HiSec (002653) 2019 Semi-annual Report Comment: Semi-annual results approaching the performance forecast ceiling marketing reforms boost rapid volume of key products

HiSec (002653) 2019 Semi-annual Report Comment: Semi-annual results approaching the performance forecast ceiling marketing reforms boost rapid volume of key products

[Investment Highlights]Hisense Announces 2019 Interim Report.

2019H1 company achieved operating income18.

69 ppm, a 57-year increase of 57.

00%; net profit attributable to shareholders of the listed company.

350,000 yuan, an increase of 61 in ten years.

55%, which is close to the change in the net profit attributable to shareholders of listed companies (50% -65%) in the performance forecast for listing and issuance, of which non-recurring profit and loss items contribute 1 to net profit attributable to shareholders of listed companies.

26 ppm is mainly the government subsidies received in this report (government subsidies included in the current profit and loss).

$ 1.5 billion, net profit attributable to non-recurring gains and losses of shareholders of listed companies.

09 million yuan, an increase of 105 in ten years.

46%, with a budget benefit of zero.

22 yuan.

The semi-annual performance is close to the upper limit of the performance forecast, and the marketing reform has promoted the rapid volume of key products.

Selling expenses for the first half of 2019 were 8.

200,000 yuan (+60 compared with the same period last year).

71%), accounting for 43% of revenue.

88%, mainly because the company continues to promote the overall transformation of its marketing strategy into academically-led marketing. It has successively established Beijing, Shanghai, and Sichuan branches. It has shifted from a single investment agency model to a partnership and self-employed marketing model by establishing a new marketing system.Accelerate the control of channels and terminals to achieve rapid growth of existing important products.

Among them, dorastron mesylate injection increased by 259.

At 4%, polyprixine pellets have grown by more than 142 in ten years.

9%, compound amino acid injection increased by 119.

At 7%, the content of fluorophenylthioxanthine and melitrexine tablets, nalmefene hydrochloride injection, arginine glutamic acid injection, and methylprednisolone increased by more than 50%.

In addition, the company also set up a self-operated sales department for innovative drugs to prepare for the subsequent marketing of the innovative drug HSK3486.

The annual R & D budget has increased by 67%, and the progress of imitated R & D projects has been continuously extended.

2019H1 company R & D investment 2.

290,000 yuan (+67 compared with the same period last year).

36%), of which costs are zero.

900,000 yuan (+37 compared with the same period last year).

92%), with the remaining capital exceeding 100 million yuan, with a high capitalization rate.

In the first half of the year, good progress has been made in the development of generic drugs and innovative drugs. Among the generic drugs, fluorophenylthioxanil and melitrazine tablets have passed the consistency evaluation. Tenofovir disoproxil fumarate tablets have won the new 4Batch, Palonosetron chloride injection, a small amount of milk amino acid (17) glucose (11%) injection, methylprednisolone sodium succinate for injection, sodium esmeprazole sodium and other varieties were evaluated for consistency,Propofol medium / long-chain fecal milk injection was approved for registration in the new 4 categories; the new drug application of the HSK3486 API and its milky injection, which has attracted much attention from the market, has been replaced by NMPA, indicating that it is an indicationFor the diagnosis and treatment of sedation and / or anesthesia for gastrointestinal endoscopy, at the same time as the phase III clinical trial of the Chinese adult surgical anesthesia induction indication, the replacement of HC-1119 soft capsules for castration-resistant prostate cancer is in phase IIIHSK7653 tablets suitable for diabetes are in clinical stage II, HSK16149 capsules suitable for postherpetic neuralgia, and diabetic neuralgia capsules are in clinical stage Ⅰ.

[Investment suggestion]The company’s marketing strategy has been comprehensively transformed into academic marketing. Through the adjustment of the new marketing system, the company’s control over channels and terminals has been improved to achieve the volume of existing important products.

At the same time, the company’s innovative drug HSK3486, as a new intravenous anesthetic drug with independent intellectual property rights, will be worth looking forward to in the future market space after approval of multiple indications.

We estimate the company’s operating income for 2019/2020/2021 to be 44.



6.5 billion, net profit attributable to mother is 4.



650,000 yuan, the budget income is 0.


71 yuan, corresponding to 37/29/23 times the market earnings growth rate, the 深圳spa会所 first coverage, given an “overweight” rating.

[Risk warning]The current product volume is less than expected risk; the price of generic drugs is reduced; the development of innovative drugs is less than expected.

Jin Shiyuan (603369): The growth of national borders is fast and excellent

Jin Shiyuan (603369): The growth of national borders is fast and excellent

The 1H19 results are in line with the 1H19 results announced by CICC Expected, with a total operating income of 30.

600 million, an increase of 29.

4%, net profit attributable to mother 10.

7 trillion, the same increase of 25.

2%, corresponding to EPS 0.

8.5 billion.

Sub-high-end national border income increased 44 in the first half.

3%, which lasted 44 in the first quarter.

9% high growth.

The increase in gross profit margin in the first 武汉夜生活网 half was not obvious, mainly due to the increase in costs and discounts.

Development Trend The national border is in a period of high-speed and high-quality growth with both brand power and scale increasing. The new V series breaks the category limit and further opens 800?
There is room for growth at the price of 1500 yuan.

The sub-high-end national borders represented by folio and sikai continue to rapidly increase in volume in the province. The brand and quality advantages have been recognized by more consumers. The channel is also more profitable due to better profitability. We expect 2019Annual / 20-year high-end national border revenue increased by 39% / 34%, accounting for 54% / 58% of the company. In 2018, the scale of the high-end national border was only 1.8 billion and it has just begun.

And by pricing 800?
With the launch of 1,500 yuan of Jianxiang V6 and Qingya sauce V9 this year, the company broke through the restrictions of Luzhou flavor category and set a thousand yuan price band ahead of time. The brand image of Guoyuan is fuller, which is conducive to the further improvement of Guoyuan brand power.

Channel expansion is both qualitative and qualitative, with intensive farming and refined channel management.

In the first half of the year, the number of dealers increased by 134, mainly in weak markets such as markets outside the province and southern Jiangsu, central and southern Jiangsu.

The market inside and outside the province is divided into brands according to the local development stage, and the growth strategy is refined by regions to continue to release the growth potential. In the first half of the year, the traditional advantaged market in Nanjing / Huai’an increased 49% / 17%, and the weak market Xuzhou / Suzhong /Sunan grew 61% / 24% / 21%.

The vitality of the company was further stimulated.

In the case of a relatively limited increase in the number of employees, employee compensation in sales expenses and management expenses increased by 25% / 13% in the first half of the year. At the same time, the gradual market-oriented incentive mechanism significantly increased employee motivation.

The coordination and cooperation of various departments has also significantly accelerated the speed of business processes.

Selling expenses increased significantly due to advertising expenses, and we expect profitability in the next year to gradually increase through scale effects.

Earnings forecast and forecast slightly lowered mid-to-low-end wine revenue forecast, while lowering sales expense forecast, thereby adjusting 2019 EPS forecast -1.

7% to 1.

13 yuan, 2020 EPS forecast unchanged.

Maintain target price of 36.

6 yuan, corresponding to 32 in 2019/20.


0x P / E, current price corresponds to 2019/20 24.


The price-earnings ratio is 5 times, and the target price has room for growth of 35%. Maintain Outperform rating.

Risks If the economic growth in the province is obvious, the income of the next high-end national border may not meet expectations.

AVIC Mechanical (002013): Steady growth in company performance, focus on main business development

AVIC Mechanical (002013): Steady growth in company performance, focus on main business development

The event company released the 2018 annual report to achieve operating income of 116.

37 ppm, an increase of 4 per year.

08%; realized net profit attributable to shareholders of the listed company was 8.

37 ppm, an increase of 16 in ten years.


The 2018 profit distribution plan is to pay 0 cash dividends for every 10 shares.

30 yuan.

Brief Comment 1. In 2018, the company completed the acquisition of Singapore Airlines Group and Yibin Sanjiang, and realized operating income of 116 after consolidation.

3.7 billion, an increase of 10 years after adjustment4.

08%; realized net profit attributable to shareholders of the listed company was 8.

37 trillion, an increase of 16 in the second half after adjustment.


In 2018, the company’s revenue grew at an earlier rate of 17 years, and its net profit increased rapidly after a slight fall in 17 years. Non-net profit after deduction also remained at 23.

33% higher growth rate.

The company expects to achieve operating income of USD 12.3 billion in 2019 and maximize profits11.

5.6 billion.

The aviation industry is the main support for the company’s performance. The gross profit margin is stable at about 30% and the profitability is stable.

In 18 years, the income of modern service industry rose by 0 every year.

92%, but the proportion of revenue continues to decline, the proportion of this part may continue to gradually in the future.

The main business is further focused. Under the influence of the continuous expansion of business scale, the company’s profitability has continued to increase, and the overall gross profit margin increased to 26 in 18 years.

29%, the highest level in recent years.

2. The share repurchase fully demonstrates the company’s development confidence.

In January 2019, the company issued an announcement intending to use its own funds to repurchase the company’s shares in a centralized bidding transaction.

Missiles are affected by the adjustment of the weaponry equipment license catalogue, and the company’s expansion has been reduced. We believe that the market is too pessimistic. As an important alternative supplier, AVIC is limited in its scope of influence and transformation. In the future, other supporting policies may be introduced to reduce some of the impact.

After being selected by the SASAC as a world-class demonstration enterprise, the employee incentive policy will 杭州桑拿 be more flexible. The repurchased shares are intended to be used for employee stock ownership plans or equity incentives, and convertible company bonds issued by the company into convertible shares.

3. Adjust the scope of hosting, not Nanjing Center.

In accordance with the principles of business synergy and higher requirements for performance, the company recently adjusted the scope of custody, reducing 7 custody companies and adding 1 Nanjing center.

Through this adjustment, the Nanjing Center (609) of the two research institutes related to the airborne system and the China Aviation Research Institute (610) became the custody of the listed company.

At least after hosting, it can further improve the level of business collaboration and is expected to be replaced in the company.

In the past 4 years, the company has acquired 4 custodian companies. As the only capital operation platform for the aviation mechanical and electrical industry, related companies will still inject expectations in the future.

4. We believe that the company is the leader in military electromechanical systems, and the rapid growth of military aircraft volume in the future can be expected.

The company actively expands the civilian and maintenance support market, widening the space for continued growth in performance.

It is expected that the company’s net profit attributable to its parent from 2019 to 2021 will be 9 respectively.

3.3 billion, 10.

6.2 billion, 12.

19 yuan, with an annual increase of 11.

49%, 13.

80%, 14.79%, the corresponding 18 to 20 years EPS are 0.

26, 0.

29,034 yuan, corresponding to the current maximum PE is 30.

37 times, 26.

69 times, 23.

25x, maintain BUY rating.

Juneyao Airlines (603885) 2019 Interim Report Review: Performance Breaks Again 6.

Q2 deduction was 4%.

5% 787 optimization significantly improves material performance

Juneyao Airlines (603885) 2019 Interim Report Review: Performance Breaks Again 6.

Q2 deduction was 4%.

5% 787 optimization significantly improves material performance

Company Announcement for 2019 Interim Report: Profits alternate ten years6.

4%, deducting non-reduction fell 13%, deducting non-reduction achieved growth in the second quarter4.


1) Financial data: The report initially achieved operating income.

60,000 yuan, an increase of 16 in ten years.

3%; net profit attributable to mother 5.

8 ‰, a ten-year average of 6.

4%, deducting non-attributable net profit of 500 million U.S. dollars, a year-on-year decrease of 13%, narrowing the decline from the previous quarter.

2) Quarterly: Q2 achieved revenue of 3.9 billion, an increase of 18% year-on-year, and attributable net profit1.

800 million, down 4% previously, but deducting non-net profit1.

700 million, an annual increase of 4.

5%, the first quarter deduction fell 20%.

3) Change in caliber: Another important factor in the company ‘s interim report ‘s decline in net profit is the change in the scope of consolidation. In the same period last year, the net profit of the transferred Huarui lease was included.

32 ppm, after deducting this effect, the profit for the first half of the year is 1% instead of Q2, and Q2 is for growth.

4) Operating data: The company’s ASK grows by 16 each year.

1%, RPK increased half a year.

5%, load factor 85.

4%, a decline of 0 per year.

4 averages, of which the domestic decline was 0.

4%, international decline of 0.


The company disclosed a passenger-kilometer gain of 0.

47 yuan, an increase of 0 in ten years.

1 yuan (2.

2%), the estimated increase in seating income in ten years.


  The 787’s best obviously improved, and the cost side dragged down the attenuation.

1) The best 787 upgrade: The Boeing 787 Dreamliner, dated October 18, is a modular 324-seat aircraft (common narrow-body aircraft is 160-190 seats). Due to policy restrictions, it can only fly domestic flights within half a year.The rate is only 8.

7 hours, while the semi-annual report maximum disclosure reached 11.

At 4 hours, it is similar to the three major shipping operations (just to the Shanghai-Helsinki intercontinental flight at the end of June, and it is expected to further increase in the second half of the year). At the same time, 320 and 737 are also improved to varying degrees, and the overall fleet aircraft utilization.

2 hours, an increase of 0 over the same period in 18 years.

4 hours.

2) The unit seat kilometer drags down the attenuation.

  In the first half of the year, the company’s unit cost was zero.345 yuan, an increase of 3 per year.

3%, the cost of deducting oil increased by 4 in advance.

4%, because the 787 is significantly higher than the narrow-body machine in depreciation and takeoff and landing, but compared to 18 years.

9%, 7 in 19Q1.

The unit increase of 2% has narrowed significantly, and the cost of deducting fuel for Q2 seat kilometers has increased by only 1.


3) It is expected that the unit cost will continue to improve in the second half of the year.

Starting from the second half of the year, the company ‘s unit cost is expected to continue to improve through the halving of civil aviation funds and suspension of landing-related expenses.

In the semi-annual report, it is observed that the 787 is being diluted. The operating cost of the 787 is being diluted. After the transfer to the Intercontinental, it is expected to further optimize the cost structure.

  The company intends to acquire 9 yuan11.

9% minority shareholders’ equity.

The company intends to 1.

800 million acquisition of nine yuan11.

9% equity. After the transaction is completed, the company will hold Jiuyuan Aviation 95.

24% equity.

This is equivalent to an evaluation of 15 yuan.

100 million, corresponding to 1.

35 times PB (Auspicious 2.

Three times, three times in spring and autumn, three major airlines 1.

About 3 times the PB estimate), which corresponds to 37 times the PE for nine yuan and 18 years.

  Investment advice: why invest in Juneyao Airlines?

The Air Force pointed out in our analysis and research “Out of the Comfort Zone and Embracing the Big Future”, 1) We are optimistic about the development potential of the industry, with 0 per capita.

The space for 44 trips is still huge.

  2) We are optimistic about the quality of the company’s operations.

Growth angle 15 to 18 years the company increased its fleet, passenger traffic, revenue compound growth rate of 21%, exceeding the Spring and Autumn and the three major airlines.

In the first half of 19, the number of corporate visitors increased by 19.

3%, far 苏州桑拿网 more than the industry’s 8.


From the perspective of profit, although the profit in 18 years has decreased, it has increased by 18% over 15 years and 13% in spring and autumn. Only Air China among the three major airlines has grown (the impact of changes in oil exchange).

3) The company is relatively weak due to external factors.

Exchange rate sensitivity is weak. Due to the higher fuel surcharge coverage ratio and decreasing unit fuel consumption, the sensitivity of oil prices is reduced. Compensation accounts for 25% of total profit, which is a low level in domestic aviation.

4) The turning point for optimistic company performance is approaching.

We believe the drag on 787 costs will narrow and the inflection point for performance is approaching.

5) Profit forecast: The company’s profit for 2019-21 will be adjusted slightly to achieve a profit of 15 respectively.

1, 17.

3 and 20.

700 million (previous forecast was 15).

4, 17.

8 and 22.

700 million), maintaining target price range.4-18.

2 yuan, corresponding to 19-21 times PE in 2019, which is expected to be 34-48% more than the current price.

Highlight the “strong push” level.

  Risk reminder: Oil prices have increased sharply, and economic growth has led to a shock to demand for leadership.

Borui Pharmaceutical (688166): a global high-end chemical pharmaceutical industry chain platform

Borui Pharmaceutical (688166): a global high-end chemical pharmaceutical industry chain platform

The global high-end chemical pharmaceutical industry chain platform: Borui Pharmaceuticals has formed a high-tech drug research and development technology platform around core pharmaceutical research and development technology platforms such as fermentation semi-synthesis technology platforms, multi-chiral drug technology platforms, polymer composite technology platforms, and non-biological macromolecular technology platforms.Sales of pharmaceutical value-added pharmaceutical intermediates and APIs, transfer of pharmaceutical technologies, and the use of its own technology and product advantages to develop and obtain diversified profit models such as sales and cooperation with other pharmaceutical companies with brand or sales channel advantages, and further diversifyThe field of preparation products has been expanded, and a business system has been gradually established with the integration of raw materials and preparations, the combination of generic drugs and innovative drugs, and the equal emphasis on the international and domestic markets.

The operating income for 2016-2018 was 2.

01 ppm, 3.

1.7 billion and 4.

110,000 yuan, with an annual compound strength of 43.


The net profit attributable to mothers for 2016-2018 was 0.

1.7 billion, 0.

46 ppm and 0.

76 trillion, with an annual compound intensity of 111.


Earnings forecast: Through the company’s existing bulk drug and intermediate product global sales volume, reserve and semi-synthesis of fermentation, multi-chiral, non-biological macromolecules and other varieties are listed on the market, the company’s raw material business revenue will maintain steady growth.

The company’s subsidiary Xintai Pharmaceutical independently developed the preparations of entecavir tablets, fondaparinux sodium injection, and esomeprazole sodium injection, which have been approved for marketing in 2019, and there are many products in development waiting to be approved.Under the conventional policies such as consistency assessment and volume purchase, the company’s products are expected to enter the market quickly through the state’s centralized procurement with alternative sales costs, opening up the incremental space in the formulation field.

In addition, the company also actively seeks cooperation with large international pharmaceutical companies to provide technical support for bulk drugs and the distribution of rights and interests after the successful listing of copyrighted products. As a result, the revenue will also increase rapidly with the sales of pharmaceutical 北京夜网 products and the increase in the number of cooperation projects.

The company’s EPS for 2019E-2021E is expected to be 0.

28 yuan, 0.

39 yuan, 0.

50 yuan, corresponding to the closing price on December 18, the price-earnings ratio are 110.

0 times, 80.

0 times, 61.

8 times.

  Risk reminder: technical risk; internal control risk; operating risk; financial risk; legal risk; market risk of raised capital investment

Livzon Group (000513): The first quarterly report is well-received and the R & D pipeline is worth looking forward to

Livzon Group (000513): The first quarterly report is well-received and the R & D pipeline is worth looking forward to

Revenue in the first quarter increased by 10.

06%, performance increased by 13.

07% company announcement for the first quarter of 2019: revenue 26.

0.8 billion, an increase of 10 in ten years.

06%; net profit attributable to mother 3.

93 ppm, a 13-year increase of 13.

07%; non-post net profit after deduction to mother 3.

29 ppm, an increase of 15 in ten years.

28% in the first quarter achieved stable growth, basically in line with market expectations.

Net cash flow from operations 4.

USD 8.1 billion, an annual increase of 131.


Looking ahead, the company’s performance is expected to achieve steady growth driven by products such as ilaprazole.

Ipraprazole has grown strongly, and traditional Chinese medicine preparations continue to subdivide into areas: Western medicine preparations revenue13.

76 ppm, an increase of 27 in ten years.

01%, of which the income of digestive tract products is 5.

19 ppm, an increase of 59 in ten years.

65%, it is expected that the ilaprazole series has achieved strong growth. In 2018, the company focused on the distribution of ilaprazole for injection, and gradually implemented 23 provincial network bidding, and replaced Jiangsu Medical Insurance.Good increase; cardio-cerebrovascular income was 0.

830,000 yuan, an increase of 17 in ten years.

29%; antimicrobial income1.

8.8 billion, an annual increase of 1.

51%; income from gonadotropin products 4.

160,000 yuan, an increase of 23 in ten years.

49%, it is expected that leuprorelin acetate microspheres for injection continue the rapid growth momentum.

Revenue from APIs and intermediates in other areas6.

54 ppm, an increase of 11 years.


Chinese medicine 杭州夜生活网 product income 4.

3.0 billion, down 24 every year.

03%, it is expected that Senator Plasma Fuzheng Injection will continue to gradually progress in the environment of medical insurance control and price reduction, but the overall proportion of the company’s revenue will continue to change, and the marginal impact on the company will also become smaller and smaller.

Revenue from diagnostic reagents and equipment products was RMB 1.

63 ppm, a five-year increase of 5.


The company continued to consolidate marketing, increase sales of low-yield hospitals, strengthen the coverage of blank hospitals, expand the grassroots market and the private hospital market, optimize marketing assessment, and replace key hospital coverage with the assessment system.

The company’s sales expenses in the first quarter9.

39 ppm, a 10-year increase3.


The company continues to develop and innovate, based on the long-term development of the company. According to the 2018 annual report: Shenqi Fuzheng Injection has been approved by the US FDA for the first phase of clinical trials and is currently in the clinical research stage; high-purity urotropin for injectionIn clinical research stage ;; clinical studies of dantriline sodium for injection have been completed; triptorelin acetate microspheres for injection (1 month sustained release) project has entered the clinical research stage, leuprolide acetate microspheres for injection(3 months delayed release)) The project has been declared for production.Livizumab is a major research project for clinical research. In 2018, the company completed the declaration and production of recombinant human telokin for injection, achieving a strategic transformation from research and development to industrialization; anti-HER2 monoclonal antibody completed phase Ⅰ clinical, anti-IL-6R monoclonal antibody obtained clinical approval and completed the preparation of phase I clinical research. The anti-PD-1 monoclonal antibody Sino-US phase Ⅰ clinical trial study entered the final research stage and started the clinical study of chemotherapy combined use in China; anti-human tumorPhase II clinical trial of necrosis factor alpha monoclonal antibody was completed; phase Ⅰ clinical trial of anti-CD20 monoclonal antibody mutation; anti-RANKL monoclonal antibody was in the phase I clinical research phase, and complete human-derived anti-OX40 induced antibody IND declaration was completed. The CAR-T technology platform has completed manyThe development of these targets has made gradual progress in the innovative research of cell therapy.

Completely, Lizumab still further strengthens the business development work, completes the screening and evaluation of multiple new drug projects and external cooperation, and forms a medium- and long-term R & D pipeline layout focusing on innovative drugs.

The company’s research and development expenses in 20185.

49 ppm, a 28-year increase of 28.

52%; R & D expenses in the first quarter of 20191.

390,000 yuan, an increase of 26.


We are optimistic about the long-term development of innovation and maintain the “overweight” rating. We expect the company’s EPS to be 1 in 2019-2021.

76, 2.

06, 2.

42 yuan (Because the company’s performance was slightly lower than our expectations, we adjusted the company’s profit forecast, which changed by -11 in 19/20.

3% /-13.

3%), corresponding to 19, 16, 14 times PE, optimistic about the company’s innovative drug layout, maintaining the “overweight” level.

Risk warning: the growth rate of old varieties declines, the pressure of auxiliary varieties is higher than expected, the sales of new varieties are gradually expected, and research progress exceeds expectations

Annual report series of thematic analysis of catering and tourism companies (4): Zhonghui Travel (834260): R & D overweight drives the transformation of intelligent local integrated service providers

Annual report series of thematic analysis of catering and tourism companies (4): Zhonghui Travel (834260): R & D overweight drives the transformation of intelligent local integrated service providers
Event: The company released its 2018 annual report, which reported that it had integrated its headquarters 2.370,000 yuan, an increase of 42 in ten years.18%, net profit attributable to mother was 4,208.960,000 yuan, an increase of 98 in ten years.9%. Destination attractions integrated service providers, intelligent attractions system business accounted for a 天津夜网 significant increase: the company is a tourist destination attractions integrated service provider, the main business is tourist attractions operation and management.The report’s major main business includes tourism services (accounting for 66.95%, an annual increase of 24.15%), covering self-operated scenic spots in Changsha Shiyan Lake Tourist Area, glass bridge scenic spots in Shiniuzhai Village, entertainment projects, catering and accommodation and other service projects; planning and planning revenue accounted for 13%.72%, an annual increase of 58.92%, mainly contributed by Hunan Zhonghui Travel Planning Institute, a wholly-owned subsidiary, which contributed over 90% of its revenue; operating management services accounted for 6%.86%, an annual increase of 45.28%, which is due to the increase in the number of chain business prospects 杭州夜网 and increased operating management revenue. The main hosting attractions include Fujian Xiatianxia Tourist Area, Luzhou Jiulongjiang National Forest Park, etc .; the proportion of smart scenic area system business.93%, with revenue growing 329 annually.94%. In 2018, 3 companies were invested and integrated tourism services were added. In July 2018, the company established a wholly-owned subsidiary, Guangdong Zhonghui Travel Intelligent Planning and Design Co., Ltd .; in November 2018, the company and Xingjiang CountyDianjiao Tourism Development Co., Ltd. co-funded the establishment of Chongqing Xingdian Zhonghui Tourism Cultural Tourism Development Co., Ltd., which accounted for 10%; in December 2018, the company established a wholly-owned subsidiary, Zhangjiajie Zhonghui Tourism Great Falls Tourism Management Co., Ltd.The report summarizes that the company supplemented the comprehensive tourism services of Wugong County in Shaanxi, Fujian Xiatianxia, Yiyang Carnival, Tonggu County in Jiangxi, Hubei Sky City and other integrated tourism services for hosting operations. 37.Higher investment in research and development of intelligent tourism systems, incubating digital entertainment experience: Reports and the company’s increased investment in research and development of intelligent tourism systems, increased research and development costs.41% reached 7.84 million yuan, and gradually applied for 66 proprietary intellectual property rights such as patents, trademarks, copyrights, and focused on creating a mixed reality intelligent travel system “AI Travel”, a smart overall solution “Hui Lun Intelligent” series of software and hardware products and “”Smart cloud” equipment and big data operation and management platform accelerate product conversion and provide full technical support before, during and after the tour for the continuous upgrade of smart tourism.In March 2018, the company participated in the “Hunan-Britain Future Innovation Summit” and signed a cooperation agreement with Holovis of the United Kingdom, including the exploration and development of cutting-edge technologies for digital entertainment experience, research and development of cultural experience products, digital entertainment experience projects, product incubation,Tourism IP creation and other aspects.(Source: Annual Report, Xinhuanet) Cooperative Schools Established China’s First College “Experience Industry College”: The company cooperated with Anhui Engineering University in July 2018 to establish the first Experience Industry College, and was approved by the Ministry of Education to begin recruiting graduate students.Focusing on the needs of industry development, promote the training project of the “hundred companies, thousands of people plan” of the experience industry, and set up experience industry management, experience education, event planning, camp education, experience tourism, study trips, comprehensive practice, experience design and other applications for the industryTraining courses and study tours.(Source: annual report, Xinhuanet) Investment advice: The company’s current total market value is 9.64 ppm, corresponding to the 23X budget surplus, it is recommended to pay attention. Risk reminder: force majeure risk, receivables increase.

Puluo Pharmaceutical (000739) Review of Major Events: Signing a Strategic Cooperation Agreement with BRACCO Internationalization of CDMO Business Further

Puluo Pharmaceutical (000739) Review of Major Events: Signing a Strategic Cooperation Agreement with BRACCO Internationalization of CDMO Business Further

The company and Bracco, a global leader in imaging diagnostic reagents, signed a strategic cooperation agreement to improve the CDMO business strength and international influence. As soon as it is included in commercialization projects, the CDMO business is expected to usher in a high growth. The pharmaceutical export business opens a new blue ocean and maintains a “buy””grade.

  The company signed a strategic cooperation agreement with Bracco, a global leader in imaging diagnostic reagents.

The company announced on November 27 that it cooperated with Bracco Imaging S.



Signed a strategic cooperation agreement and reached agreement on terms of production and supply for the two CDMO projects.

Bracco is a company partner for many years, has strong R & D capabilities and rich global customer resources, and has good credit and performance capabilities in historical cooperation.

  The international strategy has helped the CDMO business continue to grow rapidly, and the “troika” tries to go hand in hand.

The company’s development strategy is “make refined APIs, strengthen CDMO, and make excellent preparations”. Among them, the current scale 杭州桑拿洗浴会所 of CDMO business is only about 700 million, and its revenue ratio is only 12% -13%, which lags behind the API and preparation business.

Looking to the future, in the short term, the company will start commercializing large-scale projects starting next year, and the annual supplementary projects will contribute incremental performance. In the long term, the company actively implements its internationalization strategy. This time, it signed a strategic cooperation agreement with Bracco and merged.Strengthened the company’s connection with Bracco and gradually obtained continuous orders; gradually improved the company’s ability to do better and stronger CDMO business, enhanced technical strength and international popularity, and provided the company with a basis for further undertaking orders from international pharmaceutical companies.

On the whole, the company’s CDMO business is expected to usher in higher and continuous growth next year, and the proportion of revenue will increase. API, CDMP, and formulation “troika” will go hand in hand to drive the company’s performance.

  API + preparation integrated and coordinated development, preparation export business blue ocean.

The company gradually opens up the integration of intermediate + raw materials + preparations in the field of dominant raw material varieties, and many high-end preparation varieties are expected to land in the future.

A total of 7 projects have been submitted to NMPA for registration, and 9 products have submitted DMF XML in multiple countries.

For the domestic market, companies actively carry out consensus assessment work. At the beginning of 2019, 16 varieties have been changed, of which 2 have been declared (4 oral preparations and 2 injections are expected to be filed during the year), and the company’s collaborative development path of preparations and APIs has been gradually consolidated.
The company announced on September 8 that the bupropion hydrochloride sustained-release tablets (300mg) announced to the US FDA and marked that the company passed the US ANDA certification for the first time, and the second ANDA variety tried to declare in the near future.
  Risk factors: Overseas export risks, CDMO business advances less than expected.

  Investment suggestion: As a leading domestic manufacturer and exporter of chemical raw material drugs, the company signed a strategic cooperation agreement with Bracco to enhance the CDMO business strength and international influence, and it will be incorporated into commercialization projects soon.

Taking into account the uncertainty that specific project orders need to be temporarily extended, we maintain the EPS forecast for 2019-2021.



90 yuan, currently expected to correspond to 19 times PE in 2020, maintain “Buy” rating.

Daoda investment notes: the strong counterattack exceeds the expected significance or adjustment

Daoda investment notes: the strong counterattack exceeds the expected significance or adjustment
Source: On the third day after the daily economic news, the A-share market continued to rebound, and the Shanghai index rose 34.80 points to 2818.Closed at 09:00, the increase was 1.25%, recovering the overall level of 2,800 points.The GEM continued its strong market, and the GEM index rose sharply the day before yesterday.After 84%, it continued to rise by 3 yesterday.02%, in just two trading days, completely covered the huge gap on Monday.  If the big drop on Monday exceeded market expectations, the strong performance of the last two trading days also exceeded expectations.The market is able to counterattack strongly. A very important factor is the continuous increase in market turnover, which is very unusual.On Monday, a large number of individual stocks fell and their trading volume was not large, but there were also a lot of funds at the bottom. On the day, more than 250 billion 天津夜网 US dollars were traded in Shanghai and more than 260 billion US dollars were traded in Shenzhen. This is a relatively normal performance.However, it was a bit unusual to start volume on Tuesday.Tuesday’s Shanghai market turnover was more than 3700 trillion, an increase of more than 1000 trillion compared with Monday. The Shenzhen market’s turnover increased to 5360 trillion. The two cities together exceeded 900 billion yuan, which was the level of energy during the big market in the first half of last year.On Wednesday, even if the market price weakened slightly in the afternoon, the trading volume was still huge, and the Shanghai market was 3491.800 million, Shenzhen is 523.1 billion, the two cities are close to 900 billion.  A very important reason is that under the current situation of delayed resumption of work, a large number of ordinary investors who could not view the market during the working hours and could not trade, have now become professional investors, have a lot of time to check the market every day, and have a lot of profit transactions.Coupled with the fact that the market seems stronger than expected, it has further stimulated investors’ trading enthusiasm.It is obviously impossible to sustain this special situation without precedent.  The date of resumption of work of the enterprise is likely to become an important time routine for the unexpected counter-attack market.On February 10, enterprises in some provinces (municipalities and autonomous regions) will resume work; on February 17, there will be some enterprises in provinces (municipalities and autonomous regions) also resume work.At that time, the market’s trading volume may not be as active as it is now.  In addition, although there is still a net inflow of northbound funds, the amount of net inflows has shrunk significantly from the previous two trading days.Net inflow of SSE Securities 4.8.4 billion yuan, the net inflow of Shenzhen Stock Connect 20.0.8 billion yuan.Most of the session was in a net alternating state, and it was only in late trading that net inflows resumed.If there is a net decrease in northbound funding in the future, it may also lead to adjustment.  The attractions of the recent market are mainly two categories.One is the concept of anti-epidemic, which includes virus detection, masks, blood products, anti-flu, as well as online education, remote office and so on.The new shareholder Fangbi, which was listed on the science and technology board, went public on February 5 and continued to soar by 586%, with the largest gain in the intraday exceeding 600%. The second category was Tesla concept stocks.Overnight, US stocks Tesla continued to skyrocket, driving Tesla’s concept stocks to rise sharply on February 5. Ningde Times, Ningbo Huaxiang, Joyson Electronics and others continued their daily limit.  CSI 300 Index positions refer to yesterday’s position: 60% today’s position plan: 60% (Zhang Daoda)

Rainbow Group (002419): A large number of same-store and newly-opened data show stores under the guidance of three strategies to speed up the reserve project

Rainbow Group (002419): A large number of same-store and newly-opened data show stores under the guidance of three strategies to speed up the reserve project

Event: On March 15, 2019, Tianhong Co., Ltd. released its 18-year annual report, and the company achieved operating income of 191 in 2018.

38 ppm, an increase of 3 per year.

25%; net profit attributable to shareholders of the parent company9.

40,000 yuan, an annual increase of 25.


Basic income is 0.

75 yuan, basic income after excluding non-recurring gains and losses.

66 yuan, in line with our expectations.

Opinion: Three major strategies help to increase the same store profit and realize the obvious turnaround in improving the store.

The company firmly promotes the three major development strategies of “digitalization, experience-based, and supply chain.”

Digital strategy strengthens customer access and insights, while improving mid- and back-office technological transformation; experiential strategy thickens thick store service values and differentiated characteristics, and ultimately improves passenger flow and revenue; supply chain strategies help category management and promote national supply chain integration.

Under the guidance of the three strategies, the company’s comparable store performance and expected store to significantly reduce losses have achieved significant results.

Comparable store revenue previously increased by 1.

58%, profit maximization increased by 17 in the short term.

07%, the first and foremost is the comparable store revenue growth of the shopping mall format5.

55%, profit growth increased by 64.


In terms of reducing losses, the five expanded stores realized losses, reduced the number of stores, and the ratio of replacement to the profit of profitable stores decreased for three consecutive years.

Profitability continued to improve.

In 2018, the company’s comprehensive gross profit margin was 27.

25%, an increase of 1 over 17 years.

50 samples; in terms of categories, the gross profit margin of all categories except food has fallen slightly compared to 17 years, and the gross profit margin of all other categories has improved compared to 17 years, and the company’s profitability has continued to increase.

In terms of expenses, the reporting fee is 21

10%, a year to raise 0.

66 levels, mainly due to the scale of opening stores and employee salary increase.

The sales expense ratio / administrative expense ratio increased by 0, respectively.


22 / unit, the financial expense rate decreased by 1 unit.

The company’s net profit margin was 4 in 2018.

73%, an increase of 0 from the previous 17 years.

85 units.

The store expedited, and the report strategy opened 16 new stores.

In 2018, the company opened 16 new stores in Hunan, Fujian, Jiangxi, and Guangdong provinces, including 8 department stores and shopping malls and 8 supermarkets, which is faster than 2017 (5 new stores opened in 17)/ 1 supermarket).

In terms of perspectives, there are 4 direct-operated shopping malls and 1 management output; 1 direct-operated department store, and department stores and shopping malls take over the two franchised store projects of Dingnan and Jiujiang, respectively;2 homes.

As of the end of 2018, the company has settled in 25 cities in 8 provinces / cities, operating a total of 13 shopping mall stores, 68 department store stores, 81 supermarket stores, and 159 convenience stores, with a total area of more than 3 million square meters.
There are sufficient reserves.

In the total number of reports, the company signed 17 shopping mall and department store projects and 13 independent supermarket projects.

It is mainly distributed in Shenzhen (6), Guangdong (12), Jiangxi (4), Hunan (4), Jiangsu (2), and Fujian (2).The company has sufficient reserves to fully prepare for orderly and stable store opening in the future.

Earnings forecast and rating: We estimate that the company’s net profit attributable to its parent in 杭州夜网论坛 2019-2021 will be 10 respectively.

7.1 billion, 12.

2.7 billion, 13.

5.3 billion; diluted earnings are 0.

89 yuan, 1.

02 yuan, 1.

13 yuan.

Maintain the “overweight” rating.

Risk factors: Consumption recovery is not up to expectations, store expansion is not up to expectations, same-store growth.