Fund Dispatch Chart: The main funds have been reduced to 9.8 billion.

Fund Dispatch Chart: The main funds have been reduced to 9.8 billion.
[Five-day funding plan chart]The net funding of the main funds reached 9.8 billion. The institutions grabbed 8 shares. Source: Securities Times. On June 5, the A-share market fell as a whole.The final close, the Shanghai Composite Index closed at 2861.42 points, down 0.03%, SZSE Component Index closed at 8746.05 points, down 0.03%, the GEM index closed at 1451.18 points, down 0.35%.The total turnover of the two cities was 4,077.8.7 billion yuan, a decrease of 146 from the previous trading day.5.2 billion yuan.  1 The two cities have a net replacement of 98 funds throughout the day.At 2.0 billion today, the main funds of Shanghai and Shenzhen cities saw a net decrease of 74.3.6 billion, a net decrease of 32 in late trading.6.5 billion yuan, a net reduction of 98% in the capital of the two cities throughout the day.02 billion.  2 Shanghai and Shenzhen 300 today’s main fund net replacement 15.8.5 billion CSI 300 net replacement of main funds today.8.5 billion, GEM net reduction of 13.2.8 billion yuan, a small net reduction of 29.6.6 billion.Net inflow of SSE Securities 24.With a net inflow of RMB 0.6 billion, the Shenzhen Stock Connect was 8.61 trillion (here the China-Shanghai Stock Connect and Shenzhen Stock Connect net net amount is based on the amount used on the day, which is slightly different from the transaction net purchase amount, but the meaning is generally the same).  3 Net inflow of the communications industry 14.Of the top 28 Shenwan Tier 1 industries with 1.6 billion yuan, 6 industries achieved net capital inflows, of which the telecommunications industry had a net inflow of 14.1.6 billion.  4 national team concept net inflow of 24.In terms of the 2.8 billion top concept plate, today the national team, the mainland stock market heavy positions, the Shanghai-London Stock, the MSCI broad market and other concept sections of funds showed a net inflow, of which the national team concept net inflow of 24.2.8 billion.  5 ZTE’s main inflow of funds2.8 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 table and the next 杭州夜网论坛 table).The data on the list shows that the institution appeared 15 shares, of which 8 shares including Intime Resources showed a net purchase of institutional funds, and 7 shares such as Sinotruk showed a net sale of institutional funds.  7 Top ten active stocks of Shanghai Stock Connect and Shenzhen Stock Connect 8 Latest institutions focus on individual stocks

Hualan Biological (002007) 2019Q3 Review: Flu vaccine boosts performance slightly beyond expectations

Hualan Biological (002007) 2019Q3 Review: Flu vaccine 杭州夜网论坛 boosts performance slightly beyond expectations

Guoyuan’s point of view: The gross profit margin has increased significantly. The net profit margin is the best reported growth rate in the past two years. The company’s gross profit margin increased in the first three quarters of 63.

41% (+2.

13 pct), the management expense ratio dropped slightly to 5.

85% (-0.

31pct), the sales expense ratio performance is stable, is 11.

12%, almost unchanged from the same period last year; net interest rate increased significantly to 38.

50% (+1.

01pct), the highest level in the past two years.

The blood product industry is in short supply, and the vaccine remains the only domestic database issued in accordance with the national yuan approval. The company’s blood products in the first three quarters of 2019 showed stable performance and achieved batch 458 approval.

30,000 bottles, of which Jing Bing has completed 84 issued in 2018.

65%; eight factors, albumin and break free all achieved 60% + of the number of last year’s approvals. At present, the overall inventory of the blood product industry has decreased, the product is tight, and the prosperity has increased.

The company approved 406 trivalent influenza in the first three quarters of 2019.

590,000, which has exceeded the highest 20% of last year, tetravalent influenza was approved 462.

0.6 million sticks, 90% of last year’s completion.

At present, we maintain the advantages of exclusive influenza vaccine and capacity expansion. We expect that the company’s quadrivalent influenza vaccine is expected to achieve 8-10 million sales this year, and the vaccine sector is expected to drive rapid growth in performance.

Liangping Station has been approved for slurry extraction, and the volume of slurry extraction is expected to reach more than 1,000 tons. The company’s Liangping Station has obtained a single-use plasma license (newly qualified in March this year).It has 26 pulp station resources. Last year’s pulp extraction volume was 980 tons. It is expected that this year’s pulp extraction volume will help maintain growth and reach the level of more than 1,000 tons.

Investment advice and profit forecast Hualan Biological has high pulp extraction and production efficiency, and vaccines and monoclonal antibodies help new growth.

Considering the volume of the company’s influenza vaccine, we expect the company’s operating income in 19-21 to be 41.



98 ppm, an increase of 30 in ten years.

50% / 20.

72% / 16.

40%, net profit attributable to mother 14.



84 ppm, an increase of 31 in ten years.

34% / 20.

15% / 15.

94%, EPS trim is 1.

07 (+0.

05) / 1.

29 (+0.

09) / 1.

49 (+0.

11) Yuan / share, corresponding to PE34 / 28/24 times, and the target price is raised to 45.

15 yuan, give a “buy” rating.

Risks indicate that the extraction volume is less than expected, product safety risks, and policy risks.

Tianmu Lake (603136) 19Q1 Quarterly Report Review: First Quarter Results Meet Expectations Optimistic for Expansion of Company

Tianmu Lake (603136) 19Q1 Quarterly Report Review: First Quarter Results Meet Expectations Optimistic for Expansion of Company

Event: The company released the 19Q1 quarterly report, and achieved revenue of 88.86 million yuan / -1 in 2019Q1.

39%, net profit attributable to mother 15 million / -14.

93%, net profit after deduction is 14.82 million / + 9.

06%, basically in line with expectations.

19Q1 deducted non-performance ten-year value-added.

06%, basically in line with expectations.

The first-quarter performance only accounted for about 15% of the expected, which had a weak effect on the expected performance indicators.

The company’s 19Q1 revenue was 88.86 million, surpassing the slight decline of 1.

39%, weak demand in the first quarter; net profit attributable to mothers was 15 million, and it will decrease by 14 in the future.

93%, mainly because the net profit from continuing operations increased by 1.23 million to 14.82 million over the same period of the previous year. The non-recurring income of government subsidy entities decreased by 3.86 million to 180,000 from the same period last year.

06%, mainly because the increase in gross profit margin was greater than the increase in expense ratio, which increased the profit margin.

As the economy gradually improves, it is expected that the rebound in demand in the next quarter is expected to drive the company’s performance to gradually rise.

1Q1 gross margin rose by 1 per second.

9pct to 58.

1%, during which the rate increases by 1 per 南京夜网 second.

0 points to 34.


1Q1 gross profit of 51.65 million / + 1.

92%, gross profit margin 58.

13% / + 1.

89pct is expected to increase the proportion of hotels and attractions business with high gross profit margins.

The expense ratio was 34 during 1Q1.

10% / + 1.

01pct, where the sales / management / financial expense ratios are 13 respectively.

56% / 19.

00% / 1.

54%, a rise of 0.


61 / -1.

11pct, the increase in sales expenses is expected to be mainly used for channel expansion, the increase in management expenses is mainly due to wage growth, and the decrease in financial expenses is mainly due to loan repayment.

Seasonal downgrade of net cash flows from operating activities 4.

7%. Net cash flow / net profit from operating activities also increased compared to the same period last 深圳spa会所 year.

1Q1 Net cash flow from operating activities is downgraded by 4 every six months.

From 7% to 25.24 million, the decline in cash flow was lower than the decrease in net profit, and the ratio of net cash flow to net profit of operating activities in 1Q1 was 1.

59 times, compared to 1.

A 43-fold increase, if considering the situation for two consecutive quarters, the net cash flow / net profit ratio of operating activities in 18Q4 + 19Q1 is ranked 2.

25 times, compared with 1 of 17Q4 + 18Q1.
78 times also improved significantly, indicating that the company’s operating cash flow situation is better, and the quality of operating performance is higher.
The construction of the second phase of the Yushui Hot Spring project is progressing, and after the adjustment of the convertible bond project, it attempts to accelerate the issuance of the issuance.

The company’s IPO fund-raising projects accelerated. In 2018, 19Q1 projects under construction added 9.3 million and 10.09 million, respectively, mainly due to the construction of the Yushui Hot Spring Phase II Zhuxigu project, which is expected to be completed by the end of 2019.Contributed 35 to 39 million.

In addition, the company issued a convertible debt plan on March 8, 19, and issued an adjustment plan on April 4, changing part of the project construction and transformation into hotel project construction and transformation, namely Nanshan Xiaozhai Phase II and Yushui Hot Spring (Phase I) Renovation and renovation projects. The gradual speed of new projects will be accelerated, which is expected to accelerate the issuance of convertible bonds.

IPO investment and convertible bond project investment have brought a high degree of certainty, and expansion from different places has achieved from 1 to N: imagination space.

In terms of local investment, it is expected that the IPO investment / convertible bond projects will be put into operation at the end of 2019/20 respectively, and the total incremental performance in 2020/21 will contribute 0.


85 billion.

In terms of expansion in other places, the company’s ability to deeply cultivate a single scenic spot has been verified. It will focus its strategy on “light luxury leisure destination operators” and seize the high-potential market through acquisitions, mergers, and entrusted management. The layout of the Yangtze River Delta, Pearl River Delta, Chengdu and Chongqing, Wuhan, Changsha and other core city groups, to achieve market expansion from 1 to N.

Profit forecast and investment suggestions: It is estimated that the company’s net profit after deducting non-profit in 19-21 will be 1.



6.6 billion, a growth rate of 37% / 45% / 42%, a compound annual growth rate of 44%, corresponding to PE is 20/14/10 times.

Considering the company’s expansion growth and expected safety margin, we believe that its reasonable market value in 19 years is 5.2 billion, with a target price of 44 yuan (after the increase), corresponding to a PE valuation of 40 times, and maintain a “buy” rating.

Risk reminder: the risk of attraction tickets and ropeway charging standards, force majeure risk, change risk, franchise renewal risk, security risk, macroeconomic risk.

Donghua Software (002065): Tencent Increased Investment Successfully

Donghua Software (002065): Tencent Increased Investment Successfully

Event: The company announced on the evening of January 10 that Tencent Technology acquired the shares of the company held by Jianshui Tongxin, Xue Xiangdong and Guo Yumei by agreement.

04%; At the same time, it will simultaneously withdraw from Beijing Donghua Chengxin Computer Technology Development Co., Ltd. and no longer hold Donghua Chengxin’s equity.

The transfer price is 9.

171 yuan / share, the share transfer price is 14.


  Opinion: The conversion of shares was successfully completed, and Tencent increased its investment.

Tencent Air Force to 12.

US $ 6.6 billion in strategic investment in Donghua Chengxin, which indirectly holds the company through Donghua Chengxin5.

04% stake.

After the issuance of shares, Tencent will directly hold listed companies5.

04% stake.

Considering the transfer price from 12.

6.6 billion to 14.

400 million means Tencent has 南京夜网 increased investment.

  Cooperation with Tencent is expected to continue to deepen.

This Tencent transfer of shares once again clarifies the company’s long-term core strategic partnership with Tencent. In the future, the two parties will continue to promote cooperation, optimize the company’s industrial layout, promote business development and product extension, and help improve the company’s industrial integration and comprehensive profitabilityEnhance the company’s core competitiveness and market influence in the industry.

At present, the two sides have had good cooperation in the fields of medical treatment and smart cities: 1) Medical treatment: The company and Tencent have released a large health medical service product “Internet Ecological Platform iMedical Cloud” to form a cloudized, secure, collaborative and open Internet ecological platformThe platform deeply integrates Donghua Medical’s capabilities for iMedical’s productization, business governance, and best practice. It will illuminate hospital information in the cloud HIS era from the concept, technology, method, and mechanism.

In the first half of 2019, Donghua Medical was successfully launched for the cloud HIS at the People’s Hospital of Changfeng County, Anhui Province, and became the country’s first hybrid cloud-based “medical cloud” landing project.

Donghua Medical’s cloud HIS project will be implemented in the internal Mongolian Zhalut Banner Hospital, Huaxian People’s Hospital, Henan Province and other places; 2) Smart cities: Through complementary advantages and cooperation, the Chengdu Smart Green Road will be completed in the first half of 2019, ChangshaTypical projects of domestic cases such as super brain.

  Work with Huawei to create a “Pengxiao” server.

According to a series of media reports from Ningbo Municipal Bureau of Economics and Information Technology, China Ningbo Network, etc., the opening ceremony of Ningbo Kunpeng Ecological Industrial Park and the launch of the “Pengxiao” server were officially antiqued in Ningbo on January 9.

The company and Huawei jointly announced that the first batch of Ningbo-made servers based on Kunpeng processors-“Pengxiao” has completed compatibility with operating systems, databases, middleware, and software and hardware devices such as scanners and printers.

Among them, the first batch of Ningbo self-produced servers were applied in the Municipal Affairs Cloud Center in early January.

In the future, the company will cooperate with Huawei to create Ningbo Kunpeng industrial ecology, and give full play to the advantages of software and big data to realize the adaptation of external equipment, application software and “Pengxiao” servers through software.

  Jointly promote the ecological construction of Ningbo Kunpeng’s 5G industry.

In addition to the first use ceremony of the “Pengxiao” server, there were also the unveiling ceremony of Ningbo Kunpeng Ecological Innovation Center and the opening ceremony of Ningbo Kunpeng Ecological Industrial Park.

During the opening ceremony, the company signed agreements with Bank of Ningbo, Ningbo Industrial Internet Research Institute, Ningbo Dongtou Group, Ningbo Big Data Investment Development Co., Ltd., and China Mobile, China Telecom, and China Unicom Ningbo Branch to accelerate Ningbo Kunpeng5G industry ecological construction.

According to the Ningbo Municipal Bureau of Economics and Information Technology, Ningbo Kunpeng Computing Industry is a new engine for Ningbo to build a “246” trillion-level modern industrial development. It is estimated that by 2025, Ningbo Kunpeng’s computing industry will reach 50 billion yuan.

As the core partner of Kunpeng’s computing industry, the company is expected to fully benefit from the construction of Kunpeng’s 5G industry ecology.

  Investment suggestion: The company has Huawei and Tencent, two industry giants working together to continuously deepen business cooperation.

We are optimistic about the company’s future development prospects. It is expected that EPS in 2019 and 2020 will be 0.

22, 0.

43 yuan, maintain Buy-A rating, raise 6-month target price to 15 yuan.

  Risk reminder: the risk of goodwill impairment; the progress of innovation exceeds expectations; the progress of cooperation with Huawei is lower than expected.

Shanxi Fenjiu (600809) 2019 performance preview comment: after the profit growth exceeds expectations, the ten billion era will focus on the blue and white series

Shanxi Fenjiu (600809) 2019 performance preview comment: after the profit growth exceeds expectations, the ten billion era will focus on blue and white

Event: The company released the 2019 annual performance forecast, which is expected to achieve a total operating income of 119.

14 trillion, +26 a year.

57%, achieving net profit attributable to mother 20.

24 ppm, +37 a year.

64%; of which, in Q4 2019, revenue was 27.

870,000 yuan, +29 for ten years.

38%, net profit attributable to mothers3.

28 ppm, +64 a year.


Comment on the profit growth exceeded expectations, sales of high-end products accounted for 66%.

The full year 2019 revenue and net profit attributable to mothers increased by 26.

57%, 37.

64%, of which the revenue growth and net profit attributable to 南京夜网 mothers in Q4 2019 were 29 respectively.

38%, 64.

80%, profit growth exceeded expectations.

The report summarizes that the company ‘s increase in net profit attributable to mothers was more than expected due to the continuous optimization of product structure. The sales of mid-to-high-end fenjiu products accounted for 66%, and the expected growth rate of blue and white series was 40% +.

The impact of the epidemic is relatively limited, and the post-ten billion era will focus on the volume of blue and white flowers.

As this round of the epidemic comes at the peak of the Spring Festival, and due to the decline in short-term liquor demand, considering that blue and white flowers are still accelerating the expansion period, Beverage mainly focuses on self-drinking consumption, and the overall impact is relatively limited.

In the post tens of billions of years, the company will firmly implement the product strategy of “grasping the two ends and bringing the middle”. By focusing on the blue and white series, we will strive to achieve a growth of 2 billion and 30 pairs in blue and white, and ensure that the volume of blue and white series exceeds the 5 billion mark.)); At present, the terminal market rate of Bophin has reached 80%, and the overall growth will increase steadily.

The heavy blue-and-white series will further strengthen the old four famous wine genes while establishing a high-end brand image, which is the key to achieving the strategic revival of the oldest Fen boss.

According to channel analysis and feedback, the overall stocking in the province was adequate and stable before the Spring Festival. The blue-and-white stocking in key areas outside the province, such as Henan and Shandong, had a positive change.

Channels and system reform continue to advance, helping Fenjiu brands become bigger and stronger.

The company continues to promote the strategic synergy with China Resources Entrepreneurship, with internal and external sales accounting for up to 56%. In the future, it will steadily achieve the goal of an average three-year growth rate of 50% in the south of the Yangtze River. Therefore, the Group’s alcoholic assets are all included in listed companies.Greatly promote the integration and optimization of the company’s production and sales system, and continue to grow and strengthen the Fen liquor brand in the future.

We maintain the company’s “overweight” rating. We expect the company’s operating income for 2019-2021 to be 119.

14, 142.

26, 164.

29 trillion; net profit attributable to shareholders of the parent company was 20.

22, 24.

94, 29.

8.8 billion; corresponding PE is 35.

28, 28.

61, 23.

88 times.

The impact of the short-term epidemic situation does not change the company to accelerate the national development. We are optimistic about the continued increase in the share of the blue and white fen wine market and the smooth bottle of glass fen has become a national single product, maintaining the “overweight” level.

Risk reminders: macroeconomic downside risks, food safety risks, and risks of developing channels outside the province.

Chinese Enterprise Undertakes Construction of Cambodia’s Highway 58

Chinese Enterprise Undertakes Construction of Cambodia’s Highway 58
People’s Daily Bangkok, February 26 (Reporter Zhao Yipu) On the 26th, Highway 58 connecting the two provinces of Cambodia, Bandei Mianji and Otdo Mianji was officially opened.Highway 58 has a maximum height of 174 kilometers, and the project has been built for four years. From this, the Chinese side provided preferential export credit loan support.The project was undertaken by the Chinese enterprise Shanghai Construction Engineering Group.Cambodian Prime Minister Hun Sen, Chinese Ambassador to Cambodia Wang Wentian, as well as a number of Cambodian Deputy Prime Ministers and senior government officials, more than 10,000 people attended the opening ceremony of antiques on the day.At the opening ceremony, Hun Sen spoke highly of Cambodia’s comprehensive strategic partnership, saying that no other country in the world provided Cambodia with sincere and unselfish assistance.China has built more than 3,000 kilometers of roads for Cambodia, and several large steps across the Mekong River, which have provided assistance in various fields such as Cambodia’s health care, water irrigation, education, human resources, etc. This is an indisputable fact that cannot be denigrated and questioned.Representative Hun Sen, Cambodia and China are a community of shared destiny. When he visited China a few days ago, he wanted to show his determination to share difficulties with China through practical actions.Cambodia and China will continue to carry out pragmatic cooperation in areas of equality and mutual benefit in all areas, and overcome the difficulties. In special times, the Cambodian side will continue to support China in fighting the epidemic, and will not discontinue voyages without discriminating against Chinese people.Wang Wentian said that the most remarkable feature of the traditional friendship between China and Cambodia is that the two sides always watch and help each other and share common problems and difficulties.At the 上海夜网论坛 highest level, China and Cambodia have jointly implemented a number of infrastructure construction projects in western Kenya, forming the backbone of the transportation network in the northwestern region, which has greatly improved transportation efficiency in the region, and promoted the economic and social development of Cambodia and improved the lives of some people.It played an important role.Although the current new coronary epidemic has brought some difficulties to double cooperation, but how to avoid the gradual mitigation of infectious diseases, China-Kenya’s pragmatic cooperation in various fields will definitely give out vitality and vitality.

China Life (601628): Switching logic is gradually fulfilling the track change is just around the corner

China Life (601628): Switching logic is gradually fulfilling the track change is just around the corner

The company disclosed the third quarter report for 2019, which is expected to achieve 6,240 operating income.

24 ppm, an increase of 15 in ten years.

4%; net profit attributable to mother 577.

20,000 yuan, an increase of 190 in ten years.



03 yuan, an annual increase of 193.

1%; ROE (annualized) 16.

66%, an increase of 10 per year.

53 points.

Opinions: The reported company’s net profit attributable to its mother has greatly increased in three points: 1.

Growth in premium income (6.

1%); 2.

Growth in investment income (76.

1%); 3.

One-time effects of tax cuts (tax cut 51.

5.4 billion).

Three major changes in reported corporate debt investments: 1.

The resistance side opened the door and made great achievements, and the value conversion effect in the second and third quarters exceeded expectations.

In the early stage, the company started with the annuity product Xinxiang Jinsheng A / B, and realized rapid growth in premiums.

Improving the quality of impulse-saving products at the same time, and increasing the value rate by lengthening the product life, will help ensure that the overall overall period and value rate are relatively stable, laying a solid foundation for the transition.

Since March, the focus of sales has shifted to long-term protection products. In order to ensure the smooth progress of the transition, the company continued to expand its agent team against the trend, and increased by another 5 months before the end of the third quarter and 18 months before the end of 2018 to 2020.年 开门红积蓄力量。
At the same time of increasing staff, the company strictly controlled the entrance of agents, increased the recruitment of high-education agents in cities and towns, and improved the overall quality of agents.

The gradual improvement of the post-employee position training and supporting assessment and incentive mechanism continues to improve the weightlifting rate and productivity of agents, and effectively reduce the replacement ratio of high-capacity agents.

From the perspective of the premium structure, under the plan to increase the sales of guaranteed products, traditional life insurance also “improves quality” and continues to reduce the pressure to increase the scale of non-profit products (the proportion is less than 0).

4%), the core resources continue to shift to long-term delivery products.


Benefit from the report that the potential equity market is picking up and investment income is increasing.

While appropriately increasing the scale and proportion of the allocation of equity assets, and increasing the allocation of blue chips with high dividends and low interest rates, the company has continued to increase the ultra-long-term government bonds for more than 30 years in response to the downward environment of refunds.And by investing in high-grade non-standard assets and high-quality real estate and other long-term investment products that can bring long-term stable cash flow, reduce the variability of the return on investment portfolios, more effectively resist market risks, and implement the new accounting standards in advance.

From a management perspective, the organizational structure adjustment of the company’s investment management center is nearing completion. It will establish a market-oriented rank sequence and establish a 深圳桑拿网 comprehensive performance evaluation mechanism and a competitive performance incentive mechanism. It will strengthen the management of investment and research personnel, improve efficiency and overall investment capacity.Have a positive impact.


In the report, the company fully launched the three-year operation of “Science and Technology National Life”, using financial technology to empower the entire value chain of insurance.

Science and technology elements will play a significant role in the management of agent teams, agent entry control and quality and efficiency.

It can also achieve breakthroughs in customer service, product collaborative promotion, big data processing, improving insurance claims efficiency, scenarios and ecological construction, and enhancing the comprehensive competitiveness of the main insurance industry.

Investment suggestion: Since the second half of 2018, the company has implemented a number of reforms to gradually inject vitality into its operations, and these core indicators have improved significantly.

After the technology empowers the main business, the company’s comprehensive strength is expected to further improve.

As the Matthew effect in the insurance industry becomes more significant, the company’s competitive advantage will continue to expand.

Looking forward to 2020, the company will have an early layout and its main products are highly competitive in the current market. The product design is humanized and the audience is wider.It is expected that China Life’s “big start” in 2020 is a high probability event.

We are firmly optimistic about the company’s development prospects, which will translate into continuous advancement of value conversion. The company is expected to achieve overtaking in corners and eventually change the track.

It is estimated that the company’s net profit attributable to its parent in 2019-2021 will be 646 respectively.

500 million, 683.

9 ppm and 733.

8 ppm, corresponding to 2 EPS.

29 yuan, 2.

42 yuan and 2.

60 yuan, maintain the “recommended” level.

Risk reminders: Downside risks to the domestic economy; risks of intensified trade disputes between the United States and China; risks of declining capital market conditions; risks of stricter financial supervision than expected; risks of weaker than expected liquidity; and lower-than-expected risks of premium income.

Shandong Gold (600547) 2018 Annual Report Comments: Internationalization Progress Continues

Shandong Gold (600547) 2018 Annual Report Comments: Internationalization Progress Continues

This report reads: Belladero’s rising cost in the fourth quarter caused the company’s performance to fall short of expectations and caused the positioning of 2019 production indicators.

However, the company’s overseas growth continues, and it is optimistic that the gold leader will further expand its output.

Investment Highlights: The annual report performance exceeds expectations, and we maintain an Overweight rating.

2018 youth revenue 547.

8.8 billion, +7 per year.

34%; net profit attributable 杭州桑拿 to mother 8.

760,000 yuan, at least -23.

01%; deduct non-attributed net profit 8.

870,000 yuan, at least -22.

31%; in the single quarter, Q4’s revenue was 175.

2.7 billion, +55.

91%; net profit attributable to mother 1.

06 percent billion, -32.

91%, deducting non-return to mother 1.

1.7 billion, -26.


Taking into account the decline of the Beladero mine grade, the company’s output forecast is lowered, and the company’s 2019/2020 EPS forecast is reduced to zero.


99 yuan (previous value was 0.


39 yuan), plus forecast 1 for 2021.

20 yuan, taking into account the large period of gold price growth expectations, maintain a target price of 37.

2 yuan per share, corresponding to 38 times PE estimates in 2020, the current space is 19%, maintaining an overweight rating.

The decline in Veladero’s grade has affected expected results.

The company’s sales of mined gold were 39.

32 tons, +9 in the past.

57%, outsourced gold / small bullion sales were 99.


69 tons, at least -6.

05 / + 45.

00%, considering that the long-term price of gold fell by 5 yuan / gram, the company supplemented the price by volume, basically in line with expectations.

According to Barrick’s annual report, Bellarad’s total maintenance costs in the fourth quarter were $ 1,352 per exchange rate, equivalent to about RMB 295.

61 yuan / gram, the average income per gram is about 20 yuan, according to Barrick’s fourth quarter disclosure of Bellarode’s fourth quarter equity income (50%) 2.

39 tons (77,000 mm), a total of more than 47.8 million yuan, affecting the company’s fourth quarter gross profit.

Overseas expansion strategies continue.

The controlling shareholder of the company Gold Group and Barrick Gold Company signed the Mutual Strategic Investment Agreement in September 2018 to deepen the strategic cooperation between the two parties and invest in each other’s stocks, with the investment amount not exceeding 300 million US dollars (the two parties are basically equal).

In the future, the company will rely on Barrick’s overseas layout to further expand the global resource map.

In 2019, the company plans to produce gold37.87 tons, due to the expected production index of Beladero, 南京桑拿网 affecting the company’s expected gold output.

Catalyst: The company’s overseas business continues to expand. Risk reminder: the company’s overseas mining grades have further increased; the price of gold is less than expected

FAW Car (000800): Plan to Inject FAW Jiefang Assets to Improve Quality

FAW Car (000800): Plan to Inject FAW Jiefang Assets to Improve Quality

This report reads: The company intends to inject FAW’s assets through asset replacement. It is expected that the company’s asset quality, governance and operating efficiency, and overall competitiveness will significantly improve.

Investment Highlights: Target price of 11 yuan, the first coverage gives the “overweight” rating.

On August 31, 2019, the company announced an asset restructuring transaction report (among them), in which asset replacement and exchange of issued shares are planned to be issued to FAW 29.

700 million shares at an issue price of 6.

71 yuan / share.

The company’s EPS forecast for 2019/20/21 is 0.



08 yuan, with reference to comparable company estimates, taking into account the expectation of the injection of heavy truck leader FAW Jiefang, given a certain estimated premium, given the company in February 2019.

2x PB with a target price of 11 yuan.

Significance of reorganization: improvement in asset quality + elimination of inter-bank competition + reduction in related party transactions.

If the reorganization is completed: (1) The company’s operating income in 2018 will increase by approximately 185%, the net profit attributable to the parent 南京夜网 will increase by approximately 931%, and the total assets will increase by approximately 246%.

(2) The main business of the listed company will be changed to the research and development, production and sales of complete commercial vehicles, and it will no longer compete with the main business armed by other units controlled by China FAW.

(3) Except for related income, the proportion of listed companies’ major related transactions is expected to decrease significantly.

FAW Jiefang’s business covers the entire industrial chain of trucks, with leading additions being significant.

FAW Jiefang’s business covers the entire industrial chain of trucks, including Wuxi Diesel Engine Factory, Transmission Branch, Axle Branch, etc. It is a leading company in the truck industry.

In 2018, FAW Jiefang sold 33 trucks.

40,000 units, with a market share of 9%, of which 26 are heavy trucks.

10,000 units, with a market share of 22.


In 2018, FAW Jiefang’s total operating income was 72.7 billion yuan, an increase of 3% year-on-year, and its net profit attributable to its mother was 14.

500 million, a year-on-year decrease of 35%.

Catalyst: Asset restructuring was approved in advance, and FAW Jiefang ‘s market share was further increased.

Risk Warning: The progress of asset restructuring is less than expected, and the potential impact of truck industry policies on the industry.

Huatian Technology (002185) Company Review: Performance Recovery and Restructuring Industry Turning Point Validated

Huatian Technology (002185) Company Review: Performance Recovery and Restructuring Industry Turning Point Validated

Event: The company issued a Q3 performance forecast, the net profit attributable to the mother in the first three quarters1.


78 ppm for the same period last year.

2.7 billion down 45.

75% -49.

72%; In Q3, the net profit attributable to the mother in the single quarter was 79-92 million yuan, 1 in the same period of the previous year.

17 percent 21.

31% -32.

43%, an increase of 14 from the previous quarter.

57% -33.


Comments: Q3 achieved the entire first half profit, and the performance is still recovering.

The company’s net profit attributable to its parent in Q3 was 79 million to 92 million yuan, and H1 was 85.61 million yuan. That is to say, the net profit achieved in the third quarter was comparable to the entire first half.

With the recovery of the industry, the company’s performance recovered significantly, an increase of 14 from the previous quarter.


43%, the year-on-year decline also obviously narrowed quarter by quarter.

Due to the high cost of acquiring Unisem and the financial costs of the borrowings used, the company’s Q3 net profit was lower than market expectations, but if these one-time effects were excluded, it was in line with market expectations.

The turning point of the industrial recovery has arrived, and the company’s Q4 performance is expected to continue to improve.

The development trend of advanced packaging is good, and new technologies need to be ramped up.

In terms of volume, the company’s wafer-level integrated circuit package volume growth in 2019H1 is considerable at 39.

40,000 pieces, an annual increase of 48.

31%; At the same time increase the target customer order and new customer development work, 55 new customers, 3 new Fan-Out packaging technology-based process development and mass production customers.

In terms of technology, the company completed the development of fan-out packaging technology for the first-level gallium chip in H1 in 2019, and is currently in the testing phase; TSV packaging products have passed high-end security reliability certification and entered the small-volume production stage, which needs to be released.

Successfully acquired Unisem and gained important European and American customer resources.

The company successfully acquired UNISEM, a world-renowned Malaysian semiconductor packaging and testing supplier.

UNISEM is a well-known Malaysian OSAT company with a wide range of customer sources. Its European and American market revenues exceed 60%. Its main partners, Broadcom, Qorvo, and Skyworks, are strong and can be said to be the world’s leading RF solution providers.

After Unisem joins Chinese companies, it is expected to further deepen the cooperation with customers in related markets. For example, most of Skyworks’ main customers ‘revenues flow into mainland China. After the merger and acquisition is completed, the synergy of upstream and downstream cooperation is expected to become more prominent, and the market prospect is broad.

Investment suggestion: Considering the severance pay incurred by Unisem’s factory closure in Indonesia in the third and fourth quarters, the EPS in 2019 will be changed from 0.

16 yuan down to 0.

11 yuan; taking into account the good trend of industrial recovery, maintain the company’s expectations for 2020-2021 EPS, respectively, are 0.

27, 0.

37 yuan / share.

Maintain “Buy” rating.

Risk Warning: Uncertainty in trade friction; industry recovery is less than expected; new technology landing / volume is less than expected