SDIC Power (600886) 2018 Annual Report Review: Considerable Performance in Fourth Quarter

SDIC Power (600886) 2018 Annual Report Review: Considerable Performance in Fourth Quarter

Event: SDIC Power released its 2018 annual report.

In 2018, the company’s operating income was 41 billion yuan, an increase of 29 in ten years.

6%; net profit attributable to mother 43.

60,000 yuan, an increase of 35 in ten years.

0%; net profit deducted from non-mother 41.

90,000 yuan, an increase of 30 in ten years.

3%; EPS 0.

64 yuan.

  Opinion: The increase of fuel electricity price in Q4 2018: the long-term company’s internal power generation in 2018 is 151.6 billion kilowatt hours, an increase of 17.


The company generated 39.1 billion kWh of electricity in the territory in 2018Q4, an increase of 19 per year.

3%, an increase of 5 compared with 2018Q3.

5 units.

In terms of power supply, the company’s 2018Q4 hydropower and thermal power generation increased twice.

3%, 45.

0%, the growth rate increased by 1 compared with 2018Q3.

5, 0.

5 units.

Benefiting from strong regional power demand, new unit output growth (Northern Xinjiang Phase II, Meizhou Bay Phase II) and other factors, thermal power generation in the fourth quarter of 2018 maintained rapid growth, driving internal power generation growth17.

3 units.

Affected by the effect of power price adjustment, market price discount and structural factors, it entered the company’s internal on-grid price of 0 in 2018.

314 yuan / kWh, an annual increase of 8.

4%; of which the on-grid electricity price of the company’s territory in 2018Q4 was 0.

316 yuan / kWh, each year, an increase of 11 quarter-on-quarter.

9%, 5.


Benefiting from the “both volume and price rise” and base effect, the company returned to its parent net profit in Q4 20187.

700 million, an increase of 175% in ten years.

  The Yalong River hydropower has steadily increased, and the non-Yalong River water sector has turned losses: in 2018, the Yalong River hydropower generation capacity was 71.4 billion kWh, an increase.

4%; average on-grid electricity price is 0.

277 yuan / kWh, an annual increase of 5.

0%; contribution to mother’s net profit 37.

900 million, a five-year growth of 5.


Subvert the Yalong River Hydropower Contribution. In 2018, the net profit of the non-Yalongjiang sector was attributed to mothers5.

80,000 yuan, and 2017 (net profit attributable to mother -3.

500 million) measurement to achieve loss.

In our view, the company’s non-Yalongjiang sector’s turnaround in 2018 was mainly due to the recovery in thermal power sector performance.We are optimistic about the decline of the coal price hub, and thermal power profit is expected to continue to repair.

  It is estimated that the Yalong River Midstream Power Plant will be put into operation: at the end of 2018, the projects under construction in the Yalong River Midstream include Lianghekou Hydropower Station (3 million kilowatts) and Yangfanggou Hydropower Generator (1.5 million kilowatts). The construction progress is 46.

2%, 30.


The first unit of the middle reaches of the Yalong River is expected to be commissioned in 2021.

As the Yalong River Midstream Hydropower Station continues to contribute, the company’s 苏州夜网论坛 long-term growth is worth looking forward to.

  The profit forecast and investment rating take into account the company’s operating conditions and other factors. We have raised our profit forecasts for 2019 and 2020. It is expected that the company’s net profit attributable to mothers for 2019 and 2020 will be 48.


300 million (41 before adjustment respectively.

3, 43.

300 million), plus a predicted net profit for motherhood of 48 in 2021.

0 million yuan, the company’s 2019-2021 EPS are expected to be 0.

72, 0.

74, 0.

71 yuan, the current sustainable corresponding PE is 11, 11, 12 times.

We are optimistic about the recovery of the company’s thermal power business and the development of the Yalong River Hydropower, maintaining the “overweight” rating.

Gezhouba (600068): Construction and environmental protection business initially caused profits to exceed expectations.

Gezhouba (600068): Construction and environmental protection business initially caused profits to exceed expectations.
Performance review 2018 results exceeded expectations Gezhouba announced 2018 results: realized revenue of 100.6 billion US dollars, replacement range5.8%, realizing 合肥夜网a net profit of RMB 470,000, which will be extended by 0 every year.6%; In the fourth quarter of 2018, revenue reached 33.2 billion yuan, a year-on-year increase of 2.2%, achieving a net profit of RMB 190,000, which is more than ten years.7%; due to slow progress in overseas construction business and renewable resources business, performance was lower than our expectations.  The initial income in 2018 decreased, of which the construction and environmental protection business income decreased further4.3%, 27.2%, due to the implementation of scheduled replacements of some international projects and the significant changes in the renewable resources market under the background of Sino-US trade friction; and led to an increase in gross profit margin.3ppt, mainly due to strong growth in gross profit from cement doping upward (at least +76.7%); the total annual growth of assets and credit impairment losses increased by 990%, mainly due to the increase in bad debt losses and inventory depreciation losses; net profit margin was realized.6%, a year increase of 0.2ppt.  In 2018, the company’s net operating cash inflow was 1.3 billion US dollars, a significant improvement from the previous year’s net decrease of 8 trillion, which was mainly due to the improvement in receivables; the net expansion of investment cash expanded by 47 trillion to 139 trillion, mainly due to the increase in PPP investment and foreign investment.  Development Trends Construction business signings and revenues are accelerating.Newly signed contracts for construction in 2018 totaled 232.1 billion yuan, one year -1.3%, including multiple territorial / foreign projects +1.1% /-5.6%, double for hydropower / non-hydropower projects +25.5% /-6.7%.The company plans to sign 232 billion new contracts in 2019, implying a slight increase over the years4.0%.We believe that the domestic infrastructure recovery is underway in 2019, the international environment is stabilizing, and the company’s new construction contracts and revenue recognition are expected to accelerate.  The investment business is expected to continue strong.In 2018, the company’s highway / water investment business income increased by 20 respectively.4%, 91.2%, continued strong.The company’s investment plan for 2019 is USD 81.9 billion, which implies an increase of 54% over many years. It also proposes that the highway business can improve the integrated management capability and the water business can expand its merger and acquisition efforts.We expect to gradually stabilize the domestic PPP market, and the company’s investment business income is expected to continue to grow strongly.  Earnings forecast Due to the worse-than-expected progress of the construction and environmental protection business, we have lowered our net profit forecast for mothers in 201910.6南宁桑拿 % to 50.700 million, meanwhile, the net profit forecast for 2020 is 55.300 million.  It is estimated and suggested that the company currently can sustainably correspond to July 2019.4x P / E (based on EPS after excluding perpetual debt interest).We maintain our “Recommended” rating and target price of 8.9 yuan, corresponding to September 2019.1x P / E, implying 23% space.  The progress of risk environmental protection business was slower than expected, and the recognition of PPP revenue was slower than expected.

Pan Wei Network (603039) Annual Report Commentary Report: Performance Slightly Exceeds Expected 19-year High Growth Expectations Continue

Pan Wei Network (603039) Annual Report Commentary Report: Performance Slightly Exceeds Expected 19-year High Growth Expectations Continue

Event: On the evening of March 28, the company released its 2018 annual report: in 2018, the company achieved revenue of 10.

4.0 billion, an annual increase of 42.

51%, achieving net profit attributable to mothers1.

140,000 yuan, an increase of 31 in ten years.


Opinion: The performance was slightly higher than expected, and Q4 performance rebounded significantly.

In the fourth quarter of 2018, the company achieved revenue3.

$ 8.1 billion, an increase of 48 per year.

98%, distorting the quarter-to-quarter growth trend of revenue growth in the first three quarters, slightly exceeding expectations.

In terms of business, software products + technical services business achieved 北京夜网 revenue9.

820,000 yuan, an increase of 41 in ten years.

9%, solid performance.

The third-party product business performed well and achieved zero income.

22 ppm, an increase of 79 in ten years.


In terms of different regions, the company’s revenue growth in North China, South China, and Western Regions were 50%, 47%, and 43%, indicating that the company’s regional business has developed smoothly and its competitive advantage has gradually strengthened.

The report decreased, the company may sell financial assets (Shanghai Xiaojia Network) impairment loss of 14.74 million yuan, if added back to the project, the company realized a profit1.

29 ppm, an increase of 48 in ten years.


The expense ratio is stable, cash flow continues to improve, and advance funds received maintain a high growth.

In total, the company’s management expense ratio (plus R & D expenses) and sales expense ratio were 20 respectively.

91%, 71.

59%, basically the same as last year.

Cash flow continued to improve and gradually realized a net cash inflow2.

00 ppm, an increase of 27 in ten years.


Funds received in advance 5.

30 ppm, an increase of 23 in ten years.

2%, still maintaining high growth.

The contract lock of 50 million cash value-added funds confirms the broad prospects of the digital signature business, and the cooperative development of both parties’ business is worth looking forward to.

For the total number of reports, the company decided to invest 50 million yuan in cash in Shanghai Yanyan Network (Contract Lock) and hold 25% of its shares after the capital increase (interim report in 2018: 16%).

The digital signature market is expected to continue to double in the next 3-5 years, and its traffic business model will be excellent.

The capital increase will help the company further improve its layout in the areas of electronic contract signing and seal management, further expand the business area and product application scope of the target company, and achieve complementary advantages and coordinated development.

E-colgoy 9 new product promotion + government customer expansion is expected to promote the company’s continued high growth.

In September 2018, the company launched a new generation of “intelligent, platform-based, full-process electronic” product E-cology 9 in cooperation with Tencent, Shanghai CA, Contract Lock and other cooperative units.

Electronics 9 integrates three new functions of intelligent voice assistant, CA certification and signature signing. It is a major upgrade of the company’s products, and its competitive advantage is very prominent, which helps drive the company’s new and old customers to focus on upgrading.

In addition, the company expands and expands in the government market. At present, the country has products serving more than 2,000 party and government agencies.

The company has launched a domestic product structure. Under the background of autonomy, the company’s advantages in the government field have been increasing.E9 new product promotion + government customer expansion is expected to drive the company’s continued high growth in 2019.

Investment suggestion: The company has outstanding comprehensive advantages and is expected to continue to expand.

The company is expected to achieve revenue from 2019-2021.

52, 17.

37, 21.

45 yuan to achieve net profit attributable to mother 1.

55, 2.

03, 2.

5.7 billion US dollars, optimistic about the company’s development prospects, maintain a “buy” rating.

Risk warning: New product expansion is less than expected, customer expansion is less than expected, and industry competition is intensifying.

Daoda investment notes: I only serve Li Dongsheng for stock trading

Daoda investment notes: I only serve Li Dongsheng for stock trading
Source: Daily Economic News Yesterday, the Shanghai Index rose 54.75 points to 3030.Closed at 15 o’clock, the increase was 1.84%, back above 3000 points.The GEM index rose 47.30 points to 2186.Closed at 74 points, an increase of 2.twenty one%.The transactions in Shanghai and Shenzhen continued to exceed one trillion yuan, with a total of 10,684 transactions.200 million yuan.  The market is really hot, such market performance is really difficult to make money.In this case, Dago mainly wants to chat with you today.  Niu Ren Observation Dago said that the stock bull Niu Ren is the founder and chairman of TCL Li Dongsheng.Why suddenly thought of him?Because of the daily limit of TCL technology yesterday, since February, the increase has exceeded 30%, this year’s increase is close to 50%.Although TCL Technology is not the most bullish bull stock in recent times, the stock rose nearly 90% last year, and this year it has risen so much again, which is very close to its 2015 high.  The reason why Li Dongsheng is very bullish is that in the eight years since 2012, he has increased his holdings of TCL technology 29 times and has never sold stocks.The number of holdings is at least 150,000 shares, and the largest one is an increase of 92.6 million shares through block transactions.Li Dongsheng’s shareholding twins from 4 in 2012.600 million shares have increased to 8 now.100 million shares.Most of its increase in holding prices are more than 2 yuan, the lowest is 1.98 yuan, up to 3.24 yuan.Yesterday, the price of TCL Technology after the daily limit has reached 6.7 yuan.  What is it about Li Dongsheng?Dago thinks that it is important to invest in a company that insists on investing in companies that it understands.As the founder and chairman of the board, Li Dongsheng naturally knows this company best, so he can do this, but it is not easy.If you look at many of today’s executives, actual controllers, and major shareholders, they are going up a bit, and they are desperately reducing their cash holdings.Therefore, Dago best served Li Dongsheng.  What I want to say is 朴妮唛脱胸罩新闻 that the daily limit of TCL technology yesterday, the market is mainly optimistic about the company?Here, the basic situation of TCL technology is also introduced.  In January of this year, TCL changed its name, and the stock short name changed from the original TCL Group to TCL Technology.As a result, the company’s positioning has also changed. The company has split its smart terminal and supporting businesses, focusing on the development of the technology industry, and shifting from related diversification to specialized operations.  New Times Securities pointed out that after the completion of the transformation of TCL technology, it will take Huaxing Optoelectronics as the core, focus on the semiconductor display and material industry, and take industrial traction to develop industrial finance and investment business.Currently, the LCD industry has benefited from the withdrawal of Korean production capacity, and the cycle conversion has been determined. As a domestic leader in the panel industry, TCL Technology is committed to sharing the long-term profit bonus brought by the increase in industry concentration and gradual weakness after the cold winter.  In fact, outside of TCL Technology yesterday, BOE A, which is also an OLED sector, rose 7%, and the daily limit of Rainbow shares.  Besides other things, the market has been active recently. Yesterday, it was still a general rise in stocks.Today, a landmark event is about to happen. Stone Technology, the most expensive new stock in A-share history, will be listed for trading.  Stone Technology is a company that makes sweeping robots, 271.The issue price of 12 yuan / share set a record for the most expensive new shares.  For the market outlook, the sand table deduction continues to follow the trend.As long as the turnover of the two cities continues to maintain a high level, with the Shanghai Index 3,000 points and the GEM more than 2100 points, how can it be the top?  The strong market after the Spring Festival has exceeded expectations.Well, since it has exceeded expectations, it is reasonable to see what happens next.  In addition, the trillion-dollar transaction has been going on for 3 consecutive days, and Dago believes that this will probably not be the amount of market quotations.Although a large number of newly issued funds have driven excessive incremental funds into the market recently, the incremental funds of retail investors still have leveraged funds, and they have not seen a huge amount of funds.  Recalling the bull market in 2015, when the Shanghai market unilaterally traded trillions, it was almost normal at that time. If it is optimistic enough, today’s transaction volume may continue to increase.  CSI 300 Index positions refer to yesterday’s position: 60% today’s position plan: 60%

Jingneng Power (600578): Release of Equity Incentive Plan Optimistic for Long-term Development of the Company

Jingneng Power (600578): Release of Equity Incentive Plan Optimistic for Long-term Development of the Company

Event: Jingneng Power released equity incentive plan (budget).

The incentive plan intends to grant stock options 6746 to the incentive objects.

730,000 copies (including budget 674.

6.73 million shares), the underlying stocks involved are RMB A common shares, accounting for approximately 1% of the company’s total share capital at the time of the announcement of this incentive plan; the exercise price is the quantity 3.

17 yuan.

The reform of first-class state-owned enterprises stimulates the vitality of management: Since its listing in 2002, the company has announced the equity incentive plan for the first time, which is of great significance as a local state-owned enterprise.

Focusing on the list of large-capacity Tokyo Energy Group companies listed as “Double Hundred Actions”, in order to implement the spirit of the “Double Hundred Actions” of state-owned enterprise reform, the company actively participated in the pilot work of the Beijing State-owned Assets Supervision and Administration Commission to further stimulate management vitality.

The proposed incentive objects awarded in the first phase of this equity incentive plan are company executives, core backbones and core business personnel, with a total of 174 people. Any of the incentive objects has not granted more than the total company equity through the incentive planValue 1% of equity.

Clear performance appraisal goals and optimistic about the company’s long-term development: The company’s annual performance appraisal for the first period of awards and allocations includes the following five aspects: emerging company certification.

Taking the first exercise period of this incentive plan as an example, the compound growth rate of deducted non-ROE and deducted non-attributed net profit in 2020 is based on the target value, and it is required to be not less than the 75th level of the benchmark enterprise orIndustry average.

We judge that reasonable high-quality production capacity and capacity are released, the scale of coal supply and demand has improved, and the central price of coal has been pushed down.

The company’s power generation assets are all thermal power, which will benefit from the decline in coal prices.

In addition, unlike the “ceiling” of installed power growth in the thermal power industry, the company ‘s installed growth is still considerable, and the company ‘s profitability and growth are expected to exceed those of 上海夜网论坛 its peers.

Earnings forecast and investment grade: Maintain earnings forecast. It is expected that the company’s net profit attributable to mothers for 2019-2021 will be 12 respectively.

8, 16.

5, 17.

600 million.

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

19, 0.

24, 0.

26 yuan, the current expected corresponding PE is 16, 13, 12 times, and the corresponding PB are 0.

89, 0.

85, 0.

82 times.

We are optimistic about the company’s performance flexibility and growth, as well as its estimated safety margin, and maintain a “Buy” rating.

Risk prompts: The unit’s production or asset injection progress is slower than expected, the thermal coal price rises higher than expected, the risk of a reduction in the comprehensive on-grid electricity price, the demand for electricity exceeds expectations, and the risk of failure of the fair incentive plan.

602 newly diagnosed new crown pneumonia in South Korea: government raises outbreak alert to highest level

602 newly diagnosed new crown pneumonia in South Korea: government raises outbreak alert to highest level
On February 23, at the Seoul Central 深圳桑拿网 Government Office building in South Korea, Moon Jae-in (second from left) ranked at the New Crown Pneumonia Epidemic Response Conference. (Image source: Yonhap News Agency) Seoul, February 23 (Xia Xue) South Korea’s Central Epidemic Prevention Countermeasures Headquarters announced on the 23rd that at 4:00 pm on the same day, 169 confirmed cases of new-type coronavirus infection were reported on a single day, and the diagnosis was gradually increased to 602The number of deaths increased to five.  In this regard, South Korean President Moon Jae-in announced on the 23rd that according to the opinions and suggestions of infectious disease experts, the government has decided to raise the new crown epidemic forecast to the highest level “severe” and strengthen the response measures.So far, the number of deaths from new crown pneumonia in South Korea has risen to five.Wen Zaiyin said that the Xinguan epidemic is facing an important watershed. The next few days will be an important juncture. The central government, the epidemic prevention department, the medical team, and the entire people must unite and fight the epidemic.  He also said that the situation of Xintiandi church members’ collective infection with the new crown pneumonia situation was very different. The work of the existing epidemic prevention department remained the same, but it was upgraded to the “central disaster security countermeasures headquarters” under the supervision of the Prime Minister, further increasing the government.Outstanding response efforts to strengthen the central-regional cooperation system.  It is reported that the early warning level of infectious diseases in South Korea is divided into four stages, which are concern, attention, vigilance and seriousness.This is the highest level of infectious disease warning issued by the South Korean government after 11 years after the 2009 H1N1 influenza.After issuing a “serious” warning, the government can take the highest level of response, including ordering changes to school closures and banning group activities.  →→ More social news

Fried Maps Strategy Prevailed Public Offering Pay Attention to Regional Theme Investment

“Fried Maps” Strategy Prevailed Public Offering Pay Attention to Regional Theme Investment

⊙ Reporter Wang Peng ○ Editor Wu Xiaojing re-merged and incorporated into the continuous development of domestic urban area development plans, and public funds began to pay attention to the investment value of regional themes.

At present, large fund companies have issued or reported a number of thematic investment funds focusing on Beijing, Tianjin and Hebei, the Hangzhou Bay Area and the Guangdong-Hong Kong-Macao Greater Bay Area.

In addition, Huitianfu Fund has recently launched a theme ETF focusing on the integration of the Yangtze River Delta.

  Many members of the public believe that regional theme investment concept stocks may be significantly strengthened by policy stimulus in the short term, but the long-term performance of related theme investment funds is still in the improvement of regional economic development and corporate fundamentals.

  Funds actively deploy regional theme investment Expansion of regional theme investment funds is becoming one of the key directions for public funds.

  Following the launch of the GF CSI Beijing-Tianjin-Hebei Cooperative Development Theme ETF and the South China CSI Hangzhou Bay Area ETF last year, E Fund and China Merchants Fund submitted the CSI Zhejiang New Kinetic Energy Trading Open Index Fund andApplication for CSI Zhejiang 100 Transaction Open Index Fund.

Since 深圳桑拿网 the release of the “Guangdong-Hong Kong-Macao Greater Bay Area Development Planning Outline” in February this year, the fund company announced that the pace of ETF products in the Guangdong-Hong Kong-Macao Greater Bay Area has accelerated significantly.

According to the data disclosed on the website of the Securities and Futures Commission, on May 16, Southern Fund, Huaxia Fund and GF Fund all applied for the Guangdong-Hong Kong-Macao Greater Bay Area Innovation 100ETF.

On May 15, CCB Fund and ICBC Credit Suisse Fund also reported CCB Shanghai-Hong Kong-Shenzhen-Hong Kong-Macao Greater Bay Area Development Theme ETF and ICBC Credit Suisse Guangdong-Hong Kong-Macao Greater Bay Area Innovation 100 ETF.

  Since April, the concept of the integration of the Yangtze River Delta has been heating up, and the Huitianfu Fund issued an ETF on the theme of the integration of the Yangtze River Delta of the China Securities Exchange.

Foreign countries have also started to pay attention to the layout value of regional themes.

JP Morgan Asset Management Corporation announced on May 20 that the CSI Morgan Yangtze River Delta Strategic Index launched in cooperation with CSI Index Co., Ltd. will be officially released on June 10.

  According to statistics from Morgan Asset Management, as early as 2016, the resident population in the Yangtze River Delta region reached 2.

2 billion, regional GDP 19.

5 trillion yuan, accounting for 16% and 24% of the national total, respectively.

As of the end of 2018, the number of A-share listed companies in the Yangtze River Delta has exceeded 1,200, accounting for 34%.

The area includes major cities such as Shanghai, Nanjing and Hangzhou, as well as two free trade zones.

  Participants in the long-term investment value of regional theme funds said that the transition of regional development theme related policies can indeed stimulate the concept stocks to strengthen in a certain period of time.

For example, the day after the Outline of the Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area was released, the beneficiary stocks of Zhujiang Industrial, Yantian Port, Guangdong Hydropower and others all rose and stopped.

Since May, Jiaxing Silk, Wanjiang Logistics, Wuwu Biotech, and Jiangsu Jiaotongke and other Yangtze River Delta integration concept stocks have also clearly outperformed the market.

  However, from the perspective of long-term investment value, a fund manager in Shanghai believed that investors should pay more attention to whether the fundamentals of related listed companies will be better improved by the efforts of regional industrial policies rather than short-term themed hype.Opportunities for upgrading, performance improvement or asset consolidation.

  ”Yangtze River Delta, Pearl River Delta and other regions have always been the leaders of China’s economic development. If the products are designed properly, the target can be optimized and the weights can be set reasonably, which will indeed bring good investment opportunities.

However, the long-term performance of a certain product will still affect the local economic development and the performance of the company.

“Xia Chun, chief research officer of Noah Wealth, said.

  Founder Fubon Fund Index Investment Department head Wu Hao said that the growth of the regional economy is more certain than the growth of one industry.

For investors, there is an opportunity to share the growth dividend of high-quality companies in developed regions through the allocation of regional index funds in the medium and long term.

  Some fund analysts have warned that the historical performance of existing regional theme investment funds is uneven, and some index funds have not even beat the performance benchmark.

Therefore, investors need to be clear when choosing a fund company to lay out such products based on real investment strategy choices, or just to cater to investor preferences. This factor may trigger similar performance differentiation in the future.

Sanqi Mutual Entertainment (002555) Annual Report Comment: High-speed Growth of Operating Income Self-Research + Operation Capability Appears

Sanqi Mutual Entertainment (002555) Annual Report Comment: High-speed Growth of Operating Income Self-Research + Operation Capability Appears

Event: The company released its 2018 annual report and 2019 first quarter report.

In 2018, the company achieved operating income of 76.

33 ppm, an increase of 23 per year.

33%, net profit 10.

09 billion, down 37 every year.

77%; net profit after excluding non-recurring gains and losses4.

75 ppm, a decrease of 54 per year.

70%; basic profit income is 0.

47 yuan; a cash dividend of 2 for every 10 shares.

00 yuan (including tax).

The company’s operating income for the first quarter of 2019 was 32.

47 million, an increase of 95 per year.

46%; Net profit 4.

54 ppm, an increase of 10 per year.

80%; net profit after excluding non-recurring gains and losses4.

1.7 billion, an increase of 6 every year.

41%; basic profit return is 0.

21 yuan.

Key points of investment: Subsidiary’s performance is not up to standard and accrual of goodwill impairment leads to a significant increase in net profit for 18 years.

As the subsidiary Shanghai Mojing Technology failed to meet its performance commitments, the impairment loss on goodwill was provided9.

60 mega-digit compensation section 4.

54 million US dollars was recognized as non-recurring gains and losses, as the amount of impairment significantly exceeded the performance compensation and the operating profit of Shanghai Mo Yan, which affected the net profit attributable to mothers by approximately 5.

US $ 0.6 billion, resulting in a significant increase in the company’s fourth quarter net profit.

At the 杭州桑拿网 same time, the company disposed of the shares of companies such as Shanghai Yuanyuan Culture and Shanghai Aurora Network in 2017 and confirmed after-tax investment income2.

00 ppm and no significant distribution gain in 18 years.

After exceeding the above impact, the company’s non-GAAP net profit increased by 6.


The proportion of mobile game operating income increased again, becoming the company’s main source of profit.

The company’s mobile games realized operating income of 55.

82 ppm, a 69-year increase of 69.

99%, gross profit 45.

180,000 yuan, an increase of 79 in ten years.

89%, accounting for 73% of operating income.

13%, an increase of 20 from 17 years.

07 averages.

Web games achieved operating income16.

46%, down 28 each year.

40%, gross profit 11.8.3 billion, down 23 annually.

00%; operating income accounts for 21.

56%, a decrease of 15 from 17 years.

59 averages.

The company has more than 5 products with monthly sales of over 100 million in 2018, with a maximum monthly flow of 9.

300 million US dollars, more than 1 new registered users.

100 million, with the highest monthly active users exceeding 20 million.

The company’s performance growth rate exceeds that of the industry and ranks among the top global game companies.

According to the “2018 China Game Industry Report”, the actual sales revenue of the domestic game market doubled in 20185.

3%, the actual sales revenue of mobile games increased by 15 per year.


The growth rate of the company’s overall operating income in the game business and the increase in operating income of the mobile game business exceeded the industry average.

At the same time, the company’s domestic mobile game business totaled 86.

USD 8.3 billion, an increase of more than 85% in one year, which is also higher than the industry level.

The company’s current market share in the domestic mobile game business has increased6.


According to the statistics of NEWZOO, the number of global listed game companies is 10.

US $ 9.1 billion (NEWZOO statistics) revenue ranks 22nd in the world, ranking up 3 places from 2017, second only to Tencent and NetEase among domestic game companies.

“Release + self-developed” walk on two legs.

Based on its ability to operate multi-category games, the company’s distribution strategy has been adjusted from the original relatively single “ARPG + SLG” to “multiple development”, and is well-known in China with Aurora Networks, Tencent, Netease, Perfect World, Century Huatong, etc.Game manufacturers cooperate in depth to complete a diversified industrial layout. The product matrix includes ARPG, MMO, card, SLG and other types, which can cover magic, western fantasy, oriental fantasy, adventure, cultivating fairy, two-dimensional, etc.

The company’s reserve items include 9 exclusive agency games including “Sword and Reincarnation”, “Pig and Dungeon”, “Fairy 2 (tentative name)” and “Super Ball (tentative name)”, “Codename YZD”, “Legend”, “Elf Festival” and other self-developed product self-research, since the launch of self-developed products in 2014, the company has switched to launching nearly 20 self-developed products.

In 2018, the company launched more than 10 self-developed mobile games. Among them, products such as “Continental” H5 and “Sword Passed to the World” achieved monthly sales of over 100 million.

During the product promotion period, the sales expense rate increased, and profits were under short-term pressure.

The company’s selling expenses in 2018 were 33.

47 ppm, an increase of 75 per year.

41%, accounting for 43 of operating income.

85%, an increase of 13 over 17 years.

02 units; selling expenses for the first quarter of 2019 were 21.

41 trillion, an increase of 299 per year.


The significant increase in selling expenses was mainly due to the promotion period of products such as “Ghost Wonder City”, “Angel Sword H5”, “Awakening of the Fairy” and “Breaking the Dragon”.The pressure of early high promotion costs on short-term profits is expected to gradually enter the mature stage of related products, which will have a positive effect on the company’s profits.

The management fee for 2018 was 2.

46 trillion, down 27 a year.

73%, the first is that the company incurred equity incentive expenses in 1 year.

100 million and no related costs incurred in 18 years; R & D costs increased by 23.

28% to 5.

37 ppm, mainly due to the increase in game research and development staff and budget growth.

The divestiture of auto parts business will help improve the company’s overall gross profit margin.

The company started in 2018.

The 19 trillion transaction consideration will transfer the 100% equity of Wuhu Rongshun Auto Parts Co., Ltd. held externally, and complete the industrial and commercial change registration on November 29, 2018.In the future, Rongshun Co., Ltd. will no longer separate the scope of the company’s consolidated statements.

As the gross profit margin of the auto parts business is far lower than the gross profit margin of the company’s gaming business, the auto parts business will help to increase the company’s overall gross profit margin and focus on the development of the gaming business.

Investment rating and profit forecast: In the cold winter of the game industry in 2018, when the industry’s growth rate changes, the company’s operating income has grown rapidly and exceeded the overall level of the industry. There are a number of products with monthly sales of more than 100 million yuan, showing the company’sStrength and rich experience, but in the short term, the company’s newly launched products still need to expand a large number of sales expenses for related promotion work, so the company’s profit margin will still be suppressed in the short term.

It is expected that the company’s EPS in 2019 and 2020 will be 0.

86 yuan and 1.

04 yuan, according to the closing price of 12 on April 29, 2019.

Calculated at 97 yuan, the corresponding PE is 15 respectively.

0 times and 12.

5 times.

Maintain the company’s “overweight” investment rating.

Risk warning: stricter policy supervision; product launch progress and market performance are less than expected; risk of core staff turnover

HiSec (002653): Performance slightly exceeds market expectation, ushering in 2020 harvest of innovative drugs

HiSec (002653): Performance slightly exceeds market expectation, ushering in 2020 harvest of innovative drugs

Event: On the evening of January 13, the company issued a 2019 annual performance forecast.

The company is expected to achieve net profit in 20195.


20 ppm, an increase of 50 in ten years.

05% -56.

05%; The increase in performance was mainly due to the continuous and steady growth in operating income and sales volume during the period.

Opinion: The company’s performance is slightly better than market expectations. Based on the median performance forecast, the company’s Q4 net profit is about 1.

24 ppm, a reduction of zero government subsidies received in the fourth quarter.

Net profit after 97 ppm (Industrial Development Support Fund allocated by Nanshan, Tibet) is zero.

27 ppm, if considering the 4th quarter distribution incentive expenses, the profit and loss impact of investment in Haibao Life, etc., the company’s actual operating profit contribution in the 4th quarter is expected to achieve a substantial increase over the same period last year.

Large products 苏州桑拿网 continued to increase in volume, and marketing capabilities were rapidly improved. High performance growth in 2020 is expected.

With reference to IQIVA data, we expect that the company’s exclusive product dorastron will achieve approximately 100% terminal sales growth in 2019, while the amino acid series and three-cavity bags and various oral preparations will also achieve high growth.

By 2020, the overall revenue growth rate is expected to be more than 25%. At the same time, the company’s self-employment ratio is continuing to increase, and sales costs have steadily decreased. The company’s profit growth rate in 2020 is still expected to be in revenue growth.

The blockbuster innovative drug cyclopofen is expected to be approved in 2020H1, and the domestic market has 3 billion market potential.

Cyclopentin independently developed by the company is the me-better and substitute of the most classic narcotic propofol. Cyclopofen is highly effective and safer than propofol. It is expected to cover all volume indications and adapt to aging microscopy.The disease has been reported to produce and has obtained the priority review qualification. The CDE was officially approved before the end point of the largest indication for acute attack (the lunar calendar). This indication plan is to directly implement phase 3 clinical trials in the United States in 2020, which is expected to become an innovative drug with world competitiveness;With reference to the consumption of propofol, at a penetration rate of 25%, we expect it to have a market potential of 3 billion in China.

The company’s innovative drug research and development pipeline is rich, and the long-term development space is broad.

The company’s innovative drugs are characterized by endogenous research and development. By the beginning of 2020, the company’s innovative drug pipeline is expected to have 6 molecules in clinical stage, including 2 phase III and 1 phase II. It is expected that the company will declare 2-3 IND every year in the future.At the same time, 1-2 new drugs (indications) have been approved, and the road to transforming innovative drugs has become wider.

Profit forecast and investment advice: We estimate that the net profit attributable to the parent company of the company in 2019-2021 will be 5, respectively.

1.1 billion, 6.

4.6 billion, 8.

4.8 billion, an increase of 53 each year.

3%, 26.

4% and 31.

3%; we estimate the company’s segment by business, and the DCF estimate for innovative drugs is 148.

6 trillion, generic drugs 163-195 trillion.

In summary, we give the company an overall market value of 310-342 trillion in 2020, corresponding to a target range of 28.


5 yuan, maintain BUY rating.

Risk alert events: the risk of price reduction in drug procurement, and the progress of the development of innovative drugs gradually exceeds expected risks.

Northbound funds net purchases of more than $ 30 billion this week hit a nine-week high

Northbound funds net purchases of more than $ 30 billion this week hit a nine-week high

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  Original title: Northbound funds ‘net purchases this week exceeded 30 billion, a record high of nearly nine weeks, and the A-share market fluctuated and closed on February 7. It has increased for four consecutive trading days.

  However, Northbound funding turned to a net reduction.

As of the close of February 7, the total amount of northbound funds was reduced by 32.

9.9 billion yuan.

Among them, Shanghai Stock Connect has a net transparency of 8.

27 yuan, Shenzhen Stock Exchange net decrease of 24.

7.2 billion.

  In the five trading days of the Chinese Lunar Year, there was a net inflow of 300 funds from the north.

600 million yuan, of which, the net inflow of Shanghai Stock Connect was 180.

9.3 billion yuan, with a net inflow of 119.

At $ 6.7 billion, weekly net purchases hit a record high of nearly nine weeks.

  Among the top ten stocks traded on the Shanghai and Shenzhen stock markets, the top three net purchases were Longji (601012), Shanghai Airport (600009), and Ningde Times (300750), which had net purchases of 2 northbound funds.

5.5 billion, 2.

1.2 billion yuan, 1.

7.5 billion yuan.

  The top three net sales were Midea Group (000333), Hikvision (002415), Yili (600887), and the net sales amount was 5 respectively.

3.9 billion yuan, 2.

8.1 billion yuan, 2.

7.6 billion yuan.

  From the top ten active trading stocks listed on the Shanghai-Shenzhen Stock Connect on the daily list, from February 3 to February 7, a total of 32 stocks were listed on the active trading list. The 佛山桑拿网 largest transaction amount was Guizhou Maotai (600519)., This week a total of 162 transactions.

9.6 billion; followed by Ping An of China (601318), with a cumulative turnover of 110.

2.8 billion; Gree Electrical Appliances (000651) and Ningde Times have higher turnover.

  In terms of net purchases and sales, among the stocks listed this week, the largest net purchase amount is also Moutai, Guizhou, with a net purchase amount of 35 this week.

09 trillion, followed by Gree Electric, Ningde era, the net purchase amount was 20.

8.5 billion, 20.

6.2 billion.

Among the net stocks sold, Lixun Precision (002475) had the largest net sales amount, with a net sales amount of 6 this week.

8 billion.

  Among them, Ningde Times recently announced that it has reached a two-year cooperation with Tesla to supply lithium-ion power 上海夜网论坛 battery products to it from July 1, 2020 to June 30, 2022.

  As the global leader in lithium batteries, Ningde Times rose 3 on February 3.

67%, the next two trading days recorded two daily limit, rose again on February 6 nearly 4%, just four trading days, the Ningde era has continued to soar more than 30%.

  From the perspective of the industry, among the active stocks listed this week, the pharmaceutical and biological industry is the most concentrated, with 5 stocks on the list.

  Guoxin Securities believes that foreign countries, as a typical “smart” fund, have ceased the layout of A shares in the past six months. This is a market behavior under the global replacement of assets. What is more behind it is that the current A shares haveHigher costs. At the current point in time, the fact that the institution believes that A shares have higher allocation value is still valid, and the trend of continued foreign inflows will also continue.