Qisheng Technology (603610) Coverage Report for the First Time: Pioneer of Intelligent Electric Beds Grows Fast with the Consumption Upgrade in Europe and America

Qisheng Technology (603610) Coverage Report for the First Time: Pioneer of Intelligent Electric Beds Grows Fast with the Consumption Upgrade in Europe and America
Qisheng Technology is a leading company in the smart home industry. 1) The company’s compound revenue for 2016-2018 is 37.46%, maintaining a rapid growth trend.The company achieved net profit attributable to mothers in 20182.920,000 yuan, an increase of 160 in ten years.15%, achieving rapid growth.2) Intelligent electric bed is the company’s core product, accounting for 89% of the company’s operating income in 2018.56%, the proportion is expected to gradually increase.3) The sales outside the sales area are mainly based on the company’s overseas main business revenue ratio always above 94%, mainly in the US market. 4) The business model is mainly ODM, and the revenue ratio of ODM model remains above 70%.5) The company’s overseas market sales form three models of mattress manufacturer cooperation + retailer cooperation + online sales. The revenue ratio of the mattress manufacturer cooperation model remains at about 80%.6) The company’s main customers are Suda Simmons (SSB), Tempurian Sili (TSI), Costco (COSTCO), high customer concentration, the top five customers of the company in Q1 2019 accounted for 82% of total revenue.46%.The company has a solid relationship with its core customers, with long-term contracts.7) Except for the United States, the company actively explores global overseas markets.8) The industry chain has strong integration capabilities, and the intelligent electric bed electric appliances are vertically integrated. 9) The industry has obvious competitive advantages. The company’s gross profit margin and net profit margin are at the leading level in the industry.10) Expansion of production capacity to seize the market.In 2019, Qisheng Technology publicly listed and raised funds, and eventually raised 15 net funds.The US $ 9.6 billion will be used to invest in an annual output of 4 million smart bed headquarters projects (Phase 1), brand and marketing network construction projects, and supplementary liquidity. The project is expected to form an annual electric bed capacity of 2 million after the project reaches capacity. The smart electric bed industry is developing rapidly, and the small and 杭州桑拿 beautiful blue ocean market 1) The main consumer markets for smart electric beds are concentrated in developed markets in Europe and the United States.2) The market size is small, but the growth rate is strong. In the United States, the smart electric bed itself has only been sold indirectly through mattress companies since 2011.$ 0.4 billion increased to 6 in 2017.USD 1.6 billion, with an average compound strength of up to 20.25%.The number of smart electric beds sold directly to retailers through mattress companies + in 2018 was 324.280,000 pieces, an increase of 52 in ten years.83%, a total of 11.$ 3.4 billion, an annual increase of 32.16%.3) The penetration rate of smart electric beds is gradually increasing.Intelligent electric bed sales accounted for 13 of all bed types in 2018.74%, an increase of 3 over the same period last year.41 points.4) The lowest domestic awareness, 杭州桑拿 consumer education still needs time.China is still in the stage of replacing hard mattresses with mattresses, and the widespread use of smart beds will take time. Market competition: The scale of professional manufacturers of intelligent electric beds is expanding, and large software furniture companies are advancing the layout 1) Overseas markets: Intelligent electric beds are the first to appear in the European and American markets. Major manufacturers in the US market include Lienpai, Huanzhiqu, and intelligent electric beddingThe category is not its core category.2) Domestic market: The scale of professional manufacturers is small, and large software manufacturers are expanding their categories to deploy intelligent electric beds.The leading professional manufacturer is Qisheng Technology, and the income scale of other professional manufacturers is generally below 300 million.Large software makers have also expanded into the category of intelligent electric beds. Meng Lily issued convertible bonds to raise funds to invest in functional furniture research and development and industrialization projects, adding 400,000 zero-pressure function beds and 150,000 zero-pressure function chairs.Along with the layout of smart beds by many professional manufacturers and software integrated manufacturers, the penetration rate of the domestic smart bed market promotes continuous improvement. We estimate the company’s operating income from 19-21 to 25.56, 30.37, 39.78 trillion, with growth rates of 6.90%, 18.80%, 30.99%, net profit attributable to mother is 3.49, 4.31, 5.74 trillion, the growth rate was 19.27%, 23.35%, 33.35%, corresponding PE is 21 respectively.31, 17.27, 12.95.The first coverage is given a “Buy” rating, corresponding to a target price of 75.8 yuan. Risk reminder: high customer concentration risk; intensified trade war; increased industry competition risk; company operating risk

Aerospace Appliances (002025) 2018 Annual Report Performance Review: Steady Growth in Performance and Better Downstream Demand

Aerospace Appliances (002025) 2018 Annual Report Performance Review: Steady Growth in Performance and Better Downstream Demand
This report reads: The 2018 performance was slightly lower than expected, but we believe that the impact of the transformation of military reforms has been eliminated, and downstream military demand has continued to improve. The start of 5G construction has driven high growth of civilian products business, intelligent manufacturing supports gross margin levels, and business trends are better. Investment points: Maintain target price to 33 yuan, increase holdings.The company’s 2018 performance was slightly lower than expected, but we believe that after the impact of the military reform has been eliminated, downstream military demand has continued to improve, 5G construction has started to drive high growth in the civilian products business, intelligent manufacturing has supported gross profit levels, and business trends have improved.We maintain EPS for 2019-21.00/1.21/1.42 yuan, maintaining a target price of 33 yuan. Performance and repayments were lower than expected, and cost reduction and efficiency improvement continued to advance.1) The company’s 2018 revenue is 28.300 million (+8.5%), net profit attributable to mother 3.5.9 billion (+15.3%), slightly below our expectations.Gross margin +0.56pp, the scope of adjustment continued to optimize the supply chain management, the cost reduction reached the expected goal, the reduction was related to changes in business structure.The sales, management, and financial expense ratios decreased by 0.09pp, 0.52pp, 0.1pp, significantly improved operating efficiency.2) From the perspective of business, connector +2.1%, we believe that it is mainly related to the interconnection of the growth rate of civilian products; the motor business + 21%, which continues to maintain medium and high speed growth; the optical device +42.4%, it is expected to become a new growth point in the future.3) The company increased raw material procurement (+26 of raw materials in inventory.1%), so the prepayment is +61.2%, better downstream demand is expected; net operating cash flow -34.5%, receivable + 17%, the return situation was more than expected. Downstream demand continues to improve, accelerating the deployment of new areas.1) Under the influence of military reform and elimination, downstream military demand continues to improve; civilian products are expected to transform into 5G construction and gradually start to enter high growth.2) The company increases R & D of new products in the communications and new energy industries, with an annual R & D expense of +27.2%, speed up the layout of new areas.3) Completion and acceptance of smart manufacturing projects are included in the construction in progress -87.3%, is expected to support 杭州夜网论坛 the gross margin level in the future. Catalyst: Intelligent manufacturing project reaches production; 5G construction starts. Risk warning: military expenditure growth rate exceeds expectations; 5G advancement speed is lower than expected.

Lanqi Technology (688008) Science and Technology Board Inquiry Report

Lanqi Technology (688008) Science and Technology Board Inquiry Report

Lanqi Technology is an integrated circuit design manufacturer. Its main products include memory interface chips, Jincatch server CPUs and hybrid secure memory modules, product data centers, cloud computing and artificial intelligence.

  The market’s demand for storage is increasing day by day, and the size of the memory interface chip market is growing steadily.

The driving factors for the growth of the memory interface chip market include: 1) the continuous expansion of cloud computing, big data and other emerging technologies, and the demand for servers has steadily increased; 2) the load capacity of server data storage and processing has continued to increase, and the amount of configured memory in servers has also changedRandom growth; 3) The continuous development of DDR memory technology makes the market demand higher levels of memory interface chip technology.

Therefore, the market size of memory interface chips will maintain steady growth in the next few years.

  The company is one of the three major manufacturers of DDR4 memory interface chips in the world, and its market share has increased year by year.

The field of memory interface chips has high technology gate performance. The company’s DDR4 full buffer “1 + 9” architecture was adopted as an international standard.

At present, the company is one of the three main manufacturers of DDR4 memory interface chips in the world. The market share of global memory interface chips has been increasing year by year, exceeding 40% in 2018.

  Deploy a secure and controllable server platform to help the country’s independent and controllable strategy.

Since 2016, the company has joined hands with Intel, Tsinghua University, and well-known domestic server manufacturers to further develop Jincatch server platform products, to implement chip-level security monitoring functions, and to provide a more secure and reliable computing platform for cloud computing data centers.

  Company valuation and inquiry recommendations.

We expect the company’s operating income to be 20 in 2019-2021.

05, 24.

50 and 29.

4.3 billion; net profit attributable to mothers was 8, respectively.

33, 9.

83 and 11.

4.1 billion.

We use relative estimation and absolute estimation to calculate the reasonable estimation level of the company.

Considering that the science and technology board has a higher investment biology than A-shares, institutional investors have a higher voice than A-shares, and the initial market situation may be higher. In the long run, the expected market estimate is more reasonable.

  At the same time, due to higher uncertainty in the chip industry due to equidistant R & D, the company’s product portfolio is multiple and thin, and new business server products have not yet been scaled up for mass production verification, and there is some uncertainty in the future.

Taking the above factors into consideration, we use the 无锡夜网 PE estimation method and the DCF estimation method to estimate the company step by step, that is, the company’s reasonable estimation center is 25.

19 yuan / share, the corresponding market value (after the IPO) is 28.5 billion yuan, and the recommended inquiry range is[22.

90, 27.

48]yuan / share.

  Risk reminder: risk of technology upgrade, risk of preferential policies adjustment, intellectual property risk, high risk of customer concentration, etc.

Zhonghuan (002129) Series Report: Release of 12-inch large silicon wafers to open a new era of photovoltaics

Zhonghuan (002129) Series Report: Release of 12-inch large silicon wafers to open a new era of photovoltaics

Zhonghuan shares released the M12 large silicon wafer, which is expected to reduce the cost of electricity, help the module enter the 6合肥夜网00W era, and maintain the “overweight” level.

Investment points: Maintain Overweight rating and maintain target price of 15.

46 yuan.

EPS 2019 is maintained for 2019-2021.

54, 0.

73, 1.

09 yuan forecast, maintain “overweight” rating and maintain target price of 15.

46 yuan.

The advent of M12 large silicon wafers has helped photovoltaics reduce costs and increase efficiency, improving the profitability of the industry.

M12 silicon wafer is the world’s first, using 12-inch ultra-large diamond wire-cut solar single crystal silicon cubes with an area of 44096mm2 and a 210mm margin. The total area is 80% higher than the current mainstream M2 silicon wafers.


The company estimates that the new product is expected to reduce the cost of electricity by 6%, and the use of M12 products can increase the module power to 600W.

At the same time, the company applied for more than 100 patents for technical protection of the product, which could form a barrier.

The company judges that new products can have a positive impact on the company’s sales and industry level, or reshape the competition pattern of the photovoltaic monocrystalline wafer segment industry.

The growth of photovoltaic silicon wafers is a trend. Zhonghuan uses the accumulation of semiconductors to create photovoltaic silicon wafers with extremely high barriers to drainage.

The opposite margin of photovoltaic silicon wafers is from 125 to 156, and its source comes from the change in diameter of the pull-out single crystal, from 6-inch rods to 8-inch rods.

The size of 125 was the main one before 2010, and all of them were switched to the current mainstream 156 silicon wafers in the next 2-3 years. This is because the above silicon wafers help the industry reduce costs and improve production efficiency.

The semiconductor industry has entered the era of 12-inch wafers, and it is bound to apply 12-inch technology to photovoltaics after the technology matures.

As the best domestic supplier of 12-inch semiconductor wafers, Zhonghuan successfully reduced the cost of 12-inch crystals to the cost level required for photovoltaic wafers, achieving a huge technological breakthrough, and this approach formed extremely high barriers.Because most domestic photovoltaic wafer factories do not occupy the production of semiconductor wafers.

We expect to see large silicon wafers expected in 2020.


Large-scale photovoltaic 12-inch silicon wafers began to be mass-produced, and semiconductor 12-inch large silicon wafers were formed for sale.

Flow of funds: What’s behind the main funds again?

Flow of funds: What’s behind the main funds again?
[Funds flow]Once again, open and go low, what is behind the main fund source: Securities Times Today ‘s main fund ‘s net inflow throughout the day was 119.5.6 billion yuan, a total of 40 stocks, the main capital inflows exceeded 100 million yuan, China Ping An’s main capital inflows ranked first.  Stimulated by the news, the three major A-share indexes opened significantly higher across the board today, and the GEM index opened even close to 3%.During the session, the fund acceptance was not strong. The three major indexes opened higher and lower. In the end, the Shanghai, Shenzhen, and ChiNext indices all closed at about 1%. The Shanghai index recovered the 2900-point integer mark. The market volume was enlarged and the industry sector showed a general trend.Rising trend, the daily limit of nearly 100 shares in the two cities.Northbound funds traded a net buy of 49.At 23 trillion, the Shanghai Stock Connect concluded with a net purchase of 20.9.2 billion; Shenzhen Stock Connect closed with a net purchase of 28.3.1 billion yuan.  The main fund ‘s net inflow throughout the day exceeded 10 billion yuan. In terms of capital flow, the main fund ‘s net inflow throughout the day exceeded 10 billion yuan.5.6 billion yuan.Among them, the main fund of small and medium-sized board net inflow of 39.5.1 billion yuan, the main fund inflow of GEM23.1.3 billion yuan.  In terms of industry capital flow, there are 18 major industry net capital inflows today. The electronics industry’s main capital net inflows rank first, with a net inflow of funds of 48 throughout the day.US $ 3.6 billion, followed by the non-bank financial industry, with a net inflow of funds of 23.9.8 billion yuan.There are 10 industries where the main funds are allowed on a net basis, and the net allowance of the main funds for the non-ferrous metals industry exceeds the scale, with net utilization of funds throughout the day11.USD 7.2 billion, followed by agriculture, forestry, animal husbandry and fishing, with net worth of 5.2.4 billion.  In terms of individual stocks, a total of 40 main stocks had a net inflow of over 100 million yuan, and Ping An’s main fund had a net inflow of 10.30,000 yuan, with a net inflow of funds first; ZTE and Hikvision followed closely behind, with net inflows of 7 throughout the day.7.9 billion, 7.29,000,000; Dongshan Precision, CITIC Securities, etc. are allowed for net inflow funds throughout the day.In terms of leading performance, stocks with net inflow of funds exceeding 100 million yuan increased by an average of 5 today.92%, outperformed the broader market. The daily limit was Aoma Electric, Sinosteel Tianyuan, and Hualin Securities.The stocks that have 杭州桑拿论坛 resistance to decline are Makihara shares, etc., with a decrease of 0.78%.  From the perspective of the industry, among the stocks allowed by the above-mentioned net inflow of funds, the top industries in the list are electronics, non-bank financial, and communications industries. There are 11 stocks, 5 and 4 in the list.  The main net funds allow 15 stocks with a main fund exceeding 100 million yuan.The net capital of Agricultural Bank’s main funds decreased by 3.5.6 billion US dollars, the largest net funds; followed by Northern Rare Earth, Ningde era, the net cash was 2 respectively.4.8 billion yuan, 2.2.1 billion yuan.  53 stocks of main funds have flowed in continuously for more than 5 days. As of the close of June 19, a total of 53 stocks of main funds have continued to flow in for more than 5 trading days.Net inflow; Nachuan shares, Jixiang shares, etc. for consecutive days of net inflows. The main funds flowed in continuously for 18 days and 14 days, respectively.  In terms of overall performance, during the continuous inflow of main funds, there were a total of 40 individual stocks that increased, including Hansen Pharmaceutical, Jinan Guoji, and Mugao Di, which increased by 29.65%, 28.07%, 19.49%.The top decliners were Jixiang Co., Ltd., Longhua Technology, and Jinshiyuan, with declines of 8.31%, 5.49%, 2.73%.During the period of continuous capital inflows into the stocks, the ratio of the performance to the Shanghai Index gradually increased, and 36 outperformed the broader market.  In terms of performance, the main funds continuously flowed into the stocks. There were a total of three announcements of semi-annual results announcements. In terms of the types of performance announcements, there was one increase.

Shanxi Coal International (600546): Improvement in net profit after deduction is obviously expected to release

Shanxi Coal International (600546): Improvement in net profit after deduction is obviously expected to release

Event: On March 29, 2019, the company released its 2018 annual performance report and stated that the net profit attributable to the owner of the parent company in 2018 was 2.

2 trillion, a decrease of 46 compared with the same period last year.

97%; operating income was 381.

43 trillion, a decrease of 6.


Opinions that the increase in non-operating expenses affects performance, and the improvement of non-net profit is obvious: According to the announcement, the company’s net profit 杭州夜网 in 2018 was 2.

200 million, an annual decline of 46.

97%, the non-operating expenses due to the estimated debt caused by litigation increased by 4%.

01 billion points.

07 billion, compared with -11 in the previous year.

8.3 billion increased by 16.

90 trillion, an increase of 142.

86%, a significant improvement in performance.

The volume and price of coal production business rose at the same time, reducing costs and increasing profitability. Through the full commissioning of Changchun Xing and Hequ open-pit coal mines, the company gradually produced 3,440 raw coal.

70 Initially, production increased by 793 over the same period last year.

60 Initially, the annual increase was 29.

98%, of which thermal coal 2222 tungsten carbide, accounting for 64.

58% with a purity of 212.

42 yuan / ton; coking coal 76杭州桑拿网0.

78 nominal, accounting for 22.

11% with a purity of 646.

05 yuan / ton; 457 anthracite.

9 samples, accounting for 13.

31%, purity 366.

02 yuan / ton, the comprehensive purity of commercial coal is 328.

74 yuan / ton, down 4 previously.


The comprehensive cost of sales per ton of coal was 103.

7 yuan / ton, down 28 from the same period last year.

03 yuan / ton or 21.


Due to the obvious drop in costs, the company’s coal production business gross margin increased from the same period last year4.

52 up to 66.


Hequ open-air realized net profit7.

310,000 yuan: According to the announcement, the net profit of the Hequ Open-pit Mine in 20187.

310,000 yuan, far more than 1.
A performance commitment indicator of US $ 500 million, taking into account 51% equity, contributes net profit3.
7.3 billion.

Coal trade volume rebounded in two years: the company’s coal sales of coal 1.

1.2 billion tons, an increase of 12 over the previous year.

86%; of which, the amount of traded coal was 7,867.

1 Initially, increase by 4 each year.


Revenue from trading coal per ton of coal was 335.

96 yuan / ton, down 13 before.

58%, the cost of trading per ton of coal is 335.

96 yuan / ton, down 13 before.


Coal trading business achieved gross margin1.

94%, an increase of 0 over the same period last year.

06 averages.

Asset impairment losses have been severely reduced: In the past three years, the company has continued to deal with performance burdens. Asset impairment losses have been severely reduced. In 2018, asset impairment losses5 were accrued.

6.4 billion (compared to 14 in 2016).

6.6 billion yuan, compared with 19 in 2017.

6 billion), a decrease of 71 from the previous year.

twenty two%.

Operating cash flow continued to improve: Net cash inflow from operating activities in 201837.

610,000 yuan, 57 than the previous year.

74 trillion minus 20.

13 billion U.S. dollars, but considering the special factors of approximately 3.8 billion U.S. dollars owed to restore the funds owed before the sale of the equity of 7 trading companies in 2017, the net cash flow from operating activities in 2018 actually increased by about 1.8 billion compared with the previous year.

The ability to control business budget settlement has been continuously enhanced: as of the end of 2018, the company’s balance of receivables, prepaid accounts and other receivables was 60.

5.3 billion, a decrease of 7 from the beginning of the period.

3.4 billion, excluding bad debts for the current period5.

After 59 billion US dollars influencing factors, net receivables decreased by one.

75 ppm; the balance of accounts payable, advance receipts and other payables is 71.

7.8 billion, an increase of 5 over the beginning of the year.

04 billion.

Investment suggestion: Give an overweight-A rating with a 6-month target price of 4.

90 yuan, corresponding to 10xPE in 2019.

It is expected that the company’s net profit attributable to the parent for 2019-2021 will be 9.



63 trillion, equivalent to 0 respectively.



Risk reminder: The demand for coal has dropped sharply, a large amount of impairment has been accrued, and the large lawsuit result is not good for the company.

China Merchants Securities (600999): Net profit increased by 95% quarterly, mainly due to floating profit of financial assets

China Merchants Securities (600999): Net profit increased by 95% quarterly, mainly due to floating profit of financial assets

Core point of view China Merchants Securities released the first quarter report of 19, the company realized income 46.

5 trillion, +77 a year.

2%, net profit attributable to mother 21.

3 ‰, previously + 95%, this level of growth is expected to be comparable to the industry.

At the same time, the company’s 武汉夜生活网 19Q1 weighted average ROE2.

89%, an increase of 1 each year.

51 points.

The core of the company’s performance growth comes from the floating surplus of financial assets.

1Q1 company income increased by 20 per year.

200 million US dollars, and self-operated income (investment income + fair value changes-joint ventures) increased by 19.

500 million US dollars, of which the loss of fair value changes increased by 17.

400 million is the main force for the company’s performance growth.

The market rose rapidly in 19Q1, with the Shanghai Composite Index and the Shenzhen Component Index rising by 24% and 37%, respectively, and the self-operated performance of securities firms also increased.

According to the 18th Annual Report, among the trading financial assets of China Merchants Securities, the fair value of stock positions was US $ 8.3 billion, and the change in the fair value of stocks directly entered the income statement, which significantly affected the performance.

Credit impairment losses began to reverse.

19Q1 Company interest income 19.

1 megabyte, -11% before. The two financial services have picked up from the previous month, but at least they have been replaced.

It is worth noting that the company’s 19Q1 credit impairment loss was -1.

$ 1.7 billion, compared to the highest credit impairment loss in 20181.

21 megabytes, indicating that the impairment losses accrued by the baseline for the two financial and stock pledges were reversed over a longer period.

Brokerage, investment banking, and asset management income all fluctuated little.

1Q1 investment fee and commission income of 1.8 billion, +0 afterwards.


Among them, the brokerage income was 11 million US dollars, plus 10 years.

8% during the same period, the stock market turnover exceeded + 19%, the commission rate of China Merchants Brokers is expected to improve; investment bank income3.

4 ‰, previously -4%, mainly due to the impact of the expansion of equity financing scale; income from asset management business2.

3 ‰, previously -16%, is expected to be related to the bond market’s weaker 19Q1 than 18Q1.

Science and technology board situation: As of April 25, a total of 92 companies reported science and technology board, of which 6 were sponsored by China Merchants Securities.

The six companies are expected to raise 67.

700 million, corresponding to the estimated investment2.

7.5 billion US dollars, is not expected to cause the company to follow the investment pressure; and is expected to increase by 50% after the bid is listed, it will increase the net profit ratio of 19Q1 to 6.


Financial Forecast and Investment Suggestions We expect the company’s BVPS to be 12 in 2019-21.



71 (Originally predicted 2019-2012.

17) According to the estimates of comparable companies, we give the company February 2019.
0xPB, corresponding to expected 25.

72 yuan to maintain the overweight level.

Risk reminders: Systematic risks suppress the company’s estimates; the advancement of science and technology board is less than expected.

Lanzhou Minbai (600738) Recent Situation Reviews

Lanzhou Minbai (600738) Recent Situation Reviews

The company is the only large trade listed company in Lanzhou.

The main businesses are department store retail, luxury hotels, catering and entertainment, and commercial real estate.

The industries are located in Asia-Europe Commercial Building, Asia-Europe Seafood Restaurant, Asia-Europe Hotel and Red House Times Square.

Initial results were lower than market expectations.

The company announced 18 years of revenue 13 years.

800 million, rising by 1 every year.

8%; attributable net profit of 15.

8 billion, up 1004 previously.


The first is to deal with the non-recurring gains and losses obtained by Sun’s equity.

The industry has the potential to bottom out and pick up.

Surrounded by the rapid economic growth and the rise of e-commerce, the department store industry has been hit in recent years.

In 2018, the total retail sales of consumer goods was 38 trillion yuan, an increase of 9 over 2017.

0%, excluding price factors, real growth6.

9%, this is a year of growth subsidies for many years.

At present, the average annual profit growth rate of listed companies in annual reports published in the industry is more than 20%, and the overall value is warming up.

The new model is the company’s future marketing focus.

The company is still a traditional business model with Asia-Europe commercial buildings as the commercial area. The new industry model focuses on online and offline integration. The “new flash purchase” and other models have become sales promotion.

In the future, companies may develop innovative personalized IP, cultural marketing and other methods to attract passenger flow and break the shackles of traditional models.

Earnings forecast: It is estimated that the revenue growth rate for 2019-2021 will be 20%, 30% and 30%, respectively, and the earnings per share will be 0.

33 yuan, 0.

54 yuan and 0.

78 yuan, PE is 23.

6 times, 14.

5 times and 10 times, give “overweight” rating.

Risk reminders: 1) risks of market changes; 2) regulatory risks; 3) risks of changes in industrial policies.

Behind the A-share plunge: Kitakami Capital’s 13 consecutive days of net sweeping these stocks favored

Behind the A-share plunge: Kitakami Capital’s 13 consecutive days of net sweeping these stocks favored

Original title: A shares tumbled behind: Northbound funds netted goods for 13 consecutive days. These stocks are the most popular Source: e company official Wei Securities Times Mao Jun on Monday, the 11th Double Eleven Shopping Carnival, all industries are obviousMarkdown marketing.

The A-share market also severely dropped the “price reduction promotion”, with all major stock indexes falling by more than 1.

5% or more.

More than 250 stocks have discounts of more than “95% off” (a drop of more than 5%). Hangke Technology has nearly “8.”

“50% off” led, “10% off sale” (down limit) for more than 10 stocks.

  At the time 重庆耍耍网 of the “price reduction” of A shares, Kitakami Capital was called the first “chop party”, and it was on sale 6 on Monday.

700 million US dollars, this is the 13th consecutive trading day of Beijing Capital’s net purchases, only 7 trading days since November, net purchases exceeded 216.

7.2 billion.

In terms of market breakdown, Beijing Capital has a slight preference for Shenzhen stocks, and the Shanghai Stock Exchange sold 0 on Monday.

6.1 billion yuan, Shenzhen Stock Connect net purchase of 7.

3.1 billion yuan.

Since November, the Shanghai Stock Connect has made a net purchase of 94.

9.8 billion yuan, Shenzhen Stock Connect net purchase 121.

7.5 billion yuan.

  Northbound Funds net purchases of Northbound Funds for 13 consecutive days. Buy and sell active stocks on Monday. What are the “stock” discounts?

  Hang Ke Technology announced on the evening of the 杭州夜网论坛 10th that the company’s current total balance of receivables with BAK Power.

0.6 billion.

In view of the current risk of repayment, the company has made provision for the debt receivable 2220.

40,000 yuan, the relevant provision for bad debts after supplementation was 3421.

07 million yuan, the comprehensive accrual ratio reached 32.

19%. If the receivables of BAK Power cannot be replaced in whole or in part, the company will make a provision for bad debts in full or in part.

In addition, the company still has a total inventory balance of 3022 related to the implementation of the BAK Power contract.

690,000 yuan.

  Affected by this bad news, on Monday, Hangke Technology opened more than 10% lower, dived once during the session, and finally fell by 14.

87% closed.

Hang Ke Technology has reached 80 since August.

Since the 18 yuan, all the way down, to close at 32 on Monday.

62 yuan, dropped more than 59% during the period.

  The stock that has experienced the most “discount” recently is Passion. After a slight overcast in mid-to-October, the recent increase in “price reduction” continued for five consecutive stops. The trading volume also increased sharply from the previous average of about 3 million shares.More than 50 million shares increased by more than 10 times on Monday.

  Financing customers have become the main sellers of Passion shares, and the financing balance for the past five consecutive trading days has decreased, from 1.

4 trillion 96.15 million, of which 37.7 million were sold net last Friday.

  In fact, Passion shares have been in a growing trend for most of this year. Starting from around 12 yuan in February, it has been oscillating up and down, creating a 33 on October 15.

The high point of 5 yuan, the largest increase during the period exceeded 170%.

Since October 31, Passion shares disclosed the third quarter report of 2019, and its net profit has even started to decline significantly after it turned from profit to loss of 66.22 million.

From high to close at 15 on Monday.

65 yuan, a drop of more than 53%, which is equivalent to “4.

7% off”.

  The November announcement of a big increase in holdings for Double Eleven is the peak season for sales and the peak season for supply.According to Wind data statistics, since November, in just over a week, listed companies have announced more than 377 announcements related to holdings, more than half of the total of about 750 in October.

  At the same time that Huachang Chemical announced the completion of the shareholders ‘reduction plan last weekend, it also announced a new shareholder ‘s reduction of shares pre-disclosure announcement, accounting for 31 of the company ‘s total share capital.

Within six months, 78% of shareholders’ Warner Investment plans to reduce their holdings by no more than 19.05 million shares through centralized bidding, and reduce their holdings by no more than 1% of the company’s total share capital.

  On Monday, Huachang Chemical broke the gap and opened lower and dropped by 7.

99%, fell below the lower edge of the box in the sideways for nearly half a year since ex-rights, and experienced a new low since March (reinstatement).

In the first half of the year, Huachang Chemical, like Passion, was a big bull stock, and it is expected to rise from around 5 yuan in the early period to a maximum of 16.

58 yuan, rose more than 231% during the period.

  Financing customers are also one of the main sellers of Huachang Chemical, with a financing balance of 2.

A high of 2.6 billion US dollars, lighten up to the current 1.

31 trillion, a net sale of nearly 1 trillion.

From its high point to the close on Monday, Huachang Chemical gradually fell more than 45%, which is equivalent to “5.

50% off”.

  Although the holders of the reduction are the mainstream, a few major shareholders have recently increased their holdings.

Since November, listed companies have issued a total of nearly 40 announcements related to increasing their holdings.

  Last weekend, Nanfeng Holdings (right protection) announced that Nanhai Holdings, the company’s shareholder holding more than 5% of the company, gradually increased its holding of the company’s shares through the Shenzhen Stock Exchange system from October 22 to November 08.

660,000 shares, the number of additional shares accounted for 1 of the company’s total share capital.


  On Monday, Nanfeng opened more than 2% higher. After a slight shock, it was pulled up at about 9:32. It only took more than 1 minute to straighten up to the daily limit, making the A-share “chop party” that did not grab the chipsThey regret it.

Hongda Blasting (002683) Brief Evaluation Report: HD-1 Receives Export Approval for Foreign Trade Orders Just A Day

Hongda Blasting (002683) Brief Evaluation Report: HD-1 Receives Export 南京夜网 Approval for Foreign Trade Orders Just A Day

I. Overview of the event On July 18, the company disclosed that the HD-1 project for export was approved by the relevant state departments.

二,分析与判断HD-1项目进展顺利,出口立项获批公司内部军工业务包括手榴弹,迫击炮等,随后开始武器系统项目HD-1的研发,总投资约为13亿,预计2020年 年Began to generate benefits.

After nearly two years of debugging and ground testing, the first supersonic cruise flight test of HD-1 was successfully completed on October 15, 2018, and was unveiled at the Zhuhai Air Show last November.

With the approval of this export project, the company has removed obstacles in the military export process, and future military trade orders are worth looking forward to.

The mining service business still accounts for the largest proportion. Multi-party expansion seeks for continued growth. The mining service business is the company’s pillar industry, mainly including open-pit mining services and underground mining services.

In 2018, the mining service sector accounted for nearly 70% of the operating income and remained the company’s largest business.

The company’s main military mining service subsidiary, Hongda Co., Ltd., has expanded from traditional iron ore and coal mining to gravel aggregate, non-ferrous metal mining, earth-rock engineering and other business areas.

According to the forecast of the Industry Information Network, the initial growth rate of the mineral industry has been advanced and will reach expectations in 2020. Therefore, the company’s active expansion into new areas will effectively support the sustainable development of the sector.

Civil explosives have strong profitability. Outsourcing mergers and acquisitions promote the growth of the company. The company’s civilian explosives business serves upstream channels for mining services, mainly industrial pyrotechnic products and industrial explosives production and sales. It is the company’s most profitable sector with a gross profit margin of 34.


There is no doubt that the company has continuously carried out market integration in the field of civil explosions, and has completed the merger of 7 of 8 civil explosion enterprises in Guangdong Province.

Although the company has a high degree of concentration in Guangdong Province after the integration, there is a limit to the development of market space. If the merger and acquisition of assets outside the province is frustrated, there is a risk that the performance of the sector will decline.

Third, investment advice The company, as a leading domestic mining service and civilian explosive enterprise, insists on positioning the military industry as a long-term development direction. We are optimistic about the improvement of performance after the implementation of military projects.

Expected company 2019?
In 2021, the EPS will be 0.

41, 0.

62 and 0.

76 yuan, corresponding to PE of 32X, 21X and 17X. Comparable companies average 75X and give a “recommended” rating.

4. Risk warnings 1. HD-1 project progress exceeds expectations; 2. Fierce competition in the mining service market leads to a decline in gross profit