Yixintang (002727) 2019 Interim Review: Practitioner Pharmacist’s New Deal Impact Awaits Follow-up Repair

Yixintang (002727) 2019 Interim Review: Practitioner Pharmacist’s New Deal Impact Awaits Follow-up Repair

Event: The company released its 2019 Interim Report and achieved revenue of 50 in 19H1.

600 million (+17.

9%), net profit attributable to mother 3.

3.7 billion (+15.

3%), deducting non-attributed net profit 3.

3.5 billion (+15.


Results were lower than we and the market expected.

Opinion: The growth of self-built stores has remained stable, and the expansion rate has been slightly lower than expected.

The company built 457 new stores in 19H1, closed and 南京桑拿网 relocated 86, a net increase of 371 stores, and the number of stores at the end of the period reached 6,129, a gradual increase of 16%, and the speed of opening stores remained stable.

The decrease in the number of stores in the company in 19Q2 was mainly due to the significant impact of the allocation of licensed pharmacists. Subsequently, the licensed pharmacists reported that they would be relieved after the test and incentives were in place.

Yunnan stores have further consolidated their advantages, and Sichuan and Chongqing have maintained rapid expansion.

The company established 235 new stores in 19H1 in Yunnan, relocated and closed 47 stores, and increased its net number of stores by 188. At the end of the period, the number of stores reached 3747. It continued to consolidate the company’s leading advantage in 杭州桑拿 Yunnan, mainly by increasing its efforts to sink towns.

The company opened 76 and 20 stores in Sichuan and Chongqing in 19H1, relocated and closed 10 and 3 stores, a total of 83 net increase stores, and a total of 954 stores at the end of the period, maintaining a rapid store growth.The speed of regional expansion remains insurmountable.

Licensed pharmacist allocation policy affects gross profit margin and pharmacist costs, resulting in lower-than-expected results.

By quarter, the company’s revenue in 19Q2 increased by 17%, accounting for a slight increase in the growth rate in 19Q1, and its net profit increased by only 0.

2%, ranking 19Q1 growth rate is significantly larger.

The main reason is that the company’s licensed pharmacist equipment costs have increased rapidly. At the same time, due to the difficulty in the allocation of licensed pharmacists, sales have been affected, and the company has increased its promotion efforts, which has led to a decline in retail gross profit margin.

1pp, has a significant impact on net profit.

In general, the company’s lower-than-expected performance was mainly related to the improvement of the requirements for the allocation of licensed pharmacists. With the amendment of policies such as the remote review of licensed pharmacists, the possibility of the company’s profit recovering.

The performance is lower than expected, waiting for the repair after the policy shock, downgrade to “overweight” rating to consider the company’s performance expectations, downgrade the company 19?
The 21-year forecast EPS is 1.



54 yuan (was 1).



93 yuan), the current price corresponds to 19?
The 21-year PE is 25/22/17 times.

The company was infiltrated by the new policy configuration of licensed pharmacists and is awaiting subsequent repairs.

Risk warning: M & A integration is not smooth; the expansion outside the province exceeds expectations.

The daily limit of January 20th knew early: Seven major benefits are expected to ferment

The daily limit of January 20th knew early: Seven major benefits are expected to ferment

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

  Sina Finance News on January 19 news, there are seven major benefits that may affect tomorrow’s stock market, specifically: Huijin shares: 2019 operating results increased by 1561% to 2198% Huijin shares (300368) January 19 evening disclosure performance forecast, 2019The annual profit is 41 million yuan-52.1 million yuan.

In 2019, based on the implementation of business and asset strategy adjustment in 2018, the company realized the focus on core resources and core business. The company’s overall asset quality and profit quality improved significantly. It replaced non-recurring gains and losses during the reporting period.The same period last year increased by 1560.

73% to 2198.

37%, which indicates that Huijin has basically succeeded in focusing its strategic transformation.

  Jayne Design (300668) announced on the evening of January 19 that the company’s controlling shareholder and actual controller replaced the repurchase company’s shares.share.

In addition, the company has a profit of 7942 in 2019.

620,000 yuan -9196.

720,000 yuan, the annual variation range is -5% to 10%.

  Zhengbang Technology: 2019 net profit pre-increased by 727% -831% Zhengbang Technology (002157) disclosed the performance forecast in the evening of January 19, 2019 pre-profit of 16 trillion to 1.8 billion US dollars, an increase of 727.

2% -830.


According to the report’s baseline, hog prices increased by half a year.

  Yinlun Co., Ltd .: A wholly-owned subsidiary was awarded Geely’s new energy vehicle supplier. Yinlun Share Co., Ltd. (002126) announced on the evening of January 19 that Yinzhili, a wholly-owned subsidiary of the company, won a Geely PMA-2 platform (SMART model) heat pump air conditioning projectAuthorization, the project products are expected to begin volume shipments in 2022.

According to customer forecasts, the internal life cycle is expected6.

9.5 billion.

The company’s acquisition of Geely’s new energy platform heat pump air conditioning project is a customer’s recognition of the company’s new energy vehicle thermal management system product research and development supporting capabilities, which will have a positive impact on the realization of the company’s long-term strategic goals.

  Jinyi Technology: Net profit for 2019 is expected to increase 3602% -4253% in ten years. Jinyi Technology (002869) reproduced its performance forecast on the evening of January 19, and it has a profit of 8 in 2019.

01 million to 9.

420,000 yuan, an annual increase of 3601.


61%, the company made a profit of 2164 in the same period last year.

910,000 yuan.

The sales volume of ETC-related products of the company has increased significantly in ten years.

  Hisun Pharmaceutical: Mortimer Mycophenolate Tablets passed the generic drug consistency evaluation. Hisun Pharmaceutical (600267) announced on the evening of January 19 that the company received the “Clinical Trial Notification” of HS234 tablets approved and issued by the State Drug Administration.””.

HS234 Tablets is an oral selective estrogen receptor down-regulating agent, which also has the functions of preventing and promoting estrogen receptor degradation.

Hisun 杭州夜生活网 Pharmaceutical also announced that the company’s morphocolipol tablets have passed the consistency and quality evaluation of generic drugs.

Mortiscoin tablets are suitable for the prevention of interventional organs in patients undergoing allogeneic kidney or kidney transplantation, and should be used simultaneously with corticosteroids and cyclosporine or tacrolimus.

  Urban Land Shares: 2019 net profit is expected to increase by 340% -395% per year. Urban Land Shares (603887) disclosed the performance forecast on the evening of January 19th, and it is expected that net profit will be realized in 2019.

1.8 billion yuan -3.

5.7 billion, an annual increase of 340% -395%.

Among them, the subject of the restructuring of Xiangjiang Technology Co., Ltd. achieved net profit attributable to shareholders of the listed company.

100 million to 2.

500 million yuan.

City Land shares also announced that the company won the bid for the Liangzhu New Town Shulan International Medical Center pile foundation and enclosure engineering project, and the bid price was 1.

5.1 billion yuan, more than 10% of the company’s 2018 operating income, and the construction period requires 150 days.

Guoke Huanyu: Domestic aerospace key electronic system suppliers continue to benefit from major projects such as manned aerospace and Beidou

Guoke Huanyu: Domestic aerospace key electronic system suppliers continue to benefit from major projects such as manned aerospace and Beidou

Investment points: The company is a major core supplier of domestic manned aerospace engineering and Beidou systems, focusing on the provision of key aerospace electronic systems and solutions.

The company’s core product, the aerospace key electronic system, is mainly used for space vehicle platforms and its effective control for information processing and operation control.

The company has obvious advantages in the field of key aerospace electronic 无锡桑拿网 systems. The company relies on major scientific and technological specialties such as manned aerospace and Beidou systems, and has developed mature products., Initially expanding its business to airborne and missile-launched military fields and nuclear power and other special fields.

The company actively participates in the commercial aerospace industry chain. Under the guidance of the national commercial aerospace policy, the company has provided key electronic system products and services for some commercial satellite development units, and has made important contributions to national scientific and technological progress.

The company’s operating income has grown rapidly and its customer structure is stable.

The company is located in a high-speed growth period, with a compound growth rate of 72 in 2016-18.


The company’s gross profit margin inflation has continued to grow and is at a relatively high level, with gross profit margins of 21 in 2016-18.

52% / 32.

01% / 38.

79%, the company ‘s gross profit margin continued to increase for two years, mainly due to changes in the research and development cycle of space electronic product systems such as manned aerospace and Beidou systems, which gradually transformed into the stereotype and mass production stages in 17 years.In the military industry, such as bomb carrier, the gross profit margin is expected to further increase.

The company’s R & D expenses have declined in the past 3 years, and the R & D expenses accounted for 17% of revenue in 2016-18.

90%, 6.

96%, 5.

19%. The decrease in R & D expenses was mainly due to the continuous iteration of core technologies in 2016, breakthroughs in expenses, and the subsequent annual transfer to R & D investment in the mass production delivery stage.

The company has a leading position in domestic aerospace-level effective radial signal processing and operation.

The company has made significant breakthroughs in highly reliable computer architecture, high-performance data processing and transmission technology, intelligent measurement and control, and scientific experiments in orbital displacement technology. It is in a leading position in China.The second prize is similar to the “Outstanding Contributor to China’s Manned Space Project”.

The company’s military salaries are complete and the industry has deep accumulation. The company has obtained the “Class III Secret Qualification Certificate of Weapons and Equipment”, “Warm Equipment Research and Production License” and “Registration Certificate of Equipment Research Institute”, which has obvious advantages in industry qualification.

It is recommended to use PE or PEG estimation.

According to the “Shanghai Stock Exchange Science and Technology Innovation Board Stock Issuance and Listing Review Rules” issued by the Shanghai Stock Exchange, the listing standard chosen by the issuer is “the estimated market value is not less than 1 billion U.S. dollars, the net profit in the last year is positive and the operating income isBelow 100 million “, PE or PEG estimation method is recommended.

risk warning.

The company’s next-generation GEOVIS development progress is not up to expectations; the risk of changes in the national digital earth policy.

Gu Jia Household (603816): Steady development performance of software leader meets expectations

Gu Jia Household (603816): Steady development performance of software leader meets expectations
In the first three quarters of 2019, net profit attributable to mothers increased by 16 each year.75% of Gujia Household achieved operating income of 77 in the first three quarters of 2019.75 ppm, an increase of 21 in ten years.6%, to achieve net profit attributable to mother 9.17 ppm, an increase of 16 in ten years.75%, in line with our democratic expectations; net profit after deduction to non-mothers6.65 ppm, a ten-year increase4.34%, the lowest growth rate is mainly due to changes in the statement of caliber. Evergrande and Xilinmen investment income is included in non-recurring profit and loss.19Q1 / Q2 / Q3 revenue growth rate was 33% / 16% / 18% respectively. The faster growth rate of Q1 was mainly due to mergers and acquisitions of companies 北京桑拿洗浴保健 such as Banerqi, Rolf Benz and other companies since the beginning of 18Q2.The growth rate of Q2 / Q3 attributable net profit was 10% / 23% / 18%, respectively.We expect the company’s EPS to be 1 in 2019-2021.96, 2.37, 2.88 yuan, maintain “Buy” rating. Domestic sales growth may pick up, big promotion + Sino-US trade friction led to a decline in gross profit margin 816 National Gujiari company increased sales efforts and boosted terminal sales growth in the third quarter. We expect Gujia Household ‘s domestic sales revenue growth rateIn terms of export, the company actively agreed with major customers to increase tariff sharing measures. At the same time, the Vietnam base can also cover part of the US power generation after the commissioning in the first half of the year. We expect domestic orders to export orders of 南京桑拿网 magnitude.Outward M & A.In the first three quarters, the overall gross profit margin fell by 0.64pct to 35.1%, 19Q1 / Q2 / Q3 gross profit margins were 35% / 37% / 34%, we judge that the reason for the decline in the third quarter is that the decline in gross profit margin was due to the increase in sales efforts of the 816 National People ‘s Family Day.Mainly due to the impact of Sino-U.S. Trade frictions, the decline in gross profit margin of export business. The expense ratio during the period has increased, the export rebate has accelerated, and operating cash flow has improved. The expense ratio during the first three quarters increased by zero.6pct to 23.3%, of which the sales expense ratio decreases by 0 every year.6pct to 18%, mainly due to the company’s longing for accurate advertising costs; management + R & D expense rate increases by 0 every year.7 points to 4.8%, mainly due to the company’s promotion of the construction of regional centers, management personnel, leasing, office and other expenses increased; the financial expense ratio increased to 0.5pct to 0.6%.Operating net cash flow increased by 202% to 14 per year.The 3 trillion was mainly due to the decline in receivables caused by the accelerated collection of foreign sales and changes in advance receipts. The repurchase demonstrates development confidence, and the repurchase shares have equity incentives to stimulate employees’ enthusiasm. The company reportedly announced on September 20 that the company intends to use its own funds 3?600 million repurchased company shares in a centralized bidding transaction at a repurchase price of not more than 50 yuan / share. The repurchase period is within 12 months from the date when the board of directors adopts the share repurchase program, and the repurchased shares are used for equity incentives.We believe that the company’s repurchase demonstrates the confidence of the major vacancies in the future development of the company. The repurchase of shares is used as an equity incentive to promote the mobilization of core employees and is beneficial to the company’s long-term development. Software home leader, maintain “Buy” rating and maintain profit forecast, is it expected that Gujia Home 2019?The net profit attributable to mothers will be 11 in 2021.8, 14.3, 17.4 trillion, the corresponding EPS is 1.96, 2.37, 2.88 yuan.With reference to the 19 times PE average value of a comparable company in 2019, taking into account the company’s industry leadership in various aspects such as the number of channels, product power, brand power, etc.20 times PE estimates, the corresponding target price is 37.twenty four?39.20 yuan, maintain “Buy” rating. Risk reminder: Real estate sales exceed expectations, and foreign trade environment storage uncertainty.

Hualu Hengsheng (600426): The price of chemical products has dropped H1 net profit position 22% for many times

Hualu Hengsheng (600426): The price of chemical products has dropped H1 net profit position 22% for many times

The 2019H1 net profit gradient is 22%, and the performance is slightly higher than expected. Hualu Hengsheng released its 2019 Interim Report on August 7, and the company’s 2019H1 revenue was 70.

800 million, an increase of 1 in ten years.

1%, net profit of 13.

1 ppm, a decrease of 22 a decade ago.

1%, performance slightly exceeded market expectations.

Follow 16.

2.7 billion of the latest equity calculation, the corresponding EPS is 0.

81 yuan.

Q2 achieved revenue of 35.

300 million, down one year.

7%, net profit 6.

700 million, downgraded 29 quarterly.


We expect the company’s EPS for 2019-2021 to be 1.



67 yuan to maintain the “overweight” level.

The main chemical product business climate gradient dragged down the performance, and the R & D expenses increased significantly. Most of the company’s main product business conditions remained. According to Baichuan Information, the average price of DMF / adipic acid / acetic acid / octanol / carboxylic acid in East China in 2019H1 was 0.





48 million / ton, with annual changes of -22.

0% /-27.

4% /-39.

5% /-9.

4% /-36.


The company’s organic amine / adipic acid and intermediate products / acetic acid and derivatives / polyols achieved sales of 17 respectively.




In January, they increased at least 4% / 9% / 0% / 80% respectively, corresponding to the realization of revenue 8.




600 million US dollars, a year change of -16% /-16% /-37% / 93%.

The company’s comprehensive gross profit rate will be lowered 3.8 points to 29.

4%, the selling / administrative expense ratio changed by 1.


1pct to 2.

7% / 0.

9%, the increase of project-based R & D expenditure led to an increase of 363% to 1.

6.1 billion.

Under the advantage of “one head and multiple lines”, the fertilizer sector performed well. According to Baichuan Information, the average price of urea in Shandong in 2019H1 was 0.

200,000 yuan / ton, a slight increase of 0 in ten years.

4%, of which Q2 average price is 0.

20 million / ton, the company’s fertilizer segment achieved sales of 122.

In April, the year-on-year growth was 55%, of which Q2 sales were 64.

9 to the lowest, the chain continues to increase. Considering the overall low price of the methanol industry chain products since 2019, the company has fully leveraged the “one head, multiple lines” advantage based on the coal gasification platform to increase the output of liquid ammonia industry chains such as urea / carbon ammonia.

Reported significant revenue 18.

3 ‰, an increase of 51% per year. As the average price of bituminous coal (Shanxi Youhan, Q5500) drops by 8% in 2019H1, the profit of the segment is expected to increase significantly.

The prices of acetic acid and adipic acid rebounded to the bottom, and the price of urea dropped. Recently, the prices of the company’s main chemical products have mostly bottomed or have rebounded, especially the Yima Gasification Plant exploded on July 19, involving 24 methanol, 25 The prices of anionic ethyl acetate, acetic acid and derivatives rose sharply. According to Baichuan Information, the prices of acetic acid / adipic acid / octanol in East China in early August were 0.



76 million / ton, up 21% / 8% / 9% from the previous May / June lows, respectively. DMF / cholesterol quotes are 0.


44 million / ton, in the historically relatively low range.

Due to the end of agricultural demand and weak construction work recently, the latest urea price in Shandong is 1,860 yuan / ton, which is equivalent to a 12% drop from the March high.

Overall, the company’s profitability is solid, and the cost side of CO2 / gasification platforms is still improving.

Maintain “overweight” rating We maintain the company’s net profit forecast 苏州桑拿网 for 2019-2021 is 32.



4 trillion, corresponding to EPS for 2019-2021 is 1.



RMB 67, combined with a comparable company’s estimated level (8 times PE in 2019), the company has excellent cost control capabilities, building caprolactam and nylon new material projects and refined adipic acid projects, further extending the industrial chain and building subsequent performance growth points, giving the company 20199-10 times PE, corresponding to a target price of 17.


60 yuan, maintaining the “overweight” level.

Risk Warning: Downstream demand is not up to the expected risk, and raw material prices fluctuate greatly.

WuXi AppTec (603259) in-depth report: Global leading CRO / CMO Tap with long-term certainty and high growth

WuXi AppTec (603259) in-depth report: Global leading CRO / CMO Tap with long-term certainty and high growth
Laboratory in China: Comprehensive international competition for drug discovery. The drug analysis business actively participates in 淡水桑拿网 international competition. Laboratory discovery service for synthetic compounds and drug analysis services in China.The compound discovery business was initially in the blue ocean market, and was little affected by external factors such as hospitals and regulations. The company chose the international layout of this segmented track, and currently leads in international competition and city share. The drug discovery revenue is about 40 years in 2018.9.1 billion, with a global market share of 5.36%, it is expected to maintain a steady growth of 20% -25%; the internal scale of the drug analysis business is leading, which can benefit from the dividends of the development of domestic innovative drugs, and gradually participate in international competition through customer diversion.In 2018, it achieved revenue of about 10.10 trillion, the future performance flexibility comes from the new capacity of the Security Assessment Center put into operation in 2020-2021.Expansion 8.70,000 square meters of production capacity at current 1.With an average forecast of 75 square meters / m2, it is expected to achieve revenue of 15 after increasing production capacity.Above 2 ppm, we expect a rapid growth of over 30% in the pharmaceutical analysis business in the future. Clinical CRO business: The rapid development of domestic clinical research and development dividends, and the timely promotion of international layout. The clinical CRO business mainly includes SMO, clinical trial technical services, etc.The domestic SMO market size was 0 in 2017.USD 9.7 billion, CAGR is expected to be 54% in the next 5 years.The two leading domestic SMOs, Mingkang and Tiger Pharmaceuticals, lead in per capita formulation and business volume, with market share of 28% and 20%, respectively.Standardization of domestic new drug research and development is the main driving force for the company’s SMO business growth.According to the average budget expenditure of 2248 new SMO personnel and 160,000 people, the CAGR of SMO revenue in the next three years will be 31%; the clinical trial services will benefit from domestic research and development dividends for innovative drugs in the short and medium term.In the next three years, the CAGR of clinical trial service revenue will be 49%, with the leading Tiger Pharma Index, the average of 390,000 for WuXi Pharma and 30% gross margin increase.Long-term optimistic about the strategic layout of overseas mergers and acquisitions such as Kanthongyi and Pharmapace, and strengthen the international clinical trial service capabilities. CDMO business: The medium and short-term growth maintains high growth, and the long-term growth certainty and stability are attributed to Hequan Pharmaceuticals, which has the largest CDMO team in China and the strongest R & D strength.In the short-to-medium term, the order reserve is sufficient. It is expected that 5-6 projects will enter the third phase and 6-7 projects will enter commercialization each year from 2019 to 2021. The order scale will be nearly 3 billion after three years.Over 1 million liters, according to Hequan Pharmaceutical’s unit fixed asset income ratio than expected3.89 predicts that the current production capacity meets the demand for 6.4 billion revenue orders.The CDMO sector has a CAGR of more than 32% in the next three years.In the long run, the primary market has hit record highs in the amount of venture capital investment in innovative drugs, the company has sufficient clinical and commercialization projects, and has low reliance on single orders and customers to ensure the certainty and stability of long-term business growth. Profit forecast and estimation: The company’s corresponding EPS for 2019-2021 is expected to be 1.32, 1.66, 2.07 yuan, corresponding to 69 times, 55 times, 44 times PE.Covered for the first time, giving the company a “strong recommendation” rating. Risk Warning: New Drug R & D Expansion Demand, New Businesses, International Development Does Not Meet Expectations, Exchange Rate Changes, etc.

Taiji Shares (002368) Annual Report Commentary Report: Optimized Revenue Structure, Improved Report Quality, Expect Clouds and Autonomy

Taiji Shares (002368) Annual Report Commentary Report: Optimized Revenue Structure, Improved Report Quality, Expect Clouds and Autonomy

The event company released its 2018 annual report on March 22.

The report initially achieved operating income of 60.

1.6 billion, an increase of 13 in ten years.

52%; net profit attributable to mothers3.

16 ppm, a ten-year increase of 8.

29%; Reported operating net cash flow of the company 6.

80,000 yuan, an increase of 111 in ten years.


The revenue structure continued to optimize, and the gross profit margin steadily increased. The company’s integrated business revenue reported was basically the same as in 2017, accounting for 58% of its main revenue in 2017.

60% dropped to 52.


Cloud services business achieved growth27.

31%, network security and autonomous controllable business achieved growth 47.

25%, outstanding performance in budget business development.

The optimization of the revenue structure is directly reflected in the improvement of the gross profit margin level. The company’s gross profit margin for sales in 2016/2017/2018 was 19 respectively.

6% / 22.

02% / 22.

22%, since 2017, the income structure adjustment has achieved significant results.

The company’s operating net cash flow improved significantly in 2016/2017/2018, and the quality of its statements continued to improve.



8 megabytes, which continued to improve significantly. The net operating cash flow of the Taichi parent company in 2016/2017/2018 was -1.



1.7 billion.

We judge that the outstanding performance of cash flow in 2018 was mainly due to the adjustment of the company’s revenue structure: the growth rate of the parent company’s integrated business growth (2017/2018 growth rate-19).

14% / 2.

35%), significantly reducing the growth of inventories (inventories in the past three years were 11 respectively.



190,000 yuan), and the growth of budget receivables has improved (receivables in the past three years were 28.



9.4 billion yuan), the quality of the company’s statements has improved significantly.

Net operating cash inflows in Q4 2018 were as high as 16.

US $ 600 million was mainly for purchasing goods, and cash paid for labor services decreased by 10 compared with the same period of the previous year.

US $ 2.8 成都桑拿网 billion, which resulted in an increase in operating net cash flow while reducing sales cash inflows by 400 million.

The performance of strategic business is dazzling, and the prospect of cloud and autonomous controllability is expected to increase the scale of the company’s government cloud users significantly, carrying business systems of nearly 200 government departments in Beijing, Hainan, Shanxi and other places.In the field of network security, based on big data, AI and other related technologies, the company continues to improve the core products of the police-wide big data platform and the integrated political and legal management platform.

Independently controllable areas, actively promote the integration adjustment of domestic basic software and hardware and solution research and development, and cooperate with internal industry partners to create a safe and reliable industrial ecosystem.

In 2018, the Jincang database of the People’s Congress of the holding subsidiary developed rapidly, and the contract value increased by more than 100%. It has undertaken more than 220 key projects in various national ministries, power, finance, military industries and other industries.

In addition, the company has developed rapidly in the direction of “Internet + government affairs” and Industrial Internet, and the industry solution business is actively transforming into industry intelligent applications.

Investment recommendations are optimistic about the company’s focus on government affairs clouds and the promotion of data-driven industry intelligence applications.

Taking into account the base number in 2018, the net profit for 2019/2020 will be changed from 4.


7.4 billion down to 3.


73 trillion, the current price corresponds to 2019/2020 PE 35.


65 times.

Maintain the “overweight” rating.

Risk warning: Cloud and independent controllable business advances less than expected, and gross margin of its own products gradually increases

Yuyue Medical (002223): Steady performance growth optimistic about long-term development

Yuyue Medical (002223): Steady performance growth optimistic about long-term development
Event: The company released the first quarter report of 2019: Realized revenue12.01 billion, an annual increase of 15.33%; net profit attributable to mother is 2.4.7 billion, an annual increase of 15.41%, EPSEPS is 0.25 yuan. Investment Highlights: Performance has continued to grow steadily, and gross profit margin has been relatively stable.夜来香体验网 In Q1 2019, it achieved revenue of 12.01 billion, an annual increase of 15.33%, which is similar to the same period in 2018, indicating that the company’s revenue has grown steadily. It is expected that the household and oxygen supply sectors will grow steadily, and the online segment and new products of ventilator and blood glucose will grow rapidly.In terms of gross profit margin, it was 41 in the first quarter of 2019.11%, a decline of 0 per year.5 digits, an increase of 1 from the previous quarter.28 cations, the overall fluctuation is not large.In terms of period expenses, the sales expense ratio, management expense ratio and financial expense ratio were 9 respectively.21%, 6.99% and 0.42%, an increase of 0 each year.7, 0.77 and (-0.68) Reflecting the overall potential for leveling.R & D expenses for Q1 in 2019 were 2163.杭州桑拿网97 million yuan, an annual increase of 201.54%, mainly due to the company’s continuous increase in new product research and development, expanding research and development investment.In addition, the net cash flow from operating activities decreased by 555.84%, mainly due to the company’s participation in Tmall Super Brand Days and prepaid bids for hospital outsourcing projects, the total purchase cost of the company’s production equipment exceeded 76 million. Endogenous growth is stable, and open-source acquisition integration opens up space. Endogenously, in 2019, the company will complete the construction of the fundraising project “Danyang Medical Device Production Base Project (Phase 2)” as planned, which effectively addresses the increase in the company’s and core subsidiaries’ production capacity.In the medical clinical field, integrating the excellent resources of Shanghai Machinery Group, Shanghai Zhongyou Medicine, and Metrax GmbH of Germany to play a synergistic role, especially Shanghai Machinery Group helps to improve performance. Maintain the “Recommended” level. We maintain the previous forecast, the company’s EPS for 2019-2021 will be 0.87 yuan, 1.03 yuan and 1.23 yuan, taking into account the company’s stable growth in performance, coupled with the boom of medical devices and subsequent possible outsourcing acquisitions, we are optimistic about the company’s long-term development and maintain a “recommended” rating. Risk warning: pressure on product price reduction; rapid increase in costs; integration is not up to expectations, etc.

In QDII, the performance of QDII closed at 70% in November

In QDII, the performance of QDII closed at 70% in November

Original title: Over 70% of QDII performance income growth in November Yi Fangda Guangfa doubled with biotechnology China Economic Network Beijing December 3 (Reporter Li Rongkangbo) In the past November, the trend of Hong Kong stocks and US stocks showed greatThe difference.

The data showed that the Dow Jones Industrial Index increased by 3.

At 72%, the Nasdaq is up 4.

5%, the Hang Seng Index fell by 2.

08%, and this differentiation phenomenon is also fully reflected in the performance of QDII funds.

  According to wind statistics, more than 70% of the QDII fund ‘s net worth rose in November, with US stocks as the investment target of the fund ‘s replacement gains.

For example, Fangda S & P Biotech USD USD exchange rate has increased by 13 in a single month.

66%, GF Nasdaq Biotech USD, an increase of 9.

80%, the products of the two fund companies integrate biotechnology to become the twin heroes of the QDII fund in November.

  In addition, E Fund’s CSI Overseas Connect ETF and E Fund CSI Overseas Connect ETF’s Connected Funds have also increased in advance, with each month’s increase exceeding 7%.

From the three quarterly reports, the top ten heavy stocks held by E Fund CSI Overseas Internet ETF are Alibaba, Tencent Holdings, Baidu, Meituan, JD.com, NetEase, Good Future, Pinduoduo, Ctrip, Tencent Music, and alternative industry leading companies.And the representative enterprise of the Chinese economy.

The fund has also risen as much as 27 this year.


  Driven by the rise in international oil prices in November, too many crude QDII funds also performed well.

For example, Yifangda Crude Oil A, Castrol Crude Oil, Cathay Commodities, and Southern Crude Oil A all rose by more than 6% in a single month.

However, since the beginning of this year, international oil prices have fluctuated sharply. Under the influence of multiple factors intertwined and moving alternately, there is no clear direction for oil prices in the short term.

For the U.S. stock market, despite continuing to hit new highs, analysts believe that the U.S. stock market faces multiple potential bearish factors. Considering the domestic political situation in the United States, year-end market volatility and international trade conditions, investors need to be alert to the stock marketRisks of decline and adjustment.

In addition, due to the easing of international trade sentiment, international gold prices fell last month, resulting in multiple gold QDII funds becoming the bottom product in November.

  Under the influence of Hong Kong’s Hang Seng Index’s decline last month, most QDII funds using Hang Seng ETFs as the specimen dropped the most, which is consistent with the decline of the overall index of the Hong Kong stock market.

Institutions believe that as of the end of November, Hong Kong stocks ranked low in major global markets, but there was no enthusiasm for ETF fund bottoming. Data shows that Southbound funds have shown a net inflow for nine consecutive months since March this year, gradually increasing during the year.Net purchase budget exceeds RMB 180 billion.

  At the same time as capital inflows, various stocks have also diverged. With the continued influx of southbound funds, large domestic consumption in the Hong Kong stock market, finance, medicine and technology, and many other companies closely connected to the mainland market have continued to strengthen, manyIndividual stocks hit a record high.

In the eyes of most people, these companies that have solid fundamentals, strong endogenous growth momentum, and are able to adapt to the economic transition from high-speed growth to new indicators of development represent “core assets.”

As the proportion of domestic capital continues to increase, the role of participation in certain stocks will also increase.

  Looking forward to the future investment opportunities in the Hong Kong stock market, and according to the average opinion of the institutions, although the market is difficult to predict the shock pattern in the short term, the return of Alibaba and the full circulation of H shares will be two major heavyweight positive factors to boost the Hong Kong stock market.

In addition, the huge advantages of Hong Kong stocks in terms of fundamentals, estimates, and liquidity can also transform the value of long-term investment worth looking forward to.

  Top 40 QDII funds in November. Serial number abbreviation for 11 months, gradual unit net value margin% scale securities abbreviation for 11 months, gradual unit net value growth rate% scale percentage 1 Fangda S & P Biotech USD 13 in cash.


0918 E Fund Gold Theme A RMB-6.


88512 E Fund S & P Biotech RMB 13.


6495 Huitian rich gold and precious metals -4.


59043 GF Nasdaq Biotech USD 9.


2378 Harvest Gold (QDII-FOF-LOF) -4.

60444 GF Nasdaq Biotechnology RMB 9.

6816 Connaught Safety Ball Gold-3.


08315 E Fund CSI Overseas Internet ETF7.


8628 Jiashi H Share Index (QDII-LOF) -2.


32976 E Fund CSI Overseas Internet ETF connected A USD7.


1235 Yinhua Hang Seng H Shares-2.


11427 E Fund CSI Overseas Internet ETF connects C $ 7.


0252 E Fund’s Hang Seng H-Share ETF is connected to C RMB-2.


30968 E Fund CSI Overseas Internet ETF Link A RMB 7.


8737 Nuo Safety Ball gains Real Estate-2.


55109 E Fund CSI Overseas Internet ETF Link C RMB7.


1779 E Fund’s Hang Seng H-share ETF was connected to A RMB-2.


406410 Yifangda crude oil A is now 6 US dollars.


1454 E Fund Hang Seng H-Share ETF-2.


307611 Jiashi crude oil 6.


0478 Dacheng Hang Seng Index -2.


204712 Yifangda crude oil C USD is now 6.


1579 Huaxia Hang Seng ETF is connected to C-2.


814713 Cathay Commodity 6.


4421 China Hengsheng ETF Link A (RMB) -2


378614 Southern crude oil A6.
9286 Huaxia Hang Seng ETF-2.


462215 Southern crude oil C6.


7053 E Fund Hong Kong Hang Seng Composite Small Cap C-2.


031616 Yi Fang crude oil A RMB 6.


0283 E Fund Hong Kong Hang Seng Composite Small Cap A-2.


295,517 Yi Fang crude oil 北京夜生活网 C RMB 6.


1166 E Fund’s Hang Seng H-Share ETF was linked to A-dollar cash -2.


036918 E Fund S & P Healthcare USD 5 in cash.


0408 Southern Hong Kong Growth -2.


553219 Castrol Global Internet dollar bills 5.


8557 Huitianfu Hang Seng Index -1.


697020 E Fund S & P Information Technology USD spot exchange 5.


7 Huaxia Hang Seng ETF Link A (USD Cash) -1.


750121 E Fund S & P Healthcare RMB 5.


2889 Huaan Hong Kong Collection -1.


851122 GF Global Select USD spot exchange4.


9531 invested JP Morgan FTSE REITs RMB-1.


333023 Castrol Global Internet RMB 4.


2129 Fortune S & P Oil & Gas RMB-1.


381624 E Fund S & P Information Technology RMB 4.

4195 South Dow Jones USA Select C-1.

283925 GF Global Select RMB 4.


7413 South Dow Jones USA Select A-1.


505026 Puyin Ansheng Global Intelligent Technology 4.


2325 Dacheng Hang Seng Comprehensive -1.

161327 Bank of Communications CSI Overseas China Internet 4.


0856 USD on JP Morgan FTSE REITs.


329828 Penghua Hong Kong US Internet USD spot exchange 4.

The 1454 Hua Safety Ball is steadily configured with the C-1.


040029 GF NASDAQ 100 Index C USD (QDII) 4.


0990 Haifutong Greater China Select -0.


263730 Yi Fang Nasdaq USD 100 spot exchange.


1542 Hua Safety Ball is steadily configured with A-0.


185531 Penghua Hong Kong US Internet RMB 4.


0281 GF US Real Estate RMB-0.


462332 Hua An Nasdaq 100 dollars in cash.


3092 Warburg S & P Oil & Gas USD-0.


709333 Cathay Pacific 100ETF4.


4769 Warburg Hong Kong listed China’s small and medium cap C-0.


018234 GF Nasdaq 100 Index RMB (QDII) 4.

6999 Harvest Global Real Estate-0.


419135 voted for Morgan Japan Select 4.

1683 Warburg Hong Kong listed China’s small and medium cap A-0.


961536 GF Nasdaq 100 Index A USD (QDII) 4.


1596 GF US Real Estate USD-0.


206737 Cathay Pacific 1004.


5265 Castrol Emerging Market A1-0.


285438 GF Nasdaq 100ETF3.


1946 Rong core value -0.


537139 Yi Fang Nasdaq 100 RMB 3.


0904 National Wealth USD debt RMB-0.


884740 GF Global Healthcare USD 3.


2978 Castrol Emerging Markets C2-0.


2888 source: wind data (scale ends September 30)

China Railway (601390) 2019 Interim Report Comment: Q2 Revenue Accelerates Significantly

China Railway (601390) 2019 Interim Report Comment: Q2 Revenue Accelerates Significantly

In the first half of 2019, the company gradually signed a new contract value of 7013.

400 million, an increase of 10 in ten years.

5%, mainly contributed by railway and municipal orders.

Among them, Q1 and Q2 new level orders are 3132 respectively.

900 million, 3880.

50,000 yuan, an increase of 0 in ten years.

3%, 20.

4%, in the second quarter of the new millennium single growth rate accelerated significantly.

As of June 2019, the company’s outstanding contract value was 30,946.

40,000 yuan, an increase of 11 over the same period last year.

7%, more than 4 times the 2018 revenue.

In the first half of 2019, the company 杭州桑拿网 achieved operating income of 3608.

21 ppm, an increase of 14 in ten years.


Among them, infrastructure construction, survey and design and consulting services, engineering equipment and component manufacturing, real estate development and other business migration separately. 17.

05%, 4.

82%, 9.

69%, 12.

56% and -11.


In the first half of 2019, the company achieved a comprehensive gross profit margin of 9.

85%, a decrease of 0 from last year.

14 points.

, Mainly due to the gross profit margin oxide of railway, operation business and material trading business.

In the first half of 2019, the company achieved a net interest rate of 3.

11%, an increase of 0 from the previous year.

13%, the net net amount increased with the decrease in gross profit margin, mainly due to the decrease in 武汉夜生活网 the proportion of impairment losses and the decrease in the management expense ratio and compensation expense ratio.

The company’s net operating cash flow per share for the first half of 2019 was -2.

18 yuan, a decrease of 0 compared with the same period last year.

92 yuan / share, the deterioration of the company’s cash flow is mainly due to the increase in the payment of supplier budgets and real estate business investment.

The profit and loss of minority shareholders of the company increased significantly, mainly due to the rebound in profits of non-wholly owned subsidiaries.

The proportion of net profit attributable to shareholders other than listed companies in the company’s net profit has increased significantly.

Earnings forecast and rating: We maintain the company’s EPS for 2019-2021 to be 0.

80 yuan, 0.

94 yuan, 1.

05 yuan, the corresponding PE on August 30 closing prices are 7.

5 times, 6.
4 times, 5.
7x, maintaining the rating of “prudent increase”.

Risk Warning: Macroeconomic downside risks, new growth trends, orders on hand fall short of expectations, cash flow conditions deteriorate, and bad debt losses exceed expectations