Caesars Travel (000796) Company Review: Acquisition of Outstanding Travel Business of Outstanding Kangtai Travel Agency Adds New Development Power

Caesars Travel (000796) Company Review: Acquisition of Outstanding Travel Business of Outstanding Kangtai Travel Agency Adds New Development Power

Event: The company announced that its wholly-owned subsidiary, Caesars Hong Kong, took 1.

The US $ 1.6 billion acquisition of 100% equity of Kangtai Travel Agency Co., Ltd. held by Shengli Shengtou International.

Hong Thai Travel Agency is one of the oldest and largest travel agencies in Hong Kong.

It has a history of more than 40 years. It has branches in Hong Kong, Macau and Mainland China. It has subsidiaries in 佛山夜网论坛 Guangdong, Hong Kong and Macau. Its business covers travel agencies, free travel, ferries, air tickets, hotels, conventions, private tours, study tours and overseas.For weddings, Hongkong Kangtai and Macao Kangtai have high market share in Hong Kong and Macao. The company achieved revenue of 14 in 2018.

HK $ 5.3 billion, net profit -669.

HKD 620,000; 2019H1 achieves revenue of 5.

HK $ 6.4 billion, net profit -691.

HK $ 20,000.

This release highlights the company’s determination to develop its main business.

After the change of the company’s controlling shareholder, it actively adjusted its internal development strategy and focused on the development of its main business. The acquisition underscores the original main business development decision.

Plus tax-free formats to share the industry’s high growth dividends.

With 武汉夜网论坛 the steady development of its internal main business, the company cut into the duty-free format in a timely manner, joined hands to participate in the Tianjin Cruise Port Inbound Duty Free Shop and Jiangsu Zhongfu, and established the Hainan Duty Free Group Company in the long run. The main business of Caesars Tourism itself focuses on outbound passenger flow, andThe strength of the China Export Service’s scarce tax-free licenses is strong, and the traffic is interconnected. It does not rule out that subsequent companies and China Export Services will further cooperate in depth to share the development tax-free market dividends.

Investment suggestion: Maintain profit forecast and “Buy” rating.

Under the background of the change of the company’s actual controller, the internal management streamlined the welcome chapter; focusing on the development of the main business, the acquisition of the old-fashioned Kangtai Travel Agency demonstrated the determination of the development of the main business, and at the same time opened up a new type of tax-free business with diversified development.We estimate that the company’s EPS in 19-20 will be 0.


42 yuan / share, corresponding to PE of 26X / 22X, it is recommended to focus on.

Risk warning: unexpected travel destinations, macroeconomic downturn, tax exemption layout is less than expected, acquisition progress is less than expected

Lixun Precision (002475): Significant industrial layout effect and rapid growth in performance

Lixun Precision (002475): Significant industrial layout effect and rapid growth in performance
Event: The company released its 2018 annual report and achieved operating income of 358.500 million, up 57 every year.1%, gross margin of 21.0%, rising by 1 every year.0 units, net profit attributable to parent company is 27.23 ppm, an increase of 61 per year.1%, sixteen net profit 0.54 yuan, up 61 every year.0%.The company achieved operating income of 137 in the fourth quarter.2 ‰, an annual increase of 53.7%, the net profit attributable to shareholders of the listed company is 10.70,000 yuan, an increase of 75 per year.3%.The profit 南宁桑拿 distribution plan for 2018 is 0 cash dividends for every 10 shares.50 yuan (including tax), no bonus shares, the capital reserve will be transferred to all shareholders for every 10 shares of 3 shares. The product layout has been improved, and the market environment does not affect the company’s development: the company’s sales in 2018 increased by 57.1% reached 358.500 million US dollars, the company through the process of endogenous extension, through the product line layout to cover connectors, acoustic components, vibration motors, invalid charging modules and other consumer electronics, communications, automotive industry, various components, modules and accessories.In 2018, even the macro environment was not ideal, and the scale of the company’s core customers was weaker than expected. However, the company’s product 西安耍耍网 line layout and production capacity improvement in the past few years have still achieved high speed in unfavorable market conditions.The growth direction of new products and new customers has been smooth, and the scale of revenue has increased significantly. The gross profit margin rose steadily, and the expense ratio was well controlled: the company’s gross profit margin rose by 1 in 2018.0 averages are 21.0%, in terms of market segments, the company’s gross profit margin in the computer, automotive and communications products business has remained stable and changed within a small range.Consumer electronics, as the company’s largest revenue segment, has continued to increase its gross profit margin to a normal level after new products continue to enter stable mass production replacement.In terms of expense ratio, the company has maintained a high level of investment in research and development, while other expense ratios have remained basically stable. The improvement of the company’s management efficiency has provided effective protection for the company’s rapid growth. The business expansion in 2019 enters the harvesting period, with both endogenous extensions: For the development strategy of 2019 and future business, the planning is still around its “old customers, new products; old products, new customers, new markets” strategy, endogenousThe mode of extension and extension will continue. At present, the company’s product line has expanded from connectors to acoustic components, wireless charging, vibration motors, etc. In the future, there are more expectations for FPC, antennas and other products, but consumer electronics is still the companyThe main source of business revenue, but with the advent of the era of 5G and automotive intelligence, the company’s future sources of growth will also continue to increase.According to the company’s first quarter 2019 performance forecast, the first quarter of 2019 is expected to increase the net profit attributable to shareholders of listed companies by 70%?90%, profit 5.66?6.USD 3.2 billion, the company expects the overall business to progress smoothly, and the strategic layout has improved.It can be seen that the company’s expansion of product lines and customers in the past year has gradually entered the harvest period, and its performance growth can still be effectively maintained. Investment suggestion: We predict that the company’s earnings from 2019 to 2021 will be 0.87, 1.18 and 1.54 yuan.Return on net assets were 18 respectively.6%, 20.1% and 20.9%, maintain Buy-A recommendation.We remain optimistic about the company’s competition in the field of consumer electronics, as well as product development and landing capabilities in the automotive and communications industries, and the industry market environment is gradually improving. Risk Warning: The expansion volume of consumer electronics terminal products of core customers is lower than expected; the expansion of core customers in the communications market is lower than expected; the speed of product innovation and production and operation landing is lower than expected, affecting the company’s profitability

Changdian Technology (600584): Encapsulation Technology Covers Domestic Alternatives

Changdian Technology (600584): Encapsulation Technology Covers Domestic Alternatives
Summary of the report: Through the enhancement of 5G scale departments and domestic alternative concepts, we are optimistic that Changdian Technology has benefited from being the leader in mainland packaging and testing, mainly based on the following: Mainland OSAT’s only full-line packaging technology player, and world-class advanced packaging capabilities.The company integrates complete advanced packaging capabilities, leading in ultra-large package and ultra-small-pitch interconnection technologies.The company has completed the development of a large FCBGA package with a size of 60 * 60 mm and has the top server chip packaging capability. It is the only company in the national OSAT that can make packages larger than 50 mm. The bump pitch has been 40um, only 杭州夜网论坛 2 required.The basic strength of 5 / 3D advanced packaging is the strongest in the national OSAT.  ”SMIC-Changdian” has been deeply integrated and has been unloaded again.With the entry of SMIC’s main spindle, the long-term packaging business is the next process of SMIC’s wafer business, forming a complete one-stop service system with it.Reviewing the company’s various business conditions, the currently expanding Xingke Jinpeng is affected by the low capacity accumulation, but it is expected to increase capacity utilization by changing the customer structure in the future; Changdian ‘s high-end SiP business is expected to grow due to the arrival of 5G; Changdian’s advanced, feasible and complete Bunping capability will be the company2.5 / 3D packaging business important guarantee; mid-to-low-end packaging and testing market area is solid, profit is guaranteed; discrete devices and production equipment sales are considerable.  The concept of domestic substitution has been strengthened, and the 5G and Kunpeng industrial chains have been heavily ramped up.Benefiting from the high-net-worth products of the Kunpeng industry chain, Changdian Xingke Jinpeng’s production capacity has been promoted to promote rapid growth.We predict that Kunpeng’s business will bring long-term power to 2020 and 2021.41, 54.6.3 billion in revenue.In addition, the current SiP technology is still in the assembly technology stage, and the OSAT SiP business has been eroded by the EMS factory.待5G 终端设备放量,SiP 将向更高密度的3D 和异质集成方向发展,AiP\AoP SiP、Fanout SiP 将是未来几年SiP 发展的方向,OSAT 的不可替代性地位将得到进一步加强。  Covered for the first time with a “Buy” rating.We predict the company’s revenue from 2019 to 2021 will be 237, 283, 38 billion, and EPS will be 0.1, 0.32, 0.87 yuan.  Risk reminder: domestic replacement progress is not up to expectations, and advanced package development progress is not up to expectations.

Is it far from canceling the benchmark lending rate after the LPR reform?

Is it far from canceling the benchmark lending rate after the LPR reform?

On August 20, the new LPR (loan market quoted interest rate) price was officially released.

In more than a month, the first single credit asset-backed securities (ABS) linked to LPR (loan quoted interest rate) also appeared before the holiday.

The issuance of this product realizes the pricing mechanism of LPR linked to the average price of the asset side and the securities side, which can play the role of credit asset securitization to eliminate the function of “value discovery” and reverse the process of interest rate marketization.

In this issue, the chief economist of Founder Securities (right protection) believes that in the future, various financial assets will gradually be transformed into MLF to LPR as the new benchmark.

Taking LPR as the anchor means gradually achieving higher efficiency and flexibility to influence the pricing of financial assets through open market operations, and the goal of opening up the monetary policy replacement mechanism will also be gradually realized, which is perfect for the improvement of the monetary policy decision mechanism andOptimization has profound implications.

  How effective is the LPR reform?

What is the significance of the advent of the first LPR-linked credit asset-backed securities for the further advancement of LPR reform and interest rate liberalization reform?

What are the expectations for MLF’s future cuts?

What kind of logic does the idea of monetary policy decision-making mechanism promote and reform?

Chief countermeasures This issue talks to Founder Securities chief economist color.

  The main point of color: The progress of LPR reform is generally in line with expectations. The entire conversion process is relatively smooth and stable. The long-term downward adjustment of LPR will be a more obvious trend.

  In the future, budget loans will gradually shift to using LPR as an anchor, which is an important step to open up the conversion mechanism. In the following year, it is hoped that the benchmark interest rate for loans will be gradually cancelled.

  MLF operations are normalized.

LPR is quoted monthly, and MLF can also be operated monthly to set the tone for LPR.

In this case, the MLF interest rate may still be reduced during the year.

  The long-term gradual downward adjustment of LPR is a more certain trend. Finance and Economics: We have seen that the reform of LPR has reached the full moon, and the price has also been adjusted during this period. How do you think the effect of this month?

  Color: I think the price of LPR has actually been quoted twice since the first reform on August 20, and each time it has been slightly reduced.

In general, I think that the reform of LPR is mainly related to the interest rate of incremental loans, so it is generally consistent with what is expected, and the entire conversion process is relatively smooth and stable.

In the future, LPR is mainly in the trend of tight and loose overall liquidity. So last month, it was mainly because of our overall reduction plus directional reduction, so there was a certain financing cost.The downward adjustment of LPR is also reflected in LPR, so in the future, monetary policy will generally be loose or tight, and it will affect LPR in general. I think that LPR is gradually reduced in the long run. This is a relatively certain trend.
  The first ABS linked to the LPR came out with higher interest rates. The first financial and economics: During the reform of the LPR, the first credit asset-backed securities have also come out, which means that both the asset side and the securities side have begun to communicate with LPR.How is pricing linked? What is its significance and far-reaching impact?

  Color: I think its meaning and impact are more in line with our overall monetary policy, which is a direction of interest rate liberalization reform.

Once the successful transformation, I think the pricing of various financial assets should be gradually determined as the LPR anchor. I want the asset securitization products to be based on his pricing. I think this is in line with the general monetary policy direction, that is, pricing marketization.Direction.

I think its far-reaching significance is that it will no longer be a loan in the future, but also a short-term one-year or three-year term, including housing loans.

We know that the mortgage has been converted to LPR on October 8th. In the future, various financial assets will gradually become MLF to LPR as the new so-called benchmark, which means that in the future, it can be more efficient and more flexible.Through the adjustment of open market operations and MLF interest rates, it can directly affect the pricing of financial assets in financial markets. Therefore, we repeatedly announced the exchange rate mechanism to open up monetary policy. I think this goal will be gradually achieved.Far-reaching.

  LPR reform effectively achieves the goal of structural monetary policy. First fiscal: During the LPR reform process, we also conducted a RRR cut. How do we look at the relationship between the current RRR cut and the LPR, and then there are many problems that cannot be solved by targeted RRR cuts?Can LPR solve it?

What is the optimal combination of each next?

  Color: From some of our previous directional reduction operations, it was for some private small and micro enterprises (enterprises) or for some rural commercial banks in some places. It has two purposes in it.

The first is for some industries, industries, and regions that we urgently need to support. We need to give some financial policies, especially funds, some key support and support.

The other is to deal with some relatively significant financial shocks, so it is a guiding ideology that mainly reflects a structural monetary policy.

I think these two are definitely not conflicts in the first place.

The LPR itself is a comprehensive cost reflected. It is more affected by this overall level reduction. The overall level reduction will provide more liquidity, and more liquidity, because we know that gradually gettingRelatively speaking, the cost of liquidity will be relatively low, so in general, it will definitely be affected by the corresponding LPR, that is, driving the gradual decline of LPR, if we say that we will reduce the overall level.

The targeted reduction will be reflected on the interest rate of some customers, that is, the LPR will be increased. How much will this increase?

If we say that the directional downgrade has a specific liquidity for certain types of industries, this arrangement will be reflected on the point, so the ultimate purpose is to replace the interest rate from LPR to the terminal, so we think it isA rich and abundant toolbox embodying monetary policy is certainly not contradictory.

And after the LPR reform, I think it will be more helpful to structural monetary policy. It can also be said that targeted reductions can achieve its policy-making goals.

  LPR just determines the optimal loan interest rate. The first fiscal: There is a voice in the market that the LPR reform is a pricing method, especially for small and medium-sized enterprises, it may not necessarily reduce their loan interest rates. What do you think about this?That saying?

  Color: LPR reform is a reform of the policy framework. He did not say who must be lowered or who must be improved.

In other words, after we established such an asynchronous mechanism, let’s be straightforward, that is, if we respond to the needs of the macro economy, we will be more efficient if we want to rise, and we will be more efficient if we want to lower.drop.

Therefore, it does not mean that we must drop or rise. Under the current economic situation, generally speaking, LPR goes down and gradually adjusts downward. This is the current situation.After we established this framework, if we say that our economic rebound is relatively strong, we may also say the opposite operation, which is the first.

Second, the definition of LPR is the optimal loan interest rate. The optimal debt interest rate means the interest rate of the customer of your highest quality. The other customers actually reflect a risk premium, which is the plus point on the LPR.
If you speak from the theoretical definition, of course, it may not necessarily say that the LPR will decrease, and the small and medium micro (loan interest rate) will necessarily decrease. No one can guarantee this, because the core of our interest rate marketization is that the bank must base its riskAssess the situation, then make a risk assessment of these companies, and then have a market-based pricing.

So what do you mean by the cost of interest rates for SMEs?

Certainly the bank will make an assessment, but it is said that it will be mainly reflected in the plus point, but if the cardinal number has been adjusted downwards, in general, I think that it is definitely statistically significant, and it will definitely help small, medium and micro enterprises.Companies can gradually reduce other financing costs. Of course, it is specific to each company. Because LPR only determines the optimal loan rate, it 深圳桑拿网 cannot be said that it is necessary to reduce it for each company, but I think it is statistically significant orFrom a trend perspective, it definitely helps it reduce its financing costs.

  MLF interest rate will be reduced before the end of the first financial: LPR pay attention to MLF, you have previously predicted that MLF may be greatly reduced. At present, depending on the current economic situation and the trend of countercyclical policies, you think it is likely to be reducedIs it still possible?

  Color: First of all, I will correct it. I did not explain the downward adjustment. I mean there will be a downward adjustment.

And I still think this view, I think the MLF interest rate will still be reduced before the end of this year.

I think the range of MLF interest rates is much higher than before, because I think that MLF itself is a product of open market 上海夜网论坛 operations, and in addition to it, it actually leads to the role of basic interest rates.Benchmark (benchmark) So when LPR just started quoting, I think that LPR should be allowed to report twice, two or three times, and then see how the overall reforms run in, and we did passIn this way, it is possible to keep the MLF and then lower the LPR.

In this case, I think we can take a look at the final and overall operating conditions of LPR and the market’s response before making a decision.

Therefore, I have no expectation that the MLF interest rate will remain unchanged in September.

We are also facing the goal of achieving two doublings next year, and we feel that the overall call for and looser policies and expectations are getting higher and higher.

In addition, statutory fiscal policies are exerting force, but it may take time to really affect the economy.

Therefore, I feel that under the current steady growth pressure, monetary policy may still need to be adjusted accordingly. I think the countercyclical adjustment needs to be strengthened.

  In this case, I think the first is that MLF operations will be normalized.

I mean, now MLF is basically one year.

But I do n’t think it may be a simple sequel to the situation last year after the reform. I think that this overall structure may be adjusted to, because you are now quoted on the LPR on the 20th of each month, I think it is possible.

In theory, if LPR is quoted every month, I think MLF should also be done every month, and then quoted every month. In this case, he will set the tone for LPR, so I think that every month MLF hasOpportunity for a downward adjustment, and I think the MLF interest rate should be lowered in this case.

  As early as next year, it is hoped that the benchmark interest rate of the first loan will be canceled: how can we grind a logic for advancing and reforming our current monetary policy decision mechanism?

  Color: I think the LPR reform is a particularly important step because of the weak legal system of currency.

It is to open up such a mechanism. In the past, you did not use these amplifiers because the benchmark interest rate was stuck there.

In the future, it will gradually gradually re-anchor the existing loans to LPR. I may think that there should be hope next year, that is, we may think that the benchmark interest rate of loans will be gradually phased out, so I think that the interest rate will be marketizedIt is high, it should be said to be basically completed.

  Stimulating consumption is the breakthrough. The overall environment next year will be relatively improved. First Financial: What do you think of the upcoming third quarter data, including the next four quarters and the economic situation that will follow?

  Color: I think it may be in the fourth quarter, it may be in 6.

A figure of around 0%, a figure realized in the course of such an overall international environment and a domestic transformation, I think if it is at 6.

0% to 6.

Between 5%, it will basically be within our controllable range, the economy will be operating within a stable and reasonable range, and our macro policies will also make corresponding choices.

I think that with regard to the incentives for consumption, we think that there will be more measures to stimulate the vitality of consumption. This is the first and second. These fiscal policies that I just said will gradually develop their strength, and monetary policies will be preferred first.Soon if he does it, he will be executed immediately, so I think it will still be a relatively progressive process.

So I think we can stabilize GDP at 6 in this environment.

Above 0%, I think it belongs to a stable and reasonable range.

I think the overall global environment will improve next year, and I am actually relatively optimistic next year.

Zhonggong Education (002607): Vertically integrated development to create a platform for all categories of vocational education

Zhonggong Education (002607): Vertically integrated development to create a platform for all categories of vocational education

The track expansion under vertical integration promoted the company’s platform development.

The sustainable trinity of “Public Education, Research, Channel, and Management” of CPG Education achieves horizontal business expansion, and the efficiency of operation and management under the advantage of scale has been significantly improved.

The continuous 杭州夜网 research and development of the curriculum has formed a moat that is difficult to cross.

The company has a central + local research team structure, which is conducive to the unified development of courses and local adjustments to meet the standardization and personalized needs of training content.

Strict teacher training and selection, to ensure the quality of teaching, while improving corporate cultural identity and loyalty, is conducive to the shaping of the company’s brand image.

The nationwide network continues to sink, and the construction of the base has a long-term vision.

The first-line outlets have high autonomy, which will not bring too much management pressure to the company’s rapid expansion. At the same time, the first-line outlets are connected to the provinces and headquarters, and are connected to form 武汉夜生活 a network.

The penetration rate of county-level outlets is less than 4%, the sinking space is huge, and single-point revenue generation continues to grow in double digits.

The expansion of base investment in various provinces has brought about a long-term increase in profitability. The integrated training center is an inevitable demand for the leader of the vocational education and training industry to develop to a certain scale.

Scale effect improves efficiency, and high compatibility architecture supports expansion.

The advantage of scale began to appear, and the company’s management expense ratio decreased.

The company is still continuously exploring management models, actively carrying out digital transformation of operations, and working hard to further improve operating efficiency.

The company’s “local autonomy” and “central command” have a high degree of compatibility with the operating structure, providing strong organizational support for scale expansion.

  The company has the space to double its market value in the next 3-5 years.

We expect the company to achieve annualized revenue growth from 2019 to 202537.

7%, revenue is expected to exceed 50 billion yuan in 2025.

As a traditional strength, civil servant examination training will maintain an annualized growth of 23%; the teacher business will achieve a rapid annual growth of more than 40%, becoming the company’s main revenue contribution.

The vocational training industry will nearly double its market space in the next five years, and the company’s market share is expected to continue to increase from the current 5% to 10% by 2025.

  Company profit forecast and investment rating: As a leader in the vocational training industry, we are optimistic that the company will base its R & D advantages on large-scale development in various fields. It is estimated that the company’s net profit for 2019-2021 will be 17, 25, 37 trillion, and the corresponding EPS will be 0.

27, 0.

40, 0.

56 yuan.

Corresponding PE is 76 times, 52 times, and 37 times, respectively. Maintaining the “strong recommendation” level, comprehensive relative estimation and absolute valuation method, we give the company a target price of 24 in 2020.

5 yuan.

  Risk Warning: The training rate is lower than expected, the vicious event of education, and the policy exceeds expectations.

Gold and Molybdenum Shares (601958): Benefiting from the rise in molybdenum prices in 19 years, the net profit of mothers increased by 47 in advance.6%

Gold and Molybdenum Shares (601958): Benefiting from the rise in molybdenum prices in 19 years, the net profit of mothers increased by 47 in advance.6%
Benefiting from the rise in molybdenum prices, the company’s 19-year profit increased significantly.According to the company’s performance report, the revenue in 19 years was 91.51 ppm, a ten-year increase4.25%; Realize net profit attributable to mother 5.630,000 yuan, an increase of 47 in ten years.6%.The significant increase in profit is mainly due to the increase in the price of molybdenum. According to Asian Metal Network, the average price of molybdenum concentrate (45%) in 19 was 1784 yuan / ton, an increase of 2.1%. Supply growth is sluggish, and the central trend of the molybdenum price is upward.In the next few years, the growth of domestic molybdenum minerals will mainly come from the Dasuji molybdenum mine in Inner Mongolia’s Central and Western Mining and Jilin Tianchi Molybdenum Jide Molybdenum Mine.According to the Asian Metal Network, the Dasu Jimo molybdenum mine’s 500-ton / year capacity technological transformation and expansion project was planned to be completed and put into operation at the end of December 2019, but it is expected to be delayed until May 2020, when it officially starts production.  According to the Tiantian Development Announcement, Jilin Tianchi Molybdenum’s Jide Molybdenum Mine is nearing the general contract for open-pit mining projects on May 28, 2019. The project period is from June 1, 2019 to September 30, 2020.The above two molybdenum ore projects were suspended or delayed for a long time due to funding problems. Therefore, whether the two projects can be put into production as scheduled is still subject to binding uncertainty.Benefiting from the upgrading of the domestic industrial structure, the output of domestic stainless steel and alloy steel continues to increase at the same time. We expect that China’s molybdenum demand will maintain an average annual growth rate of more than 3% in 19-21, and gradually achieve the expected warming overlap industry compensation.Treasury, or drive the central molybdenum price upward. Give the company a “Buy” rating.It is expected that the company’s EPS in 19-21 will be 0.17/0.25/无锡桑拿网0.27 yuan / share, corresponding to the closing price of January 14 PE is 46/32/30 times.The company’s 19-year average PE value calculated based on the performance of the current year multiplied by 40 times. Benefiting from the slight price growth, the company’s profitability has continued to improve. As a leader in emerging industries, considering the growth space of the company’s performance, we think it is worth the company’s 20 years 40The PE valuation is reasonable and reasonable, and the corresponding reasonable value is 10 yuan / share, giving the company a “Buy” rating. risk warning.Environmental protection standards tend to cause severe disruption of mine production or rising costs; trade protection or the acceleration of global economic growth affecting demand; overseas copper-molybdenum-associated or overseas use of molybdenum-rich and copper-mining methods to 佛山桑拿网 rapidly increase supply, leading to price declines.

Qianhong Pharmaceutical (002550) Semi-annual Report Comment: The semi-annual report is gratifying and the company’s volume has steadily expanded

Qianhong Pharmaceutical (002550) Semi-annual Report Comment: The semi-annual report is gratifying.

The company’s revenue in the first half of the year increased by 24.

92%, the cash flow has improved significantly. The company released the 2019 semi-annual report.

43 ppm, an increase of 24 in ten years.

92%, net profit attributable to mother 1.

75 ppm, an increase of ten years6.

97%, net profit after deduction to mother 1.

1.7 billion, an increase of 10 in ten years.

84%, the company’s performance rose steadily.

The company’s operating cash flow improved significantly, from -0 in the same period last year.

550,000 yuan to 0.

USD 5.7 billion was mainly due to the increase in sales received in the first half of the year.

The sales of bulk drugs continued to grow, and high-speed development companies in foreign regions had revenues from biochemical drugs in the first half8.

4.3 billion (+24.

92%), 深圳桑拿网 gross margin of 43.

76%, a slight decrease of 2 previously.


In terms of different products, the company’s API revenue in the first half of the year4.

4.2 billion (+37.

47%), gross margin of 18.

69% (-0.

48pp), the company exploited the heparin sodium API market, continued to give full play to the advantages of linkage of production, supply and marketing, and the sales revenue of API products increased significantly.

Preparation series income 4.

01 ppm (+13.

49%), gross margin 71.

39% (+0.


The rapid increase in preparation revenue was mainly due to the company’s implementation of diversified and integrated marketing methods in the first half of the year, while sales revenue has steadily increased, and its product structure has been continuously optimized, achieving a certain brand and scale effect.

南京夜网 The company’s revenue in foreign regions in the first half of the year 3.

8 billion, a substantial increase of 43.

63%, accounting for 45% of total income.


Total selling expenses increased significantly.

02%, sales scale further expanded.

In foreign countries, the company has formed a professional international marketing team, expanded its marketing network, adopted an international cooperation model, cut into the industrial chain division and product distribution channels of European, American, and Japanese multinational corporations, and implemented equal emphasis on the export of APIs and high value-added products.Strategic goals for product transformation and upgrading.

R & D budget increase 2.

93%, the R & D project started smoothly The company’s R & D expenditure in the first half of the year was 33.65 million yuan, an increase of 2 each year.


The clinical research and preclinical research work of the large molecule and small molecule R & D platforms are progressing smoothly. Among them, the small molecule drug R & D platform QHRD107 project has entered the phase I clinical stage; the QHRD110 project cooperates with Medicide to carry out preclinical R & D and clinical declaration integration.Work; The ZHB202 and ZHB206 projects of the macromolecule research and development platform have also completed preclinical research work, reorganized clinical applications, and other new drug projects are also progressing smoothly. We are optimistic about the expansion of the company’s sales scale and the increase in foreign revenue. We maintain the “Buy” rating for the first half of the company’s formulation series revenue is not up to expectations. We slightly lower our profit forecast and will forecast a net profit forecast by 3 in 2019/2020.


470,000 yuan adjusted to 2.


68 ppm, the current price corresponds to PE of 27, 24, 22 times 2019-2021.

With the optimization of the company’s sales model and the increase in the proportion of foreign businesses, the company is expected to accelerate its strategic goal of product transformation and upgrade, and maintain a “buy” rating.

Risk Warning: New Drug R & D Is Less Than Expected; Impact of Drug Price Bidding Policy; Exchange Rate Changes Affect Export Product Revenue

Dataport (603881): CAPEX continues to improve and lay a solid foundation for growth

Dataport (603881): CAPEX continues to improve and lay a solid foundation for growth

Q3 performance improvement; Capex continued to improve, consolidating the foundation for growth. The company’s Q3 performance improved due to the switching of 185 computer room customers and the increase in financial costs.

6.9 billion (0% YoY).

74%); net profit attributable to mothers reached 24.35 million (-19% year-on-year.

36%), slightly below our expectations.

We believe the company is the beneficiary of the release of demand for Ali data centers, and new projects are accelerating.

We believe that the EV / EBITDA estimation method can better reflect the true operating conditions of the company’s business. We expect the company’s 19?
The 21-year EBITDA is 3.



7.5 billion, referring to the US stock data center estimation method, considering the company’s 19?
21-year EBITDA 32.

8% compound growth rate and entering the fourth quarter is expected to welcome the expected conversion, we give the company 2020 EV / EBITDA20x?
23x, corresponding to a target price of 39.

10 yuan?

46 yuan to maintain the “overweight” level.

  Customer switching and growth in financial expenses dragged down Q3 performance. Company Q3 achieved revenue1.

6.9 billion, a decline of 0 every year.


Affected by the adjustment of the end customer’s business, the company’s Hangzhou 185 computer room began customer switching in Q3. We expect this will cause Q3 revenue to decrease by 24.1 million yuan compared to normal conditions. We believe that customer replacement is normal.The location is good, and the new customer switch is expected to be completed quickly.

We expect non-185 projects to contribute 1 in Q3.

5.7 billion, an increase of 17 compared with the third quarter of last year.

2%, showing that the company’s Q3 other computer room counters maintained a steady growth.

In 北京夜网 terms of net profit, Q3 achieved a net profit of 24.35 million, a decrease of 19 per year.

36%, mainly due to the company’s increased project construction and increased budget and financial costs.

Q3’s financial expenses reached 14.66 million, an increase of 9.06 million per year.

  Q3 gross profit margin increased QoQ, Q3 net cash flow improved Q3 comprehensive gross profit margin was 37.

83%, the steadily increasing listing rate has promoted the company’s Q3 gross profit margin extension and chain growth have improved.

Q3 Operating Expenses (Sales Expenses + Management Expenses + R & D Expenses) Expenses 14.

4%, a slight increase every year.

In terms of cash flow, the company’s operating net cash flow for Q3 was.

5.4 billion, an increase of 109%, and a significant increase of 894%.

  Capex continues to improve and consolidate the basic infrastructure. For basic data center business, customer demand is relatively determined. The growth of the business mainly comes from the expansion of scale. Capital expenditure is a leading indicator of the company’s business growth.

In the first three quarters of 2019, the company’s capital expenditures continued to increase sequentially, and the capital expenditures in each quarter were 1.



2.3 billion.

The company has successively won bids for Ali data center orders since last year. We believe that entering the new project construction phase in 2019 will drive capital expenditure to increase and lay a solid foundation for future growth.
  Investment suggestions We believe that the company is a beneficiary of the release of demand for Ali data centers. Since this year, the company has actively promoted the construction of new projects.

We believe that the EV / EBITDA estimation method can better reflect the true operating conditions of the company’s business. We expect the company’s 19?
The 21-year EBITDA is 3.


7.5 billion, referring to the US stock data center estimation method, considering the company’s 19?
21-year EBITDA 32.

8% compound growth rate and entering the fourth quarter is expected to welcome the expected conversion, we give the company 2020 EV / EBITDA20x?
23x, corresponding to a target price of 39.

10 yuan?

46 yuan to maintain the “overweight” level.

  Risk Warning: Customers come to the counter faster than expected.

Nine major institutions look at the market: the main line changed from epidemic situation to resumption of work

Nine major institutions look at the market: the main line changed from epidemic situation to resumption of work

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

  Guosheng’s strategy: Broad currency continued technological growth is still the main stage. Although the rise has been huge, the big logic and trend of technological growth has been disrupted: 1) First, incremental funds will continue to flow in.

In the last 3 months, there are 206 and 38 unlisted partial equity funds that have been audited and have not been issued, and they will still bring 100 billion yuan of incremental growth to the market in the future.

2) The wide monetary environment continues.

3) The refinancing relaxation cycle is coming, and technology growth is the most beneficial.

4) From a fundamental point of view, the growth of science and technology can simultaneously maintain the advantage of prosperity.

  Founder’s 武汉夜网论坛 strategy: “Weak economy, strong stock market” Does the strong stock market have some driving force?

  The “weak economy, strong stock market” feature of the current market.

The strength of the stock market is not linearly related to economic growth. When the economy is booming, the driving force of the stock market is performance improvement. The “strong stock market” brought about by the great economic prosperity; and during the economic downturn, the stock market also has “strong”Stock market”. At this stage, the core driving force of market growth is the increase in estimates, which is due to the improvement of economic expectations caused by positive policy changes.

The new crown epidemic in the first quarter of 2020 will have a significant impact on the economy. After the holiday, the stock market is out of the V shape. The core driving force lies in the estimated driving force. It is estimated that the improvement stems from three points: First, there is ample liquidity, and the risk-free interest rate has dropped. Second, the epidemic situationThe improved data improves risk appetite. Third, the introduction of refinancing policies has triggered expectations of capital market reform.

  GF strategy: A-shares will cater to the increase in risk and promote the growth of science and technology. The “financial supply side slow bull” is different: ① “flooding flood” is difficult to reproduce, and the interest rate center is slowly moving downwards; ② financial supply side reform is to prevent risksWe should find a balance between the prevention and the “risk of dealing with risks” and keep repeating it, and the risks can only be repaired gradually.

Therefore, the overall improvement of risk appetite in the early stage of 19 “is still owing to Dongfeng”: ① the two conditions for residents to enter the market only triggered one of them, and the lack of a “money-making effect” in the initial period of the securities transfer from bear to bull;The size of GEM mergers and acquisitions is still not high. ③ The growth structure of the stock market has changed (technological growth has begun to manifest), but it is still dominated by consumption-aware varieties (consumption).

  Huatai Strategy: It is estimated that the expansion of technology stocks will be short-term or difficult to continue. According to our calculations, the amount of incremental incremental funds (statistical caliber: foreign exchange, financial integration, public funds, industrial capital) in this year has reached 248.2 billion U.S. dollars.The size of the fund reached at least 69.9 billion yuan, of which the issuance of partial equity public funds reached 152.3 billion yuan, accounting for 61.

4% is the main force of incremental funds.

We believe that the newly issued partial equity public funds (technical funds account for a relatively high proportion), especially passive funds (technical ETFs, etc.) to build positions is the direct cause of continuous short-term continuous highs. Due to the reasons, investors around the Spring FestivalInsufficient cash holdings are the main force for the current subscription of the newly issued funds.

We believe that the resumption of work in the future (although not yet, but in advance) and the end of the new fund allocation peak (Jin Qilin analyst), the expected expansion of technology stocks may be difficult to sustain.

  Haitong strategy: Note that the poor fundamentals have affected Hong Kong stocks on a few core indicators: ① The bull market layout since the beginning of 19 is unchanged: the cycle of bull and bear cycles, corporate profits bottomed out, asset allocation is biased towards A shares, and the epidemic only affects the stageprofit.
② Focus on the initial key point of view of profitability. The technology + securities companies that are in line with the transition direction are expected to take the lead, and the early-stage companies in the technology profit cycle are better, similar to 13 years.

③ The rapid growth following the recent market slump stems from abundant liquidity. It is still necessary to pay attention to the impact of the short-term fundamentals’ poor rise. Hong Kong stocks are already replacing.

  National Gold Strategy: Structural bulls continue “new infrastructure” and “old infrastructure” 1) According to the Fed’s observation, the probability of the Fed’s interest rate cut in June rose to 54%, and the expected rate cut twice during the year has increased; 2) affected by factors such as the epidemic situationThe downward pressure on the domestic economy is still breaking through; it is expected that the expansion sector will further strengthen counter-cyclical adjustments, and timely adjustment of currency instruments such as deposit benchmark interest rates and targeted RRR cuts; 3) the current relatively weak internal demand environment, which stimulates effective demand,Stabilizing employment has become the focus of the current policy effort. One of the positive points of the positive fiscal policy is “new infrastructure”. 4) It is expected that the proportion of “shares of wealth” of A shares will gradually increase, and the incremental increase will always flow into the A share market;5) Investment suggestion: In the February monthly report of A shares, we clearly stated that “counter-cyclical policies will repair investor pessimism, and technology is the main line of deployment”.

At the current point in time, we still maintain this view, and the market is still active; 6) In terms of industry configuration, it is recommended to focus on the “5G and 5G upstream and downstream industry chains under the” new infrastructure “, industrial Internet, medical equipment, photovoltaics, Power grid “, etc. In addition, we still maintain the main configuration line under the US stocks mapping, such as” electric vehicle industry chain, cloud gaming, security and control “.

  Construction investment strategy: The main line must increase the warehouse from the epidemic situation to the resumption of work. As mentioned above, we maintain our judgment in the comment from the “outbreak mainline to the resumption work”: the macro policy environment is conducive to the continued bull market.

If there is interest in the short-term market, investors can choose to increase their positions.

From the point of view of industry configuration, there are three main lines: First, after the company gradually resumes work, gradually compressing the consumer industries such as automobiles, food and beverages, home appliances, catering and tourism will rebound again, and additional allocations are needed; second, benefiting from capital market reform andThe liquidity-rich brokerage sector; third, the industry is booming, and the technology sector supported by liquidity policies is currently maintained as standard.

If the market is some kind, it is possible to increase the position again.

  New era strategy: Spring restless funds may cool down slightly in the second quarter. Since we were strategically bullish at the beginning of August 2019, we have been optimistic about the market trend. We still insist on this and believe that David will appear in 2020.Double click on cattle (performance improvement + incremental funding).

But in the short term, we need to focus on speed, not direction.

We believe that in the last half month, the index has grown rapidly, with oversold rebounds, spring agitation and trend, driven by three forces.

Fundamental factors have led to a high turnover rate on the GEM and active trading by individual investors. These alternative factors will cool down in the future.

This time the cooling is a relative speed, not a change in direction.

  CITIC Securities: The three major signals of the end of the first round of “filling pits” this year The first round of “filling pits” of A shares this year is mainly driven by loose liquidity, and the subsequent kinetic energy will tend to decay after various signals are dispersed, The market will also enter a period of peace.

A shares are still in the middle of the “well-off bull” channel. It is expected that the second round of growth driven by the entry of industrial capital and the replacement of fundamentals will start in the second quarter.

  The market ‘s short-term minimum capital inertia inflow and upward mobility, but as the current policy focus shifts to orderly resumption of work, monetary policy goals have grown more steadily, and macro easing has been difficult to exceed expectations.

This round of market capital rotation is also coming to an end, and individual investor entry is still the main driver in the near future.

It is recommended to pay close attention to the three types of signals at the end of the “fill in the pit” market, including fundamental signals such as resumption of work and February data, liquidity signals such as interest rate trends, and market signals such as transaction volume and style differentiation.

CNOOC (601808): Offshore oil service boom recovers beyond market expectations

CNOOC (601808): Offshore oil service boom recovers beyond market expectations

Guide to this report: Unlike the market view, we believe that the company’s performance is related to the country’s policies to promote 北京夜生活网 exploration and development, unconventional gas, and deep-sea oil and gas development strategies, which will gradually decouple from oil prices.

The continued prosperity of the industry will exceed market expectations.

Investment points: Maintain Overweight rating, raise earnings forecast and target price.

As the offshore oil service boom surpasses expectations, we raise the EPS for 2019/2020/2021 to 0.



90 yuan (previous value was 0.



51 yuan), using industry average PB1.

99 times, raise target price to 14.

63 yuan, overweight.

The company’s semi-annual report performance in 2019 exceeded market expectations.

The company achieved net profit attributable to mothers in the first half of 20199.

70,000 yuan (expected last year -3.

800 million).

Exploiting platform optimization and promotion13.

1 up to 80%, jack-up daily income increased 19% to 6.

$ 80,000 / day, semi-submersible upgrade 3.

4% to 15.

USD 10,000 / day.

The gross profit margin of the drilling service sector increased from 10% to 32%.

At the same time, the revenue of the technical service sector in developing countries has increased by 95% annually.

Increased domestic energy exploration and development.

CNOOC’s capital expenditure plan for 2019 is 70-80 billion yuan, an increase of 11% from the same period last year.

At the same time, some capital expenditures for exploration increased from US $ 11.3 billion in 2018 to 140?
160 trillion; domestic portion rose from 5.8 billion to 88?
99 trillion.

The National Energy Administration requires oil companies to complete the 2019-2025 seven-year action plan.

CNOOC plans to double its exploration workload and proven reserves by 2025.

Prosperity of the marine service industry will increase in 2019.

According to research by Rystad Energy, the market size of underwater services in 2024 will exceed that of 2014.

At the same time, according to the IEA’s forecast, offshore oil and gas investment will account for 28% of upstream investment in 2019, and another one will be added each year.

It is expected that the average size of offshore projects will increase by more than 20% in 2019 and 2020.

The reduction in costs has led to a higher return on investment for offshore oil and gas projects.

Risk reminder: The capital expenditure of oil and gas companies exceeds the expected risk, and the risk of exchange loss.