Changchun High-tech (000661): Annual Report Performance Forecast Exceeds Expectations, Completes Restructuring, Improves Certainty

Changchun High-tech (000661): Annual Report Performance Forecast Exceeds Expectations, Completes Restructuring, Improves Certainty
Changchun High-tech’s preliminary results announcement is expected to achieve net profit attributable to mothers.10-18.12 trillion, with a median of 17.11 ‰, an increase of 60-80% in ten years, with a median value of 70%; referring to the pro forma statement, the number for the same period last year increased by 20.14-35.16%, median 27.65%. Among them, net profit attributable to mothers was achieved in the fourth quarter3.70-5.71 ppm, median 4.700,000 yuan, an increase of 120 in ten years.32-240.24%, the median 180% of the operating analysis company’s performance achieved unexpected growth, we noticed that the number of pro forma in 2018 is this consolidated Jinsai Pharmaceutical 99.5% equity, and the company’s net profit attributable to the mother in 2019 will only be consolidated from November 99.5% net profit (consolidated 70% net profit from January to October).If this factor is restored, consider the audited net profit announced by Jinsai Pharmaceutical from January to October 2019 of approximately 16.1.5 billion, we estimate that Jinsai Pharmaceutical’s real net profit growth in 2019 has a considerable probability of more than 60% -70%. The domestic growth hormone industry still maintains rapid growth of new problems. The company has now completed the issuance of shares and convertible bonds to purchase the equity of Jinsai Pharmaceutical and raise supporting funds. While increasing its performance, it will gradually stimulate the enthusiasm of Jinsai and promote the determination of future performanceSex.In the future, the development 佛山桑拿网 of new indications for growth hormone pediatrics and the advancement of adult indications will gradually increase the long-term market value of listed companies.  Profit adjustment and investment recommendations We consider the issue of shares and convertible bonds to purchase Jinsai Pharmaceutical’s equity and raise supporting funds to the company’s impact on the company’s performance and increase the performance. We are optimistic about the growth prospects of the growth hormone business, adjust the company’s profit forecast, and raise the 2019The profit forecast is 24%, the profit forecast for 2020 is increased by 47%, and the profit forecast for 2021 is increased by 45%. It is expected that the company’s net profit attributable to mothers in 2019-2021 will be 17 respectively.06, 26.73, 34.550,000 yuan, an increase of 70%, 57%, 29%. Maintain “Buy” rating.  Risk reminders: Jinsai Pharmaceutical’s performance commitment risks; changes in the growth hormone market structure and increased competition; medical insurance price reduction and cost control risks

Neusoft Group (600718): Software giant enters key transformation period and innovative business enters IP-based productization era

Neusoft Group (600718): Software giant enters key transformation period and innovative business enters IP-based productization era

Neusoft Group is currently in the transition period of its business development model, but its main business is developing steadily.

The company is moving to the key stage of IP-based and product-oriented transformation.The business that is closely integrated with the parent company’s government, automotive, medical, and social security businesses remains in the body, while new business plans such as medical devices, Internet hospitals, etc. are listed independently, butListed companies remain as their major shareholders or even the largest shareholders.

Neusoft Holdings is the company’s largest shareholder, and the cost of buying a listed company’s equity is about 18.

23 yuan, far higher than currently sustainable.

From the previous financing situation of the major innovative subsidiaries: 1)合肥夜网 the participants are well-known domestic industry giants; 2) the estimated level is constantly rising, and the value of shares held by listed companies is close to 5 billion;Support, increase investment in research and development and market development, etc., bring pressure on performance in the short term; 4) Through continuous financing and independent listing, Neusoft Group’s new business has obtained rapid development funds and employee incentives.

Using the segment estimation method, the traditional and innovative businesses are estimated separately. In general, Neusoft Group’s overall estimate is about 15.81 billion to 18.1 billion yuan.

Among them, the traditional business is estimated to be about 112-135 ppm, and Neusoft Group’s 2019 traditional business net profit is forecasted4.

7 billion, corresponding to 25-30 西安耍耍网 times PE.

Based on the latest historical financing value calculation, the five major innovative companies collectively estimate an overall value of $ 14.4 billion, of which Neusoft Medical is $ 4.7 billion, Neusoft Wanghai is 45 trillion, Xikang 27 trillion, Neusoft Ruichi is 13 trillion, and Rongsheng Property Insurance is 120,000.yuan.

According to Neusoft Group’s shareholding ratio, the overall innovation business is estimated to be about 4.6 billion yuan.

If some subsidiaries raise shares independently or refinance at a higher market value, the value of innovative subsidiaries is expected to increase significantly.

In summary, we believe that the current estimate level of Neusoft Group has room for fission earlier than the current price. We give a “recommended” rating and predict that the company’s net profit for 2019-2021 will be 1.

5.1 billion yuan, 2.

7.3 billion, 3.

900,000 yuan, the corresponding EPS is 0.

12 yuan, 0.

22 yuan, 0.

31 yuan.

The main catalyst in the future-the success of core innovation business subsidiaries such as Neusoft Medical’s IPO, or other subsidiaries ‘refinancing at a higher estimate than the current price, and some subsidiaries’ reduction or conversion of losses will have a positive impact on the company’s overall statement performance.

Risk reminders: The innovation business subsidiary continues to expand and increase the risk that affects the company’s performance; the risk that the innovation business subsidiary’s IPO or refinancing is not smooth; the impact of changes in the automotive industry boom on some of the company’s business.

HKUST News Flying (002230): Revenue growth of 45.41% growth in smart education and political and legal businesses

HKUST News Flying (002230): Revenue growth of 45.41% growth in smart education and political and legal businesses
The rapid growth of revenue, smart education and political and legal business growth bright company issued an announcement: (1) 2018 annual report: revenue 79.170,000 yuan, an increase of 45 in ten years.41%; net profit attributable to mother 5.42 ppm, an increase of 24 in ten years.71%.(2) First 返回码: 404 网站打不开?重查 quarter report of 2019: Revenue 19.580,000 yuan, an increase of 40 in ten years.11%; net profit attributable to mother 1.02 ppm, an increase of 24 in ten years.26%.The higher revenue growth in 2018 is due to the company’s business expansion and sales scale and the rapid growth of track business in various industries.Among them, smart political and legal business revenue10.36 ppm, an increase of 85 in ten years.96%; education products and services revenue 20.15 ppm, a 44-year increase of 44.93%; revenue from automotive business 2.67 ppm, a ten-year increase of 7.36%. R & D expenses have increased, expenses have increased significantly, and operating cash flow has increased. The company’s development of artificial intelligence strategies.0 Relevant areas have increased R & D investment. In 2018, R & D investment accounted for 22% of revenue.39%, up 1 every year.36%; the increase in staff size led to increased expenditures and expenses, of which sales expenses increased by 55.3%, management expenses increased by 63 in ten years.15%.Net cash flow from operating activities11.480,000 yuan, an increase of 216 in ten years.53%, the net absolute value reached the best level since listing. Education, politics and law, smart city expansion in multiple fields, the scale of landing applications continues to expand. The company continues to expand in education, politics and law, smart city and other fields.Among them, the “Internet + government” service in the field of smart cities has been used in nearly 30 places in 10 provinces across the country; the intelligent court trial system in the field of smart politics and law has appeared in the work report of the Supreme People’s Court, and has extended to the trial scene, covering 31 provinces and cities.Autonomous Region, 1,500 political and legal units; has covered more than 15,000 schools in 32 provincial administrative regions across the country, and more than 1,000 smart classroom businesses have been added. The open platform ecosystem continues to be rebuilt, and the launch and promotion of products and solutions drive business growth. The company is a pioneer and leader in artificial intelligence cloud services. Based on Xunfei’s AI core technology, the report can release iFLYOS and human-computer interaction interface AIUI3.0, AI service market; upgraded and released intelligent hardware solutions, integrated upstream and downstream industry chains, created an open and symbiotic ecological platform, and promoted the application of AI technology in the Internet of Things and smart home applications.As of the end of 2018, the platform has opened 171 AI capabilities and scenarios, and the number of developers has reached 920,000.With the continuous construction of the telecommunications fly open platform ecosystem, the continuous launch and upgrade of products and solutions promoted the growth of business in 2018. Investment suggestion The company’s platform business and track business in various industries continue to develop, optimistic about the future growth of the company’s business.It is estimated that the company’s net profit attributable to the parent in 2019-2021 will be 8 respectively.53, 13.45, 21.40,000 yuan, the corresponding EPS is 0.41, 0.64, 1.01 yuan.Maintain the “Recommended” level. Risk warning: business progress and performance are lower than expected, and industry competition is intensifying

Rongtai Health (603579) Research Briefing: Sharing business adjustments and optimization of high-end new products to promote gross profit improvement

Rongtai Health (603579) Research Briefing: Sharing business adjustments and optimization of high-end new products to promote gross profit improvement
Incident: Recently, we conducted an investigation and exchange on the company’s related situation.The company’s main brands are Rongtai brand and its holding subsidiary brand, Moda. In 2018, due to the increase in profits of shared massage chairs and the influence of major foreign customers, the company’s consolidated statement has a faster gross profit position.Shrinkage and layout optimization, we judge that the gross profit level has improved. Comments: In 2019, a number of high-end new products will be released and the rapid expansion of offline channels will be maintained.In March 2019, three flagship products of the capsule 3 series, Gemini and yoga chair were released. The new products are expected to drive the company’s revenue growth and gross profit improvement.The company’s current annual production capacity is about 400,000 units. At present, the production capacity is fully opened in the busy season, and most of its output has not yet reached the capacity limit.The company sells two-wheel drive online and offline, sells online through, Tmall flagship store, Mijia and other platforms, and sells online in the first three quarters of 2018.7.8 billion, accounting for about 10% of total revenue.The company’s offline channels mainly include direct-operated stores and franchise stores, and there are currently about 1,000 sales outlets.Rongtai will still maintain the number of approximately 200 new and reopened stores in 2019, and continue the previous incentive policy for subsidies for opening decoration costs, which is expected to drive the corresponding proportion of sales growth. Momo Da shared the contraction of the telescopic rhythm of the massage chair, focusing on the optimization of the layout.Momoda is a subsidiary within the company’s consolidated scope (70% holding), Momoda purchases products from the parent company Rongtai Health, and realizes sales revenue through shared massage chair business or direct sales of products.Shared massage chairs are laid out in two ways, merged, and are self-operating and resettled: Inserted through massage chairs purchased directly from Rongtai, usually settled by the income of the venue owner or fixed commission, shared massage chairsSome adopt self-employed layout, accounting for over 80%.In the meantime, Momoda developed franchisees: The franchisee purchased massage chairs from Momoda and merged them, Momoda included the technical service fee of the franchisee, and the franchise accounted for less than 20%; Momoda previously in the third quarter of 201878,000 shared massage chairs have been implanted. The revenue sources of “Momoda” include code scanning experience service income, sales of massage chair products, a small amount of advertising income, and technical service income.In the first three quarters of 2018, Momoda’s service revenue accounted for 17% of the company’s total revenue. The shared massage chair’s profitability was relatively good in 2016 and 2017. In 2018, the share of massage code scanning experience service revenue grew rapidly and gross profit declined.At present, it is able to maintain profitability. The competition of shared massage chairs has entered the stage of survival of the fittest. The company has begun to shrink and expand the speed since 2018, focusing on the strategy of the adjustment and optimization of existing outlets. This move will help the blockGross profit level improved. The further increase in domestic sales is expected to help improve earnings.At present, the company’s domestic and foreign revenue account for about 50% each. Domestically, it sells massage chairs through Rongtai and controls Momoda to promote the shared massage chair business. It is mainly sold through ODM abroad and is mainly exported to South Korea, the 南京夜网 United States, Europe, and Southeast Asia.The customer is South Korean bodyfriend. From January to September 2018, this customer accounted for about 31% of the company’s total revenue. The company supplied the bodyfriend customer through ODM. The decrease in the number of bodyfriend orders in 2018 has a certain impact on the company’s revenue.restore.From 2015 to 2017, China’s revenue share was 28.35%, 30.9%, 49.01%, the promotion of domestic consumption level and residents’ attention to health issues, the proportion of domestic income gradually increased and further increased. Investment suggestion: No rating for now.Exploring fixed asset investment in shared massage chair business for three years from 2016 to 20181.7ppm-2.1 trillion US dollars, the profitability of the shared massage chair business has declined since 2018, affecting the company’s profit growth rate and gross profit level. The company has begun to shrink from 2018. Through adjustment and optimization of outlets, the shared massage chair business may improve slightly this yearAt the same time, it is expected that the sales of products will grow steadily. Risk reminder: The popularity of shared massage chairs declines; individual overseas customers rely on constraints.

DragonSoft Technology (A19063): High-growth safety production informatization comprehensive service provider

DragonSoft Technology (A19063): High-growth safety production informatization comprehensive service provider
Company profile The company was formerly known as Beijing Longsoft Technology Development Co., Ltd. It was established by Mao Shanjun, Mao Yunde, Li Shangrong, Lei Xiaoping in 2002.In October, the whole change was established as a joint stock limited company.In December 2015, the shares of DragonSoft Technology were listed for public transfer in the national stock transfer system.During the period, the company completed a fixed increase. After the completion of the issuance, the share capital of Longsoft Technology increased to 53.06 million shares and the registered capital increased to 53.06 million yuan.  The company’s main business is based on a self-developed professional geographic information system platform. It uses the Internet of Things, big data, cloud computing and other technologies to provide industrial application software and overall business process information solutions for the safe production and intelligent mining of the coal industry.Solution; provide government emergency and safety supervision departments, scientific research institutes, safety production service agencies, industrial parks, and enterprises in high-risk industries with smart emergency response and smart safety supervision solutions that are deeply integrated with modern information technology and safety production.  Product Architecture The company’s main business is based on a self-developed professional geographic information system platform. It uses the Internet of Things, big data, cloud computing and other technologies to provide industrial application software and full business process informationization for the safe production and intelligent mining of the coal industry.Solution; Provide government emergency and safety supervision departments, scientific research institutes, safety production service agencies, industrial parks, and enterprises in high-risk industries with smart information emergency and intelligent safety supervision integrated solutions that are deeply integrated with modern production technology.  The company has formed four core product lines including Chang Ruan GIS software, intelligent mining industrial software, intelligent safety supervision emergency rescue system, and virtual simulation system through the platformization of technical capabilities, productization of platform capabilities, and marketization of product capabilities.At the same time, the company standardizes and transforms core products and services, and conducts customized development according to customer needs, helping enterprise customers realize informatization according to their own needs.  The main products include LongRuan GIS, LongRuan GIS “one picture”, LongRuan security cloud three basic technology platforms and a series of professional application software developed on the basis of them.  Smart Security Monitoring Solution (Case) Safe Production Supervision Information Cloud Platform (referred to as “Safety Cloud”): For emergency management departments, coal mine safety supervision agencies, relevant members of the Safety Commission, high-risk industry enterprises, intermediary service agencies, societyThe 6 types of users, including the public, provide information services to realize “safety production information, traceable sources, traceable responsibilities, and regular patterns” to provide information-based support for the fundamental improvement in the state of production safety.One of the typical representatives of the company’s “safe cloud” products is the “safe cloud” project in Guizhou provinces, cities, and counties in which the company participates in the construction.  Emergency rescue command platform: Based on a two-dimensional and three-dimensional integrated GIS platform, it integrates command and dispatch, disaster demonstration, prediction and forecast, rapid response, recovery and reconstruction, emergency support and supervision and management in one emergency rescue command platform. At the same time, the system integrates information management andThe GIS platform is combined to realize the digitalization, process, automation, integration, and visualization of emergency rescue management, to visualize the emergency escape routes for personnel, to visually display the distribution of emergency resources and to generate resource deployment routes.  The main business development of the company The main business of the company includes LongRuan GIS software sales, professional application software development based on LongRuan GIS, based on technical services, system integration four major categories.  The company has formed four core product lines including Chang Ruan GIS software, intelligent mining industrial software, intelligent safety supervision and emergency rescue system, and virtual simulation system through its strong technical productization and commercialization transformation capabilities, which can be used by large and medium-sized coal mine enterprises and other energy sources.Enterprises, governments, educational institutions and other customers provide comprehensive and personalized overall informationization solutions featuring spatial information management.At the same time, the company standardizes and transforms core products and services, and conducts customized development according to customer needs, helping enterprise customers realize informatization according to their needs.  The number of financial data reports, the company’s operating income, main business income, gross profit, and net profit attributable to mothers continued to grow.Operating income increased from 10,000 yuan in 2016 to 12,547 in 2018.740,000 yuan, the composite strength reached 25.76%; net profit attributable to owners of the parent company was 302 in 2016.10,000 yuan increased to 3,114 in 2018.730,000 yuan, the composite strength reached 221.14%.  The main achievements of the reported company’s continuous increase in operating income and net profit are: (1) Profit model transformed by R & D innovation-driven achievements: The company’s professional solutions for report research and development have been obtained in many industries and fields such as the coal industry, government security supervision, and so on.It has been promoted and applied, which can directly meet the needs of industry customers, develop results and further improve its business transformation capabilities; (2) the company has the ability to cover the entire business with overall solutions, which can effectively meet the customers’ deep integration of “two industrializations”,The demand for safe and efficient production space information processing of coal mines in the context of national strategies such as “smart mining”.  According to the number of financial data reports, the company’s main business gross profit was 4,752.650,000 yuan, 5,671.520,000 yuan and 6,701.570,000 yuan.In 2017 and the year, they increased by 19 compared with the previous year.33%, 18.16%.The report summarizes that the reasons for changes in the company’s comprehensive gross profit margin are: (1) The comprehensive gross profit mainly changes the main business income, the company’s professional application software development based on LongRuan GIS, LongRuan GIS software, technology-based services and system integration between the four types of businessThere are certain differences in the gross profit margin of the company, so the changes in the company’s comprehensive gross profit margin will be affected by changes in the income structure of these four types of business between years; (2) Changes in the gross profit margin of different business categories will also cause changes in the company’s comprehensive gross profit margin.  In 2016, 2017 and 2018, the company’s sales expenses amounted to 858, respectively.500,000 yuan, 1,067.10,000 yuan and 1,177.430,000 yuan, the amount of management expenses was 1,122.180,000 yuan, 1,197.250,000 yuan and 1,163.910,000 yuan, the expense ratio is basically the same as listed companies in the industry.R & D expenses were 1,009.210,000 yuan, 1,048.430,000 yuan and 1,158.510,000 yuan, accounting for 9% of operating income.77% and above 9.23%, a high proportion, in line with industry characteristics.The company’s financial costs are 65.750,000 yuan, 122.140,000 yuan and 10,000 yuan, accounting for 0% of operating income.83%, 1.14% and 1.01%.  Basic information on the issuance of the IPO shares The proposed issuance of the shares does not exceed 1,769.One million shares at a par value of RMB 1 each, which does not exceed 25% of the total share capital after issuance. This issuance is all new shares, and the original shareholders do not issue shares publicly.If the stock issuance is successful, the funds raised will be mainly used to invest in the following projects: (1) Mine safety production big data cloud service platform project: an enterprise-wide safety production informationization overall solution based on the cloud service model will be available to different types, Mining industry users at different levels quickly provide standardized safety production management cloud rental services and personalized customization services.  (2) The development of a smart mine IoT management and control platform project based on “Chang Ruan GIS”: By integrating “Chang Ruan GIS” and mine IoT technology, the key issues of informationization of intelligent safety production management and control and intelligent mining are 佛山桑拿网 solved.  (3) Integrated emergency rescue command and escape guidance system and equipment based on spatio-temporal intelligence: for underground space, with intelligent emergency rescue command demonstration system as the core, combined with GIS, spatio-temporal risk prediction, risk analysis, method support, emergency planThe project is aimed at emergency emergencies, providing auxiliary decision-making for governments, coal mines, and enterprises in the hazardous chemical industry, and emergency command provides related information support based on spatial information.  (4) Supplementary working capital: to meet the company’s daily operation needs.  Status of the coal industry informatization industry Industrial software, as an important component of the software industry and a core support for intelligent manufacturing, has been transformed into the continuous deepening of 南宁桑拿 “software definition” and the in-depth implementation of “Made in China”. Industrial software ushers in an important window of development.With the continuous promulgation of policies related to industrial software and the continuous release of policy dividends, the environment for industrial software development will continue to be optimized.  Since 2011, the global industrial software market has grown at an annual rate of about 6%. In 2016, the global industrial software market reached US $ 353.1 billion, an increase.4%.In 2017, the annual industrial software market size exceeded 140 billion US dollars, with an annual increase of 11.94%.The demand for industrial software and information services will continue to increase, and the industrial software market size is expected to reach US $ 222.2 billion by 2021. The development trend of the coal industry informatization industry, the proportion of software spending in the total informatization expenditure will gradually increase: the existing gap in the proportion of hardware spending in the informationization of the coal industry, according to other industries with a higher level of informatization and accumulated experience,With the improvement of information technology, the proportion of software and services in IT investment will continue to increase. Big data, cloud services, and other new generations of information technology and GIS platforms are deeply integrated. The application of integrated platforms will gradually become a major trend in the development of informatization in the coal industry: through geographic information systems, the geographic information of underground coal mines and traditional MIS will be a major danger.Source prediction and early warning integrated system, comprehensive coal mine construction, intelligent mine is a long-term strategy for the development of the coal industry: intelligent mines are based on the latest cloud computing, big data, 3DGIS, TGIS, virtual mines, expert systems and dynamic decision-making technologies to achieve intelligent mine production processesA complete set of solutions for chemical management.  Competitive landscape of the coal industry informatization industry The company’s industry has basically formed a market-based competitive landscape. Enterprises within the industry operate independently in the face of the market, and the government’s constituent departments manage it according to law.  The company’s main business is to provide safe production management and intelligent mining for coal’s main resource mining industry.Major companies in the industry include: Shandong Blu-ray Software Co., Ltd., Xi’an Jiling Information Technology Co., Ltd., Beijing Ruicheng Times Information Technology Co., Ltd., and Elite Digital Technology Co., Ltd. (832585.OC) The company ‘s market area is in the research and development and application of key technologies for coal mining safety production space information processing for intelligent mining. The company is located at the leading position in the industry. The company has gradually developed into an industry-wide integrated management of coal safety production and intelligent mining information management.Solutions for mainstream high-tech companies.The company has a deep industry background in the field of coal mine spatial information processing, technology maturity, R & D commercialization and market share, and has a high market recognition.  The company’s self-developed series of GIS software for coal mines effectively meets the comprehensive needs of informatization under complex geological conditions in coal mines, and has long been a leader in the industry.At present, 82 mining groups or companies and their subordinate units use the company’s software products; according to the “Top 50 Chinese Coal Enterprises in 2018” announced by the China Coal Industry Association, 40 large coal groups use the company’s products.Since its establishment, more than 1,400 coal mining units and research institutes have gradually used the company’s LongRuan GIS platform and geodetic space management system software products.  According to the statistics of the number of winners of the Science and Technology Awards announced by the China Coal Industry Association since 2011, the company is in the top ten, and is the only company whose main business is software, and its scientific and technological achievements have been commercialized.Coal Industry Group.  The company’s main customers The company’s main customers have conventional large and medium-sized enterprises with good credit.The company’s total sales revenue from the top five customers in 2016, 2017 and 2018 accounted for 71 of the current operating revenue respectively.47%, 70.10% and 57.82%.The company’s customer concentration is high, but the overall trend is declining.  The reason why Yangmei Group is the largest customer of the report and its relatively high proportion is that in 2016, the scale of Yangmei Group was undertaken by the company to undertake the development and construction of a safety production operation management platform project based on “one picture”.This project is the first integrated project based on “one picture” of the tungsten carbide industry, and it is the first attempt to realize the integrated management of safety production of the entire group (production mines + main management premises of the group).  The company’s development strategy Longsoft Technology will continue to uphold the “responsibility” corporate culture and the concept of independent core technology research and development, and strive to become an international first-class resource development industrial software development and service provider with independent intellectual property rights, providing basic technical support for the construction of smart mines, To achieve the strategic development goals of promoting safe production management and intelligent mining information in the entire coal industry. In the non-coal sector, in-depth analysis and sublimation of the coal industry integration and public safety informationization management experience accumulated over the years, customer-oriented, based on Chang Ruan GIS + Internet + Big Data + Artificial IntelligenceSafety supervision and emergency rescue provide professional solutions that can meet their deep needs.Make Longsoft Technology become a comprehensive production service operator of safety informatization featuring safety guarantee.  Innovation plan: Take this investment project as an opportunity to further enhance technology and market leading advantages.This fundraising project is based on the national energy strategy and the company’s core technology reserves for many years. It is determined based on a comprehensive understanding of market user application feedback and fully tapping the depth of user needs. Therefore, the research and development direction and application direction of this projectMore in line with market needs, it is both innovative and of higher commercial promotion value.

Potential influx of more than $ 500 billion drives A-shares from retail to institutional markets

Potential influx of more than $ 500 billion drives A-shares from retail to institutional markets

The economic reference newspaper has a potential inflow of more than 5,000 trillion U.S. dollars. A-shares have shifted from “retail markets” to “institutional markets.” More than 5,000 trillion U.S. dollars can increase inflows, and the market value of positions has reached 1.

The 68 trillion yuan foreign inflow accelerated, driving A-shares from a “retail market” to an “institutional city” and the continuous introduction of Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, and Shanghai-London Stock Connect.Shi Russell and other important 四川耍耍网 international indexes, the degree of openness and internationalization of China’s capital market have continued to increase.

In fact, global capital is also constantly increasing the allocation of the A-share market, gradually becoming an important participating force in the A-share market, and its investment style is also affecting the A-share market.

From the perspective of investor structure and market style, institutional investors are playing an increasingly important role in the stock market, and market transactions have gradually matured.

  Capital market continues to intensify two-way opening On June 25, the Shanghai Stock Exchange and the Japan Exchange Group respectively opened the opening ceremony of antique China-Japan ETFs. Four China-Japan ETF interoperable products were successfully listed on the Shanghai 厦门夜网 Stock Exchange.A new breakthrough in increasing two-way opening.

  On June 21, the launch of the A-share split FTSE Russell Global Index was antiqued on the Shenzhen Stock Exchange. FTSE Russell announced that it would become an A-share replacement for its global stock index system.

According to the plan, the A-share “into the rich” is divided into three steps.

June 21 this year is the starting point. A shares will realize the first swap of their index system, divided by 20%, divided by 40% in September 2019, and divided by 40% in March 2020, covering large, medium and small.stock.

From the point of view of the starting point, to the end of the first phase of replenishment in March next year, Chinese A shares accounted for 5 in the FTSE Russell Emerging Market Index.

5%, accounting for 0% of the FTSE Russell Global Market Index.


  On June 17, the China Securities Regulatory Commission and the Financial Conduct Authority issued the Shanghai-London Stock Exchange Joint Announcement, which approved in principle the Shanghai Stock Exchange and the London Stock Exchange to conduct interconnected depositary receipt business (hereinafter referred to as the Shanghai-London Stock Connect);The “Memorandum of Understanding on Supervision and Cooperation of the Shanghai-London Market Interconnection Mechanism” was officially launched, and the Shanghai-London Stock Exchange will officially launch its cooperation on cross-border securities regulatory enforcement.

The “Joint Announcement” clearly states that in the initial stage, scale management of cross-border funds of Shanghai-London Stock Connect was implemented; of which, the total volume of eastbound business was 250 billion yuan and the scale of westbound business was 300 billion yuan.

  On May 14, MSCI (Ming Sheng Company) announced that it would increase the Chinese market A-share segmentation factor from 5% to 10%.

Simply put, dividing 26 Chinese A shares by the MSCI China Index included the total number of shares to 264.

Of the newly divided 26 stocks, 18 are GEM stocks.

After two times, Chinese A shares accounted for 5 in the MSCI China Index and the MSCI Emerging Markets Index respectively.

25% and 1.


In addition, according to the gradually announced schedule, in August and November this year, MSCI carried out two weight enhancements, eventually raising all China’s large-cap A-share replacement factors to 20%, and at the same time raising China’s mid-cap A-shares (including eligible conditions)GEM stocks) divided by the 20% exclusion factor by the MSCI index.

  Statistics show that since 2019, the Shanghai Stock Connect and Shenzhen Stock Connect under the interconnection mechanism have entered the fast-moving A-share market.

As of June 25 this year, the Shanghai Stock Connect had a total net inflow of funds 531.

There was 5.6 billion yuan in net inflows from Shenzhen Stock Exchange to 438.

8.7 billion, a total of 970.

4.2 billion yuan.

Calculated since the opening, the net inflow of funds from the Shanghai Stock Connect and the Shenzhen Stock Connect has reached 4298 respectively.

3.3 billion and 3089.

4.3 billion yuan.

  In terms of QFII and RQFII, as of now, there are 319, 255 foreign institutions have obtained QFII, RQFII qualifications, and QFII and RQFII investment quotas have reached 1057 respectively.

$ 9.6 billion, 6773.

RMB 2.2 billion.

The relevant person in charge of the Securities and Futures Commission said that the Securities and Futures Commission is in the process of revising.
Convenient and controllable qualified foreign institutional investor system.

  During the year, the implementation of the incremental funding of the A-share market will reach 500 billion U.S. dollars, and the implementation of the interconnection mechanism will be divided into important international indexes. The most direct and direct impact on the A-share market is the large amount of “living water”-incremental fundsInflux.

  Guojin Securities pointed out that the incremental funds brought by MSCI in 2019 were about 455 billion yuan, which was 3 in 2018.

84 times, the active funding is tight and the layout is early.

According to estimates, in accordance with the A share divided by ratio increase plan, in terms of Renminbi, the proportion of A-share large-cap stocks may be increased to 10% in May, and the GEM large-cap stocks will be replaced at the same time, with incremental funds of approximately 1281 trillion;To 15%, the incremental capital is about 119.9 billion US dollars; in November, the large-cap stocks exceeded the ratio to 20%, while the mid-cap stocks were divided, the incremental capital was about 207 billion yuan.

The incremental funds brought by the completion of the three steps totaled US $ 455 billion, of which approximately 20% were passive funds, amounting to US $ 91 billion, and active funds were approximately 364 billion.
CITIC’s calculations may also be close: It is estimated that the expansion of MSCI will bring incremental capital investment 172 in June and August.
700 million US dollars (about RMB 1156.
100 million yuan), which will bring incremental funding of 308. in November
800 million US dollars (approximately RMB 2067.
(100 million yuan), bringing a total of 654.
200 million US dollars (about RMB 4379.
300 million).
  JP Morgan Chase predicts that after 100% of A shares are included in MSCI, it is expected to trigger a total of $ 76 billion in passive capital inflows.
At that time, China A shares are expected to account for 38% in the MSCI China Index, MSCI Emerging Markets Index and MSCI Asia Pacific (except Japan) Index.
6%, 16.
2% and 15.
9%; China will account for nearly 42% of the MSCI Emerging Markets Index overall.
  FTSE Russell is the second major global stock index company to include Chinese A shares in its index system after MSCI.
FTSE Russell is a wholly-owned company under the London Stock Exchange. The FTSE Global Stock Index System is the flagship index system of the FTSE Russell Index.
By the end of 2017, there were about 16.
The USD 2 trillion fund is allocated with the FTSE Index as the benchmark. The FTSE Russell Global and Emerging Markets Index covers approximately 1.
$ 5 trillion in funding.
China National Securities Research pointed out that the passive incremental funds brought about by the first step of the “share of wealth” of A shares in June were about 2 billion US dollars.
According to FTSE Russell official data, after the completion of the three-step inclusion of the first phase of A shares, the weight of the FTSE Emerging Index will reach 5.
5%, bringing in passive incremental funds of $ 10 billion.
  CITIC Securities estimates that the total net inflow of incremental funds in the A-share market in 2019 will be approximately 895.2 billion yuan, of which from the second quarter to the end of the year, it is expected that foreign capital will be the absolute bulk of incremental capital and is expected to reach 524.1 billion yuan.The inflow rhythm and configuration style will have a decisive effect on the market during the year.
Dongxing Securities estimates that the experience of Taiwan and South Korea shows that after the inclusion of MSCI, it will bring about an increase of about 15% of foreign shareholding in 10 years. If the total market value of A shares is 80 trillion in 10 years and the next 10 years,Proportion of foreign investment increased 7.
5%, it will bring about 6 trillion yuan in foreign investment.
  Institutional investors may become the market leader and the continuous influx of global capital is causing major changes in the investor structure of the A-share market. It is time to say goodbye to the “retail market” and institutional investors dominate the A-share market.
  National Gold Securities research shows that as of the end of the first quarter of 2019, public funds (including public funds and special fund accounts) held a total market value of A shares 1.
95 trillion yuan, accounting for 3.7% of the total market value of A shares
19%, accounting for 4.
The total market value of foreign shares is 1.
68 trillion yuan, an increase of 0 compared to the end of 2018
53 trillion yuan, holding a share of 2.
76%; under the market capitalization of circulation, the value of stocks held by foreign institutions in the first quarter of 2019 reached 1.
62 trillion yuan, holding a share of 3.
6%, of which QFII & RQFII holds 0.
59 trillion yuan, shares held by China Stock Connect 1.
03 trillion yuan.
The total market value of A shares held by insurance funds in the first quarter 2.
11 trillion yuan, accounting for 3.
46%, holding A shares in circulation 1.
58 trillion yuan, accounting for 3.5%.
  Therefore, from the perspective of the proportion of market capitalization in circulation, foreign countries have exceeded insurance funds and become the second largest institutional investor in the A-share market, and their pricing power is rapidly increasing.

From the perspective of the proportion of stock market value held by professional institutional investors in the entire market, as of the end of the first quarter of 2019, the proportion of major institutional investors, including public funds, foreign exchange, and insurance funds, has also steadily increased.

  Dong Dengxin, director of the Institute of Finance and Securities of Wuhan University of Science and Technology, said that the A-share market has been a typical “retail market” in the past.

The main characteristics of “retail markets” are short-term speculation and short-term speculation. They are more inclined to chase up and down, and chase short-term yields.

Institutional cities play a game among institutions. Institutions have capital advantages, expert advantages, information advantages, and institutions have alternative pricing and pricing rights. Most of them advocate value investment and long-term investment. Therefore, a strong group of institutional investorsIt is a stabilizer or ballast stone for market operation.

  From the experience of other markets, the gradual increase in the proportion of foreign exchange holdings will also form a “replacement” effect on retail transactions.

Fortune Securities research shows that in the early 1990s, retail transactions in South Korea and China’s Taiwan stock market accounted for more than 80% of the total, and a downward trend emerged after the full opening of the securities market in the 2000s.

After the proportion of individual investor transactions in the two places dropped to about 50%, they remained relatively stable.

With the decline in the proportion of individual investor transactions, the trading style of individual investors in the two places has also changed, and the turnover rate has dropped from more than 200% in the early 2000s to less than 100%.

An individual investor gradually recognized the investment philosophy of the institution under the education of the market, and had more long-term holdings, most of which were short- and medium-term transactions.

At the same time, the trading volume structure of the securities markets of Japan, South Korea, and China Taiwan has a common feature, that is, the decline in the proportion of individual investor transactions is accompanied by the rise in the proportion of emerging transactions.

  The market estimates that differentiated investment styles are changing. Foreign countries continue to allocate A shares on a large scale, which not only changes the structure of market investors, but also profoundly affects the investment style of market participation.

  Anxin Securities pointed out that from the perspective of position characteristics, the biggest difference between overseas institutions investing in A shares through QFII and China Stock Connect is that QFII’s positions are highly concentrated and the financial proportion is extremely high; China-Hong Kong Stock Connect is scattered.

The biggest similarity lies in the fixed holders of A-shares’ core assets represented by the CSI 300 Index.

The QFII heavy storage industry has a concentrated configuration, of which financial stocks account for a very high proportion; the China Stock Connect holdings industry is scattered, with the exception of food and beverage, most industries account for less than 10%.

In terms of investment style, QFII and China Stock Connect have always preferred low price-earnings ratio companies (0-20 times) and are often stable; in terms of performance representativeness, QFII fluctuates between 10% and 20% of ROE, while China Stock Connect is more distributed.Between 5% -10% and 10% -20%.

With the A-shares overall index, QFII and China Stock Connect are more cautious about companies with strong profitability.

  Dongxing Securities research shows that the capital of the Beijing under the interconnection mechanism is mainly invested in food, beverages and tobacco, durable consumer goods and clothing, and banking, insurance, diversified finance and other financial industries.

From the international experience, foreign countries like to invest in local advantageous industries.

During the opening phase of the South Korean capital market, industries such as electronic equipment and chemicals were more popular with foreign countries, while in Taiwan, China, they became food and semiconductor industries.

From the data point of view, the current food and beverage industries account for more than 20% of the rich A-shares, and the consumer durables (mainly household appliances, etc.) and the apparel industry also account for more than 10%.Advantage.

In addition, industries such as banking and non-bank finance are also very popular in foreign countries.

The specific configuration is mainly the leading enterprises in various industries.

  Foreign investment styles are also affecting the behavior of other participants in the A-share market.

Statistics show that since 2017, the A-share market has seen significant differentiation characteristics. Undervalued and profitable companies have performed significantly better than small and medium-sized startups.

Since 2017, the SSE 50 Index representing Dabaima has gradually increased by 27.

25%, Shanghai and Shenzhen 300 gradually increased by 14.

84% in the same period, the CSI 500 index has gradually decreased by 20.

57%, the GEM index has gradually decreased23.


From the perspective of industry differentiation, as of June 25, of the 28 Shenwan first-level industries, the best performing this year is the food and beverage industry, which has gradually increased by 58.


From the perspective of individual stocks, while the market value of some leading enterprises has continued to increase, until the close of June 25, the Shanghai and Shenzhen stock markets with a market capitalization of less than 3 billion have reached 918 stocks.

  Some people believe that the scale of funds managed by foreign-funded institutions is relatively large, and the sources of funds are relatively stable. Internally, a strict set of investment and research processes, post-investment management, operations, and risk control systems are often used, which also determines that their investment style is more robust and more stable.Pay attention to medium and long-term fundamentals and estimates.

Therefore, it is generally expected that high-quality leading companies with large market capitalization, underestimation and high profitability, especially leading food stocks with stable cash flow and high dividends, are in food and beverages, home appliances, medicines.

Li Xunlei, chief economist of China and Thailand Securities, pointed out that the industry concentration has increased the estimated size of the leading companies.

In general, the adjustment of the estimation structure of the stock market has started since 2016, but overall, the overall estimated level of the companies on the right is still low, and the estimated level of small and medium-sized companies is still high.

Therefore, in the context of the internationalization of the capital market, the structural adjustment of the estimation system has transformed the trend of differentiation and deepened.

  Chuancai Securities pointed out that emerging market experience shows that increasing the MSCI ratio in the short term can lead to passive allocation of capital requirements, increase long-term linkage with the global market, decrease in change rate and turnover rate, and change in investor structure and investment style.
As overseas institutional investors pay more attention to value investment and long-term investment in their investment strategies, they may gradually influence the investment style and return to fundamentals and value investment.

Beijing New Building Materials (000786): Sales pressure and US lawsuit dragged performance, gypsum board profitability remained stable

Beijing New Building Materials (000786): Sales pressure and US lawsuit dragged performance, gypsum board profitability remained stable

Matters: The company released its 2018 annual report, reporting a series of 125 realized operating income.

6.5 billion, an annual increase of 12.

55%, net profit attributable to mother 24.

6.6 billion, an annual increase of 5.

20%, basic income 1.

46 yuan / share, an annual increase of 5.


In addition, the company intends to send 4 out of 10.

6 yuan (including tax).

Ping An’s perspective: The average price of gypsum board reached a new high in 18 years, and the sales growth has changed significantly. Since 2018, the company’s single-quarter operating income growth rate has continued to decline, and its 1Q18-4Q18 revenue growth rates have been +40.

4% / + 25.

5% /-0.

6% /-0.


Benefiting from the improvement of pricing power of the company, the average price of gypsum board sales of the combined company was reported to reach a new high, reaching 5.

85 yuan / square meter, YoY + 7.


In terms of sales volume, affected by the drop in domestic gypsum board demand and the increase in supply caused by the relaxation of environmental protection margins, the company sold gypsum board in 2018.

6.9 billion square meters, YoY + 2.


Looking at the single quarter, the company’s sales growth rate from 1Q18 to 4Q18 was +5.

2% /-0.

9% /-11.

8% / + 28.

0%, 4Q18 demand marginal improvement.

U.S. lawsuits drag down performance, and gypsum board profitability remains stable: In 2018, affected by the U.S. gypsum board lawsuit, the company incurred non-operating expenses.

6.8 billion (YoY + 105%), dragging down the company’s performance (if the impact of the US lawsuit is excluded, the long-term attributable net profit growth rate is 10.


The company’s gypsum board’s profitability remained stable, and the number of reports: the company’s gypsum board’s unilateral gross profit was 2.

18 yuan / square meter, YoY + 2.

9%; comprehensive gross profit margin is 35.

3% (-1.

9pct), of which the gross profit margin of gypsum board is 37.

3% (-1.

8pct); net interest rate is 19.

6% (-1.

4pct), excluding the impact of US lawsuits, the net margin will reach 21.

7% (+0.7pct).

The company’s gypsum board production capacity has been steadily expanding, and the overall leadership has been unshakable: Since 2018, the company has actively promoted industry integration through endogenous extension and other methods to expand its own production capacity. By the end 北京夜网 of 2018, the company’s production capacity had reached 24.

700 million square meters, a year-on-year increase of +13.

2%, covering half of the industry.

In addition, the company intends to invest 13.

The US $ 5.6 billion construction of a 40-inch protective face paper production line will help the company increase the self-sufficiency rate of protective face paper, reduce the company’s gypsum board manufacturing costs, and help the company improve its performance.

With the company’s 3 billion square meter capacity planning and the steady progress of the facial paper production line, there will be no shake above the company’s leader.

Profit forecast and investment recommendations: The company’s internal extension and promotion will continue to expand the production capacity of gypsum board, and the layout of the 杭州桑拿 production line of facial paper will drive the company’s gypsum board manufacturing costs to continue to decrease, and there will be no shake above the leader in the future.

Affected by the growth of real estate sales and the relaxation of environmental protection margins, we have lowered our profit forecast and expect the company’s EPS for 2019-2021 to be 1.

71 yuan, 1.

88 yuan and 2.

02 yuan (the original 2019-2020 predictor 2).

04 yuan, 2.

27 yuan), corresponding to the current PE is 11.

8 times, 10.

7 times and 10.

0 times, maintaining the “recommended” level.

Risk reminders: 1) Less than expected restoration of real estate completion leads to sluggish gypsum board demand: Since 2018, the continued negative growth in the area of domestic housing completion has led to continued weakening of gypsum board. If the growth rate of domestic completed area of housing in 2019 is less than expected, the gypsum board recovery rate will cause a gypsumThe continued sluggish demand for boards affects the company’s performance; 2) The implementation of environmental protection policies has fallen short of expectations and the price of gypsum boards has fallen: Since 2018, the downward pressure on the domestic economy has increased, and the implementation of environmental protection policies has marginal mitigation measures.Small gypsum board factories can resume production one after another, causing the price of gypsum boards to fall; 3) The increase in the price of raw materials has gradually reduced the company’s profitability: the cost structure of gypsum boards is desulfurized gypsum, and paper and fuel (coal or natural gas) account for a relatively high proportion.If the price of raw materials increases in the future, the company’s cost pressure cannot be reduced downstream in a timely manner, which will lead to a reduction in the company’s profitability.

Huaxin Cement (600801): Elasticity is still abundant in cash to accelerate expansion

Huaxin Cement (600801): Elasticity is still abundant in cash to accelerate expansion

Core point: Performance elasticity is still high at a high base.

The company’s revenue for the first three quarters of 2019 was 224.

700 million, previously + 18%; attributable net profit of 48.

4 ‰, ten years + 42%; non-net profit deduction of 48 ‰, ten years +42.


Single third quarter revenue of 80.

800 million, previously + 13%; attributable net profit of 16.

800 million, 25 per year.

2%; deduct non-net profit 16.

700 million, previously + 26%.

Both volume and price rose, temporarily improving significantly.

We estimate that the company’s comprehensive sales of cement and clinker in the first three quarters were approximately zero.

5.6 billion tons, an annual increase of nearly 10%, higher than the national cement output growth rate6.


Among them, the sales volume in the third and third quarters increased by about 8% each year.

Mainly benefiting from the company’s core market, Hubei, the demand in Yunnan achieved rapid growth (according to the Statistics Bureau, the cement output in Hubei Province increased by +7 from January to September.

7% in Yunnan Province +9.


We estimate that the company’s ton revenue in the first three quarters exceeded 400 yuan, + 7% in the past, and the gross profit per ton was close to 170 yuan, + 14% in the past.

From the perspective of the third and third quarters, the revenue per ton exceeds 400 yuan, ten years + 5%, -1% month-on-month, and the gross profit per ton exceeds 160 yuan, one year + 7%, -14% month-on-month.

On the whole, the operating data in the third quarter has improved 武汉夜网论坛 significantly and decreased month-on-month. We believe that it is mainly due to a series of factors.

Capital expenditure has accelerated, and we are actively expanding overseas and along the industrial chain.

As of the end of the third quarter of 2019, the company is under construction35.

900 million, an increase of 171% over the end of 2018, accounting for 23% of fixed assets.

2%, mainly due to the increase in cement, aggregate and environmental protection projects.

The company’s capital expenditure in the first three quarters was 26.

USD 800 million, an annual increase of 89%, and capital expenditure in the third quarter alone was 10.

60,000 yuan (only 4 in the third quarter of last year.

700 million).

According to the company’s 19-year report, in the first half of the year, the company has increased 450 tons of aggregate production capacity, 134 tons of environmentally friendly disposal capacity and 5 special mortar projects.

According to the company’s interim report, there will also be 1,200 scheme aggregate capacity planning in the project in 2019).

Resistivity has fallen further and has become a “cash cow.”

The company’s financial expenses in the first three quarters of 20191.

9 ‰, a decrease of 46% during one year, of which Q3 short-term borrowings decreased by 1 compared with Q2.

9 ‰ to 2.

5 trillion, non-current debt due within one year decreased by 2 trillion to 18 trillion compared with Q2.

At the end of Q3, the company’s asset-liability ratio was 38.

7%, compared with the end of the second quarter doped 1.
1pct, down 6 from the end of last year.


Net operating cash flow in the first three quarters was 70.

5 ppm, an increase of 37% in one year, while capital expenditure is only 26.

800 million.

Investment suggestion: Maintain “Buy” rating.

It is expected that the domestic cement industry will continue to operate at a high level. The company is a cement leader in the two lakes and southwest markets (Yunnan, Tibet, Sichuan). Demand in the main market will remain strong. Aggregate and overseas business will remain profitable growth points.

The company’s EPS is expected to reach 3 in 2019-2021.



50 yuan, the corresponding PE according to the latest closing price is 6 respectively.



0 times, PB is 2.



5 times, we maintain a reasonable value of 23.

The judgment of 98 yuan / share remains unchanged, corresponding to PE 7 in 2019.

4x, PB 2.

4x; Maintain “Buy” rating.

Risk warning: demand is severely deteriorating, the industry’s supplementary supply exceeds expectations, and collaborative shutdowns are broken.

Chinese Media (600373) 2019 Interim Review: COK Continues to Repurchase and Continues Repurchase Shows Confidence

Chinese Media (600373) 2019 Interim Review: COK Continues to Repurchase and Continues Repurchase Shows Confidence

Investment Highlights Event 1: Chinese media released the 2019 semi-annual report, and the company achieved revenue of 59 in the first half of the year.

43 ‰, a decrease of one year.

08%; net profit attributable to mother 8.

9.6 billion, a five-year growth of 5.

11%; realized non-net profit attributable to mother 8.

16 ppm, a 10-year increase3.


Q2 single quarter revenue decreased by 2 every year.

94%, net profit attributable to mothers is reduced by 0 every year.


Event 2: The subsidiary Zhixingxingtong achieved revenue 12 in the first half of 2019.

78 ppm, a reduction of 27 per year.

04%; net profit achieved 4.

0.7 billion, a decrease of 0 every year.


Net revenue maintained steady growth.

The company’s overall revenue has remained stable, and net profit attributable to mothers has increased, and Q2 in the single quarter is basically flat with the same period last year.

The decline in the R & D expense ratio led to an increase in net interest rate.

The company’s gross profit margin for the first half of the year was 34.

20%, ranking fell 2 in the same period last year.

73pct, selling expense ratio 5.

03%, a year-on-year decrease of 0%.

53 points, the overall performance is stable.

R & D costs have fallen by 40 per year.

43%, driving the company’s net profit ranking to rise to 0 last year.

89pct to 15.


The main business of publishing and distribution grew steadily, and the market addition was further consolidated.

The company’s traditional core publishing business achieved operating income14.

52 ppm, an increase of 10 in ten years.

79%; operating income was 19 in the issuance segment.

98 ppm, an increase of 14 years.


In the first half of the year, the company won 23 national honors in publishing.

The market books performed well. As of June 2019, the overall ranking of Chinese media in the country’s peers increased by 2 compared with the same period last year, ranking 5th in the country; in the publishing and distribution group of the top 30 cultural companies, the market share rankedfourth.

There are 89 types of books with sales of more than 50,000 volumes, an increase of 23 types each year; 37 types of books with sales of more than 100,000 volumes, an increase of 21 types each year.

The net profit margin of the game business increased, and the monthly average of COK recovered. The performance of Love and Producer was not bad.

In the case of revenue reduction of 27%, Zhixingtong’s performance was basically the same as that of the same period last year. The main expenditures were controlled and the net profit rate was increased.In the first half of the year, the net interest rate of Zhixingxingtong reached 31.

86%, an increase of 8.

6 points.

In the first half of the year, the company’s ace game COK averaged 1.

2.2 billion, of which Q2 single season 1.

23 ppm, an 杭州桑拿 increase of 0 from Q1.

98%, this is the first monthly increase of COK since 2016.

COK is expected to enter a stable contribution period.

The two-dimensional game “Love and Producer” released by the company has been successfully launched in the first half of the year and the market has performed well. Therefore, “MR: Magic Heroes” and “Wonder Miracle” have entered a stable recovery period.

Carnival activities are expected to increase the popularity of COK and increase the flow of water, which will gradually be reflected in the data of Q3-Q4.

The company implemented the fifth anniversary of COK to expand the implementation of a series of promotional and commemorative activities around the world to maintain the exposure and popularity of the game and further stimulate the enthusiasm of players. Zhixingxing has many 武汉夜网论坛 years of overseas operating experience + company-wide resource support to promoteAchieved good results.

With a large product reserve, game revenue is expected to usher in an inflection point this year.

In addition to the stock game COK is expected to usher in a rebound in water, a number of new games reserved by the company are also expected to be launched.

The two-dimensional female released by the agent to the game “Love and Producer” was launched on Android on January 31, 2019, and launched on Apple on May 27. It has been recommended by Google Play for more than 90 times on the homepage; sinceThe research game “Emperor’s War 2: The Rise of the Dragon” (COK2) began to be launched on May 17, 2019, and integrates various elements such as SLG, two dimensions, and development.

The company’s continued repurchase demonstrates its confidence in the future.

The company changed the repurchase program adopted on November 12, 2018, and revised it in March 2019. The repurchase amount is not less than 3 trillion, not more than 6 trillion, and the price does not exceed 15 yuan. At the same time, it is clear that the repurchase of shares willImplementation of bankruptcy.

The company continued to advance, and as of the end of June 2019, it repurchased more than 5.95 million shares with an amount exceeding 1.

270,000 yuan, the transaction price is 12.

59 yuan?

79 yuan, showing that leaders and major shareholders are full of confidence in the company’s future development.

Earnings forecast and investment advice: We predict that Chinese Media will achieve revenues of 116 and 2021 in 2019-2021.

3.1 billion, 137.

7.9 billion, 148.

68 ppm, an increase of ten years.

03%, 18.

46%, 7.

90%; net profit attributable to mothers is 17, respectively.

9.9 billion, 19.

92 ppm, 21.

74 ppm, a 10-year increase of 11.

13%, 10.

69%, 9.

16%; corresponding EPS is 1.

31 yuan, 1.

45 yuan, 1.

58 yuan.

Maintain BUY rating.

Risk reminders: 1) The game flow is not up to expectations; 2) The development progress of new games is not up to expectations; 3) Exchange loss and profit risks; 4) Systemic risks;

Jiangling Motors (000550): Realizing the logic of heavy volume

Jiangling Motors (000550): Realizing the logic of heavy volume

The company’s recent situation Jiangling Motors released March sales data, with a total of 36,280 vehicles sold in a single month, an increase of more than 4%.

53%, 63,445 units sold in the first quarter, twice a year2.


Commentary began to ramp up, undelivered orders are still redundant.

In March, JMC Ford SUV sold 6,505 units, a surge of 6 a year.

45 times, of which the monthly sales of the collar are expected to exceed 6,000.

In 1Q19, JMC Ford’s SUV sales were 11,227 units, a six-fold increase each year, and the territories accounted for about 90%.

According to the feedback from the channel side, the cycle of waiting time for the territorial terminal is as long as 3-4 months. Undelivered orders still accumulate. The conversion of territorial production capacity is gradually transferred. The order is delivered smoothly.recovery.

Leadership will be committed to improving product 成都桑拿网 competitiveness and high cost-effectiveness, gaining more market share, helping the company complete 19 years.

Sales target of 30,000 vehicles.

Market competition has intensified, and pressure on the commercial vehicle segment still exists.

With the intensified competition in the light commercial vehicle market, the company’s light passenger and light truck sales and market share have been continuously replaced, and the sales of Ford brand and JMC brand light passenger in 1Q19 dropped by 16.

4% and 20.

4%, light truck sales fell by 3.

2%, the company’s market share of light trucks and light buses also improved in the first two months.

As market competition intensified and more manufacturers strengthened the development speed of the light commercial vehicle segment, the company’s traditional light commercial vehicle segment remained under pressure.

Earlier logic fulfilled, waiting for the release of high flexibility.

We re-introduced the logic from last December: The launch of the realm is to start JMC as a global production base for Ford’s cost-effective SUV, and it is also a step for Ford to reverse its decline in China.

With the in-depth cooperation of JMC Ford and the further promotion of the blue project, JMC is expected to achieve leapfrog development in sales volume and brand.

The sales performance and market feedback after the launch of Leijie are better, and the company estimates that it has been repaired. Our previous logic has gradually been realized. At the same time, due to the gradual careful accounting policy of the company’s R & D expenses, the amount of Leijie is expected to bring high flexibility to the company’s performance.
Estimates suggest that we continue to be optimistic about the high elasticity of profit brought by the collar, raise the maximum sales forecast of the collar to 70,000 vehicles, and raise the profit forecast for 19 and 20 years14.

7% and 17.

8% to 7.

9.5 billion and 11.

700 million.

JMC A currently supports 2 continuously.

1x / 1.

9x 19e / 20e P / B. Maintaining the neutral rating of JMC A and B shares. Corresponding to the adjustment of earnings forecasts and the upward movement of the revenue center of the sector, we raise the target price of A shares by 37% to 31.

6 yuan, corresponding to 2.

4x / 2.

3x 19e / 20e P / B, 18% upside from the current price, but considering JMC’s B-share trading volume and less attention, raise the B-share target price by 13% to 13.

1 build, corresponding to 0.

9x 19e P / B.

The risk-climbing capacity climbing effect was lower than expected.