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Hengrui Pharmaceutical (600276) 2019 Third Quarterly Report Review: Innovation Drives Growth, Accelerates R & D, Drives Continuous High

Performance summary: The company achieved operating income of 169 in the first three quarters of 2019.

500 million, an annual increase of 36%; net profit attributable to mothers was 37.

30,000 yuan, an annual increase of 28.

3%; net profit after deduction is 35.

40,000 yuan, an increase of 27 in ten years.


Revenue growth has continued to accelerate, and the growth of innovative varieties has continued to accelerate.

In the third quarter of 2019, the revenue and net profit attributable to mothers were 69.

200 million, 13.

20,000 yuan, an increase of 47 in ten years.

3%, 32%, the annual growth rate is higher than 2018Q3.

The initial acceleration of the 2019Q3 revenue growth is as follows: 1) After the company’s sales line, the sales of various product lines have been activated. The comprehensive line mainly consists of irenixib and febuxostat and the contrast agent mainly based on iodixanol.The product increased rapidly in volume first; 2) The sales of newly approved heavy-weight varieties contributed significantly in 2018. After the approval of 19K, pirlotinib, and paclitaxel (albumin-bound), significant revenues were obtained, of which paclitaxel (albumin-boundType) continued to be in short supply; 3) At the end of July 2019, the company’s most important product, PD-1 monoclonal antibody, was officially launched for sale and achieved a certain revenue breakthrough.

During the first three quarters of 2019, the expense ratio was normal, and the selling expense subsidy was 36.

4%, lower than the same period in 2018.

9 ;; management expenses decreased by 9%, more than 1 breakdown in the same period of 2018, mainly due to the increase in staff budget.

Continued a high proportion of R & D investment, and 苏州夜网论坛 declared multiple new indications for block product PD-1.

In the first three quarters of 2019, the company’s R & D investment was 29 trillion, accounting for 17 of its revenue.

1% ratio, a year-on-year growth of 67%, absolutely absolute and proportion continue to set a new record for the company.

In the first three quarters of 2019, four Class 1 innovative drugs were clinically applied, including 2 Class 1 chemical drugs and 2 Class 1 biological drugs. Until now, the company has gradually applied for nearly 50 Class 1 new drugs, which is far ahead in China.

The company’s years of R & D investment and accumulation continue to be realized in 2019. The company’s heavyweight PD-1 monoclonal antibody was approved in May and officially launched for sale at the end of July; new indications for PD-1 are being promoted in an 杭州桑拿 orderly manner.Drug-induced liver cancer treatment indications have been reported, and a combination of apatinib for liver cancer indications has been launched in the United States; Phase III clinical trials in the United States; single-agent second-line treatment of advanced esophageal squamous cell carcinoma, combined with pemetrexed plus carboplatin first-line treatment of advanced non-scale cancerNon-small cell lung cancer has been declared on the market.

The ultra-short-acting general anesthetic drug remazolam is in the process of reporting its production in an orderly manner. The production site verification has been completed and it is expected to be approved by the end of 2019.

The company’s high R & D investment for many years has achieved significant achievements, which is driving the company’s rapid transformation to innovation, and the revenue of innovative drugs will rise rapidly, which can significantly deal with the impact of generic drug procurement on the company’s generic drug business.

Profit forecast and rating.

The EPS for 2019-2021 is expected to be 1.

22 yuan, 1.

60 yuan, 2.

03 yuan, corresponding to PE is 68, 52, 41 times.

The approval of sales reforms and innovative varieties catalyzes the company into a new development cycle, and promotes the company’s strategic transformation from a traditional generic drug company to an innovative drug company. Maintaining a “buy” rating.Meet expectations and other risks.

Jinhe Industry (002597) Company Research: The industry chain continues to increase, optimistic about the company’s core competitiveness continues to expand
Event: Company announcement: 1) It is proposed to invest in the construction of a 5,000 sucralose project per year; 2) It is planned to invest in a 5,000 ton methyl ethyl maltol project with shareholders of Jinwo Technology;The planned 5,000-ton methoxystyrene maltol unit was adjusted to build a project with an annual output of 4,500 tons of Jiale musk solution, 5,000 tons of 2-methylfuran, 3,000 tons of 2-methyltetrahydrofuran, and 1,000 tons of furan ammonium salt; 4) The company proposed to use its own funds 3889.20,000 yuan and Ningbo Shanwei, Zhejiang Wofeng, natural person Ni Yan, Yang Le jointly funded the establishment of Xiamen Shanwei (registered capital of 70 million yuan), mainly investing in new materials, electronic chemicals and other industries concerned. The industrial chain continues to expand and the company’s comprehensive competitiveness promotes development: The proposed construction projects disclosed by listed companies include the consolidation of existing product competitiveness, market-related integration, and technology-related integration. New projects will strengthen the company’s existing product market topAt the same time, it will open up the upstream and downstream industrial chain around diketene (ansaimi raw material) and furfural (methylstyrene maltol) raw materials, which is conducive to the horizontal and integrated integration of the industrial chain, forming upstream and downstream synergy effects, reducing the company’s overall cost and improvingThe 杭州夜网 company’s comprehensive competitiveness will extend downstream to pharmaceutical growth, pharmaceutical intermediates, flavors and fragrances, daily chemicals and other fields with large growth space. Earnings forecast and investment grade: What do we expect the company to do in 2019?In 2021, the net return to mothers will be 8.26, 10.51 and 12.96 ppm, corresponding to 13 in 2019, 2020 and 2021.7, 10.8 and 8.7 times PE.The company can sustain its own process cost reduction and efficiency enhancement capabilities, scale effect and efficient operating system. In the past few years, it has entered the fine chemical fields such as silyl maltol, acesulfame and sucralose, and has excellent cost controlCapabilities and continuous process improvement capabilities have gained absolute market share and pricing power. We are optimistic that 武汉夜生活网 the company will achieve crossover and preliminary integration around the existing industrial chain, extending downstream to pharmaceutical solvents, pharmaceutical intermediates, flavors and fragrances, daily chemicals, etc.In this area, the core competitiveness has been further extended and expanded. The company currently underestimates significantly, maintains a “buy” investment rating, and continues to recommend it. Risk reminder: The macroeconomic growth rate is faster than expected, the risks of new industry entrants, the impact of environmental protection and safety accidents.

Nearly 30 stocks doubled in 20 days. Is there really dry stock or is it all because of “waves”?

Someone “layed dry” at home for 20 days and just returned to work to do the work.

There are also stocks that hit the daily limit 20 days and nights, and the ancestors doubled in one step.

  According to statistics from reporters, after the Spring Festival A-shares resumed trading, there were nearly 30 stocks with a maximum increase of more than 100%, and the highest rose nearly 2 times!

  So what’s so special about these bull stocks who turned out of the “fighting clouds” in the Year of the Rat?

  On the whole, the concept is sufficient and the market value is “easy to speculate”, which has created the appearance of the above-mentioned bull stocks with daily limits without breathing.

The continued rapid increase in the speed of climbing scenic spots has also increased the risks behind it.

  Behind these jealous and jealous bull stocks, these young people almost have a speckled “rope”.

So explosive, did you experience a “heat wave” or “dry goods”?

Investors need to be carefully screened to prevent risks.

  One of the camps: Tesla rises. Regulators: Are you a Tesla concept?

  Company: Oh, not exactly . but a little bit involved.

  Market: Go!

  Tesla rose, and it is a unique landscape of the A-share market in 2020.

Although I don’t supply directly, the product is still under development, and the business accounts for a small proportion, but I am an envy “Tesla concept stock”.

  The “first bull stock” in the year of the rat, which Xiuqiang shares refused to accept, rose 12% in 16 days, an increase of nearly 200%.

  Xiuqiang shares recent trend chart “Join the elite team of solar power roof business process!

“Tesla Motors CEO Musk’s” Expanding Solar Power Roof “plan disclosed on social platforms has sparked a spree in the A-share market.

  Tesla Motors CEO Musk’s Twitter screenshot As early as the Spring Festival holiday, Xiuqiang shares “revealed” its close relationship with Tesla on the Interactive Easy platform.

The company stated that it had confirmed product parameter indicators through a conference call and Tesla, and had quoted Tesla about photovoltaic roof glass products.

  Xiuqiang shares interactive easy platform responded to this statement, Xiuqiang shares are expected to “hear the wind and rise.”

In the meantime, three forward announcements were made, a letter of concern was issued, and a previous inquiry letter followed.

  What’s the relationship?

How big is the impact?

Is there any hype?

Under the supervision of “three consecutive questions”, the company admitted in the reply to the inquiry letter: Tesla is not a direct customer of the company’s charging pile glass products; the company has not yet completed the engineering certification of Tesla’s solar roof glass, can it receive Tesla?Uncertainties remain for solar roof orders.

  On the evening of February 18, Xiuqiang shares responded to the inquiry letter of the Shenzhen Stock Exchange. On February 19, Xiuqiang shares opened a daily limit.

But after a little rest, the company continued to make persistent efforts until February 25, closing at 12.

15 yuan / share.

  North Glass shares Xiuqiang ahead, and chase behind.

The “relay race” of the photovoltaic roof concept was taken over by Beibo.

  Beibo Co., Ltd. weighed when it responded to investors on February 12th. The existing company ‘s wholly-owned subsidiary Beibo Coating was able to manufacture HIT-compliant PVD coating equipment. The project is still in the development stage.

  On February 14, a reply “Xiuqiang is one of the company’s old customers and has purchased the company’s tempering equipment”, pushing the company forward to a new high.

  The recent development trend of Beibo shares The company’s daily limit has quickly attracted regulatory attention.

The relevant correspondence company explained the basis of the ability of Northglass coatings to manufacture the PVD coating equipment that complies with the HIT process, the project progress, subsequent research and development, and whether there is a production capacity, etc., and fully reminded the risks.

  From the “technical capability” on the interactive platform to the “non-commercial operation capability” in the follow-up letter response, the restructuring of Beibo shares and preventing the rising momentum.

As of February 25, the company implemented another daily limit and closed at 6.

33 yuan.

  Beibo Co., Ltd. paid attention to the letter and responded to the screenshot. Jinlang Technology, which has attracted much attention from the institution, has recently ushered in a “rising wave”.Only from February 19th to 20th, the company attracted more than 200 institutions including Chongyang Investment, Shangya Investment, Thousand Joint Venture Capital, and Hongdao Investment to participate in the online survey.

  Behind Menyun’s feet, what is the charm of Jinlang Technology?

It is reported that the company’s main military distributed photovoltaic power generation system core equipment string inverter research and development, production, sales and service.

  In the screenshot study of Jinlang Technology’s investor minutes, the company’s relationship with Tesla has been repeatedly asked.

Go ahead, Jinlang Technology once again directly answered without saying that Sunrun, the No. 1 domestic photovoltaic installer in the United States, is one of the company’s largest customers in the world. The company has been actively connecting with the first few household installers in the United States in advance.Enter in large quantities.

  The company’s discourse was vague, but the market understood it, or it didn’t even listen at all, and continued to “get up and go.”

  Camp two: “Following the waves” refinancing new regulations, not before the fire regulatory authorities: the company’s mergers rose sharply, is there any planning?

  Company: No.

  Regulatory authority: Is there any?

  Company: I have such an idea!

  The new refinancing rules introduced on February 14 ignited the enthusiasm of A-share companies for refinancing matters.

The reform plan, or even just the intent of research, can add fire to the previous.淡水桑拿网

  Qianzhao Optoelectronics Qianzhao Optoelectronics has continued to grow since February 5, with the highest increase in the range close to 135%, far exceeding the performance of the ChiNext Composite Index over the same period.

  With completely consistent continuous changes, Qianzhao Optoelectronics also came to the scene of “out of luck” in raising no refinancing in the end.

  According to the company ‘s announcement on February 17, the company did not have the fact that it planned major events, and there was no “information that should be disclosed directly but not disclosed that has an impact on the company ‘s stock price”.

However, only two days later, Qianzhao Optoelectronics renamed it, considering the new refinancing regulations, considering the company’s current development situation and future funding requirements, it can decide to plan a non-public offering of shares.

  In the evening of February 20, Qianzhao Optoelectronics made a change announcement letter and repeated the same thing. The Shenzhen Stock Exchange quickly issued a notice letter directly referring to whether the company has selective information disclosure and the use of planning refinancing matters.Specific time points and detailed progress, and explain whether the conditions for non-public offering of shares are met, and the necessity and rationality of refinancing.

  Obviously, the letter of concern also specifically mentioned that Qianzhao Optoelectronics’ annual performance report for 2019 shows that it is expected to reach the target that year.

62 to 2.

6.7 billion.

In this regard, the supervisor asked the specific reasons for the company’s performance growth in 2019, and requested clarification on the operating conditions since 2020 and whether there have been major changes in the company’s fundamentals.

  Looking at the concept of attractions, Qianzhao Optoelectronics also sticks to popular concepts such as chips, gallium nitride, and satellite navigation. The scenery is unlimited.

  Ortega ‘s military air-conditioning systems and air-conditioning compressors have been in the limelight recently. Since February 3, it has achieved 13 daily limits, with a cumulative increase of more than 210%.

  In addition to the trend that Ortega had expected, in addition to the concept of “very close communication” with Tesla, the company also found in the announcement of constant changes recently announced that it is studying new rules for refinancing!

  The announcement showed that “to further develop new projects such as the thermal management business of new energy vehicles, after the new refinancing regulations were issued, the company conducted preliminary discussions with the independent financial advisory agency on the intention to refinance and studied the applicability of the policy”, butAt the same time frankly, “no substantial progress has yet been made.”

  In addition, Aotecar also stated that the disclosure of a previously-owned wholly-owned subsidiary’s factory in California, USA, to supply a North American electric vehicle manufacturer is expected to have a positive impact on the company’s overall performance.

The specific amount of the impact will depend on the supply and is uncertain.

  On the evening of February 20, Aotea announced that the stock market was abnormally volatile. Part three: masks and the “Internet +” new crown pneumonia epidemic, a large number of industries have been affected to varying degrees in the short term.

However, there are also some “anti-epidemic stocks” that have “protection concepts” or “cloud logic” and have emerged from a wave of independent markets.

  The rapid rise of home office and online education during the outbreak of Huichang Communication has brought cloud video conferencing service provider, Huichang Communication, to a surprise outlet.

  Huichang News recently progressed gradually in the February 7 investor survey minutes, the company said that since the second day of the first month, the company’s cloud platform registered users and cloud platform online time (minutes) have doubled daily.

Overall, the number of users of the company’s SaaS business has doubled compared to previous incremental users.

At the same time, the company’s cloud video hardware business orders also increased rapidly during the epidemic.

“From a primary perspective, this will drive the prosperity of the upstream and downstream software and hardware industry chain,” the company judged.

  In fact, the performance forecast disclosed by Huichang News on January 23 shows that the company’s net profit attributable to mothers in 2019 is expected to increase to 457.

94% –487.


The beautiful performance has become the support for continuing to rise.

On February 25, the company continued its daily limit again, hitting 75.

A new high of 04 yuan.  Tianhua Supernet Tianhua Supernet disclosed on February 3 that its wholly-owned subsidiary Yushou Medical is working overtime to produce disposable medical masks to eliminate the need for epidemic prevention and control and contribute to epidemic prevention and control.
However, the company’s impact on the company’s operating performance with regard to the supply of disposable medical mask products is currently unpredictable.

  Tianhua Supernet announced a change in the announcement on the evening of February 13 Affected by this favorable situation, the company’s merger has been rising all the way.

As of February 25, Tianhua’s expected increase in the ultra-clean rat year has exceeded 100%.

  Tianhua Supernet’s recent development trend. Dawn Shares disclosed that in order to respond to the epidemic prevention and control center, Dawn Shares worked overtime during the Spring Festival to produce more full-load production to supply more mask melt polypropylene special materials.

  As a major manufacturer of domestic polypropylene meltblown special materials for mask cloth, the company’s recent orientation is also rising steadily.

Since February 3, the gradual increase has reached 136%.

  At the same time, the overall trend of Daun shares at the same time, the company also prompted the corresponding risks: In 2018, the company’s polypropylene meltblown sales revenue was 1.

8.3 billion yuan, accounting for 13 of the company’s consolidated operating income.

41%, not high.

  Analysis: Where is the “bull” in bull stocks?

  After reading so many “portraits” of bull stocks, have you made a preliminary judgment on what the “year of the bull” looks like?

  According to the figure of the “ox”, the above-mentioned stocks that have doubled out of the market are mainly concentrated in the concept plates of Tesla concept, semiconductor materials, LED, pneumonia and satellite Internet, among which nearly half of the companies have a market value of 50 billionBelow, many companies such as Xiuqiang Co., Ltd. had a market value of only over 2 billion yuan at that time.

  Senior market participants have analyzed that the attractions are sufficient, and the small market value is the commonality of these soaring stocks. This is the type of investment target that hot money prefers, but it does not rule out that companies actively work together to stick concepts.

“But it rose sharply and quickly, and reached the sky without the support of fundamentals, and it will always fall back to the ground again.

“It is worth noting that from the performance of the past two days, too many” bull stocks “have continued to show expected returns.

Tell investors not to fall to the bottom in order to catch the “bull tail”!

  Edit: Wu Zhengsong

Germany approves construction of undersea tunnel connecting Denmark with total cost of approximately $ 8.1 billion

On the 28th, the German government approved the construction of a subsea tunnel between Feynman Island in Germany and Lorland Island in Denmark.

The total project cost is approximately $ 8.1 billion.

  Reuters reports that the Fehmarn submarine tunnel is 19 kilometers away and is scheduled to be completed in 2024. However, the construction of the project has been opposed by German environmentalists and has been delayed.

  The subsea tunnel is designed with 4 top lanes and 2 railway tracks. Part of the project funding is provided by the European Union.

  According to the information released by the British website in the future timeline, the Feynman Subsea Tunnel was originally designed as a sea-crossing bridge, but in order to reduce the environmental impact and construction risks and the impact on weather factors, the project eventually led to a subsea tunnel.

  The design drawing shows that the subsea tunnel will be built on the existing seabed, surrounded by sand and gravel layers, and above it will be rock layers and new seabeds.

  Fehmarn is currently connected by road inland in Germany.

When the tunnel is completed, the time from the German cities of Hamburg, Bremen and Hanover to the Danish capital Copenhagen and the Swedish city Malmo will be significantly expanded.

For example, the time from Hamburg to Copenhagen by train is from 4.

5 hours to 3 hours.

  The travel time between Continental Europe and Scandinavia in Northern Europe will be slightly longer: previously it took 45 minutes for overlapping ferries to cross the Baltic Sea, and it will only take 10 minutes for cars to pass through the undersea tunnel and up to 7 minutes for trains.

  Reuters reported 南宁桑拿 that Danish companies responsible for project planning submitted their applications to the German government for the first time in 2013 and have now undergone two rounds of public comment in Germany.

The company’s existing 14-day evaluation of the project approval document issued by the German Schleswig-Holstein Transport Department, before deciding whether to sign the document.

(Ocean)[Xinhua News Agency Microblog]Original Title: Germany Approves Construction of Submarine Tunnel Connecting Denmark with a Total Cost of Approximately $ 8.1 Billion

Shuanghui Development (000895): Q2 pig price grows rapidly, company’s short-term profit is under pressure

Event: The company announced the 2019 Interim Report, with a total operating income of 254 in the first half of the year.

5.5 billion yuan, an increase of 7.

26%, net profit attributable to mother 23.

82 trillion, the same minus 0.

16%, ROE is 17.

55%, EPS is 0.

72 yuan.

Of which Q2’s total operating income was 134.

81 trillion, with an increase of 15.

50%, net profit attributable to mother 11.

02 billion.

Affected by the rapid rise in pig prices, Q2 slaughtering volume and head profit increased.

2019 H1 company slaughter income is 150.

3.9 billion, an annual increase of 7.

79%, with a slaughter volume of 857.

790,000 heads, an increase of 3 per year.


According to data from the Ministry of Agriculture, affected by African swine fever, the number of pigs slaughtered in the first half of this year fell by 25.

8%, promote the rapid growth of pig prices, the company’s Q2 slaughter volume of 385.

09 million heads, a decrease of 11 a year.

57% in the second quarter.

47 yuan, an increase of 16 yuan per year, a decrease of 38 yuan.

Although the company 厦门夜网 has used a small amount of low-priced inventory, its head-to-head profit has still significantly narrowed.

In the first half of the year, due to the Sino-US trade friction, the tariff rate on imported frozen meat was increased to 62%, which affected the company’s frozen product imports.

However, since August, the price of hogs has continued to rise and has reached a historical high of 22 yuan / kg. While further increasing the cost pressure of the company, it has also widened the hog price gap between China and the United States, even in the case of considering the impact of tariffThe cost advantage of pork imports in the United States is also becoming more and more obvious. It is expected that the company’s frozen product imports in the second half of the year are expected to increase, stabilizing pressure on cost growth.

Optimization of high-temperature product structure and cost increase profitability of front-end meat products.

In terms of meat products, 2019H1 total revenue was 119.

3.0 billion, an annual increase of 4.

21%, of which high-temperature products income 76.

6.5 billion, an annual increase of 7.

52%, low-temperature product income 42.

38 billion, a ten-year average of 1.

29%, high temperature products perform better, while low temperature products are still in the adjustment stage.

The overall sales of meat products in the first half of the year were basically unchanged from the same period last year, of which Q2 sales were about 40 inches.

In terms of ton prices, due to two price increases in 2019H1, coupled with better promotion of new products of high temperature products, and optimization of product structure, the ton price of meat products increased by 4pct in the first half of the year, but due to the increase in costs, it still faces profitability of meat products.Capacity, the operating profit of meat products in the first half fell 16.

80pct to 19.

4.2 billion.
Earnings forecast and investment suggestions: Reduce the company’s EPS for 2019-2021 to 1.
55, 1.

64, 1.

89 yuan, corresponding to PE is 14X / 13X / 12X. Due to the impact of African swine fever on the company’s cost end in the short term, the company’s level is adjusted to “overweight” level.

Risk warning: food safety risks, African swine fever epidemic intensifies

Kangli Elevator (002367): Net profit margin returns significantly and profitability continues to be repaired

Kangli Elevator Announces Third Quarter Report 19: Operating Income 27.

2 billion, 19 years growth.

8%; net profit attributable to mother 2.

1.0 billion, a year-on-year increase of 224%; net profit attributable to mothers in 19 years2.


600 million, fully in line with the expectations of our air force.

Net profit is expected to be 2 in 19-20.

5.3 billion / 3.

4.2 billion, corresponding to PE is 27 times / 20 times, the industry’s margins are improving, turning point in 19 years, the performance of the next year is flexible, and upgraded to “strongly recommended-A” rating.

Net interest rate rebounded significantly, and profitability continued to repair.

Revenue for the first three quarters of 1927.

200 million (+19.

81%), net profit attributable to mother 200 million (+ 224%), of which Q3 net profit attributable to mother in single quarter was 98 million (+ 354%).

The first lies in: (1) Gross profit margin, net profit margin continued to rise, and profitability was significantly repaired: Q3 gross profit margin was 29.

5%, an increase of 3 per year.

7pct, net interest rate 7.

4%, an increase of 4 per year.

5pct, mainly because ① the company’s previous control of the product’s sales price decline has shown a certain effect, compared with the same period last year, manufacturing costs have decreased, and as steel prices fell, the company negotiated with suppliers to achieve a certain rangeThe price of purchased parts was adjusted, so that the price of raw materials fell to the cost of main raw materials and the cost of purchased parts.

(2) The sales and management expense ratios were further reduced, and Q3 non-recurring income totaled 39 million: the first three quarters benefited from the company’s refined expense management and the sales expense ratio was 11.

8%, a decrease of 3 per year.

8pct, management expense ratio 7.

6%, reduced by 0 every year.

6pct; Q3 net operating cash flow 2.

1 trillion, little change in one year; due to receiving 1371.

Government subsidies of RMB 60,000 and gains from disposal of wealth management products of the company321.

60,000 yuan, the company’s net cash flow from investment activities4.

3 billion, a previous significant increase of 48.


Orders in hand maintained a 12% growth.

As of the end of the third quarter of 19, the company is executing 58 effective orders.

US $ 4.4 billion (excluding the Beijing New Airport Section of the Intercity Railway Tie Line, which has not won the bid but received a deposit, and a total of 5 from Beijing to Zhangjiakou Railway).

3.8 billion).

Affected by the 天津夜网 loose currency in the first half of the year and the improvement of the actual completion, the company’s shipment volume has maintained a higher growth. Since the fourth quarter of 2018, orders have started to rebound, and it has maintained a certain level of growth. The number of replacements will continue to increase, and the scale effect willContinue to appear.

The company actively deploys elevators for people’s livelihood in old buildings, which is in line with the general direction of the elevator industry.

Kangli’s wholly-owned subsidiary “Happiness Plus Elevator” is currently using single-elevator sales, dual-engineering business model for the market, and develops an agent system. Through independent engineering and cooperative development projects, construction is being carried out in Beijing, Chengde, Jinan and 苏州夜网论坛 other places.There is a model project of adding elevators to happiness, and newly launched elevator selection products for the elevator market of existing buildings in existing buildings.

The industry inflection point improved in 19 years, the market structure improved significantly, and the price stopped the decline, and gradually improved in 20 years.

Fundamentally, the “disordered competition and price war” is getting worse. Due to the lack of long-term development strategic planning, some machines often deviate from the management and control of the supply chain and focus on pure price competition. Therefore, these elevator companies have not formed R & D., A virtuous circle of production and sales.

Many elevator companies lack the technology and conditions for upstream elevator parts production, the industry is down and the profit space is further compressed. At the same time, the bargaining power of large upstream elevator parts suppliers is also weak, which further weakens the elevator companies’ technological innovation capabilities.A vicious circle has formed.The industry’s overall gross profit margin in 18 years, the net profit rate hit a record low over the years, and even the industry giants have fallen into a “trough pain period.”The operation of the industry also promotes the continued improvement of the industry structure.

In-industry research understands that the current industry prices have generally stopped the decline.

Continue to recommend Kangli Elevator and upgrade it to “Highly Recommended-A”.

The profit recovery brought about by the “scale effect + improvement of the pattern” will continue. The elevator is expected to start a three-year industry boom cycle. At present, the biggest risk comes from the cost side (steel and rare earth prices).

19 years has been a turning point in the performance of the elevator industry, and renewal demand in the next few years will lengthen the boom cycle, until the company has orders 58 in hand on September 30.

400 million, a previous increase of 12%, also verified this judgment.

Net profit of Kangli Elevator is expected to be 2 in 19-20.

500 million / 3.

400 million, corresponding to PE is 27 times / 20 times, raised to “strongly recommended-A” level.

Risk reminders: (1) Steel price increase: The main raw material of elevators is steel. If the price of steel rises, it will significantly affect the gross profit of the product; (2) Rare earth price fluctuation risk: the remaining is the main raw materials of elevator key components traction machinePrice (3) The growth rate of real estate is lower than expected: Real estate is still the largest downstream of the elevator industry. If the real estate completion area exceeds too quickly, it will significantly affect elevator demand.

(4) Asset impairment losses.

Main funds net allow 47.2 billion long list institutions to grab 19 shares

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

  [26th Funding Plan Chart]The net funding of main funds decreased by 47.2 billion. The institutions grabbed 19 shares. Source: Securities Times Network original Hu Huaxiong On February 26, the overall A-share market fell.

The final close, the Shanghai Composite Index closed at 2987.

93 points, down 0.

83%, SZSE Component Index closed at 11,497.

55 points, down 3.

02%, the GEM index closed at 2180.

7 points, down 4.


The total turnover of the two cities was 13,126.

900 million yuan, a decrease of 1026 over the previous trading day.

2.6 billion.

  1. The two cities have a net replacement of 471 funds throughout the day.

Today’s 6.9 billion yuan in Shanghai and Shenzhen’s main cities opened a net decrease of 199.

8.3 billion, a net decrease of 143 late.

2.8 billion, the two cities a net replacement of 471 funds throughout the day.

6.9 billion yuan.

  2, Shanghai and Shenzhen 300 today’s main fund net replacement 113.

6.1 billion CSI 300 today ‘s net replacement of 113 main funds.

6.1 billion, the GEM net reduction of 114.

6.8 billion yuan, a small net decrease of 144.

8.2 billion.

The Shanghai Stock Connect saw a net decrease of 4.

3.3 billion yuan, Shenzhen Stock Connect net reduction of 35.

04 trillion (here, the net inflow of China-Shanghai Stock Connect and Shenzhen Stock Connect is based on the amount used on the day, which is slightly different from the net purchase amount of the transaction, but the meaning is generally the same).

  3. Net inflow of building decoration industry12.

Of the 28 Shenwan Tier 1 industries with a total value of RMB 0.2 billion, 6 industries realized net capital inflows, including construction and decoration industry net inflows.

02 billion first.

  4. Net inflow of large-scale central SOEs12.

In terms of the 3.5 billion top concept sector, large infrastructural central SOEs today saw a net inflow of funds from conceptual segments such as new urbanization, prefabricated construction, etc., among 青岛夜网 which large infrastructural central SOEs had a net inflow.

3.5 billion.

  5. The main inflow of amethyst storage funds 3.

8.4 billion (Note: The main force of net inflow statistics in this table is different from the net purchase statistics of the institutions in the previous and next tables) 6.The data on the list shows that institutions appeared in 35 shares, of which 19 shares such as Su Daweige showed a net purchase of institutional funds, and 16 shares including Xiangdian shares showed a net sale of institutional funds.

  7, the top ten active stocks of Shanghai Stock Connect and Shenzhen Stock Connect 8, the latest institutions focus on individual stocks

68% disinfectant liquid led the rise

Afternoon comment: The three major indexes fluctuated and the index rose 2.

68% disinfectant liquid led the rise

News from Sina Finance News on February 6th, the three major indexes opened mixed. After opening, they quickly weakened, and then oscillated. The disk, pharmaceutical and cloud office sectors led the gains.

The market closed earlier in the morning, and the exponential growth rate expanded. The index rose by more than 2%. In general, individual stocks rose more and less, with more than 100 daily limit.

At the close of the morning, the Shanghai Composite Index was quoted at 2845.

89 points, up 0.

99%; Shencheng Index reported 10505.

43 points, up 1.


59 points, up 2.


  From the surface of the disk, disinfectant, masks, cloud games and other sectors ranked the top of the list, while liquor, automotive, and banking sectors ranked the top of the list.

  Hot sections: 1. Agricultural plantation Dunhuang seed industry closure board, Fengle seed industry, Wanxiang Denong, new farming development, etc. have followed up.

  On the news, on the afternoon of February 5, the “Document No. 1” was released, focusing on agriculture, rural areas, farmers, and development goals in a consistent and clear manner to ensure that a well-off society can be achieved on schedule.

This is also the 17th consecutive year of “Document One” since 2004 focusing on the “agriculture, rural areas and farmers” area.

  2. Disinfectants Taihe Technology, Lianchuang Co., Ltd., Yueyang Changxing, and other sealing boards, Binhua Co., Ltd., Jiangsu Thorpe, etc. have all risen prominently.

  According to the news, according to the 杭州桑拿网 official Weibo “Wuhan release” of Wuhan Internet Information Office, the evening news of February 3, Wuhan will be disinfected on a large scale around key areas such as hospitals and markets.Yu Sheng, elimination area is expected to reach more than 5 million square meters.

  News: 1. The General Office of the Ministry of Commerce issued a notice on organizing the resumption of business operations of commercial enterprises.

  2. “Pneumonitis diagnosis and treatment plan for new type of coronavirus infection (fifth trial version)”, taking “suspected cases with pneumonia imaging features” as the clinical diagnosis case standard in Hubei Province, which suggests that the diagnosis of new type of coronavirus in Hubei area no longer depends on nucleic acidsTest results.

  3. Foxconn’s China plant will gradually resume production 杭州龙凤网 next week, and it is expected to resume production in another 2-3 weeks.

  4. Xu Ming, general manager of the National Equity Reform Company, stated in a signed article in the “Financial Times” that the merger and transfer of the listing system, the smooth connection of multi-level capital markets, and the role of the NEEQ market.

At present, the CSRC is in the process of publicly seeking opinions on the supplementary procedures for the transfer of listing system in due course.

  5. Yesterday, Ali’s various mobile office applications “Ding Ding” jumped to the top of Apple’s free App Store rankings, WeChat ranked third, and Kingsoft’s WPS Office ranked second.

  6. On February 6, Luyan Pharmaceutical said on the interactive platform that after inquiries, the company had records of sales of Abidol, but did not find records of sales of darunavir.

  7. The entrepreneurial dark horse stated on the interactive platform on February 6 that the company’s “Dark Horse University” app is an online industry acceleration cloud platform and a product for the company’s distance education system.

The platform integrates a number of functions and services such as entrepreneurship laboratory, entrepreneurial consultation room, dark horse class, entrepreneurship quiz and alumni association, so as to solve the core problems encountered in the development of SMEs in a timely and efficient manner.

Due to the current epidemic situation, the company has also opened public welfare courses to help SMEs actively adjust to deal with the impact of the epidemic situation.

  8. On the interactive platform, Asia-Pacific Pharmaceuticals (rights protection) stated that the company was concerned about the “or addition of ribavirin” to the antiretroviral treatment in the treatment plan in the fifth edition of the New Coronavirus Diagnosis and Treatment Guidelines.

The company’s antiviral drugs for injection of ribavirin are suitable for viral respiratory infections and infections caused by other viruses, and the company is actively organizing production.

  Market view: CITIC believes that in the short term, as the epidemic situation has not yet been completely controlled and market confidence has not yet fully recovered, the Shanghai Index may form a wide range of shocks around 2800 points.

In the medium and long term, the long-term positive trend of the Chinese economy remains unchanged, and the dividends of the capital market opening up will continue to be released, so the logic of medium and long-term investment has not changed.

In operation, it is recommended that short-term investors appropriately control their positions, wait for market segmentation, and actively deploy the securities firm sector, as well as the recent high-tech sectors such as online education and cloud computing that have gradually strengthened.

For the catering, tourism, and transportation sectors that have been impacted by the disaster and epidemic, we suggest that short-term efforts should still be avoided.

Adoma A (000553): Relying on China’s leading non-patent pesticide leader

Saronda, the predecessor of the world’s leading non-proprietary pesticide giant, is an important domestic manufacturer of pesticide raw materials. It introduced related products acephate, and the production capacity of spermine ranked first in the country. In 2017, the company acquired Andamy, and becameThe world’s largest generic pesticide company.

The company achieved revenue of 256 in 2018.

2 trillion, an increase of 7 in ten years.

5%, achieving a net profit of 24.

0 million yuan, an increase of 55 in ten years.


In the future, based on the increase in the market share of generic pesticides and the completion of internal resource integration, the company is expected to benefit from the increase in the gross profit margin of its product portfolio and the rapid growth of internal business. We expect the company’s earnings per share from 2018 to 2020 to be 0.

59, 0.

68, 0.

85 yuan, for the first time, give “overweight” rating.

  The demand for pesticides has steadily increased, and the expansion of the generic drug market has increased. In 2018, pesticide sales continued to recover weakly, and the initial global growth increased.

From 2% to 55.6 billion US dollars, since 2019, wheat and corn have maintained a bottom shock, and the overall strong oil price has been positive for agrochemical demand.

The supply side of the industry has undergone shuffling. After the merger and acquisition tide, the groups have become more differentiated and the competition between companies has increased.

The progress of research and development of patented drugs has gradually increased, and the current varieties have gradually exceeded expectations. The share of non-patented products has continued to grow. The market capacity in 2017 exceeded 40 billion US dollars, which is beneficial to the company’s non-patented drug companies.

  The products provided by the company and the multiple advantages of the channel Adoma is the main component of the company. Its core competitiveness mainly includes: sinking channels through a rich product line and a global sales network to achieve a steady increase in product sales.The market has a total of 5 by 2010.

1% increase to 6 in 2018.

9%; replace low-end products by dating differentiated products with high gross profit margins to enhance profitability, and the combined gross profit margins from 27 in 2010.

5%南京桑拿论坛 to 33 in 2018.

3%; A large amount of expenditure is on registered pesticide registration certificates, and the number of registration certificates is the world’s leading (more than 5,000 in 2017). In the future, it will take longer to obtain registration certificates, the cost increase trend will be obvious, and the company’s competitive advantage will continue to increase.

  China’s market potential has broken through, and investment projects have strengthened its advantages. China is the world’s third largest pesticide market. In 2017, it was about 6 billion US dollars, but the market concentration decreased.

Adoma entered the Chinese market in 2014, and its business has developed rapidly. This type of domestic products in 20182.

$ 7.5 billion, an annual increase of 7.


After the merger of the company and Adoma, the company gradually promoted the integration of the industrial chain. Through the fund-raising project, an operating network with a basic structure of “Jingzhou (original medicine)-Huaian (formulation)-Nanjing (development)” was laid out. It is expected to optimize its own supply after completionChain and give full play to the synergy effect.

  And as the core pesticide platform of China’s chemical industry, it is also expected to gradually develop its strength in integrating the group and even the domestic agrochemical industry.

  For the first coverage, we give an “overweight” rating. We estimate that the company’s net profit for 2019-2021 will be 14 respectively.

4, 16.

6, 20.

80,000 yuan, the corresponding EPS is 0.

59, 0.

68, 0.

RMB 85; combined with the comparable company’s estimated level (average 14 times PE in 2019) and the company’s subsequent performance growth, considering that the company’s amortization expenses affect about $ 600 million in net profit each year, and the company is a global non-patented pesticide leader, giving the company 201919-22 times PE, corresponding target price is 11.


98 yuan, corresponding to 1 in 2019 PB.


42 times, the first coverage is given an “overweight” rating.

  Risk Warning: Downstream demand is not up to the expected risk, and raw material prices fluctuate greatly.

Lingsteel (600231): Changes in performance, slight change in equity structure

On the evening of October 30, the company announced the third quarter report of 2019.

At the core of the report, the company achieved profit attributable to its mother4.

22 ‰, 66 in the previous decade.

96%; Realize basic profit income of 0.

15 yuan / share, 66 in the previous decade.


The company achieved net profit attributable to its mother in the third quarter of 0.

42 trillion, down 86 from the second quarter.


The sales price of finished products decreased and the cost of raw materials increased, and the company’s third quarter performance increased significantly.
The company’s main products are profiles, strips, etc., of which profiles account for more than 78%.

Since the third quarter of this year, iron ore prices have remained high.

According to Steel Federation data, the spot price of 62% Australian fines in the third quarter was 101.

33 US dollars / dry ton, an increase of 1 from the second quarter.


Under the situation of rising 深圳桑拿网 cost pressure, the company’s main product rebar price is still on the rise in the third quarter: with rebar HRB400: 20mm, according to the data from the Steel Federation, the average price of rebar in the third quarter in Shenyang was 3765 yuanTons, a decrease of 134 yuan / ton, a decrease of 3.


Rising raw material costs and changes in sales prices of raw materials are the initial factors that affect the company’s third quarter performance.

At the same time, the company’s output continued to increase slightly in the third quarter.

According to the company’s announcement, the company’s output in the third quarter of section, plate and strip, and pipe were 119.

5 initial, 30.

3 early, 2.

7 nominal, totaling 152.

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


The shareholding structure has changed 杭州桑拿 slightly from the first half of the year. After the company decided to increase and lift the ban earlier, the shareholding structure has undergone a change this year.

As of the third quarterly report, Tianjin Taiyue and Jiujiang Pinggang are the company’s second and third largest shareholders, of which Tianjin Taiyue holds company 5.

5.3 billion shares, accounting for 19% of total equity.

94%; Jiujiang Pinggang holds the company’s share capital3.

1.1 billion shares, accounting for 11 of the total share capital.

twenty three%.

Compared with the semi-annual report, the company’s shareholding structure has changed slightly: Tianjin Taiyue and Jiujiang Pinggang’s shareholding ratio will remain unchanged in the second quarter, but Jiujiang Pinggang Iron and Steel Co., Ltd. is an actual control enterprise of Liaoning Fangda Group Industrial Co., Ltd. and the actual controllerWei added 754 shares.

80,000 shares, the new shares accounted for 0.


Later changes in equity structure and the impact on the company’s operations still require further attention.

“Hold” rating Since the beginning of this year, the price of raw materials such as iron ore has risen, which has increased the company’s operating costs, while changes in the sales price of ordinary steel have intensified the company’s product profits.

The combined company’s third-quarter performance was lower than expected, and we believe that the company’s performance may be affected to some extent.

Therefore, we will change the company’s EPS for 2019-2021 from 0.
28 yuan / share, 0.
29 yuan / share, 0.

32 yuan / share adjusted to 0.

18 yuan / share, 0.

22 yuan / share, 0.

25 yuan / share, adjusted the company’s rating from “buy” to “hold”.

Risk reminder: The demand side is less than expected, and the prices of upstream raw materials fluctuate sharply.