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Records of mergers and tightening institutions are expected to have low foreign investment

Records of mergers and tightening institutions are expected to have low foreign investment

Source: Daily Economic News editor Ren Feixiao and editor Xiao Ruidong. Since last week ‘s “Daily Economic News”
reporters paid attention to the phenomenon of “dual backdoor” of double GP funds, this week they have continued to follow up with some institutions.

According to feedback, the current tightening of filing is indeed one of the reasons for seeking cooperation on behalf of the company, but due to risk factors, some professional institutions prefer to “overwinter” at this time.

  Some investors in the investment industry revealed to reporters that the number of managers registered for the new association this year did not increase sharply, because the self-discipline required some institutions to change water. Although the intensity was not large enough, the increase was minimal.

This means that professional institutions are likely to be more complicated in the speed of foreign investment, and it is also a big challenge for the difficulty of financing.

  At present, institutions have shown weak investment to catch up with the tightening cycle of private fund managers’ filings. At present, institutions often respond with a “bad” answer, and a well-known journalist asked why the institution entrusted a third-party qualified manager to implement fund products.When they were nervous about filing, they said it was difficult to move forward.

  A stricter review from filing was conducted, and a private equity investment fund partner in Shenzhen told a reporter from the Daily Economic News that if they set their sights on the issuance of new products, the rights and obligations of the executive partners of the stock shell are difficult to separate.It is not easy to coordinate by itself, and the intensity of single audit is also being strengthened.

“Calibration, as mentioned, encountered constraints in the process of filing new products. The reporter also learned from people familiar with the situation. Currently, the association ‘s registration data is basically hovering around 24,400.” Although the surface is not alarmed, but insideA lot of adjustments are already being made, and many institutions are doing market exits. ”

It was found that due to self-discipline considerations, some institutions may be adjusted out. Existing institutions are doing water changes for the degree of insertion. Although the intensity is not very strong, there is no increase.

  In fact, since this year, the faucet upstream of funds seems to be tightly closed. For the venture capital market, the first and foremost impact is fundraising.

In this environment, institutions have shown investment fatigue, and more importantly, no new investment funds are willing to come in.

  According to the private equity fundraising data of Zero2IPO, in October, there were 310 investment cases in the VC / PE market, a year-on-year decrease of 40.

6%, down 6 from the previous month.

1%; total investment amount is 265.

23 trillion yuan, a 53-year decline.

2%, down 33% from the previous month.


  Some private equity sources in Shenzhen have told reporters that many institutions are now in the “cat winter” mentality, and some involuntary movements have occurred.

  Looking back on the development of the previous stage of supervision, the association registered the credit endorsement work for the record within an appropriate scope, including estimation guidelines and practitioners’ guidelines.

Although they all belong to the standard of conduct, one thing that cannot be avoided is that, with the current market’武汉夜网论坛s current investment and management retreat, at the moment, whether it is betting on the heavy science and technology board or a listed company’s M & A project, the bullets of the investment institutions in the primary market are becoming consumables.
  Venture capital fundraising continues to precipitously decline, and both ends are blocked. What should venture capital fundraising do?

A brutal fact lies ahead, namely, venture capital funding is continuing to decline.

  According to Wind statistics, as of mid-November, there were only 388 newly raised funds from Chinese venture capital institutions in 2019, and the raised funds were only US $ 179.8 billion. With reference to the more than 700 newly raised funds at the beginning of 2018, the raised funds were lifted by 500 billion yuan.Almost a cliff-like descent.

  According to statistics, since the beginning of this year, as of early November, there have been 146 exits (in terms of funds) of private equity investment funds, of which only 26 were non-IPOs, and the proportion of IPO exits exceeded 82%.

It is obvious that there were 78 exit cases through the IPO of Science and Technology Board, accounting for 53% of all exit cases.

  Both the fund raising and project investment were cold. According to the general “3 + 2” asset management structure, it was originally calculated in 2013?
Most of the funds established in 2014 have already begun to liquidate their returns. However, the venture capital industry led by the lack of incremental capital and property rights institutions has entered the capital “cold winter”.

  The other data is close to the survival ecology of institutions.

According to statistics from Zero2IPO Research Center, as of the first half of 2019, the number of newly registered private equity, venture capital and private equity asset allocation managers in the association has declined significantly.

According to statistics, since this data reached 3887 in 2015, it has been decreasing year by year in the following 3 years, which are 2646, 1789 and 445, and only 9 in the first half of 2019.

  Although in the previous investment community’s view, the decrease in the number of supplementary institutions is partly due to tight preparations.

“After the requirements of some other external financial institutions, private equity funds are doing it, and some risk points are resubmitted for review as a supplementary opinion for inquiries. Similar to some financial situations, everyone may think that there is indeed a point in the record and it is indeed in the record.Change, we do have to make some adjustments in methodology.

But then again, the key to capital’s contribution to the development of the real economy is real strength.

“The demand for capital for corporate development is still irresistible, especially during the stage of economic shifts and the steady growth of domestic structure adjustment. Innovation capital investment in emerging technology areas still needs to be strengthened.

“Xu Hongcai, deputy director of the Economic Policy Committee of the China Association for Policy Research, told reporters in the Daily Economic News that although the current Chinese economy is greatly affected by domestic demand, industrial clusters in core technology areas have not yet formed a scale, and industrial clustering effects need to be strengthened.

China Unicom (600050): Profitability continues to improve 5G cycle expected value revaluation

China Unicom (600050): Profitability continues to improve 5G cycle expected value revaluation

Performance summary: The company’s service revenue for the first quarter of 2019 was 668.

0.2 million yuan, up by 0 every year.

3%; realize net profit attributable to shareholders of listed companies.

25 ppm, an increase of 24 in ten years.


Short-term revenue pressure, and profitability continued to improve significantly.

In the first quarter of 2019, due to the rapid growth of innovative business, fixed-line main business revenue reached 269.

1.9 billion, an increase of 9 over the same period last year.

4%; Affected by the cancellation of mobile phone roaming charges and intensified market competition implemented in July 2018, the company’s mobile business revenue decreased by 5 compared with the same period last year.

2%, it is expected that under the same market environment in the second half of the year, and the company actively promotes basic business innovation and differentiated management measures, mobile business revenue is expected to pick up.

The company’s cost reduction and efficiency enhancement effects are significant. The company’s depreciation and amortization in the first quarter of 2019 decreased by 8 compared with the same period last year.

6%, mainly due to good control of capital expenditure in recent years; financial expenses decreased by 118 compared with the same period last year.

2%, mainly due to the substantial reduction in abundant cash flow and the extension of interest-bearing debt last year; network operation and support costs decreased slightly compared to the same period last year1.

1%, mainly due to effective management and control of related costs.

In the first quarter of 2019, the company’s EBITDA was 250.

870,000 yuan, an increase of 4 in ten years.

4%; net profit attributable to parent company is RMB 16.

2.5 billion, an increase of 24 over the same period last year.


The release of the new 5G logo ushered in a new cycle of value revaluation.

At the Global Industry Chain Partner Conference, the company officially released a brand new 5G 杭州桑拿 brand identity and 5G network deployment, and established a “5G Application Innovation Alliance” in cooperation with merged companies.

The “7 + 33 + n” 5G network deployment released by the company, that is, continuous coverage in 7 urban areas of Beijing, Shanghai, Guangzhou, Shenzhen, Nanjing, Hangzhou, Xiong’an, significant regional coverage in 33 cities, and n citiesCustomize the 5G network secondary network, build various industry application scenarios, provide various test scenarios, and promote 5G application incubation and industrial upgrading.

The company also plans to invest 6 billion to 8 billion US dollars in 5G construction in 2019, and organize 10 billion funds to incubate 5G projects, build 200 + 5G demonstration projects, establish 50 + 5G open laboratories, and incubate 100 + 5G Innovative application products, 杭州夜网 formulate 20 + 5G application standards.

The 5G era is approaching. Operators can take advantage of 5G network open capabilities, deepen vertical fields, provide business platform incubation, and not only serve 2C customers. It will bring more 2B customer cooperation and revenue increase.More adapted to the exploration of new business models, it is expected to usher in a revaluation of value.

Profit forecast and rating.

It is expected that EPS for 2019-2021 will be 0.

20 yuan, 0.

26 yuan, 0.

32 yuan, optimistic about the company’s continued increase in revenue, cost reduction and efficiency, and new performance in the 5G cycle, maintaining the “overweight” level.

Risk warning: the competition in the telecommunications market is intensifying, innovative businesses may be less than expected, and user development may be less than expected.

Guizhou Moutai (600519) 2019 Interim Report Review: Interim Report Performance Meets Expectations Direct Sales Expected in Second Half

Guizhou Moutai (600519) 2019 Interim Report Review: Interim Report Performance Meets Expectations Direct Sales Expected in Second Half
Event: The company announced that it achieved total operating income of 411 in the first half of 2019.73 trillion, ten years +16.80%; net profit attributable to mother is 199.51 ppm, +26 for ten years.56%.Among them, 2019Q2 achieved total operating income of 186.9.2 billion, +10 in ten years.89%, achieving a net profit of 87.30 trillion, +20 for ten years.29%. The launch was accelerated at the end of the second quarter, and revenue growth was basically in line with expectations.The company achieved revenue of 394 in 2019H1.880,000 yuan, ten years +18.24%; Revenue of 178 in Q2 2019.44 trillion, affected by last year’s high base (+46.40%), the previous growth rate fell to 12.01%, performance basically in line with expectations.By quarter, in the first quarter, due to the increase in the Spring Festival investment and non-scalar increase, it achieved 22.21% growth.The growth rate improved in the second quarter, mainly due to the slow pace of the company’s launch.The front-end company vigorously arranged its distribution channels. In the first half of the year, there were a net reduction of 494 sauce and fragrance wine dealers, and about 6,000 tons of distribution changes were reset. This part of the replacement was due to the slow progress of direct sales, which replaced heavy volume.In order to ensure that the company meets the expected targets (14% -16% performance expectations), the company concentratedly put in 2000 tons in the middle and late June.It is estimated that the input amount confirmed in the second quarter statement is about 6,000 tons, and the overall input amount in the first half of the year is 1.5-1.Sales may increase slightly in June.In terms of product grades, Maotai and series wines should increase by 18 in the first half of the year.42% / 16.57%. In addition to the continuous growth of Moutai, the series has a high base last year (56.57%), still maintaining rapid growth, which also shows that the strategic layout and brand value of the series of wine has improved. Demand for high-end liquor is strong, and Moutai terminal prices are expected to remain stable during the Mid-Autumn Festival peak season.In the new round of consumption-driven liquor recovery cycle, the optional consumption attributes of liquor have weakened, premium liquor has been integrated, and the price of Maotai has been rising.According to grassroots research data, a large number of prices of Maotai have recently stabilized at 2,000 yuan, and the terminal price has reached as high as about 2450 yuan.Although the company accelerated its expansion at the end of the second quarter and stabilized the terminal price of Moutai to a certain extent, the mid-autumn festival peak season was switched and demand for high-end liquor was alternated. The price of Moutai Mid-Autumn Festival rose steadily. The product structure was upgraded and the operating efficiency improved, and the company’s profitability continued to increase.The company achieved net profit of 199 attributable to mother in 2019H1.51 ppm, +26 for ten years.56%; Net profit attributable to mothers was 87 in the second quarter of 2019.30 trillion, +20 for ten years.29%.The company’s gross profit / net margin was 91 in the first half of the year.87% / 53.68%, an increase of 0.92/3.01 cases; the sales expense ratio / administrative expense ratio decreased by 1.55/0.47pcts.The improvement of profitability is mainly due to the continuous improvement of the product structure. The increase in non-standard proportions such as the zodiac and boutiques promotes the company’s product structure to be further optimized, and the average price increases to increase gross profit.At the same time, the company’s operating efficiency is continuously improving.The company further continued to clean up and profitable sub-companies. The company plans to retain a brand strategy of 5 brands and 50 barcodes in 19 years. The number of products will be halved as early as 18 years. Brand slimming can provide room for company expenses.It is expected that the company’s product structure will continue to improve in the second half of the year, especially the direct sales volume will help the company’s profitability increase. In the second half of the year, it is expected that the volume of Moutai will increase, and the direct management is expected to increase. Under the deepening of channel reform, the company is likely to exceed the expected performance of 14% -16% in 19 years.The company expects to launch 3 in 19 years.1 initially, at least 10.7%, expected to be released in the first half of the year.5-1.6 samples, according to this calculation, sales growth rate will increase significantly in the second half of the year.In the meantime, the company’s 6,000 tons of distribution breakthroughs are expected to accelerate the launch of direct sales channels in the second half of the year, while another part uses non-standard products to improve the product structure.The company’s direct sales accounted for only 4 in the first half of the year.06%, a decrease of 3 units over the same period of the previous year, and the speed of advance was less than expected.However, in the past 4 months, the company has carried out a large-scale business group purchase and investment layout. It is expected that direct sales will accelerate in the second half of the year, and the proportion of direct sales in 19 years may be reset in 18 years.The 94% expansion has tripled to about 20%. The increase in direct sales has improved the ton price of products, which is expected to bring about an increase in revenue of about 10 billion yuan.The other part of the retreat is to increase non-standard delivery to improve product structure.The company plans to issue 3 in 19 years.1 Initially, about 1 was launched with the ordinary Feitian Moutai main dealer system.7 budget, 1 remaining.4 years are non-standard Moutai, such as ordinary flying Moutai and Zodiac, year, and boutique.In terms of volume and price, the incremental contribution in 2019 will be 10% -13%, and the increase in price contribution will be 3% -5%. We believe that the probability of Moutai in 19 years will exceed the expected performance of 14% -16%. The company’s cash flow is healthy and stable, and its capacity construction is steadily advancing to help release future performance.The company generated net cash flow from operating activities of 240 in the first half of the year.87 trillion, +35 ten years ago.82%, of which cash received from sales of goods increased by 25 per year.19%, an increase of 2.25pct, cash flow is healthy and stable.The company’s advance receipts continued to improve at the same time.5.7 billion yuan, up 7 from 19Q1.66%, mainly due to the second quarter’s early acceptance of the second half of the payment.In terms of capacity building, the company completed the production of base 无锡桑拿网 wine4.53 Initially, the output of Moutai base wine was 3.44 For the first time, the output of a series of wine-based wines1.09 is the earliest. We believe that production and construction at this pace is expected to reach 5 in 2020.6 Statutory production capacity, compared with 18 years (3.7 preliminary) promotion 51.3%.The expansion of production capacity also provides high value-added and foundation for the company’s future performance. Profit forecast: The company is expected to achieve revenue of 910 in 2019-2021.34/1181.80/1477.25 ppm, an increase of 17 in ten years.92% / 29.82% / 25.00%, net profit attributable to mother 440.66/596.05/767.61 ppm, an increase of 25 in ten years.18% / 35.26% / 28.78%, corresponding to 35.08/47.45/61.11 yuan.According to the calculation of EPS in 2020, the company is given a 30-fold estimate with a target price of 1424 yuan and a space of more 淡水桑拿网 than 40%. It maintains the company’s “strongly recommended” investment rating. Risk reminders: food safety risks, macroeconomic downside risks, and direct management advancement is less than expected.

Northbound funds ended with 5 days of net inflows.The two brokerage stocks flew oversized orders.

Northbound funds ended with 5 days of net inflows.The two brokerage stocks flew oversized orders.

Keep an eye on the main force | Northbound funds ended for 5 consecutive days of net inflows, these two brokerage stocks 北京夜网 actually flew oversized orders!

  Source: Daily Economic News. The main fund has a huge net value. More than one leading appliance appliance stock is most favored. The main fund in the two cities today has a huge net value replacement, with a net replacement amount of 203.

23 trillion, a huge increase from the previous trading day, has been a net alternating for two consecutive trading days.

  ▲ In the past 20 trading days, the main capital flows of the two cities to the two cities’ super-large single main fund net inflows exceeded 100 million shares. The previous trading day has greatly reduced to only 6; the main net capital amount exceeded 100 billion shares.The previous trading day increased slightly to 37.

  ▲ The top 10 stocks of the net inflow (out) of the super large single funds in the two cities today are transformed. From the current trend of the main funds, the focus of the super large single main funds is scattered and there is no obvious focus.

  ▲ Today, the top 10 stocks of the main capital inflows of the two large cities in the two cities are analyzed. Northbound funds have ended for 5 consecutive days. Net liquor inflows have been sold secretly. Liquor stocks have been secretly sold. Northbound funds today have a small net decrease, a net decrease of 16.

8.4 billion US dollars, ending the previous five consecutive trading days of net inflows.

  ▲ In the past 20 trading days, northbound capital flows. Among the top ten stocks traded in each of them, the Shanghai Stock Connect only bought 4 net purchases, and the net purchase amount did not exceed 100 million yuan. Yili shares and Shanghai Airport’s 2 shares were net sold.The amount of sales exceeded 100 million yuan; ▲ The top ten transactions of the Shanghai Stock Connect ranked by the net purchase amount of the Shenzhen Stock Connect. There were only 4 net purchases by the Shenzhen Stock Connect, and the same net purchase amount did not exceed 100 million yuan. Hikvision and ZTECommunications, Midea Group’s net sales of 3 shares exceeded 100 million yuan.

  ▲ Shenzhen Stock Connect’s top ten stocks in terms of net purchases ranked hot money high and fled 2 early hot stocks. In today’s Shanghai Stock Exchange list, Lanshi Heavy Equipment (603169) ‘s closing price fell by -10.

21%, the total sales of the top five seats sold exceeded 88 million.

  ▲ Lanshi Heavy Equipment’s data on today’s Dragon and Tiger Rankings appeared. Lanshi Heavy Equipment issued an announcement on June 14 that the company’s shares closed on June 11, 2019, June 12, and June 13 for three consecutive trading days.The cumulative value change of the price has exceeded 20%, which is a pattern of abnormal changes in stock trading.

The company’s recent stock price gap has changed the company’s fundamentals.

In 2018, the company’s net profit attributable to its parent was -1,510,737,703.

69 yuan.

After assuming non-recurring gains and losses, the net profit attributable to the parent for 2018 is -1,530,797,881.

97 yuan.

  In today’s Dragon and Tiger rankings, Sinosteel Tianyuan (002057) has a daily turnover rate of 杭州桑拿 38.

75%, the top five seats sold increased by nearly two.

5.5 billion yuan.

  ▲ Sinosteel Tianyuan’s data on the Dragon Tiger List appeared today. Sinosteel Tianyuan announced today that Hunan Special Materials and Changsha High-tech Zone, wholly-owned subsidiaries of the company, had a number of “project investment frameworks” in Changsha on June 13, 2018.”protocol”.

Hunan Special Material intends to purchase 45 acres of industrial land in Changsha High-tech Zone for research and development centers, soft magnetic materials industry and other projects, with a total investment of about 200 million yuan.

China Jushi (600176) 2019 Third Quarterly Report Review: Price Under Pressure, Sales Under Pressure

China Jushi (600176) 2019 Third Quarterly Report Review: Price Under Pressure, Sales Under Pressure

Core point of view The company’s sales of roving products in the first three quarters were about 126 inches, an annual increase of 5%.

The sales volume in the industry’s trough period maintained a counter-trend growth.

However, the average price dropped 7% -8% year-on-year, resulting in pressure on performance.

In the long run, the industry has experienced the trough period of eliminating excess capacity, and the improvement of the future competitive landscape will benefit industry leaders.

   Performance Overview.

The company’s operating income for the first three quarters of 2019 was 77.

38 ppm, an increase of ten years.

43%, net profit attributable to mother 15.

49 trillion, down 19 a year.

02%; net profit after returning to the mother is 14.

55 ppm, a decrease of 24 per year.

09%, basic EPS 0.

44 yuan.

Q3 single-quarter operating income of 26.

76 ppm, a ten-year increase2.

47%, net profit attributable to mother 4.

95 ppm, a decrease of 23 per year.


   Sales continued to grow, and lower prices caused pressure on performance.

The company’s sales of roving products in the first three quarters were approximately 126 inches, an annual increase of 5%.

The sales volume in the industry’s trough period can keep growing against the trend, indicating that the company has a clear competitive advantage as an industry leader.

Due to the continuous impact of the concentrated impact of roving production capacity in 2018, the company’s average price of roving products fell by 7% -8%, and it is expected that there will be downward pressure in the future.

The price of electronic cloth has dropped by about 50% every year, but it has now rebounded.

The gross profit margin for the first three quarters was 39.

91%, more than ten years.

18 pcs.

  The continuous decline in the price of glass fiber products in 20191-3Q put pressure on the company’s performance.

   During the period, the expense ratio rose and market competition intensified.

The company’s expense ratio during the first three quarters was 17.

17%, an increase of 3 per year.


The sales expense ratio, management expense ratio and financial expense ratio are 4 respectively.

57%, 8.

19%, 4.

41%, rising by 0 each year.

45pct, 1.

13 of them.

45%.We judge that in addition to excess supply, sluggish downstream demand is also the intensification of competition and the primary reason for rising costs during the period.

Except for better wind power yarns, downstream markets have long been weak this year.

   The long-term competitive landscape is expected to improve.

As the industry leader, the company’s gross profit margin has remained at 43% -47% for a long time.

  The price fluctuated at the bottom of the boom cycle, and the company’s Q3 single-quarter gross margin fell to 38.


In contrast, many small and medium-sized enterprises in the industry are everywhere.

The profit pressure at the bottom of the cycle is expected to inhibit the further expansion of small and medium capacity in the industry. In the long run, the competition pattern is expected to improve.

   Risk factors.

Macroeconomic growth fluctuation risks, glass fiber prices rise risks, overseas projects are less than expected risks.

   Profit forecast and investment advice.

Due to the impact of production capacity and its own competitive strategy, the average price of the company’s glass fiber products is still low, and there is further downward pressure, and short-term performance is under pressure.

From the perspective of the industry, the profit pressure at the bottom of the cycle will limit the further expansion of small and medium-sized production capacity and improve the long-term competitive layout.

Based on this, we lowered 杭州夜网 our 2019 revenue forecast to 101.

3 trillion, it is expected that the company’s net profit attributable to mothers in 2019-2020 will be 20 respectively.

5.6 billion, 23.

30,000 yuan, corresponding to EPS forecast of 0.

59 yuan, 0.

66 yuan (the original value is 0.

6 yuan, 0.

68 yuan).

Give a target price of 9.

84 yuan, maintaining the “overweight” level.

Haitong Securities (600837): Investment floating surplus drives net profit for ten years + 118%

Haitong Securities (600837): Investment floating surplus drives net profit for ten years + 118%

Core point of view Haitong Securities released 19Q1 results, the company achieved revenue of 99.

500 million, previously + 74%, achieving net profit attributable to mother 37.

700 million, previously + 118%, is expected to be comparable to the industry level.

Among them, the company expected an average ROE3 in the first quarter.

14%, an increase of 1 each year.

67 points.

The significant increase in investment floating profit is the main reason for the company’s performance.

In 1Q1, Haitong’s revenue increased by 42 every year.

500 million US dollars, of which self-operated performance (investment 杭州夜网论坛 income + fair value changes-joint ventures) increased by 35 each year.

700 million is the main force for the company’s performance growth.

In the first quarter of 2019, the market grew rapidly. The Shanghai Composite Index and the Shenzhen Component Index rose by 24% and 37%, respectively.

According to the 18th Annual Report, the fair value of equity positions in Haitong Securities’ trading financial assets was US $ 17.7 billion (including direct investment and other consolidated subsidiary positions), and changes in the fair value of stocks directly entered the income statement, which had a significant impact on performance.

Interest income fluctuated slightly, and pledge impairment losses have not yet significantly reversed.

In 19Q1, the company realized interest income of US $ 41 million, a year-on-year increase of -5%.

At the end of 18, the scale of Haitong’s on-balance sheet stocks was 56.1 billion, a decrease of 20.4 billion compared with the end of 17; at the same time, considering that the average size of the industry’s two financial industries fell by about 20%.

Therefore, the scale of the credit business stock in 19Q1 increased, which drove down interest rate income.

Brokerage, investment banking and asset management performance did not fluctuate much.

Brokerage income 9.

600 million, ten years +6.

7%, market share base turnover in the same period exceeded + 19%, brokerage commission rate is expected to improve.

Investment bank income 5.

8 trillion, +1 a year.

5%, 19Q1 industry equity financing reached -34%, corporate bond and corporate bond issuance scale expanded by + 108%; Haitong has currently reported to 3 science and technology board companies, including the star project Microelectronics.

Asset management income 4.

100 million US dollars, -9% in ten years, the company will increase the direction of capital management (channel-based) from 270.7 billion euros to 217.1 billion US dollars in 18 years. It is expected that the continuous downgrade of the channel will have an impact on asset management performance.

Progress of fixed increase: The company revised the fixed increase plan, and the raised funds did not exceed 20 billion, and Shanghai Guosheng Group, Shanghai Haiyan, Guangming Group, and Shanghai Electric subscribed for 10, 30, 10, and 1 billion yuan, respectively.

Considering that most of the fixed increase quotas have been locked in Shanghai state-owned assets, and the company is estimated to be above 1 PBPB, it is expected that this certain increase will be able to be issued smoothly, which will help Haitong further consolidate capital, enhance core competitiveness, promote company diversification, and develop steadily.

Financial forecast and investment recommendations We expect the company’s BVPS to be 10 in 2019-21.



05, according to a comparable company assessment, we give the company January 2019.

6xPB, corresponding to expected 17.

21 yuan, maintaining the overweight level.

Risk reminders: 杭州桑拿网 Systematic risks suppress the company’s estimates; the advancement of science and technology board is less than expected.

Pluton (002769): The worst time for state-owned assets to enter may have passed

Pluton (002769): The worst time for state-owned assets to enter may have passed

The worst time may have passed. Maintaining the “Overweight” rating in 2018, Proton completed revenue57.

7.2 billion (+7.

3%), net profit attributable to mother 1.

2.0 billion (+49.

6%), lower than our expectations of 1.

3.3 billion.

In the first quarter of 2019, Proton completed revenue of 15.

6.8 billion yuan (+43.

8%), net profit attributable to mother 0.

3 billion (-26.

5%), better than our expectations of 0.

2.5 billion.

The supply chain industry is still facing short-term difficulties. We predict that the company’s EPS in 19/20/21 will be 0.



84 yuan, corresponding to the current expectation of 18.



8X PE.

We give Proton 19-19X PE for 19 years and adjust the target price range to 11.


32 yuan, maintaining the “overweight” level.

The business is under pressure. At its worst, 2018 may have passed and Proton completed revenue57.

7.2 billion (+7.

3%), net profit attributable to mother 1.

2.0 billion (+49.

6%), lower than our expectations of 1.

3.3 billion, deducting non-deductions to the net profit of the mother 0.

9.8 billion (-52.


In the first quarter of 2019, Proton completed revenue of 15.

6.8 billion (+43.

8%), net profit attributable to mother 0.

3 billion (-26.

5%), better than our expectations of 0.

2.5 billion.

From the first quarter results, the company’s operations are still under pressure, but to avoid macroeconomic stabilization and 青岛夜网 the easing of Sino-US trade frictions, we think that the worst time may have passed.

State-owned assets increase, financing and customer expansion have improved. On October 22, 2018, the company’s controlling shareholder / actual controller Chen Shuzhi intends to transfer 10 of its holdings to Guangdong Green Financial Holdings, a state-owned asset in Guangzhou.66% shares, and intend to entrust it to exercise the remaining shares (19.

18%) corresponding to rights other than property rights.

Continuous development, ICT supply chain companies generally need to advance funds, the prospect of state-owned assets plus holdings greatly reduces the company’s financing costs; reorganization, the company is expected to rely on the rich resources of the state-owned platform to develop new markets and new customers, and enhance the 无锡桑拿网 ability to serve potential customers.

A difficult year for the supply chain industry. After the storm, we will see a rainbow in 2018. The domestic macro economy continues to decline, adding global trade friction and the growing demand for the three major pieces (PC / smartphone / tablet). ICT supply chain companies are generally facingThe challenge was earlier and more difficult.

In the listed company system, Nianfu (Ningbo Dongli Subsidiary) was applied for bankruptcy and liquidation, Runtai (Jiuyou Co., Ltd.) lost contact, and Pluton and Aiyatong successively dated state-owned shareholders.

We expect that small and medium-sized supply chain companies will face greater difficulties. After the industry reshuffles, some more powerful companies are expected to stand out.

Maintain the “overweight” level and adjust the target price range to 11.


The 32-yuan supply chain industry is facing difficulties. We have lowered the company’s EPS forecast for 19/20 to zero.


73 yuan (previous value was 0.


80 yuan), and the first dating 21-year profit forecast is 0.

84 yuan, corresponding to the current expectation of 18.



8X PE.
Comparable logistics companies have won unanimous expectations for 19 years.

2X; Considering the vast market space of the supply chain industry and the entry of state-owned assets to boost market confidence, we give Pulutong 19-21X PE (premium 11% -22%) and adjust the target price range to 11.


32 yuan (previous value was 7.


75 yuan), maintaining the “overweight” level.

Risk Warning: Trade conflicts affect the import of electronic information manufacturing components; exchange losses caused by foreign exchange; and supervision of financial leases is strengthened.

CBN (600723) 2019 Interim Report Comments: Performance is slightly lower than expected

CBN (600723) 2019 Interim Report Comments: Performance is slightly lower than expected
1H2019 operating income decreases by 1 every year.03%, net profit attributable to mother decreases by 3.42% 1H2019 achieved operating income of 50.60 ppm, a reduction of 1 per year.03%; net profit attributable to mother 2.30,000 yuan,佛山桑拿网 which translates into a fully diluted EPS of 0.31 yuan, a decrease of 3 per year.42%; net profit deducted from non-attributed mothers1.76 ‰, a decrease of 3 per year.16%, performance was slightly lower than expected. In terms of single quarter breakdown, operating income in the second quarter of 201923.87 trillion, a reduction of 0 a year.73%; net profit attributable to mothers1.10,000 yuan, a decrease of 15 a year.58%; net profit deducted from non-return to mother 0.8.7 billion, a decrease of 14 per year.twenty two%. Comprehensive gross profit margin rose by 0.20 averages, the rate of expenses rose by 0 during the period.The average gross profit margin of 45 companies in 1H2019 was 23.79%, an increase of 0 over the same period last year.20 units. 1H2019 company period expenses16.69%, a year-on-year increase of 0.45 single ones, of which sales / management / financial expense ratios are 8 respectively.71% / 7.70% / 0.28%, a change of 0 over the same period last year.48 / -0.13/0.10 units. For shopping malls, Olay’s business performance is relatively good, the company has a high margin of safety and reports that the company’s traditional department store business has performed dull, and its revenue has also fallen by 5.82%, a decrease of 7% from the same period in the first quarter of 2019.95% has narrowed, but performance is expected to take time.The shopping mall / outlet business performed relatively well, with revenue growing every year.25% / 0.10%, gross profit margin 55.72% / 17.51%, rising by 1 every year.74/0.25 units, the main contributor to the company’s reported performance.At the end of the reporting period, the company’s monetary funds were 25.6.2 billion, the company’s own property construction area of 230,000 square meters, providing a higher margin of safety. Lowered profit forecast. Maintaining a “Buy” rating. The traditional department store business of the company still has a certain influence in Beijing. However, the recent department store business has been affected by the adjustment of 淡水桑拿网the department store business. We have reduced our forecast for the company ‘s fully diluted EPS for 19-21 to 0.54/0.56/0.61 yuan (previously was 0.58/0.62/0.66 yuan), the company’s price-earnings ratio, price-to-book ratio are at a predetermined level, or benefit from the state-owned enterprise reform expectations, maintain a “buy” rating. Risk reminder: The transformation of traditional department stores has fallen short of expectations, and the development of shopping malls has fallen short of expectations.

Hang Seng Electronics (600570): Steady growth and strong financial innovation

Hang Seng Electronics (600570): Steady growth and strong financial innovation

Investment Highlights Event: Net profit attributable to mothers is expected in the first half of 20196.


800 million, an annual increase of 124% -127%.

Realize deduction of non-net profit 2.


600,000 yuan, an increase of 14% -16% in ten years.

The net profit attributable to mothers increased rapidly, and the non-net profit deducted increased steadily.

In the first half of the year, the company’s net profit attributable to its mother increased rapidly. The core reason was the change in accounting standards and the increase in the fair value of financial assets held by the company.

Judging from the single quarter of the second quarter, the company’s Q2 single-quarter non-profit growth rate was 15% -18%, indicating that the first quarter results showed an accelerated increase.

The landing of the science and technology board is expected to have a positive impact on the company’s performance.

As a leading financial IT company, the company benefits from the supplementary demand brought by financial innovation.

With the official opening of the science and technology board, the company has transformed more than 20 systems to serve customers in securities, funds, insurance, banking and other industries.

The landing of the science and technology board will have a positive impact on the company’s performance.

Financial innovation policies set good expectations for the company’s performance growth.

Since 2018, financial innovation measures have been continuously introduced, new regulations on asset management, the establishment of a science and technology board, the opening of securities brokerage interfaces, and the appointment of MOM products are expected to be implemented one after another, which can contribute to the company’s stable growth in performance.

The company’s industry level is stable, endogenous competition continues to increase, and long-term development is expected.

Earnings forecast and investment advice: We expect the company’s net profit attributable to its mothers to be 9 in 2019-2021.

5.2 billion, 11.

8.3 billion and 15.

One million yuan, maintaining 杭州龙凤桑拿网 the level of “prudent increase”.

Risk reminders: policy environmental risks; operational risks; financial risks.

Op Lighting (603515) 2019 Third Quarterly Report Review: Short-term operating pressure expected to improve month-on-month

Op Lighting (603515) 2019 Third Quarterly Report Review: Short-term operating pressure expected to improve month-on-month

Core view Q3 Affected by destocking and personnel adjustment, the company’s overall operating performance was slightly pressured, and its single-quarter revenue decreased by -3.

3%, net profit is below -7.

0%, deduct non-profit for ten years +7.


In terms of different channels, the pressure is mainly concentrated on offline home retail and distribution channels, while the e-commerce channel, which was the first to promote in the first half of last year, continues to improve, and its share has risen to 15% 南京桑拿论坛 +, and continues to reach a new high.年 年大概率边际改善。
   Operating pressure in Q3 is still too high, and Q4 is expected to pick up month-on-month.

The company’s revenue in the first three quarters of 2019 was 57.

700 million, previously +3.

3%, net profit attributable to mother 6.

0 billion, +5 in ten years.

6%, deducting non-net profit 4.

100 million, previously +4.


Among them, Q3 single-quarter income of 19.

900 million, at least -3.

3%, net profit attributable to mother 2.

0 billion, at least -7.

0%, deducting non-net profit 1.

600 million, previously +7.


On the whole, the company’s third-quarter performance was slightly lower than market expectations, mainly due to the influence of the retail market and the growth rate of the circulation channel. In July, the company experienced major personnel adjustments and some adjustments to its business strategy. The overall retail channel in the third quarterIt is still in a continuous state of destocking, and at the same time, some distributors in the circulation channel are on the sidelines.

At present, the impact of personnel adjustment has gradually achieved a smooth transition, and Q4 is expected to show a bottoming out trend.

   Commercial license resumed high growth, and online concentration continued to increase.

From the perspective of different channels, due to the impact of post-land cycle factors and overlapping personnel adjustments, the company’s operating strategy has changed, and Q3 destocking has brought about an increase in the growth rate. However, Q4 is expected to be affected by the completion of the recovery and the weakening of personnel impacts., The overall will show a marginal recovery; distribution channels, due to the adjustment of professional market outlets to the township market sinking strategy adjustment, dealers remain on the sidelines; business license channel, Q2 affected by the delayed delivery of land, the growth rate declined, Q3 has been repaired, restoredHigh growth rate, Q4 is expected to continue; e-commerce channels, online price wars continue but have not deteriorated, according to information from the information, the company’s Tmall market share from 10% last year to 14% in the middle of the yearUp to now, it has been increased to 15% +, and the improvement of online concentration has progressed significantly.

   Gross margin bottomed out, and profitability of some channels increased.

In terms of gross profit margin, the company’s single-quarter gross profit margin was approximately 37% in 19Q3, which increased by approximately 1 pcts per quarter / month, while the gross profit margin of e-commerce, commercial license and other channels decreased to varying degrees.

In terms of expense ratios, the sales expense ratio is still continuously adjusted to meet the overall expectations; the R & D expense ratio has returned to around 4%, and continuous investment in research and development of intelligent lighting is expected to continue to maintain stability.

In terms of non-economic gains and losses, the expected government subsidies have basically ended, and the absolute amount is slightly lower than one hundred millionth of last year, with the impact of a one-time investment income of 67 million yuan (increased holding of Zhejiang Shanpu) last year.The probability of profit is expected to show a slight negative growth, but the non-profit growth rate is still considerable.

   This year’s performance is under pressure, and marginal improvement is expected next year.

Creating a cost-effective generic “standard product” is still the company’s long-term key business strategy. The company will continue to give full play to the advantages of scale through production technologies such as modularization and flexibility, and continue to focus on developing a few explosion-proof decorative lamp “standard products”. + Traditional standard products (such as ceiling lamps, light sources, etc.), grab the market share of many small and medium brands with specifications + high cost performance, and currently perform better, especially the Tmall market share has exceeded 15%.

  At present, the company’s offline market share is still low. The performance of 2019 is obviously under pressure due to various factors. It is expected that all influencing factors will be basically eliminated in 2020. It is likely that there will be marginal improvement and the growth rate will rebound.

   Risk factors: The continued downturn in the real estate boom; a fierce price war in the industry; and changes in the market competition landscape.

   Investment suggestion: Considering that the company’s third-quarter revenue growth rate was slightly higher than expected, the company’s EPS forecast for 2019/2020/2021 was slightly reduced to 1.



50 yuan (previously expected to be 1.


51/1.73 yuan, 2018 EPS is 1.

19 yuan), corresponding to 25/22/19 times PE.

The company is a leader in the field of lighting. In the short term, land 厦门夜网 sales are under pressure from home sales, but its products, technologies, and channel barriers are leading. Long-term market share has a lot of room for improvement. Maintain a “Buy” rating.