Archives March 2020

Guanglianda (002410): The release of integrated new products in the construction field has unique market scarcity

Guanglianda (002410): The release of integrated new products in the construction field has unique market scarcity

An integrated digital project management 北京桑拿洗浴保健 platform was released to realize the interconnection and interconnection of construction product data.

On June 28, 2019, at the China Digital Building Summit, Guanglianda released a digital project management (BIM + smart site) platform that provides one-stop services for the digital transformation of the construction industry.

The digital project management platform can be summarized as a “114N” system, that is, a concept, a platform, four major technologies and N applications.

The BIM + smart construction site platform can integrate field systems and hardware equipment into one platform, summarize and model the generated data, form a data center, and achieve unified master data, unified BI, unified entrance, unified technical standards and data interfaces.

Because the core of BIM is the model and model prediction, a large amount of data (such as the number of rebars in stock and the number of rebar workers) needs to be updated to make it more convenient to use and improve user utilization.

As for the data on smart site products, the integrated connection between BIM and smart site will facilitate the automatic introduction of data.

Integrated products are scarce in the market, helping to open up space in the construction field.

Integrated products are scarce in developing countries.

The manufacturer of BIM products, the integrated products launched by Guanglianda can introduce products from smart construction sites and upload them to digital enterprise systems, open up smart construction sites, BIM, and digital enterprises, which have market uniqueness and help Guanglianda develop construction informationization.Huge market space for business.

Integrated products can enhance the value of customers and partners: in terms of customer value, “three transformations” (digital operation, systematic management, decision-making and command); in terms of partner value, “three enablements”(Technology empowerment, marketing enablement, funding enablement).

The market for construction information software is huge and can reach 100 billion levels.

Construction projects are the basic work units of construction enterprises. In 2016, the number of construction projects was 790,000, and the average investment amount for each project was 1.

410,000 yuan. If each project spends 150,000 yuan to informatization during the construction phase, the proportion is only 0% of the investment amount.

About 1%, then the software market in the construction phase can reach 100 billion levels in China.

If Guanglian’s construction business accounted for 10% of the city, Guanglian’s construction revenue would reach tens of billions.

It is expected that the apparent net profit of the mother for 2019-2021 will be 3.

32 billion, 4.

44 billion, 5.

03 billion.

The transition of the company’s cost cloud business is smooth, and there is huge space for the completion of construction information integration, maintaining the “buy” level.

Risk warning: Cloud transformation fails to meet expectations, cloud transformation affects performance growth, construction business integration fails to meet expectations, and the construction information industry is affected by macroeconomic changes.

Guangming Dairy (600597) 19th Quarterly Report Review: Room Temperature Milk Stops Displacement, Multiple Factors Promote Performance Over Expectations

Guangming Dairy (600597) 19th Quarterly Report Review: Room Temperature Milk Stops Displacement, Multiple Factors Promote Performance Over Expectations

First, the event overview The company released the three quarterly report of 19 years.

Reporting information, the company achieved revenue of 171.

37 trillion, ten years +8.

25%, net profit attributable to mothers4.

44 trillion, ten years +11.


Second, the analysis and judgment of performance exceeded expectations, room temperature milk terminated 17 years since the replacement trend 19Q1-3 companies realized revenue 171.

37 trillion, ten years +8.

25%, equivalent to 60 in Q3 single quarter revenue.

4.7 billion yuan, +18 per year.

86%, the growth rate increased significantly from the previous quarter; 19Q1-3 companies achieved net profit attributable to mothers4.

44 trillion, ten years +11.

27%, equivalent to Q3 single quarter net profit attributable to mother, 76.58 million yuan, every +29.

70%, the growth rate also increased significantly.

Overall, the company’s performance in 19Q3 exceeded market expectations.

In terms of products, the significant improvement in 19Q3’s performance was mainly due to the volume of liquid milk products. The liquid milk business of 19Q3 achieved 38 in revenue.

32 ppm, +17 a year.

23%, of which Q3 room temperature dairy enterprises steadily rebounded and achieved positive revenue growth, stopped the decline since 17 years, low-temperature milk continued to increase volume; Q3 other dairy products achieved revenue of 15.

41 trillion, ten years +28.

38%, a significant increase from the previous month; animal husbandry products recorded revenue4.

26 trillion, ten years +0.

23%; by region, the Shanghai region achieved revenue of 16 in 19Q3.

21 ppm, +28 a year.

56%, revenues outside Shanghai achieved 31.

2.6 billion, +6 per year.

71%, driven by the volume of new Wright, overseas revenue 12.

5.6 billion, previously significantly +44.


Rise in raw milk prices and lower gross profit margins of overseas subsidiaries to reduce gross profit margins; lower sales expense ratios and net profit margins to increase against the trend; gross profit margins: The company’s gross profit margin was 32 in 19Q1-3.

20% a year -1.

33%, Q3 single quarter gross margin was 31.

11%, twice -2.

54%, mainly due to the increase in the price of raw milk + the replacement effect of the new Wright’s low gross profit bulk powder business; net profit margin: 19Q1-3 company’s net profit margin3.

58%, ten years +1.

07%, of which Q3 single quarter company net interest rate is 1.

71%, ten years +0.

35%, against the background of a significant reduction in gross profit margin, the net interest rate rose against the trend, mainly due to the decline in sales expense ratio: 19Q3 company’s sales expense ratio fell -3.

09%, we judge that this is mainly due to the optimization of the company ‘s advertising expenses. This year, the company began to optimize the structure of advertising expenses, increased the aerial expense of relatively normal temperature products, reduced the cost of low-cost expenses, and improved the efficiency of advertising.In terms of expense ratios in other periods, the company’s management / R & D / financial expense ratios increased by +0 in 19杭州桑拿论坛Q3.18% /-0.

02% /-0.


At room temperature, fresh products are coming together, and we are optimistic about the company’s performance. In terms of room temperature milk, products, channels, and marketing are three-pronged. We look forward to returning room temperature milk revenue to the growth track in the second half of 19th.

Product side: In response to the aging problem of Moslien room temperature yogurt products, the company upgraded the product from two aspects of taste and packaging. The new Mosslian has richer flavors, more exquisite packaging, and good terminal feedback.Pressing orders is conducive to increasing the sales enthusiasm of distributors and promoting the healthy development of channels. Marketing: After the new chairman comes to power, the company gradually began to tighten the cost of the 重庆耍耍网 company, reduce the adjustment of the fee structure, and increase the issuance of air temperature milk at room temperature.On May 29, 2019, the company hired the popular star Liu Haoran to become the new spokesperson for its room temperature yogurt Moslian, demonstrating the company’s determination to revitalize the room temperature yogurt Moslian.

In terms of fresh products, we are cultivating low-temperature products based on local conditions in East China base camp and are optimistic about the steady growth of fresh products.

Third, the investment proposal estimates that the company’s operating income in 19-21 will be 231.

05 ppm / 256.

00 ppm / 285.

4.5 billion, ten years +10.

1% / 10.

8% / 11.

5%; net profit attributable to listed companies is 4.


5.2 billion / 6.

14 trillion, +30 a year.

5% / 23.

7% / 11.

3%, equivalent to 0 EPS.

36 yuan / 0.

45 yuan / 0.

50 yuan, corresponding to PE is 29X / 23X / 21X.

Based on the wind consensus forecast data, the overall dairy sector is estimated to be 27 times in 2019. The company’s forecast is basically consistent with the industry. Considering that the three ends will help normal temperature milk return to the growth trajectory, the price increase + structure upgrade will help the stable growth of low temperature milk to meetThe progress of new products has gradually increased the company’s performance, and it is expected that the company’s performance growth will be faster than the industry average in the future.

In summary, maintain the “recommended” level.

4. Risk Warning: Raw milk price rises more than expected, room temperature milk performance is lower than expected, environmental protection risks, food safety risks

Everest, Tibet (600338): Underestimation + high growth + high margin of safety

Everest, Tibet (600338): Underestimation + high growth + high margin of safety
The company released its semi-annual report for 2019, with operating income for the first half of the year8.800 million, net profit attributable to mother 3.5 ‰, a year-on-year decrease of 34%, reaching a total income of 0.38 yuan, 0 in the same period last year.58 yuan. Falling prices and falling production dragged down profits in the first half of the year: In the first half of the year, the company’s beneficiation capacity was 142.Developed and completed long-term plans.28%, an increase of 3 a year.58%.Concentrate metal content 6.23 for the first time, downgrading by 3 every year.12%.The decline in the amount of metal was mainly due to the aging of equipment in the workshop of a selection plant, and the recovery rate decreased.The company has started the installation and commissioning of the supplementary high-pressure roller mill series that has initially improved the 都市夜网 beneficiation recovery rate, and will be put into production before the end of September this year.At the end of June, a new plant of 100 mm / year was built and put into production.This will ensure that this year’s production plan is completed as scheduled.In 2019, the initial planned mining volume is 353, and the beneficiation treatment volume is 330 cathodes; the production volume of lead, zinc, copper, and silver metal is 15.4 Positive electrode, of which lead 6.3 cobalt, zinc 8.8 cobalt, copper 0.3 ore, 99 tons of silver, lead and zinc metal increased by 34% and 7% respectively; “Cash Cow” Tazhong Mining entered three years and doubled: the company will use about 3 years to double the annual processing capacity of TazhongIchiban to 600 initial.In the first year of this year, the new 100 initial / annual plant has been put 重庆耍耍网 into production.Assuming that the price of the main product is flat at the average price from the beginning of this year to the present, this year’s calculation tower is expected to achieve 8.500 million net profit, doubled after three years, profitability doubled.The current LME zinc price has dropped to the center of 2010-2014, and it is expected that there is limited room for further decline in the future. The SDLA project in Argentina is progressing smoothly, and lithium salts are expected to enter the market during the year: In the SDLA project in Argentina, a salt field (evaporation pond) with an annual output of 2,500 tons of LCE has been constructed and put into production. It is expected that lithium salt products will enter sales during the year.The company plans to expand the annual capacity of 25,000 tons of lithium carbonate equivalent to the existing capacity of 2,500 tons of lithium carbonate equivalent.The key work in 2019 is to obtain the application for the EIA license, and the full-scale construction of the Yantian infrastructure project. Maintain “Highly Recommended-A” rating.Excluding Tazhong’s mining expansion and SDLA project launch, the company is expected to have a net profit of 8-20.1/9.2/9.300 million, corresponding to a price-earnings ratio of 13, 12, and 12 times. Non-ferrous resources stocks are estimated to provide the company with a safe margin.Maintain “Strongly Recommended-A” investment rating; risk warning: sharp drop in lead and zinc prices, sharp drop in lithium carbonate prices dragged down plate valuations, Tajikistan and Argentina political risks, SDLA projects and mining safety risks in Tazhong, exchange rateRisks. Expansion project progress is less than expected.

Hongfa shares (600885): Acquisition of Haila Automotive Electronics accelerates overseas expansion

Hongfa shares (600885): Acquisition of Haila Automotive Electronics accelerates overseas expansion

Maintain overweight rating.

The EPS for 2019-2021 is maintained at 0.

96, 1.


33 yuan, maintaining a target price of 35.

93 yuan to maintain the overweight level.

The acquisition of Haila Relay-related businesses and assets further strengthened the Company’s competitiveness in automotive relays.

Hongfa Holding Sun Company Hongfa Automotive Electronics intends to invest 92.4 million yuan to purchase 100% equity of Haila Automotive Electronics, as well as the inventory and production equipment assets involved in all relay business of Haila Electric; Hongfa will take over the Haila Group after the acquisition is completedAll relay operations worldwide (except aftermarket).

We believe the advantages of this acquisition to Hongfa will be reflected in the following aspects: 1) Further increase in market share: Hongfa’s current global market share of automotive relays is about 8%, and after this acquisition, the automotive relay market shareThe rate will be increased to 11%, further narrowing the gap with Panasonic and Tyco; 2) Accelerating the development of the European market: Hongfa Automotive Relays are mainly domestic cars and American cars, while Hella ‘s automotive electronics customers include Volkswagen, Audi, DaimlerLe, etc. will help the company accelerate the overseas expansion of automotive relays after the acquisition.

The high-voltage DC relay resonates at home and abroad.

The domestic share of the company’s high-voltage DC products has exceeded 40%, and the mass production share of the combined new projects will continue to increase; overseas customers have also designated Tesla, Volkswagen, Mercedes-Benz and other car companies, and subsequently passed the benchmark car company newWith the successive launch of models, the company’s high-voltage products are expected to maintain a rapid development trend at home and abroad.

Power relays are warming up as scheduled.

In 2019, the number of bids for the two batches of electricity meters of the State Grid was close to 75 million, which will increase by 35% in the future. By switching to a new round of smart meter replacement cycles and the launch of the Ubiquitous Electricity Internet of Things, the company is expected to benefit first by using more than 60% of the market in the State Grid.
Risk reminder: New energy vehicle sales are lower than expected, low-voltage appliances increase production capacity release is lower than expected

Industry Bad Shocked A-share Photovoltaic Sector Longji Shares and Other 10-Share Limits

Industry “Bad” Shocked A-share Photovoltaic Sector Longji Shares and Other 10-Share Limits
After the policy tightening, it is still impossible to predict the annual domestic photovoltaic demand caused a certain impact, but the industry still has an upward “catalyst” in the future.  Photo courtesy of Cao Enhui: Visual China On Friday (June 1), the three ministries and commissions of the National Development and Reform Commission, the Ministry of Finance, and the National Energy Administration formally issued a “Notice on Issues Related to Photovoltaic Power Generation in 2018” (hereinafter referred to as the “Notice”), New policies will be implemented for this year’s national photovoltaic power station construction scale and reduction of compensation intensity.As the policy became stricter and slightly exceeded market expectations, the discussion of the policy was heated for some time.  The above policy directly impacted the A-share photovoltaic sector today.At the end of midday, more than 70% of A-share photovoltaic concept stocks fell.Among them, Sunshine Power (300274.Shenzhen), Tongwei shares (600438.SH), Sanchao New Materials (300554.SZ), Foster (603806.SH), Chint Electric (601877.SH), Longji shares (601012.SH), Jingsheng Electromechanical (300316.Shenzhen), Linyang Energy (601222.SH), Dongxu Lantian (000040.SZ), Central Shares (002129.SZ) and other 10-share limit, Tony Electronics (603595.SH), Solar Power (000591.SZ) and other two shares fell more than 8%.  The “cold water” spilled from the above-mentioned “Notice” to the photovoltaic industry is mainly reflected in two aspects-First, strictly control the increase in installed capacity of photovoltaic power generation this year.The “Notice” states that the construction scale of ordinary photovoltaic power plants in 2018 is not scheduled for the time being.In terms of distributed photovoltaics, a scale of about 10GW is planned to support project construction this year.  According to statistics from various countries, from January to April this year, the number of newly installed grid-connected photovoltaic installations nationwide exceeded 11GW.Among them, the ground power station is about 2.32GW, distributed generator about 8.75GW.If it is used as a reference and combined with the requirements of the “Notice”, the domestic installed capacity of photovoltaics will increase this year.  Second, implement the new electricity price policy.The “Notice” pointed out that, starting from May 31, in addition to poverty alleviation projects, the grid-connected electricity prices of newly-connected photovoltaic power stations and the replacement of decentralized projects will be reduced by 0.05 yuan to 0 per kWh.5 yuan, 0.6 yuan, 0.7 yuan (including tax) and 0 per kWh.32 yuan (including tax).  At this stage, supplementation is an important source of revenue for excess photovoltaic companies.According to the photovoltaic power plant construction cycle and past “6.30” rush installation tide experience, some companies plan to arrange the grid connection time of some generators before June 30, resulting in missed opportunities to continue to enjoy the old electricity price policy.  UBS Securities China public utilities, new energy and environmental protection industry analyst Liu Shuai said that the starting point for this policy formulation is threefold.He predicted 杭州夜网论坛 that according to the impact of the policy, the annual increase in the installed capacity of domestic photovoltaic power generation will be reduced from 45-50GW to 31-37GW.  However, the tightening of the policy will still cause a certain impact on the annual domestic photovoltaic demand, but the industry still has an upward “catalyst” in the future.  Liu Shuai believes that, firstly, the policy is to “do not arrange” the scale of construction, and it does not rule out that the scale will restart after the situation improves; secondly, the parity will go online or exceed expectations, and the industry will be further integrated; further, it is possible that provinces and cities with photovoltaic manufacturing mayLocal support is expected; in the end, photovoltaic installations that do not need to be supplemented and overseas demand growth will exceed expectations.  The research report released by China Merchants Securities also believes that overseas demand will grow rapidly in the future, the global market has some support, and efficient products will benefit relatively.

Common People (603883): Promote the nationwide layout of both software and hardware

Common People (603883): Promote the nationwide layout of both software and hardware
Brief evaluation of performance The company released its 2018 annual report. In 2018, it realized operating income, which was attributed to the net profit of the mother, and after deduction, it was returned to the net profit of the mother 94.7.1 billion, 4.3.5 billion, 4.16 trillion, an increase of 26.26%, 17.32%, 20.twenty two%. The company released the 2019Q1 quarterly report. 2019Q1 achieved operating income, net profit attributable to mothers, net profit attributable to mothers after deduction 27.2.7 billion, 1.5.9 billion, 1.460,000 yuan, an annual increase of 23.37%, 22.13%, 16.01%. Business analysis continues to advance the country’s layout, and the East China region has grown rapidly: As of the end of the 2019Q1 reporting period, the company has 3,466 directly operated stores and 749 franchised stores, and its operating network covers 21 provincial markets, making it a national medical chain leader.In 2018, the company further cultivated key provinces, among which the revenue in East China increased by 47.16%, regional development is more balanced. Layout of prescription outflow, DTP pharmacy development bright.The company undertakes outflow prescriptions through DTP pharmacies, hospital side store layouts, and chronic disease management. Among them, the number of DTP pharmacies, the number of varieties, and all of them have shown a rapid development trend, which doubled in 2018 the previous year. Implement the performance stock incentive plan to form a long-term incentive mechanism for core talents: the plan covers a total of 207 people. The assessment index is based on the 2018 net profit.The previous growth rates were not less than 20% and 20 respectively.83%, 17.24%, with higher assessment indicators, helping to bind employees’ interests and promote performance growth. Issuing convertible bonds to enhance logistics and informatization capabilities: The company issues convertible bonds3.2.7 billion, used for the construction of medical and health industrial parks and the construction of a large health and smart service platform, which will help develop and upgrade the company’s hardware facilities to adapt to future better development. Earnings forecast and investment advice Under the two major industry trends of increased concentration and prescription outflow, the company has actively deployed.In addition, the company issues convertible bonds on hardware to improve logistics and informatization, and implements distribution incentives on software to bind employee rights.As a nationwide leading pharmacy chain company, we give the company an EPS of 1 in 2019-2021.89/2.29/2.76 yuan, corresponding to PE 32/26/22 times, maintaining the overweight level. Risks indicate uncertainties 深圳桑拿网 in outbound mergers and acquisitions; pre-expected side-by-side stores; risks of same-store growth at old stores; extension of new store incubation period risks; medical insurance payment prices are potential risks for pharmacy product prices.

Zhaoyan New Medicine (603127): Stock Incentive Plan Launched with High Growth Expected

Zhaoyan New Medicine (603127): Stock Incentive Plan Launched with High Growth Expected

The company’s 2019 stock budget and budget stock incentive plan include two parts: the stock budget incentive plan and the alternative stock incentive plan, which are planned to be awarded 124.

90,000 stock budgets, with a grant price of 48.

11 yuan; it is planned to grant 450,000 shares of stock at a price of 24.

06 yuan.

A total of 243 incentive targets are included in this plan, including: 5 directors and senior executives; 238 core technical (business) backbones.

Granted a stock budget of 0 per capita.

470,000 shares, per capita granted to long-term stock 0.

330,000 shares, can get both budget and supplementary shares.

The company currently has 817 people, 杭州桑拿网 covering a wide area, reaching about 30%.

The exercise period is three years, and the three-year exercise period is 50%, 30%, and 30%.

The assessment targets are 19, 20, and 21, which require income to increase by 30%, 69%, and 119 over 18 years, respectively.

7% can also be understood as an annual increase of 30%.

We believe that the company’s production capacity has been released rapidly in the past two years, and there is little pressure to reach this target.

This equity incentive is conducive to further establishment, perfecting the company’s long-term incentive mechanism, attracting and retaining outstanding talents, fully mobilizing the enthusiasm of senior executives and core technology (business) backbones, and effectively bringing shareholders ‘interests, company’s interests and operators’ personal interestsintegrate.

It is estimated that the total amortization expenses will be 15.95 million, which will be 371/864/281 / 780,000 in the next four years from 19 years. The estimated inventory is expected to affect the net profit growth rate by 3-4 percentage points this year and the net profit growth rate by about 5 yearsSingle, little impact.

The demand-side boom is very high, and the production capacity of new drugs has been released in large quantities this year and next.

From the perspective of company orders, orders are significantly larger than operating income.

In the middle of 2018, Beijing + Suzhou Animal House will be about 18,000 square meters (excluding quarantine). At the end of 2018, about 10,000 new animal houses will be added in Suzhou, and another 3,000 square meters will be occupied.

It is expected that the maximum production capacity of the new animal house in two years can be used up, so the production capacity will be fully released this year and next.

Whether future production capacity is needed can be further expanded.

Earnings forecast and investment rating The company’s EPS for 2019-2021 is expected to be 1.



07 yuan, corresponding to 48 for PE.



2. Give the company a “Buy” 佛山桑拿网 rating.

Risk Warning: Large CROs Entering Competition

Star Semiconductor (603290) In-Depth Report: Domestic IGBT Leader Enjoys the Bonus of Electrification of Automobiles

Star Semiconductor (603290) In-Depth Report: Domestic IGBT Leader Enjoys the Bonus of Electrification of Automobiles

Local IGBT leader, domestic alternative vanguard.

The company is a domestic IGBT leading manufacturer, ranking eighth in the global IGBT module market, and is the only mainland IGBT manufacturer in the top ten in the world.

The company has independent IGBT module and chip design capabilities, and its products have widely expanded industrial control, power supplies, new energy vehicles, new energy power generation, and home appliance markets.

Automotive electrification drives high growth in the IGBT market, with a compound growth rate of 19 in the next five years.


IGBT modules play an important role in the field of new energy vehicles, and are the core components of new energy vehicle motor controllers, vehicle air conditioners, charging piles and other equipment.

According to the latest data from Infineon, the use of power semiconductors for pure electric vehicles amounts to US $ 350.

In automotive applications, IGBTs account for more than 70% of power semiconductor consumption.

It is estimated that the power semiconductor consumption of electric vehicles will reach 2.8 billion US dollars by 2020, and will increase to 12.5 billion US dollars by 2030.

Photovoltaic power generation has entered the era of parity on-grid, and the outbreak of installed capacity has driven the growth of the IGBT market.

In 2019, the era of photovoltaic parity access to the Internet started, and installed capacity maintained rapid growth.

According to the National Development and Reform Commission’s Energy Institute plan, by 2025, the total installed photovoltaic capacity will reach 73GW, an increase of about 65% in 2018.

Frequency conversion of home appliances increases IGBT usage.

Frequency conversion appliances have the advantages of energy saving and high efficiency. At present, the trend of continuous frequency conversion of air conditioners, refrigerators and washing machines.

The frequency conversion process requires the use of IGBTs as the core device for regulating compressor or motor conversion. The expansion of conversion frequency 深圳spa会所 conversion home appliances, the IGBT market for home appliance applications will maintain rapid growth.

Industrial control has a wide range of domestic alternatives, and the company has ushered in harvesting for many years.

The industrial control IGBT market has the characteristics of multiple application subdivision directions and large differences in product performance requirements.

The industrial control market is the company’s largest downstream application, with sales accounting for more than 75% in 2018.

The industrial IGBT market is dominated by foreign manufacturers such as Mitsubishi, Infineon, and ON Semiconductor, and the localization rate is reduced.

Investment suggestion: The company is a domestic IGBT subdivision leader, with independent design capabilities of chips and modules, and is expected to 南京桑拿网 enter a new round of high-growth stage under the tide of automotive electrification.

It is expected that the company’s revenue for 2019-2021 will be 7 respectively.

4.5 billion, 8.

6.2 billion, 10.

2.4 billion yuan, net profit attributable to listed companies was 1.

2.8 billion, 1.

7.1 billion, 2.

3 billion US dollars, the corresponding price-earnings ratio is estimated to be 31/23/17 times, respectively, for the first time coverage, given a “recommended” rating.

Risk reminder: the risk of mass production of automotive product certifications falling short of market expectations; the risk of weakening the inverter market due to macroeconomic changes; the risk of product development falling short of market expectations.

Golden Circle (000546): New Golden Leaf shift drags performance and waits for reserve capacity release

Golden Circle (000546): New Golden Leaf shift drags performance and waits for reserve capacity release
This report reads: In 2019, the company’s building materials business maintained a steady growth trend. The environmental protection business was dragged down by the performance of the new golden leaf, but the performance of harmless capacity was excellent.The future performance elasticity comes from the maximum increase in the supplementary capacity and the release of reserve capacity. Investment points: Investment advice: Maintain the company’s 2019-2021 profit forecast, and the attributable net profit is: 6.0.5 billion, 7.5.2 billion, 8.4.6 billion.The corresponding EPS are 0.85 yuan, 1.05 yuan and 1.18 yuan.Target price is maintained at 11.84 yuan / share, maintain “overweight rating”. 2019H1 performance increased 12% in the first half of the year: revenue for the first half of 2019 was 32.3.6 billion, a decrease of 10% previously, attributable net profit1.90 trillion, an increase of 12% in ten years.① Steady growth of building materials business: revenue 10.$ 4.1 billion, a decrease of 2% a year, attributable to net profit1.3.6 billion, an increase of 6% a year.② Environmental protection business: Revenue 21.900 million, a decrease of 13% previously, attributable net profit of 0.5.4 billion, down 21% previously. The growth rate of new Jinye’s 杭州桑拿网 performance has dragged its performance slightly higher than expected: The new Jinye, which is the target of Huofa Metal Resources M & A acquired by the company in 2017, has 19H19 revenue.3.2 billion, previously downgraded 18%, net profit 0.20 ppm, a drop of 75% ten years ago, significantly slowing down the 2019H1 performance growth.However, the hazardous waste waste harmless sector performed well, and the net profit of Guannan Jinyuan was 0.3.6 billion, an increase of 78% previously.Xuzhou Hongyu net profit 0.3.4 billion.The ramp-up progress of the harmless new production capacity was in line with expectations. The performance elasticity of 2019 comes from the release of hazardous waste reserve capacity: in 2019, the company newly added the Sanming project (3.75s / year), Jiangxi Huiying Project (13.27 pounds / year), Tongling Golden Circle received EIA approval (5 digits / year).In addition, the construction progress of the Tianhui Longyuan project (10 initial / year for hazardous waste, 20 initial / year for sludge) and 70% for Jining project (7 plans / year). The increase of the maximum production capacity and the gradual increase of the reserve capacity are gradually released, which are the core drivers of the company’s 2019 performance growth. Risk warning: The pace of hazardous waste reserve capacity expansion is uncertain. If the hazardous waste capacity is saturated in some regions, the price of hazardous waste collection and storage will fall.

Zhejiang Pharmaceutical (600216): Profits improved significantly, core varieties help maintain high prosperity

Zhejiang Pharmaceutical (600216): Profits improved significantly, core varieties help maintain high prosperity

Summary of the report: The company recently released its semi-annual report for 2019, reporting a total of 35 revenues in two years.

86 ppm, a five-year increase of 5.

69%; net profit attributable to mother 2.

800 million, down 40% previously; 2 after deduction.

2.2 billion, down 52 every year.


杭州夜生活网 Benefiting from the increase in prices of core products, the company’s Q2 performance increased, and the chain’s performance improved. Benefiting from the increase in core products’ VA and VE prices, the company’s profit in Q2 2019 improved significantly, and the actual growth was over 80%.

The company’s endogenous net profit for 2019Q2 is approximately 1.

50,000 yuan, 2019Q1 actual endogenous profit is about 0.

800 million (2019Q1 net profit1.

(US $ 2.4 billion, after deducting approximately 40 million in proceeds from the sale of Xianyu shares).

VA will still maintain a high boom, VE is expected to usher in a long-term growth, and other preparation products are steadily growing. VA is one of the company’s core profitable categories, with revenue in 2019H1 3

10,000 yuan.

VA synthesis industry has a long-term industry 杭州桑拿网 chain, high technical barriers, and a stable new-type competitor for many years.

In October 2017, the fire at BASF’s German factory caused the price of VA to skyrocket, reaching a maximum of more than 1,400 yuan / kg. After the recovery of BASF’s production capacity, the price dropped rapidly.

Affected by the overall vitamin market sentiment earlier this year, the price of VA increased slightly, and the current offer is about 370 yuan / kg.

In June of this year, the cooling system accident at BASF’s German plant caused an inability to resume production during the year and dragged down the progress of new production capacity. Supply continues to shrink, and VA prices will still maintain a high degree of prosperity; VE’s production capacity is about 16,000 tons, which has basically reached full production.Income 6.

66 trillion (synthetic VE).

In 2017, the environmental protection inspector showed a staged market for the price of VE. Later, due to the expansion of Nentec technology, the price dropped to a low point, and it is still at a low level. The latest offer of VE (50%) is 49 yuan / kg.

Recently, the integration of NENT and DSM is expected to be completed. It is expected that the production and maintenance will be suspended in September. The integration of production capacity on both sides will help stabilize market order and restore price control. VE prices will usher in a long cycle and are expected to continue to increase in the future.

The company’s other preparation products maintained steady growth.

2019H1 Vancomycin Revenue2.

13 ppm, an increase of 24 in ten years.

26%; income for teicoplanin 1.

26 ppm, an increase of 19 in ten years.


Research and development are progressing steadily, and internationalization and innovation are gradually reported. Levofloxacin tablets have completed the process verification. Engleli net drug substances and tablets have completed process development. Linezolid glucose injection and levofloxacin lactate tablets have been approved.

Consistent evaluation of teicoplanin for injection, miglitol tablets, and levofloxacin lactate tablets.

In addition, the company applied for the FDA listing of vancomycin and daptomycin in the 505b2 mode while it was steadily progressing.

Profit forecast and investment rating: Benefiting from the increase in VA and VE prices, the company’s Q2 performance in 2019 has improved significantly. We raise our profit forecast and expect the company’s net profit to be 5 in 2019-2021.


24 and 7.

USD 6.2 billion, optimistic about the company’s transition from vitamin raw materials to international preparations and innovative drugs, maintaining the “highly recommended” level.

Risk warning: the risk of fluctuations in the price of the drug substance; the risk of sales falling short of expectations; other risks.