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Q2 fund’s total share shrinks by 650 billion shares

Q2 fund’s total share shrinks by 650 billion shares

Original title: 650 billion shares shrunk in the second quarter. Fingers bucked the trend. Source: Shanghai Securities News reporter Wang Jiongye ○ Editor Wu Xiaojing’s second-quarter disclosure of public offering funds ended, and fund purchase data reflecting market investment preferences were also revealed.

According to the data of Tianxiang Investment Consulting, under the background of the stock market shock in the second quarter, the total share of the fund plummeted by 650 billion shares. Except for the index funds and QDII’s net purchase of funds, the other types of funds have encountered varying degrees of net redemption.

  In essence, through the gradual decline in the yield of money funds, the scale of this type of product has once again declined significantly, compared with the high point at the end of the third quarter of 2018, which has shrunk by nearly one trillion copies.

  Zhiji obtained over 50 billion net purchase statistics, showing that various types of funds have encountered net redemption of funds, and the withdrawal of funds is obvious.

  Specifically, currency funds have become the “hardest hit area” for net redemptions, with a net redemption of 5095.

With 2.1 billion copies, the net redemption of bond funds reached 1620.

7.1 billion copies.

Hybrid funds net redemption 236.

7.3 billion shares, actively investing in stock funds 63 net redemptions.

3.9 billion copies, FOF net redemption4.

7.6 billion shares, net redemption of commodity funds.

66 billion copies.

  Index funds and QDII have been favored by funds.

Statistics show that in the second quarter of 2019, the index fund received 503.

With 2.5 billion net purchases, the net purchase ratio is as high as 9.

71%, becoming the most favored object of funds.

At the same time, QDII gained 9.

4.5 billion net subscriptions, with a net subscription ratio of 1.

35%.

  The strong absorption of ETFs in index funds in the second quarter became a beautiful landscape in a weak market.

Index funds were again favored during the downturn in the market. This scene seems to have met in 2018.

In the opinion of fund analysts, the decrease indicates that the market’s 厦门夜网 risk aversion is heating up with the increase of various uncertain factors. A large amount of funds hope to avoid the risk of lightning strikes of individual stocks by investing in highly decentralized index funds.

At the same time, it also reflects that through the continuous maturity of the A-share market, passive funds, as instrumental products, have become more and more popular with investors due to their clear style and other advantages.

  The size of the cargo base is obviously “thinning”. Another noteworthy phenomenon is that currency funds have once again encountered a large number of redemptions, and the scale has shrunk by nearly one trillion compared with the high point at the end of the third quarter of 2018.

  Statistics show that in the second quarter of 2019, the net redemption of monetary funds was 509.5 billion 北京夜网 copies, and the degree of such withdrawals was rare.

After net redemption, its size has replaced 7.
.

18 trillion copies.

In the third quarter of 2018, after receiving a large amount of capital inflow, the size of the cargo base had reached a new high at the end of the third quarter, reaching 8.

17 trillion copies.

It can be seen that the latest size of the Monetary Fund has shrunk by 999.5 billion compared to a higher point.

  The original sources said that the withdrawal of money from the IMF was related to the constant rate of return.

Wind statistics show that as of July 18, the average 7-day annualized income of 735 money market funds within the statistical range increased by 2.

387%, which is far from the early 4% yield rate. It can no longer meet the organization’s asset allocation needs.

Chifeng Gold (600988): Gold sector continues to expand into lead-zinc mines

Chifeng Gold (600988): Gold sector continues to expand into lead-zinc mines
The first three quarters of 2019 were merged into the Laos Sepon copper-gold mine, and the performance improved significantly.The company achieved operating income in the first three quarters of 201943.420,000 yuan, an increase of 183 in ten years.50%; net profit attributable to mother 1.3.6 billion, an increase of 60 in ten years.26%; deduct non-net profit1.36 ppm, an 87-year increase.49%; realized profit of 0.1 yuan, an annual increase of 66.67%.The first three quarters of performance growth mainly came from Laos’s Sepon copper-gold mine copper revenue consolidation.Single-quarter revenue in Q3 2019 is 16.910,000 yuan, an increase of 217 in ten years.32%; net profit attributable to mothers is 24.84 million yuan, an annual increase of 10.65%, down 51.65%, mainly due to a 2% drop in copper prices.13%, meanwhile, the company’s exchange loss profit and loss decreased by 65.05 million yuan. Sitting on high-grade gold mines, merged into overseas copper and gold mines to expand gold business.As of the end of 2018, the company has about 55 gold resource reserves.75 tons, with rare high-grade rich ore deposits in China. The average grade of a single mine is up to 15 g / ton. Under normal production conditions, the unit cost is less than 120 yuan / g.However, due to resource constraints and the impact of domestic security and environmental protection policies, mineral gold in 20181.52 tons, a decline of about 26% a year.Therefore, the company has been tapping existing mines in the past two years.Continue to increase the development of wells and lanes, strengthen exploration and increase reserves, and prepare for increased production of gold. In the past two years, gold mines have successively submitted and filed about 6 tons of gold reserves, and significant results have been achieved in prospecting. After the technical reformation of the mine is completed in the future,Gold 杭州桑拿 production is expected to be effectively increased.The second is the acquisition of overseas mines.The acquisition of a large copper-gold mine in Laos has effectively guaranteed the company’s resource shortage.According to the announcement, Sepon has a gold reserve of 32.8 tons, copper reserves 24.4 nominal.Sepon copper-gold mine currently produces 7 per year.5Cobalt ore is one of the largest mines in Laos. It is estimated that the mining of copper into the mine will be completed by 2020. The designed ore mining and processing capacity is 150 tons / year, and the annual output is about 5 tons.The company’s gold output is expected to increase in the future, and performance growth can be expected. The acquisition of domestic lead-zinc mines has rich reserves of lead-zinc-copper resources and ample room for additional reserves.According 杭州桑拿 to the announcement, the company took 5.Issued 100 million US dollars of shares to acquire 100% equity of Hanfeng Mining, and obtained 2 mining rights and 2 exploration rights from Dongfeng and Tateyama. The current production scale is 9.9 The lowest exchange rate / year, the performance promises that the non-deducted profit for 2019-2021 will not be less than 4,211, 5,088, and 60.4 million yuan, corresponding to about 12x PE in 2019.First, there are abundant mine reserves and guaranteed performance.According to the announcement, as of the end of 2018, the reserves of zinc, lead and copper resources held by Hanfeng Mining Dongfeng Mining Rights have reached 3 respectively.390 thousand metal tons, 0.200,000 metal tons, 0.410,000 metal tons; average grades are 3 respectively.38%, 0.24%, 0.38%; the reserves of zinc, lead and copper resources in Tateyama mining rights reached 11 respectively.310,000 metal tons, 6.680,000 metal tons, 1.170,000 metal tons, the average grade is 2 respectively.6%, 1.44%, 0.26%.Second, there is a large space for increasing reserves, and profitability is expected to further increase.According to the announcement, the two prospecting rights have already undergone deep exploration. According to the “Deep Exploration Plan for Lead-Zinc Polymetallic Ore in Tianbaoshan Mining Area, Longjing City, Jilin Province”, after all the exploration work is completed, it is expected to explore additional zinc resource reserves of 520,000 metal tons.Add molybdenum resource reserves 6.520,000 metal tons.As of the end of 2018, the census areas of large-scale prospecting rights are expected to have reserves of zinc, cadmium, gold, silver, and molybdenum reaching 14.500,000 metal tons, 0.120,000 metal tons, 0.38 metal tons, 42.10 metal tons, 1.940,000 metal tons.In the future, the company’s potential sustainable development capabilities are expected to significantly improve the company’s core competitiveness. Investment suggestion: Maintain the Overweight-A investment rating with a 6-month target price of 5.33 yuan.Assume 2019?The average price of gold in 2021 will be 315, 370, and 400 yuan / g, and we expect the company’s net profit attributable to the mother to be 2 in 2019-2021.5, 4.7, 7.80,000 yuan, the corresponding EPS is 0.18, 0.33, 0.55 yuan.Give 6-month target price of 5.33 yuan, corresponding to 30x PE in 2019. Risk warnings: 1) The price of gold and copper rises and declines; 2) The company’s self-produced gold growth is lower than expected; 3) The capacity climb is lower than expected.

Xiaoxiong Electric (002959) 2019 Performance Express Commentary: Multi-category Strategy Implementation Achieved Effective Growth Performance

Xiaoxiong Electric (002959) 2019 Performance Express Commentary: Multi-category Strategy Implementation Achieved Effective Growth Performance

Matters: The company releases the 2019 annual performance report, and the company’s total operating income in 201926.

92 ppm, an increase of 31 in ten years.

92%, net profit attributable to mother 2.

600,000 yuan, an increase of 40 in ten years.

08%.

In a single quarter, Q4 company achieved total operating income9.

72 ppm, an increase of 34 in ten years.

38%, net profit attributable to mother 0.

920,000 yuan, an increase of 39 in ten years.

30%, the performance exceeded market expectations.

  Comment: The implementation of multi-category strategy has been effective, and revenue has maintained rapid growth.

In 2019, the company achieved a total operating income of 26.

USD 9.2 billion, an annual increase of 31.

92%; 19Q4 achieved operating income 9.

72 ppm, an increase of 34 in ten years.

38%, the company’s revenue continued the rapid growth in the previous period.

Compared with the traditional kitchen small electric appliances, the market for creative new small appliances has expanded and the product expansion rate has decreased, leaving more room for growth.

The company has been deeply cultivating new and innovative small appliances for many years, and has led the market segmentation in various market segments such as electric lunch boxes.

Since 2019, 1) Product side: implement a multi-category development strategy, gradually develop from non-necessary to just-needed, and actively research and develop new products on the market. In addition to continuously promoting new products such as health pots and humidifiers, the company’s new layoutVacuum cleaners, coffee machines, shoulder and neck massagers, and many other categories; 2) Channel: The company continues to develop and improve sales channels, integrate new models such as live broadcast to divert online, strengthen offline presence of stores and counters, and reach more consumers;3) Supply chain side: Continue to expand the development of production capacity space, plus intelligent manufacturing, and jointly help the company’s sustainable development.

  The performance exceeded expectations and profitability steadily improved.

The company will maximize profits in 20193.

26 ppm, an increase of 36 in ten years.

71%, net profit attributable to mother 2.

600,000 yuan, an increase of 40 in ten years.

08%; 19Q4 company’s total profit 1.

100,000 yuan, an increase of 48 in ten years.

61%, net profit attributable to mother 0.

920,000 yuan, an increase of 39 in ten years.

30%, the performance exceeded market expectations.

The company’s profitability has steadily increased, and its net profit attributable to its mother in 19 years was 9.
.

65% (decade +0.

56pct), Q4 returns to the mother net interest rate 9.
.

49% (decade +0.

34pct), or benefited primarily from the initial recognition of multi-category strategy implementation, the company’s product structure continued to upgrade and overall internal efficiency improved.

  The epidemic spurred the sale of healthy small electricity, and the fund-raising projects helped the long-term development.

In the short term, the Xinguan epidemic is subject to certain restrictions on people’s travel. Paying more attention to cooking at 天津夜网 home and paying more attention to healthy life will help to stimulate the demand for kitchen cooking appliances and various health appliances.
The company is the main target of online channels (90% of online online in 2018.

41%) of creative small household appliances, rich product categories, one-person products such as electric lunch boxes, sandwich machines, etc. that meet current needs, potentially benefiting in priority.
In the long run, the company’s funds are mainly used for the production of creative small household appliances, research and development, and informatization. The completion of the project will help the company to expand its production capacity, strengthen the company’s technology reserves and research and development capabilities, enhance the company’s overall efficiency, and help the company’s long-term development.

  Investment suggestion: The future of creative new small appliances is bright, and the company has been leading the market in many market segments for many years.

The short-term epidemic promotes the release of demand for cooking products, health products, and one-person products. The company as a major emerging small household appliance leader in online sales has priority to benefit; the long-term company implements a multi-category strategy to broaden the growth boundary and increase the offline distribution channel.The construction of the fundraising project is completed, and its future development is worth looking forward to.

In view of the gradual effectiveness of the long-term layout, we raise the company’s EPS to 2 in 19/20/21.

17/2.

74/3.

48 yuan (original value: 2.

07/2.

65/3.

38 yuan), corresponding PE is 32/25/20 times.

Taking into account the rapid growth of the new small home appliance Internet dividend and the premium of the new shares, referring to the 20-year PEG of comparable small home appliances, we raised our target price to 82 yuan (original target price: 79 yuan), corresponding to 30 times PE in 2020, and raised to “strong”Push” level.

  Risk warning: industry competition intensifies; new product development is less than expected.

Zhaoyan New Drugs (603127) 2019 Third Quarterly Report Review: Q3 Net Profit Growth Sudden Change Has Been High and Still Expected

Zhaoyan New Drugs (603127) 2019 Third Quarterly Report Review: Q3 Net Profit Growth Sudden Change Has Been High and Still Expected

The company’s third quarter performance in 2019 was lower than expected, and the growth rate of the profit side was significantly lower than that of the income side.

Inventories have grown significantly. If the backlog is confirmed in Q4, it is expected to provide support for expected results.

In addition, the company’s acquisition of Biomere has accelerated its internationalization, and overseas revenue is expected to become a new profit growth point.

The company’s Q3 profit growth is expected to exceed market expectations.

In Q1-Q3, the company’s revenue in 2019, attributable to mothers and deducting non-net profit were 3 respectively.

4.8 billion, 7468.

310,000, 6036.

110,000 yuan, +42 a year.

95%, +33.

66%, +38.

95%.

In the third quarter alone, operating income, net profit attributable to mothers and net profit attributable to non-mothers or +35.

86%, +4.

5%, +10

83%.

In the reporting quarter, the company’s revenue continued to grow at a high speed, but its profit growth rate improved, and the net profit margin in Q3 fell by a single quarter.

5%, we think the expectation is: ① high net profit in Q3 2018; ② labor costs and business volume increase in 19Q3 lead to cost and expense increase; ③ change in order structure: non-GLP projects (business with low gross profit margin) were recognized earlier in 19Q3many.

Inventories have grown significantly, and fourth-quarter results are worth looking forward to.

The number of inventories in this period increased by 1 from the beginning of the period.

04 ppm to 2.

190,000 yuan (change +90.

75%), the number of tied questions increased.

We judge that the company’s main task at this stage is to digest orders. The backlog of orders in Q3 is expected to be confirmed in Q4, and it is still possible to achieve sustained high growth.

Internationalization is accelerating, and the acquisition of Biomere actively expands overseas markets.

The company announced in May this year that it intends to acquire 100% equity of 苏州桑拿网 BIOMERE with its own funds of approximately 27.28 million US dollars, and has now completed registration.

We believe that this acquisition is an important step for the company to go international. The significance is: ① change BIOMERE’s mature management model and high-quality customer resources to expand the company’s layout in the United States market; ② give full play to synergies and integrate with BIOMERE’s business teamExpand brand influence.

We expect that the gradual diversification of M & A will continue in the future, the company’s internationalization process will gradually accelerate, and overseas regions are expected to become new points of profit growth.

The expense ratio during the period was stable, and operating cash flow was significantly reduced.

In the single quarter of 2019Q3, the company’s financial, sales, and management expense ratios were -0.

82%, 2.

07%, 16.

34%, ten years +0.

48, +0.

76, -0.

63%.

Benefiting from the construction of GLP laboratories, the gradual completion of animal room facility integration and drug evaluation technology platforms, business synergies have led to a continuous decline in management expense rates, while the remaining expense rates remain stable.

In terms of cash flow, the net cash flow from operating activities in Q1-Q3 2019 was 97.26 million, -20 per year.

11%, the increase in the first three quarters of the payment of staff salaries and purchases of goods and receiving labor services (+71 per year).
28%, +61.
74%).

Risk factors: The progress of fund-raising projects is less than expected, the profit of new investment projects is not up to expectations, and industry policy risks.

Investment suggestion: Taking into account the growth of profit growth in the third quarter and the increase in inventory, we cut the company’s net profit forecast for the mother to 2019-2021 to 1.

4.7 billion / 2.

03 billion / 2.

72 trillion (previous forecast 1).

5.2 billion / 2.

07 billion / 2.

810,000 yuan), corresponding to the latest EPS EPS forecast of 0.

91/1.

26/1.

68 yuan (was 0.

94/1.

28/1.

74 yuan), corresponding PE is 68X, 49X, 37X, maintaining the “overweight” level.

Warren Buffett’s letter to shareholders in 2020

Warren Buffett’s letter to shareholders in 2020

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

  In 2020, Buffett’s letter to shareholders came to the chief of the organization. On average, he was optimistic about the main line of technology investment. Source: Voice of the Securities Daily.The company has also announced its 2019 financial 北京夜网 results.

Because global capital is interlinked, as the most prestigious value investment master, Buffett and his Berkshire Hathaway company’s investment trends have attracted the attention of global investors. Its key investment areas may be A shares.Investors bring some inspiration.

  ”Securities Daily” reporter based on the investor’s concerns about investment returns, stock selection criteria, heavy stocks and other hot keywords to conduct a brief review.

  Keyword 1: “Investment return” performance data, as a key indicator of investment return, has attracted much attention from the market.

From the Berkshire Hathaway Company’s 2019 annual report released this time, the net profit attributable to Berkshire Hathaway shareholders in 2019 reached 814.

$ 1.7 billion, with an estimated net profit of 40 in the same period last year.

$ 2.1 billion.

  Among them, the fourth quarter net profit was 291.

USD 5.9 billion, a net replacement of 253 over the same period last year.

USD 9.2 billion realized a loss; Class A shares gained.

79.09 million US dollars, better than the same period last year is enough to become a.

US $ 54.67 million; Class B shares expected earnings11.

$ 94, better than the net purity of 10 in the same period last year.

31 dollars.

Berkshire Hathaway’s cash reserves for the fourth quarter were $ 127.9 billion, slightly lower than the record high of $ 128 billion for the third quarter.

  Second: “Stock Selection Criteria” Buffett stated in the shareholder letter that he is constantly seeking to acquire new enterprises that meet the three criteria.

First, net tangible capital must yield good returns.

First, it must be managed by competent and honest managers.

Finally, it must be bought at a reasonable price.

  Buffett said at this time last year that he was looking for an “elephant” acquisition, but the high price prevented him from making a large deal.

  Keyword three: “Heavy Storage” The top ten stocks of Berkshire Hathaway are Apple, Bank of America, Coca-Cola, American Express, Wells Fargo, United Bank of America, JP Morgan Chase, Moody’s, Delta Air LinesAnd Bank of New York Mellon.

  Not sharp out, technology and banking stocks are still the “share god” favorite.

Among them, Apple is still the largest heavy stock of Berkshire Hathaway.

The company holds a total of 2.

5.1 billion Apple shares outstanding, accounting for 5.
.

7%, the holding cost is 352.

$ 8.7 billion.

As of the end of 2019, the market value of Apple stock held by Berkshire Hathaway has reached 736.

$ 6.7 billion, with a profit of 383.

$ 800 million.

  Combined with the performance of the A-share market, the technology sector represented by electronics has experienced an alarming increase in 2019, and the electronics sector has gradually increased by 111.

01%, ranking first in 28 categories of Shenwan first-level industry.

And the market performance of the banking sector in 2019 is also remarkable, gradually achieving 20.

49% increase.

  In fact, the technology sector, as an important force in the A-share market, has been considered by various institutions as the main line for transforming direct investment.

  Yang Delong, chief economist of Qianhai Open Source Fund, said in an interview with “Securities Daily” that “emerging blue chip stocks represented by science and technology, also called the new economy, will gradually grow into another important pillar of the equity market.
Investors are advised to focus on core technology areas that are encouraged by countries such as chips, software, artificial intelligence, and new energy.
“Xiamen Zhang, chief strategy analyst of China Merchants Securities (Jin Qilin analyst), said in an interview with the Securities Daily reporter.The occurrence of the epidemic event may have a certain impact on local production efficiency. The supply of products is in the initial state, which will transform the sectors such as semiconductor batteries and components to maintain a strong layout.

“” The science and technology field is still one of the main investment directions this year. According to the analysis of the development of the technology cycle, it is generally from hardware to software and from equipment to applications.

As the prosperity of the entire industry is still in an upward trend, some application-oriented areas such as the Internet of Things and digital currencies should be more worthy of attention.

Zhang Xia said to reporters.

ZTE (000063): Reborn in TMT Core Assets

ZTE (000063): Reborn in TMT Core Assets

After the rebirth of external sanctions, the company’s fundamentals recovered rapidly, and internal management and compliance levels improved. In the new 5G cycle, we continue to maintain its core recommendation logic: 1. The short-to-medium-term fundamentals continue to improve, as the leading global leaderEquipment vendors will fully enjoy the dividends of global 5G construction in the next 3-5 years; 2. The company will continue to focus on strategy, continue to optimize internal governance and compliance, and break through the cyclical nature of ICT layout to strengthen long-term growth characteristics.

Communication network equipment is the core infrastructure of TMT midstream.

Carding the TMT industry chain, electronics are located upstream, computers and the media Internet are located downstream, and the communications industry is roughly located in the middle reaches.

Network equipment is the most core infrastructure in the communications field. Major equipment vendors such as Huawei ZTE are located at the most core switches in the infrastructure, and will enjoy the benefits of technological transformation and industry transformation to the greatest extent.

The concentration of the communication equipment industry is constantly increasing, and a four-legged pattern has been established. ZTE is an important force.

In the past 30 years, it has transformed into communication technology. The global equipment market structure has continuously evolved and competition among internal main equipment manufacturers has continued to increase.

In the 1G / 2G era, the global communications equipment market is dominated by traditional European and American manufacturers. In the 3G / 4G era, ZTE, Huawei and other internal manufacturers have cornered to overtake. After 2017, ZTE and Huawei’s global market share totaled more than 30%.
In the short to medium term, “internal repair + external training” will help global expansion restart.

Since 2019, the operator’s network business (wireless + wired) has resumed rapidly and the market share is stable.

“Internal repair”: 5G product research and development and industry chain capabilities lead.

We expect that the domestic operator’s market share will remain stable (second only to Huawei). The 4G network expansion in 2019 will bring performance guarantees. The peak period of domestic 5G construction in 2020-2023 will continue to drive performance growth.

“External training”: The improvement of compliance level promotes the elimination of overseas customers’ concerns about supply chain risks. The advantages of cost, technology and response speed will continue to be reflected, and the expectations for overseas market expansion may be more optimistic.

In the long run, compliance risks will be basically cleared after external sanctions are implemented, internal control levels and operating efficiency will be improved, focusing on the carrier’s main channel, expanding the ICT convergence market, and strengthening long-term growth characteristics while enjoying the dividends of the 5G cycle boom.

5G applications are multi-scenario, and the demand and construction cycle is longer than 3G / 4G. The short-to-medium-term cycle attributes are divided. The new industry dividend and business model have enhanced the growth attributes. ICT integration is the only way for information technology to penetrate into various industries. AI, Cloud computing / big data, the Internet of Things, etc. will help traditional equipment vendors break through the cycle; ZTE actively cooperates with operators and vertical industries to expand from equipment vendors to communication technology application solution providers, and continuously enhance its growth attributes.

Maintain profit forecast and maintain BUY rating.

Taking into account the progress of 5G progress, the industry 杭州夜网论坛 fundamentals trend will definitely change in the next two years. It is estimated that the company’s net profit attributable to mothers will be 50 from 2019 to 2021.

31, 61.

80, 81.

1.3 billion, corresponding to PE 33X, 29X, 22X.

Compared with the domestic and foreign equipment manufacturers during the peak period of 3G / 4G construction, the company was given 36X PE in 2020, and the current estimated advantage is obvious.

Maintain BUY rating.
Risk warning: 5G investment scale is not up to expectations; external environmental sanctions or restrictions.

Shandong Medicine Glass (600529) Investment Value Analysis Report: Long and Short 100 Years Medicine Glass

Shandong Medicine Glass (600529) Investment Value Analysis Report: Long and Short 100 Years Medicine Glass

Drug safety supervision has become stricter and pharmaceutical packaging materials have been upgraded.

The pharmaceutical industry is related to people’s livelihood and health. As the country’s focus in promoting the reform of the medical and health system, ensuring the supply of medicines and continuously improving the quality of medicines are the long-term logic of industry development.

Relevant federal policies have been introduced one after another, and the supervision of drug quality and safety has continued to tighten, promoting the upgrade of medical packaging materials.

In European countries, only 69% of Class I glass packaging has been explicitly used for essential medicines.

3%, neutral borosilicate glass (Class I) will replace the low-borosilicate and soda-lime glass inserted in the internal medicinal glass market.

The price of neutral borosilicate glass is low borosilicate and soda lime glass 4?
5 times or more, it is expected that there is huge room for domestic demand to be upgraded.

  The upgrading of the medical glass industry is also facing difficulties and challenges.

The technical barriers to the production of neutral borosilicate glass are high and difficult. Only Shandong Medicine Glass is recognized by the market for the molding process. The control process basically depends on imports.

As a heavy asset industry, medical glass has a long-term demand structure, low prices for highly competitive products, and a serious industry upgrade and transformation.

The pharmaceutical packaging industry has a high degree of specialization. Due to pressure from domestic pharmaceutical manufacturers to promote the consistency evaluation of generic drugs and drug safety supervision, Class I glass manufacturers recognized by downstream customers will continue to benefit from the upgrading of industry demand.The concentration of the glass industry will further increase.

  With long and short, a hundred years of medicine.

At this stage, the companies in the industry are accelerating the layout of the neutral borosilicate glass field. However, most companies have overcome the risks of trade transformation without the replacement of technology and customer bases. At the same time, internal environmental supervision continues to become stricter.Will be further improved.
The leading Shandong Medicine Glass has outstanding advantages in terms of scale, technology, services and products, and is positioned as a “hundred-year medicine glass”. Under the differentiated layout of leading total 苏州桑拿网 cost, its competitive advantage has continued to be consolidated.

The incentive mechanism for the company’s leaders to hold supporting funds will further help the company’s healthy development.

  Profit forecast and investment rating.

Shandong Medicine Glass is a domestic leader in medicinal glass. Benefiting from strict drug safety supervision, it has brought about an increase in the city’s share, product upgrades, the revenue structure has been continuously optimized, and the revenue has grown steadily; the scale and cost advantages are significant, and the potential for continued deep explorationProfitability has steadily increased, and performance has grown steadily.

  The company’s first-grade water-resistant medicinal glass control bottle project can be put into production, and the new alkali-resistant glass mass 青岛夜网 production has been successfully promoted, and it will continue to expand domestic and foreign markets.

We raised the company’s net profit attributable to its parent in 19-21 to 4.

62, 5.

80, 7.

2.5 billion (previous forecast 4).

50, 5.

47, 6.

5.6 billion), a compound growth rate of 26.

5%; EPS 0.

78, 0.

98, 1.

22 yuan, maintain “Buy” rating.

  Risk reminders: demand growth is slower than expected, the risk of rising prices of raw materials and fuels, the uncertainty of trade frictions, and the risk of exchange loss gains and losses.

Yin-Yang contract triggers earthquake in the film and television sector

Yin-Yang contract triggers earthquake in the film and television sector
Under the “ignition” of Cui Yongyuan, the film and television industry caused a round of earthquakes, and the related Huayi Brothers and Tang De Films fell the most.  Zhao Yangge Picture Source: Photograph. Weekend, news about “Mobile 2” spread through the circle of friends on Weibo, and the State Administration of Taxation instructed tax authorities in Jiangsu and other places to investigate and verify the tax-related issues of film and television practitioners’ “yin-yang contract”This event escalated.On June 4, the A-share film and television sector was also greatly affected.  Huayi Brothers (300027.(SZ), as the producer of “Mobile Phone 2”, bear the brunt of most of the time in the call auction, and finally set the opening price at 7.39 yuan, down 9 from the previous trading day.66%.Also embarrassed is Tang De Film and Television (300426.SZ), in the time of the collective auction, a series of Tangde Films touched the limit price several times, and finally fell sharply with a gap.42% opened, and under the leadership of two benchmark stocks, the entire film and television sector was quite sluggish, the sector rose at the bottom of both cities.  The Huayi brothers are the first to bear the blame, and the company has a close relationship with Feng Xiaogang.Prior to listing, Director Feng Xiaogang had held 2.88 million shares of Huayi Brothers, but currently there is no way to query the list of shareholders.At the end of 2015, Huayi Brothers acquired the 70% equity of Dongyang Meila held by Feng Xiaogang and Lu Guoqiang. After the completion of the acquisition, Huayi Brothers held 70% of Dongyang Meila and Feng Xiaogang held 30%.The data shows that Dongyang Meila was established on September 2, 2015. When it was established, Feng Xiaogang held 99% of the shares. For the acquisition of Huayi Brothers, Feng Xiaogang also made a performance commitment, with a commitment period of 5 years.Less than 100 million US dollars, in the next few years on the basis of the previous year, an increase of 15% is calculated, and performance commitments total about 6.7.5 billion yuan.Therefore, the “Fanghua” seen in the market, as well as the “Mobile 2” and other works, will enter the gambling support.However, after this storm, it remains to be seen whether this will affect the launch of the above-mentioned film and television works, and whether the boots will affect 天津夜网 gambling.  In terms of film and television, Tang De is more direct from the shareholder list, with Fan Bingbing at 644.The number of shareholders of 960,000 shares ranks the company’s sixth largest circulating shareholder (as of the end of the first quarter of 2018), and even among the top ten shareholders, Fan Bingbing can be broken down into tenth.  As of the close of the morning on June 4, 2018, Tangde Film and TV in the film and television sector fell as much as 9.21%, Huayi Brothers fell 8.8%, others affected such as Ciwen Media (002343) fell 7.05%, the light media (300251) fell 6.79%, Huace Television (300133) fell 5.29% belong to A-shares hardest hit area.

UFIDA (600588): 2Q results are pleasing; NCC rolls out quickly to accelerate substitution

UFIDA (600588): 2Q results are pleasing; NCC rolls out quickly to accelerate substitution

U2’s second-quarter results in 2019 are in line with expectations UFIDA’s second-quarter results in 2019 are in line with our expectations: revenue reached 20.

6.1 billion, an annual increase of 6.

7%.

Net profit attributable to mothers was achieved 4.

00 ppm, an increase of 72 in ten years.

8%; net profit attributable to mother in the second quarter was 4.

82 million US dollars, an annual increase of 290%, a year-on-year increase of 40 over the same period last year.

5%.

Development Trend NCC made a rapid breakthrough and harvested the dividend of accelerated enterprise cloud transformation.

NCC is the company’s cloudization product for high-end enterprises.

With the release in December 2018 and a version update in March 2019, the promotion of NCC products has accelerated significantly.

As of the end of June 2019, 100 orders have been signed, with an average contract value of 1.45 million, which is higher than the main domestic interest.

In addition, the company’s principled suspension of the old version of NC products (which requires special approval to sell) at the end of June 2019 is reflected in the unprecedented consistency of cloud conversion and strong confidence in the product.

The data from IDC shows that the digital transformation of enterprises is accelerating. We believe that UFIDA is trying to continue to benefit from this new dividend.

Layout for the future and develop talent reserves.

Benefiting from the rapid growth of the revenue side and the effective control of selling expenses and management expenses (reduced by 2% and 5% annually in the first half of the year), UFIDA is expected to usher in a honeymoon period on the profit side.

Based on this, the company’s management stated that it would actively date more middle-level and senior-level experts with a portion of its excess profits, continue to polish its products, and accumulate potential for the company’s long-term energy storage.

Pay attention to localization potential.

The trade friction gradually releases domestic demand for domestic production. Domestic ERP manufacturers represented by UFIDA and Kingdee are actively entering the domestic replacement market for large and medium-sized customers represented by state-owned enterprises and institutions.

For example, the company’s order with Sichuan Airport realized a replacement for Oracle ERP products.

We believe that the replacement of large customers will not only benefit the company’s finances, but also provide a rare opportunity for the company to continuously polish its products and adapt to more advanced management methods.

Earnings forecasts and projections As the cloud transformation progress exceeded expectations and the financial cloud business was affected by continued policies, we slightly cut our revenue for 2019/2020 by 7% / 10% to 88 ppm / US $ 10.4 billion.

Taking into account the significant effect of reducing fees and increasing efficiency, we increase the net profit attributable to mothers by 31 in 2019/2020.

7% / 19.

4% to 10.

13 ppm / 12.

5.9 billion.

Currently 青岛夜网 corresponds to 76 in 2019/2020.

6 times / 61.

6 times price-earnings ratio.

Maintain Outperform rating and 38.

The target price of 00 yuan corresponds to 93.

3x 2019 P / E ratio and 75.

1x 2020 price-earnings ratio, compared with the recent merger of 21.

8% upside.

Risky new products are less competitive than expected; progress in cloud transformation is hampered.

Yunnan Baiyao (000538): New Baiyao whose performance exceeds expectations is worth looking forward to

Yunnan Baiyao (000538): “New Baiyao” whose performance exceeds expectations is worth looking forward to

1H2019 results are lower than our expected 1H2019 results announced by the company: Considering the absorption and completion, the caliber of the same period last year has been adjusted, and the 1H2019 company’s revenue is 138.

9.7 billion, a comparable caliber increase in the next decade.

72%; net profit attributable to mother 22.

470,000 yuan, a comparable caliber increase in the next ten years.

59%; deduct non-net profit 11.

US $ 3.5 billion, 25 intervals between comparable calibers.

93%.

Corresponds to profit 2.

16 yuan, the performance was lower than our expectations, mainly due to the improvement in industrial sector revenue.

Development trend The industrial sector performed poorly, with the commercial sector growing by over 10%.

1H2019 company industrial revenue 49.

09 million yuan, down 3.

At 16%, we expect the number of pharmaceutical divisions to be broken down, the number of health products divisions to increase, the Chinese medicine resources division to improve; business income 89.

5 billion yuan, an increase of 12.

86%, benefiting from the advancement of the two-vote system; other income was 4.98 million yuan.

The management expense ratio increased, and the operating net cash flow replaced over 100%.

1H2019, the company’s comprehensive gross profit margin was 29.

04%, comparable caliber fell 2 in the second half of the year.

13ppt, mainly due to the low gross margin of the commercial sector, the growth rate of the ultra-industrial sector.

Selling expense ratio 13.

95%, down by 0 under comparable caliber.

56ppt; management expense ratio 2.

27%, which improves by 0 under the caliber.

92ppt, which is mainly employee compensation, the increase in the service fee of intermediary agencies has increased, and at the same time increase distribution costs, delivery fees, etc.

Operating net cash flow -4.

5.1 billion, a reduction of 111 under comparable caliber.

86%, mainly due to poor performance of sales receivables, comparable accounts receivable increased by 6 in the caliber.

2000000000.

Global perspective, “new white medicine, new expectations”.

After the completion of the mixed reform, the company has recently decided on a new board of directors. Mr. Wang Minghui will continue to serve as the chairman of the company and Mr. Chen Fashu will be the co-chairmanship. The senior management team will remain stable, of which the CEO will be selected and hired globally to promote the internationalization process.

In the future, excluding the expectation of extension, we believe that the company’s three industrial divisions continue to highlight: the pharmaceutical division actively supplements product lines in orthopedics, gynecology and other fields, and the health products division is expected to open up new growth points in the market of washing and skin care;The Traditional Chinese Medicine Resources Division actively builds “Baiyao Life +” series products led by Leopard Seven.

Earnings Forecast and Estimates Considering that the company’s pharmaceutical sector 深圳丝袜会所 is still adjusting channels and absorbing and changing its share capital, we lowered our 2019 earnings forecast by 23% to 2.

83 yuan, first date 2020 profit forecast3.

15 yuan, down 10 each year.

8% and an increase of 11.

2% (compared to increase by 6 under the caliber.

0% / 11.

2%).The company currently expects to correspond to 27/24 times P / E in 2019/2020.

We maintain our Outperform rating and, considering changes in equity, lower our target price by 16% to 88 yuan, corresponding to 31/28 times P / E in 2019/2020, which is 15 compared to the current sustainable.

02% upside.

Risk increase affects sales volume; new product promotion effect exceeds expectations; extension expansion progress is lower than expected.