Zhongju Hi-tech (600872) 2019 First Quarterly Report Review: The delicious and fresh performance of the eye-catching mechanism loosens the double hundred realization

Zhongju Hi-tech (600872) 2019 First Quarterly Report Review: The delicious and fresh performance of the eye-catching mechanism loosens the “double hundred” realization

First, the event overview Zhongju High-tech released the 2019 first quarter report.

At the core of the report, the company achieved operating income12.

31 ppm, +6 a year.

72%, achieving net profit attributable to shareholders of listed companies1.

89 trillion, ten years +11.

53%, achieving a basic income of 0.

24 yuan / share.

Second, the analysis and judgment of the decline in revenue and profit of the headquarter dragged down the company’s overall performance, delicious fresh performance report, the 杭州夜网论坛 company’s revenue for a year +6.

72%, net profit attributable to shareholders of listed companies increased by +11.

53%, the growth rate of revenue and net profit slightly increased, in the end the decrease in property sales revenue in the first quarter led to a double decline in revenue and profits.

52%, with net profit of -6.21 million yuan, a decrease of over 36.53 million yuan.

Focus on delicious fresh, delicious fresh 19Q1 to achieve revenue 11.

67 trillion, +15 for ten years.

31%, realizing net profit attributable to mother 1.

86 ‰, +33 a year.

93%. Overall, delicious fresh performance in 19Q1, revenue and profit growth significantly improved compared to 18Q1; by product, the new business of cooking wine and oyster sauce quickly increased, revenue growth reached 90 respectively.

24% / 66.

45%, continuing 杭州夜网论坛 the good momentum of last year, the core soy sauce business achieved 7.

4.8 billion in revenue, still maintaining a growth rate of more than 10% under a high base; in terms of regions, it is reported that the Midwest / Northern region ‘s revenue has increased significantly, increasing by +25 respectively.

62% / 19.

46%, the southern / eastern region grew steadily at a high base, extending by +11 respectively.

30% / 12.

81%, indicating that the company is actually implementing the regional expansion strategy of “steadily developing the southeast coast, focusing on upgrading the central and northern regions, accelerating the development of the southwest region, and gradually advancing the northwest market”.

Increasing the proportion of condiment revenue drives the increase in gross profit margin. During the gross profit period, the cost efficiency is doubled and the net rate is increased. The gross profit margin is increased: due to the rapid volume of condiment business with higher gross profit, the proportion of revenue increased significantly (19Q1 company)Reached 94.

80%, a significant increase from the earlier 18Q1 7.

11 single), the reported gross profit margin of the first-tier company reached 39.

38%, up from 0 in the early 18Q1.

5 average values; net interest rate: benefit from both the gross profit margin and the efficiency improvement of period expense expenditure (the accumulative expense ratio during the 19Q1 period is -0.

89 shares per share, sales / management / R & D / financial expense ratios respectively changed -0.

44 / -0.

92 / + 0.

17 / + 0.

30 units, of which the decrease in sales expense rate was due to the company’s effective control of air expenses and ground promotion, and the loosening of the management fee rate significantly reduced the company’s headquarters and delicious fresh expenses. The increase in financial expense rateThe discount processing fee of the bank’s acceptance bill of the company’s delicious fresh period increased, and the bank deposit index of the company’s headquarters decreased), and the company’s net interest rate reached 15 in 19Q1.

38%, up from 0 in the early 18Q1.

66 units.

The loosening of the mechanism stimulates vitality and helps the five-year “Double Hundred” achieve the goal. On the evening of March 21, 2019, Zhongju Hi-tech issued an announcement on changing the actual controller. The company’s actual controller was changed from the management committee of the Zhongshan Torch High-tech Industrial Development Zone toYao Zhenhua, this means that China Torch High-tech has officially realized the loosening of the state-owned enterprise system.

The loosening of the system will help the company’s operating efficiency, especially management cost efficiency, to further improve its overall profitability. At the same time, we look forward to the implementation of the incentive mechanism, which will help bring greater performance flexibility to the company in the future and promote the company.”Achieving the double-hundred goal of an annual revenue of more than 10 billion in the ready-made health food industry and an annual output of over 1 million tons in 2019-2023″.
Third, the investment proposal estimates that the company’s operating income in 19-21 will be 46.
18 ppm / 53.

9.3 billion / 62.

32 trillion, ten years +10.

8% / 16.

8% / 15.

6%; net profit attributable to listed companies is 7.

2.3 billion / 8.


77 trillion, ten years +19.

1% / 22.

2% / 21.

8%, equivalent to 0 EPS.

91 yuan / 1.

11 yuan / 1.

35 yuan, corresponding to PE is 38X / 31X / 25X.

At present, the overall condiment segment is estimated to be 54 times. The company is expected to exceed the industry average. Considering that the loosening of the system will help the company’s operating efficiency, especially the management cost efficiency, to further improve the overall profitability and stimulate the company’s internal vitality, it is expected that the companyPerformance growth will be faster than the industry average.

In summary, maintain the “recommended” level.

4. Risk Warning: Consumption upgrade is not up to expectations, the prices of upstream raw materials have risen abnormally, food safety risks, etc.

Zhaoyan New Pharmaceuticals (603127) Annual Report Review 18: New production capacity sustains rapid growth and new business opens up room for growth

Zhaoyan New Pharmaceuticals (603127) Annual Report Review 18: New production capacity sustains rapid growth and new business opens up room for growth

Event: The company released its 18-year annual report and initially realized revenue4.

0.9 billion, net profit attributable to mothers1.

0.8 billion, operating cash flow1.

7.6 billion, an annual increase of 36%, 42%, 43%, in line with market expectations.

Opinion: Steady performance and high growth.

The company’s 18H1, 18Q1-3, and 18 arrived at the non-returned mother’s net profit extension growth rate of 82%, 52%, 37%, respectively, have declined, we believe that the company’s income adjustment progress in 18 years.

Generally, 深圳spa会所 when the order execution time is entered, the company will receive 30-70% in advance.

In the case of full production capacity, the annual growth rate of prepayments in 18 years was still as high as 27%, and the breakthrough in capacity breakthrough was gradually transferred. The company’s 19-year performance continued to grow at a high probability.

Benefiting from the tide of domestic innovation, the company has full orders on hand, and Suzhou’s new production capacity is about to be put into production.

After 25 years of accumulation, the company has become a “golden signboard” in the field of domestic drug safety evaluation, fully benefiting from the tide of domestic innovation.

By the end of 18, the company had full orders on hand, reaching 800 million.

The company has two animal houses, totaling 1.

820,000 square meters, too tight production capacity.

Expected Suzhou 1.

The new production capacity of 10,000 square meters was completed in January 19th, and it is expected to be put into use in April 19th.

Our rough estimate, coupled with new production capacity, will expand and support the company’s rapid growth in the next three years, and the revenue volume is expected to reach 800 million to 1 billion.

Extend downstream to open the growing ceiling.

Relying on the customer resources transformed by drug evaluation, the company is gradually extending downstream: 1) Clinical Phase 1: The company invested in the construction of a clinical center in Taicang, Suzhou, and undertakes the clinical phase 1.

The center has 100-120 beds and is expected to be used in the second half of 19 years; 2) Pharmacovigilance: The company entered the field of pharmacovigilance services through the establishment of Zhaoyan Mingxun, providing chemical pharmacovigilance for drug R & D, drug manufacturers and market licensorsTechnical services, including software sales, data statistical analysis, etc., have completed the development of the software platform, and the business has started to contribute revenue for 18 years.

Profit forecast and investment rating: As a “golden signboard” for drug safety evaluation, the company has a large number of orders in hand, which translates into 19 years of new capacity and production, and its performance will continue to grow rapidly.

Taking into account that new business still needs to be invested in the early stage, we slightly lower the EPS forecast for 19 and 20 to 1.


74 yuan (was 1).


78 yuan), the new forecast for the 21-year EPS is 2.

26 yuan, an increase of 38% / 34% / 30% each year. The current price corresponds to 49/37/28 times the PE of 19-21. Maintain “Buy” rating.

Risk reminders: Enterprise R & D investment is less than expected; new production capacity is less than expected; competition is intensifying.

Leading Puzzle (002600): Historical issues are resolved one by one. The turning point of performance is clear.

Leading Puzzle (002600): Historical issues are resolved one by one. The turning point of performance is clear.
Event: The company released the third quarter report of 2019, and the first three quarters of 2019 achieved revenue of 162.63 ppm, an increase of ten years.07%, net profit attributable to mother 20.99 ppm, compared with the same period last year3.5.2 billion. The internal integration has achieved results. The types and shares of 杭州夜网论坛 product supply have continued to increase. The company’s main business sectors include precision functions and structural parts, display and touch modules, materials business, trade and logistics business, etc.Dispose of non-manufacturing business.In terms of overseas markets, the company’s main growth points are: the increase in the existing business share and the number of materials; the continued deepening of downstream modules and upstream raw materials; and the expansion of new overseas customers.In terms of domestic business, the company aims to cover more than 50% of the eight product lines, expand the total market capacity in line with the promotion of 5G, and enter new applications such as VC, OLED, motors, and wireless charging. Acquired Salcomp Plc, completed the deployment of charger products, and completed the industrial coordination. In August 2019, the company has completed the registration and change registration procedures for Salcomp Plc, which is 100% controlled.Salcomp Plc is a global leader in the development and manufacture of chargers and adapters. The customer system includes Apple, Samsung, Huawei, OPPO, vivo, Xiaomi and other domestic and foreign first-tier terminal manufacturers. The completion of the acquisition is conducive to the company’s internal industry collaboration, and is accompanied by 5G mobile phonesCharging power is planned with reference to mobile PCs and tablets. The charger market will be multi-product universal, and the company’s scale advantage will quickly appear. Investment suggestions We estimate that the company’s net profit attributable to mothers in 2019-2021 will be 23 respectively.500 million, 27.0 million yuan, 30.0 million, corresponding to 0 EPS.34 yuan, 0.39 yuan, 0.44 yuan, giving the company 32 times PE in 2020, with a target price of 12.48 yuan, the first coverage, given a “buy” rating. Risks indicate that the returns of large customers exceed expectations; the progress of internal integration exceeds expectations; exchange rate changes.

Ganfeng Lithium (002460): Expansion of Lithium Hydroxide’s Expected Cost Continues to Lead

Ganfeng Lithium (002460): Expansion of Lithium Hydroxide’s Expected Cost Continues to Lead
On February 13, we invited the company’s headquarters to have in-depth communication on issues such as the progress in production capacity concerns, the lithium hydroxide market structure, and the impact of the new crown epidemic.  Comment on the expected volume of production capacity, capital expenditure can be controlled.Considering that the company’s 5 hydrolyzed lithium hydroxide project is expected to be put into production by the end of 2020, we expect the company’s designed production capacity at the end of the year will reach 8 to inject lithium hydroxide + 4 to replace lithium carbonate.The company plans to further expand overseas lithium salt production capacity in the future, and plans to reach a total of 20 lithium compound production capacity by 2025. The main projects include the Cauchari Salt Lake Project (the first phase of production capacity 2).5 Preliminary lithium carbonate plan to be completed by the end of 2020), Mariana salt lake and Sonora clay projects, etc., and the company’s unit capital expenditure of the company with technical advantages in design and construction is smaller than domestic and overseas counterparts.  The supply and demand pattern of lithium hydroxide is good, and the price has upward momentum.In 2019, the global demand for lithium hydroxide will be replaced by 8 (6-7 replaced by battery grade, 1-2 replaced by industrial grade). Under conservative displacement in 2020, the incremental demand for dissolved lithium is expected to exceed 2 inches, which is good.The company’s lithium hydroxide business.Taking into account the current entry into mainstream car factories, the lithium hydroxide companies in the battery factory supply chain are only Ganfeng, Yabao and Livent, and their capacity accumulation has been at a high level, and some new projects in the industry have been slower than expected.It is believed that the supply and demand pattern of lithium hydroxide will be good in 2020, and the price will have upward momentum.  Increase the development of non-spodumene resources and consolidate cost advantages.Taking into account the relatively high cost of lithium carbonate made of spodumene, the company plans to gradually shift the production of lithium carbonate in the future to the use of overseas non-spodumene resources (including salt lakes, clay, etc.) to expand the cost advantage of scale.At the same time, the company plans to gradually convert lithium-ion batteries extracted from domestic ore to lithium hydroxide production to ensure the production and quality of lithium hydroxide and better lock up orders from high-end large customers.  The new crown epidemic has some impact on the company’s operations: 1) In terms of production, the epidemic during the Spring Festival caused the company to 天津夜网 enter a shutdown state, and the pace of resumption of work was delayed by about one week compared to the original plan.2) In terms of cost, although the deterioration of the epidemic has affected overseas mines, domestic land transportation has been disrupted. The company’s recent raw and auxiliary materials and logistics transportation costs have all risen, which also led to the company’s announcement on February 12The price of physical lithium products does not exceed 10%.  Estimates suggest that we maintain our 2019/2020 profit forecast4.8/8.0 ppm, profit forecast 15 for 2021.500 million.The company’s current A / H is in line with the corresponding 50/24 times 2021 P / E ratio.  We maintain our outperformed industry rating on A / H shares, as the industry’s expectations improve and drive expansion (the company’s historical 杭州夜网 average price-earnings ratio of A shares is 51 times, the replacement time of H-shares listing, historical price-earnings ratio is of little significance), and we raise the target price of A / H shares by 71%/ 83% to 72 yuan / 42 Hong Kong dollars, corresponding to 60/30 times price-earnings ratio in 2021, implying 21% / 24% increase room.  The production capacity of venture companies has fallen short of expectations, and sales of new energy vehicles are weaker than expected.

Wanhe Electric (002543): Additional revenue but good operating quality

Wanhe Electric (002543): Additional revenue but 南京桑拿网 good operating quality

1H19 results are in line with our expected 1H19 results: operating income 35.

5 ppm, five-year average of 5.

7%; net profit attributable to mother 3.

30 ppm, an increase of 19 years.


Corresponds to 2Q19 operating income of 15.

3 ‰, the ten-year average of 4.

1%; net profit attributable to mother 1.

52 ppm, an increase of 16 in ten years.


The company’s performance is in line with our expectations.

The company’s revenue is gradual, mainly due to the sluggish domestic sales and exports facing Sino-US trade friction.

Although the company’s revenue decreased, its product pricing was stable, its gross profit margin increased, its cash flow was good, and its operating quality was maintained.

1H19 business analysis: 1) Affected by land cycle and economic cycle, domestic 杭州桑拿网 main business revenue was 22.

4 ‰, the ten-year average of 4.


Among them, the revenue of gas water heaters increased by 9 per year.

1%, showing very strong competition and market advantages.

2) The company actively explores the market and responds to challenges.

Opened 1160 offline outlets and over 1 sales outlets.

60,000, achieving full coverage of the primary and secondary markets, and high coverage of low-tier markets.

This drives traditional channel sales revenues to increase by 2 per year.

8% to 13.

5.5 billion.

3) Exports are affected by Sino-U.S. Trade friction. Exports to the United States account for company revenue?
23%, of which the main product oven has been levied tariffs.

Export revenue 12.

7 trillion, five years ago 5.


1H19 financial analysis: 1) Gross profit margin increased significantly 6.

7ppt to 33.

4%, mainly benefiting from the increase in the proportion of high-margin gas water heaters, the decline in raw material costs, the decline in the increase rate in the second quarter, and the increase in the gross profit margin of the export business driven by the depreciation of the RMB.

Most importantly, in the context of a floating market, the company insisted on pricing and did not give up profits for sales.

2) Selling expenses increased significantly by 22%, mainly to support active domestic outlet development.

3) Qianhai Equity Investment Fund received the dividend 0.

4.3 billion.

4) Operating cash flow.

5 ‰, previously + 69%, and the amount is significantly higher than the net profit.
Development trend The real estate completion data in the first half of the year is still increasing, and there is no peak in house delivery as expected by the market.
But from January to July 2019, the floor space of new houses started to grow by more than 9%.

5%, if 4Q19 can form a peak for real estate delivery, we expect the industry’s growth rate to improve in 2020.

Earnings Forecasts and Estimates We maintain our 2019 / 20e EPS forecast at 0.

77 yuan / 0.

89 yuan.

Maintain Neutral rating and 11.

Target price of 23 yuan, corresponding to 14.

6x 2019 P / E ratio and 12.

6 times 2020 price-earnings ratio, 17 compared with the same period last year.

4% upside.

The current sustainable correspondence is 12/2019/2020.

4 times / 10.

7 times price-earnings ratio.

Risks: Sino-US trade friction risks; risk of fluctuations in demand for water heaters and kitchen appliances caused by the real estate cycle.

CYTS (600138): Culture + Convention and Exhibition Model Helps Wuzhen to Increase Unit Price

CYTS (600138): “Culture + Convention and Exhibition” Model Helps Wuzhen to Increase Unit Price

Event: The company recently released its 2018 annual report, reporting a series of realized operating income.

6.5 billion yuan, an increase of 11 per year.

30%; Net profit attributable to shareholders of the listed company.

9.7 billion, an increase of 4 every year.

50%, net profit attributable to shareholders of listed companies after deduction of non-compliance increased by 14 compared with the same period last year.


Key investment points: Integrated marketing revenues have increased rapidly, and net profit attributable to mothers has increased significantly33.


In 2018, China Youth League of Union’s outstanding talents’ strategic ideas, strong resource integration, and efficient management and execution capabilities achieved double increases in revenue and profits, which exceeded market expectations.

Reporting on the baseline, Zhongqing Bolian achieved operating income of 25.

8 percent, an increase of 25 per year.

12%; net profit attributable to shareholders of the parent company 6906.

60,000 yuan, an annual increase of 33.


The trend of increasing gross profit margin and net profit margin will promote sustained and stable development.

Wuzhen has made every effort to expand the business conference market, and high value-added services have brought steady revenue growth.

In 2018, Wuzhen Scenic Area initially expanded to receive 915 tourists.

30,000 person-times, a decrease of 9 per year.

71%; but realized revenue 19.

0.5 billion, an increase of 15 every year.

74%; realized net profit attributable to shareholders of the parent company.

3.4 billion, an increase of 5 every year.


Under the trend of increasing passenger traffic, Wuzhen actively expanded the business conference market, increased marketing efforts for high value-added service activities such as conferences and exhibitions, and attracted high-spending people. Through the 杭州夜生活网 adjustment of passenger flow structure, the passenger unit price in 2018 reached 208.

2 yuan / person, while the per capita consumption of Wuzhen scenic spot in 2017 was only 162.

4 yuan.

In the future, Wuzhen will continue to adopt the strategy of “Culture + Convention and Exhibition” town as its development direction. It will continue to increase the capacity of accommodation and business meetings.
The passenger flow of Gubei Water Town increased, and real estate investment income maintained a high increase in profits.

In 2018, Gubei Water Town scenic spot received 256 tourists.

490,000 person-times, a decline of 6 per year.

85%; operating income 9 realized.

9.8 billion, an increase of one year.

98%; Affected by the increase in investment income of participating real estate companies, net profit attributable to mothers was realized.

08 million yuan, an increase of 169 every year.


The reported quantity of guest price reached 389.

2 yuan / person, before 355 in 2017.

8 yuan increased by 9.4%, the hotel reception capacity is expected to further increase in the future.

Maintain “Recommended Level”: We expect the company’s EPS to be 0 from 2019 to 2021.

95 yuan, 1.

06 yuan and 1.

21 yuan, corresponding to the current continuous price-earnings ratio of 17 times, 15 times and 14 times.

Risk reminder: the risk that passenger traffic does not grow as expected, the risk of macroeconomic downturn

Guotai Junan (601211) 2019 Interim Report Review: Risk Control-Based Leadership in Scale

Guotai Junan (601211) 2019 Interim Report Review: Risk Control-Based Leadership in Scale

Event: Guotai Junan disclosed the semi-annual report for 2019, and realized revenue of 140 during the reporting period.

950,000 yuan, +22 a year.


Net profit attributable to mother 50.

20 trillion, +25 for ten years.

twenty two%.

The recommended average ROE is 4.

03%, an increase of 0 over the same period last year.

76 units.

Institutional business continued to develop, stock underwriting contracted, and corporate debt increased significantly.

In the first half of the year, institutional financial business revenue exceeded + 34%, and the revenue share reached 41%, an increase of 3pct compared with the same period of the previous year.

Among them, investment bank income is 700 million (ten years -10%), and institutional investor service income is 51.

10 billion (+ 43%).

The company officially released the Matrix system and Taohe platform to promote the establishment of enterprise institutional customer integration mechanisms.

At the end of the reporting period, the number of corporate clients of the group was approximately 4.

10,000 households, an increase of 17% over the end of the previous year; customer asset size 2.

3 trillion yuan, an increase of 50% over the end of the previous year.

In the first half of 2019, the amount of securities underwriting was 1929.

30 上海夜网论坛 trillion, +31 for ten years.

96%, ranking 4th in the industry.

IPO lead underwriting amount 17.

100,000 yuan, -40% for ten years; the main underwriting amount of refinancing is 212.

US $ 5.3 billion, -60% per year; underwriting amount of corporate creditors is 672.

55 ppm for one year + 150%.

In terms of institutional investor services, the customer asset size of the PB business at the end of the reporting period was nearly 90 billion yuan, +44 compared to the end of the previous year.

5%, scale of hosting outsourcing business1.

03 trillion, ranking second in the industry, an increase of 10 over the end of last year.


Among them, the scale of custodian public funds continued to rank first among securities companies.

Both equity derivatives and FICC business have achieved higher investment returns, gradually increasing the size of 2013 million US dollars, an increase of 177% per year, the scale of the issuance of income vouchers ranks second in the industry among securities companies, and cross-border business realizes self-investmentAnd customer services.

Equity pledge business transferred high-quality assets on the basis of stable operation and enhanced professional capabilities. At the end of the reporting period, the balance of stock pledge business pending purchase was 443.

400,000 yuan, down 9 from the end of the previous year.

96%, of which self-owned financial financial surplus was 355.

410,000 yuan, ranking third in the industry, down 10 from the end of last year.


Guotai Junan accrued credit impairment losses in the first half of the year4.

0.94 million yuan, equivalent to the same period last year.

Personal financial business strengthened its advantages.Personal financial business realized revenue 41.

72 ppm, +11 for ten years.


In the first half of 2019, the Group’s preliminary retail integration coordination mechanism, in-depth creation of a retail customer service system, improvement of the customer’s full-coverage response mechanism, and promotion of high-net-worth customer transformation and development services.

The brokerage industry continued to maintain its leading position, and the net income of agency trading securities business ranked first in the industry with a market share of 5.

75%, a decrease of 0 from the end of the previous year.

39 units.

Margin of margin financing and securities lending 548.

2.5 billion, an increase of 20 from the end of the previous year.

43%, market share 6.

02%, ranking third in the industry.

Proactive management scale growth drives steady expansion of asset management.

At the end of the reporting period, the scale of asset management was 7,637 trillion, ranking the third in the industry, which was +1 compared with the end of the previous year.


Among them, the scale of assets under active management was 4042 million, the proportion increased to 52.

93% (41% at the end of the previous year).

In terms of fund management, the share of Huaan Fund’s public fund management scale was 3,171 trillion, +15 compared with the end of the previous year.

06%, a record high.

Investment suggestion: The company is the only securities company in the top five securities companies that has obtained securities company classification level A and AA level for 12 consecutive years. Its revenue, capital and other indicators continue to lead. The heavy capital operation gives institutional clients an incremental business space for service.
We expect Guotai Junan’s EPS to be 1 in 2019/2020/2021.



56 yuan (previous forecast was 1 for 2019/2020.


30 yuan, adjusted due to changes in the market environment), BPS is 15 respectively.



87 yuan, corresponding to 1 for PB.



03 times, ROE is 7 respectively.

17% / 8.

78% / 9.


The company has a stable operation, a leading business scale, and a strong drive for future innovation.

6 times PB estimate, target price of 24 yuan, maintaining “recommended” level

Risk Warning: The development of innovative businesses is blocked, and financial supervision is tightened.

The “long-distance running” red and black list of active equity explosion funds: differentiation is obvious

The “long-distance running” red and black list of active equity explosion funds: differentiation is obvious

Original title: At the beginning of the new year of the “long-distance running” red and black list of active equity funds, active equity funds ended their fundraising early, and the actual scale of fundraising exceeded 10 billion.

On January 14th, three active funds that just started raising funds announced that they were “sold out in one day”. Prior to this, the actual fundraising scale of the product exceeded 50 billion U.S. dollars, and the popularity of investors’ equity products was evident.

As a popular explosive product, investors are naturally optimistic about its future long-term income. Then, what was the result of the “active long-distance running” fund of active equity explosion funds?

How many products can make money for investors?

Investors should pay attention to some risk factors in the layout?

  The booming market is warming up and the star manager “Halo” is affected by factors such as the obvious fund-making effect of public fundraising in 2019 and the upward trend of the stock market in the new year. Since 2020, many active equity funds have ended the fundraising in advance.

On January 14, Yinhua Technology Innovation Mix, Penghua Technology Innovation Mix, and Hongde Fengrun’s three-year shareholder mix issued announcements that they would advance the termination date of donations to January 13.

  It should be noted that the issuance date of these three funds was changed to January 13th, and the phenomenon of “oversold three times a day” is really rare.

According to channel sources, the fundraising scale of the two science and technology theme funds on the day was between 4 billion and 6 billion, far exceeding the scale of 1 billion US dollars. Hongde Fengrun held a mixed fundraising scale of more than 60 in three years.Billion.

  At the time when Guangfa’s technology innovation mixed day attracted US $ 30 billion in gold has not subsided, it recently reappeared the explosive fund, and this time it was 54 billion yuan.

On January 9th, the Bank of Communications Schroder Fund issued an announcement saying that its subsidiary Bank of Communications kernel driver hybrid had ended its fundraising on January 8.

At the end of the day, the cumulative effective subscription application amount has exceeded the upper limit of 6 billion US dollars raised in the fund’s issuance announcement.

According to the regulations, the fund manager will use the principle of “apocalyptic ratio confirmation” to partially confirm the effective subscription application on that day, with a ratio of approximately 11.


  If calculated according to the above data, on January 8th, the actual fundraising of BOCOM kernel-driven hybrid was about 542.

500 million yuan.

Regarding this situation, a person in the marketing department of a large fund company frankly said, “It’s quite unexpected, Bank of Communications Schroder has always been very low-key, and did not expect to be able to raise so much funds this time.”

  Regarding the recent hot outbreak of active equity fund raising, insiders of a certain public offering admitted that it was the result of multiple factors.

First, for the whole of 2019, the A-share Shanghai Composite Index expanded by 22%.

3%, higher than that, active equity public offering funds showed significant excess returns, and the average net value of ordinary equity funds rose by as much as 47.

35%, the average return of partial stock hybrid funds also exceeded 34%, the performance of five products doubled.

Under the structure of the market, the concept of “buying stocks is worse than buying funds” has gained popular support.

  In fact, since the beginning of 2020, the trend of A-shares has risen rapidly, and once again stood at 3100 points after 8 months, the confidence of investors has increased significantly, and the professional investment value of the fund has once again appeared.

In fact, the country ‘s recent policy support in new energy and 成都桑拿网 RRR cuts has all benefited the stock market, and equity funds that have invested in the stock market have also been favored.

In addition, for fund companies, the first product of the new year usually chooses fund managers with good long-term performance or outstanding performance in the past year to take the helm. Under the prominent effect of “star fund managers”, plus banks, brokers, and third-party salesThe push of other channels is also prone to explosive products.

  Long-term fund senior judge Wang Yan also pointed out that according to overseas experience, changes in investor investment behavior are generally a path from active trading to high-performance funds to entrusted accounts.

At present, it seems that China has reached the stage of high-performing funds. The concept of selecting funds is to choose people. The concept of selecting funds is deeply rooted in people’s hearts and has rich management experience. Both outstanding fund managers and higher investor recognition have also promoted the concentration of investors in the distribution of high-performance funds.The manager’s new product appeared.

  Over 70% of the explosive products with obvious differentiation are currently earning. In fact, as a major feature of the public fund issue market, explosive funds are often carried with many investors’ expectations for the long-term performance of fund products.

So far, how many active equity funds have made money for investors?

A reporter from Beijing Commercial Daily on the Oriental Fortune Choice data platform, with a lower limit of 10 billion U.S. dollars and a period of operation of more than three years, chooses products that are mainly subscribed by investors spontaneously, that is, the total fund launch size exceeds 10 billion U.S. dollars.On January 14, every year, five “national team funds” were eliminated, and a total of 29 active equity explosive products were screened.

  From the perspective of yield, according to Oriental Fortune Choice data, from the first day of establishment to January 14, 2020, out of 29 former explosive funds, a total of 22 positive returns, accounting for 75 of the total.


Among them, Southern Outstanding Growth Hybrid A to 486.

91% of net worth acidity ranked first, followed by Huaxia Classic Mix and Easy Fonda Value Select Mix, respectively, achieving 413.

45% and 388.

82% yield.

Including the above three funds, more than 12 have yielded more than 100% since its establishment.

Instead, if the investors participating in the subscription of the 12 explosive funds mentioned above have held so far, their principals involved in the floating profit are more than 100%.  However, while the yields of some products are eye-catching, 7 explosive funds have been established and are still replacing them.

Specifically, as of January 14, ICBC Internet Plus Stock has been 57 since its establishment.

7%, the unit net value is about 0.

42 yuan.

In fact, E Fund’s new normal flexible configuration configuration can also be 52.

8%, the latest net worth is about 0.

47 yuan.

In addition, the five powers of rich country reform mixed, China Post core growth mixed, China Post Prosperous mixed, China Post information industry flexible allocation of hybrid and Castrol event-driven stock 5 funds all exceeded 10%.

  For a number of underperforming funds, a reporter from the Beijing Commercial Daily tried to interview some of the fund companies mentioned above. A fund practitioner who declined to be named believes that there are two main reasons.

The first is the time when the fund was established. He pointed out that from the time when the replaced fund was established, 5 of the 7 products were established between the end of April 2015 and the beginning of June 2015. At that time, the stock market was at a relatively high level of 4400-5100 points.Within the range, the corresponding individual stock breakthroughs also generally exist at high points. At present, the broad market is near 3100 points, and some stocks invested by funds have evolved to remain relatively low, which has led to the fund’s net value remaining below 1 yuan face value.

  Second, the huge scale of the fund has also brought some difficulties to the rapid return of capital in the short term and the realization of profits.

He pointed out that after the establishment, the fund ‘s net asset value of more than 10 billion US dollars will also consider the fund manager ‘s large and comprehensive layout based on the consideration of the stable operation of the product.

The scale and market structure of the market are obvious, and multiple stocks with significant growth rates are mainly concentrated in several themes. Therefore, the growth of one or several stocks has a much smaller impact on the overall return of the fund than the smaller funds.

For these explosive products that are still in the expected state, it may take longer to return to above par value.

  In addition, insiders of a large fund company believe that the investment strategies and tenure of fund managers and related investment research teams are also a blocking factor.

He pointed out that the investment styles and investment research strategies of different fund managers and their teams are good. When the market style rotates, fund managers who are good at selecting and arranging stocks in the current cycle are often easier to achieve.Increase in fund net worth.

On the contrary, it may show a long-term net value sudden change, or even longer.

In addition, if the fund manager is constantly changing, causing the fund style to drift, it will also make it difficult for the fund’s net worth to grow steadily.

  As the insider said, taking China Post’s core growth mix as an example, according to the data of Tiantian Fund Network, since the fund was established in August 2007, there have been 13 changes in fund managers.Looking at it, the longest is 6 years and 108 days, while the shortest is only 171 days.

  The “helmsman” is that core investors should start from their own needs. In fact, the explosive funds established when the market is relatively high are not products that have not obtained excessive returns.

Among the 12 funds mentioned above, which have yielded more than 100% since their establishment, Dongfanghong China, which was also established in April 2015, has a mixed advantage, and the initial fundraising scale is about 138.

5.6 billion yuan.

While the Shanghai Composite Index is still down nearly 20% from that time, the fund’s yield has been as high as 103 since its establishment.


  In addition, according to Oriental Fortune Choice data, the Invesco Great Wall Shanghai-Hong Kong-Shenzhen Select Stocks, which was established in April-June 2015, Huitianfu Medical Services Mix and ICBC Abundant Reporting Flexible Configuration Mix, until January 14,It has also risen 22 since its establishment.

5%, 30.

3% and 40.


  A person from a Shanghai-based medium-sized fund company bluntly stated that after the operation time has been extended, the impact of the overall market trend in the short term has gradually been divided.The proportion of particle size in product performance.

As a professional investor and fund manager, we have the obligation to fulfill our responsibilities of “managed wealth management”.

Investors should also select fund managers and fund managers that meet their personal preferences in order to have better long-term investment and research capabilities in this process.

  The insiders of the above-mentioned nominal public offering also believe that investors should pay more attention to the product itself, including the term, scale, strategy, and direction of the investment, in the product layout. On the basis of meeting their own risk appetite, choose a performance-performing fund with stable long-term performance.Managers and fund companies must not blindly follow the trend of “explosive models” and “attractions”.

At the same time, the mentality of “buying up but not buying down” that most investors still need to be changed, because “exploding funds” may also become “magic.”

  Regarding the current investment strategy of investing in explosive funds, Wang Yan suggested that the size of the explosive funds with closed periods should be reduced. In some cases, closed funds should be closed for a period of time. For example, Xingquan would be closed for two years. CEIBS would be closed for three years.When you choose to trade on the market, you will generally face discounts ranging from 5% to 10%. If the market conditions are not good, the discount may be higher, and it will be a better time for low-level layout in the future.

At the same time, there is no obstacle to paying attention to the management of old products by star fund managers, because new fund issuance is generally in a period of high market enthusiasm. New products may miss this wave of market conditions during the opening period, while old products are still in effect andThere is a certain position, restarting every growth market.

Sino Medical: Leading company in coronary stent has rich R & D pipelines in high-end interventional medical machinery

Sino Medical: Leading company in coronary stent has rich R & D pipelines in high-end interventional medical 重庆耍耍网 machinery
The company was founded in 2007 and specializes in coronary drug stents and balloon dilatation catheters.The company focuses on the research, development, production and sales of high-end interventional medical devices, and its product line covers key areas of interventional treatment such as cardiovascular, cerebrovascular, and structural heart disease.The core products include: 1) In the cardiovascular field, the company’s self-developed BuMA drug implant stent has been used in more than 1,000 domestic hospitals and sold in Asia and other countries, with a total of more than 600,000 implants. The domestic market share in 2017Is 11.62%, ranking fourth among domestic heart stent manufacturers; 2) In the field of cerebrovascular, the company’s Neuro RX product is the first intracranial balloon dilatation catheter with rapid exchange technology approved by the CFDA and has been used in more than 300 hospitalsuse.The company’s sales model is mainly based on distribution, supplemented by direct sales. Some regions implement distribution models, which are rooted in China and gradually carry out international layout in the United States, Japan, the Netherlands, France, and France.The actual controller of the company is Sun Jianhua, who holds a total of 33 companies.37% stake. Performance has grown rapidly, and net interest rates have increased rapidly.The company’s main business income from 2016 to 2018 was 2.66, 3.22, 3.80ppm; net profit attributable to mothers is 2865, 6615, 89.19 million yuan, growing rapidly; the net cash flow generated from operating activities is 42.24, 7032, 97.56 million yuan, operating conditions continue to improve; gross profit margins were 85.57%, 83.84%, 82.31%, the lowest is mainly due to the use of new factories in 2017, and the increase in long-term amortization costs of depreciation and renovation led to an increase in unit costs; and the unit price of some products fell slightly; the net interest rate was 10 respectively.79%, 20.54%, 23.45%, the speed of improvement is relatively fast; R & D expenses are 76,600,65,65,650 yuan, respectively, and R & D expenses account for 28% of revenue.61%, 16.67%, 17.49%, the decrease in R & D expenses was mainly due to the capitalization of BuMA products in May 17th. The relatively high R & D highlighted the characteristics of the science and technology board medical device company, and the company’s overall financial status was healthy. Rich R & D pipelines and plans to raise funds1.67 trillion into the expansion and R & D center construction.The company continues to enrich its product line. At present, the company’s research and development pipeline includes a number of high-end devices for cardiovascular, cerebrovascular and structural cardiovascular interventional therapy, mainly including: 1) a new generation of BuMA Supreme coronary drug implantation stent, which is already in the middleGlobal clinical research in the United States, Japan and Europe is underway, and it is expected to expand the anticoagulant administration time for PCI interventional therapy; 2) Nova’s intracranial drug replacement stent, the world’s leading research progress, has completed clinical enrollment and is currently in clinical stage;) Accufit retractable, double stent, self-locking mitral valve replacement technology has entered the product design verification stage; 4) “Completely Degradable Magnesium Alloy Drug Implant Stent System” (“Thirteenth Five-Year”National key research and development plan) has entered the product design verification stage.The company plans to raise funds 1.The US $ 67 trillion expansion project of high-end interventional therapy equipment can be upgraded and the R & D center construction 武汉夜生活网 project to enhance the research and development capability and accelerate the volume of products. Meet the second set of listing standards for science and technology board.The company meets the listed criteria of “Estimated market value of not less than RMB 1.5 billion, operating income in the latest period of more than 200 million yuan, and cumulative R & D investment in the past three years accounting for more than 15% of cumulative operating income in the last three years.The company’s profitability is expected and the growth rate is high. It is recommended to use PE or PEG method to estimate. Risk warning: new product registration risk; market competition risk; R & D risk; raw material supply and price risk.

Sinoma Science & Technology (002080) Company Review: Lithium Membrane Wings Flying Together at the Bottom of Glass Fiber Business

Sinoma Science & Technology (002080) Company Review: Lithium Membrane Wings Flying Together at the Bottom of Glass Fiber Business

Highlights of the report We believe that the company’s glass fiber business is expected to benefit from the bottom of the glass fiber industry, and product prices are expected to rebound in 2020; meanwhile, the company’s wind power blade business is expected to maintain a high degree of prosperity in 2020, and the lithium power business is expected to be in 2020Contribute incremental performance.

The glass fiber industry may bottom out and rebound. The advantage of Thai Glass benefits from the overall pressure of the glass fiber industry in 2019. Taishan Glass Fiber continues to optimize the capacity scale and product structure, and actively adjusts the product structure based on market demand and new material development trends, and maintains operating conditions.It is stable. We expect that the supply increase of the glass fiber industry due to the increase in production capacity in 2018 is mainly reflected in 2019. Under the situation of absolute increase in production capacity replacement in 2019, the industry supply shock in 2020 will be significantly improved, and the demand side of the industry will remain stable.At the same time, some 都市夜网 glass fiber companies have started to raise prices at the end of 2019. The price of glass fiber will gradually bottom out in 2020. The company’s leader, Taishan Glass Fiber, will benefit.

Leading blades to maintain the prosperity of the company The company is a leading company in the wind power blade industry. The installed capacity and market share of wind power blades continue to rise. In the first half of 2019, the company added 3 blades.

2GW, a substantial increase of 139 per year.

At 24%, the company, as a leading blade company, has shown better business development capabilities as the industry boom.

Judging from the market share of a single year, the market share of Sinoma leaves has increased from 3 in 2008.

4% to 27 in 2018.

1%, the top of the faucet becomes more stable.

We believe that Sinoma Technology’s Sinoma blade will still benefit from the 南京桑拿论坛 dividends brought by the growth of the industry in the long run.

Lithium-ion operators are expected to force the company’s lithium battery to adopt the wet synchronous + synchronous technology route. After the acquisition of Hunan Zhongli, the company simultaneously carried out wet synchronous + asynchronous power generation and adopted an integrated two-wing model to develop equipment technology to product technology to manufacturing.The closed loop of sales has significantly improved overall competitiveness.

According to the company’s announcement, Hunan Zhongli began consolidation in September 2019, and the overall operating situation is good. The company’s expansion of the industrial scale has increased significantly compared to last year and has achieved profitability.

In the first half of 2019, Hunan Zhongli was still a substitute, and since the second half of the year, it has fully turned around.

We estimate that the operation, efficiency, and customer development of Hunan Zhongli and its own Sinoma fractured production line will gradually improve after the conversion of the company’s M & A. The company’s lithium battery business is expected to contribute incremental profits in 2020.

Earnings forecast Due to the better expectations of the fiberglass business, we attribute the company’s net profit to 13 from 19-21.

8 billion, 15.

6.2 billion, 16.

99 ppm is adjusted to 13.

8 billion, 16.

5.3 billion, 17.

9.6 billion yuan, corresponding to 0 EPS.

82 yuan, 0.

99 yuan, 1.

07 yuan, corresponding to 15 for PE.

43X, 12.

88X, 11.

86X, maintain “Buy” rating.

Risk warning: glass fiber demand has dropped sharply, and prices have continued to fall; wind power installations have fallen short of expectations, and lithium film has failed to earn profits.