Has the triple fund rushed to buy the infrastructure project gem?

Has the triple fund rushed to buy the infrastructure project gem?

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  Three times the funds to buy infrastructure projects!

Has GEM peaked?
  Source: Securities Market Red Weekly Original Red Weekly The market style has reversed, the technology collectively broke through the VS cycle with a big increase of 2 months, and the stocks have exceeded expectations to the extreme.

  Breakthrough, technology stocks failed to perform a major reversal again, the GEM fell by nearly 5北京夜网%, the early popular stocks fell in batches, Guonong Technology (protection of rights), Hite Hi-tech and even from yesterday’s daily limit to the closing limit.

  At the same time, cyclical stocks have risen strongly, building decoration, real estate, cement, steel, etc. have increased sharply, and the construction stocks, Shandong Road and Bridge, Hefei Urban Construction and other daily limit.

  Some investors said that the recent market rhythm is too difficult to grasp, which can be seen from the rumors circulating in the market today.

A fund manager said yesterday: “As long as you want to get out of the car (tech stocks) and pee, you will be ruthlessly thrown off by the wheels of history because this is a high-speed train.

“So, I urinated on my pants today before I got off the car. It started to be warm, but now 天津夜网 it’s cold.

  Data Talk: Has GEM Peaked?

How much room for growth?

  1. Combining the historical turnover rate of GEM, Tianfeng Securities refers to the direction of the indicators: the current structure of the liquidity and capital cities is limited, and the short-term interpretation of estimates and fundamentals are limited. Some indicators of transaction size and liquidityWorthy of attention.

Regarding the GEM turnover rate (circulated market value), the GEM turnover rate has exceeded 5% four times in history: Today, the GEM turnover rate has hovered around 5% for 7 trading days, and the GEM index has the largest increase of 7.


Therefore, from the historical extreme performance analysis of the turnover rate, the turnover rate of this GEM round is maintained at about 5%. In theory, it may be able to last 5 to 26 trading days, and there may be about 12% to 32% of growth space.

(Of course, it is necessary to comprehensively compare the test volume plus leverage and the increase in the previous stage of the interval.) 2. From the perspective of the overall forecast, the GEM market surplus today is reduced by 58 times, and the market net replacement is 6.

8 times.

  The relative level of price-earnings ratio is currently at the level before the start of the bull market in December 2014 and the potential replacement market in May 2016; it is estimated that the percentile is about 65% of the 5-year historical percentile.

Therefore, the current ChiNext estimate is normally high (there is absolutely no underestimation, and it has not reached the point of bubble irrational prosperity).

  3. The GEM variable is the rise and fall of U.S. stocks. Since 2019, the trend of U.S. stocks has a positive correlation with the trend of the GEM.

For example, in the first half of 2019, both the Nasdaq index and the GEM index showed an upward trend; in the second half of 2019, both of them were in an internal shock state within the range; since the fourth quarter of 2019, both growth trends have been started.

  Therefore, considering the external environment, the trend of the GEM will be affected by U.S. stocks. If the U.S. market continues to decline due to factors such as epidemics, the A-share market will inevitably be dragged down; if U.S. stocks can stop short-term decline and continue the growth trend, the GEM is endogenousIt is more motivated and has the ability to set new heights.

  Stick to 5G new infrastructure, or dip in traditional real estate infrastructure?

  1. The 5G new infrastructure is the core representative of the current round of technology stock market as the first choice GEM for offense.

It can be seen from the above section that the GEM is estimated to have not reached a high level, and some segments of the electronics, computer, and communications industries are still in the uplink stage of the boom cycle, and continue to be active after short-term adjustments.

  Tianfeng Securities pointed out that the most lenient time may gradually pass, and the index may be replaced by a sharp upward trend, but the individual stocks and themes in the technology sector may continue to be active.

  Haitong Securities pointed out that in the future, we are expected to usher in a new round of technology cycles represented by 5G, and the technology cycle is being driven by hardware to promote software innovation and content development, that is, from 19 years to 20 years in the computer, media, and new energy vehicle industries.chain.

  China Merchants Securities pointed out that at present, A-share technology stocks have many similarities with American technology stocks in the 1990s: the arrival of the 5G technology cycle, gradually leading the new round of technology cycles, and the support of a large number of industrial policies during the economic transition period.All make the future prospects of A-share trillion-scale technology stocks look promising, and the layout of technology leaders is always on the horizon.

  In the specific direction, 5G construction speeds up, network construction will boost market demand for main equipment, optical devices, PCBs, etc. At the same time, the volume of 5G mobile phones will boost market demand for chips, optical lenses, radio frequency, mobile phone cooling, and OLED.

  2. As the first choice of defense and counterattack, Guotai Junan explicitly stated last weekend that the day of resumption of work is the time when the cycle starts!

  Guotai Junan proposed that the hypothetical impact of the epidemic on the company’s zero growth rate in February 2020 be divided into five subdivisions. In order to hedge the negative contribution of consumption, it is estimated that the fixed asset investment growth rate in 2020 needs to be at least 5.


It is assumed that the growth rate of manufacturing investment will remain at 3 in 2020.

The 1% growth rate is unchanged, and the real estate investment growth rate is 7%. It will take ten years for the infrastructure investment growth rate to reach 7.


  Obviously funds have taken the lead to realize this expectation. Since February, the volume of infrastructure engineering (165525) index funds has significantly increased. Today ‘s turnover is a historical amount and is equivalent to three times the previous trading day.From the high level to the low-level infrastructure, actively seek value depressions.

  In addition, the marginal improvement trend of real estate policies is gradually clear. At present, over 20 provinces and cities have successively introduced policies related to the real estate sector to bail out the real estate industry.

Among them, Zhumadian City, Henan Province took the lead in reducing the down payment ratio for first homes, lowered the minimum down payment ratio for employees’ first home loans from 30% to 20%, and raised the maximum loan amount for resettlement housing provident fund from 45 million to 500,000 yuan.  Based on this, Yuan Hao (an analyst with Jin Qilin) (an analyst on the list of New Wealth) of Huachuang Securities believes that the current three major economic, financial, fiscal, and real estate policy relaxation signals are being strengthened, and the counter-cyclical reduction of policy flexibility may further increaseLarge, under the low estimate of the real estate sector will increase the upward elasticity of the estimate.

  Huachuang Securities recommends a rating for the reorganization of the sector, and selects high-quality housing companies and high-quality property management companies. Recommendations: 1) Residential development: Vanke A, Poly Real Estate, Gemdale Group, Jinke, Xuhui Holdings, Sunshine City, Zhongnan Construction, RongSheng Development, Blu-ray Development, Hua Xia Happiness; 2) Property Management: Merchants Accumulation, Green City Service, Poly Property, Xin Tai Zheng

  ”Red Weekly” consolidated financial data, according to the following 5 conditions: 1. Dividend ratio (12 months) is greater than 3%; 2. The total market value is greater than 200 billion; 3. The quarterly 2019 net profit increase is greater than 20%; 4, 2019Annual report pre-growth at 30%; 5, P / E ratio is more than 15 times.

  After screening, only 10 real estate companies were found to be eligible. Among them, Rongsheng Development and Greenland Holdings achieved a yield of about 5%. Rongsheng Development, Greenland Holdings, Blu-ray Development and Poly Real Estate have disclosed the 2019 annual report notice or express report.

Sanqi Mutual Entertainment (002555): Strong research and transportation capabilities to create differentiated products and continue to optimize performance

Sanqi Mutual Entertainment (002555): Strong research and transportation capabilities to create differentiated products and continue to optimize performance

Operators: Refined traffic operators, embracing new changes in the industry, the types of products purchased have improved, the second dimension has become a new category of purchases, and the concentration of the purchase industry has increased.The product purchased is better and better in flow performance, and is basically positively related to the purchase amount.

The company adopts a combination of “high-traffic purchase + refined operators” to give play to its advantages in traffic operations, and actively embraces new changes in the industry in terms of game purchases. It has established a mobile game video department, increased innovation, and highlighted refined 杭州桑拿网 operations., The main difference.

The scale of the company’s purchase volume and scale competitiveness, compared with other companies have scale advantages.

Research and development: to create quality products, specializing in differentiated market segment page games: the leading level is stable, and the platform has obvious advantages.

The page game industry continues to shrink, total revenue and total players continue to decrease, the market is gradually moving towards concentration of players, the company’s page game platform advantage expands, page game research and development persists in creating quality products, the volume of old products is stable, and page game revenue is expected to continue to decline, butThe company’s platform is highly prominent, and there is still room for rising gross profit levels.

Mobile Games: Focus on ARPG legendary products and develop a diversified layout.

The company’s mobile game market share continues to increase, and has now become the third largest game manufacturer in China, behind Tencent and NetEase. The mobile game research and development strength continues to strengthen. It adheres to research and development-oriented, and continues to expand research and development investment to create high-quality games.

In terms of product research and development, the company focuses on legendary types, expands multiple categories of products, has abundant reserve products, and maintains relatively stable flow of old products. It is expected that the company will have heavy products on the line in 2019.

Going overseas: The rapid growth of overseas issuance, and the country ‘s huge potential for mobile games in the future, the major areas of overseas travel are the United States, Japan, South Korea and other mature mobile game regions, indicating that Chinese mobile game manufacturers and other mature countries are competitive.

The company’s overseas revenue has grown rapidly, and the gross profit margin of overseas revenue has been similar to the gross profit margin of domestic revenue. The company has a strong ability to go overseas, and its core products have outstanding performance in overseas. It has a rich product reserve in overseas markets. It is expected that subsequent mobile games overseas will contribute to the company.Increased competitiveness.

Profit forecast It is estimated that the company’s net profit attributable to the parent company for 2019-2021 will be 18 respectively.

22 billion, 20.

9.3 billion, 22.

3.5 billion, corresponding to 15 for PE.

07 times, 13.

12 times, 12.

28 times, covering for the first time, give “Buy” rating.

Risk Warning: 1.

The company’s new games have fallen short of expectations; 2.

The company’s new product is preset to go online.

Guiguang Network (600996) 2018 Annual Report and 2019 First Quarterly Report Comments: Results Meet Expectations, Optimize Long-term Development of Smart Broadcasting

Guiguang Network (600996) 2018 Annual Report and 2019 First Quarterly Report Comments: Results Meet Expectations, Optimize Long-term Development of Smart Broadcasting
The initial income has risen steadily, and the “household household” project promotes short-term pressure on performance in 2018 to initially achieve revenue of 32.3.1 billion (+25.55%), net profit attributable to mother 3.110,000 yuan (-29.45%).In the fourth quarter, the single-quarter revenue was 12.1.6 billion (+48.02%), net profit attributable to mother 0.5.9 billion (-38.60%); In the first quarter of 2019, the company achieved operating income6.3.8 billion (+10.44%), and achieved net profit of 55.68 million yuan (+0).95%), and the first quarter of 2019 results are basically in line with expectations.The net profit attributable to shareholders of listed companies fell to ten government livelihood “household household” projects implemented in 2017 and 2018, resulting in increased depreciation and amortization and operating costs in 2018.  Depreciation and amortization caused short-term growth in gross profit margin, and research and development expenses increased significantly in 2018. The company’s gross 天津夜网 profit margin was 32.64% (-6.45pct), which was initially caused by the company’s implementation of the “household household” project due to depreciation and amortization and increased operating costs.In 2018, the company’s depreciation and amortization costs were 5.52 ppm, an increase of 74 in ten years.77%, mainly set-top boxes, smart cards, fixed asset costs increased; other business operating costs reached 8.44 ppm, an increase of 99 in ten years.42%, mainly due to the substantial increase in the company’s contracted network engineering costs, Internet access fees, and program purchase fees in 2018.The sales and management fee rates remained basically stable; R & D expenses were 1.190,000 yuan, an increase of 40 in ten years.86%, mainly due to the increase in network asset engineering costs.  The “household household” project continued to advance, and project construction revenue increased by 61% annually. In 2018, the company’s project construction revenue reached 14.2 ‰, a 61% increase in ten years, accounting for 44% of the company’s revenue (+16.7pct); the income from cable television basic television maintenance business is 90,000 yuan (+5.69%), accounting for 26% of the company’s revenue.In terms of operating data, the company’s user scale continued to grow. The number of cable digital TV terminal users in the province reached 7.72 million, an increase of 6.31 million from the same period last year.34%, of which 3.85 million urban network users, an increase of 1 over the same period last year.66%, there are 3.87 million rural network users, an increase of 53 over the same period last year.29%, high-definition end users reached 4.75 million, an increase of 50 over the same period last year.46%, 2.31 million broadband users, an increase of 60 over the same period last year.6%.  Investment suggestion: Optimistic about the development of smart radio and television business, and maintain a “Buy” rating.  We maintain our profit forecast and expect the company’s EPS to be 0 in 2019-2021.34/0.45/0.49 yuan, corresponding to 33/25/23 times PE during the same period, maintain the “Buy” rating.  Risk Warning: The progress of the expansion of basic broadcasting and optical fiber cables is less than expected, and the scale of cable TV users is less than expected.

Lixun Precision (002475): Quarterly report continues to exceed expectations Precision manufacturing leader Hengqiang

Lixun Precision (002475): Quarterly report continues to exceed expectations Precision manufacturing 成都桑拿网 leader Hengqiang
Announcement: The company released the 2019 first quarter performance forecast, realizing net profit attributable to mothers5.66-6.32 ppm, a year-on-year increase of 70% -90%, the third consecutive quarter performance exceeded expectations. Key points of investment: High prosperity of smart wear industry, annual growth rate of profit growth: Q1 is the off-season of consumer electronics, and the company’s net profit attributable to mothers increased to 70% -90%, mainly due to: 1) High prosperity of smart wear industryAirPods injection volume is about 50 million, and viewing injection volume is about 30 million. Once the increase occurs; 2) The company cut into a number of new products for major customers in the second half of 18, and continued to grow rapidly in 19Q1;There is expansion. Strong precision manufacturing strength and profitability continue to improve: After the introduction of new products, the company’s precision manufacturing strength is strong. Through the optimization of management and product yield, the improvement of production efficiency can quickly improve the profitability of products. Following 18Q3 and Q4, weThe profit margin is expected to improve in the first quarter of 1919, which will also provide a strong guarantee for the continued expansion of product categories in the future. Benefiting from 5G and smart wear, the leading manufacturer of precision manufacturing: Hengqiang, a smart wearable product represented by AirPods and Watch, making use of its convenience and good experience in sports and health, is well received by consumers, and the company is conducive to continued benefitsThe rapid growth of product improvement.At the same time, the company’s customers and products in base stations and data centers have perfect layouts, and the future growth momentum is very strong.In addition, we believe that the worst time for the mobile phone industry has passed. Replacement of 5G mobile phones has been released one after another. A new round of replacement cycles is about to start. The replacement volume of major customers has picked up under price reduction measures, and there is a lot of room for improvement. The mobile phone related business continues to maintain rapid growth. Profit forecast and investment grade: The company’s net profit is expected to reach 27 in 18-20.3, 38.3, 50.2 trillion, corresponding to EPS is 0.66, 0.93, 1.22 yuan, corresponding to 35 for PE.2, 25.1, 19.1 times.According to the company’s fast performance growth forecast in the past two years, it is estimated that there is still a lot of room for improvement in 19 years. Maintain the “Buy” rating! Risk warning: slow climb of new products; less than expected sales of large customers; poor results of trade war negotiations.

Aerospace Electronics (600879) 2018 Annual Report Comments: Subsidiaries are expected to drag down performance

Aerospace Electronics (600879) 2018 Annual Report Comments: Subsidiaries are expected to drag down performance
The company achieved EPS 0 in 2018.17 yuan, steady growth in revenue, subsidiaries are expected to drag down performance.Taking into account the uncertainty of the future performance of the subsidiary Pullman, the EPS forecast for the company in 2019/20 is reduced to zero.21/0.24 yuan (previous forecast was 0.26/0.31 yuan), giving EPS forecast of 2021 0.28 yuan.Taking into account the expectation of increased performance and the medium and long-term development prospects of the reform of the institute, we maintain the “overweight” rating and target price of 9 yuan (corresponding to 43 times PE valuation in 2019). Revenue is growing steadily and subsidiaries are expected to weigh on performance.The company achieved revenue of 135 in 2018.300,000 yuan (ten years +3.65%), net profit attributable to mother 4.570,000 yuan (at least -12.98%), achieving EPS 0.17 yuan.The report states that the company focuses on its main business, with steady revenue growth and a stable gross profit margin.The factor company Pulimen accrued 0 for inventory depreciation.70,000 yuan and business prospects 0.500 million, a range of performance.The future development of aerospace has entered a high-density launch period, the upgrade of civilian product 南京桑拿网 structures such as cables, and the expansion of system-level products, the company’s performance is expected to grow rapidly. The aerospace supporting military industry as a whole is solid and is expected to bring high-density aerospace launches.In 2018, the company’s measurement and control communications subsidiary, the Aerospace Long March, achieved revenue of 17%.700 million (-12%), net profit1.9.4 billion (+ 21%); Shanghai Aerospace Revenue 8.600 million, net profit 0.700 million, basically unchanged from 2017.The report pointed out that the company has successfully completed the aerospace launch support mission of 37 arrows and 103 stars (spacecraft). The number of space launches in 2019 is expected to exceed 30 and the launch of more than 50 spacecraft will benefit the company’s aerospace supporting products.The company 合肥夜网 has continued to make breakthroughs in technology research and development, and has developed the first fifth-generation aerospace high-performance and high-reliability FPGA product in China, with functions and performance indicators reaching the level of foreign products.The multi-core high-power connector technology for aerospace is successfully bidding for research projects, and it will have a bright future in the fields of aircraft, ships, large military vehicles, high-power radar and other fields. The private products business is upgraded to high-end, and profitability is promoted.In 2018, the company’s cable and other civilian products revenue was 52.6 ppm (+ 14%), the gross profit margin extended by 0.31.With the rapid advancement of infrastructure construction such as electric power and urban rail, the company’s cable business demand is improving, and at the same time, the wire and cable are upgrading to key areas such as high-end CNC machine tools, robots, and new energy vehicles.In addition, the company’s new energy vehicle charging pile, millimeter-wave radar, nuclear power connector, active terahertz security inspection system, civil vehicle atmospheric detection lidar and other projects are progressing smoothly. The future upgrade of the civilian product structure will promote the company’s gross profit margin for civil products. System-level products are progressing smoothly and are expected to become new points of profit growth.In terms of drones, the company’s new cruise drone has completed live-fire verification, the FH-91 drone has completed its first flight, and the first flight of Feihong’s 98 commercial long-haul unmanned aerial vehicle system has made its first flight.The company has invested in the establishment of Feihong in the aerospace era to create a platform for the development of the drone industry. We expect that the company’s annual output value of drones is expected to reach about 20 trillion by the end of the 13th Five-Year Plan.As for precision-guided bombs, the company has successfully launched the “Fei Teng” series of bombs to the international market, and a certain type of precision-guided bombs made their first flight successfully.With the maturity of products and the expansion of market channels, the company’s system-level products are expected to form new profit growth points in the future. The 9th Academy of Aerospace itself is the only listed platform, and asset injection is worth looking forward to.In 2017, the first batch of 41 pilot military scientific research institutes started their transformation work, and the progress of the transformation is now progressing steadily.Aerospace Technology Group was listed in the “World Class” Demonstration Enterprise, and the company is also known as the “Double Hundred Enterprise” list. In the future, it will gradually accelerate the progress of mixed reforms, asset securitization, employee stock ownership, and distribution incentives.As the only listed platform affiliated to the Nineth Academy of Aerospace, through the promotion of reform, the company is expected to obtain asset injection from the high-quality institutes affiliated to the Ninth Academy. Risk factors: The military products business orders exceed expectations, the development of the civilian products market falls short of expectations, and the progress of asset injection and capital operations exceeds expectations. Investment suggestion: Considering the uncertainty of the future performance of the subsidiary Pullman, the EPS forecast for the company in 2019/20 is reduced to 0.21/0.24 yuan (previous forecast was 0.26/0.31 yuan), giving EPS forecast of 2021 0.28 yuan.The current price is 7.62 yuan, corresponding to 36/31/27 times the PE in 2019/20/21.Taking into account the expectation of increased performance and the medium and long-term development prospects of the reform of the institute, we maintain the “overweight” rating and target price of 9 yuan (corresponding to 43 times PE valuation in 2019).

Daya Icon (000910): Stabilizing performance and focusing on improving governance

Daya Icon (000910): Stabilizing performance and focusing on improving governance

Investment Highlights Event 1: Daya Elephant Announces 2018 Annual Report, and the company achieved revenue of 72 in 2018.

61 ppm, a 10-year increase3.

02%; net profit attributable to mother 7.

25 ppm, an increase of 9 in ten years.

95%; net profit deducted from non-attributed mothers7.

110,000 yuan, an increase of 10 in ten years.


Net cash flow 南宁桑拿 from operating activities 10.

30,000 yuan, a decrease of 15 a year.

63% was mainly due to the increase in cash paid for purchasing goods and receiving labor services.

Construction in progress 0.

1.5 billion, a decrease of 91 every year.

94%, mainly because Daya Wood Industry (Jiangsu) Co., Ltd. has an annual output of 500,000 cubic meters of particleboard production line put into operation, and construction in progress is converted into fixed assets.

In the fourth quarter alone, the company realized revenue of 21.

51 ppm, a decrease of 3 per year.

08%; net profit attributable to mother 2.

8.3 billion, down 4 each year.

46%; net profit after deducting non-return to mother 2.

77 ppm, a decrease of 4 per year.


  Event 2: Daya Icon published the first quarter report of 2019, and the company achieved revenue of 14 in Q1 2019.

13 ppm, an increase of 1 per year.

08%; net profit attributable to mother is 0.

63 ppm, an increase of 9 per year.

69%; net profit deducted from non-attribution to 0.

61 ppm, an increase of 9 in ten years.

65%; receivables 9.

14 ppm, an increase of 11 per year.


  The growth rate stabilized in the first quarter, and the bulk business drove steady growth in the main business.

1) The core main business has stable revenue and pays attention to the development of engineering business.

The company continues to promote the development of engineering business. It has established strategic cooperation relationships with more than 70 real estate developers such as Vanke, Poly, and China Shipping. In 18 years, the engineering business expanded at a high speed, so the sales of engineering flooring increased by over 40%.

Revenue of the company’s mid- to high-density board business in 201819.

15 ppm, an increase of 9 in ten years.

14%; revenue from wooden flooring business was 50%.

47 ppm, a ten-year increase2.

34%; wooden door and cloakroom business revenue was 0.

0.8 billion, an annual increase of 1.83%.

2) The domestic market has grown steadily and the scale of export has shrunk.

In 2018, the company’s domestic market revenue was 62.

23 ppm, a five-year increase of 5.

92%; overseas market revenue 9.

54 ppm, a decrease of 11 per year.


  Rising gross profit margin repaired, the gross profit margin of domestic and foreign markets rose.

The company achieved a gross profit margin of 34 in Q1 2019.

65% (+0.

62pct), the company achieved a gross profit margin of 36 in 2018.

42% (+0.


1) The overall gross profit margin level is stable.

Medium and high density board business gross margin 22.

76% (+1.

48 points.

); Gross profit margin of wood flooring business 41.

95% (+0.


); Wooden door and cloakroom business gross profit margin 25.

45% (+7.

90 marks.

2) The gross profit margin of foreign markets is obviously repaired.

Gross domestic market margin 38.

78% (+0.

19 points.

); Overseas market gross profit margin 18.

44% (+1.

22 points.

  Management expenses were raised in advance and profitability was basically flat.

The company’s 2019Q1 net profit is 4.

25% (-0.

04pct), 2018 net profit margin 10.

53% (+0.

07 points.

The company has an expense ratio of 28 during the 2019Q1 / 2018 period.
53% (+0.
47 points) / 23.

86% (+0.

41pct), of which the selling expense ratio is 16.

60% (+0.

24 points) / 13.

19% (-0.

27 points); management expense ratio 11.

41% (+0.

56 points) / 10.

57% (+1.

38pct), financial expense ratio is 0.

53% (-0.

32pct) / 0.

09% (-0.

71pct), mainly due to the increase in R & D expenditure and the decrease in index expenditure.

  Fair progress has been made, which is beneficial to the improvement of corporate governance structure.

On October 18th, Ms. Dai Pinhe, the actual controller of Daya’s iconostasis, invested in Yibo Rui Te / Zhuo Rui 31 held by her.

525% / 54.

5% of the equity was transferred to Mr. Chen Jianjun.

After the completion of the equity transfer, the controlling shareholder and actual controller of Daya Shengxiang remain unchanged.

We believe that the current transfer of distribution between actual controllers is conducive to enhancing Mr. Chen Jianjun’s right to speak in the governance of listed companies and optimizing the company’s internal governance capabilities.

At the same time, the two-way incentive plan implemented by Daya Shengxiang in 2016 and 2017 covers the headquarters and subsidiaries’ executives and front-line business personnel, which is beneficial to reducing the company’s internal agency costs.

  Product, scale, and brand advantages are significant, leading mergers are solid.

1) Capacity: The company currently has a capacity of 1.85 million cubic meters per year for medium- and high-density board and particleboard, and a floor capacity of 53 million square meters per year. It has leading advantages in scale production and market competitiveness.

2) Brand side: Daya Shengxiang has nearly 3,000 floor license stores with unified authorization and unified image, and also develops online Tmall, JD.com and Suning distribution franchise stores.

In 2018, the “Icon” brand value was 415.

62 ppm, the brand value of Daya Wood-based Panels is 125.

US $ 8.6 billion, ranking first in China’s home furnishing industry and wood-based panel industry respectively. The company reported that it launched the newly upgraded “Shangxiang” brand image logo for the first time to further strengthen its brand power.

  Investment suggestion: The company’s internal control efficiency is expected to improve, and the long-term benefits of hardcover housing policy will be implemented, and the performance will continue to grow steadily.

We predict that the company will achieve 77 revenue in 2019-21.

81, 82.

96, 88.

60 ppm, a ten-year increase of 7.

16%, 6.

62%, 6.

80%, realizing net profit attributable to mother 8.

18, 9.

02, 9.

93 ppm, an increase of 12 in ten years.
93%, 10.
21%, 10.

04%, the corresponding EPS is 1.

48, 1.

63, 1.

79 yuan, “overweight” grade.

  Risk reminder: the real estate boom will increase the risk and the price of raw materials will rise.

Science and Technology (002322): Flooding the Internet of Things to help the continuous development of information business

Science and Technology (002322): Flooding the Internet of Things to help the continuous development of information business

Key points of the report The merger and acquisition formed a “electricity and environment + information” layout. Software and information technology services were provided. Polytechnic was established in 2000. It started with online power system monitoring business. In 2015, it acquired Jiangxi Bowei and Beijing Shangyang to expand power cost softwareAnd informatization business and environmental monitoring business; in 2016, M & A Hunan Blue was acquired to expand the soil remediation business; and the business segments coordinated with each other to form a “power and environmental protection + informatization” layout.

Jiangxi Bowei’s profit contribution accounts for 70% of the company, and the compound growth rate of net profit in the past five years has reached 17.

8% Jiangxi Bowei’s compound growth rate of 21 in the past 5 years.

5%, net profit compound growth rate of 17.

8%, the fist product is power engineering cost software. Its cost, inventory and other product software are based on it, covering 80% of customers and covering all parts of the power grid engineering construction. It is the only authorized unit of quota.The development of advantage barriers, the updating of quotas and the release of new quotas can drive business growth; at the same time, it can generate customized needs and form a “product + project” system. At present, customized business is developing rapidly, and it also promotes the formation of new products; and proactively developsNew businesses such as 3D software, smart construction sites, etc., reserve growth points.

Development achievements brought by ubiquitous electric power Internet of things to 深圳桑拿网 electric power information business On March 8, 2019, State Grid released the outline of ubiquitous electric power Internet of Things construction, and provinces and cities actively promoted related planning work, 27 tasks to be promoted in 2019.Among them, the company is expected to participate in more than 5 projects; among them, the smart supply chain has won the bid for the Pinggao General Shanghai project (40.98 million yuan) and the Jiangsu smart bidding platform project, and the drone inspection direction has implemented the Qinghai distribution network line intelligent inspection system.The project is actually involved in the flooding in the construction; and the company’s main business online monitoring of power equipment attempts to participate in the construction of the perception layer.

The environmental protection direction is better than Beijing Shangyang in environmental monitoring, soil remediation, and environmental protection informatization. It is better at water quality monitoring. After undergoing a “big match” in May 2018, it won 2 packages and 1 in the “Monitoring Project” of the National Monitoring Station.

The 7.1 billion orders fully demonstrated the product quality and ability to obtain orders, and became the advantage of obtaining orders in subsequent development.

Hunan Bilan’s advantageous location is Hunan Province’s short-term adjustment of soil remediation planning, which has affected the company’s performance. The company has expanded its efforts to expand markets outside the province in order to reverse the situation.

The environmental informatization business is mainly coordinated by Bowei and Shangyang. At present, it has undertaken several projects in many provinces and cities, involving water quality monitoring and forecasting, air data management, monitoring intelligent reporting, etc., and there is room for growth.

Investment suggestion: The software business accounts for a high proportion and is estimated to be low. The software and information business of the company with an “overweight” rating has a high proportion, which is ubiquitous in the construction of the electric power Internet of Things.Below software company estimates.

It is estimated that the company’s net profit attributable to its parent in 2019-2021 will be 3.



50 ppm, a 10-year growth rate of 26.

9% / 18.

7% / 16.

4%; Corresponding PE is 16x / 14x / 12x, the first coverage gives the “overweight” rating.

Risk Warning: 1.

Goodwill impairment risk: If the merger of the company’s merger and acquisition list price does not meet expectations, there will be a risk of impairment of goodwill.


Industry policy risks: If the soil remediation business encounters Hunan’s adjustment and remediation plan, it can replace the performance commitment.

Fierce A-share repurchase-June’s repurchase scale hits record high and market upside signal reappears?

A-share repurchase is fierce: the market ‘s upward signal in June has reached a record high for 杭州夜网论坛 repurchase?

A share repurchase is fierce: 28 repurchase announcements per day, June repurchase scale hits record high!

Market Upside Signal Reappears?
  Since June, A-share companies have issued a total of 454 repurchase announcements. On average, 28 repurchase announcements are issued every trading day. The number of repurchase announcements is a record. From the perspective of repurchase amounts, listed companies have gradually repurchased since June.Buying 37.4 billion, the scale of repurchase also hit a new high.

  Yesterday evening, Suning Global issued a repurchase progress announcement. As of June 24, 2019, the company converted the number of repurchased shares to 2 by centralized bidding.

1.2 billion shares, accounting for about 7% of the company’s total share capital, the highest transaction price is 4.

19 yuan / share, the lowest transaction price is 3.

11 yuan / share, the total amount paid is 7.

1.5 billion yuan.

  Recently, many star companies issued repurchase progress announcements. The enthusiasm of listed companies for repurchase has obviously increased. For example, Ping An of China repurchases for 3 consecutive trading days from June 18 to 20, and Zoomlion also issued 3 repurchases in June.Announcements in advance, etc.

  A-share repurchase scale hits another record 2018 was a big year for A-share market repurchase, and the repurchase scale hit a record high.

As of now, the repurchase scale of the A-share market in 2019 has reached US $ 80.6 billion, which is an increase of 185 over the gradual repurchase in 2018.

74%, the repurchase scale hit a new high.

  In terms of months, since the A-share repurchase was loosened in November 2018, the scale of repurchases of listed companies has continued to expand, and in January 2019 the innovation reached 117.

58ppm, at which time the market also reached a stage low of 2440.

91 points.

Historical experience shows that the market trend is an important factor affecting stock repurchase behavior. The stock repurchase wave occurs when the market declines, and usually appears at the bottom of the market.

  The market began to adjust since April 8 this year. In early May, the Shanghai Composite Index fell below 3,000 points, and the market continued to sideways.

Since the market adjustment, more than 80% of the stocks have fallen, and more than 800 stocks have fallen more than 20%.

It continued to decline, and the overall expected level of the market also fell slightly from the previous period.

  The enthusiasm of the original listed company for repurchases has increased. Since April this year, the number of announcements related to repurchases by listed companies has increased month by month, and the scale of repurchases has also continued to increase.

Since June, A-share companies have issued a total of 454 repurchase announcements. On average, 28 repurchase announcements are issued every trading day. The number of repurchase announcements has reached a record. From the perspective of repurchase amounts, listed companies have gradually repurchasedBuying 37.4 billion, the scale of repurchase also hit a new high.

  During the year, the repurchase amount of 54 companies exceeded 100 million yuan. Data treasure statistics show that as of June 24, a total of 1003 listed companies have issued repurchase-related announcements since this year, of which 261 listed company repurchase programs have been approved by shareholders’ meetings, 268The listed company’s repurchase program is in the implementation state, 504 listed companies have completed the repurchase, and some listed companies involve multiple repurchase programs.

  Judging from the listed companies that announced the preliminary plan announcement this year, 54 listed companies have repurchased more than 100 million yuan, and 7 companies including Yili, Midea Group, TCL Group and Zoomlion have repurchased more than 1 billion yuan.

  China Merchants Shekou has implemented the largest amount of repurchase, nearly 4 billion yuan.

The company announced on June 22 that, as of June 20, 2019, the company will gradually repurchase the company’s shares 1 through centralized bidding.

8.4 billion shares, accounting for 2 of the company’s total share capital.


In terms of market performance, China Merchants Shekou has gradually increased by 18 since the announcement of the plan.


From the perspective of the top ten outstanding shares, China Merchants Shekou’s approval of the first quarter of this year to increase its shareholdings in the mainland has increased its shareholding ratio (accounting for total equity) to 1.

79%, the largest shareholder of circulating shares.

  Previously Midea Group, the company has repurchased a total of 19 this year.

9.2 billion yuan.

Since the announcement of the preliminary plan, the stock has accumulated a gain of 17.


Midea Group spent nearly 4 billion to repurchase its own shares last year, which was the “repurchase king” in 2018. It is still repurchasing on a large scale this year.

Judging from the top ten outstanding shares, Midea Group also increased its shareholding in China in the first quarter of this year. After the increase, the shareholding ratio reached 16.

twenty one%.  It is not sharp, and too many white horse stocks have repurchased their own stocks, such as Ping An of China, Midea Group, and Yili.

  Among the 11 companies that received a large increase in capital from Kitakami Capital this year, many companies have been favored by Kitakami Capital.

Data Bao statistics show that, compared with the ranking at the end of last year, 239 shares have been increased by the capital of Beishang, 11 of which have increased their holdings by more than 2%, including Qiaqi Food, Jiuyang, Huichuan Technology and WuXi AppTec.

  Biological shares have the highest percentage of Northbound capital increase, reaching 5.


Biological Shares issued a share repurchase plan in April this year, announcing that the proposed repurchase amount is 1.

500 million to 300 million.

In terms of performance, the company’s net profit for the whole year of last year and the first quarter of this year have shifted from the same period of the previous year.

  In addition, Sunshine Power, Huanxu Electronics, Oupai Home Furnishing, Zoomlion and other six shares have been the top holdings of Northbound funds, all exceeding 3%.

  Repurchase hits a new historical high or indicates an upward trend. Under the circumstance that market factors are subdivided, how to penetrate the market fog and explore relatively certain opportunities?

From an institutional perspective, repurchases by listed companies provide a good benchmark.

Statistics show that the amount of stock repurchases in June hit a record high for the month, or it indicates that the market will rise again.

From the situation of companies implementing repurchase, a large number of public funds have been deployed in advance.

  According to Ma Quansheng, chief strategy analyst of Wells Fargo Fund, listed company repurchase reveals two signals: reorganization, the listed company is the party that knows the company’s intrinsic value best, and company stock repurchases often occur when listed companies believe that the company has surpassed the companyAt the time of value, actively pass the underestimation signal to the market; reorganization, repurchase can increase EPS from the denominator by reducing the circulating share capital, thereby promoting progress.

  Judging from the historical trend of A shares, the peak stage of the number of repurchases by listed companies is often at the bottom of the market.

According to statistics from Wells Fargo Fund, since 2016, there have been 4 stock repurchase peaks, 3 of which occurred at the bottom of the market. After the repurchase reached a stage high, the market began to rebound strongly.

  Judging from overseas historical experience, repurchases are often an important driving force for the upward movement of the stock market.

From 2010 to 2017, the S & P 500 rose 139.

8%, based on the contribution ratio, the repurchase contributed 37 of them.

6%, second only to 46% of net profit contribution.


  Public fund placement and repurchase of Qianhai Open-end Fund chief economist Yang Delong said that the listed company’s repurchase of shares shows that the major shareholders are optimistic about the company’s future, and reducing the company’s circulating shares can increase revenue and benefit the company’s long-term development.

Many domestic high-performance stocks have also begun to actively repurchase, continuously forming strong support for listed companies.

  According to statistics, a large number of outstanding stocks that have announced the implementation of repurchase are already heavy stocks of public funds, such as China Ping An and Yili.

Judging from the trend of Yili’s secondary market, even if the market fluctuates and adjusts since late April, Yili’s performance is strong and has approached a historical high.

According to the public fund’s first quarter report, as of the end of the first quarter of this year, a total of 424 funds held Yili shares, with a market value of up to 22 billion yuan.

  Judging from the listed companies that have recently implemented repurchases and announcement repurchases, too many are heavily held by public funds.

At the end of the first quarter of this year, 30 funds held Jianyou shares, with a market value of 15 positions.

5 trillion; 24 funds hold Heiji information, the market value of positions is 6 trillion; 54 funds hold Zhouming Technology, the market value of positions is up to 10.

2 trillion; 13 funds hold Wanfu Biological, and the market size is 9 trillion.

Lake Electric (603355): Lake Electric Product Innovation Wins Another Award

Lake Electric (603355): Lake Electric Product Innovation Wins Another Award
Event: Lake Electric won the Red Top Award in the vacuum cleaner and hair dryer category in 2019. The only investment highlights: The company’s products have won multiple awards. Recently, it was guided by the China Household Electrical Appliances Association.Cum Red Top Award Award Ceremony Model “awarded Lake Water Ion Turbo Fan Hair Dryer the only award for a new category of hair dryer.In 2016, Lake Magic Clean M85 won the only award in the vacuum cleaner category of the Red Top Award, and was founded in the first type | Handheld large suction multifunctional vacuum cleaner;Times; In 2018, Lake Magic Clean M85Plus won the only award in the vacuum cleaner category of the Red Top Award, leading a new trend of lightweight vacuum cleaners; in 2019 Lake Magic Clean M12s won the only award in the vacuum cleaner category of the Red Top Award, making home cleaning easier.It can be seen that the company has strong category innovation capabilities.At present, Lake has more than 700 engineers and designers, applying for more than 200 technical patents each year, and more than 1,200 patents in transition.The Red Top vacuum cleaner and water ion turbo fan blower were recognized by expert judges for their innovative technology, high-end quality and perfect design.Red Top Award!  The industry structure indicates that the company needs to improve its market strategy. AVC’s general statistics show that the retail sales of online vacuum cleaners in November 2019 was 34.800 million, up 4 every year.6%, with a retail volume of 4.74 million units, an increase of 17 per year.7%; online market 都市夜网 retail sales of hanging ironing machine is 3.400 million, an annual increase of 11.4%, retail volume is 2.09 million units, an increase of 66 throughout the year.1%.  Water purifier size 18.2 ten percent, an increase of 29 per year.9%, sales were 109.60,000 units, an increase of 35 in ten years.2%; purifier scale 9.2 trillion, an average of 15 in ten years.6%, sales of 64.20,000 units, with a ten-year average of 6.3%; Purifier offline market size 4.200 million, a year-on-year decrease of 48.3%, the retail sales scale of the vacuum cleaner offline market is 5.900 million, an annual increase of 11.7%.It can be seen that the vacuum cleaners in the company’s various product categories have maintained steady growth, while the purifiers have become prominent.From the offline perspective, the data from Week 51 of Ovie shows that Dyson 淡水桑拿网 still has a 41% share in the vacuum cleaner field, and Lake is 10%.3% ranked third.In terms of price, Lake’s average price of 2183 yuan is second only to foreign brands such as Dyson.It can be seen that the high-end market in this field is covered by Dyson. We are optimistic about the substitution of Laker’s consumer imports, which is based on Laker’s strong product innovation.The company’s existing advantages are more than manufacturing capabilities and product development capabilities, and brand and channel construction needs to continue its efforts.It is expected that the company’s revenue will grow zero in 2019, and will start to grow steadily in 2020, with an EPS of 1.19/1.33/1.56 yuan, the dynamic estimate is 18/16/14 times, which is significantly lower than the leading level of the small home appliance industry, and even better margin of safety, a level should be recommended.  Risks suggest sluggish consumption, impeded exports, and failure in market expansion.

Monetary policy efforts to unblock the mechanism mechanism structural tool is the main course

Monetary policy efforts to unblock the mechanism mechanism structural tool is the “main course”
Moderator Zuo Yonggang: Since this year, monetary policy has continued to relax the structure to promote the flow of funds to the real economy, fiscal policies have increased tax and fee reduction efforts, including the implementation of inclusive budget reduction policies for small and micro enterprises, and various departments have introduced specificThe measures further reduce the financing costs of small and micro enterprises, and increase financial support for the real economy. At present, policies such as monetary policy, fiscal policy, and reduction of financing costs have formed a joint force to support the development of small and micro enterprises.  ■ Trainee reporter Liu Weijie of this newspaper has been increasing its monetary policy aimed at supporting small, medium, and micro enterprises since the beginning of this year. According to the reporter of the Securities Daily, the reporter has reviewed all aspects such as targeted reductions, bank credit supervision and assessment, etc.There are related policies.  In January of this year, the People ‘s Bank of China reduced the deposit reserve ratio of financial institutions by one division on January 4 and released about 800 billion long-term funds as a whole, effectively increasing the source of loans for small, medium and micro enterprises.Million-dollar targeted medium-term lending facility (TMLF) with a view to reducing the cost of SME financing and 夜来香体验网 credit.  On February 25, the CBRC issued the “Notice on Further Strengthening the Related Work of Financial Services Private Enterprises.”On March 13, the CBRC issued the “Notice on Further Improving the Quality and Efficiency of Financial Services for Small and Micro Enterprises in 2019”, which put forward higher quantitative requirements for large banks and strived to achieve the “inclusive small and micro enterprise loan balance in general”.Earlier “.Increase by more than 30% “, which is stronger than the previous requirement of” two increases and two controls. “  ”Overall, the long-term monetary policy insists on not engaging in flooding, while maintaining the bottom line of preventing and controlling financial risks.Cao Shengxi, an analyst at the Institute of International Monetary Studies at Renmin University of China, said in an interview with a reporter from the Securities Daily yesterday that the current monetary policy toolbox has been abundant, citing the past that it relied on foreign exchange for deposits and deposit reserve ratios to issue currencies.In addition to the overall policy, we will implement structural policies to establish a monetary and financial environment conducive to financing of small and medium-sized enterprises.  Cao Shengxi believes that the current overall macroeconomic and financial environment does not support a generally loose monetary policy such as a comprehensive RRR cut, so monetary policy operations are mainly structured policies.  The main line of this year’s monetary policy is to carry out countercyclical adjustments, mainly using structural monetary policy adjustment tools.Guo Xiaobei, an expert from the Minsheng Bank Research Institute, told the Securities Daily reporter that the main contradiction of current monetary policy is not tension, and the efficiency of the monetary and monetary policy mechanism is insufficient, and it is difficult for funds to flow to the real economy.  According to the preliminary expectation, “Take the time to establish a policy framework for the implementation of supplementary deposit reserve ratios for small and medium banks”, Tao Jin, an analyst at Suning Financial Research Institute, told the Securities Daily reporter yesterday that the establishment of such a framework is in line with financial supply-side structural reforms.The basic goal is to solve the problem of financing difficulties and expensive financing for small and micro enterprises, further reduce the financing costs of small and micro enterprises, stabilize market expectations, and enhance the confidence of micro-economy and other micro-economy. This is the focus of the current monetary policy adjustment.  Pan Yuzhang, a macro analyst at the Xiangcai Securities Research Institute, said in an interview with the Securities Daily reporter yesterday that the establishment of a policy framework for deposit reserve ratios for small and medium-sized banks will help small and medium-sized banks to invest in small and medium-sized enterprises at a cost.Provide credit support.  Tao Jin said that such a framework means establishing a long-term mechanism for relevant financial institutions to grant credit to small and micro enterprises. It is a targeted policy under a unified standard and cooperates with corresponding assessment and feedback mechanisms, instead of assessing some from time to time.The ratio of banks to real economy loans is somewhat different from targeted reductions.Moreover, from the current point of view, the space for reduction is also limited.  Looking forward to the second quarter, Guo Xiaobei said that given that financing difficulties in key areas such as small, medium and micro enterprises have not been fundamentally resolved, it is expected that the easing of funds to the real economy will be gradually promoted through structural easing. Monetary policy tools such as MLF and TMLF will be used to support credit in the future.Investment, supplemented by adjustments to the assessment and incentive mechanism to reduce credit supply-side constraints, stimulate financial institutions’ expectations and ability to serve the real economy, and open up structural mobility problems.