Month: April 2020

Yongxin shares (002014)： Proposed annual output of 3.

3New BOPE film project raises profit forecast

Yongxin shares (002014): Proposed annual output of 3.

3New BOPE film project raises profit forecast

Proposed annual output 3.

3 The initial new BOPE film project, the product is environmentally friendly, in line with the company’s and customer’s development strategy: the company issued an announcement plans to invest 100 million U.S. dollars in Huizhou District of Huangshan City to establish a wholly-owned subsidiary-Huangshan Yongxin New 北京桑拿洗浴 Materials Co., Ltd. (tentativeName), which will invest in the construction of a new BOPE film project with an annual output of 33,000 tons, with a total investment of 300 million yuan.

It is understood that the key performance of BOPE film can meet the performance standards of PE film, but the thickness is thin and can reduce the bag breaking rate of composite packaging materials.

The development of this project is in line with the brand’s “Packaging 2025” strategy. It is also conducive to the company’s rich product structure, opening up differentiated markets and consolidating brand advantages. It is a fusion of new environmental protection materials, new technologies and new processes.

According to the announcement, the project construction period is two years, and the annual output value is 5 after completion.

940 thousand yuan, with an annual profit of 49.37 million yuan, accounting for about 21 of the company’s total profit in 2018.

37%.

The third and fourth quarters are the traditional peak season for sales, and gradually achieved steady progress.

The company’s operating income in the first three quarters increased by 11 each year.

85%, net profit attributable to mothers grows by 23.
.

95%.

The single quarter and third quarter revenue and profit growth have been accelerated, and the company’s single quarter and third quarter revenue and growth have increased by 15.

22%, net profit attributable to mothers grows 36.
.

30%.

The third and fourth quarters are the traditional peak sales seasons. It is expected that the company’s fourth quarter results are expected to maintain a higher growth trend and show a steady improvement.

The profitability of the subsidiaries improved, and production capacity was maximized.

The subsidiary Hebei Yongxin achieved net profit of 815 in the first half of this year.

310,000 yuan, an increase of 156 in ten years.

62%, the performance is dazzling, mainly because the number of days of production suspension of the Hebei subsidiary has dropped significantly, and the positive effects of early environmental protection investment have gradually become apparent.

In addition, the subsidiary Huangshan Yongxin increased its capacity utilization rate to 60% this year, crossed the break-even line, and gradually realized the present value of customer reserves in the early stage, achieving a net profit of 670 in the first half of the year.

980,000 yuan.

Upgrade earnings forecast and maintain “Buy” rating.

Increase the company’s net profit attributable to mothers from 2019 to 2021.

63/2.

96/3.

2.4 billion forecast to 2.

87/3.

39/4.

110,000 yuan, corresponding to a PE of 15 in 2019-2021.

31x / 12.

97x / 10.

68x.

The company’s long-term main interests are expanding steadily and maintaining stable relationships with brand customers in the downstream FMCG industry.

With the long-term understanding of downstream customers on the environmental protection and safety of packaging, the relationship between the company and customers is getting closer.
Benefiting from the expansion of downstream customers’ market share and the active development of new customers, the company’s performance continued to grow.

The competitive advantage obtained from the preliminary environmental budget and the research and development of new materials has gradually contributed to the performance end, and the dividend ratio is high. The company is judged by PE at 20-20 times in 2019, corresponding to a target price of 10.
26-11.

40 yuan, maintain “Buy” rating.

risk warning.

Raw material price fluctuations, new project construction and production progress is not as expected, etc.

Tongling Nonferrous (000630) Interim Review： Downward processing fees dragged down second-quarter results.

Tongling Nonferrous Metals (000630) Interim Review: Downward processing fees dragged down second-quarter results The company ‘s overall performance was in line with expectations
Core point of view The company’s second-quarter earnings narrowed. The overall performance was in line with expectations: Recently, Tongling Nonferrous Metals released the 2019 semi-annual report, and the company achieved revenue of 468 in the first half of the year.59 ppm, an increase of 15 in ten years.09%; net profit attributable to mother 4.1.4 billion, an annual increase of 0.18%; net profit after deduction to mother 3.39 ‰, an average of 12 in ten years.02%.Q2 revenue was 236.83 ppm, a ten-year increase3.02%; net profit attributable to mother 1.34 ‰, 36 years average.85%; the company’s Q2 profit has narrowed compared to Q1, but the overall performance is in line with market expectations. The main production and sales continued to increase and the decline in processing fees dragged down the gross profit margin: the company produced a total of 70 copper halide in the first half of the year.76 for the first time, growing 8 per year.84%; copper content of copper concentrate 2.73 for the first time, growing by 4 per year.2%; copper processing material 17.31 for the first time, growing by 4 per year.85%; sulfuric acid 214.52 Initially, it grows 8 per year.twenty four%.Although the production and sales of products continue to increase, due to the decline in TC / RC costs of copper processing and the drop in sulfuric acid prices, the company’s comprehensive gross profit margin will increase from 5.37% dropped to 4.2%, resulting in a substantial narrowing of earnings in the second quarter.At present, the price of sulfuric acid is in a downward trend, and there is limited room for decline. However, the copper processing fee is affected by the mismatch between the growth rate of the copper supply side and the smelting side.Toxicity, the future may recover through copper downstream consumption 苏州夜网论坛 recovery.On the whole, the company’s gross profit margin will have limited downside in the second half of the year, and the combined new production capacity will gradually expand. The company is expected to supplement the price by volume to drive performance growth. The future 5G copper foil with high-end lithium battery copper foil production capacity is expected to become a new growth point: Company 2 has completed the first phase (1 ton) of the ultra-thin electronic copper foil project for advanced energy storage, and has been gradually delivered.A 2 ton high-purity metal rhenium production line has also been in trial production in the middle of the year, trying to promote the company’s performance growth.At present, the company has 4 initial copper foil production capacity, including 2 standard foils.25 inches, lithium battery 杭州桑拿网 copper foil 1.75 millimeters, technically 6 micron and 7 micron lithium foils have been mass-produced. At present, research and development of high-end copper strips and 5G copper foil products is being promoted, and it is expected to become a new performance growth point in the future. Investment suggestion: We expect the company’s EPS for 2019-2021 to be 0.07 yuan / 0.09 yuan / 0.10 yuan, the corresponding PE is 30.27/25.99/22.88 times, maintaining the “recommended” level. Risk warning: Copper processing fees fall, sulfuric acid prices fall, project advances are less than expected

Wanfeng Aowei (002085)： Short-term performance under pressure and Baosteel to increase weight and weight

Wanfeng Aowei (002085): Short-term performance under pressure and Baosteel to increase weight and weight

Performance summary: The company announced the third quarter report of 2019, and the first three quarters of 2019 achieved revenue of 76.

800 million US dollars, the annual cap 4.

5% to achieve net profit attributable to mother 6.

0 ppm, 23-year average.

3%.

Among them, the third quarter achieved revenue of 26.

60,000 yuan, the average ten years 6.

3%, realizing net profit attributable to mother 1.

8 ‰, 20 years ago.

3%.

The short-term performance was under pressure, and the main business was steadily developed.

In the first three quarters, due to the sluggish industry sales and intensified market competition, the company’s revenue declined.

Gross profit margin for the first three quarters of 21.

6%, an increase of 0 compared with the same period last year.

4 units.

Period expenses cost 12.

9%, an increase of 3.
.

Nine amounts, of which the sales expense ratio, management expense ratio and financial expense ratio are 2 respectively.

1%, 8.

4% and 2.

4%, respectively +0.

3%, +1.

6% and +2.

0%.

The significant increase in the financial expense rate was initially due to the increase in currency expenditure and exchange losses, and the significant increase in the management expense rate was due to increases in wages and benefits, depreciation, and amortization.

The company has steadily opened up the market in the downturn of the industry. In terms of automotive wheels, it has fully expanded the Japanese market. Strategic cooperation with Guangzhou Honda and Japan Honda has achieved substantial benefits.

Fully entered the Mercedes-Benz supplier system and won new projects from Beijing Benz.

Baosteel became a strategic partner and cooperated in the lightweight field.

The report summarizes the strategic cooperation agreement between the company and Baosteel Metal. Baosteel Metal intends to become a shareholder of Wanfeng Aowei by more than 5% in a manner consistent with laws and regulations.

We believe that Baosteel Metal intends to become an important shareholder of the company and to launch full-scale cooperation with Wanfeng Group in areas such as lightweight new materials, which will strengthen the company’s competition in the lightweight field and strive to build a first-class enterprise with global competitiveness.
Demonstrated confidence in development and continued repurchase.

According to the company’s share repurchase plan, the size of the repurchased shares does not exceed RMB 30,000 and does not exceed RMB 600 million, and the repurchase price does not exceed RMB 11 per share.

As of the end of September 2019, the company had repurchased approximately 36.74 million shares, accounting for 1.
.

68%, highest transaction price 8.

54 yuan / share, with a minimum transaction price of 6.

81 yuan / share, the total transaction amount is 2.
7.2 billion.

Earnings forecasts and investment advice.
Expected net profit attributable to mothers in 2019-2021.

2/9.

3/10.

2 trillion, the corresponding EPS is 0.

38/0.

42/0.

47 yuan to maintain the “overweight” level.

杭州桑拿
Risk reminder: Automobile production and sales are lower than expected, magnesium alloy penetration is lower than expected, the performance of the merger and acquisition enterprise achieves or falls short of promises, exchange rate changes and other risks.

Yutong Bus (600066) Interim Review： Leading Leader Keeps Leading Position, Improves Research, Development, and Practices

Yutong Bus (600066) Interim Review: Leading Leader Keeps Leading Position, Improves Research, Development, and Practices

The performance increased against the trend, showing the leading style.

The company’s revenue in the first half of the year was 125 ppm, an increase of 4 per year.

06%; net profit attributable to mother 6.

8.3 billion, an increase of 10 in ten years.

78%; 5 after deduction.

2.2 billion, an annual increase of 0.

66%.

The company sold passenger cars in the first half of the year.

540,000 vehicles, an annual increase of 2.

62%.

According to the China Automobile Association, domestic sales of large and medium-sized passenger cars increased by 5 in the first half of the year.

9%, the company steadily topped the list of large and medium-sized buses, maintained its leading edge, and increased sales.

Outstanding cost control benefits The company’s profit margin has increased compared to the same period last year.

Short-term new energy buses will be affected by subsidy declines.

The supplementary transition period for new energy buses resumed and stopped for 8 months. It is expected that the effect of rush installation before the end of the transition period will be obvious, and it will also overdraw the sales of passenger cars in the coming months.

The short-term compensation for declines constitutes a growth rate for passenger car sales and profits, but we believe that outstanding companies can gradually increase profits with stronger cost control and increase share with stronger product power.

R & D and layout of high-end 佛山桑拿网 products, the overseas market has steadily advanced.

The company maintained R & D investment beyond the industry. In the first half of the year, the R & D expense was 800 million US dollars, an increase of 28% over the same period of the previous year.

Overseas high-end products are a magic weapon to open the company’s sales and profits.

Finally, in the first half of the year, the company gradually exported6.

70,000 passenger cars are exported to Europe, Africa, Latin America, Australia, Southeast Asia and other countries, with a sales network covering more than 70 years.

Among them, new energy buses have formed batch orders in many European countries, and significant achievements have been made in overseas markets.

Investment suggestion: We estimate the company’s net profit attributable to its mothers to be US $ 2.5 billion and US $ 2.6 billion in 2019 and 2020, respectively. The current overall corresponding dynamic estimates are 12 and 11 times, respectively.

Risk warning: New energy bus sales are lower than expected; cost reduction is lower than expected.

Huaxin Cement (600801) Company Research： Old Trees and New Flowers Diversify Results

Huaxin Cement (600801) Company Research: Old Trees and New Flowers Diversify Results

Huaxin Cement: a century-old enterprise, rejuvenating.

The company is a cement leader in the middle and upper reaches of the Yangtze River, and has gradually developed into a reorganized building materials group that integrates multiple businesses such as cement, concrete, aggregate, and environmental protection disposal. It has more than 50 clinker production lines in it, with a total clinker production capacity of 5,800 a year / year. Commercial concreteThe production capacity is 23.3 million cubic meters per year, and the aggregate is 2,500 tons per year. In 2018, the cement, clinker and aggregate sales were 7,072 and 1,450 tons. The domestic clinker production capacity ranks fifth.

Infrastructure increased to boost domestic demand, and the core market boom was incorporated.

Infrastructure construction hedges the consolidation of regional cement demand.

The company’s two major markets, Hubei and Yunnan, have high capacity utilization rates. The Hubei market is in an important position along the Yangtze River Cement Market, the market concentration is at the forefront of the country, the layout is stable, and the favorable conditions for economic construction in the Yangtze River Basin are utilized.The “golden waterway” has a huge hinterland for cement demand, which can make up for the mid-to-long term boom. The company also has significant advantages in many aspects, such as layout along the river and operating efficiency.

The market demand for infrastructure in Yunnan is highly elastic, even increasing the pressure on productivity in the medium term, but the regional 天津夜网 integration is continuously expanding, and the concentration is gradually increasing. The market has the conditions for digesting and supplementing production capacity, and the company’s comprehensive advantages in equipment technology, operating efficiency, and scale make it long-term in the region.competitive.

Prospective overseas layout, high-quality capacity expansion potential.

The company has 300 clinker production capacity in Tajikistan and Cambodia, and about 210 clinker capacity under construction in Nepal and Uzbekistan.

The political situation of the four countries is stable and their economic performance is better. At present, the per capita consumption is less than 400 kg, and the potential for full-term and long-term demand is full. The Belt and Road Initiative brings the potential for infrastructure development.

The company’s expansion can rely on Lahaohao’s overseas platform resources, costs, management efficiency and other core competitiveness to ensure its leading position and profitability in the cost curve, which has long-term huge development potential.

At the time of the extension of the industrial chain, the prototype of the leading building materials in developing countries was emerging.

The core advantages of cement companies’ industrial chain extension resources, logistics, etc. Huaxin relies on the cement along the Yangtze River and the technology advantages of Laho to look forward to the layout of diversified businesses. With the opportunity of aggregate industry integration and other opportunities, it will gradually enter the period of profit release.The proportion will rise to more than 15%.

Profit forecast and investment suggestions: After the improvement of the main business center of the cement industry, it is expected to maintain mid-to-high level fluctuations, aggregates, and environmental protection industry chain extension and acceleration. The company will continue to form new profit growth points, and the company’s net cash flow and high dividend value attributes will be prominent.

According to the equity value calculation under the DCF model, the company’s absolute estimate is also higher and better margin of safety.

We estimate that the company’s net profit attributable to its parent in 2019-2021 will be 67.

700 million, 62.

400 million and 64.

6 trillion, from the perspective of the price-earnings ratio, the closing price on September 20 corresponding to the price-earnings ratio of 6.

3 times, 6.

8 times and 6.

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

Risk reminder: repeated macro policies, worsening of industry competition and cooperation, less-than-expected industrial chain extension, overseas investment risks

Meng Lily (603313) Annual Report Comments： The rapid growth of domestic and foreign sales performance in line with expectations

Meng Lily (603313) Annual Report Comments: The rapid growth of domestic and foreign sales performance in line with expectations

Event: The company achieved revenue of 30 in 杭州桑拿网 2018.

49 ppm, an increase of 30 in ten years.

39%, net profit attributable to mothers1.

86 ppm, a 19-year increase of 19.

39%, net profit after deduction is 2

25 ppm, a 73-year increase.

29%; revenue in the fourth quarter alone was 9.

450,000 yuan, an increase of 39 in ten years.

03%, net profit attributable to mother is 0.

760,000 yuan, an increase of 596 in ten years.

13%, net profit after deduction is 0.

900,000 yuan, an increase of 927 in ten years.

88%.

Opinion: The volume and price of memory foam mattresses have both risen, and revenue has grown rapidly.

(I) View by quarter: the company achieved revenue of Q1 / Q2 / Q3 / Q4 respectively.

11/6.

72/8.

21/9.

45 ppm, with annual growth of 26.

95% / 19.

55% / 33.

42% / 39.

03%; net profit attributable to mother is 0.

05/0.

34/0.

72/0.

76 trillion, short-term fluctuations are -93.

21% /-26.

79% / + 133.

04% / + 734.

49%, revenue growth accelerated significantly in the second, third and fourth quarters. Benefiting from the continuous decline in raw material prices, the company’s net profit growth continued to accelerate.

(II) In terms of products, the company’s memory foam mattresses / memory cotton pillows / sofa / electric beds achieved revenue of 16 respectively.

91/4.

66/2.

37/2.

32 ppm, with annual growth rates of 29.

67% / 5.

11% / 12.16% / 70.

05%, the company’s main product memory foam mattress revenue growth faster than sales growth rate of 22.

At 35%, the volume and price of memory foam mattresses have both risen, and revenue has grown rapidly.

(3) By sales channel: the company’s offline / online / bulk revenue is 1.

01/2.

63/26.

68 ppm, an increase of 124 each year.

39% / 135.

22% / 22.

68%, all achieved rapid growth.

1.

Offline: The company is directly operated, and the franchised stores have achieved revenues of 65.83 million and 35.59 million yuan, respectively, an increase of 200.

18%, 52.

96%, achieving rapid growth.

2.

Online: The company strengthened online-offline integration in this issue, opened up its omni-channel, and achieved rapid growth in online sales.

3.

Bulk: The company maintains good relations of cooperation with European and American memory foam home furnishing brands and traders, and constantly develops new customers, achieving rapid growth in bulk business.

Earnings forecast and estimation: The company is expected to achieve EPS of 1 in 19-21.

49, 2.

18, 3.

25, corresponding PE is 22X, 15X, 10X.

Maintain “Buy” rating.

Risk reminder: the price of raw materials rises sharply, and the domestic sales channel is not well developed

McGrady Technology (603990) Company Research： Set to Raise 1 Billion USD in Capital Strength

McGrady Technology (603990) Company Research: Set to Raise 1 Billion USD in Capital Strength
Event: The company issued an announcement on February 27, intending to issue a non-public offering to 5 controlling investors, including the controlling shareholder of the listed company and the actual controller, Weng Kang, not exceeding 2539.360,000 shares, raising 西安耍耍网 less than 1 billion; of which, Weng Kang subscribed for 500 million. The company will increase its capital strength by raising 1 billion US dollars to increase the shareholder’s shareholding ratio.The company intends to issue non-public offerings not exceeding 2539.360,000 shares, fundraising not exceeding 1 billion, Weng Kang, Chen Jixia, Yue Hai Asset Management, Wells Fargo Fund, Minsheng Securities subscribed in cash, of which the actual controller and chairman Weng Kang subscribed for 5 billion.The fixed issue price is 39.38 yuan / share, not less than 80% of the average trading price of McGrady Technology stocks in the 20 trading days before the pricing benchmark date.The amount of funds raised will be used to supplement the working capital of listed companies after deducting the issuance expenses.This will 1) strengthen the capital strength of listed companies, expand their business scale, and consolidate the company’s competitive advantages within the industry; 2) optimize the capital structure of listed companies and enhance their ability to resist risks;After the end, the total shareholding ratio of the actual controller will reach 26.95%, to ensure the stability of the company’s control. The emergency rescue platform opened a new growth for the company, and hand numbness and intensive care developed steadily.1) The market for sinking hemp was opened, and “products + quality control platforms” cast high barriers.The policy promotes the construction of clinical informatization in medical institutions below the third level, and the demand for surgical anesthesia sinking has begun.The company has a high market share of the top three hand hemp hospitals, a high degree of product maturity, many hand hemp quality control platforms have landed, and “products + quality control platforms” have cast high barriers.Promote the potential basis for secondary hospitals.2) Intensified intensive care resources in the epidemic situation, it is imperative to improve the efficiency of the ICU system.In the epidemic situation, ICU’s intensive care resources are tight, and the intensive care clinical information system has outstanding capabilities in improving efficiency and saving manpower.3) Accelerate the nationwide rescue platform based on the “Five Centers”. The “531” benchmarking project highlights the competitive advantage.The policy requires that by 2020, emergency critical care systems based on the “Five Centers” will be gradually established throughout the country.The regional smart emergency platform of Suzhou model has become a benchmarking project, which can be replicated throughout the country. The company has been deeply involved in the construction of the Suzhou “531” project and has made efforts in emergency emergency construction.We believe that sufficient capital strength will help the company improve competition in the field of clinical informatization and emergency and emergency services, and provide guarantee for the company to undertake business and expand operations. Entered the blue ocean market with high barriers to assisted reproduction, and the remaining capital created the entire industry chain ecology.1) The infertility rate continues to rise, and assisted reproduction becomes a blue ocean market.The prevalence of infertility in China is expected to reach 18 by 2023.2%, the number of infertile couples reached 5 million person-times, China ‘s assisted reproductive market penetration and transformation in 2018 was 7%, while the US market penetration rate exceeded 30%.With the increase in penetration, China ‘s population base has increased, and assisted reproduction has become a blue ocean market.2) Assisted reproduction license has created high-gate biology, and high-quality private institutions have development potential.China’s assisted reproductive services market is strictly regulated, and the number of licenses is limited, making it difficult to crack new applications.When the market penetration rate rises in the future and the licenses are redistributed in accordance with national regulations, the funding time for top public hospitals will increase, and some high-quality private institutions will release their development potential.3) Acquired Hainan Mary Hospital to build an ecosystem of assisted reproductive industry.The company acquires 51% equity in Mary’s Hospital to enter assisted reproduction. It is expected to focus on assisted reproductive medical institutions in the future, continue to increase the number of cycles and expand the market size, and extend to the middle of the industrial chain to provide menstrual and endocrine management services, and infertility and infertility.Eugenics and childcare services.At the same time, it has its own information advantages and builds a national assisted reproduction cloud platform to provide more possibilities for derivative services.We believe that sufficient capital strength will accelerate the company’s industrial chain layout in the assisted reproductive market and expand the assisted reproductive cycle centered on assisted reproductive medical institutions. Maintain “Buy” rating.We forecast the company to achieve revenue from 2019-2021.30, 4.82, 5.9.9 billion yuan, an annual increase of 16.1%, 46.1%, 24.2%, achieve net profit attributable to mother 0.66, 1.40, 1.9.6 billion, an annual increase of 19.2%, 111%, 40.4%.Maintain “Buy” rating. Risk warning: the progress of assisted reproduction business exceeds expectations; the progress of emergency and emergency national construction is gradually expected; key assumptions may be at risk of errors.

Huaxin Cement (600801)： Significant earnings elasticity and record high performance

Huaxin Cement (600801): Significant earnings elasticity and record high performance

The company’s operating income in 2018 was 274.

6.6 billion, an annual increase of 31.

48%; net profit attributable to mother 51.

81 billion, an increase of 149 a year.

39%; it is planned to distribute a cash dividend of 11 per 10 shares.

5 yuan, 4 shares increased.

Benefit from price elasticity and profit hitting record highs: The company’s performance has increased, mainly benefiting from rising cement prices in major regional markets. In 2018, the company’s cement clinker ton revenue was about 338 yuan, which increased by 68 yuan; gross profit per ton was 136 yuan, an increase of 57 yuan; Ton sales expenses and ton management expenses increased by 4 yuan and 1 yuan respectively, and ton financial expenses were continuously downgraded by 3 yuan, mainly due to the improvement of the company’s capital structure and a loss rate from 56 in 2017.

87% dropped to 44.

76%; In the past, the net profit per ton reached 81 yuan, a record high; of which, the Q4 cement clinker ton revenue was 362 yuan, sometimes increased by 72 yuan, the gross profit per ton was 154 yuan, increased by 47 yuan alternately, the net profit per ton was 88 yuan, and sometimes increased by 24 yuan.Quarterly ton profit also hit a record high.

Regional demand is high, production capacity, and sales volume continue to expand: in 2018, the combined sales of cement and clinker were replaced by 7072, an annual growth of 3%, of which Q4 sales were replaced in 2011, an increase of 2% alternately.

Mainly benefited from last year’s core markets such as Southwest, Central South, etc., where the prosperity of demand is good (the cement output in 2018 increased by 6 respectively.

44%, 3.

72%); At the same time, the company ‘s capacity layout continued to expand, and the report completed the acquisition of a 100% stake in Chongqing Lafarge Shui On Tower Cement (5000t / d clinker production line, 250 tons of cement capacity), and Tibet ‘s Shannan Phase III 3000t / dProject, the second phase of the 3000t / d project in Xigaze was completed and put into operation, adding a total of 477 tons of cement capacity; the company will continue to expand overseas projects in 2019 (Nepal 2800 t / d, Uzbekistan project 4000 t / d) and replacement of old capacity (Huangshi, Hubei: 285 indicators / year, Yunnan Luquan: 4000 t / d).

Actively lay out new growth, and the aggregate of the industrial chain extension is a bright spot: Outside the company’s main cement industry, it has been actively deploying aggregates, environmental protection, new materials and other businesses to create new growth points; among them, the aggregate business is developing rapidly and profitability is outstanding, 2018年 年公司骨料销量1450每年，每年增幅26％；贡献收入8。
2.7 billion, an increase of 61% before; gross profit margin reached 63.

84%, revenue per ton is 57 yuan, gross profit per ton reaches 36 yuan; according to the company’s annual report, the company plans to achieve aggregate sales volume of 2662 in 2019, and to complete Sichuan Quxian, Chenzhou, Hunan, Changyang, Hubei, Jinghong, Yunnan, Lincang, Zhaotong, etc.Construction of aggregate projects and commencement of construction of nine aggregate projects with an annual capacity of 2,250 tons (capacity of 2,500 tons in 2018).

In terms of environmental protection business, the company’s industrial hazardous waste business has made breakthroughs, and the disposal capacity approved by the EIA has reached 21 per year.

In terms of new materials business, the new year’s production is 1.

2 billion comprehensive environmental protection wall materials project was completed and put into operation; the first high-end, automatic leakage-proof and energy-saving mortar factory with an annual output of 5 was completed and put into operation; ultra-high-strength concrete has also been successfully used in projects such as the Hong Kong-Macao-Macao Bridge.

Investment suggestion: Maintain “Buy” rating: The company is a cement leader in the two lakes and southwestern markets, and has a leading layout in Tibet and overseas markets. The core regional market demand has both mergers (East China) and flexibility (southwest and overseas), and provides layouts.Good, the supply and demand relationship is expected to continue the best situation; meanwhile, the company’s active layout of new businesses such as aggregates will bring new growth; we expect the company’s EPS to be 3 in 2019-2021.

17/3.

09/3.

45 yuan, according to the latest closing price corresponding 武汉夜网论坛 to PE respectively 7.

7/7.

89/7.

05 times, PB is 1.

85/1.

61/1.

4 times; the latest PB (LF) assessment by reference to Conch Cement is 1.

87 times, considering that the company’s ROE profit center has improved significantly and is higher than Conch Cement, giving the company 1.

95 times PB, based on twice the net assets of 202015.

09 yuan, corresponding to a reasonable value of 29 yuan / share; maintain “Buy” rating.

Risk warning: demand growth exceeds expectations, new business expansion fails to meet expectations, and the industry increases supply beyond expectations.

Dashenlin (603233)： The chronic disease supply policy benefits Guangdong drugstore companies

Dashenlin (603233): The chronic disease supply policy benefits Guangdong drugstore companies

Event: Recently, the Guangdong Medical Insurance Bureau, the Health and Medical Commission and the Drug Supervision Bureau issued the “Guiding Opinions on Promoting the Supply of Drugs for Chronic Diseases by the Designated Retail Pharmacies of Basic Medical Insurance in Guangdong Province” (hereinafter referred to as “Opinions”).

　　Opinion: Medicare pays for pharmacies to break the ice, and the Guangdong pharmacy industry welcomes major benefits. The Opinion states that insured patients can purchase prescription drugs for chronic diseases at designated retail pharmacies, and can be reimbursed by the basic medical insurance pooling fund. Individuals onlyNeed to pay personal expenses.

Although there are restrictions on the scope of medication for chronic diseases, as well as restrictions on external prescriptions and medical treatment vouchers, the Opinions are still the first time 杭州桑拿 that most designated retail pharmacies proposed by local medical insurance bureaus can use medical insurance pooling accounts to reimburse.

　　In the past, only a few medical insurance designated pharmacies could obtain special / chronic or major illness medical insurance reimbursement qualifications. Most patients can only use personal accounts to solve drug reimbursement problems in pharmacies. This situation also easily leads to the urgent need for high prices in pharmacies.When medications are used for serious illnesses, personal accounts often cannot meet the demand, which also makes pharmacies acceptable in terms of ensuring the convenience of purchasing drugs.

We believe that the issuance of the “Opinions” is expected to solve the problem of reimbursement of drugs purchased by designated pharmacies in Guangdong Province for patients with chronic diseases and severe illness, and may also exacerbate the convenience of pharmacies in Guangdong Province and further promote the implementation of a healthy Guangdong strategy.
　　The gradual standardization of the management of retail pharmacies in Guangdong Province. Dashenlin has benefited most from the pressure on the supervision of the medical insurance pooled funds account, and the management responsibilities required by government departments are also heavier. Therefore, the connection of the medical insurance pooled funds qualification to the pharmacy must be one.Strict and effective supervision.

The “Opinion” points out that pharmacies must have a complete IT system, and the relevant data must be under the supervision of the Guangdong electronic drug circulation electronic supervision system. At the same time, there are strict pricing restrictions on chronic diseases drugs sold by pharmacies:The pricing of cancer drugs shall not exceed the negotiated price; the selected drugs for national drug collection may be appropriately increased on the basis of the selected prices, but the standard shall be paid by the patient; the retail prices of hypertension and diabetes drugs shall not exceed the payment standards determined by the provincial medical insurance bureau.
In general, pharmacies that are allowed to reconcile the quality of their account reimbursement will face strict supervision, so we believe that leading pharmacies that are more able to adapt to tighter standards will be the ones that are profitable.

As Dashen Forest is the leader in the pharmacy industry in Guangdong Province, we believe Dashen Forest is expected to become the leading company that will benefit most from the formal implementation of the Opinions.

　　Innovate the service model of primary medical institutions, and Guangdong’s prescription outflow is expected to further. The Opinion states that Guangdong Province will innovate the service model of primary medical institutions, including: 1) Extending the amount of prescription medical insurance, and the amount of prescription medical insurance can be relaxed according to the needs of the disease 4-12 weeks; 2) Exploring the establishment of cooperative relationship between primary medical institutions and retail pharmacies, pharmacies can deliver the required medicines to the intravenous drug deployment center of the medical institution where the insured patient visits; 3) Promote “Internet + drug circulation”, mainly supportingThe policy of “subscriber taking, online ordering store delivery” encourages the implementation of the prescription transfer platform; 4) further consolidates and eliminates the achievements of supplementing medicine with drugs; 5) strengthens the supervision model of big data applications, and improves the construction of an intelligent medical insurance supervision platform.

Judging from the work of the best new and innovative primary medical service provided by the “Opinions”, we believe that the relevant regulatory departments within Guangdong Province have clearly pointed out the path of prescription outflows, and Guangdong Province has further promoted the outflow of prescription drugs.

　　Profit forecast, estimate and rating are maintained for the time being. 19?
The 21-year EPS is 1.

38/1.

76/2.

07 yuan, the current price corresponds to 19?
21 years PE37 / 29/25 times.

The company focuses on the South China market. It has strong refined management capabilities and strong profitability. In the future, new construction and mergers and acquisitions can increase the speedup space to ensure stable growth. We are optimistic about the investment value brought by long-term growth.

The implementation of the “Opinions” promoted the progress of prescription outflows in Guangdong Province. The company, as the leader of Guangdong drug stores, maintained the “Buy” rating.

　　Risk Warning: The performance of M & A pharmacies is not up to expectations; the extension speed of new openings and M & A is not up to expectations.

Fuyao Glass (600660) in-depth analysis： Nine Dragons’ global automotive glass faucet accelerates its rise

Fuyao Glass (600660) in-depth analysis: Nine Dragons’ global automotive glass faucet accelerates its rise
Investment points 30 years of ingenuity, the domestic automobile glass faucet is firmly attached.The company was established in 1987, and after more than 30 years of development, it has become the largest and most technologically advanced automotive glass supplier in the country.First class.Since listing in 1993, the company’s operating income and net profit have achieved an average annual average of 21 respectively.1% and 18.With a rapid growth rate of 1%, gross and net profit margins have been maintained at relatively high levels of about 40% and 20% for a long time.In the end, the acceleration of the growth of domestic automobile production and sales has put pressure on the company’s performance growth. However, relying on the increase in product volume (increased use of bicycle glass) and price increase (increased average price caused by high-end products), domestic business continues to continueRevenue growth faster than downstream automobile production growth. The core competitive advantages are prominent, and overseas markets have entered the harvest period.At present, Fuyao has a global market share of about 20%, and there is still room for improvement.Ranking with major global competitors (Asahi Glass, Plate Glass, Saint-Gobain, Xinyi Glass), the company has advantages such as high business concentration, low production costs, and large capital expenditures, and is committed to replacing areas in overseas markets.In recent years, the company has gradually increased its overseas investment. The Russian factory and the American factory (which have achieved profitability) have been put into production one after another. With the subsequent conversion and release of the new factory, overseas revenue is expected to maintain rapid growth. Acquisition of German SAM horizontally expands product categories, opening up new growth space.In January 2019, the company started with 5882.80,000 euros to acquire German SAM company in bankruptcy liquidation.The annual output value of SAM is about 2.500 million euros. The bankruptcy was caused by poor management, which caused the capital chain to break, and a fire that burned down the production line; but it has the world’s leading surface coating spraying technology in the field of aluminum trim, and the product has a high supporting value for bicycles.After the acquisition of SAM, the company will integrate its redundant production capacity to improve production efficiency and absorb its advantageous technology date domestically.Benchmarking the leading domestic aluminum trimming group, Minsil Group (aluminum trimming business, with annual revenue of about US $ 3.5 billion and gross profit margin of about 35%), the scale of SAM’s revenue and profits is still decreasing, and there is room for continuous improvement, which is expected to become a new performancegrowth point. Investment suggestion: Through the increase in domestic product volume and price and the release of new foreign plant capacity, the company’s main automotive glass industry strives to continue to maintain steady growth; the acquisition of the aluminum trim business brought by Germany’s SAM opens up new growth space.We forecast the company’s EPS to be 1 in 2019-2021.76 yuan, 2.09 yuan and 2.41 yuan, ROE is 20 respectively.1%, 21.7% and 22.8%.The company has stable 杭州桑拿网 growth, expected earnings (about 13 times of PE TTM, which is at a low point in the past three years, and the average level of the auto parts industry subsequently), and a high dividend rate (a dividend rate of more than 60% and a dividend rate of about 5).23%) three major advantages, with high long-term investment value.We maintain our leading “Buy-A” investment rating. Risk reminders: The domestic auto industry’s production and sales growth rate is lower than expected; Sino-US trade disputes exacerbate risks; the overseas plant capacity release progress is less than expected.