sold 91 to the aviation industry.12 ppm, an increase of 27 from 2019 estimates.72%. A brief comment on the planned decline of related 杭州夜生活网 party transactions in 2019.Initially, the company estimates that the total amount of goods sold in the aviation system in 2019 and the total will be 12.8.3 billion, down 6 with the announcement amount ranking.42%, with 71 sales of aviation industry groups.340,000 yuan, down 5 with the announcement amount ranking.45%, mainly affected by the pace of delivery. Some new models use new processes to affect delivery.At the same time, the company expects to purchase 46 products in the aviation development system in 2019.22 trillion, an earlier announcement of a significant increase of 23.98%, mainly due to the increase in the amount of tasks and the increase in procurement.Acceptance of labor services of the Aviation Industry Group increased by 137 over the announced amount.72%.This shows that the company’s output is high, and in 2020 the company is expected to significantly increase its sales of goods to the aviation industry system27.72% shows that the company is full of confidence in delivery in 2020, and performance growth can be expected.The company expects to sell commodities11 to the aviation development system in 2020.520,000 yuan, a decrease of 10 compared with the implementation in 2019.21% sold 91 to the aviation industry.12 ppm, an increase of 27 from 2019 estimates.72%, which is 21% higher than the estimated implementation value in 2019.85%. Affected by the new process technology, revenue has increased.The company released the third quarter of 2019 report and achieved operating income of 127.9.3 billion, down 7 a year.61%; net profit attributable to shareholders of listed companies4.1.3 billion, down 36 every year.47%.The revenue exceeded the decrease. The main part of the model adopting new process technology has not yet realized the sales revenue impact, and the company’s inventory increased by 35.16%, indicating that the company’s production is in good condition. If the delivery problem is solved, the company’s future performance will grow rapidly and it can be expected to be the leader in the aviation industry.The company is the only domestic military aircraft engine product that covers all types of turbojet, turbofan, turboshaft, turboprop, and piston.Internationally, the company is one of the few companies that can independently develop aero-engine products.Domestically, the aero-engine industry is still in a high-speed rising stage, which has an important radiating effect on the development of science and technology and economy, and is a strong support for the development of manufacturing in developing countries.The company has advanced aero engine research and development technology, capabilities, experience, data accumulation and a complete product lineage, and is a leading domestic aero engine research and development manufacturing company.With the continuous increase in downstream demand, the continuous increase in the special investment of the two aircraft, and the continuous increase in the proportion of aviation industry’s main business, the company’s performance promoted stable growth. AVIC has set up an industrial cluster, and the two planes have specifically landed to provide financial guarantee.The establishment of the China Aero Engine Group officially restarted the separation of the industrial system of flying hair, and the development of aero engines will no longer be the ultimate goal of continuous fighter demand.As a pilot product of military aircraft, the modern industrial affiliation of aero engines has been flush with the aircraft.The research and development of aero engine will have the ability to independently control the resource input and research and development direction. A type of aeronautical development and a pre-research system for generational development are gradually being built to truly achieve “power first”.With the special funding for the 100 billion-scale engines brought by the landing of the two aircrafts, with the support of high-intensity funding, breakthroughs have been made in the development of aero-engines in developing countries in the next few years, and other forms of financial support policies are expected to continue to be introduced. Military aviation demand is strong, and civilian products are also expected.The existing military aircraft is in the stage of upgrading, and the demand for replacement and installation of new aircraft in the old period is increasing.With reference to the development history of the US aviation development, Dahandao will implement the dual-use military-civilian future development trend, and the company’s existing technology or products are expected to enter the civilian market.China’s civil aviation market has a particularly broad space. Through the continuous growth of the domestic economy and the expansion of existing cities and the creation of new urban agglomerations, it is expected that by 2030, it will become the world’s largest single country air transport market.Countries have initially and continuously accelerated the development of civil aviation engines. The company actively participates in the development of civil aviation engines, and has taken the lead in the civil aviation engine market in China. Earnings forecast: As the core target of the overall aero engine, the prospect of aerodynamic localization will be broadened, and we are optimistic about the company’s development prospects.It is expected that the company’s net profit attributable to its parent from 2019 to 2021 will be 10 respectively.86, 13.73 and 17.62 ppm, with annual growth of 2 respectively.10%, 26.40%, 28.22%, the corresponding 19 to 21 years EPS are 0.48, 0.61, 0.78 yuan, corresponding to the current sustainable PE is 43.89 times, 34.72 times, 27.06 times, maintain BUY rating.

Gree Electric (000651): Mixed growth in the early stage of single-quarter growth opens up estimated space

Gree Electric (000651): Mixed growth in the early stage of single-quarter growth opens up estimated space

[Investment Highlights]The company released the results of the third quarter of 2019, and the company achieved total operating income of 1566 from January to September 2019.

76 ppm, a ten-year increase4.

42%; net profit attributable to mother was 221.

17 ppm, a ten-year increase4.


The company achieved total revenue of 583 in Q3 2019.

350,000 yuan, an increase of 0 in ten years.

50%; net profit attributable to mother is 83.

670,000 yuan, an increase of 0 in ten years.


In the third quarter, the HVAC industry continued to show signs of weakness, and the company’s single-quarter performance also improved, but overall remained stable.

   Financial indicators are sound.

The company’s gross profit margin was 30 in the first three quarters.

16%, 0 per year.

01pct, 19Q3 gross profit margin 28.

71%, once / mom temporarily 1.


62pct, we believe that the reduction of the company’s third quarter is due to the early purchase of raw materials with higher purchase prices, and the cost side is still under pressure. Instead of terminal monitoring data, the retail price of the terminal has also been slightly reduced, which will comprehensively suppress the increase in the company’s gross profit margin.

In terms of expenses, the sales / management / finance / R & D expense ratio of the company in 19Q3 was YoY-0.

24 / + 0.

01 / -0.

11 / -0.

88pct, in which the sales expenses and R & D expenses exceeded a relatively obvious margin. On the whole, the company’s expenses were controlled.

The overall impact in the third quarter increased slightly by zero.

07pct to 14.


   Cash flow improved significantly, and cash on hand was plentiful.

19Q3 net operating cash flow of the company was 327.

30ppm, an annual increase of 117.

13% / 98.

89%, a clear improvement trend, we believe that the merged company continues to demonstrate its ability to occupy upstream and upstream, while increasing payables and bills extended by 71.

38%, the repayment of the restructuring company’s dealers has picked up, 杭州夜网论坛 accounts and bills plus budget receivables totaled 518.

84 ‰, a decrease of 8 per year.


In addition, the report has 1567 cash in hand.

28 ppm, +30 a year.

25% indicates that enterprises have sufficient surplus.

Advances received 113.5.1 billion yuan, a decrease of 16.

07%, due to the weakness of the terminal, dealers’ confidence in delivery still needs to be restored.

   The mixed reform counterparty confirmed that the optimization of the governance structure and the expected increase in dividends open up the estimation space.

The company announced on October 29 that the final shareholder transfer of Gree Group, the shareholder holding company, was the final transferee of Zhuhai Mingjun led by Gaofeng Capital, which led to more and more mixed reforms.

Gao Ye Capital has invested in consumer, intelligent manufacturing and other fields in the past and has hatched a number of successful projects. It has rich strategic resources. Gao Ye’s entry attempt has brought new vitality to the company’s management system and governance structure.The equity incentive plan is expected to be launched in the future.

As a strategic investor, Gao Yong is expected to put forward certain expectations on dividends. The optimization of the governance structure and the promotion of dividend expectations will open up the company’s estimated space.

  [Investment suggestion]We believe that the company is currently facing the inflection point of two cycles, namely, the inflection point of the post-cycle caused by the return to completion and the company’s own governance structure.

The current growth rate of the air-conditioning industry has improved and dropped. The industry is undergoing a new round of reshuffle. The leading Matthew effect will accelerate in the next two years.

   It is estimated that the company’s operating income for 19/20/21 will reach 2105.



1.6 billion, net profit attributable to mother reached 288.



1.3 billion, EPS4.



74 yuan, corresponding to PE12 / 11/10 times, maintain “overweight” rating[risk reminder]industry competition intensifies; foreign exchange risk; diversified development is less than expected.

Gaode Infrared (002414) Note: The first batch of newly-designed military products has won the bid 1.3.1 billion contracts

Gaode Infrared (002414) Note: The first batch of newly-designed military products has won the bid 1.3.1 billion contracts
Event: On April 13, 2019, the company issued a major contract announcement to disclose that it has recently received a certain military product.3.1 billion 佛山桑拿网 subscription contracts. Opinion: The total contract amount announced in December last year and this time is 5.2.6 billion, will have a positive impact on the company’s operating performance in 2019.The company’s scheduled contract amount is 1.3.1 billion, the amount of which was announced on December 8, 2018 was 3.For 9.5 billion military contracts, only recently announced contract amounts totaled 5.2.6 billion, accounting for 48 in 18 years of revenue.52% will have a positive impact on the company’s 2019 operating results. Since 2018, the company and related companies in the infrared industry have repeatedly announced major contracts, further verifying that the military procurement work has been fully resumed after the military reform was implemented.Since 2018, the company has announced military contract awards three times. In the industry as a whole, companies such as Dali Technology have repeatedly announced military contract awards after 2018. Orders continue to be announced to verify the implementation of defense and military reform measures.Full recovery of work.Since 2018, Gaode Infrared has announced that the total amount of winning bids in listed companies in the infrared industry is up to 6.4.5 billion, Dali Technology announced a total of 2 orders.06 billion, Jiu Yang announced the order 1.2.1 billion, further illustrating the advantages of Gaode Infrared in the infrared industry. This contract is the first delivery of a new military model of the company.The first batch of new military model products has been delivered, indicating that the company’s continued research and supplementation has paid off, market development has continued to deepen, and it has opened up new product series revenue sources in addition to the existing military model mission base.There will be follow-up orders after the first batch of delivery, and the company’s new products will continue to contribute to the company’s revenue increase. Expected 2019 1?The return to mother’s net profit in March exceeded 250%?280%.The company announced in its annual report that the net profit attributable to listed companies for the first three months of 2019 reached 576.730,000 yuan?626.160,000 yuan, a change of 250%?280%, the company’s operating performance continued to improve in the first quarter, and the growth rate of net profit further accelerated. Long-term optimistic about the company’s core competitiveness in the field of infrared detection, and the development potential of private military industrial enterprises in the overall design and production field.At the same time, it has a complete technical system of refrigeration and non-refrigeration, leading R & D and production capabilities, and a platform-based development idea, so that Gaode Infrared has sufficient deep technology moats in the infrared imaging field and can penetrate the amount of wafer-level packaged detectors in the futureProduction, packaging efficiency will be greatly improved, device costs will be effectively reduced, which will promote the development of the entire infrared industry. At the same time, the civilian product market may reduce the cost to achieve the scale of application scenarios.As a leader in the thermal infrared imaging industry, the company continues to expand its core business in the infrared thermal imaging industry while continuing to expand its layout in the upstream and downstream of the industrial chain for a long time, expanding the downstream and downstream capabilities of the weapon system assembly, and realizing “parts supply-sub-system supporting-overall”Design” industry chain upgrade.The company is the first and currently the only private enterprise to obtain the overall development qualification of a complete weapon system. At present, it has achieved the overall batch production of a certain type of weapon system and has officially won the bid for a military project.The overall R & D and design capabilities have great potential and extreme scarcity. Earnings forecast and rating: We expect the company’s diluted expected earnings for 2019-2021 to be 0.35 yuan, 0.45 yuan, 0.52 yuan, based on Gaode Infrared’s product technology leadership in the field of infrared imaging, as the scarcity of the overall private military industry market, maintaining the “overweight” level. Risk factors: Insufficient demand for infrared imaging products, inferior production progress and yield rate of infrared focal plane detectors, less-than-expected orders for individual anti-tank missiles, and less-than-expected advancement of infrared imaging products in the consumer sector.

Wanhua Chemical (600309): Reduce China MDI Listing Price in June

Wanhua Chemical (600309): Reduce China MDI Listing Price in June

Event: The company announced the MDI price announcement for China in June: China ‘s aggregate MDI distribution market price was 14,500 yuan / 厦门夜网 ton (down 4,500 yuan / ton from May prices), and the direct sales market was 15,000 yuan / ton (down from May prices4500 yuan / ton); the pure MDI listing price is 23700 yuan / ton (down 3500 yuan / ton from May prices).

Comments: 1. The fluctuation of Wanhua Chemical’s listed price in the first half of 2019.

From January to June 2019, Wanhua Chemical’s pure MDI listing prices were 23,700 yuan / ton, 23,700 yuan / ton, 24,700 yuan / ton, 26,200 yuan / ton, 27,200 yuan / ton, and 23,700 yuan / ton, with an interval of 4,000 yuan / tonIt can be seen that the price of pure MDI is relatively stable; the downstream of pure MDI is mainly PU synthetic leather, elastomers, waterproof coatings, adhesives, spandex, etc., except for PU synthetic leather slurry filling, the other major downstream production is still growing slightly, plusThe proportion of pure MDI traders’ supply is very small, so it has little effect on the actual market volume. The market size of pure MDI is stable. It is expected that prices will remain above 20,000 yuan / ton in the second half of the year.

Polymer MDI listed prices from January to June were 12,500 yuan / ton, 13,200 yuan / ton, 15200 yuan / ton, 18300 yuan / ton, 19500 yuan / ton and 15,000 yuan / ton.

Affected by the trade war, the downstream demand for aggregate MDI decreased in May, so the aggregate MDI market price gradually dropped to the current level of 14,500 yuan / ton throughout May, which also directly affected the listing price in June.

We believe that the overhaul of manufacturers at the end of May will reduce the domestic market supply accordingly. The listing price in June also indicates that mainstream suppliers do not think that prices will fall to the initial level.

In fact, the price of aggregated MDI in Shanghai has steadily increased since the beginning of this week. The demand side purchases on demand, and the price will remain in a narrow range.

In the second half of 2019, the market will be more complicated. Wanhua Chemical’s existing MDI capacity will be increased by 80 through technological transformation, and costs will be degraded and increased. Therefore, even if the MDI price is adjusted slightly, Wanhua Chemical will ensure product profitability by reducing costs.Massive increase the company’s MDI business’s net profit level.

2. Maintain “Highly Recommended-A” investment rating.

We will not adjust the level of Wanhua Chemical because of the short-term MDI price fluctuations because the growth of Wanhua Chemical in the medium-term (12-24 months) or even long-term has not ended, and the company’s various projects are in an orderly and chaoticget on.

The production capacity of Wanhua Yantai Industrial Park will be increased to 110 units / year, and the production capacity of Ningbo Industrial Park will be increased to 150 units / year. A total of 40 new MDI units and integrated supporting projects will be built in Louisiana, USA.

At this point, Wanhua will have production bases in three markets in Asia, the United States and Europe, to achieve layout.

The company’s 30-ton TDI, 5-minute / year MMA, and 8-ton / year PMMA will be put into production in 2019. The structure of multi-category products has been gradually improved, and integration and refinement strategies have been integrated. The execution of projects in the petrochemical field is reflected in C3 and C2Smooth progress of the industrial chain; Wanhua Chemical’s future growth path is very clear.

Wanhua Chemical absorbed and merged Wanhua Chemical through issuing new shares, and the integration of high-quality assets was completed.

We each simulated the possible adjustment of financial calculation indicators after the merger, and it is estimated that the total revenue of the company for 2019-2021 will be 4 respectively.

25 yuan, 4.

66 yuan, 5.

53 yuan.

The company’s subsequent construction of several heavy-weight products has been smoothly advanced, maintaining the investment rating of “Highly Recommended-A” unchanged.

3. Risk warning.

The risk of the company’s MDI product prices falling sharply; the price of petroleum products falling sharply; the expected risks brought by the marketing of special chemical products;

Sinopharm (600511): 1 quarterly report meets expectations Expansion of device business continues

Sinopharm (600511): 1 quarterly report meets expectations Expansion of device business continues

Event: The company released the quarterly report for 2019, reporting that the 武汉夜生活网 combined company achieved operating income of 100.

500 million, an increase of 10 in ten years.

1%, realizing net profit attributable to mother 2.

86 ppm, an increase of 12 in ten years.

4%; non-net profit attributable to mother 2.

85 ppm, an increase of 12 in ten years.

5%; announced that the company’s holding subsidiary Tianxing Puxin intends to acquire 70% of Sinopharm Huixin Qingyuan (Beijing) Technology Development Co., Ltd. with its own funds of 79.1 million yuan.

Opinion: The company’s first quarter results are in line with expectations.

Among them, the company’s revenue growth rate exceeded our expectations, indicating that the business performance of the Beijing area is performing well.

Company operating cash flow-8.

5 trillion, poor performance, refer to the cash flow statement, in which the purchase of goods, services received 110 cash.

8 ‰, an increase of 9 in ten years.

1%, and cash paid for purchasing goods and services received US $ 11.3 billion, an increase of 20%. The increase in upstream payment efforts is leading. We expect this to be related to the company’s market strategy of targeting large customers in advance.

In terms of financial data: gross profit margin and selling expense ratio are 7 respectively.

72% and 2.

46%, a year-on-year decrease of 73bp and 56bp, respectively. We believe that this is related to the larger scale of upstream repatriation profits in the same period last year and the higher market service expenditure in the transition period of the two-vote system; the financial expense ratio was 0.

32%, a previous decline of 24bp; this benefited from the improvement of the social debt financing environment at the end of last year and the decline in the level of financing interest rates.

The company’s holding subsidiary Tianxing Puxin intends to acquire 70% of Sinopharm Huixin Qingyuan (Beijing) Technology Development Co., Ltd. for 79.1 million yuan.

Sinopharm Huixin Qingyuan is mainly a device sales company. Its products include organ preservation solution UW solution, artificial bone, and Braun hemodialysis products.

The product Organ Preservation Solution (UW solution) is an exclusive product, the global standard for organ preservation solutions, and has a good market competitiveness.

The target company’s total profit commitment for the next 36 months based on the acquisition date is 59.69 million yuan, and after the balance sheet is expected, it will bring more than 10 million profit contributions to the company in 2019.

The acquisition can expand the sales of medical equipment of Guokong Tianxing in the field of organ transplantation, enrich the company’s product line, seek new profit growth points, and meet the strategic deployment of the company’s equipment as an important new business.

Profit forecast and investment advice: We expect the company’s revenue to be 415 in 2019-2021.

8 ppm, 453.

4 ppm and 497.

300 million, an increase of 7 each year.

34%, 9.

04% and 9.

68%; net profit attributable to the parent company is 14 respectively.

470,000 yuan, 16.

2.5 billion and 18.

00 ppm, an increase of 3 each year.

10%, 12.

23% and 10.

74%; corresponding EPS is 1.

89 yuan, 2.

13 yuan and 2.

35 yuan, we give the company 16-18 times PE in 2019, corresponding to a price range of 30.2-34.

0 yuan, maintain “Buy” rating.

Risk warning events: the risk that the reorganized company cannot fulfill its profit commitment; the expansion of the anesthetic field is less than expected; the risk of intensified competition in the Beijing pharmaceutical market

Yonghui Supermarket (601933): Super-expected Supermarket Leader Speeds Up

Yonghui Supermarket (601933): Super-expected Supermarket Leader Speeds Up

The company announced its 2018 annual report and 2019 first quarter report, and the performance exceeded market expectations: (1) 2018 achieved revenue of 705.

1.7 billion, an increase of 20 in ten years.

35%, net profit attributable to mother 14.

8 billion, a decrease of 18 previously.


We calculate that, excluding fair incentive fees and Yunchuang’s impact, Yunchao’s net profit growth rate was 21.

14%; (2) Revenue of 222 in Q1 2019.

36 billion, an annual increase of 18.


Net profit attributable to mother 11.

2.4 billion, an increase of 50 in ten years.


We calculated that after excluding fair incentive fees, Yunchuang ‘s breakthrough and the impact of fresh food sales, Yunchao ‘s net profit increased by 18%.

74%; (3) 2018Q4 achieved revenue of 178.

24 ppm, an increase of 16 in ten years.


Net profit attributable to mother 4.

63 ppm, a 10-year increase of 8.


The increase in fees caused the net interest margin in 2018, and the profitability of 2019Q1 rebounded.

(1) Gross profit margin in 2018 22.

15%, increase by 1 year.

31 points.

Net interest rate 1.

41%, down by 1 every year.

47 points.

The increase in gross profit margin was mainly due to the expansion of business scale and stronger upstream bargaining power; (2) 2018 expense ratio20.

86%, an increase of 3 per year.

54 points.

Selling expense ratio 16.

39%, an increase of 1 per year.

97 points.

Management expense ratio 4.

26%, an increase of 1 per year.

22 points.

(3) Gross profit margin in 2019Q1 22.

71%, an increase of 0 from 2018.

56 points.Net interest rate 5.

07%, increase by 1 every year.

59pct, an increase of 0 from 2018.

18 points.

Expense rate is 16.

62%, down by 1 every year.

67 cases, down 4 from 2018.


Focus on the cloud super business, strengthen the store-to-store business, and consolidate the advantages of national channels.

(1) By the end of 2018, there were a total of 708 stores, covering 24 provinces and municipalities across the country, and achieving full coverage of first to sixth-tier cities.

During the year, 135 new stores were opened, covering an area of 96.

250,000 square meters, 240 stores have been opened, and the reserve area is 188.

480,000 square meters; (2) The rapid development of online business, the home business covers 490 stores in 88 cities in 20 provinces and cities, with 3 million members, set to 16.

800 million, an annual increase of 3.

2 times, business accounted for 2.

4%, increase by 1 every year.

5 points.

330 stores received JD.com home, adding another 95; (3) 21/93 new supermarket / mini stores opened in 19Q1, 27 green label stores signed, and 146 mini stores signed.

Build a food supply chain platform enterprise and promote the implementation of digital transformation strategy. 2018: (1) Supply chain segment: Private label and quality customized sales of USD 1.6 billion.

The logistics center covers 17 provinces and cities across the country with a total area of 450,000 square meters and a distribution operation volume of 40.9 billion.

Caishixian has set up fresh central plants in 6 provinces and cities, covering 405 supermarket stores, and achieved revenues of 2.4 billion; (2) the big science and technology sector: building cloud platform, upgrading store management tools, starting the Phaeton project strong foundation projectEstablish a consumer supply chain system platform. The first phase of the system has been implemented, and the second phase will be gradually implemented.

Slightly raised earnings forecast and upgraded to “Buy” rating.

The company has recently adjusted its strategy, focused on the Yunchao segment, strengthened its presence in the store, explored new business formats, and continued to promote national expansion.

Taking into account the performance growth brought by the mini store and the company’s operating efficiency improved after the merger of the first and second mergers, the operating management costs decreased.

Based on optimistic expectations of the company’s future, we slightly raised our profit forecast and changed the company’s focus on the development of its main business 深圳丝袜会所 to give a 45-fold increase in value, corresponding to 11.

25 yuan. There was 25% room for sustainability earlier. The rating was upgraded from “overweight” to “buy”. It is expected that the company’s net profit attributable to its parent in 2019-2021 will be 24.

39 (original value of 23.

65) / 32.

92 (original value 32.

49) / 42.

76 (new) billion, corresponding to 0 EPS.



45 yuan, corresponding to the current total PE is 36/26/20 times.

Risk warning: terminal demand declines, industry competition intensifies, business expansion is less than expected, and costs increase too quickly.

Haige Communication (002465): Chip + Scenario Double Fist Attacks Optimistic about the Growth Prospect of Beidou Leaders

Haige Communication (002465): “Chip + Scenario” Double Fist Attacks Optimistic about the Growth Prospect of Beidou Leaders

Company status On May 22, Hager Telecom participated in the 10th China Satellite Navigation Academic Conference and released a number of new Beidou III chip products, as well as multiple Beidou high-precision solutions such as precision services and intelligent space-time.

The newly released “Dolphin One” is the first 100Hz class high-precision baseband chip in China.

“Dolphin No. 1” HP2018 is the first batch of full-system full-frequency satellite navigation military-civilian dual-use advanced baseband chips in China, capable of handling anti-narrowband interference and anti-deception interference capabilities in complex environments.

The chip has a self-developed high-performance hardware accelerator, and it is the first high-precision positioning and navigation baseband chip in the country to support 100Hz-level data update rates (10?
20Hz level), which can provide continuous accurate positioning and timing in a highly dynamic and complex environment to meet the needs of autonomous driving and more artificial intelligence applications.

The newly released RX3701 Beidou III RF chip ranked first in physical comparison.

The RX3701 quad-receive and one-transmit multi-mode multi-frequency RF chip designed and developed by Guangzhou Runxin supports all navigation frequency points, L-band star-based enhanced signal reception, global short message signal transmission and reception, including 3 independent GNSS down-conversion channels and RDSS transmission and reception.aisle.

The chip has excellent performance and ranks first in physical comparison, giving Haige Communication a leading edge in the field of Beidou III equipment.

“Core Device + Application Scenario” 四川耍耍网 double fist attack, optimistic about the growth prospects of Beidou navigation leader.

Haige Communications is a Beidou navigation equipment development expert with an entire industry chain layout, and its market share is in an internal leading position.

In terms of Beidou III core devices, military RF chips are ranked first in the bidding process. Military baseband chips passed the first round of comparison and were successfully selected. Military anti-interference modules are planned to be completed in the second half of 19 years, and civilian chips are planned to be mass-produced in the second half of 20 years.
In terms of application scenarios, the company mainly promotes three major directions: location services, smart cities, and intelligent transportation: Beidou’s advanced service platform construction is rapidly advancing, and the precise positioning network is planned to complete national networking in 2019; it is being built in cooperation with the government in Nansha New District, Huangpu District, GuangzhouDemonstration projects, we judge that it is expected to form a replicable model and promote it to the whole country in the future.

The Beidou III era is coming. We are optimistic that Beidou military products will open a new round of rapid growth for the company, and optimistic that Beidou civilian products will open up long-term growth space for the company.

It is estimated to be maintained at 5.

7.4 billion / 8.

00 ppm19 / 20 year net profit forecast unchanged.

Currently corresponds to 38 previously.

2x / 27.

4x 19 / 20e P / E, located in the bottom area of the company’s historical height and below the comparable company’s forecast hub, is absolutely absolute and relatively attractive.

Maintain target price of 12 yuan, corresponding to 35x20e P / E (SOTP estimate), potential growth potential is 26%, and re-recommend.

Risks The progress of military order delivery and the development of new markets for civilian products are uncertain.

Huatai Securities (601688) 2019 Interim Report Comment: Big self-employment is optimistic about the future investment bank’s development prospects

Huatai Securities (601688) 2019 Interim Report Comment: Big self-employment is optimistic about the future investment bank’s development prospects

In the first half of the year, the company achieved operating income of 111.

07 million yuan, an increase of 35 in ten years.

18%, the net profit attributable to shareholders of the parent company is 40.

570,000 yuan, an increase of 28 in ten years.

43%, net profit after deduction is 40.

4.4 billion, the previous growth rate was 32.

68%; of which, the second quarter of 2019 realized operating income of 10,000 yuan, an increase of 23.

73%, down 22 from the previous month.

23%; net profit attributable to mothers reached 100 million yuan in the second quarter, a year-on-year growth rate of 1.

67%, down 54.


In the first half of the year, the return was basically zero.

49 yuan / share, an increase of 11 in ten years.

36%, the average return on average net assets increased by 3.

82%, an increase of 0 compared with the same period last year.


The improvement of the company’s performance was mainly due to the general improvement of the stock market in the first half of 2019, and the stock trading quotas of the Shanghai and Shenzhen stock markets increased.

  Key points of investment: The market is picking up. The company’s brokerage and self-employed businesses contribute a share of the company’s application of Internet technology. The report continues to increase the exploration of emerging technologies and the mining of big data.Business model.

As of the end of the reporting period, the monthly number of activities of “Zhangle Wealth Link” was 749.

340,000, ranking first in securities company APP.

  Net income from procedures and commissions for asset-light business representatives was 44.

63 ppm, an increase of 14 in ten years.

52%, of which, net income from securities business was 22.

4.3 billion, the previous growth rate was 20.

59%; net income from securities underwriting business was 6.

40,000 yuan, a decrease of 25 per year.

25%; net income from asset management business is 10,000 yuan, with an annual growth rate of 18.


^ Net income is 12.

68 ppm, a reduction of 3 per year.

21%; large self-operated business realized operating income of 34.

31 ppm, a 119-year increase.


  From Q2 alone, the net fee and commission income was 23.

22 ppm, an increase of 21 in ten years.

44%, an increase of 8 from the previous month.

45%, of which, the net income from the agency business of securities trading, the net income from the securities underwriting business and the net income from the asset management business increased by 27.

92%, -11%, 12.07%, compared with Q1, the chain growth rate is -0.

53%, 43.

55%, -3.


Net interest income, large self-employed business achieved income 7 in Q2.

65, 12.

27 ppm, an increase of 25% over ten years, 81.

78%, the chain growth rate was 52.

09%, -44.


  In terms of the proportion of the structure, in the first half of 2019, the net income from agency trading of securities business, net income from securities underwriting business, net income from asset management business, net index income, and net income from large self-employed businesses were 20.

19%, 5.

44%, 12.

60%, 11.

42%, 30.


The corresponding proportion in Q2 single quarter was 23 respectively.

01%, 7.

33%, 14.

14%, 15.

74%, 25.


  The large self-operated business promoted the improvement of performance, and the company’s equity investment income increased from the previous quarter. The company continued to work hard to promote the transformation of the business model into transactions, actively explored transformation strategies, and explored innovative profit models such as macro hedging transaction business.

Relying on the big data system platform, a comprehensive market monitoring system is improved, the research and tracking of the industrial chain is deepened, the market operation rules are actively explored, market change opportunities are captured, and transaction business is supported.

At the same time, it closely tracked the creation progress of the science and technology board and laid out related investment and trading businesses.

  , The company’s self-operated business realized income34.

31 ppm, a 119-year increase.

65%, mainly because the market is picking up, net income from fair value changes has increased, and self-operated investment businesses have seen a significant boost.

  Achieve self-employed income12.

27 ppm, an increase of 81 in ten years.

78%, down 44.


The company’s investment income from associates and joint ventures is 12.

80 ppm, an increase of 32 in ten years.

37%, of which the single quarter is 1.

13 ppm, a reduction of 70 per year.

80%, 90% lower than the previous month.


The substantial growth of the company’s self-operated business and equity investment business jointly promoted the improvement of overall performance.

  Under strict risk control, the company actively adjusted its operating strategy. The net interest rate income decreased slightly, and the company’s net interest income was 12.68 ppm, a slight decrease of 3 a year.

21% of which achieved 7.

65 ppm, an increase of 25% per year and an increase of 52 from the previous month.

09%, the company actively adjusted its operating strategy, the company quickly responded to market changes and regulatory requirements, and comprehensively improved the risk management and control capabilities of the capital intermediary business.

  As of the end of the reporting period, the balance of the margin financing and securities lending business of the parent company was RMB548.

390,000 yuan, the overall maintenance guarantee ratio is 316.

98%; the stock pledged repurchase business’s repurchase margin is RMB 10,000, and the average performance guarantee ratio is 267.


At the end of the reporting period, the company’s balance of financial assets purchased under resale agreements was 267.

12 trillion, a decrease of 38 from the end of the previous period.

67%, a 38% drop from the previous month.

64%, mainly due to the company’s initiative to reduce the size of the stock. The company representative said that this business will be compressed in the future, focusing on the main business of stock pledge business, such as helping customers to bridge financing and other financing;On the other hand, the scale at the end of the period was 569.

31 ppm, an increase of 23 from the end of the previous period.

26%, basically unchanged from the previous month, mainly because the company seized the possibility of market recovery and the financing scale increased.

  Equity transfer business has decreased, and companies that have grown in bond underwriting business rely on the integrated platform of large investment banks and a full-service chain system, and focus on industry focus, regional layout and customer deepening.
Grasp the new trends in the development of the capital market, and with the launch of the science and technology board, actively strengthen the layout in the field of scientific and technological innovation.

  According to wind statistics, the Group’s total underwriting amount for the first half of 2019 was 2034.

11 trillion, compared with 1669 in the same period last year.

30,000 yuan, an increase of 21 in ten years.

87%, of which 472 is equity underwriting.

24 ppm, a decrease of 42 per year.


Among them, the total underwriting amount in the second quarter was 1018.

3 trillion, basically the same as the division in the first quarter, of which the fair underwriting was 202.

09 million yuan, down 25.

74%; bond underwriting scale was 816.

2.1 billion, up 9 from the previous month.


As of August 29, 2019, Huatai jointly planned to underwrite the science and technology board project amount of 117.

1.3 billion, with a market share of 8.


Among the mentoring science and technology companies, Fangbang, Hongsoft, Guangfeng Technology and Huaxing Yuanchuang have all been successfully listed.

It is expected that in the future, the reserved science and technology board project will be devoted to improving the income of investment banking business.

  The growth rate of the asset management business was slightly faster than expected, and the growth rate of the brokerage business was in line with the expected new capital management requirements of Huatai Asset Management Corporation. Relying on the advantages of the full business chain resources and focusing on customer needs, the financial asset acquirers and financial assets were actively usedPricing players and financial product creators have the advantages of integration, continuously improve their active management capabilities, and provide customers with comprehensive financial service solutions for the entire life cycle and the entire business chain.

According to the statistics of the Fund Industry Association as of the first quarter of 2019, the average monthly scale of private equity management of Huatai Asset Management Corporation was RMB 8,491.

06 million yuan, ranking second in the industry; the average monthly scale of private equity actively managed assets was RMB 2,334.

520,000 yuan, ranking fourth in the industry.

According to wind energy statistics, the report was merged, and Huatai Asset Management 南京桑拿网 Corporation’s corporate ABS (asset securitization) issued RMB447.

840,000 yuan, ranking second in the industry.

  Net income from asset management business was 13.99 ‰, the annual growth rate is 18.

66%, mainly due to the company’s outstanding active management capabilities, the asset management business growth rate broke through, slightly exceeding expectations.

  The international layout leads a new era, and it is expected to form a duopoly competition. In the year, the company achieved impressive results in the international layout. Firstly, it was successfully issued in June 2019 and became the first A + G + H Chinese-funded securities company; Huatai Securities ((USA) Co., Ltd. received underwriting advance securities in the United States; In July 2019, its subsidiary AseetMark was spun off and listed on the New York Stock Exchange.

We believe that the company can 苏州夜网论坛 grasp a better time window for each capital operation.

The company’s international strategic layout has opened up a new situation for the company’s development and integrated the territory, such as applying for the European FA license as soon as possible to serve European customers and form a continuous synergy effect.

  Estimation and investment advice The company’s business develops in a balanced manner. The brokerage business is at the forefront of the industry. Wealth management transformation is constantly underway. The quality investment bank will lead the industry.

As the first A + H + G listed brokerage company, the company will make good use of two international and domestic markets, make in-depth layout of international business and lead the industry, and draw closer to the scale of capital, such as CITIC Securities and Haitong Securities.Especially after the implementation of new regulations such as the “Administrative Measures on the Equity of Securities Companies”, Huatai Securities may trigger and form a duopoly competition in the industry.

  Strategically, in 2019, the company will form a two-wheel drive pattern of wealth management and institutional business, achieving comprehensive marketization in mechanism; implementing customer-driven architecture, reorganizing the organizational structure, and promoting the online and online integration process of wealth management; implementing intelligence in servicesOperations, to create a strong headquarters and Taiwan support system; to implement cross-border linkages in space; to implement digital transformation in technology to achieve technological empowerment.

  We believe that the company will continue to advance international advanced management experience on the mechanism, accelerate the implementation of the professional manager system and optimize the incentive system, and help attract more management talents with an international perspective and rich practical experience to join.On the way, we will continue to move forward steadily, let the market activate the organization, and let competition hone the organizational change.

  In addition, we think that from the current point of view, it is necessary to focus on the potential risks of the layout of the internationalized business of Chinese-funded securities companies. Everbright Securities, which has been exposed successively this year, and GF Securities’ overseas subsidiaries in the process of internationalization are all different.Risk events have occurred to some extent, and it is necessary to pay attention to the possibility that due to the organizational structure and risk control compliance, the company’s management area may exceed the existing capabilities, so as to summarize necessary experiences and lessons from the success of Goldman Sachs and the closed quagmire of Deutsche Bank.

  From the large-scale profile, we are optimistic about the company’s strategic development prospects and look forward to fruition. It is expected that the diluted EPS for the year -2021 will be 0.



14 yuan, corresponding to PE, to maintain the “recommended” level.

  Risk reminders: Sino-US trade friction risks, macroeconomic downside risks; the risk of a sharp decline in the stock market; the company’s performance does not meet the expected risks;

Tianfeng Securities: Funding gap before the Spring Festival 3.

When will 8 trillion be lowered?

Tianfeng Securities: Funding gap before the Spring Festival 3.

When will 8 trillion be lowered?

When will it be lowered?

  The funding gap before the Spring Festival in 2019 is about 3.

8 trillion, may use CRA to release short-term funds again in the long run, and at the same time reduce the 50bp / 100bp standard.

There is about 200bp reduction in 2019, corresponding to 3-4 reductions. It is expected that the probability of reduction in 1/4 / July is high.

  The funding gap before the Spring Festival in 2019 is about 3.

8 trillion, may use CRA to release short-term funds again in the long run, and at the same time reduce the 50bp / 100bp standard.

There is about 200bp reduction in 2019, corresponding to 3-4 reductions. It is expected that the probability of reduction in 1/4 / July is high.
  First, the liquidity pressure is the highest in the middle and late January, with a capital gap of about 3.

8 trillion The period of maximum liquidity pressure in the first quarter of 2019 or in mid-to-late January, the funding gap in January was about 3.

8 trillion.

Specifically, the main factors causing the funding gap include: increased demand for cash by enterprises and residents before the Spring Festival, fiscal deposits turned over to the state treasury in January, local government bonds issued in advance, and previous monetary policy instruments expired.

  1) Historical experience shows that cash needs will increase before the Spring Festival due to the needs of enterprises to release bonuses and residents’ purchases before the Spring Festival.

From the change of M0 (cash in circulation), if the Spring Festival is in early January-February, M0 will increase in January (2014, 2016, 2017); if the Spring Festival is around mid-February, January M0 will slightly increaseGrowth, M0 increased significantly in February (2015, 2018).

The Spring Festival in 2019 is at the beginning of February. With reference to recent years, it is expected that cash demand will increase significantly in mid-to-late January, and M0 in January will increase by 1 from the previous month.

5 trillion.

Figure 1: Changes in M0 from January to February in the past 5 years (mega) Source: WIND, Tianfeng Securities Research Institute 2) Financial deposits are paid in January, consuming deposits from financial institutions, and reducing base currency issuance.

With reference to the changes in “government deposits” in the long-term asset and balance sheet since 2015, the chained increase in January was between 400 billion and 1 trillion, and the swaps.

Neutral forecasts that in January this year, fiscal deposits will be turned over to 700 billion yuan.

  3) The seventh meeting of the Standing Committee of the Thirteenth National People’s Congress decided to authorize the State Council to advance the local government’s supplementary general debt limit of US $ 580 billion in 2019, plus the reduction of US $ 810 billion in special debts, for a total of US $ 1.39 billion.

After the debt ceiling is released in advance, the issuance of local government supplementary bonds will be advanced from April to the beginning of the previous year.

According to our calculations in the annual outlook, the local government’s supplementary debt reduction in 2019 will be about 3 trillion, and the issuance scale in the first quarter is expected to be close to 1 trillion.

The Spring Festival factors have led to a decrease in the working day in February. Considering the urgency of infrastructure investment to underpin the economy, the issuance of new local bonds in January may be around 300 billion yuan.

  4) A large number of monetary policy instruments expired in January, mainly including: 830 billion reverse repurchases expired on January 4-17; January 100 billion Treasury cash management commercial bank time deposits expired; January 15390 billion MLF expires today, a total of 1 due.

32 trillion.

  Second, referring to historical conditions, 苏州夜网论坛 the probability of a 50-100bp reduction in mid-early January is higher. Taking into account the above four factors, the funding gap in January is about 3.

8 trillion (15000 + 7000 + 3000 + 13200).

Among them, the withdrawal of corporate residents and the payment of financial deposits are transient factors, and will gradually return to normal after the Spring Festival, with a scale of 2.

About 2 trillion yuan; local bond issuance and the expiration of monetary policy instruments are long-term factors, with a scale of 1.

About 6 trillion.

Therefore, in order to ensure stable liquidity around the Spring Festival and smooth issuance of local bonds, it may be necessary to gradually release short-term funds2.

2 trillion, release of long-term funds + release of monetary policy tools1.

6 trillion.

  With reference to the situation in 2018, the Chinese New Year on February 16th, M0 from January to February gradually increased by about 1.08 billion yuan, the government deposits under the consolidated balance sheet in January increased by approximately 9.50 billion yuan, and local government bonds were not issued on a net basis.Cumulative monetary policy instruments have accumulated maturity of 3,555.9 billion yuan, with a total funding gap of approximately 5.

6 trillion.
As a hedge, 30 days of short-term funds of approximately US $ 2 trillion were released in advance from mid-January through the use of temporary reserve utilization arrangements (CRA). Various monetary policy tools were put into use at the beginning of the year and before the holiday.Released long-term funds of 270 billion yuan, for a total of about 5.

2 trillion.  This year’s short-term funding gap is about 2.

2 trillion, may use CRA again in advance to release short-term funds of 2 trillion; for a total of 1.

The long-term funding gap of 6 trillion U.S. dollars and the expiration of monetary policy tools may lead to a reduction of 50bp / 100bp before the holiday each year to release long-term funds of 7000/1.

4 trillion, while limiting the long-term funding gap while returning some quantitative monetary policy tools, the remaining part is continued using TMLF, reverse repurchase, and treasury cash time deposits.

This year’s Spring Festival is on February 5th. Considering the prospective nature of the pre-holiday reduction policy, it is expected that the probability of a reduction in the mid-January and last month is high.

  Third, it is expected that there will be a 200bp RRR cut, with a high probability of 1/4 / July transition. Governor Yi Gang stated on the “Sina · Chang’an Forum” on December 13, 2018, “The monetary policy of the People’s Bank of China is undergoingGradually shift from a contraction in quantity to a price breakthrough in nature. ”

In order to realize the role of price adjustment tools, the binding force of quantitative replacement tools, such as the reserve ratio, needs to be gradually reduced. It is expected that the standard will be lowered several times during the year. In addition to the issuance of local debt and the maintenance of reasonable and sufficient liquidity, a large probability will replace someShort-term quantitative monetary policy tools.

  At present, there is about 200bp reduction in 2019, corresponding to 3-4 reductions, and the release of long-term liquidity is about 2.

6 trillion.
In terms of rhythm, comprehensive consideration of fiscal payment time, MLF maturity time and maturity, macro data release time, local bond issuance rhythm and other factors, combined with our previous judgment on the gradual economic trend, is expected to fall in 1/4 / JulyThe probability is relatively high.

Table 1: Summary of MLF’s subsequent maturity Source: WIND, Tianfeng Securities Research Institute Risk Warning Economic Downside Pressure Exceeds Expectation; External Environmental Pressure Exceeds Expectation

Livzon Group (000513): Pioneering Kit for Anti-epidemic Brings New Expectations

Livzon Group (000513): Pioneering Kit for Anti-epidemic Brings New Expectations

The entire line supports the demand for drugs in epidemic areas with a target price of 47.


30 yuan, maintaining “Buy” rating Since the outbreak of the new coronary disease, the company has fully and closely supported, covering 3 test reagents, medicines (antiviral particles, Shenqi Fuzheng) and material donations (5 million cash and 7 million drugs).

According to the company announcement and public communication, the sales of antiviral particles doubled in January. The antibody 上海夜网论坛 kit (Elisa and colloidal gold) is expected to pass emergency approval (4.2 million people / month supply) in 1-2 weeks, trying to form a strong complement to nucleic acid PCR detection, Become a new program for rapid large-scale population screening.

We maintain the company’s highest performance growth rate of over 20% and maintain EPS forecast for 19-21.



98 yuan, giving 28-30 times PE for 20 years (strong variety anti-collection risk capability, rich monoclonal antibody / microsphere pipeline, 23 times PE 20-30% premium for comparable companies), target price 47.


30 yuan, buy recommended.

  Chinese medicine sector: full production of antiviral granules is expected to narrow the overall decline 1Q20 The overall output value of the Chinese medicine sector is expected to narrow. 1) Antiviral granules are all started during the Spring Festival to achieve full production and sales, 100,000 in JanuaryBox sales, basically equivalent to 1/3 of previous years, there are still orders for 90,000 boxes in hand; 2) Shenqi Fuzheng has no obvious benefit performance in January sales, and the sales situation in February is yet to be observed, but we expect large-scale salesThe scale of sales is relatively small.

  Western medicine sector: Aipu speeds up, IVF rigid demand is strong, it is expected to resume growth after the epidemic is over. We expect the western medicine sector to grow at a rate of about 25% in 2020. The main drivers are: 1) Aipu’s two dosage forms will achieve 50% in 2020+ Revenue growth rate (injectables have entered the medical insurance negotiation smoothly and the decline rate is low, only 39%), and gradually realize the power of medical insurance to accelerate market replacement (1H19 Epp proportion sample hospital sample).

4%, while injectables account for 70% of the PPI market, replacing space transmission); and 2) IVF may be affected by reduced travel intentions during the epidemic period, but there is no significant change in the company’s dispatch at present.Medication is used to move the medication cycle forward or backward for patients), and we believe that the overall impact on the company is limited.

The subsequent epidemic cooled, and rigid demand for IVF is expected to recover in the second quarter.

  Exclusive Elisa and antibody colloidal gold kits are coming soon, providing powerful supplements for nucleic acid detection. Livzon reagents have successfully developed three types of kit products after the outbreak, and all have entered the national emergency channel for approval. The company expects to register successfully in 1-2 weeks:1) Nucleic acid detection kit (PCR-fluorescence): monthly production capacity is 20 copies, full-component freeze-drying technology is packaged in single servings, can be stored and stored at 2-8 ° C and is convenient and quick (30 minutes), delivered on January 27National Bureau of Emergency Approval; 2) IgM / IgG ELISA kit: monthly production capacity of 2 million copies, reducing false negatives of early patient nucleic acid detection, and the process is convenient and easy to operate (no P3 laboratory required); 3) IgM / IgG colloidGold kit: 2 million servings per month.

It can be used for in vitro serum detection in only 15 minutes. It is suitable 杭州桑拿网 for the early screening of large samples of early populations and forms a good complement to the RNA nucleic acid detection kit.

  Risk warning: The clinical data or approval progress of the kit is not up to expectations, and the continuous fermentation of the epidemic affects the subsequent performance of IVF.