Dongzhu Ecology (603359): 18Q4 performance stabilized and rebounded, debt ratio increased

Dongzhu Ecology (603359): 18Q4 performance stabilized and rebounded, debt ratio increased

The performance of 18Q4 stabilized and rebounded, and operating cash flow was reduced due to financing environment. The company realized operating income in 201815.

9南京桑拿网 .4 billion, an annual increase of 30.

2%; net profit attributable to mother 3.

2.6 billion, an annual increase of 34.


By quarter, Q1-Q4 achieved revenue of 3 respectively.




1.4 billion US dollars, respectively increased by 52% / 68% / 2% / 12%; Q1-Q4 respectively achieved net profit return to mother 0.




US $ 8.5 billion, with changes of +65% / + 87% /-17% / + 24% in one year, Q4 performance stabilized and rebounded.

The company’s 18-year gross margin / net margin was 28 respectively.

2% / 20.

4%, down by 0 in the earlier 17 years.



The net cash flow from operating activities was -7041 million (17.53 million yuan in 17 years). The decrease in net operating cash flow was mainly affected by financing environment factors, but the gradual replacement of the financing environment continued to improve, and the company’s future cash flow is expected to improve.

The company’s 18-year cash-to-cash ratio and cash-to-cash ratio were 44.

1% / 46.

7%, down 11 in the previous 17 years.


7pct, indicating that the company’s average share of upstream and downstream share of the company increased, but the cash payment ratio decreased.

At the end of 18 years, the company’s assets and liabilities were reinjected.

6%, an increase of 6 from the bottom of 17.

  The revenue of municipal road greening business has grown significantly. In terms of cash redundancy, the company’s ecological wetland business / municipal road greening business achieved operating income respectively.


3 ‰, a year increase of 24% / 92%; gross profit margins were 29.

1% / 27.

2%, a change of +1 from 17 years.

twenty one.

6 points.

By region, the Central China region achieved operating income8.

US $ 600 million, a substantial increase of 372% previously, mainly due to the company’s newly signed “Rungan G328 National Road City Sectional Upgrade Project” in Central China, “Dengzhou Tuanhe National Wetland Park and Shelter Forest Construction Project”, “Dengzhou 穰”Deng Avenue Greening Project” and other projects (company annual report).

According to the business data announcement, the company’s new bid projects in 18 years / new year projects were 30.3/25.

800 million yuan, the company’s 19Q1 new bid projects / new year projects were 32.


50 ppm, a year-on-year increase of 277% / 131%; in the end, the company’s new winning projects / new subdivision projects were 73.


5 billion.

The company is currently in cash12.

300 million US dollars, accounting for about 26% of total assets, supplemented by excessive cash on hand, subsequent changes in the financing environment to further improve, the company’s new gradual advancement of continuous growth.

  The purchase of the first phase of the employee stock ownership plan was completed. Caijin Document No. 10 helped to promote the implementation of equity incentives in the first half of 18 years for standardized companies in the industry. Performance conditions are that the net profit in 2018/2019/2020 will not increase compared to 2017.At 80% / 170% / 251%, that is to reach 4, respectively.



5 billion.

In addition, according to the company’s annual report, the company’s 2018 first phase of employee shareholding plans to gradually purchase the company’s stock 221.

60,000 shares with a turnover of approximately 3582.

500,000 yuan.

The company’s equity incentive plan has relatively high conditions. The recent completion of the first phase of the employee stock purchase plan has demonstrated the company’s confidence in its own development.

The recent Finance Document No. 10, “Implementation Opinions of the Ministry of Finance on Promoting the Cooperative Development of Government and Social Capital Regulations” was issued, calling for effective prevention and control of hidden debt risks of local governments, and it was clear that “regulated PPP” will not form “government hidden debts”””, The quality and landing rate of newly signed projects may be further improved, which is good for leading PPP industry companies with stable performance and standardized projects.

  Earnings forecast and investment rating In 2018, the financing environment was poor, and under the circumstances of PPP liquidation, the company’s performance still achieved steady growth, which demonstrated the company’s control of project risks.

In addition, the company’s recent new orders have increased significantly, supporting the company’s future revenue and performance growth.

It is estimated that the company’s net profit attributable to the mother in 19-21 will be 4 respectively.



20,000 yuan.

The company’s current PE (TTM) 南宁桑拿is about 20 times, and the average PE (TTM) of A-share PPP garden enterprises is 24 times. Considering that the company’s performance and growth are better, we give the company 17 times PE in 19 years, and the company’s 19 year EPS is expected to be1.

43 yuan / share, the corresponding reasonable value is about 24.

3 yuan / share, maintain “Buy” rating.

  Risk reminder: investment in fixed assets is less than expected, project progress is less than expected, exchange rate risk, goodwill impairment risk, investment merger and acquisition risk, repayment risk, etc.

Changan Automobile (000625): Changan Ford sounds its horn to enter the luxury car market

Changan Automobile (000625): Changan Ford sounds its horn to enter the luxury car market
Event: Changan Ford’s first domestic Lincoln adventurer launched low-key pre-sale, pre-filled: 24.8-35 million yuan, standard 2.0T high-power engine, length 46 meters, wheelbase 2.At 7 meters, the sword refers to the luxury brand compact SUV market. 1. Low-key start of pre-sale but outstanding product power.As the debut product of domestic Lincoln, the adventurer has adopted the new Lincoln family shape and interior design, leading most competitors 1-1.5 years.Strong product power is expected to improve the distance between Lincoln brand power and other competing products. We predict that monthly sales are expected to reach zero after stabilization.3-0.40,000 units. 2. There are many opportunities in the luxury small SUV market.Traditional luxury SUV competition is mainly concentrated in the medium and large SUV field, but in recent years, the supply of luxury compact SUVs has gradually become sufficient. Luxury compact SUVs represented by BMW X1, Audi Q3 and Mercedes-Benz GLA continue to drive market expansion.The advent of adventurers is that while competing products compete for the market, it is expected to continue to expand the market segment capacity. 3. The follow-up domestic Lincoln product line will continue to expand. Lincoln ‘s lower-limit domestic Cadillac will continue to challenge Lexus.After the adventurer, the navigator and the pilot will also be localized one after another, and the next two years are expected to become the key for Lincoln to open the domestic luxury car market.Ford and Lincoln’s product strength in the SUV market,杭州桑拿 and the ever-changing luxury car market, Lincoln is expected to become one of the second-tier luxury brand leaders. 4. The road to high-end Changan Ford opens, and more China can be more successful.In the past, Changan Ford battled the domestic market with the single foot of the Ford brand. With Volkswagen, GM changed the recognition speed of almost all domestic brands in China. Changan Ford’s high-end road is relatively backward. Domestic Lincoln managed to surpass Changan Ford’s high-end productsTo implement Changan Ford’s more medium-term strategy in China. After the high-end, Changan Ford will reduce its dependence on sales, which is also the best way to effectively respond to the overall competition in the domestic market. Investment suggestion: We expect Changan Automobile’s net profit in 2019 and 2020 to be US $ -11北京夜网.38 billion, which currently corresponds to 12 times the dynamic PE in 2020.Changan Ford and Changan Autonomous will start a two-year product cycle. Under the two-wheel drive, the high-performance elasticity of Changan Automobile has gradually turned into market recognition.Maintain “Buy” rating. Risk warning: New car sales are less than expected, industry sales are less than expected

British media-two Chinese tourists arrested at Nazi ceremony in front of German Bundestag

British media: Two Chinese tourists arrested for Nazi rites in front of German Bundestag
German National Assembly Building[Global Report]According to the British “Guardian” reported on August 6, tourists entering China were stopped by German police because of Nazi rituals at the door of the German National Assembly building.  Police in Berlin said they had intercepted the Chinese men, aged 36 and 49, after seeing them make stunning Nazi gestures and snap snapshots of each other with their smartphones.  Police said in a statement that the two faced charges of using illegal organization symbols and were released after paying 500 euros in bail each.  Germany has strict legal restrictions on hate commentary and Hitler and Nazi-related symbols.Hitler and the Nazis ruled Germany between 1933 and 1945.  It is reported that the German Reichstag is a symbol of strength in Germany. It was burned down by arsonists bought by the Nazis in 1933.  The University of Sydney was surprised to find the “Kill Chinese” graffiti with a Nazi logo. A week ago, humiliating China posters forbidding Chinese students from entering the campuses of universities such as the University of Melbourne and Monash University.Now, the University of Sydney is again 天津夜网 surprised to kill the Chinese message.SBS TV reportedly reported on August 1 that on the first day of the University of Sydney, students found the word “KILL CHINESE” on the opening of the men’s bathroom of the school’s international student room.Along with the text is a symbol of the Nazis. Original Title: British Media: Two Chinese Tourists Arrested for Nazi Rites at the Door of the German Bundestag

GAC Group (601238): Chuanqi is higher than the previous month

GAC Group (601238): Chuanqi is higher than the previous month

The company’s recent situation GAC Group released a December production and sales report, with monthly sales of 186,041 vehicles, which were basically flat, down 4 from the previous month.


Realized sales of 206 in 2019.

20,000 vehicles, down 4 each year.


Comments on GS4 drove Trumpchi’s sales volume to continue to rise.

GAC Trumpchi sold 3 in December.

90,000 vehicles, still down 21 in the future.

7%, but the chain continued to rise from October to December.

Initial sales of 38.

50,000, at least -28.


In terms of different models, the GS4 was released in November and achieved sales of half a month.

10,000 vehicles, according to the weekly data of the Federation, we expect its sales in December to be 1.

50,000 vehicles have already reached the monthly sales expectations of the Air Force Company and the market, and the increase rate is fast.

Among other models, the total sales volume of MPV vehicles GM6 / GM8 was 6,000, which is relatively stable, while the sales of SUV models GS8 / GS7 / GS5 and GS3 have increased, and the sales of sedan GA6 has stabilized at 1500-2000 units.

From January to November, Chuanqi gradually cleared the inventory of 60,000 vehicles, the level of the total channel inventory level, the discount of the replacement / remodeling terminal narrowed substantially, the GS4 terminal performed better, and there is no discount (the discount for the old aircraft is 15-20%), The GS8 discount is about 5% (the old rocket is 10%).

Therefore, we believe that the profitability of GAC 深圳桑拿网 passenger cars is expected to recover, and better sales growth in the future, it is still necessary to have a variety of high-end models in various market segments such as SUVs and automobiles, and more flowers.

The sales volume of the joint venture brand was stable, and Guangfeng performed well.

Guangben, Guangfeng’s highest sales recorded a positive growth, and both exceeded their predetermined sales targets. Guangfeng’s sales in December increased (low base last year). Guangxi Mitsubishi and Guangfei’s sales strengthened sequentially.

Specifically, Guangfeng’s December sales were 5.

80,000 vehicles, +37 per year.

5%, -15 MoM.

0%, with expected sales of 68.

20,000 vehicles, +17 per year.

6%; Guangben’s December sales were 6.

30,000, at least -8.

4%, compared to -8.

6%, with expected sales of 77.

四川耍耍网10,000 vehicles, +4 per year.


Among the core models worth noting, Toyota Camry, Ralink and CH-R all achieved significant sales growth in December, and Honda Accord sold 1 in December.

50,000 vehicles, + 5% per year, limited by the recall. Haoying sold more than 7,000 vehicles in the first month of its official launch. With reference to the performance of CR-V, we believe that monthly sales have reached 1-1.

50,000 vehicles are more confident.

The company plans to launch Toyota ‘s new SUV, the Wilanda, in April this year. Two heavy new vehicles will help the Japanese to grow steadily.

Estimates suggest that the current GAC A / H corresponds to 12/9 times P / E in 2020.

Maintain the profit forecast for 2019/2020. The profit forecast for 2021 is 11.5 billion yuan.

Maintain Outperform rating and maintain GAC A target price of 13.3 yuan, based on the sector’s estimated center move up, raise GAC H’s target price by 12% to 11 Hong Kong dollars, corresponding to 14/10 times 2020 P / E, which has 11% / 12% upside compared to current prices.

Demand in the risk car market continued to decrease; new car sales fell short of expectations.

Ping An of China (601318): I9 drives a significant increase in the rate of profit explosion

Ping An of China (601318): I9 drives a significant increase in the rate of profit explosion

Event: The company released the 2019 first quarter report, realizing net profit attributable to shareholders of the parent company of USD 45.5 billion, a long-term growth of 77.

1%, the corresponding EPS is 1.

91 yuan / share; the net assets attributable to shareholders of the parent company were 599.9 billion US dollars, an increase of 7 from the earlier period.

6%, corresponding to a BVPS of 32.

77 yuan / share.

Investment Essentials Net Profit +77.

1% was slightly higher than expected, mainly due to the I9 system’s enlarged investment income growth rate: The company implemented I9 in 18 years (implemented by the industry in 2021), and the “one positive and one negative” profit broke out under the influence of I9 (18Q1 low profit due to the stock market declineBase), 19Q1 stock market rose sharply, investment income increased), the total investment return rate under the I9 system is 5 years.

1%, the total investment income of the income statement exceeds + 388% to 50.2 billion. If the original accounting system is used, the profit growth rate will 四川耍耍网 replace +4.

8%, corresponding to a total investment return of 3.


Q1 company net investment yield 3.

9%, an increase of 0 compared to the same period last year.


The main reason is that the incremental interest rate has increased since the second half of last year, and the incremental bond yield has increased. Last year, the company increased its investment in associates (2018 long-term equity investment +59.

6%), net income of associates / joint ventures increased by +21 in the first quarter

4% to 4.7 billion.

From the perspective of operating profit, after excluding the effect of changes in life insurance investment variation (+112.

7.5 billion), operating profit increased 21% to 341 per year.

1.9 billion, maintaining a steady and high growth rate.

NBV + 6.

1% was in line with expectations. 北京桑拿洗浴保健 The new unit price but NBVM increased, and the product conversion structure was optimized: the company’s new business value of life insurance was +6.

1% to 216.

4.2 billion, 10 new singles adjacent to the standard insurance.

Under the background of 8% to 58.8 billion, NBV still achieved growth, due to the increase of NBVM by 5 from the same period last year.

9 points to 36.

8%, mainly due to the optimization of the product structure of the 19Q1, reducing the low value rate of short-storage preservation products (replaced by the same period last year), which promotes long-term protection and long-term savings of mixed product sales.

Looking forward to the second and third quarters, the strategy of maintaining + long-term budget will still be maintained, but considering the base structure, the continuous increase in value rate is not expected to be as significant as the first quarter report.

In terms of agents, the scale of manpower was -7 earlier in March.

5% to 131.

30,000 people, due to the rapid increase in staff in the past few years, the current rate of increase has entered the stage of upgrading, and gradually, the size of agents is still achieving positive growth.

Net profit in property and casualty insurance increased by +77.

3%, but the rising cost rate caused pressure on underwriting profits and gains: the company’s property insurance business net profit increased by 77.

3% to 57.

9.5 billion (profit before tax +33.

8% to 75%.

2.5 billion), which is estimated to be due to the decrease in the program fee rate (improved the adverse effect of the increase in the 18-year fee exceeding the standard), but other expense rates of property insurance are expected to increase and the compensation rate is expected to remain stable.

Overall, the overall cost ratio has increased by 1 compared to the same period last year.

1 pct to 97% (Human Insurance 98.3%), underwriting profits remain under pressure.

In terms of premiums, property insurance premiums increased overall9.

5% to 692.

200 million, of which auto insurance +8.

4% to 478.

300 million, growth rate of short-term PICC (+3.

6%), CPIC (+6.


Earnings forecast and investment rating: Operating profit with life insurance as the core is stable and sustained high growth. Considering investment and NBV, EV growth in 19 years is about 25%.

On the whole, I9 is likely to amplify the volatility effect, and the increase in the value rate may be weakened, but the operating indicators are expected to change the industry across the board. It is estimated that the growth rate of NBV in 2019 will be 10 in 2020.

5%, 13.

1%. The current valuation of A shares and H shares is 1.

26, 1.

21 times 2019PEV, maintain “Buy” rating.

Risk reminders: 1) The subsequent sales of guaranteed products are less than expected; 2) The long-term interest rate expansion downward affects the investment end; 3) The investment income growth declines; 4) The uncertainty of the mechanism change.

Seven wolves (002029): The main brand Q2 has a solid performance in the low PB men’s leader

Seven wolves (002029): The main brand Q2 has a solid performance in the low PB men’s leader

Investment Highlights Event: The company announced an interim report, and revenue for 2019H1 increased by 6.

55% to 15.

5.5 billion, net profit attributable to mothers fell by 8.

42% to 1.

23 ppm; specific to Q2, revenue increased by 12.

4% to 6.

At 10,000 yuan, net profit attributable to mothers fell by 38% to 31.81 million yuan.

The seven wolves’ main brands are developing healthily offline, improving online, and the knitting business continues to be under pressure.

Spin-off of 19H1 revenue, of which the seven-wolf main brand offline revenue scale is 700 million +, and gradually achieve double-digit growth. Considering the high single-digit growth of 19Q1 offline, Q2 has accelerated its growth compared to Q1; the online revenue scale is 3 Billion +, slightly lower number deviation, Q1, Q2 performance is basically similar; in terms of knitting, the impact of channel adjustments continues, 19H1 revenue 3 billion + double growth in ten years, Q2 has expanded more than Q1.

In terms of financial data: Q2 revenue growth has accelerated from Q1 QoQ, and upward selling expenses have put pressure on profits.

In terms of profit, Q2 revenue increased by 12.

4% to 6.

1 ppm, a significant increase from the Q1 growth rate, which is related to the acceleration of the offline growth of the main brand of the seven wolves; the increase in Q2 gross profit margin also increased by 3.

2pp to 47.

8%, mainly due to the higher gross profit margin of the seven wolves main brand business sales ratio, the gross profit margin reset of the knitting business sales ratio decreased; in terms of expense ratio, Q2 sales expense ratio increased by 5.

4pp to 30.

4%, advertising promotion fees, service consulting fees, shopping mall management fees increased more than one year related to the launch of the Karl Lagerfeld brand, the increase in sales expenses led to an increase in the overall period expense ratio4.

0pp to 41.

2%, plus the scale of asset impairment losses has increased compared 合肥夜网 to the same period of the previous year, resulting in a continuous decrease in Q2 operating profit of 54% to 34.79 million yuan; at the same time, non-operating expenses decreased, increasing yield slightly decreased, and gradually decreased to the net profit of the mother less than businessProfit fell by 38% to 31.81 million yuan.

In terms of turnover and cash flow, receivables and inventory were digested healthily, Q2 account receivables and bills extended by 10% to 3.

50,000 yuan, the scale of inventory fell 2% to 8 every year.

0 million.

The negative cash flow from operating activities was mainly due to the fact that the operating expenses brought about by the increased advertising fees and business operating service fees of the company in 19H1 were more than last year.

Profit forecast and investment grade: In 2019, the company will still adhere to the steady development strategy. We expect the company’s revenue to increase by 6% / 9% / 8% to 37% in 19/20/21.



200 million, net profit attributable to mother increased by 2.

2% / 9.

9% / 8.

1% to 3.



2 trillion, corresponding to an estimated 13/12 / 11X, maintaining the “overweight” rating.

Risk Warning: Retail pressure, competition intensifies, single store revenue decreases, and exhibit stores are less than expected

AVIC Heavy Machinery (600765) First Coverage Report: Aviation Forging Leads Focus on Main Business Growth

AVIC Heavy Machinery (600765) First Coverage Report: Aviation Forging Leads Focus on Main Business Growth

This report reads: The company is a national aviation forging leader. The military and civilian trade business is expected to grow rapidly, and the fundraising and investment projects increase core competitiveness. With the replacement of inefficient assets, profitability has increased.

Investment highlights: Cover AVIC Heavy Machinery for the first time with a target price of 9.

8 yuan.

The company is a leader in high-level aviation forging and casting. The military and civilian trade business is expected to grow rapidly, and fund-raising projects increase core competitiveness. With the replacement of inefficient assets, profitability has increased.

EPS is expected to be 0 in 2019-21.



62 yuan, with reference to comparable company estimates, given 20 times PE in 2019, with a target price of 9.

8 yuan, increase holdings.

Aviation forging leader, military and civilian trade business is expected to grow rapidly.

1) Forging industry, as a basic machinery manufacturing industry, has an important impact on equipment manufacturing and national defense construction. Among them, about 85% of aircraft components are forged parts, and the average casting ratio of general machinery, machine tools and other industries is over 70%.

2) In the military field, the use of existing models and some of the batches under discussion are accelerating, and the industry growth rate is expected to exceed 20%; in the civil field, ships, ships, nuclear power, high-speed rail and other industries continue to increase demand for high-end large forgingsLarge domestic aircraft and the expansion of foreign trade are expected to bring incremental demand.

3) The company has undertaken scientific research and production tasks for multiple aircraft models such as in-service, in-research, and pre-research, as well as military and civilian engines. The forging business has obvious technical advantages.

Fund-raising projects increase core competitiveness, and AVIC’s subscribing units demonstrate confidence.

1) In 2018, the company issued a definitive increase plan. It plans to raise no more than US $ 1.7 billion to invest in forging, hydraulic, and frequency converter projects, and further increase the core main business capacity and technical strength.

2) In this fixed increase, the aviation industry is flying (1.

500 million), AVIC Capital replaced the designated units (500 million) to participate in the subscription, showing confidence.

Continue to divest inefficient assets and focus on the main business to improve profitability.

Absolutely, the company successively transferred the new energy of the aviation industry and the equity of AVIC Shixin to dissolve 武汉夜网论坛 and replace the high-tech company. AVIC Special Materials applied for bankruptcy and liquidation.

With the divestiture of inefficient assets, the company’s profitability has improved.

Risk warning: The growth of military products exceeds expectations;

Guojin Securities (600109): Net profit increased by 25%, abundant IPO reserves

Guojin Securities (600109): Net profit increased by 25%, abundant IPO reserves

Investment highlights: Investment banking business income increased in the first half of 2019, and IPO reserves remained abundant.

The company’s investment strategy is stable and has achieved high investment returns.

Reasonable value range 10.


90 yuan, maintain the “excellent than the market” rating.

  [Event]In the first half of 2019, IFC Securities achieved operating income of 19 ‰, every + 14%; net profit attributable to its mother, 6 ‰, + 25% per year; corresponding EPS 0.

21 yuan.

In the second quarter, it achieved operating income of US $ 800 million, -1% a year; net profit attributable to its mother was US $ 200 million, -1% a year, and -45% sequentially.

The previous increase in net profit in the first half was mainly due to the company’s higher investment income.

In the second quarter, 2 million credit impairment losses were added.

Brokerage / underwriting / asset management / index / investment income accounted for 32% / 13% / 3% / 19% / 30% of operating income, respectively.

  Develop a high customer service system and build core competitiveness.

In the first half of 2019, it achieved a brokerage income of 60,000 yuan, + 10% for the whole year.

Share-based transaction shares1.

31%, commission rate is 0.


The investment consulting business model is online and customer service is online, providing customers with high-quality consulting services, and achieving 7 * 24 barrier-free communication of customer service.

  The company strengthened the platform’s interactive marketing, commission commission treasure5.

0 New launch, expanded coverage of banking channels, and increased channels of Internet cooperation.

In terms of business development, it plans to compete with Shanghai Luluntong, Science and Technology Board and other new businesses to advance into the old ones.

  Equity distribution sales increased, and IPO reserve items were abundant.

In the first half of 2019, it realized an investment bank business income of 30,000 yuan, + 34% per year.

The stock and debt underwriting scales are + 44% and -32% each year, respectively.

The scale of equity underwriting is 11 billion yuan, ranking 13th; 2 of them are IPOs, and the scale of underwriting is 1.1 billion yuan; 5 are refinancing, and the scale of underwriting is 9.9 billion yuan.

The scale of bond underwriting was 13.9 billion, ranking 35th; the scale of underwriting 佛山桑拿网 corporate bonds and corporate bonds was 200 million, 12.7 billion.

There are 85 IPO reserve projects, ranking 5th, including 7 main boards, 1 small and medium-sized board, 11 GEM, and 1 science and technology board.

  A differentiated service model featuring active management to continuously improve capital management capabilities.

In the first half of 2019, asset management income was zero.

4.9 billion, at least -38%.

The scale of entrusted management is US $ 126.8 billion, a year of -25%; the scale of collective asset management is US $ 2.6 billion, which is -52% for decades; the scale of targeted asset management is US $ 98.3 billion, each time is -24%;During the period -21%.

The company takes risk prevention, strong management and stable development as its main line, continuously improves its investment management capabilities and risk control capabilities, and actively promotes the launch of science and technology board funds, bailout funds, QDII and other businesses. Currently, equity, fixed income, FOF,Businesses featuring proactive management such as stock pledged repo and asset securitization have developed steadily.

  Investment risks were strictly controlled, and investment income increased significantly.

Realize net investment income (including fair value) 6 ‰, + 63% per year.

The company strictly controls investment risks. In the report, it appropriately raised the qualifications of position bonds appropriately and actively seized trading opportunities. The company gradually realized stable returns with a low level of risk through rich financing tools and reasonable arrangements for financing period optimization solutions.
  [Investment recommendation]We expect the company’s annual net profit for 2019-2021E to be 0.

37, 0.

39, 0.

41 yuan, the absolute net assets are 6.81, 7.

11, 7.

42 yuan.

We give it 1 of 2019.


60 times PBR, corresponding to a reasonable value range of 10.


90 yuan, maintain the “preliminary market” rating.

  Risk Warning: The continued downturn in the market will lead to the expansion of business scale and further strengthening of market supervision.

Nanwei Medical (688029): Three major technology platforms in the field of endoscopic diagnosis and treatment breakthrough high growth

Nanwei Medical (688029): Three major technology platforms in the field of endoscopic diagnosis and treatment breakthrough high growth

The company went public according to the first criterion.

Leading company in the field of endoscopic diagnosis and treatment supplies, the company is in a rapid growth period.

The company has been deeply involved in the field of minimally invasive diagnosis and treatment for nearly two decades, including endogenous innovation and extension, and has become a leader 西安耍耍网 in the field of minimally invasive diagnosis and treatment in China.

The company has continued to launch new categories in recent years, with rapid volume of products and overall performance in a rapid growth period.

The company’s operating income from 2013 to 2018 was 1.

700 million to 9.

2 ppm, with an average annual compound strength of up to 40.

4%. Since 2016, due to the rapid volume of new products such as hemostasis and closures, and outbound mergers and acquisitions, the average compound growth rate from 2015 to 2018 is as high as 52.


The sales network is spread all over the world, and the three platforms integrate long-term competitiveness.

The company’s product sales network is spread all over the world, and its products are exported to the United States, Germany, and Japan. The sales method 天津夜网 has changed from foundry-based to independent-brand sales.

3% fell rapidly to 13 in 2018.

4%, the competitiveness of independent brand products has steadily improved in overseas markets, and the ability to compete with world-class medical device manufacturers.

At the same time, the company continued to increase research and development innovation, and gradually formed a “1 + 3 + N” innovation system. It has built-in three major technology platforms for endoscopic diagnosis and treatment + tumor ablation + OCT. A mature technology platform and rich research pipeline will provide the company with longSustainable development for sustainable development.

The market for endoscopic diagnosis and treatment is vast, and the company’s product rich potential has high growth.

The global endoscopic diagnosis and treatment device market size was USD 5 billion in 2017, and it is expected to maintain a growth rate of about 5%. The penetration rate of endoscopic diagnosis and treatment in our country has gradually surpassed the growth in Europe and the United States.Market growth potential is huge.

The company has long been engaged in the field of endoscopic diagnosis and treatment equipment, and has formed six major product groups. The leading position in the domestic market is significant. The annual average of the company’s endoscopic diagnosis and treatment business is as high as 58 in 2016-2018.

8%, 2018 revenue reached 800 million yuan, an increase of 49%.

The company has a complete new and old product echelon, rich pipelines of products under development, and sustained high growth performance can be expected.

The tumor ablation business is growing steadily, and EOCT is expected to become a new growth point.

Domestic tumor ablation technology is seriously mature, and tumors undergoing ablation treatment continue to grow. The annual volume of microwave ablation is up to 100,000 cases, accounting for 48% of the world. The market is huge. The company, as a leading domestic tumor ablation equipment company, is expected to continue to benefit the industry.Steady growth.

ECOT, as the company’s key reserve technology, is located in the country’s first internationally leading low level. The product has been approved by the US FDA at the end of 2016. It is the second product in the world to receive the US FDA approval. The country has entered the National Drug Administration’s innovative medical device approvalThe channel is expected to become an important growth point of the company’s performance in the future.

Profit forecast and estimation.

It is estimated that the company’s net profit attributable to the parent in 2019-2021 will be 2.

8 billion, 3.

800 million and 5.

0 million.

The company is expected to issue 33.34 million shares with a total share capital of 133.34 million shares after the issuance, and the corresponding EPS after the issuance in 2019-2021 will be 2.

13, 2.

82 and 3.

37 yuan, giving the company an estimate of 26-40 times in 2019, the corresponding target price is 55.

4 yuan to 85.

2 yuan.

27th Fund Scheduling: The main net more than 5.3 billion Longhu ranking institutions grab 2 shares

27th Fund Scheduling: The main net more than 5.3 billion Longhu ranking institutions grab 2 shares

[27th fund plan chart]The main funds with a net amount of more than 5.3 billion Longhu ranking institutions grab 2 shares Source: Securities Times Network June 27, the A-share market rose overall.

The final close, the Shanghai Composite Index closed at 2996.

79 points, up 0.

69%, SZSE Component Index closed at 9,239.

48 points, up 1.

28%, the GEM index closed at 1525.

24 points, up 1.


The total turnover of the two cities was 4,757.

8.3 billion yuan, an increase of 840 from the previous trading day.

8.8 billion yuan.

  1 The net capital of the two cities can be reduced by 52.

Today, the main funds of Shanghai and Shenzhen stock markets decreased by 33%.

3.5 billion, a net decrease of 13 in late trade.

1.4 billion yuan, the net capital of the two cities can be reduced by 52.

6.2 billion.

  2 Shanghai and Shenzhen 300 main capital inflows today 3.

07 billion yuan in Shanghai and Shenzhen 300 today ‘s main capital inflows3.

07 billion, GEM net decline of 12.

4.1 billion, a small net reduction of 6

6.6 billion.

Shanghai Stock Connect net inflow of 10.

7.7 billion yuan, Shenzhen Stock Connect net inflow of 30.

4.3 billion US dollars (here the China-Shanghai Stock Connect, Shenzhen Stock Connect net inflow is based on the amount used on the day, which is slightly different from the transaction net purchase amount, but the meaning is generally consistent).

  3 都市夜网 Net inflow of electronics industry 37.

Of the top 28 first-tier industries of 7.6 billion yuan, 13 industries realized a net inflow of funds, of which the net inflow of electronics industry was 37.

7.6 billion.

  4 FTSE Russell concept net inflow of 147.

In terms of the top 7.5 billion concept plates, today’s FTSE Russell Concept, MSCI China Concept, Margin Financing, and S & P Dow Jones Concepts have shown a net inflow of funds, of which the FTSE Russell Concept has a net inflow of 147.

7.5 billion.

  5 ZTE’s main net inflow of funds7.

5.3 billion (Note: The main force of net inflow statistics in this table is different from the net purchase statistics of the institutions in the previous table and the next table).The data on the chart showed that the institution appeared in 8 shares, Shennan Circuits and other 2 佛山桑拿网 shares showed net purchases by institutions, and 6 shares of Zhongke Shuguang and other institutions showed net sales of funds.

  7 Top ten active stocks of Shanghai Stock Connect and Shenzhen Stock Connect 8 Latest institutions focus on individual stocks