Month: March 2020

Huaxia Happiness (600340): Active replenishment and restructuring and debt structure continued to be optimized

Huaxia Happiness (600340): Active replenishment and restructuring and debt structure continued to be optimized

Key points of the report Description On January 14, 2020, the company ‘s wholly-owned overseas subsidiary completed the issuance of US $ 1.2 billion of advanced unsecured fixed-rate bonds overseas.

Incidents commented that the initial sales improved, or the lack of soil reserves and the structural layout.

Kerer sales data shows that the company actually realized $ 145.4 billion in 2019, a year-on-year decrease of 10%.

67%; the sales area of 12.36 million square meters, exceeding the decline of 17.

76%.

The decline in initial sales may be related to the previous lack of soil reserves and the relatively high proportion of surrounding Beijing.

In recent years, the company has intensified the expansion of the non-environmental areas, and the sales contribution of the non-environmental areas has also increased, and the structure has continued to optimize.

In addition, the company’s industrial park replication in other places has also been very effective, forming an important support for the company’s profitability.

Actively replenish stocks and adjust the structure at the same time, and control the debt burden under better sales receivables.

In consideration of the long-term sales continuity, the company will actively acquire land in 2019 to replenish its value, and gradually expand the land acquisition 421.

280,000 flats, 1 of the land area taken over in the ten years of 2018.

63 times; take the total price of 311.

500,000 yuan, an increase of 203 in ten years.

55%.

Based on the long-term layout of the company, the company focuses on the optimization of its structure, such as the rejection of capital 116 in September 2019.

2.5 billion pounds won the Wuhan Binjiang CBD core area, laying a foundation for the company to explore the new business layout of central China with Wuhan as its core.

Despite the improvement in geographical strength, the company’s debt burden is still controllable under the recovery of sales, and the company’s net debt ratio in the third quarter of 2019 decreased from the middle of the year.

94pct to 202.

85%.

The debt structure continued to improve, and financing costs fell.

On January 14, 南宁桑拿 2020, the company’s overseas subsidiaries successfully issued US $ 1.2 billion of senior unsecured fixed-interest bonds to replace one-year internal and mid-term and long-term overseas debt, and the debt structure continued to improve.

Among them, the coupon rate of US $ 500 million 3-year bonds is 6.

90%; US $ 700 million 5-year bond coupon rate is 8.

05%.

Benefiting from Ping An’s shareholding and global interest rate cuts, the company’s financing costs have significantly improved (the par interest rate of the same type of 3-year US dollar bonds issued on April 10, 20197.

125%, 5-year US dollar bond coupon rate of 8.

600%).

Investment suggestion: Actively replenish stocks and adjust the structure simultaneously, and continuously optimize the debt structure.

The company actively replenishes the value of its 杭州桑拿网 products and actively adjusts its structure to take a long-term view; sales have improved, but the off-site replication has been effective, and the contribution of non-Beijing regions has provided effective buffers; the debt structure has continued to improve, and financing costs have fallen; and Ping An has been deeply bound.Financing and the development of commercial areas have many benefits.

It is estimated that the company’s net profit attributable to mothers in 2019-2021 will be 149, 202, and 27.1 billion, respectively, an increase of 27%, 35%, and 34%, corresponding to a PE of 5.

5 times, 4 times.

1X, 3.

0X, maintain “Buy” level.

Risk Warning: 1.

Uncertainty in real estate policy; 2.

The company may copy the progress off-site or have uncertainty.

Aerospace Electric (002025) 2019 Interim Report Review: Strong Revenue Growth Military Structure and Material Cost Affect Gross Margin

Aerospace 厦门夜网 Electric (002025) 2019 Interim Report Review: Strong Revenue Growth Military Structure and Material Cost Affect Gross Margin
The company released its 2019 Interim Report: Revenue 16.190,000 yuan, an increase of 38 in ten years.56%; net profit attributable to mother 1.8.7 billion, an annual increase of 19.17%; net profit after deduction to mother 1.740,000 yuan, an increase of 18 in ten years.17%, non-recurring gains and losses mainly come from government subsidies of 17 million yuan. Revenue for the first quarter of 20196.720,000 yuan, an increase of 39 in ten years.45%; net profit attributable to mother is 77.73 million yuan, an annual increase of 20.01%; the second quarter continued the high-growth trend in the first quarter with revenue of 9.48 ppm, an increase of 37 in ten years.95%, an increase of 41.07%, net profit attributable to mother 1.09 million yuan, an increase of 18 in ten years.58%, an increase of 40 from the previous month.23%, the absolute amount of revenue and profit in the second quarter hit a single quarter high. The company’s main sectors are scheduled to achieve rapid growth in revenue. At the same time, a newly established subsidiary, Guangdong Huajing, has consolidated revenue of 79.77 million yuan from March to June.Excluding the impact of Guangdong Huajing, the company achieved revenue of 15 in the first half of 2019.39 trillion US dollars, an annual increase of 31.67%; net profit attributable to mother 1.89 ppm, an increase of 20 in ten years.95%.In the first half of the year, the proportion of civilian products increased and the gross profit margin of civilian products surpassed that of high-end products; the increase in the supply price of precious metals and special chemical materials required for production led to faster cost growth than revenue, so the gross profit margin decreased in the first half of the year.38pct to 34.69%.Total period expenses 2.8.7 billion, an increase of only 9 per year.4%, 厦门夜网 operating efficiency has improved significantly. As the main industry-wide supporting enterprise for military products, the company is a decisive benefit target for compensatory procurement after the influence of military reform has been eliminated. It is an “integrator” for industry demand and a “weathervane” for prosperity. It will be even greater in 2019-2020Performance elasticity.We maintain our profit forecast for the company and expect the company’s net profit for 2019-2021.31/5.54/6.50 ppm corresponds to a PE of 29/23/19 times the closing price on August 19, maintaining the level of “prudent overweight”. Risk warning: Orders increase significantly after revenue recognition; industry competition intensifies, market share declines; weak capacity organization, performance releases fall short of expectations.

Crystal Optoelectronics (002273) Quarterly Review: R & D Expansion Continues to Grow Upstream and Downstream Joint R & D

Crystal Optoelectronics (002273) Quarterly Review: R & D Expansion Continues to Grow Upstream and Downstream Joint R & D

Event: On April 18, 2019, the company released the 2019 first quarter report and achieved operating income4.

890,000 yuan, an increase of 32 in ten years.

24%, achieving net profit attributable to the parent company of 0.

580,000 yuan, a decrease of 0 every year.

76%.

Opinion: Firmly recommend the company. As the leading optical track of domestic optical devices, the company relies on the existing film, technology deposition and competitive advantages in the cold processing field, accelerates technology and product innovation, and extends the product structure to sensing optical elements, semiconductor opticsComponents and other fields.

Actively cooperate closely with the upstream and downstream of the industrial chain, and promote the depth of cooperation through joint ventures, joint development, business cooperation and other modes to achieve mutual benefits and win-win results.

R & D investment continued to increase, and gross profit margins decreased.
北京夜网

In the first quarter of 2019, the company’s R & D promotion was 0.

3.2 billion, an increase of 40 every year.

42%, the company cooperates with customers in depth through various modes such as joint development and business cooperation to achieve mutual benefits and win-win results. At the same time, the company expands its R & D layout in the field of automotive electronics.

Automotive electronics contains a lot of human-computer interaction technologies. At present, the market opportunities for optical components and components are shifting. At present, cooperation opportunities are brought in multiple channels.

In terms of gross profit margin, the company achieved a gross profit margin of 18 in the first quarter.

86%, a decline of 7 per year.

28 points, down 6 from the previous month.

43 points.

The company’s business has a certain profit, the first quarter is the off-season, and the operating rate has decreased.

In addition, the LED industry is in a downward cycle, product prices have fallen sharply, and inadequate startup rates have led to a decline in the company’s gross profit margin.

Consumer electronics camera innovation enhances the value of the company’s single optical device.

The company develops and provides optical series products related to ambient light sensors, flood light sensors, distance light sensors, dot-matrix projectors, front and rear camera components and appearance parts according to market needs, providing customers with a cost-effective one-stop shop.Solutions and services for the optical business.

The company has entered the supply system of 3D imaging, under-screen fingerprints, periscope lenses, resins, exterior windows, etc., to enhance the value of the single machine, and simultaneously achieve the landing of multiple related optical products and application solutions.

The high-end intelligent machine 3Dsensing has entered a speed-up period, and the value of the single machine has increased. The company is an A-share company entering the 3Dsensing supply chain switch for large customers.

5G awakens VR / AR, the connected car ecosystem, and accelerates optical innovation.

The biggest increase of 5G is the increase in content capacity after the network speed is increased, which meets the requirements of VR / AR for network bandwidth and low latency. VR / AR application scenarios are expected to accompany the rapid landing of 5G. The company invested in the AR optical engine module company in 2016Lumus, which holds the company’s common stock and Class C preferred stock, lays out the top companies in the high-quality track.

In addition, the new form of on-board navigation brought by 5G will awaken the entire connected car ecosystem, and is expected to enable cars to achieve barrier-free networking. Optical products such as on-board cameras will become the information portal for connected cars, and it is expected to achieve stepwise growth.

Investment suggestion: The development of global consumer electronics products, especially the mobile phone industry, has gradually entered a stable period, and the increase has gradually increased. At the same time, the price of the company’s LED business has been severely reduced. Therefore, the company’s 19-20 year profit forecast is lowered by 7.

50/9.

1.2 billion down to 6.

56/8.

850,000 yuan, maintain “Buy” rating.

Risk warning: the boom of the mobile phone industry is expanding, the R & D progress is less than expected, and VR / AR is less than expected

Huamao Logistics (603128): Interim report slightly exceeds expectations

Huamao Logistics (603128): Interim report slightly exceeds expectations

The interim report slightly exceeded expectations, maintaining an “overweight” rating of 2Q19, and the company realized revenue of 24.

180,000 yuan (+7.

2%), net profit attributable to mother 1.

1.8 billion (+11.

9%), slightly exceeding our expectations of 1.

1.5 billion.

We maintain the company’s 19/20/21 profit forecast at 0.

36/0.

42/0.

48 yuan, corresponding to the current expectation of 20.

7/17.

9/15.

6X PE; Considering M & A expectations, the company is given 22-24X PE for 19 years with a target price range of 8.

02-8.

75 yuan to maintain the “overweight” level.

The second quarter performance improved month-on-month, the interim report slightly exceeded expectations in 2Q19, and the company realized revenue of 24.

180,杭州桑拿000 yuan (+7.

2%), the growth rate increased by 6pp; the gross profit was 3.

1.3 billion (+8.

6%), the growth rate increased by 8pp MoM; net profit attributable to mother 1.

1.8 billion (+11.

9%), the growth rate increased by 23.

5pp, and slightly more than we expected 1.

1.5 billion; net profit after deduction to mother 1.

1.9 billion (+15.

6%), the growth rate increased by 14 compared with the previous quarter.

4pp.

The gross profit growth of freight forwarding business was sluggish, and the improvement of non-forwarding business gross profit was still the company’s main source of profit. However, due to the global economic situation and Sino-US trade friction, the growth was significant.

In the first half of the year, the company achieved gross profit5.

6.2 billion (+4.

9%), of which gross profit of freight forwarding business3.

880,000 yuan (+7.

5%), gross profit of non-forwarding business1.

7.5 billion (-0.

4%).

In the freight forwarding business, air transportation revenue and sea transportation revenue fell twice respectively.

78% and an increase of 19.

86%, revenue from air transportation increased for the first time in 14 years, and core business operations were under pressure. The outbound acquisition is reasonable and expected to increase performance. On August 22, 2019, the company announced its intention to acquire 70% of the equity of Da’an International and Xuncheng International Air Freight Forwarding Business Group at a transaction consideration of approximately 6.

190,000 yuan (corresponding to a profit of about 8 in 18 years.

1X PE).

The target company is estimated to be reasonable and able to form synergy with the company’s cross-border e-commerce business.

As of 1H19, the company’s asset-liability ratio was only 24.

7%, monetary funds of about 1.2 billion, leverage has increased.

Assuming that the company completes the acquisition in cash, based on the 5% cash interest rate and the underlying 18-year profit estimate, it is expected to increase the company’s profit by 53 million yuan (14% of the 19-year forecast net profit).

Equity incentives have been released, and compound profit for exercise has increased by 15%. On April 22, 2019, the company increased its value to 5.

82 yuan / share grants 30 million equity incentives to 246 objects, covering the core executives of listed companies and major molecular companies.

According to the three-year exercise conditions (33% / 33% / 34% of exercise rights), the company’s compound growth rate of profits from 17 to 19/20/21 exceeded 15%; the distribution incentive coverage is wide and the incentive conditions are designedReasonable, can fully bind the interests of shareholders and shareholders.

The estimate is reasonable. Maintaining the “overweight” rating of China Trade Logistics’s slightly higher-than-expected report, excluding the thickening of outbound M & A performance, we maintain the company’s 19/20/21 0.

36/0.

42/0.

48 yuan profit forecast, corresponding to the current expectation of 20.

7/17.

9/15.

6X PE.

Comparable logistics enterprises corresponding to 19/20 Wind expected PE 16.

8/13.

3X; Considering the outbound M & A expectation, we give Huamao Logistics 22-24X PE for 19 years (earlier estimated industry premium of 31% -43%) with a target price range of 8.

02-8.

75 yuan (previous value was 10.

93-11.

66 yuan), maintaining the “overweight” rating.

Risk reminder: Global economic forecast, UHV investment exceeds expectations, and outbound M & A falls short of expectations.

Pian Tsai Ying (600436) Review of major events: single largest price increase since listing 2020 performance promotion usher in an explosion

Pian Tsai Ying (600436) Review of major events: single largest price increase since listing 2020 performance promotion usher in an explosion

Matters: On January 20, 2020, the company issued an announcement that, for the main raw materials and labor costs of Pien Tze Huang products, the company decided to increase the retail price of Pien Tze Huang tablets to 590 yuan / capsule from the date of announcement.The price is increased by about 40 yuan / cap; the supply price in overseas markets is increased by about 5.

$ 80 per capsule.

Comment: The price increase is expected to directly increase the net profit of returnees in 20202.

0 ‰, 14 per year.

4%.

In the in-depth report of Pien Tze Huang released on January 14, 2020, we predicted that in 杭州夜网 2020, the domestic price of the “Pien Tze Huang Series” will increase by about 6%.

The price increase is 11.

9%, slightly higher than our expectations.

According to our Pianzai price increase model, the ex-factory price increased by 40 yuan to 375 yuan, an increase of 11.

9%. In 2020, the sales of the “Pien Tze Huang Series” will be about 577.

10,000 tablets, an increase of 18.

8%, strengthen the logic of rising volume and price.

Increased channel enthusiasm (10-year value-added of channel profits).

3%) to strengthen the logic of penetration enhancement.

The profit before the price increase was 195 yuan.

The price increase of 60 yuan this time, channel profits increased by 20 yuan, an increase of 10 a year.

3%, channel enthusiasm is enhanced, which is conducive to the improvement of national penetration.

According to our calculations, across the country, the demand for “Pien Tze Huang Series” liver disease drugs has penetrated into zero.

13%, 6% from 1% permeability.

7 times improvement space.

Infiltration and transformation under the demand of health care and self-use1.

98%, 4% from 10% permeability.

1x improvement space.

In mature markets in Fujian Province, the penetration rate of “Pien Tze Huang Series” liver disease medication demand is only 1.

76%, higher than the national average of 0.

13%, 4% from 10%.

7 times improvement space.

The target price for 2020 is 125.

5 yuan increased to 146.

2 yuan.

Taking into account the higher than expected price increase this time, strengthening the logic of rising volume and price, and increasing the penetration rate, and combining our previous in-depth report judgment on the company’s fundamentals, the industrial core product “Pien Tze Huang series” has obvious advantages.There is ample supply of raw materials, and there is room for competitive improvement in penetration across the country.

We raise the company’s profit forecast and increase the operating income growth rate to 20 in 19-21.

5%, 25.

1%, 19.

7% (previous forecast 21).

7%, 20.

4%, 19.

5%), increasing the net profit growth rate to 25.0%, 37.

3%, 19.

5% (previous forecast was 24.

4%, 23.

8%, 26.

3%), corresponding to PE is 53, 39, 32 times.

At the same time meeting the company’s price increase expectations to drive performance improvement, we raised the company’s PE estimate in 2020 is 45 times (the original value of 43 times), corresponding to the target price of 146 yuan (origin target price of 125 yuan), maintaining the “recommended” rating.

Risk reminders: 1) The supply of raw materials is reduced; 2) The merger and adjustment bring changes in the company’s strategy.

Rongtai Health (603579) 2018 Annual Report and 2019 First Quarterly Report Comment: Short-term pressure on profitability is expected to improve quarterly

Rongtai Health (603579) 2018 Annual Report and 2019 First Quarterly Report Comment: Short-term pressure on profitability is expected to improve quarterly
Matters: The company published the 2018 annual report and the 2019 first quarter report on April 23, 2019.Realized operating income in 201822.9.6 billion, previously +19.70%; net profit attributable to mother 2.49 trillion, ten years +15.28%; basic return 1.78 yuan.It is planned to distribute a cash dividend of 3 yuan (including tax) to all shareholders for every 10 shares.In Q1 2019, it achieved revenue of 5.110,000 yuan, at least -15.22%; net profit attributable to mother 0.580,000 yuan, at least -0.83%. Comment: The forecast of the growth rate of single quarter revenue performance, the operating performance is slightly lower than 天津夜网 expected.The company’s 2018Q3 / 2018Q4 / 2019Q1 revenue increased by +14 respectively.55% /-16.04% /-15.22%, net profit attributable to mother twice.94% / + 6.95% /-0.83%.The Q1 operating results in the 2018 single quarter and 2019 single quarter were slightly higher than expected. We believe that it should be that the destocking of large Korean customers in the second half of 2018 affected the company’s export revenue (the export revenue for the full year of 2018 was 9).4.9 billion, at least -2.05%; Mainland China revenue 13.3.4 billion, previously +42.05%); Second, experiential massage services are affected by intensified competition, increased venue rents, etc., and profitability has shifted. Experience massage services revenue in 20183.66 trillion, +56 a year.71%, it is calculated that the company’s 2018 single Q4 and 2019 single Q1 shared massage service revenues have declined by about 20% in the background of the same period last year.We believe that with the completion of destocking by major customers, the company actively controls the progress of the launch of shared massage chairs and the continuous development of the domestic market brought by user education, and the company’s revenue performance will promote quarterly improvement in the future. The intensified competition for shared massage and the adjustment of product structure have led to a decline in profitability.The company’s gross profit margin in 2018 was 34.07% (year -4.15pct) net interest rate 10.89% (decade -0.92pct), we believe that the decline in gross profit margin is mainly due to the increase in the price of raw materials in the previous period. The proportion of Momoda home massage chairs that reset the gross profit margin has increased and competition in the shared massage market has increased. Among them, shared massage services are subject to venue rent and shared massage.Chair depreciation stalls, intensified competition, and other factors affect the extent of changes in gross profit margins.As for the period expense ratio, the company’s sales expense ratio for 2018 was half a year-1.38pct to 12.35%, management and R & D expense rate -0 per second.74pct to 8.18%, the financial expense rate is ten years -1.51pct to 0.11%.In the first quarter of 2019, the company’s gross profit margin continued to fall under pressure, but its net profit margin improved due to the increase in exchange income and the improvement of management efficiency. The gross profit margin was 29.05% (six years-6.13pct) and a net interest rate of 10.61% (decade +0.30pct).The depreciation and amortization of the first implanted shared massage chair is expected to end in 2019, and profitability is expected to rise and fall. Operating cash flow improved in the first quarter, and expectations are positive.Net operating cash flow of the company for the first quarter1.400 million US dollars, previously + 159%, indicating that the company’s return is in good condition; 82.04 million advances received, previously +44.59%, mainly due to dealers’ active bookings, and the company ‘s new production capacity in Nanxun and Qingpu is gradually released, which is expected to improve. Optimistic about the company’s development and maintain the “strong push” level.We believe that through the company’s ability to control fluctuations in raw material prices, market expansion capabilities and expenses, and profitability promotion, we continue to be optimistic about the company’s development.Due to the intensified competition of short-term shared massage services and the significant impact of destocking by large customers in overseas operations, we have lowered the company’s profit forecast. It is expected that the company’s net profit attributable to mothers will be 3 in 2019-2021.08/3.97/4.920,000 yuan (originally predicted net profit attributable to mothers from 2019 to 20203.20/4.05 ppm), corresponding to the current market capitalization PE of 15/11/9 times. Considering the gradual recovery of the company ‘s overseas business and the release of production capacity, the company is given a 20 times PE in 2019, which is a target price of 45 yuan, and maintains a “strong push” rating. Risk reminder: the macroeconomic downturn leads to sluggish demand, the market development fails to meet expectations, and major customers’ operating risks.

Dongfang Cable (603606): Submarine cable orders continue to land, marine projects contribute incremental

Dongfang Cable (603606): Submarine cable orders continue to land, marine projects contribute incremental

The event company released a semi-annual report for 2019, and accumulated revenue in the first half of the year14.

900 million, a ten-year growth of 7.

5%; net profit attributable to mother 1.

800 million, an annual increase of 220.

1%, net profit attributable to mothers in the second quarter1.

300 million, previously +263.

1%, +164.

5%.

The increase in net profit attributable to the company far exceeded the increase in revenue, mainly due to the report’s significant increase in the proportion of submarine cables with high gross profit margins; continued until the 2019 interim reporting period.

  The company maintains a low debt level (interest bearing rejection rate / total assets).

8%), with sufficient funds in hand (monetary funds / total assets 21).

4%), to provide sufficient guarantee for subsequent capacity expansion and order execution.

  Substantial orders for submarine cable projects continued to be won, expanding offshore engineering transformation and perfecting the industrial chain layout In the first half of 2019, the company’s major submarine cable projects shifted to about 13 trillion bids, which was basically the same as the new orders in the first half of 2018, indicating that offshore wind power construction continuedAdvancement and related orders continued to land; until the end of June 2019, the company’s submarine cable order holdings reached 2.6 billion US dollars, which is the basis for the continued growth of subsequent submarine cable business.

In order to develop the offshore wind power industry link, the company and the Three Gorges New Energy, Fushun Investment and other companies jointly invested in the establishment of Dongfang Offshore Engineering Co., Ltd. to cover submarine engineering facilities decoration and offshore engineering design and other businesses.

We believe that through the establishment of an offshore engineering joint venture, the company is expected to further expand the offshore wind power industry chain layout.

   Offshore wind power construction maintains a high degree of prosperity, and submarine cable companies are expected to continue to benefit from the addition of offshore wind power to the grid in 20181.

6GW (previously +42.

2%). In the first half of 2019, offshore wind power installations will be about 400MW (more than 150% a year), and internal offshore wind power construction will maintain a high degree of prosperity.

Offshore wind power construction extends from offshore to deeper sea areas with better wind resources. In 杭州夜生活网 early 2019, the offshore distance of Jiangsu Dafeng Project has reached 70KM.

The continuous advancement of offshore wind power construction and its extension to the distant and deep sea regions will further drive the growth in demand for the submarine cable market, and frontline submarine cable companies will help to fully benefit.

  Estimates and grades: Considering that the rapid installation of offshore wind power construction in 2019-2021 will promote the rapid growth of offshore wind power capacity, we increase the company’s EPS from 2019 to 2020 to 0.

52 yuan, 0.

70 yuan (previous value was 0.

39 yuan / 0.

65 yuan), plus EPS0 in 2021.

99 yuan, maintain “Buy” rating.

  Risk warning: Offshore wind power construction is not up to expectations, and offshore wind power development scale is less than expected.

Jiuyuan Yinhai (002777): IT Leader of People’s Livelihood Ushers in a High Boom Cycle

Jiuyuan Yinhai (002777): IT Leader of People’s Livelihood Ushers in a High Boom Cycle

The leading domestic smart people’s livelihood and military-civilian integration service provider company originated from the China Academy of Engineering Physics and is essentially controlled by the Chinese Academy of Sciences.

The company focuses on the four strategic directions of medical and medical insurance, digital government affairs, smart cities, and military-civilian integration. It is aimed at government departments and industry ecological subjects, and empowers people’s livelihood and national defense with information technology, big data applications and cloud services.

Since listing in 2015, the company’s operating income CAGR has been 24.

31%, CAGR of net profit attributable to mother is 27.

53%, the growth rate is better than before listing.

Since 2012, except for 2016, the company’s net operating cash flow has been greater than net profit, and its operating quality is high.

Medical insurance IT is about to usher in the construction peak After the establishment of the National Medical Insurance Bureau, the “Guiding Opinions on Medical Security Informatization Work” was issued, which clarified the national medical insurance “building a system, building a two-tier platform, improving three levels, and highlighting four types of applications”Informatization master plan and deployment.

The company is a leading informationization company in the medical insurance industry and is currently providing effective services for the stable operation of the medical insurance core business system in more than 10 provinces (autonomous regions, municipalities) and nearly 100 prefecture-level cities across the country.

The company won the second and eighth packages of the National Medical Insurance Bureau ‘s medical security information platform construction engineering business application software procurement project. In the future, it will have obvious advantages in the construction of provincial medical insurance systems.

The first phase of the Jinmin Project is fully promoted. According to the requirements of the Ministry of Civil Affairs, by 2020, the informatization coverage of major businesses at the ministry level will reach 100%, and the informatization coverage of the major businesses of provincial civil affairs departments will reach 80%.The online transaction rate reached over 80%.

In August 2019, the Ministry of Civil Affairs issued the “Pilot Work Plan of the Jinmin Project Phase I Project”.

The company won the bid for the “Jinmin Project Phase I Application Support Platform Development Integration Project” to realize another major breakthrough in the “2 + 3” new military and civilian strategy in the field of people’s livelihood.

With advanced technology and experience in the field of Jinmin Engineering, the company is expected to obtain orders from provincial civil affairs departments to promote sustainable development.

Investment advice and profit forecast The construction of new medical insurance information system at the provincial and municipal level is expected to be fully launched in 2020. The civil IT construction represented by Jinmin Engineering has also been expanded, and the company is conducive to full use.

The company’s operating income is expected to be 10 in 2019-2021.

45, 13.

43, 17.

06 million yuan, the net profit attributable to the mother is 1.

49, 1.

99, 2.

63 trillion, EPS is 0.

67, 0.

89, 1.

17 yuan / share.

In the past three years, the company’s PE has mainly run between 40-80 times, and the computer (Shenwan) index currently has a PE of 62.

0 times, considering that the company promotes accelerated growth in the fields of medical insurance IT and civil IT, given a target PE of 55 times, the target price is 48.

95 yuan, currently 37.

48 yuan, space is about 30.

60%, recommended for the first time, give “Buy” rating.

The risk reminds that the bidding progress of the provincial and municipal medical insurance system exceeds expectations; the construction progress of DRGs exceeds expectations; 北京夜生活网 there are many bidders for the Jinmin Project, and market competition is intensified; the government’s ability to pay is insufficient, affecting the company’s cash flow.

A notice issued by the State Council of the People’s Government of the People’s Republic of China detonated A shares: the daily limit of more than 100 shares stopped and even these positives

A notice issued by the State Council of the People’s Government of the People’s Republic of China detonated A shares: the daily limit of more than 100 shares stopped and even these positives

A big news, A shares soared 1.

5 trillion!

Over one hundred shares daily limit, at least these are positive.
Source: China Fund reported a “Notice” issued by the State Council and the State Council, detonating A trillion growth today.

  On June 10, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly released the “Notice on Doing a Good Job in the Issuance of Special Bonds by Local Governments and Supporting Financing of Projects” (the “Notice”).

  Among them, the proposal allows “special bonds to be used as eligible major project capital”, and “actively encourages financial institutions to provide supporting financing support”, which broadens the scope of the use of existing special debt as supporting funds, and has attracted market attention.

  Today’s A-share market grew “enthusiastically” in response to the aforementioned documents.

  The daily limit of more than 100 shares: A stock market value surged 1.

The news of 53 trillion supporting infrastructure detonated A shares.

  Affected by the above news, this morning A shares opened higher all the way, led by infrastructure stocks, brokers, brewers charge, the market is fully upward.

In the final close, the Shanghai Composite Index rose by 2.

58% to close at 2925.

72 points, back above 2900 points; the Shenzhen Component Index closed up 3.

74%, GEM Index rose 3.

91%.

141 stocks in the two cities rose, and the stocks rose across the board.

  Even the price rose sharply, and the volume was obviously increased. The turnover of the two cities reached 556.5 billion US dollars, a substantial increase from the previous trading day.

Kitakami Capital also bought 73 heavily.

700 million.

  At the close today, the total market value of A shares reached 52.

53 trillion, 51 trillion at the close earlier, a surge of 1.

53 trillion yuan.

  Infrastructure stocks broke out. Liquor Charge charged “for allowing special bonds to be used as eligible major project capital”, Hua Chuang Securities Research reported that it can increase capital by 100-200 billion and leverage 4-7 times, and may eventually leverage newIncrease infrastructure investment 0.

4 trillion-1.

4 trillion.

  The direct benefit of infrastructure construction stocks has also become a large backbone of today’s growth.

Infrastructure stocks rose the most, with building materials up 5.

27%, construction machinery rose 4.

99%, construction and industrial machinery also rose more than 4%.

  In the plate, more than 20 stocks such as Yaopi Glass, Qingsong Jianhua, Oriental Garden, Dagang Road Machinery, Chinalco International, China Academy of Sciences, Qilian Mountain, etc.

Leading stocks, Conch Cement, China Construction rose more than 4%, China Communications Construction rose 5.

22%, China Railway Construction rose 6.

72%.

  Brokerage stocks, as a market vane, are also growing violently today5.

35%, Harbin Investment, Hualin Securities, China Galaxy and many other stocks daily limit, liquor stocks also rose more than 5%.

  China Central Office, State-owned Office “Enlarged Recruitment” to Promote Investment On June 10, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the “Notice on Doing a Good Job in the Issuance of Local Government Special Bonds and Supporting Project Financing” (referred to as the “Notice”)” “).
  Among them, the proposal allows “special bonds to be used as eligible major project capital”, and “actively encourages financial institutions to provide supporting financing support”, which broadens the scope of the use of existing special debt as supporting funds, and has attracted market attention.

  After the release of this high-profile document, relevant persons in charge of the six ministries and commissions of the Ministry of Finance, the Development and Reform Commission, the People’s Bank of China, the Audit Office, the Banking and Insurance Regulatory Commission, and the Securities and Futures Commission issued a question and answer for a more specific explanation.
  Relevant persons in charge of the six ministries and commissions stated that the “Circular” revolves around the goal of using reforms to resolve contradictions and problems in development, and in accordance with relevant laws and regulations, distinguishes financial support standards reasonably, highlights funding support priorities, provides supporting financing support, and broadens major issues.In terms of project capital channels, guaranteeing debt repayment responsibilities, etc., we propose systemic policies and measures to support the financing of special bond projects. They not only play a leading role in increasing the effective investment of special bonds, but also firmly adhere to the bottom line of risk prevention and control, and effectively protect the economy.Healthy development is sustainable.
  Special debts can be used as capital for major projects. Infrastructure investment is expected to drive an additional 7 points. The notice attracts the most attention from the market: special bonds are allowed to be used as eligible major project capital.

  Terrorism, because special debt is debt funds and cannot be used as project capital, this time has been relaxed, but the main 苏州夜网论坛 broadened areas are concentrated in the infrastructure part, and high-voltage lines for the prevention and control of hidden debts still exist.

“For the special bond support, which is in line with major central decision-making and deployment, and has the effect of continuous demonstration, the major projects are mainly nationally supported railways, national highways, and local highways that support the promotion of major national strategies.In the case of assessing project income and repaying the special bonds after the principal and interest of the special bonds increase financing conditions, some special bonds are allowed to be used as a certain percentage of project capital, but must not be excessively financed beyond the actual level of project income.

“But at the same time, the document also clearly states that” resolutely do not take the path of disorderly borrowing for construction “,” resolutely prevent the increase of hidden debts “,” resolutely hold lifelong accountability and accountability for borrowing new debts “.

  The market generally believes that this move will alleviate the problem of insufficient capital for major infrastructure projects, highlighting the proactive fiscal policy to further increase efficiency and is the latest alternative to the Chinese government’s stimulus for fixed asset investment and economic stability.

  Analysis by Zhang Yu, chief macro analyst of Huachuang Securities, means that the special debt can be used for infrastructure funds of about 200 billion to 400 billion yuan, which can increase capital by about 100-200 billion, which can magnify 4-7 times leverage, and additionally pullInfrastructure investment 2.

2 supplements to around 7 additional.

  First of all, there are still 1 remaining to add special debt.

3 trillion, considering that the proportion of special debt in the designated infrastructure direction is about 15-30% (according to the issuance rhythm since the beginning of the year, the proportion of land storage and shed reform uses is as high as about 70%), then the special debt can be used for the infrastructure partThe funds are about 200 billion to 400 billion.

  Because only major projects that meet the requirements of the document can be used as capital, assuming that half of the special debt debt used for infrastructure funds belongs to major projects, the capital can be increased by about 100-200 billion.

  Leverage has two vertical angles. The first one is direct transfer. According to the capital requirements of existing infrastructure projects, about 20-25%, so the leverage is 4-5 times. The second is the actual replacement, which is based on the capital investment / budgetary capital ratio.Looking at the actual leverage, it is currently about 7 times.

So leverage is between 4-7 times.

  It can increase capital by 100-200 billion, leverage 4-7 times, and finally may leverage 0 to supplement infrastructure investment.

4 trillion-1.

4 trillion.
(Considering that the yields of many major projects are not high, and other funds are not expected to participate strongly, the actual leverage can hardly reach 4-7 times, and the offset here is optimistic.

) Assuming that the capital and supporting funds for leveraging infrastructure investment land proportionally (that is, according to the forecast of the full-pull scenario), considering that the size of infrastructure investment in 2018 is about 18 trillion yuan, additional infrastructure investment will be driven2.

2 supplements to around 7 additional.

  The market generally believes that this is the primary reason for the surge in infrastructure today.

  Encouraging financial institutions to provide matching financing scale, the market also pays attention to a key point: The Notice actively encourages financial institutions to provide matching financing.

That is, the project can be financed by a combination of special debt and market-based financing (such as loans), and project income is managed by separate accounts.

  Specifically, the “Notice” proposes that, in response to the implementation of enterprise-oriented operation and management projects, bank institutions are encouraged and guided to use project loans and other methods to support the construction of special bond projects that meet the standards.

Encourage insurance institutions to provide financing support for the construction of long-term special bond projects that meet the standards.

Project units are allowed to issue corporate credit bonds and support special bond projects that meet the standards.

  However, entities and financial institutions conducting market-based financing need to comply with relevant regulations.

The “Notice” is still being revised. The project unit shall cancel the hidden debt in any way, the market-oriented transformation has not been completed, and the financing platform company whose stock of hidden debt has not been resolved shall not be used as the project unit.Make prudent decisions and resolutely prevent and control risks.

  In addition to allowing special bonds as eligible major project capital and actively encouraging financial institutions to provide supporting financing support, the Notice also recommends that a reasonable distinction be made between financial support special bond project standards, precise key areas and major projects, and ensuring maturity.Debt repayment responsibilities to support the financing of special bond projects.

  Infrastructure industry chain investment opportunities attract attention Many securities firms have expressed concern about investment opportunities in the infrastructure industry chain.

  GF Securities said that the uncertainty of the external environment has increased recently, and the coherence and regulation of countercyclical policies have gradually increased.

The introduction of this policy will help improve the margins of financing channels, and the growth of infrastructure investment in the second half of the year will promote a gradual recovery.

The company recommends paying attention to three main lines: 1) Overweighted infrastructure investment is expected, which is good for front-end testing / design companies with high growth performance and low-profile infrastructure central enterprises; 2) The completion of real estate improvement is good for the improvement of the performance of residential full decoration companies;Opportunities that combine performance topics such as transformation.

  Minsheng Securities suggested focusing on structural opportunities in the infrastructure industry chain.

Since the early days of construction, the growth rate of the steel industry has ranked among the top two in the Shenwan Tier 1 industry, and it has a clear performance advantage compared to other industries.

The ratio of public offering and foreign allocation in the infrastructure industry chain is also in a severely underweight state.

The market ‘s expected growth in policy space and policy expectations has promoted the introduction of special debt issuance policies, which has a more pronounced expectation on the infrastructure industry chain.

At the same time, in the face of uncertainty in trade frictions, the infrastructure industry chain is obviously defensive.

Therefore, it is recommended to pay attention to the structural opportunities of the infrastructure industry chain.

Jingfeng Mingyuan (688368): Talent and patent integration Moat smart lighting prospects look promising

Jingfeng Mingyuan (688368): Talent and patent integration Moat smart lighting prospects look promising

Founded in October 2008, Jingfeng Mingyuan is a leading domestic power management driver chip design company.

Its main business is the development and sales of power management driver chips. The company’s products mainly include LED lighting driver chips, motor driver chips and other power management driver chips.

Main point of view: Relying on talents and patent moats, the power management chip leading company has grown up early.

The core competitiveness of the analog chip industry lies in artificial design and experience accumulation. In the development of more than 10 years, Jingfeng Mingyuan builds a moat based on talents and patents, with a per capita of up to 400 million per year, which has become the leading power source in ChinaManagement Chip Company.

In the next three years, the general LED lighting business revenue will grow at a compound annual growth rate of about 9%.

Under the dual factors of penetration rate and real estate post-cycle, the growth rate of general lighting LED from China in the next 3 years is expected to further change; considering the international market penetration rate for further growth, we expect general lighting LED from 2019-2021 Driver chip revenue was 6.

14/6.

71/7.

5.3 billion, with a gross profit of 1.

15/1.

27/1.

4.5 billion.

Technical advantages and average price boost embrace intelligent lighting, and the average annual compound growth rate of revenue in the next three years is about 33%.

We estimate that the revenue from smart LED lighting driver chips for 2019-2021 will be 1.

69/2.

19/2.

0.94 million yuan, an increase of 35 in ten years.

12% / 29.

61% / 34.

33%.

The gross profit is 0.

65/0.

82/1.

0.6 million yuan, an increase of 32 in ten years.

56% / 25.

37% / 28.

52%.

Profit forecast and estimation: The company’s operating income for 2019-2021 is expected to be 8.

52/9.

68/11.

37 ppm, an increase of 11 years.

16% / 13.

57% / 17.

52%, net profit attributable to mother is 0.

85/武汉夜网论坛0.

99/1.

22 ppm, a ten-year increase4.

92% / 15.61% / 23.

twenty three%.

Covered for the first time and given a “Neutral” rating.

In the long run, we believe that the company’s growth path will gradually realize the development path of Texas Instruments, the leader in analog chips. With the continuous enrichment of product lines of core human resources, the long-term net profit potential is expected to reach 700 million US dollars.

Risks prompt macroeconomic downturn, intensified trade wars, increased industry competition, systemic risks, etc.