Dabeinong (002385): Transgenic corn traits approved as scheduled, bright prospects

Dabeinong (002385): Transgenic corn traits approved as scheduled, bright prospects

Event: On December 30, 2019, the Ministry of 杭州夜网论坛 Agriculture and Rural Affairs announced that it plans to approve the submission of two genetically modified corn traits, namely Dabeinong DBN9936 insect-resistant corn-transgenic (Bt Cry1Ab) insect-resistant corn, Ruifeng Biological and Zhejiang University Double Antibody (Longping(Related to Tsuen Silver) 12-5 corn-transgenic Cry1Ab2AjG10evo (EPSPS) gene insect-resistant glyphosate-resistant corn.

After 20 working days publicity period, two varieties successfully obtained agricultural GMO safety certificate (production application) on January 21, 2020, with a validity period of 5 years, that is, the trait can be used for commercialization.

Approved on schedule, the commercialization of genetically modified maize has been progressing smoothly.

After the publicity period, the merger company successfully obtained approval, which means that there is no suspense for the commercialization of genetically modified corn.

Follow-up needs to follow up additional details of the variety approval method, the transfer of traits and the rhythm of variety approval.

An optimistic estimate is that there may be products on the market in 2021.

Planting benefits have improved significantly and are expected to expand rapidly.

GMO promotion is a major technological upgrade of China’s corn industry. According to the company’s estimation, the application of GM technology will increase the comprehensive income of at least 100 yuan per mu of corn planting, based on about 600 million mu nationwide. Assuming 90% promotion, the industry yearIncreased revenue by more than 54 billion.

Significant benefit differences are expected to lead to the rapid expansion of GM corn seeds in China.

Double resistance traits are in line with international standards and meet domestic planting needs.

According to the company announcement, the DBN9936 approved this time has multiple independent intellectual property rights.

From the angle of insect resistance, it has a broad spectrum of resistance. It has good resistance to major lepidopteran pests that harm corn, including corn borer and oriental armyworm, and it has certain resistance to Spodoptera frugiperda.

Spodoptera frugiperda invaded Yunnan in January 2019 and spread rapidly to the northeast. It is currently the key prevention and control pest.

In addition, DBN9936’s glyphosate tolerance also meets the actual needs of growers.

From the perspective of traits, it has been in line with international popular varieties and also meets current domestic planting needs.

Investment suggestion: The promotion of genetically modified corn seeds is an event of industrial progress, which will benefit the seed industry sector in an all-round way.

In the medium and long term, companies with both traits and seeds will be the first choice for success.

Dabeinong Biotechnology is the core of the trait. It is oriented to the internal layout of the second and 淡水桑拿网 third generations of corn and soybeans. It has also set a 10-year R & D plan since 2015.

Seeds, Golden Nonghua has become one of the mainstream corn seed companies in the market after years of accumulation, and is expected to become the main body for the promotion of genetically modified varieties in the future.

We will continue to track the progress of seed varieties, and we recommend that we continue to focus on Dabei farmers, Longping Hi-tech, which also has traits and seeds, and corn seeds representing Denghai Seed Industry.

Risk Warning: The approval progress is not up to expectations, agricultural product prices fluctuate, policy changes, and international trade policy changes

Guiguan Electric Power (600236): Hydropower subject to inflow water, but Heshan Hydropower Station ‘s power generation has increased significantly

Guiguan Electric Power (600236): Hydropower subject to inflow water, but Heshan Hydropower Station ‘s power generation has increased significantly

Event: The company released its 2019 Interim Report.

The company achieved operating income of 47 in the first half of the year.

16 trillion, a reduction of 0 a year.

8%; realized net profit of return to mother 12.

27 ppm, a reduction of 3 per year.

2%, in line with Shen Wanwanyuan’s expectations.

Key points of investment: Dry water from the Hongshui River Basin weighs on hydropower generation.

Since the beginning of 2019, the global El Ni?o phenomenon has been strong. The southern region as a whole has a large but uneven distribution. The red water basin where the company is located is dry.

The company achieved 177 hydropower generation in the first half of the year.

6.1 billion kWh, a reduction of 7 per year.

7%, of which Longtan and Yantan, the main sources of profit, decreased by 11 respectively.

7% and 11.


Water supply in Guangxi Province has improved during the flood season. In July, the average number of hours of hydropower utilization in a month increased by 16 consecutive hours. It is expected that hydropower performance will improve in the second half of the year.

The improvement of Guangxi’s supply and demand caused the total increase in the amount of thermal power generation in the mountain, and the thermal power business has reduced losses. Guangxi Province is the main destination for the electrolytic aluminum industry transfer in the power grid.

9%, the impact of the combined hydropower generation reduced, the company’s Heshan Power Plant realized power generation in the first half of the year.

7.4 billion kWh, an increase of 59 in ten years.


At the same time, it benefited from the decline in the price index of thermal coal in Guangxi in the first half of the year6.

57%, the company’s thermal power business in the first half of the net profit increased by 3,291 million, repeatedly reducing losses1.

1.9 billion.

Actively optimizing the clean energy power supply structure, and its stable performance is conducive to maintaining high dividends.

As of the end of June 2019, the company’s hydropower, wind power and other clean energy accounted for 88% of installed capacity in service.


The Guangxi Binyang Mawang Phase I wind power project constructed by the company in 2018 realized the first unit to start production at the end of March 2019. The Mawang Phase II wind power project (100MW) was approved in May. New energy is expected to continue to contribute to the increase in installed capacity.
The company significantly increased the dividend ratio. The dividend ratio for 2016-2018 was 30.

38%, 79.

68% and 63.


At present, the company’s overall performance is stable, and the high dividend payout ratio is expected to remain.

Yangtze River Power once again increased its shareholding in the company, and its shareholding ratio ranked fifth.

Yangtze Power continued to increase its shareholding in the short-term. It entered the top ten shareholders for the first time in the 2018 annual report, and increased its shareholding again in the first half of 2019.

64% of shares, the current gradually holding proportion has reached 3.

21%, ranking the fifth largest shareholder.

The company’s value is recognized by the highest industrial capital.

Earnings forecast and estimation: Taking into account the situation of incoming water and the adjustment of profit from the downstream of hydropower adjustment, we lowered the net profit return to mothers for 2019-2021 to 24.

67, 25.

91 and 26.62 trillion, respectively (26 before adjustment).

77, 27.

9.6 billion, 苏州桑拿网 28.

5.9 billion), the current sustainable corresponding PE is 15, 14, and 14 times, maintaining the “Buy” rating.

Conch Cement (600585) Quarterly Report Comments: Q3 Off-season Sales Exceed Expected Growth

Conch Cement (600585) Quarterly Report Comments: Q3 Off-season Sales Exceed Expected Growth

The off-season performance was slightly better than expected. In the peak season of Q4, companies with good supply and demand gradually realized revenue of 1108 trillion from January to September, an increase of 42% year-on-year. Net profit attributable to mothers was 23.8 billion yuan, an increase of 15% year-on-year, slightly better than the market and our expectationsBillion); net profit of RMB 23.2 billion deducted from non-attributed mothers, a year-on-year increase of 14%.

The company ‘s Q3 revenue and return to net profit increased earlier than Q2 in the short-term, due to the slight decline in prices during the off-season, but the sales growth rate of Q3 was better than 南京夜网 expected. Land demand in Q4 is expected to remain unchanged. Infrastructure investment continues to recover moderately., Yunnan, Jiangxi and other provinces have recently resumed strong demand. They continue to be optimistic about the company’s gradual operating growth and asset quality optimization, and maintain the company’s EPS 6 in 19-21.



48 yuan forecast, maintain “Buy” rating.

In Q3, the off-season sales growth exceeded expectations. The average price dropped slightly in the previous quarter. In 19Q3, the company realized revenue of 39.1 billion yuan, a year-on-year increase of 22%. It realized a net profit attributable to its mother of 8.6 billion yuan, a year-on-year increase of + 10%.12% increased, but still maintained rapid double-digit growth.

We estimate that the company produced and sold cement clinker in the first three quarters2.

300 million tons, an increase of 8% year-on-year, of which 8,600 vehicles were sold in the third quarter, an increase of 12% year-on-year.

The average price from January to September without tax is about 325 yuan, which is 8 yuan lower than that of 19H1. The average price in the off-season in Q3 was 311 yuan, a decrease of 10 yuan.

The contribution of trade income continued to increase, and asset quality was re-optimized. We estimated the company’s cement clinker trade sales volume from January to September was 0.

8.4 billion tons, an increase of 261% before. Due to the increase in the proportion of low-margin trading business, the company’s comprehensive gross profit margin was 32.

4%, a decline of 9 per year.

0pct, a decrease of 11 from 19H1.

8pct narrows.

Expense rate during period 5.

0%, down by 1 every year.

7pct, the three expense ratios (including research and development) have achieved small declines for many years.

The company’s net operating cash inflow from January to September was US $ 26 billion. At the end of September, the company had 445 trillion cash in hand, continuing its net cash position, and a gearing ratio of 20.

5%, up slightly by the end of June 19, 1.

5pct, asset quality maintains industry-leading advantages.

The investment side showed a reasonable growth, Q4 outlook is optimistic According to the National Bureau of Statistics, real estate investment YoY + 10 from January to September this year.

5%, unchanged from the previous value; infrastructure investment YoY + 4.

5%, better than the previous value of 4.

2%, downstream investment showed a strong.

Since this year, the market has expressed a decrease in demand for real estate, but the national cement output from January to September16.

900 million tons, a year-on-year increase of +6.

9%, actual demand is better than expected.

Among them, Guizhou, Yunnan, and Jiangxi crops continued to grow at -2.

1%, 9.

2%, 3.

0%, which is better than the growth rate of -3 in the first six months.

5%, 8.

2%, 0.

7%, which is in line with the expectations of our Interim Report. In the second half of the year, the supply and demand in the mid-western region will usher in improvement.

We expect the counter-cyclical adjustment is expected to increase in the context of continued downward economic pressure, and the outlook for Q4 cement downstream demand is optimistic.

Cement value leader, maintain “Buy” rating company Q3 income and net profit return to double-digit rapid growth, we expect Q4 downstream land demand will remain strong, infrastructure investment continues a moderate recovery, and Northeast and Jiangsu due to overloadAccidents and highways have exceeded expectations. The progress of clinker transportation across regions is expected to decline, and regional prices are expected to be strong.

We maintain the company’s net profit forecast of US $ 322/332/344 million attributable to the parent for the period of 19-21, taking into account the company’s leading position and a more stable dividend yield of 5% -5%, maintaining the company’s target price of 42.
59 yuan (corresponding to 7-8xPE in 19 years), maintain “Buy” rating.

Risk reminder: The real estate new construction starts to speed up the shift significantly, and the implementation of staggered 厦门夜网 peak production is not up to expectations.

Mercury Home Textiles (603365) Quarterly Report Review: 19Q3 Performance Exceeds Market Expectations, Online Channels Recover Rapidly, Profitability Continues to Improve

Mercury Home Textiles (603365) Quarterly Report Review: 19Q3 Performance Exceeds Market Expectations, Online Channels Recover Rapidly, Profitability Continues to Improve

Event: The company announced the third quarter of 2019 results, and the company achieved revenue of 20 in the first three quarters of 19 years.

1.8 billion (+11.

89%), realizing net profit attributable to mothers2.

1.5 billion (+18.

78%), and realized deduction of non-net profit1.

8.4 billion (+14.

75%), achieved steady growth, and the performance slightly exceeded market expectations.

The company achieved revenue 7 in the quarter of 19Q3.

4.2 billion (+15.

43%), and realized a net profit of RMB 80 million (+31).

14%), and realized non-net profit of 76.95 million yuan (+51.


The growth rate of online channels exceeded market expectations, and offline channels continued to grow steadily. 1) Online channels: The company’s online channels exceeded market expectations. We expect online channels to grow by about 17% in the first three quarters of 19 years.

Among them, 19Q1 is expected to be -10.

5%, 19Q2 is 30.

1%, 19Q3 is about 38% growth level.

Negative growth of the company’s e-commerce channel in 19Q1. We believe that it is mainly due to the traffic diversion of mainstream e-commerce platforms. At the same time, the high base of 18Q1 overlaps, leading to the negative growth of the e-commerce channel in 19Q1.Focus on different marketing solutions and product arrangements for different e-commerce platforms. Since the 19Q2 quarter, the company’s online e-commerce channels have improved significantly. The growth rate in the second and third quarters exceeded market expectations, achieving more than 30% growth.It reflects the company’s sustainable e-commerce operation capabilities.

We expect the company’s online channels to achieve double-digit growth in 19 years.

2) Offline channels: The company’s offline channels have maintained steady growth. We expect offline channels to grow by around 9% in the first three quarters of 19 years.

Among them, 19Q1 is expected to be 7.

5%, 19Q2 is 13.

7%, 19Q3 is about 8% growth level.

The company’s offline channels still maintained a good momentum in the third quarter, with steady growth.

At present, the company’s stores are expected to be around 2700. In recent years, the company has improved and improved the quality of its stores. New stores are mainly large stores. Old stores have improved store image and location optimization.

In the context of the company’s few net openings in recent years, offline channels have been able to achieve steady growth. We believe that this is mainly due to the same store growth, which also shows that the company has achieved significant results in improving store quality.

For the whole of 2019, we expect the company’s offline channels to achieve growth of more than 10%.

The gross net interest rate constant increased, and profitability improved.

Gross profit margin: In the first three quarters of 19, the company achieved a gross profit margin of 38.

09% (+ 3.


The Q3 single-quarter gross profit margin was 38.

95% (+5.

79 points).

The company ‘s gross profit margin has increased significantly. We believe that the main reasons are: 1) the company has higher pricing power, and the price of raw materials has been taken into account in the autumn and winter product pricing, and the overall price has increased; 2) the company’s product structure has been continuously optimized, and high-end products, etc.The proportion of products with higher gross profit margins increased, and the amount of the company’s gross profit margin continued to increase.

Expense ratio: The company’s expense ratio increased in the first three quarters of 19, of which the sales / management / finance expense ratio was 19 respectively.

38% (+2.

91 points), 7.

26% (-0.35 points), -0.

34% (-0.


The increase in the company’s sales expense ratio was mainly due to the increase in advertising, transportation costs and sales staff costs.

By quarter, the sales / management / financial expense ratio of the company in 19Q3 was 17 respectively.

94% (+3.

02pct), 7.

44% (-0.

88pct), -0.

33% (-0.


Asset impairment loss: In the first three quarters of 19, the company’s asset impairment loss was 10.99 million yuan (+137.

36%), mainly due to the impact of the company’s inventory depreciation.

Although the company’s asset impairment losses have grown rapidly, the ratio of the absolute amount of its inventory depreciation to the company’s inventory amount is small and has little effect.

Net Margin: As the gross margin increased slightly higher than the expense ratio, the company’s net margin increased slightly.

In the first three quarters of 19, the net interest rate was 10.

64% (+0.


Q3 net profit is 10.

78% (+1.


The company’s inventory has increased slightly, and the net operating cash flow has improved significantly. Inventory: The company’s inventory in the first three quarters of 19 was 8.

980,000 yuan (+7.

86%), a slight increase.

Accounts receivable: The company’s account receivables in the first three quarters of 19 were 1.

8.4 billion (+17.

60%), improving growth, increasing about 4.

36%, a slight increase.

We think it is mainly due to the period of the online platform account period, and the company’s online channels are growing rapidly.

The net operating cash flow is: the company in the first three quarters of 19 years.

09 million yuan, -1 in the same period of 18 years.

60 billion US dollars improved; 19Q3 single quarter was 5.91 million yuan, compared with 19Q2 from negative to positive, a significant improvement.

As the company’s sales peak in the second half of the year, especially in the fourth quarter, is also the peak of repayment, the company’s cash flow is expected to gradually improve.

The company released the first phase of the employee stock ownership plan budget. The maximum scale of funds to be raised is not more than 34 million yuan, and each share is 1 yuan.The highest equity is 0.


The total number of participants in this employee shareholding plan does not exceed 50, including 1 supervisor, with a duration of 36 months.

The company’s share repurchase program for employee stock ownership can motivate employees and highlight the company’s development confidence.

Maintain “Buy” rating.

Considering that the company continues to benefit from the consumption upgrade in low-tier cities; the online growth will continue to stabilize after gradual improvement and measures are taken, and the company’s performance will continue to grow steadily in the 杭州桑拿网 long run.
Home textiles is a highly standardized industry. We believe that the conversion to e-commerce and offline channels continue to penetrate in low-tier cities, and the concentration of the entire industry will significantly increase.
We maintain our highest profit forecast, with revenues expected to be 30 in 19-21.

5.6 billion, 34.

7 billion, 39.

68 ppm with a growth rate of 12 respectively.

40%, 13.

53%, 14.

35%; net profit is 3 respectively.

310,000 yuan, 3.

8.3 billion, 4.

460,000 yuan, an increase of 16 in ten years.

15%, 15.

62%, 16.


Therefore, the EPS is expected to be 1 in 19-21.



67 yuan.

Maintain the company’s 19x PE at 19, with a target price of 24.

80 yuan.

Risk warning: offline channel revenue is less than expected, and new online channel shocks intensify competition.

Seize the hot spot of the accurate card slot market for ETFs in the segmented track industry

Seize the hot spot of the accurate “card slot” market for ETFs in the segmented track industry

Correspondent Chen Xiao ○ Editor Wu Xiaojing entered the three quarters, the structural market has become increasingly fierce, and some industry ETFs in the air outlet have repeatedly won in the market rotation, and therefore have been sought after by “smart money”

  The recently established Huabao CSI Technology Leader ETF has doubled in size in just three days after its listing; the wealthy CSI military leader ETF established at the end of July has exceeded US $ 7 billion; and the upcoming Huaxia 5GETF and feed soybean meal futures ETF,Add a touch of shine to the market.

  The reasons for the frequent “explosion” also include the fund company’s product strategy, resource replenishment, and “card-bit” awareness.

Some people said that the industry ETF, as an important supplement to the broad-based ETF, is an indispensable part of the ETF product line and is also one of the keys to reflecting the differentiation of the fund company’s index strategy.

With the success of securities, liquor, and consumer products, the industry ETF may become a “new highland” for publicly funded ETFs, and will face more fierce competition.

  Since the third quarter, the theme investment has gradually become the focus of market attention.

For example, on July 22, taking advantage of the market opening of the science and technology innovation board, Huabao CSI Leading ETF was formally established with an initial launch size of more than 1 billion. After its listing on August 16, the scale has grown rapidly and has now stabilized at 200.More than 10,000 US dollars, it has become a phenomenon-level product.

As soon as the product was launched, it showed a good money-making effect, with the secondary market price starting from the lowest one in 13 trading days.

019 yuan rose to 1.

147 yuan, an increase of more than 14%.

  5G and other annual hottest is also about to usher in the benchmark ETF products.

The China Securities CSI 5G Communications ETF 杭州龙凤桑拿网 was initially launched this week and is currently the only ETF in the domestic market dedicated to 5G communications.

According to the channel, the amount of funds “pre-ordering” the product from the Internet has exceeded 1 billion yuan.

“The fundraising time may not be too long, because the current point in time is more suitable for building a position, and the demand on the market is more robust after listing.

A channel source told reporters that for some general fund products, ETFs can also be subscribed offline or exchanged for a package of stocks. The process is slightly cumbersome, but customers are still interested in the product.

  After the rise of pork prices, after a wave of company prices, the related ETFs will soon be available.

The recently approved China Feed Soybean Meal Futures ETF is a pure pork-themed ETF.

As the main source of pig feed, soybean meal has significantly benefited from the opportunities brought by the increase in the “pig cycle” inventory.

In addition, the correlation coefficient between soybean meal futures and stocks and bonds is reset to a negative value, and configured to both disperse asset risks and effectively resist royal risks. Commodity futures ETF investment also lowers the threshold for individuals to participate in soybean meal futures.

  Why do industry ETFs appear frequently?

Some people said that the overall market this year presents a structural market and the performance of various industries is different. Industry ETFs can be used as “dimensional reduction” investment tools to provide investors with standard and convenient alternative investment and allocation tools.

  First, the cost of investing in industry ETFs.

The management fee rate is usually a supplement to ordinary open-end funds, and the transaction fee rate is 0 less than the stock.

1% stamp duty, saving about 50% on transaction costs.

Compared with ordinary index funds, ETF transaction costs have also been greatly reduced; secondly, ETFs have become more flexible in trading, spreading risks and operating transparently.

Not only that, the ETF’s purchase and redemption mechanism can also become an alternative investment method for individual stocks and indexes, which has considerable advantages for both institutional investors and retail investors.

Jiujiu Liquor (000799): Quarterly fluctuations do not change the company’s mid-to-long-term development logic is optimistic about the internal reference, Jiujii heavy volume in the fourth quarter

Jiujiu Liquor (000799): Quarterly fluctuations do not change the company’s mid-to-long-term development logic is optimistic about the internal reference, Jiujii heavy volume in the fourth quarter
Company performance Jiujiu Jiu released the third quarter report of 2019 on October 17, the first three quarters of operating income9.6.8 billion (+27.34%), net profit attributable to mother 1.8.4 billion (+14.26%); single quarter operating income2.5.9 billion (+9.48%), net profit attributable to mother 0.2.8 billion (-39.50%), performance is lower than market expectations. Performance review The third quarter revenue was lower than market expectations, which is expected to be mainly related to the company’s active adjustment of channel inventory.Third quarter operating income +9.48%, a substantial breakthrough in the ring comparison. In terms of product segmentation, we expect that the third-quarter growth rate of products such as internal reference, alcoholics, and Xiangquan will improve on a quarter-on-quarter basis.Among them, the growth rate of the alcoholic series is expected to decline significantly 成都桑拿网 from the previous month, mainly due to the relatively large red altar actively adjusting inventory (the red altar will stop stocking in Hunan Province on June 28 and resume supply at the end of August).On the whole, we expect the company to be in the stage of actively adjusting channel inventory in the third quarter, and the pace of change will be significantly biased. The negative growth of Q3’s net profit was mainly due to the increase in sales expense ratio.Looking at the preliminary income statement, the single Q3 gross margin was 77.56%, increasing by 0 every year.87pct, mainly due to the increase in the percentage of internal reference + alcoholic products with high gross profit margin.From the perspective of expenses, the management expense ratio is basically flat, and the main factor leading to the decline in profits every year is the increase in the sales expense ratio (Q3 sales expense ratio 37.53%, ten years +10.20pct), we expect additional expenses may be confirmed in the third quarter (among which, it is expected that the proportion of advertising expenses may increase, while the rate of revenue growth has changed, and the scale effect has declined), and the overall net interest rate has decreased by 8.81 points. Q3 advance receipts increased by 0.60 ppm, increasing by 0 every year.77 trillion, high certainty in the fourth quarter results.Judging from the changes in advance receipts, the company will be heavy in the fourth quarter, which further confirms our view of digesting inventory in the third quarter.According to the merger channel investigation, the current inventory level is at a low level. The fourth quarter has always been the peak season for alcoholic wine shipments. During the Spring Festival this year, we are optimistic about the company’s fourth quarter performance.At the same time, we expect that the confirmation of expenses in the fourth quarter will be relatively reduced, and the profit in the fourth quarter is expected to be released. The fluctuation of quarterly performance does not change the logic of medium and long-term development, and the company’s growth space is still feasible.Expense adjustments between quarters are a normal phenomenon. The merger took the initiative to adjust inventory, resulting in lower-than-expected third-quarter results.Advance receipts from the company and net cash flow from operations (ten years +0.Looking at $ 7.5 billion, we believe that the company’s current operation is healthy and the medium- and long-term logic is unchanged. It is expected that the internal reference and alcoholics will begin to increase in the fourth quarter. In addition, the expansion outside the province will proceed smoothly.Long-term development. Profit forecast predicts that operating income will increase by +30 in 19-21.5% / 28.6% / 26.At 7%, net profit attributable to mothers increased by +30 respectively.7% / + 29.9% / + 28.8%, corresponding EPS is 0.90 yuan / 1.16 yuan / 1.50 yuan, currently expected to correspond to 19/20/21 PE respectively 42X / 32X / 25X, maintain “Buy” rating. Risk prompts demand growth rate / sub-high end space compression

Jiechang Drive (603583) First Coverage Report: New Blue Ocean Linear Drive Helmsman Continues High Growth

Jiechang Drive (603583) First Coverage Report: New Blue Ocean Linear Drive Helmsman Continues High Growth

Grasp the North American office core market, manufacturers of high-quality linear drive control systems continue to grow rapidly.

The company is a domestic benchmark enterprise of linear drive control systems, and has led the drafting of industry standards for DC motor push rods.

The foundation of high-quality products was successfully entered into the North American smart office equipment market, and performance continued to rise.

In the past five years, the compound annual growth rates of the company’s revenue and net interest rate were 43.

49%, 58.

twenty one%.

The upstream supply is loose, the downstream customers are of high quality, and the company’s comprehensive gross profit margin is maintained at about 50%.

Net operating cash flow continued to grow with increased revenue, reaching 1 in 2017.

6.9 billion, accounting for about 24% of revenue.

The asset structure is high-quality, the asset-liability ratio is less than 30%, the monetary funds exceed 200 million US dollars, and the total asset share exceeds 30%.

The global office and medical linear drive system market size is nearly 40 billion, with an overall growth rate of about 10%.

The linear drive is convenient and 青岛夜网 efficient to achieve linear displacement of terminal facilities through control and actuators. It is widely used to automatically drive electric beds, nursing beds, and gradually increase the price of TV racks.

Comfortable office has led to ergonomic intelligent office equipment; the acceleration of the global aging rate, the increase in the frequency of medical treatment, and the increase in demand for medical equipment.

It is estimated that from 2018 to 2020, the scale of linear drive products for medical and health care equipment in the global office field will be US $ 177/153, US $ 193/160, and US $ 216.8 billion.

Smart homes further drive market expansion of linear drive products.

Regardless of the incremental market brought by the increase in product penetration, referring to Markets and Markets data, in the next 重庆耍耍网 three years, the use of linear drive products in this field will maintain a growth rate of about 14%.

Raise investment to expand production, break through development breakthroughs, and enter a new stage of growth.

In the first half of 2018, the company’s smart office, medical care, and smart home control system capacity utilization rates were 127.

67%, 124.

91%, 103.

50%, production capacity has become the main factor limiting the company’s performance growth at this stage.

After the investment projects are put into production, the company’s drive system capacity will be 28 at this stage.

160,000 sets, obviously increased to 88.

160,000 units, capacity growth will effectively break through, performance growth is expected to further increase.

Earnings forecast: The downstream demand is strong, the company’s production capacity and new products will be increased in order, and expected results will maintain high growth.

We expect the company to achieve net profit attributable to mothers from 2018 to 20202.

54 and 3.

28, 4.

2.5 billion, EPS 2.

10, 2.

72, 3.

52 yuan / share, the current price of PE 32.

53, 25.

12, 19.


Covered for the first time, initially increase the level of holdings.

Risk warning: The growth of demand from major customers in North America is less than expected, and exchange rate changes drag down performance.

Public Education (002607) in-depth report: 100 billion market value1.

0 version of the battle crowned do not forget the original heart 2.

Version 0 begins with one step

Public Education (002607) in-depth report: 100 billion market value1.

0 version of the battle crowned do not forget the original heart 2.

Version 0 begins with one step

Different views from the market: The market is concerned and worried about the company’s public examination training upper limit and the scale and feasibility of expanding from the public examination to the postgraduate entrance examination and quality training.

We believe that in the background of the natural increase in the number of reference examinations, the participation rate is expected to exceed 30%. The average student is expected to exceed 10,000 yuan, and the scale of the public examination market is expected to reach 200 trillion.

Since 2010, the public examination training industry has gradually entered the silver age, and the leader has further increased the city’s share by deeply matching demand and optimizing supply.

The company has 10 years of vertical deep farming public examination, relying on the four modernizations (specialized in research and development, full-time teachers, direct channel operation, and technological operation) to continuously strengthen the rapid response capability of vertical deep farming integration, and take the lead in realizing revenue on the single training trackThe scale is over 3 billion pounds. Since 2010, it has successfully achieved training in public institutions such as public institutions, teaching and recruiting, and completed the goal of rebuilding a public examination. It has verified that the company’s vertical integration ability has been maximized and it provides a highly decentralized market.High-quality supply, solved the core problem of cross-track in the field of vocational training, and transformed 2.

0 and 3.

A sustainable basis for horizontal development at stage 0.

We are optimistic that the company relies on the vertical integration of rapid response capabilities in multiple crossovers in the direction of concentric intersections, relying on 3 principles (controllable business model, low business model principle, and project replication), continuously optimize supply and reshape many vocational trainingIn the track field, following the public examination leader, the public recruitment leader has further improved its professional ability, and the non-education vocational training leader has developed.

Building 1.

0: Establish the core competence of “3 + 4”.

2000-2010 is the golden age of public examination training. The national examination has become more popular. The provincial examination has been continuously standardized. The public examination track has been continuously expanded.Scale foundation, deeply cultivated college student groups, heavy R & D and mature curriculum development system construction, took the lead in promoting the national channel expansion and sinking process to realize the change of the model of agency first and direct management, and the first unit price development and expansion of the contract class model,Established vertical integration and rapid response capabilities, and also laid out other public service training tracks in a forward-looking manner.

After 2010, the industry entered the silver age. The two distinctive characteristics of the rapid increase in participation rate and the intensification of the expansion of leading companies during the period, the company surpassed Huatu to become the leader of public examination training, and carried out in the field of public institution and teacher recruitment trainingSuccessful leapfrogging has not only achieved the desire to re-create a public examination, but also in other public service training markets where the recruiting scale is several times that of civil servants.The “major feat” with a scale exceeding US $ 5 billion has verified the feasibility of horizontal expansion of the company’s vertical integration and rapid response capabilities.Policy, the high degree of decentralization of county-level decentralized organization of examinations and the successful leapfrogging of multiple markets, both a horizontal expansion within the training track for public employment recruitment, and also from 1.

Stage 0 achieves 1.

The span of 5 stages is 2.

0 and 3.

Stage 0 development prospects provide foundations and provide examples.

Breakthrough 2.

0: Draw concentric circles well, horizontal expansion of multi-category fields in vocational education has emerged.

① Concentric and diversified development is the ability of outstanding companies to break through the bottom and core: the development of any enterprise is a process of constantly breaking through barriers, relying on existing advantages to provide more diversified products and services to the core, thereby achieving concentricity of its core advantagesRound extensions and constant ceiling expansion.

The company’s own growth flywheel has been established, and this is why the core ability of outstanding companies to continuously expand and develop and open up growth space.


The core competence of CCP’s concentric circle development gradually in stage 0, 2.

Phase 0 concentric circle expansion gradually re-creates a public examination market: Congong has established vertical deep integration and rapid response capabilities in the public examination field, which has laid the foundation for the company’s concentric diversification: deep cultivation of college student groups and deep and continuous national declineThe growth of nearly a thousand channel outlets provides a similar basis for multi-type horizontal expansion of customers and channel promotion, and the basis for channel correlation between demand response and supply reach. It can grow in the highly decentralized market development of institutions and teacher recruitment trainingSuccessful experience and cross-track project operation experience, vertical integration, rapid response and dimensionality reduction, advanced research, IT training, self-test and other tracks, 2.

The stage 0 concentric circle multi-category expansion strategy has begun to bear fruit: the company entered the postgraduate training, financial accounting and IT training fields around 2014.

In 2018, the market size of the company’s postgraduate training is expected to reach a level of about 5 trillion millimeters. It is expected that this year it will break through the 10 trillion magnitude scale and gradually become the leader of the postgraduate training.

The company’s IT training plan is quickly breaking through the multi-million scale scale, and the IT training market is further integrated.

③The Congong Deep Plowing IT training and postgraduate courses are nearly 100 billion in market scale, trying to recreate a public job recruitment training business scale: there are many participants in the postgraduate IT training market, but the degree of large-scale development is still decreasing, and the phenomenon of supply homogeneity is serious.The market supply is difficult to meet the user’s personalized and diversified needs, and the ability to supply and respond to demand is still weak. At present, the scale of the post-graduate title company has not significantly exceeded the 1 billion trillion level, showing the same enterprise size door as many vocational training segments.Biological characteristics, we believe that the market demand for the postgraduate recruitment training with rigid demand and the IT practical skills training with strong vocational skills demand still has a lot of room for excavation. In the mid-term, the postgraduate track will be 300 million dollars and the IT training track will be 600The market scale of 10,000 US dollars still has several times room for improvement. We are optimistic about the company’s integration of resources, optimization of supply, and boosting track capacity.

Platform 3.

0: Create a comprehensive vocational education training platform, enter vocational ability training, and participate in the development of a trillion-level vocational training market.


Phase 0 transforms the formation and expansion of platform capabilities, further participates in the Nuggets nearly trillion-level non-educational vocational training market, and improves the life cycle of single customers.

With the comprehensive development of vertical integration of multiple divided tracks, the company is expected to gradually form a comprehensive vocational education and training platform and further extend to the market for vocational ability improvement training.

With the company’s employment training and vocational ability improvement aimed at 18-35 and even 45-year-old core population, it can provide more diversified products, which will help significantly enhance the life cycle of a single customer and build a vocational training service ecosystem.

The current national personal training + enterprise training market size is about 820 billion, and it is expected to reach nearly 1 trillion by 2020, with the company at 3.
Phase 0 expansion is a natural extension of the company’s needs around personal training and even corporate training. The scale of the development ceiling is gradually increased and expanded.
With the expansion of the track and the vertical deep cultivation process, the company’s operation management and system upgrade will also bring shocks and challenges, and will also test the company’s management system conversion and upgrading ability, and test the company’s “four modernizations” core competence upgrade.

② It changes with time, and launches a training and learning base model 杭州桑拿 tailored to local conditions, the core of which is to meet the individual needs of customers and the feasibility of finance. It seems to be heavy, but it is light.

As early as 2010, the company established the first flagship learning center for public examination training in China. In 2011, it created a learning model for public training bases, which radiated from Beijing to many provinces. At present, the company’s learning base is still advancing.

The promotion of asset-focused learning centers has become an important focus of the market, and it is feared that excessive models will cause the company’s return on investment and ROE level to be lowered.

We believe that the core of the efforts to learn the basic model is firstly to better meet the personalized needs of some books with closed learning, and secondly it comes from the digestion and absorption of financial economics and positive externalities.

The company ‘s scale of hotel rental costs has continued to increase and the matching details of suitable venues have increased after the expansion. The start-up fee accounts for more than 15% of the company ‘s revenue and the scale reaches 1 billion.The construction of a reasonable and reasonable learning infrastructure with cash flow is conducive to fully digesting the positive externalities brought by the training business, and to reduce the personalized needs of training customers, improve the scale of cost savings and increase supporting service revenue.

Earnings forecast and estimation: We maintain the company’s net profit attributable to its mother for 19-21 years to 16.



The forecast of 6.6 billion US dollars corresponds to zero EPS.



51 yuan / share, the corresponding PE is 58.

4, 41.

3 and 31 times.

Bullish on the company by 1.

0 continues to 2.

The development and promotion process at stage 0, as well as future progress, has the potential to further build a vocational education ecosystem.

Maintain a highly recommended level.

Risk reminder: education integration fails to meet expectations, education policy risks, cross-category expansion fails to meet expected risks, and risks of pressure on the company’s operations and management in the rapid expansion process

Zhongke Shuguang (603019) Semi-annual Report of 2019 Review: Domestic High-Performance Computer Leaders High Input and Power Upstream Core Technology

Zhongke Shuguang (603019) Semi-annual Report of 2019 Review: Domestic 杭州桑拿 High-Performance Computer Leaders High Input and Power Upstream Core Technology

Event: The company released its semi-annual report for 2019. In the first half of 2019, the company achieved operating income of 46.

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

28%; realize net profit attributable to shareholders of listed companies.

30,000 yuan, an increase of 39 in ten years.


Key points of investment: Leading domestic high-performance computer, high-input and high-efficiency upstream core technology. The main business of the company continued to grow steadily, with good cost control during the period.

In the first half of 2019, the company’s operating income increased by 35 compared with the same period last year.

28%, net profit attributable to shareholders of listed companies increased by 39.

14%, the company’s main business as a whole maintained sustained and steady growth.

The main subject company whose revenue growth was improved in the earlier quarter was replaced by the US Commerce Department with a “Entity List” in June 2019, which resulted from the company’s reduction in the sales scale of general products.

We believe that through the company’s search for alternative parts, adjusting production plans, concentrating resources, sorting out its main business, further expanding R & D investment and complementing technical shortcomings.

In the first half of 2019, the company accrued selling expenses1.

89 ppm, an increase of 15 in ten years.

17%; administrative expenses 1.

10,000 yuan, an increase of 30 in ten years.

40%; financial expenses 0.

8.4 billion, an increase of 40 in ten years.

73% was mainly due to the increase in financial expenses accrued from convertible corporate bonds.

On the whole, the company’s expenses exceeded the increase in revenue on average, and the expenses were well controlled.

R & D has grown significantly, creating conditions for the industrialization of core technologies.

In the first half of 2019, the company’s R & D expenses were 2.

68 ppm, an increase of 62 over the same period last year.

29%, the company newly obtained 37 patents, including 25 invention patents.

1) High-end computer.

Mass production of high-density and energy-efficient new silicon cube series high-performance computers using immersion liquid phase-change cooling technology was completed, and research and development of 200Gbps high-speed interconnect modules was completed.The budget has won the world’s first six categories of performance testing; the company launched edge computing servers for edge computer rooms and operator applications that meet the OTII standard in the field of edge computing.

2) Storage.

The company released the distributed block storage software XStor, which has good market prospects in the government, education, and enterprise fields; the NAS storage products developed by itself have successfully won the “Agricultural Bank of China 2019-2020 Storage Equipment Procurement Project”, and the storage products are used in financeThe industry made a breakthrough.

3) Cloud computing.

The company actively promotes the construction and promotion of the Encore cloud platform to form a secure and reliable cloud platform architecture system; actively participates in the trusted cloud, ITSS cloud service capability assessment, and other guarantees2.

Formulation and evaluation of related standards such as 0; build urban cloud brains based on urban cloud computing big data centers, and build a smart city application ecology centered on big data of government affairs.

4) Network security.

In the field of network traffic analysis and processing and visualization, we have completed a high-performance traffic analysis and processing system based on DPI technology that supports 4-7 layers of full traffic analysis, and released DPI products based on domestic processors.

Backed by the scientific research strength of the Chinese Academy of Sciences, the future growth space is broad.

The company belongs to the important listed company platform in the Chinese Academy of Sciences system and will play an important role in the industrialization of scientific research results of the Chinese Academy of Sciences.

The company is a key support object of the “First Action Plan” of the Chinese Academy of Sciences, and has the right to prioritize cooperation in high-quality scientific research resources in the field of advanced computing technology of the Chinese Academy of Sciences.

The company has made comprehensive deployments 南京桑拿网 in the area of “Four Big Data”, investing in Zhongke Xingtu in the field of aerospace big data, and investing in innovative enterprises such as Sanke Sanqing in the field of environmental protection big data, which has a large potential for value-added future equity.

Based on the profit forecast and investment rating, we are optimistic about the future development of the company. Considering the interference of Sino-US trade friction on the company’s high-end computer product sales, the company’s EPS for 2019-2021 is expected to be 0.

82, 1.03 and 1.

33 yuan / share, maintain “overweight” rating.

Risks suggest that competition in the server market is intensifying and gross margins are decreasing; new business expansion is not as expected.

China Animal Husbandry (600195) In-depth Research Report: Central Enterprise Mobilization Leader Actively Transforms and Waits for Cycle to Start

China Animal Husbandry (600195) In-depth Research Report: Central Enterprise Mobilization Leader Actively Transforms and Waits for Cycle to Start

Leading state-owned enterprise security insurance with complete categories and steady growth.

The company’s existing business covers four major sectors: veterinary biological products (animal vaccines), veterinary chemicals, feed (premixes and multivitamins), and trade.

Among them, veterinary biological products are the company’s core business, contributing 28% of total revenue and 55% of gross profit in 2018.

  Major animal epidemic vaccines, multivitamin additives, veterinary drugs and other products occupy the forefront of the industry.

  Waiting for the cycle to start after pig breeding, head manufacturers are expected to enjoy the market transformation bonus.

The current growth logic of the animal vaccine industry has changed. The African swine fever epidemic has promoted the adjustment of the industry’s competitive situation. The contraction of government recruiting seedlings has put pressure on the short-term performance of enterprises, and at the same time has accelerated the exit of small and medium-sized enterprises and the clearance of excess industry capacity.The improvement of farming profitability brought by the boom will promote the penetration of market seedlings in large-scale farming enterprises. Manufacturers with core technologies, product layouts and channel advantages will gain higher market share through endogenous growth + outreach mergers and acquisitions.In the future, it is expected that a competitive pattern among major giants will gradually form.

  Zhaozhai Miao’s absolute leader turned to a market-oriented pioneer, and the product continued to rejuvenate.

Swine vaccine: The company’s new type O foot-and-mouth disease vaccine type O and type A bivalent inactivated vaccine have obtained the new veterinary drug registration certificate. In the third quarter of 2019, the company officially announced that it had approved the product approval and went on sale.It can also help the company’s products to further penetrate into large-scale breeding enterprises, develop high-end customers, enhance brand power, and gradually complete channel sinking.

In addition, through the continuous promotion of large-scale breeding, the penetration rate of single products such as the company’s circular vaccine and pseudorabies vaccine will steadily increase, the market space will gradually increase, and the company will have more complete corresponding product series, which will have greater flexibility in future performance.

Poultry seedlings: Improved poultry chain breeding boom + upgrade of highly pathogenic avian influenza vaccine “two-price to three-price” products, both volume and price have risen, the company is expected to continue to realize the existing performance of seedlings.

  Speed up the pace and stimulate the vitality of the enterprise.

From the launch of equity incentive plans, to the establishment of Sino-Public Joint Ventures, and the selection of “Double Hundred Actions” companies, the company has steadily advanced its internal reform plan.

The first phase of the equity incentive plan has reached the conditions for exercise, and then gradually deepened the reform and exploration. The company gradually fully benefited from the activation of the management mechanism and the improvement of management efficiency, and continued to release reform dividends.

  Earnings forecasts, estimates and investment ratings.

We expect the company to achieve operating income of 45 in 19-21.



850,000 yuan, +3.

6% / 7.

8% / 8.

8%; net profit attributable to mother 4.



52 trillion, corresponding to 0 EPS.



66 yuan, +5.

9% / 8.

6% / 15.


At present, the industry’s overall expected level in 2019 is 26 times. Considering that the company accelerates the pace of market-oriented transformation and the continuous deepening of the subsequent reform of state-owned enterprises, we give the company 26-30 times PE for 19 years, corresponding to 13.


6 yuan, the first coverage given a “recommended” rating.

  Risk reminder: Africa’s swine fever epidemic leads to continuous de-capacity of 深圳spa会所 the industry, increasing demand for animal vaccines, veterinary drugs and other products risks dragging down the company’s performance; risk of changes in animal immunization policies causing the company’s performance to decline; the company’s new product research and development and application transformation have not reachedAnticipated risks; the risk that the company’s marketing and channel development will not progress well; the intensified market competition will cause the company’s profitability to tilt.