People’s Daily Online (603000): Release of Three-year Plan for In-depth Integration Development (Outline): Content-based platform has a lot of room for value realization

People’s Daily Online (603000): Release of “Three-year Plan for In-depth Integration Development (Outline)”: Content-based platform has a lot of room for value realization

Key points for investment On the evening of July 25, the company released the “Three-year Plan for Deep Integration Development (Outline)”, which put forward the guiding ideology, development strategy, planning goals, and key tasks of the People’s Daily Online construction. 深圳桑拿网 We believe the following:The essence of the People’s Network “Party Network” highlights: On January 25, 2019, General Secretary Xi Jinping pointed to the Political Bureau of the Central Committee of the Communist Party of China to the People’s Daily for twelve collective studies on antiques in the “all-media era and media integration and development”.Accelerate the integration and development of media, so that mainstream media have strong communication, guidance, influence, and credibility “,” the competent authorities should gradually do a good job of regulatory responsibilities, strengthen the management of emerging media in accordance with the law “,” most party committees and governments must follow policies,In terms of funding and talents, we will increase support for media integration and development. ”

This “Planning” is the implementation of the general secretary’s speech on January 25th.

The rapid development of the mobile Internet has spawned a large number of new media platforms. While the information is obtained more quickly, it has led to the disadvantages of insufficient information review and supervision. In the era of information explosion, the mainstream media ‘s guiding role in official media has become prominent.

As a party media, the people’s network, its political value, dissemination value, brand value, platform value, capital value will be further highlighted.

Content-oriented, large platform value realization space: relying on policy sensitivity, talents and other advantages, the company’s constantly changing original capabilities in opinion review, in-depth investigation, authoritative interpretation, policy advice, will continue to consolidate its main key news websites in the future”Faucet” category to become the provider of the highest quality original content.

Content-based, multi-channel realization of platform value: ① Content risk control: One of the goals of this Plan is to continuously strengthen the choice of Internet content risk control “leading”.

The company intends to take a stake in People’s Zhongke (Shandong) Intelligent Technology Co., Ltd., which will closely integrate the artificial intelligence technology of the Institute of Automation of the Chinese Academy of Sciences and the content risk control capability of People’s Network, focusing on providing technology for content security management and information security management on the Internet spaceservice.

According to the news from People’s Daily on July 24, People’s Daily has released 67 “Internet Content Risk Controller (Elementary) Certificates” to the society. The company has conducted preliminary explorations on standard setting and personnel training. In the future, it will further leverage the advantages of the party media.The Internet community provides consulting services for content risk control.

② Content operators and Jufa: People’s Network connects horizontally with various entities such as governments, enterprises, social groups, academic institutions, etc., and initially connects politicians from around the world with the general public, social accounts (Weibo, WeChat public account, Douyin, etc.)Daily coverage of more than 2.

With 800 million person-times, the value of communication is outstanding.

The company’s future superior communication power can achieve scale of revenue and profit scale: including providing creative creators / creative institutions with creative guidance, level certification, promotion operations and market operation services; for content producers, distributors,Developers provide services such as content distribution and derivative copyright transactions, operation training, IP incubation, creative marketing, content e-commerce, and advertising agencies.

In Q1 2019, the company’s revenue maintained a steady growth, with cross-narrowing alternately: in Q1 2019, the company achieved operating income3.

1.3 billion (+17.

20%), net profit attributable to mother -2,336.

250,000 yuan (-5,787 in the same period last year.

The revenue growth was mainly due to the increase in revenue of its subsidiaries, People’s Video Culture Co., Ltd. and People’s Health Network Co., Ltd.

Investment suggestion: People’s Network, as the official media, plays an important role in propaganda and ideological work. We are optimistic about the company’s use of content to establish a network, through content risk control, operation and aggregation of multi-channel monetization space.

We maintain the company’s annual revenue from 2019 to 2021.

30, 0.

41 and 0.

The profit forecast of 55 yuan, the closing price corresponding to PE on July 26 is 57 in turn.

9x, 42.

2x, 31.

1x, maintain the company’s overweight-A recommendation.

Risk Warning: Content Expansion Is Less Than Expected, Policies Are Less Than Expected, Macro Economic Growth Downward Risk

Starnet Ruijie (002396) Annual Report Review: Steady Growth in Performance, Grasping SDN Opportunities, and Creating Scenario Innovation

Starnet Ruijie (002396) Annual Report Review: Steady Growth in Performance, Grasping SDN Opportunities, and Creating Scenario Innovation

Event: On March 29th, Ruijie released its annual report. In 2018, the company’s revenue was 91% (+18).

5%) net profit attributable to mother 5.

810,000 yuan (ten years + 23%).

The company expects net profit of -1500 in the first quarter of 2019?
-5 million yuan, the negative profit was mainly affected by the company’s business off-season in the first quarter and the Spring Festival holiday.

All businesses go hand in hand and the operation is steadily improving.

In 2018, Ruijie Networks’ revenue was 42.

700 million (percent + 12%), net profit 3.

50 ppm (basically the same); Rising income 18.

200 million (+ 19% percent) and a net profit of 1.

480,000 yuan (ten years + 36%); StarNet TVE revenue 2.

92 ppm (basic flat), net profit 0.

84 ppm (ten years + 5%); Deming Communications revenue 10.

670,000 yuan (ten years + 101%), net profit is 0.

5.6 billion (basically unchanged); smart technology revenue 7.

8.7 billion (+ 80%) and a net profit of 0.

5.3 billion (+ 33%).

In terms of business, network terminal revenue was 12.

8 ‰ (previously + 67%, gross profit margin 22).

30%, toluene 3.

63PCT), enterprise-level network equipment revenue 40.

90,000 yuan (ten years +10.

89%, gross margin 47.

86%, down 3.

05PCT), communications products income 18.

500 million (+78).

48%, gross margin of 14.

85%, a decrease of 10.

48PCT), video information application income2.

800 million (+1 per year).

40%, gross margin 50.

61%, down 1.


R & D increases the budget and creates a scene innovation leader.

In 2018, 北京桑拿洗浴保健 Starnet Ruijie invested 10 in R & D.

7 ppm, a ten-year increase of 7.

5%; the company adheres to independent innovation and creates the development path of its own brand. Based on various smart solutions, the company creates an industry-wide solution based on “rooted industries and in-depth scenarios to make innovations.”

In 2018, the company’s 25G / 100G data center product solutions were released, and large-scale commercialization was achieved in Internet companies such as Ali and Tencent; wireless products won the largest batch of Wi-Fi equipment projects for EMUs in the country; “K Mi Magic Cloud 8” entertainment systemThe announcement continues to lead China’s KTV entertainment industry. Currently, the number of registered users of Kmi App has exceeded 80 million, and WeChat fans have reached 40 million.
We believe that 上海夜网论坛 with the continuous increase of information demand in various industries, the company is expected to achieve sustained and stable growth.
The demand for 5G commercial SDN has increased, and early deployment has seized opportunities.

SDN is one of the key technologies of 5G.

Relying on its strong channel capabilities and R & D advantages of enterprise switching equipment, Ruijie Networks has continuously accelerated the development and investment of SDN equipment, and has pioneered the first lightweight SDN solution in the industry.

We believe that with the increasing demand for 5G construction, segmented areas such as edge computing and SDN are expected to usher in rapid development, and the company will also fully benefit.

Earnings forecasts and investment advice.

At present, the company’s network switches, cloud classrooms, and smart POS services are accelerating their efforts and entering the business harvest period.

We estimate that the company’s net profit attributable to its parent for the period of 19-21 will be 7.

1 billion, 8.

6.3 billion and 10.

4.5 billion yuan, corresponding to an EPS of 1.

22 yuan, 1.

48 yuan and 1.

US $ 7.9 billion, with reference to comparable company estimates, given 19 years of PE 25-30x, corresponding to a reasonable value range 30.

50 yuan-36.

60 yuan, “continuous market” rating.

risk warning.

The company’s new business development fell short of expectations.

Institutions: Short-term adjustments for future growth in storage technology stocks will remain the main line

Institutions: Short-term adjustments for future growth in storage technology stocks will remain the main line

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

  Original title agency: Short-term adjustments for future growth and storage 合肥夜网 capacity □ Our reporter Lin Ronghua and Li Huimin reversed the A-share V-shape on Tuesday, and the turnover of the two cities exceeded one trillion yuan for the fifth consecutive trading day.

Looking ahead, the fund manager believes that the future market does not rule out the possibility of deep changes in A shares, but it is difficult to fall below the February 4 low, short-term funds will still enter the market inertia, and market volatility will increase.

For technology stocks, it is still the main line of the market this year. Even short-term adjustments can be digested and stored for future growth.

  Market volatility has increased and near restructuring, the A-share market has continued to grow, and the effect of making money has been obvious.

For the market outlook, fund sources believe that the current growth momentum of A shares is weakening, and the possibility of deep alternation is not ruled out, but it is difficult to fall below the February 4 low.

Some short-term funds will still enter market inertia, and market volatility will increase.

  Attractor Technology, which focuses on asset allocation solutions, believes that in the A-share market, the current allocation of funds is exiting and falling down. At the same time, from a market perspective, the industry resonance situation has weakened, indicating that the market has begun to show more industry differentiation, indicating that the rebound has alreadyGoing through the general rise stage.

A-shares have entered a divergence period similar to March-April 2019, that is, the rising momentum has declined, and individual stocks have tended to differentiate.

  A public fund analyst believes that if the decline in U.S. stocks continues, the probability of Northbound funds continuing to decrease will reduce the risk appetite of A-shares.

At present, A-shares do not rule out the possibility of a deep adjustment. The index adjustment may reach about 10%, but it is unlikely to fall below the February 4 low.

  Kaifeng Investment believes that small-cap stocks have been very strong recently due to major changes in the structure of market traders and supplementary funds.

It is worth noting that the US dollar index has recently approached the 100 mark, and it is expected that northbound funds will turn into net penetration in the near future.

The recent market growth is mainly related to the large-scale entry of retail funds into the market. From the perspective of public fundraising, nearly 200 billion yuan of funds have entered the market in the past three weeks. This does not include private equity, stocks, and financing and securities trading methods.

  Technology stocks are still the main line. As the biggest highlight of recent A-shares, ChiNext, technology stocks are the popularity of the current market. Can the GEM and technology stocks remain strong under the influence of external epidemics and stock market changes?

  A private equity fund manager said that as the main market line this year, short-term adjustments also make room for later growth and help new funds enter.

“Since last year, we have gradually shifted our main positions to the new economic sector represented by technology stocks. At present, many sub-sectors are indeed in a significant boom phase, which is a rare investment window period in the past, so at least the first half of this yearThe configuration of technology stocks is about to be maintained. During this period, some adjustments to the segment structure will be made.

“Combined public equity fund analysts said that after the GEM and technology stocks were fully adjusted, the later trend was healthier.

Recently, the GEM Index has increased tremendously, and its fluctuations have also expanded significantly. It is mainly caused by the influence of the GEM Index’s own constituent stocks. In fact, the overall performance of the GEM stocks is differentiated.

  Judging from the estimated level, the current GEM estimate is already high.

Wind data shows that as of February 25, the current price-earnings ratio (TTM) of the GEM index was 54.

31 times, with a median of 49 in the last 10 years.

34 times, danger level 60.

97 times, the current price-earnings ratio (TTM) is 66 in the estimated level of the past 10 years.

The 53% quantile is located at the mid-to-high position.

  He Jian Investment Technology Chief Analyst Chen Jian said that in the short term, the new crown epidemic has a catalytic effect on Internet applications, especially 5G mid- and post-cycle applications.

Online office, online education, 杭州桑拿 online medical treatment, and online entertainment are all promoted on a large scale during the epidemic, and the maturity period is rapidly advanced, especially online office, online education, and online medical care are expected to change consumer usage habits, and changes in consumer preferences are irreversible.The initial market promotion and cultivation costs have been greatly reduced, and the industry leaders have quickly re-established their leading advantages.

SDIC Power (600886) 2019 Third Quarterly Report Review: Changes in On-grid Electricity Tariffs Slow Performance and Focus on Asset Transfer Process

SDIC Power (600886) 2019 Third Quarterly Report Review: Changes in On-grid Electricity Tariffs Slow Performance and Focus on Asset Transfer Process

Event: On October 30, the company announced the 2019 third quarter report.

The company achieved operating income of 322 in the first three quarters.

4.6 billion, +6 per year.

47%; net profit attributable to mother 43.

33 trillion, +20 for ten years.

51%; 19Q3 company realized operating income of 126.

37 trillion, +1 a year.

09%; net profit attributable to mother 20.

57 trillion, +1 a year.


Hydropower: On-grid electricity in Q3 exceeded flat, and on-grid electricity prices increased significantly8.


In 2019Q3, the total amount of hydropower on-grid of the company was 294.

5.9 billion kWh, a slight increase of 0 in ten years.


Among them, the Yalong River Hydropower has 267 grid-connected electricity.

8.6 billion kWh, +1 in ten years.

88%; SDIC Dachaoshan has 13.

800 million kWh, a substantial increase of 39 temporarily.

04%; the grid-connected electricity capacity of hydropower in Gansu is 12.

9.2 billion kWh, a significant increase of 45 temporarily.


In 2019Q3, the on-grid tariff of the company’s hydropower including tax is 0.

240 yuan / kWh, -8 per year.

54%, ranking the first half of the decline in electricity prices (-6.

(29%), and the sharp decline in electricity prices may 无锡桑拿网 be related to the continuous increase in the number of types of electricity marketed in some provinces and autonomous regions and the increasing scale.

Thermal power: Regional demand is improving, which will increase the amount of grid-connected power9.

08%, the on-grid tariff is 3.


2019Q3 company’s thermal power online power 174.

7.3 billion kWh, +9 for ten years.

08%, benefiting from the increase in the amount of power delivered by Gansu Province and Guangxi, the rapid growth of power consumption in Xinjiang, the company’s Gansu, Guangxi, and Xinjiang regional thermal power units significantly increased power generation, with alternate growth rates of + 24.

04% / 69.

97% / 100.


2019Q3 tax-included on-grid electricity price additional 3.

41%, in line with the decline in electricity prices 佛山桑拿网 in the first half of the year (-3.

37%) were basically flat. It is planned to transfer thermal power assets with weak profitability, and the profit margin of the thermal power sector may further improve.

The company issued an announcement on October 8 regarding the transfer of equity of some subsidiaries, and plans to transfer six thermal power assets with weak profitability.

In 2017, all five thermal power companies were at a loss (Zhangye Power did not disclose financial data in 2017). In 18 years, only SDIC Beibu Gulf, Zhangye Power achieved profit, but the average net interest rate fell by 1%.

From the perspective of asset evaluation, the net assets of the six target companies increased by 15%?
168%, the overall value-added rate is over 60%.

If the transaction goes smoothly, the company’s thermal power sector profit margin will further improve.

Investment suggestion: Maintain the rating of “Prudent Overweight”.

The company owns 52% equity of the Yalong River hydropower high-quality assets, with a total installed capacity of 16.76 million kilowatts of hydropower; another installed thermal power of about 15.76 million kilowatts of thermal power (if the six standard companies are excluded, the installed capacity is about 10.56 million kilowatts).

The policy encourages the consumption of hydropower in the province, and the “Yazhong-Jiangxi” UHV landed to guarantee the delivery of new production capacity.

As coal prices enter a downward path, thermal power earnings are expected to continue to improve.

Regardless of the impact of the transaction, we estimate the company’s net profit attributable to its mother to be 48 in 2019-2021.

90, 51.

17, 54.

5.7 billion, a growth rate of 12 in ten years.

0%, 4.

6%, 6.


Corresponding to the PE estimate of October 30th.

0, 11.

4, 10.

7x, maintaining the rating of “prudent increase”.

Risk reminders: Equity transfer is less than expected, coal prices fluctuate, online prices are lowered, incoming water continues to dry up, and new energy subsidy policies change.

Yinlun Shares (002126) Important Matters: European Landing Helps Customer Expansion

Yinlun Shares (002126) Important Matters: European Landing Helps 武汉夜生活网 Customer Expansion
The company acquired 100% equity of Setrab AB in Sweden, and is committed to expanding high-end customers and improving its global business layout.In terms of products, from traditional thermal management to new energy vehicle thermal management, from thermal management components to heat pump air conditioning integrated products, the new energy business has gradually entered a high-speed growth channel.Continue to focus on recommendation and maintain the “Buy” level. Matters: The company announced that it would acquire 100% of equity in Setrab AB for SEK 70 million.We comment on this: The acquisition of 100% equity of Setrab AB, the European layout has been implemented, and it has helped expand high-end customers.According to the announcement, the company plans to acquire 100% equity of Setrab AB with its 杭州桑拿网 own funds of SEK 70 million.The target is the manufacture of high-end sports car intercoolers and oil coolers. The main customers include Ferrari, Lamborghini, Mercedes-Benz, Bentley and other super sports car companies.The acquisition will help the company date high-end customers, expand the European passenger car market, establish a European base for thermal management products, and improve its global business layout.The company’s thermal management products have been matched with mainstream domestic car companies in the field of passenger cars, including Great Wall, Geely, GAC, Changan, Jiangling, BYD, etc., joint venture brands have been equipped with SAIC-GM, Changan Ford, and overseas, have entered Ford, Volvo, Jaguar Land Rover’s Supply Chain.Through this acquisition, the company will accelerate the expansion of high-end customers and further enhance the global competitiveness of its products. The heat pump air conditioner was awarded a fixed-point contract by JMC’s suppliers, and the new product of the heat pump air conditioner achieved a historical breakthrough.The company won a fixed-point contract from Jiangling New Energy Vehicle in early 2019. The company will provide a GSE heat pump air-conditioning system for this purpose. Delivery is expected to begin in June 2020, and the total internal replacement rate is expected to reach 6.8.7 billion.This was a breakthrough in the new energy thermal management business after obtaining a contract for a Geely Electric BE12 platform liquid-cooled plate fixed-point supplier in December.The company’s new energy thermal management has entered the supply chains of Geely, GAC, BYD, Yutong, Weimar, Ningde Times, Changan Ford, Jiangling and other mainstream electric vehicle companies and battery companies.In order to comply with the development of electrification of automobiles, the company is continuously increasing the supporting development of new energy vehicle projects, expanding the vast domestic market, rapid response capabilities, and cost advantages. It is expected to gradually develop into more global mainstream electric vehicle planning supply chains, which will benefit from newThe rapid development of energy vehicles. The joint-venture component company is expected to grow into a “Fuyao” for automotive thermal management.The company focuses on the field of thermal management, and customers range from construction machinery, commercial vehicles Caterpillar, Cummins, Weichai, to Geely for passenger cars, Ford, Volkswagen, Jaguar Land Rover, and Geely PMA platform for new energy vehicles, CATL The industry’s capabilities have begun to be recognized and endorsed by global customers. In the future, it is expected to grow into “Fuyao” in the field of thermal management, and become a truly global thermal management supplier with technical capabilities and supporting capabilities. Risk factors: Sales of major downstream passenger car customers are not up to expectations; new product development is not up to expectations; raw material prices fluctuate. Investment suggestion: Maintain the company’s EPS forecast for 2018/19/20 to 0.52/0.52/0.64 yuan.The company’s current price is 9.14 yuan, corresponding to 17/16/13 times PE in 18/19/20.The current estimate has reflected the downward trend of the industry’s business climate. Considering the company’s reserves of new energy automotive products and the expansion of customers, the excellent management team has started a second entrepreneurial plan.

Daoda investment notes: A shares violent rebound Northbound funds continue to buy

Daoda investment notes: A shares violent rebound Northbound funds continue to buy
Source: Daily Economic News The market the day before yesterday was a concentrated release of sudden systemic risks. Yesterday’s market was a concentrated release of bullish counter sentiment.Most of the “positions” we could see rebounded across the board yesterday.  Although one day of violent rebound is not enough to explain the problem and not enough to regain lost ground, but I want to say that violent rebound is a good start and comes very timely. This is the positive energy we need in the current environment.To express, it is-cool!  Market review Yesterday the market changed dramatically.  First, the U.S. stocks rebounded overnight, and the Nasdaq index rose by 1.34%, the technology stocks are collectively better, and the new energy vehicle 苏州桑拿网 leader Tesla has soared 18%, setting a record high.  The rebound in US stocks is certainly good news for the Asia Pacific market.Yesterday morning, the Japanese stock market, which was the first to open, rebounded, and the Nikkei 225 index rose 0.49%, the market panic was relieved.Immediately afterwards, the A-share market performed well.Although the Shanghai index opened lower than 60 points, it quickly rose and turned red, and continued to rise in the afternoon. Eventually, the Shanghai Stock Index rose 36.68 points to 2783.Closed at 29 o’clock, the increase was 1.34%.Even stronger was the GEM Index, which rose 4%.84%. The huge gap left the day before yesterday has been covered to a great extent. At present, the gap is only 17.48 points.GEM’s strong performance exceeded Dago’s expectations.The science and technology innovation board performed better. Only four of the 91 science and innovation board stocks fell, and 41 stocks rose more than 10%.  In other respects, A50 index futures are also very powerful.During the Spring Festival in 2020, the A50 was the worst to fall, but it rebounded strongly 4 yesterday.75% is also the largest increase.  Looking at the Hong Kong stock market, the Hang Seng Index rebounded for two consecutive days, and rose another 319 points to 26,675 yesterday.It closed at 98 points, an increase of 1.twenty one%.The Hang Seng State-owned Enterprise Index, which has the closest relationship with A shares, also increased by 1.63%.  In addition, the renminbi exchange rate against the US dollar has recently rebounded strongly after continuing its recent decline.In addition, European stock markets also opened higher after the market closed yesterday.When the three major European stock indexes terminated Dago’s press release, they all rose by more than 1%.  Well, Dago doesn’t want to use so many pens in his handwritten article to review the market today. As long as you pay attention to the market, the trends of these indexes can be seen, but in the current environment, I think if time goes backIn 2008 and 2015, when the market suffered a severe blow, and then there was a strong rebound like yesterday, in fact, we also need to present and review the market performance for everyone. This is the positive energy required by the current environment.  Northbound funds The day before yesterday, Dago exchanged views on northbound funds with you.According to data from Dongfang, the northbound funds bought nearly 20 billion the day before yesterday. I judged at this time that the high probability of northbound funds was correct.  Yesterday, looking at the performance of northbound funds, the Shanghai Stock Connect bought a net 13.3.2 billion yuan, Shenzhen Stock Connect net purchase 66.5.6 billion, a total net purchase of nearly 8 billion.Although I bought a little less than the day before yesterday, we must know how much courage and wisdom is required for the northbound capital investment to create a record-breaking record in the history.It is important that the stocks that Beibei bought from the capital the day before yesterday rose sharply.  Specifically, the stocks that Beitian bought from the capital the day before yesterday, such as Ping An of China, Maotai of Guizhou, Gree Electric Appliances, and the Ningde Times, rose sharply yesterday, and the Ningde Times even had daily limit.In fact, the northbound fund hunt was too successful.The net purchase of Makihara shares was also closed yesterday with daily limit.  In addition, according to data from Dongfang, Northbound funds continued to buy Guizhou Moutai, Gree Electric Appliances and Ningde Times yesterday, net selling Ping An of China and Hengrui Medicine.  Dago should continue to pay attention to the movement of northbound funds, and advise investors to continue to pay attention.If one day the northbound funds suddenly start to evacuate, vigilance is needed.  What will happen after the sandbox deduces that the market is soaring?This is also a question that everyone is very concerned about.  In my opinion, the strength of the market’s rebound yesterday exceeded market expectations, just as the level of the previous day’s plunge also exceeded expectations.This may be the trend of extreme prices under sudden major negatives.  Of course, a one-day rally may not break through the “alarm” and the market will repeat in the future. The performance of the A-share market yesterday has given us confidence to a certain extent, which is very important.  In addition, in yesterday’s rally, the differentiation of individual stocks is still relatively obvious.Only more than 500 stocks fell in the Shanghai stock market, and nearly 900 stocks fell. More than 800 stocks in the Shenzhen stock market increased, and more than 1,300 stocks fell.  Yesterday, the market performed the best. In addition to the anti-epidemic concept stocks, it was necessary to count the strongest sectors in the previous period.Such as wireless headphones, Tesla, software, integrated circuits, etc.In my opinion, as far as the future market is concerned, these are the sectors worth tracking in the medium and long term.  CSI 300 Index Position Reference Yesterday Position: 60% Today’s Position Plan: 61%. This position is a non-solid position reference combined with trend research. It is not used as a basis for trading. Please pay attention to investment risks.  Second, the target of this position tracking is the Shanghai and Shenzhen 300 Index, in order to track the changes in the index, to avoid the effect of differences in open stocks.

Two factors trigger A share merger and restructuring heat

Two factors trigger A share merger and restructuring heat

In recent years, improving the M & A and reorganization mechanism has been the focus of the work of the CSRC.

On May 11, Yi Huiman, Chairman of the China Securities Regulatory Commission, emphasized once again at the 2019 Annual Meeting of the China Listed Companies Association and the seventh meeting of the second council that we need to deepen comprehensive reforms, improve mechanisms for mergers, acquisitions, bankruptcy and reorganization, and supportHigh-quality assets are injected into listed companies to improve the quality and efficiency of listed companies.

  On May 13, Jin Dalai, a strategist at Pacific Securities, said in an interview with a reporter from the Securities Daily that the transformation of regulatory authorities to improve the positioning of the capital market and the further improvement of related systems, combined with the positioning of the capital market to serve the real economy, is expectedM & A and restructuring in the capital market will pick up in 2019.

  In fact, judging from the actual situation this year, the A-share market M & A and restructuring has shown a clear recovery momentum.

  According to the statistics of Flushing (300033), the reporter found that, according to the latest announcement date, for May 12th, 2019, excluding M & A and restructuring failed projects, a total of 1269 listed companies in the stock market participated in 1862 M & A project transactions.In the same period last year, only 726 listed companies participated in 947 M & A projects.

In terms of the participation of listed companies this year, the annual growth rate is 74%.

  Judging from the transaction amount, the amount of M & A and reorganization involved in 1272 listed companies this year is about 1.

063 trillion, compared with 3820 in the same period last year.

71 trillion US dollars increased by 178%.

  ”The reason for the rebound in the number of M & A and restructuring of A-share listed companies this year is related to the recovery of the capital market, especially the strong rebound of the A-share market after the year, which has further increased the number of companies with capital operation expectations.

At present, the valuations of many listed companies are in a reasonable range, and mergers and acquisitions and reorganizations have a certain participation value. Reorganizations are also related to the internal integration and transformation of the industry during the economic downturn.

Jindalay analysis said.

  Judging from the statistical results of the above data, the listed companies involved in mergers and acquisitions and reorganization this year are indeed concentrated in 都市夜网 the machinery and equipment, chemical, pharmaceutical and biological industries.

  It is undeniable that the current capital market has gradually become the main channel for mergers, acquisitions and reorganizations, and the main battlefield for inventory activation.

Data show that the amount of M & A and restructuring transactions of listed companies increased from 1 in 2014.

45 trillion to 2 in 2018.

56 trillion yuan, accounting for about 60% of the domestic M & A market, and has leapt to become the world’s second largest M & A market.

  ”Through the increase in the activity of M & A and restructuring in the A-share market, it is necessary to improve the construction of related supporting systems in the future.

“Yang Ouwen, the head of the financial product team of the Sichuan Financial Securities Research Institute, said to the Securities Daily reporter that if the information disclosure system is further strengthened and supervision is implemented.

Carry out special inspections on individual listed companies that may have excessive packaging, promptly investigate and deal with illegal activities such as fraudulent performance, and amend the performance commitments that deviate from actual corporate transactions.

  Jin Dalai added that it can also start with supporting financing and other systems to motivate the participation of social capital.

In the absence of other equity financing alternatives, the existing refinancing requirements can be moderately relaxed, especially in terms of the pricing base date and the issue reserve price.

Desai Battery (000049): Consumer lithium battery pack strong Hengqiang gradually increased performance

Desai Battery (000049): Consumer lithium battery pack strong Hengqiang gradually increased performance

Announcements: 1. The company announced the 2018 annual report and realized operating income of 172.

500 million, an increase of 38 in ten years.

15%; net profit attributable to mother is 40,000 yuan, an increase of 南宁桑拿 33 year-on-year.

55%; Q4 single-quarter revenue increased by 18 per year.

21% to 55.

600 million, net profit attributable to mother 1.

27 ppm, an increase of 11% in ten years.

2. The company announced the first quarter report of 2019 and realized operating income of 34 in the first quarter.

6 billion, an increase of 16 in ten years.

2%; net profit attributable to mother 0.

68 ppm, 10-year average of 10.


Key points of investment benefit large customers’ dual cell and laptop business, rapid growth in performance: the company’s 18-year revenue growth rate of 38%, profit growth rate of 34%, both achieved rapid growth, mainly due to: 1) two major customers in 18 yearsOLEDs are aligned with two-way cells, and the unit price has increased by 2; 2) Expansion and promotion of laptops in major customers, power tools are progressing smoothly, and the revenue of medium-sized lithium battery business is 26.

4 ‰, an increase of 84 in ten years.

7%; 3) Sales of major domestic customers Huawei and Xiaomi also increased rapidly.

Consumption of lithium batteries is good, Huizhou Xinyuan reduced losses, and its profitability remains stable: the company’s gross profit margin for eighteen years8.

2%, net interest rate 3.

05%, a slight increase of 0 a year.

The 14 units mainly benefited from the fact that the competition pattern of the consumer lithium battery industry has been very stable, and battery ASPs have continued to increase driven by safety considerations and endurance pain points. The company’s 18-year average battery price exceeded 10% -20%.

In terms of Huizhou Xinyuan, the company focused on the power battery power management system business and reduced the PACK investment with low profit margins. It reduced 81.4 million in 18 years and reduced losses by approximately 28 million compared with the same period last year.

In addition, the company’s operating efficiency has improved, and sales and management fees have improved by 0.

19, 1.

15 averages, and the improvement trend continued in 19Q1.

Affected by the loss of foreign exchange losses and the increase in interest expenses, financial rates increased in both 18 and 19Q1.

Hengqiang, the strong consumer of lithium PACK, continues to develop in the field to help the company grow steadily: Under the safety, high demand for PACK manufacturing of dual-cell / L-cell products, Hengqiang, the strong consumer of PACK, has a large domestic customer in 19 yearsThe rapid growth of Huawei’s expansion, as well as the increase in the share of North American customers, continues to contribute to the company’s increased profits.

At the same time, new businesses such as laptops and power tools outside the company’s mobile phones have gradually taken shape, and their scale and profit margins have become more impressive. The focus on power battery BMS and brushless motor control systems will also become an important aspect 合肥夜网 of the company’s future.

Earnings forecast and investment rating: The company is expected to have a net profit of 4 in 19-21.

8, 5.


800 million to achieve EPS 2.

36, 2.

83, 3.

32 yuan, the corresponding PE is 13.

2, 11, 9.

4 times, based on the company’s rapid performance growth expectations in the past two years, the current value is significantly underestimated, maintain the “Buy” rating!

Risk warning: customer product sales are lower than expected; product price range.

Wuhan Fangu (002194): New cycle starts to improve revenue structure and profitability

Wuhan Fangu (002194): New cycle starts to improve revenue structure and profitability

Financial 杭州桑拿网 report: On October 24, 2019, the company disclosed the 2019 third quarter report.

In the first three quarters of 2019, the company achieved main business income11.

98 ppm, an increase of 41 in ten years.

48%; operating profit 1.

21 ppm, an increase of 342 in ten years.

87%; net profit attributable to mother 1.

180,000 yuan, an annual increase of 322.

49%; deducted non-net profit1.

14 ppm, an increase of 285 in ten years.

32%; net cash flow from operating activities1.

26 ppm, an increase of 581 in ten years.

80%; basic income is 0.

21 yuan / share, an increase of 324 in ten years.

87%; expected average return on net assets is 7.

19%, an increase of 10 from last year.

82 units.

In the third quarter of 2019, the company achieved main business income4.

50,000 yuan, an increase of 31 in 杭州桑拿 ten years.

68%; operating profit 0.

480,000 yuan, an increase of 155 in ten years.

50%; net profit attributable to mother 0.

480,000 yuan, an increase of 186 in ten years.

02%; non-net profit attributable to mother 0.

470,000 yuan, an increase of 299 in ten years.

52%; net cash flow from operating activities-0.

51 ‰, a decrease of 196 per year.

15%; basic profit income is 0.

09 yuan / share, an increase of 189 in ten years.

30%; estimated average return on net assets2.

84%, an increase of 1 from last year.

65 units.

Opinion: Company profile: The company is a leader in radio frequency, focusing on the filter field for nearly 30 years.

The main industry has a high degree of aggregation, and the revenue of radio frequency communication-related services accounts for 84%.

In the 4G era and Dafu Technology, Chunxing Precision has always had a relatively stable market share in the RF field.

The top five customers accounted for 96%, Huawei accounted for 49%, Ericsson accounted for 21%, and Nokia accounted for 20%.

A new cycle has begun, and RF device revenue has continued to grow rapidly.

Based on the rapid growth of Q1 and Q2 revenue, Q3 revenue decreased slightly from the previous month (-1.

24%), an annual increase of 31.68%, the highest growth rate in the third quarter since 2014Q3.

Revenue structure and profitability improved simultaneously.

In the first three quarters of 2019, the company continued to optimize the revenue structure, improve businesses with low profit expectations, and stimulated vitality and increased profitability by reducing staff and increasing efficiency, and distributing incentives.

In the first three quarters of 2019, the company achieved a gross profit margin of 21.

24%, the highest level in the past three years.

In Q3 2019, the company achieved a gross profit margin of 27.

19%, the highest level in a single quarter in the past five years, and at the same time significantly higher than the industry average.

During the period, the cost rate has steadily decreased.

During the first three quarters of 2019, the company’s period expenses were 12.

07%, a steady decline in the past three years, the median level of the industry.

5G ceramic dielectric filters have achieved mass production.

At present, some types of ceramic dielectric filter products have passed the customer’s phase certification. At the same time, the first phase of the 5G ceramic dielectric filter production planning project has been completed. The dedicated workshop and production line have been transformed and put into use. The follow-up company will continue according to market demandPromote the second phase of the 5G ceramic dielectric filter production planning project and accelerate the construction of 5G capacity.

In addition, several models of the company’s 5G miniaturized filters in the form of “all-metal” and “metal cavity + dielectric resonator” have been sold in bulk.

Investment suggestion: With the gradual opening of 5G investment, the filter industry has ushered in a rapid development stage with both volume and price rising.

The company is a supplier for Huawei, Ericsson, and Nokia. It has the competitive advantages of vertical integration and integration of the industrial chain and high-end ceramic dielectric filters. It has continuously improved market share while harvesting industry dividends.

As the company continues to accelerate the construction of 5G capacity and strengthen internal management, its profitability has continued to increase.

It is recommended to focus on long-term.

Risk reminders: trade war risks; downside risks to industry prosperity; risks of rising costs; risks of intensified industry competition; less-than-expected risks in technological development; less-than-expected profits in new production lines; exchange rate risks

Electric Soul Network (603258): Exclusive contract with Tencent Millimeter for My Knight game contract

Electric Soul Network (603258): Exclusive contract with Tencent Millimeter for “My Knight” game contract

Investment Highlights Event Electric Soul Network (603258.

SH) and Tencent Holdings (0700.

(Hong Kong), a three-year exclusive agency agreement, marked as a set of retro martial arts sandbox RPG games independently developed by the company called “My Knight”, the cooperation period is from the date of signing the agreement to the end of the licensed product commercial operationUntil three years.

  Opinion 1.

Electric Soul Network’s main business is the research and development and operation of online game products. The company is committed to independent research and development, operating high-quality online games, featuring competitive online game products, and through an efficient game development system and accurate game promotion programs., Has developed into an online game development, operator that integrates creative planning, art design, technology research and development, product development, game promotion, 南宁桑拿 operation maintenance, and overseas cooperation.

The affected end-game market is weak, and the growth of the main business is slowing down.

The company has been committed to finding new growth points. According to the 2018 annual report, total operating income was US $ 44.8 billion, an increase of 10% for ten consecutive years, and its net profit attributable to its mother was US $ 13 billion, which was 21%.


The exclusive agency agreement with Tencent Tier 1 for this game is beneficial to the company in two ways: (1) increase new momentum for revenue; (2) the proportion of mobile game revenue with a relatively high growth rate has expanded and improvedThe company’s long-term forecast center.

Relying on Tencent’s operational capabilities and platform advantages, it will help increase the company’s market share.


“My Knight” is a high-freedom open martial arts RPG game developed by the company.

In the open mode, the protagonist played by the player can freely explore in the open world, there are a variety of different plot versions and gameplay for players to choose.

It is a martial arts mobile game that gathers many of your familiar knights. The knights in the classic martial arts story are fully restored. Players can freely arm your knights to experience super cool knights fight. Each knight in the game has its own specialSkills and moves, gorgeous big tricks and special effects are dazzling, and combo skills are even more devastating. You can train your knights as you like and experience the fun of round battles. Each knight has a bond combination, and at the same time there are additionalAttribute promotion.

  Investment recommendation Electric Soul Network currently expects a corresponding PE (TTM) of 33 times, which is the high range of the A-share game sector.

We repeat the view that the game sector has entered a mature stage and maintain the judgment that the sector is mainly a trading opportunity.

We believe that the cooperation between “My Knight” game and Tencent will boost the company’s performance and expected scale, and investors are advised to pay attention.

  Risk reminds the sustainability of the game’s running water.