Xiamen Airport (600897): It is estimated that the attractive future dividend yield will decline or continue to be under pressure in the short term

The 2018 results exceeded expectations, and the first quarter of 2019 results were basically in line with expectations. Xiamen Airport announced its 2018 results: operating income17.

80,000 yuan, an annual increase of 7.

1%; net profit attributable to parent company 5.

10,000 yuan, an increase of 23 in ten years.

1%, corresponding to profit 1.

70 yuan, net profit after deduction 4

90,000 yuan, an increase of 22 in ten years.


The fourth quarter realized operating income4.

5 ppm, a ten-year increase of 2.

8%, realizing net profit attributable 北京夜网 to mother 1.

USD 300 million, an annual growth rate of 53%, exceeding our expectations, mainly because the company’s cost control was better than expected.

The gross profit margin for Q4 2018 was only a small margin of 0 from the previous quarter.

Five advantages, reflecting better cost control capabilities.

At the same time, the company announced the first quarter of 2019 results: operating income4.

40,000 yuan, an increase of 3 in ten years.

9%, net profit attributable to the parent company1.

2 ‰, an increase of 6 in ten years.

2%, corresponding to a profit of 0.

40 yuan, basically in line with our expectations.

Development Trend The dividend rate for 2019-2021 will be gradually reduced from 75% before to 30%.

The company also announced a profit distribution policy for 2019-2021. Under the conditions of cash dividends stipulated in the Articles of Association, the annual cash distribution of profits is more than 30% of the profit attributable to the parent company that can be distributed in the current year.%, We expect that from 2019, the company’s dividend yield may replace 2.

5%, short-term may bring expected extra.

Earnings forecast raised the 2019 / 2020e earnings forecast to take into account that operating costs in 2019 may be lower than our baseline expectations.

7% / 14.

6% to 5.


920 thousand yuan, corresponding profit1.

91 yuan / 1.

99 yuan.

Estimates and recommendations The company currently has a sustainable response to December 2019.

3 times P / E, 1.

8 times P / B.

Although the dividend return rate will decrease in the future, we believe that the international line continues to exert its strength, the company’s income structure is constantly optimized, the profit margin can be improved, and the company’s current valuation is significantly lower than comparable companies.

Maintain recommended level and target price of RMB26.

5 yuan, corresponding to December 2019.

9x P / E, compared with current expectations of 13%.

Risks Aviation demand is less than expected; there is uncertainty in the relocation of the airport; and international flight growth is less than expected.

Posted in kzqqvpxr

Guoxing Optoelectronics (002449): Small-pitch expansion continues to be positive under pressure in the short term

Event: The company released its semi-annual report and achieved total operating income of 16 in the first half of 2019.

26 ppm, a decrease of 8 per year.

87%; net profit attributable to mother 1.

97 ppm, a decrease of 12 per year.南京夜网论坛

39%; net cash flow from operating activities.

51 ppm, an increase of 67 in ten years.


The chip market fluctuates, and performance is under pressure in the short term.

Due to the fierce competition in the chip business, the decline in the price of white light packaging has a certain impact on revenue and profits.

In the first half of 2019, the company’s extension and chip business realized operating income of 34.34 million yuan, a year-on-year decrease of 48.

21%; LED packaging and module products achieved revenue 14.

880,000 yuan, down by 6 every year.


Due to the market impact of chip products, the price of products sold by its subsidiary National Star Semiconductor changed, and the prices of Yaweilang technology products were phased out.

National Star Semiconductor reported a higher net profit of -4,034.

310,000 yuan, a decrease of 287 over the same period last year.

59%; Yaweilang technology net profit -913.

08 million yuan, a decrease of 12 a year.


The small-pitch production expansion continued to advance, with both production capacity and gross profit margin increasing.

The company continued to adjust its product layout. High-margin LED packaging and module products accounted for 91% of revenue during the reporting period.

48%, 2 units higher than the same period last year.

Gross profit margin reached 28.

77%, an increase of 3 over the same period last year.

47 units.

The company is one of the leading companies in the small-pitch LED packaging industry. At present, the small-pitch products are still welcomed by downstream customers, so the gross profit rate has continued to rise.

At present, the volume of the small-pitch LED packaging business is still dependent on the expansion of production capacity. The company released a capacity expansion announcement in the first half of the year. Under the current tight production capacity of small-pitch products, the production capacity of the small-pitch packaging business has gradually increased. We believe that the company’s small-pitch packagingThe LED packaging business can offset the decline brought by the chip and white light business, thereby maintaining a sound development trend.

Grasp the potential of Mini Led and develop multi-domain product layouts.

Mini LED can be used as a backlight. It can achieve small area dimming on tens of thousands of LEDs on the subdivision panel. It can meet the requirements of HDR and high brightness, and also can achieve a special-shaped screen.Weaknesses of burning screen.

As one of the Mini LED leading companies, the company will continue to benefit from the continuous growth of the industry.

At the same time, the company uses LED devices and module products for layout in medical UV, infrared, smart car lights and other sub-fields, which may become a new business growth point.

Investment suggestion: Considering the expansion of the chip and white light business and the expansion of the small-pitch LED packaging business, we have made some adjustments to the profit growth rate.

The company’s net profit for 2019-2021 is expected to be 5 respectively.

3.3 billion, 6.

1.6 billion, 7.

8.7 billion, maintain Buy-A investment rating, 6-month target price is 15.

60 dollars.

Risk Warning: The downstream demand of small-pitch LED is less than expected, the chip market fluctuates, the white light market shifts more than expected, and the capacity expansion is less than expected

Posted in cktdpaq

Shanying Paper (600567): Third-quarter results slightly exceeded expectations, focusing on long-term cost advantages

Event: The company released the third quarter report of 2019: the company achieved revenue of 171 in the first three quarters.

34 ppm, a decrease of 4 per year.

48%; net profit attributable to mother 13.

2.5 billion, a decrease of 42 every year.

83%; net profit after deduction is 10.

79 trillion, down 44 a year.


In the third quarter alone, revenue was 59.

64 ppm, a decrease of 0 per year.

33%; net profit attributable to mother 3.

99 ppm, a decrease of 34 per year.

63%; net 上海夜网论坛 profit after deduction to mother 2.

74 trillion, down 39 a year.


  Opinion: The decline in the third quarter narrowed, and the performance slightly exceeded expectations.

The company’s 19Q1 / Q2 / Q3 achieved revenue of 52 respectively.



64 ppm, with a decrease of 3 each year.

74% / 8.

9% / 0.


19Q1 / Q2 / Q3 achieved net profit attributable to mothers4.



99 ‰, decreased by 4 each year.

33% / 57.

56% / 34.


Affected by the continuous tightening of waste policies and the continued weak downstream demand, the industry is still in a downward cycle, and the company’s earnings are under short-term pressure.

The third quarter was the peak season for packaging paper sales. The price of paper increased slightly, and the company’s decline in the third quarter narrowed.

  The gross profit margin decreased slightly, and the expense ratio increased slightly.

In terms of gross profit margin, the company’s gross profit margin for the first three quarters of 19 was 19.

33%, down 2 each year.

86 points.

In terms of expense ratio: the company’s expenses during the first three quarters of 19 were 13.

61%, an annual increase of 3.

05pct, sales / management / financial expense ratios are 4 respectively.21% / 7.

16% / 2.

23%, respectively, the change is +0.

65 / +3.

70 / -1.


  Finance costs have fallen by 39 each year.

94%, mainly due to the decrease in exchange losses and gains caused by fluctuations in the RMB exchange rate.

  Production capacity continued to advance, and overseas raw materials were actively deployed to consolidate cost advantages.

The company continues to promote the production capacity layout. In 2018, the first and second phases of the Huazhong Papermaking Base invested in the new project were put into production this year, which will increase the capacity of 127-inch containerboard. One of the projects is expected to be trial production in November.The production capacity will be close to 600 mm.

Against the background of the continuous shrinking of external waste billets, the company arranged overseas waste pulp through an asset-light model, and started a technical renovation project for a 12-insertion waste pulp production line in Phoenix Paper in North America.

At the same time, the company and its Southeast Asian partners are expected to complete 30 initial waste paper pulp projects by the end of this year, and by the end of the year, they will have 42 waste paper pulp production capacity.

By actively deploying overseas raw materials, the company’s cost advantage will be further consolidated.

  Earnings forecast and estimation: The industry is expected to bottom out, the third quarter report exceeded expectations, and raised earnings forecasts.

EPS are expected to be 0 in 19-21.

40, 0.

49, 0.

53, corresponding PEs are 8X, 6X, 6X.

Maintain “Buy” rating.

  Risk reminder: downstream demand is less than expected, and raw material prices have risen sharply

Posted in 夜网

High-tech development (000628): rapid growth in revenue and profits
The company recently announced its 2018 annual report, which reported operating income9.5.3 billion, an annual increase of 66.47%; net profit attributable to mother is 0.5.5 billion, an increase of 124 in ten years.39%.Opinions are as follows: Based on the construction of high-tech zones to promote high growth in orders, the company may continue to benefit from the company’s engineering business bid amount of 25 in the future.2 ‰, increasing by 221 every year.84%, of which 68 are housing projects.05%, a decrease of 25 per year.05 units, 31 municipal projects.39%, an increase of 26 per year.A total of 92, accumulated in hand order 36.98 ppm, an increase of 223 per year.8%.Since 2017, the company has determined to base itself on the construction of high-tech zones, especially to grasp the operating policy of the transformation of the airport new city. In 2018, the construction of the airport new city accelerated, and the company’s engineering business orders increased significantly.Many major projects have been awarded in 2019, and the company’s orders in 2019 are expected to increase further. Engineering business revenue has grown rapidly and gross profit margin has increased. It is expected that this year’s trend will continue the company’s operating income in 20189.53 trillion, an increase of 66 over the same period.47%, of which engineering income is about 800 million, nearly doubled in excess.With the gradual implementation of the company’s ongoing projects and the construction of high-tech zones, the scale of construction business in 2019 continues to increase.Gross profit margin of the company’s construction business 6.62%, an increase of 2 over the same period last year.The 56 single items were mainly due to the higher gross profit margin of the municipal business and the company’s focus on improving management capabilities and controlling costs, thereby improving the company’s efficiency.In 2019, the company plans to continue to improve the management quality and further increase the gross profit margin.The PPP investment companies invested and established by the company have successively implemented projects. It is expected that the gross profit margin of the construction business of PPP projects this year is expected to continue to increase and contribute some investment income. The scale effect caused the increase in the period expense ratio to decrease, and the net profit attributable to the mother increased the company’s period expense ratio12.53%, down 7 over the same period.39 units, of which the sales expense ratio is 11.42%, a decline of 9 per year.12 units, the scale effect is obvious; the management expense ratio is 5.55%, down 2 each year.32 single, the main reason is that the management expenses are relatively reduced relative to operating income, except for the increase in revenue; financial expenses are -4.44%, mainly for interest income 南京桑拿网 from corporate bank deposits in 2018.Net profit to mother is 0.5.5 billion yuan, an increase of 124 over the same period last year.39%, so the government revoked the company’s holding subsidiary’s development right in Ya’an Zhougongshan Hot Spring Development Zone and granted about 1.The compensation of 3 million was transferred back to the combined asset impairment.After subverting non-recurring profits and losses, the net profit attributable to the mother is zero.2.1 billion, an annual increase of 204.45%. The business accelerated and the operating cash flow expanded to expand the cash-to-cash ratio in the reporting period.6874, compared with 1 in the previous year.4766 fell sharply, with a cash-to-cash ratio of zero.4557, 0 earlier in 2017.8081 also declined.Net cash flow from operating activities has increased compared to 杭州桑拿 the previous year2.USD 6.7 billion was mainly due to the improvement in the margin of the subsidiary Beite Futures Trading and the fact that part of the revenue of the engineering business did not receive cash in the report, but it matched the company’s business expansion speed.In 2019, the company plans to issue non-public shares, and plans to use the raised funds to construct the airport new city project to ease the pressure on funding. Investment suggestion: The company fully grasps the changes in the construction of Chengdu Tianfu International Airport New City, and the change in progress projects are gradually implemented. It is expected that the company’s engineering business will enter a comprehensive acceleration phase in 2019.We maintain 0 for 2019-2021.34, 0.62, 0.The EPS of 99 yuan / share is unchanged, and the rating of “Buy” is maintained.Considering the sustainability of the company’s growth (19 years PEG is only 0.36 times), and the company’s recent long-term ongoing repairs, the company estimates that there is room for repair.We raise our target price to 13.5 yuan (original target price of 10.63 yuan), corresponding to PEG0.43 times. Risk reminder: Engineering money recovery is less than expected, and project progress is less than expected

Posted in gulxqjjy

Fosun Pharma (600196)): China’s first CAR-T reporting first-mover advantage overlap position

I. Overview of the event On February 24, 2020, the company invested in the joint venture company Fosun Kate CAR-T products Yiji Lirensai injection (planned) (code FKC876, namely anti-human CD19 CAR-T cell injection) for adultsTreatment of relapsed and refractory large B-cell lymphoma (including diffuse large B-cell lymphoma (DLBCL) unspecified, primary mediastinal B-cell lymphoma (PMBCL), high-grade B-cell lymphoma, and follicular lymphoma transformationDLBCL) was replaced by the CDE drug market registration review (copy number: CXSS2000006).

2. Analysis and judgment of FKC876 is the first domestically produced CAR-T product. The first-mover advantage is against the company’s leading position. FKC876 is an anti-human CD19 CAR-T cell injection introduced in the United States and introduced from kite holding subsidiary KiteLiquid (trade name YESCARTA) product, which was approved by the FDA in October 2017, is the world’s first NHL CAR-T drug. In August 2018, Yescarta was approved by the EMA for marketing.

In August 2018, the product was approved for CDE clinical trials.

An implantation trial in China for the treatment of relapsed and refractory large B-cell lymphoma in adults has been completed.

FKC876 is the first domestic CAR-T product to be reported. We expect to be approved for listing at the end of 2020 and may become the first CAR-T product to be listed in China. The company’s first-mover advantage in the CAR-T field is expected to become a companyThe leading part in the field of cell therapy.

As of January 2020, Fosun Kate is gradually developing and expanding the RMB exchange rate for this product.

74 ppm (including patent and technology license fees, statement audit).

YESCARTA’s multiple indications are undergoing late clinical stages overseas, focusing on the follow-up internal indication development potential and new product development progress. According to the clinical feasibility of the CAR-T product pipeline on Gilead’s official website, Yescarta is conducting late-stage clinical trials of multiple indications overseasStudies include inert NHL stage II, DLBCL (+ PD-L1 mAb) stage II, second-line DLBCL stage III, and first-line DLBCL stage II.

If the development of foreign indications is successfully approved, FKC876, a substitute of Fosun Pharma, is also expected to achieve coverage of new indications through extrapolation of indications or the development of new bridge tests in China.

We believe that the follow-up FKC876 product is expected to continue to break through the expansion of new indications, and the market potential will also be gradually developed.

In addition, since Fosun Kate has also established a preferential option agreement for Kite’s follow-up products KITE-439 and KITE-718 at the beginning of its establishment, it is foreseeable that Fosun Kate will gradually form a competitive cell therapy-rich pipeline.

It is estimated that the domestic market pricing range is 200,000 to 250,000 yuan, and it is estimated that it will contribute $ 1.7 to 2.1 billion in revenue. Iskarta US pricing is 37.

Considering the cost of domestic production and the particularity of cell therapy preparation and transportation, we expect that the domestic pricing of FKC876 may be RMB 200,000-250,000.

According to 2015, the number of NHL patients was 8.

820,000 people, DLBCL (40%) and HL (10%) combined accounted for 50%, and the patient population was close to 4.

760,000 people, suitable for CAR-T therapy patient population (assuming 30% after the second line) about 1.

With a population of 430,000 and a penetration rate of 60% (obvious first-mover advantage, overseas evidence-based medical verification, and more benefit in promotion), it is expected to contribute revenue of RMB1.72 billion.

Third, investment recommendations We maintain our previous profit forecast. It is estimated that the EPS for 2019-2021 will be 1.


46, 1.

78 yuan, corresponding to 17 times PE in 2019 according to the closing price on February 24, 2020, maintaining a “recommended” rating with reference to the estimates of comparable companies and the position of the company’s industry leader.

Fourth, risk warning: the review progress is less than expected risk; product sales are less than expected; market competition risks; clinical results are less than expected risks.

Posted in opgwugf

Zhongding Co., Ltd. (000887): 18Q4 replaces the long-term optimistic smart electric layout affected by the industry

Event: The company announced its 18-year annual report, which reported revenue of 12.4 billion (+5 over the same period).

1%), net profit attributable to mother 11.

200 million (year -1.

0%), of which 18Q4 revenue was 36.

200 million (previously -7.

9%), net profit attributable to mother 0.

6.6 billion (decade -62.

6%), affected by industry breakthroughs in the fourth quarter, pressure on performance, long-term performance in line with expectations, the gradual landing of the results of future transformation and extension strategies, is expected to drive steady growth in the future.

It is estimated that the company’s net profit for 19-21 will be 11.



300 million, maintaining the “strongly recommended-A” level.

Comments: 1. Q3 performance is in line with 合肥夜网 expectations, waiting for overseas technology to feed back domestic decline. A) 18Q4 revenue 36.

200 million (previously -7.

9%), net profit attributable to mother 0.

6.6 billion (decade -62.

6%), significantly reduced by industry influence; gross profit margin in the fourth quarter was 24.

7%, a decrease of 1 per year.

5 The main reason is mainly due to the pressure of the industry to reduce pressure; in terms of three rates, Q4 sales expense rate 8.

4%, an increase of 2 per year.

8 is the most, mainly due to industry-level pressure, and the management expense ratio is 12.

6%, down by 1 every year.

6 budget, financial expense ratio -0.

5%, decrease by 2 every year.

3%, the overall three rates drop by 1 each year.

1 is representative and remains relatively stable.

b) Landing of overseas projects: The 北京夜生活网 overseas landing of overseas M & A business has been actively promoted. In FY18, Wuxi Jiake and Anhui Jiake achieved revenue5.

200 million (previously +9.

8%), net profit 65.08 million (+18.

4%); Anhui Weigugu realized revenue 1.

100 million (+33.

2%), net profit 18.23 million (+44.

7%); Anmeco Anhui was registered in July 18; TFH domestic projects have been completed.

c) New energy vehicle business: The company’s 18 years of new energy vehicle related business revenue11.

71, +26 per week.

9%, and won the Volkswagen MEB orders for 18 years, with a full life cycle of 900 million.

d) R & D budget, 18-year R & D ratio.

45%, increasing by 0 every year.58 average, continued to increase.

2. Ten years of acquisition to build an international leader, benefiting from domestic substitution.

The company has gone through ten years of international mergers and acquisitions, and realized the “market-technology-strategy” -oriented triple jump. It has continuously acquired overseas high-quality assets, and its customers cover mainstream manufacturers such as Mercedes-Benz, Volkswagen, and BMW.

The company’s development context is clear, creating a “3 + 1” business system, of which sealing, shock absorption, and cooling systems are the three main businesses, and the air suspension business opens up imagination.

In the future, the company’s strategic focus will shift from extension to endogenous, high-end technology dating and second development of the domestic market. The product will be upgraded from a single system to an active layout of smart electrics, which will deeply benefit domestically produced alternatives.

Risk warning: Car sales are lower than expected, and new capacity release is lower than expected.

Posted in urjexupb

Focus Media (002027) Interpretation of Market Concerns: Finding the Truth from History

Investment Highlights This article starts with historical industry and company data, and answers three major questions investors are currently paying attention to the operating status of Focus Group: Is there any downside to gross margins in the context of a weak macro economy; whether the building media will be used by the Internet, etc.Replaced by precise media; how the current changes in the industry’s internal competition landscape have led to the company’s impact and future direction.

The company’s gross profit margin is already in the bottom range and there is still limited downside: We have conducted a detailed study of the company’s financial data over the past 14 years and found that the company’s gross profit margin has remained in the range of 57% -77% year-round, only in 2009 and 2019年 年出现了毛利率的破位,纠正研究2009年的状况,我们发现与公司当前面对的情况非常相似:首先,经济环境都很低迷;其次,分众都进行了大规模的屏幕扩展,分众07The number of media screens in buildings increased by 65 in 2008 and 2008 respectively.

5% and 50%, and an increase of 75 in 18 years.


Therefore, the expansion factors are comparable, but in 2009, when economic growth was more severe, the company’s annual gross profit margin dropped only to 36.

7% rebounded quickly, and the company has seen 36 in the first quarter of this year.

5% gross profit margin, 42 in the first half.

01%, we judge the company’s gross margin is currently in the bottom range.

Brand advertising and performance advertising play a role in different stages of consumer purchasing behavior, both of which are necessary for business. They are only selected under specific economic conditions, and there is no mutual substitution relationship.

The audience is the hard currency of the media.

Media companies are essentially selling opportunities to reach audiences. Such companies acquire audiences through content, channels, etc., then package and price 南京桑拿论坛 channels that are close to the audience, and then sell them to advertisers.

The reason why building media has strong vitality is that the scale of its audience is increasing.

Based on this, the proportion of building media in the advertiser’s budget allocation continues to expand.

The publication rate is the very beginning to determine the profit margin gap between the building media companies.

Advertisers are expected to allocate the most important budget to the media that covers the largest target audience (different target audiences according to different delivery goals), while other channels are only supplementary to the main channel, which results in a higher publication rate for Focus Media.Interbank companies.

The publication rate determines the profit rate. If the profit rate is insufficient, it will be difficult 南京桑拿网 to expand. This is why the development of competitors in the industry has been slow for so many years.

Unless competitors can achieve the scale of coverage that matches the niche, it is difficult to break through the supplementary part, which will cause them to overlap and run in negative cycles with low publication rates and high costs.The real threat.

Earnings forecast and investment rating: Based on the company’s high income elasticity and high operating leverage characteristics, we divide the company’s performance and estimates based on the recovery of gross profit margins into pessimistic, neutral, and optimistic conditions.

Based on the performance level of the neutral facts, the company’s revenue for 2019/2020/2021 is 116.



5.1 billion, a growth of -20 in ten years.

2% / 20.

7% / 16.

0%, net profit attributable to mother is 17.



54 ppm, a ten-year increase of -69.

2% / 87.

3% / 32.

6%, corresponding to PE estimates are 43.



70 times.

In pessimism, neutrality, and optimism, the next DCF estimates are 889 trillion, 1026 trillion, and 1174 trillion, respectively, corresponding to 6.

06, 6.

99, 8.

00 yuan / share, currently 78.8 billion yuan, 5.The market price of 37 yuan / share is even lower than the conservative estimate under the pessimistic assumption, so it is attractive and maintains a “Buy” rating.

Risk reminder: Macroeconomic volatility exceeds expectations, competition intensifies, and repayment is unfavorable

Posted in 按摩

Nangang Iron & Steel Co., Ltd. (600282): Solving the problem of minority equity

The company intends to solve the problem of minority equity of the subsidiary or increase its performance On April 26, 2019, the company issued an announcement saying that it would purchase the holding subsidiary from the controlling shareholder Nanjing Nangang Iron and Steel United Co., Ltd. (hereinafter referred to as “Nanjing Steel Union”) through the issue of shares.Nanjing Nangang Industry Development Co., Ltd. (hereinafter referred to as “South Steel Development”), Nanjing Jinjiang Metallurgical Furnace Charge Co., Ltd. (hereinafter referred to as “Jinjiang Furnace Charge”).

72% equity, the remaining equity has been held by the company, and trading was suspended on the same day.

On May 7, 2019, the company issued an announcement to disclose the above transaction plan. The transaction amount has not been disclosed for the time being, and the issue price is set to 3.

39 yuan / share (adjusted for ex-dividend), the closing price before the suspension is 3.

88 yuan / share.

After the completion of the transaction, Nangang Development and Jinjiang Furnace Charge will become a wholly-owned subsidiary of the company, or it will increase the company’s net assets and enhance the company’s profitability. However, the point of merger is unknown, and it will still maintain an “overweight” rating.

Foreword: In 2017, the Company issued a “Opinions on Actively and Prudently Reducing the Leverage of Enterprises” due to the transfer of part of the equity of the company due to debt-to-equity swaps. In March 2017, CCB Investment and Nanjing Iron & Steel made wholly-owned subsidiaries of the companyNangang Development carried out a capital increase in cash, with capital increases of 30 and 7, respectively.

5 trillion, after the capital increase, respectively held Nangang Development 30.

97%, 7.

75% equity, and within three years after the completion of the capital increase as agreed, the company or Nanjing Iron & Steel will repurchase its equity in Nangang Development.

After the capital increase, the company’s asset-liability ratio was 80 from the end of 2016.

19% 北京夜生活网 dropped to 70 in 2017Q1.


In March 2018, the development of Nanjing Iron and Steel Co., Ltd. continued to be separated. The newly established Jinjiang Furnace Charge, the company, CCB Investment, and Nanjing Steel United held the same proportion of shares.

In April 2019, Nanjing Steel United acquired the shares of Nangang Development and Jinjiang Furnace Charge held by CCB Investment in the form of a cash transfer.

Nangang Development is an important operating entity of the company, and the merger will increase the company’s profit.
Nangang Development is mainly engaged in the production and sales of wire rods, bars, and profiles, and is an important business entity of the company.

Nangang Development achieved operating income of 4.48 million yuan in 2018, a year-on-year increase of 120.

75%, the company increased 天津夜网 by 16 in the same period.

08%; realized a net profit of 1.7 billion yuan, an annual increase of 92.

59%, the company increased by 47 during the same period.


Jinjiang Furnace Charge was newly established in April 2018. It undertakes the production and processing business and assets of former Nangang Steel for sintering, pelletizing and coking. The main products are sintered ores, pellets and coke.

As of March 31, 2019, Nangang Development Assets and Liabilities Reorganized 61.

21%, Jinjiang Furnace Charge assets and debt restructuring38.

90%, while the company’s assets and liabilities decreased by 52.


The subsidiary’s minority equity is merged or thickened, and the “overweight” rating is maintained based on the 2018 caliber. If this time, the remaining equity of Jinjiang Furnace Charge is merged into the company, the company’s net profit attributable to shareholders of the parent company willFrom 40.

08 million rose to 48.

24 ppm, an increase of 20.


As the transaction has not been completed and the previous performance forecast is unchanged, the company’s EPS for 2019-2021 is expected to be 0.

69, 0.

74, 0.

75 yuan, the corresponding PE is 5.

61, 5.

26, 5.

Comparable companies forecast a PB forecast of 1 in 2019.
19, the current company PB (LF) is 1.

14. Give the company 1 in 2019.


20 times the PB estimate, taking the 2019 predicted BPS to be 3.

87 yuan, corresponding to the target price of 4.


64 yuan, maintaining the “overweight” level.

Risk warning: the transaction is blocked; Nangang Development, Jinjiang Furnace Charge’s profitability is less than expected, etc.

Posted in kzqqvpxr

Taiji shares (002368): Yangtze River data separates CLP Taiji CETC and CLP Taiji resources to accelerate integration


According to the public account of CLP Taiji Group, the transfer of Yangtze River data for free transfer will rank in Wuhan.

The meeting announced that Yangtze River Data officially replaced CLP Taiji, and read out the new leadership appointment resolution of Yangtze River Data.

Tan Jingxin, deputy general manager of CLP Taiji, Pan Zhenggang, deputy general manager of Dianke International, members of the old and new members of Changjiang Data, and all middle-level cadres and party members attended the meeting.

CLP Yangtze River Data was officially transferred to CLP Taiji.

Recently, CLP’s Yangtze River data were transferred to CLP Taiji for free, and a new legislative resolution was read out.

The meeting announced the appointment of Lu Lu (stock company) as executive director, Wang Jing (stock company) as manager and legal representative, Li Jian (stock company) as executive vice president, and Li Xiang (China Power Taichi) as supervisor, with a term of three years.
CLP Changjiang Data is a smart solution provider and system integration business service provider, providing comprehensive, 佛山桑拿网 innovative and first-class services to government and enterprise customers.

The integration of resources between CLP Power and CLP Taichi has accelerated significantly.

The integration of resources within the CLP Power System is a follow-up to the scratch of China Power Taichi following the management of Puhua ‘s basic software business at the beginning of 2019.Another subsidiary, Changjiang Data, was transferred to CLP Taiji for free on December 5, 2019.

Through a series of resource integration, the main level and management relationship between CLP Power, the CLP Taiji platform, and the CLP Taiji affiliates will be more streamlined, which will help achieve China’s independent controllable industries in infrastructure, intelligent applications and services.The overall integration of the system promotes the 深圳桑拿网 preservation and appreciation of state-owned assets.

CLP Taiji Group has clearly positioned itself to be a leader in autonomous and controllable fields.

China Electronics Technology Corporation is an important backbone enterprise formed on the basis of the former Electronics Research Institute and high-tech enterprises directly under the Ministry of Information Industry. It is wholly-owned by the State-owned Assets Supervision and Administration Commission of the State Council and is one of the top ten military industrial groups directly managed by the central government.One.
According to the official website of the 15 institutes, China Electronics Technology Corporation established the CLP Tai Chi Group, and strives to build the Tai Chi Group into a “pioneer in the autonomous and controllable field, a flag bearer in the software and information service industry, and a main force in the overall information system” to support the group company.Achieving the strategic goal of “a world-class innovative leader”.

Maintain “Buy” rating.

It is estimated that the net profit attributable to the mother for 2019-2021 will be 3.

8 billion, 5.

7.6 billion, 8.

5.3 billion, with a compound annual growth rate of 39.


Risk reminder: The integration of CLP and Taiji did not meet expectations, the system integration business grew faster, and the innovation business did not meet expectations.

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Reward Chinese friendship, foreign volunteers help outbreak prevention and control
Xu Dahai, a foreign volunteer, “Please stop and take my temperature.”” No problem, please go forward.”Beside the highway checkpoint in Foshan-Guangzhou, a foreign volunteer made standard gestures to measure the temperature of the passengers and passengers in the passing vehicle, which was particularly noticeable.He is a Yemeni Abdu Hakim doing business in Guangzhou. His Chinese name is Xu Dahai.As early as the first day of the new year, Xu Haihai, anxious after seeing news related to the epidemic, searched and registered online by himself, and became a volunteer through “Liwan Volunteer Service”.Every day from 8 to 12 in the morning, Xu Dahai would arrive at the service station on time and work with Chinese volunteers to take the task of measuring the temperature of the crew members who entered Guangzhou.Those who pass the temperature will be released quickly. Those who fail will be guided to the checkpoint on the side to 北京夜网 continue the inspection.In order not to cause traffic interruption, Xu Dahai speeded up his movements and pace as soon as possible.He wandered in the exhaust of the traffic all morning, and he could feel some tired when changing shifts.”I am very happy to contribute to China.Xu Dahai said that many years ago, he had undergone a kidney stone surgery while he was a graduate student in China. Before and after the operation, from medical insurance practitioners to school teachers and students, he helped him.With this friendship in mind, he finally found an opportunity to return today.”Through this operation, I found that the volunteer service system in Guangzhou is perfect.Other Chinese volunteers helped the widows wash their hair, and some helped the residents cut their hair.Everyone is doing their best to do all the service work that 佛山夜网论坛 helps to prevent and control the epidemic, and everyone is full of energy and enthusiasm.Xu Dahai said, “China is my second hometown. I love everything here. I believe that this epidemic will soon triumph.””

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