Month: March 2020

Jinjia Co. (002191) Quarterly Report Review 2019: Revenue Growth Exceeds Expectation Large Packaging + New Tobacco Builds Strong Growth Pole

Jinjia Co. (002191) Quarterly Report Review 2019: Revenue Growth Exceeds Expectation Large Packaging + New Tobacco Builds Strong Growth Pole

Company announcements: 1) Quarterly report 19: Operating income 10.

10 ppm, an increase of 24 in ten years.

08%, net profit attributable to mother 2.

590,000 yuan, an increase of 21 in ten years.

81%, increased by 21 after deduction.

30%; revenue growth exceeded expectations.

2) Interim report performance forecast: It is estimated that the net profit attributable to mothers will be realized from January to June of 19 4.


930,000 yuan, an increase of 20% -30% in ten years.

The steady growth of the main business of the 南京夜网 cigarette label and the high growth of the color box business drove the company’s excellent performance in 19Q1: the company’s revenue and net profit increased by 24 in 19Q1.

08%, 21.

81%, with outstanding performance. We believe that it mainly benefits from three aspects: 1) The main business of cigarette labeling: Against the background of the rebound in the industry’s production and sales growth, the company makes full use of strong design and R & D capabilities while seizing opportunities for product structure upgrades.The growth of the main business of cigarette labels has maintained a good trend.

2) High growth of color box business: The company’s own advantages in the field of color boxes focus on the development of fine cigarette boxes, 3C packaging, and wine boxes, and transform the continuous development of new 失败:重查 customers in various fields. We believe that the company’s color box business will grow rapidly in the future.Sustainability expectations.

3) Investment income (Guizhou Shenren, Shanghai Rencai, etc.) contributes incrementally.

The gross profit margin decreased due to the improvement of the product structure; the cost control ability improved: the company’s comprehensive gross profit margin in 19Q1 was 43.

81%, a decrease of 3 per year.

33pct, mainly due to the increase in the percentage of revenue from color box products with a reduced gross profit margin and the change in the structure of cigarette label products; the current gross profit margin of color boxes is still climbing, and the future gross profit level will continue to increase.

In terms of expenses, the company’s expense ratio during the 19Q1 period was 11.

86%, falling by 2 every year.

37pct, in which the sales and management expense rates decreased by 0.

36, 2.

64pct, we judge that the increase in the decrease in management expense rate is mainly due to the improvement of the company’s ability to control expenses.

Launched a three-year strategic plan to consolidate efforts to promote the development of large packaging and new tobacco business: The company announced the launch of the “Three-year Development Strategic Planning Outline (2019-2021)”, which clearly proposed cohesive efforts and gradually promoted the development of the large packaging industry.(Standards, wine bags, premium packaging, etc.) and actively fostering a new tobacco industry; and put forward to strive to compound and maintain more than two annual net profits in 19-21.

Profit forecast and investment recommendations: Taking into account the steady growth of the company’s main business of cigarette labels, the high growth of the color box business and the incremental contribution of investment income, we maintain the company’s 19-21 year net profit8.



26 trillion, corresponding to 0 EPS.



91 yuan, the current sustainable corresponding PE is 24X / 19X / 16X, maintaining the “buy” level.

Risk warnings: Downside risks to cigarette production and sales; customer expansion beyond expected risks; new tobacco-related policy risks.

Jiangshan Oupai (603208) 2019 Interim Report Comments: Engineering Channel-Driven Performance Continues to Increase Capability

Jiangshan Oupai (603208) 2019 Interim Report Comments: Engineering Channel-Driven Performance Continues to Increase Capability

Matters: The company released the 2019 semi-annual report on August 12, 2019.

2019H1 achieved operating income7.

30,000 yuan, an annual increase of 52.

01%; net profit attributable to mother is 0.

810,000 yuan, an increase of 41 in ten years.

18%; net profit after deduction is 0.

71 ppm, an increase of 45 in ten years.


2019Q2 achieved operating income4.

880,000 yuan, an increase of 73 in ten years.

61%; net profit attributable to mother is 0.

710,000 yuan, an increase of 47 in ten years.

39%; net profit after deduction is 0.

62 ppm, an increase of 52 in ten years.


  Comment: The splint 合肥夜网 door business contributed 50% of the revenue, and the cabinet business started at an early stage.

2019H1 company’s plywood molded door business and solid wood composite door business achieved revenue 3 respectively.

92 ppm / 2.

72 trillion, an increase of 47 in the first half.

49% / 43.

67%, revenue accounted for 53.

65% / 37.

22%; cabinet business achieved zero revenue.

10,000 yuan, contributing 1% of revenue.

  Tap the market potential of each channel, and engineering channels drive high revenue growth.

In terms of dealer channels, increase blank area investment and eliminate low-quality stores; in terms of engineering channels, maintain existing high-quality engineering customers and develop new high-quality engineering customers, increase supporting products, and provide after-sales value-added services.

The growth of the company’s operating income in 2019H1 was mainly due to the increase in sales of engineering channel customers, among which Guangzhou Evergrande and the company had such a situation.

3.5 billion (including tax).

The channels of foreign trade companies and export channels focus on developing new high-quality large customers.

  The gross profit margin increased, and the ability to control fees improved.

2019H1 net margin level 11.

15%, a decline of 0 per year.

74 points; Net margin for the second quarter of 201914.

8%, down 2 every year.

14 points, mainly due to the increase in gross profit margin, an increase of 11 from the previous quarter.

02 points.

2019H1 gross margin level 31.

06%, down 2 every year.9pct, mainly due to the increase in sales income during the period corresponding to the increase in costs.

Gross profit margin for the second quarter of 2019 was 33.

03%, 5 per year.

32pct, mainly due to the increase in operating costs, an increase of 5 quarter.

93 points.

Expense rate during 2019H1 is 18.

01%, down 2 every year.

98 points; sales expense ratio and management expense ratio are 9.

28% / 7.

61%, a decrease of 0 per year.

24pct / 3.

13 points; financial expense ratio 1.

12%, a year to raise 0.

39pct, which was due to the increase in factoring expenses and the interest of Henan Evergrande Europe Loan in the current period.

Expense rate during Q2 2019 is 16.

3%, a decline of 3 per year.

55 points, down 3 from the previous quarter.

81pct; sales expense ratio 8.

84%, an increase of 0 a year.

02pct, down by 1 from the previous month.

32pct; management expense ratio 6.

69%, a decrease of 3 per year.

55 points, down 1 from the previous month.

43pct; financial expense ratio is 0.

77%, a decrease of 0 every year.

01pct, down by 1 from the previous month.

06 points.

The net cash flow of the company’s operating activities in 2019H1 is -1.

US $ 0.7 billion was mainly due to an increase in bills payable due in the current period.

2019H1 accounts receivable increased by ten in ten years.

7.4 billion to 4.

1.6 billion, mainly due to the increase in accounts receivable of engineering customers.

  The company’s engineering business volume has increased, and the “one-stop shop for wooden doors” in hardcover rooms is promising.

Steady progress in the construction of investment projects.

On the disclosure date of the final semi-annual report, the “marketing network construction project” has completed its investment. At the same time, the company’s “annual production of 1.2 million sets of wooden door project” is progressing as planned, and it is still in the infrastructure stage.

Due to the stable development of the company’s main business, engineering channels to support revenue growth, and improved cost control capabilities, we maintain our forecast of the company’s net profit attributable to mothers in 2019-2021.



16 ppm, corresponding to the current expected PE of 14, 11, 9 times, maintain “strong push” rating; with reference to other furniture sub-segment valuation, maintain the company’s 18 times PE, corresponding to a target price of 45 yuan.

  Risk reminder: The development of customers at the engineering end is not up to expectations, and interest rates in the real estate market fluctuate.

Depth-Company-UFIDA (600588): Subsidiary Structure Tuning Enhances SAAS Advantages

Depth * Company * UFIDA Network (600588): Subsidiary structure optimization plus SAAS strengths

On June 4, the company announced the acquisition of a 20% stake in UFIDA Energy, a subsidiary, and the transfer of UFIDA auditing company 65.

8% equity and initiated the establishment of UFIDA.

Key levels of support level transactions are priced reasonably.

(1) It is proposed to acquire 20% equity of UFIDA Energy Technology Co., Ltd. (“Energy Company”) at a price of 47 million yuan (RMB, the same below), that is, the bid price of 2.

3.5 billion, corresponding to 2018 net profit of 28.91 million (revenue 1.

700 million), which is 8 times calculated based on PE estimates.

(2) Transfer of the holding 重庆耍耍网 subsidiary Beijing UFIDA Audit Software Co., Ltd. (hereinafter referred to as “audit company”) 65.

8% equity, the transfer price of 32.9 million yuan, that is, the target price of 50 million.

The target’s 2018 revenue is 52.25 million, the net profit is positive (970,000), the net assets are 45.49 million, and the premium based on net assets is about 9.


(3) The establishment of UFIDA: The company and the people are blessed, and Juxianhui only invested 37.5 million yuan (75%) and 6.25 million yuan (12) in cash.

5%) and 6.25 million yuan (12.


The transactions are basically internal adjustments, reflecting business optimization trends.

(1) The related transaction is a related party transaction, which is basically a transfer between internal shareholders. The transaction party is also the limited partnership represented by the merger. For example, the president of the audit company and the energy company are executive partners of the two transaction parties.

(2) UFIDA Energy provides cloud-based and internet-based platforms such as electricity sales cloud and centralized control cloud to downstream companies in the power industry and other energy industries to achieve efficient, safe, and easy maintenance for customer enterprise development; policy driven by ubiquitous power IoTIn the future, the degree of informatization of electric power companies is expected to deepen rapidly, which is worthy of overlaying.

(3) In response to the fast-growing SaaS + HR innovation business, Salary Blessing Society established the expectations and gradually improved the development of the business.

Estimate to consider the impact of cloud on apparent revenue and R & D management expenses, adjust 2019?
Net profit in 2021 is 7.

9 billion, 10.

0 billion and 12.

500 million, EPS is 0.

32, 0.

40 and 0.

50 yuan (down 6?
18%), corresponding to PE of 70X, 55X and 44X, and PS of 5.

8X, 4.

7X and 3.

8X, 5 in the past three years?
The 8X PS level is low and bottom.

We are optimistic about the company’s informatization penetration and major customer breakthroughs, and maintain a 杭州桑拿网 BUY rating.

The main risks faced by rating companies are lower than expected; expenses are growing too fast.

Haier Zhijia (600690): COSMOPLAT merged into the core team of the energy sector, injected capital to demonstrate development confidence

Haier Zhijia (600690): COSMOPLAT merged into the core team of the energy sector, injected capital to demonstrate development confidence

COSMOPlat was incorporated into the energy sector to deepen its own service capabilities.

Haier’s Zhijia subsidiary Kaos intends to issue an additional registered capital of 74.43 million yuan to Haier Group to purchase Haier Group’s smart energy business.

The transaction involves 95% equity in Qingdao Energy and 97 in Development Zone Energy.

57% equity in Hefei Energy 95.

57% equity and 80% equity of Dalian Energy, the total consideration of the energy target is 3.

7.6 billion.

Involving the main targets, Qingdao 杭州夜网论坛 Energy’s consolidated revenue in 2018 reached 6.

6.5 billion, with a net profit of 1944 million; the development zone’s consolidated revenue for 2018 reached 2.

250 thousand yuan, net profit is 5.63 million yuan.

As a core operating asset, Kaos is COSMOPlat, which is built for intelligent manufacturing and modern industry, and is the first to release an industrial Internet ecological platform for users to participate in the entire process and experience.

In terms of scale, COSMOPlat is based on the mass customization model centered on user experience and reorganized to provide enterprises with products and solutions such as connected factory construction, scale customization, industrial application customization or trading.

The 2018 Kaos consolidated statement caliber asset consolidation42.

300 million, owner’s equity reached 20.

40,000 yuan, 18 years of operating income of 137.

300 million, net profit 3.

2.7 billion.

After the completion of the acquisition, Kaos Industrial Internet Ecological Platform will effectively build a service sector in the energy field and enhance the overall service capabilities of COSMOPlat.

The core team invested in Kaos, demonstrating confidence in development.

As consideration for the transfer of equity in the energy sector, Kaos issued a registered capital of 74.43 million yuan to Haier Group, while Kaos won a capital injection from Haier Group to Haizhihui3.

42 ppm to strengthen its financial strength and support its business expansion.

After the completion of the transaction, Kaos will hold equity in the group’s energy sector and receive cash3.

For $ 4.2 billion, Haier Group will hold Kaos6.

With 40% equity, Hiwin will hold Kaos 5.

83% equity.

Haizhihuiying was established in 2017. It is mainly responsible for the management of private equity investment fund business, and its main shareholders are the group’s core senior management team.

We believe that Haizhihui won the capital injection of Kaos, strengthened Kaos’s financial strength, and the reorganization also showed its confidence in the development of COSMOPlat.

Investment advice and profit forecast.

We believe that the company will continue to deepen the retail transformation in the domestic market, promote the integration of the entire network management and the four networks; in the overseas market, adhere to the independent brand to strengthen synergy, renamed Haier Zhijia, and more clearly the development path.

In view of the current global stock and incremental market, the company is gradually improving its own brand layout. With the gradual release of the internal collaboration of the group, the company is expected to continue to improve in the global home appliance field.

In the future, the company’s high-end product and brand differences are expected to continue to bring effective flexibility to the overall performance scale and profitability.

We forecast the company’s EPS to be 1 in 19-21.

31 yuan, 1.

50 yuan and 1.

70 yuan.

With reference to its own history and the evaluation of comparable companies, a 12x-15xPE evaluation for 19 years is given, corresponding to a reasonable value range of 15.


65 yuan, maintaining the “primary market” rating.

Risk warning: terminal demand is lower than expected, overseas collaboration is lower than expected, goodwill impairment risk; internal integration is lower than expected.

121 companies’ return on net assets in the first three quarters exceeded 20%

121 companies’ return on net assets in the first three quarters exceeded 20%

Original title: 121 companies in the first three quarters have a return on net assets of more than 20%. The agency proposes four main lines for the pharmaceutical and biological industry. Source: Securities Daily, trainee reporter Xu Yiming. Return on net assets refers to the percentage of the company’s after-tax profit divided by net assets.This indicator reflects the level of return on shareholders’ equity and is estimated to be the efficiency of the company’s use of its own capital.

Analysts said that, in general, the value of the return on equity index indicates that the returns to investors are more considerable, and this index has also become an important reference basis for investors to judge the company’s capital utilization efficiency, its future growth capacity and investment value.

  ”Securities Daily” reporter found that according to the flush flush statistics, a total of 121 companies in Shanghai and Shenzhen have a return on net assets of more than 20% in the first three quarters of 2019.

Among them, Boxin shares (75.

44%), Minhe shares (71.

70%), Ningbo Fubon (68.

47%), violet optics are large (56.

00%) and other 4 companies reported a return on first-level net assets exceeding 55%.

In addition, 21 companies including Chongqing Beer, Yuanwanggu, Yaxing Chemical, Qisheng Technology, Zhejiang Guangsha, Shangfeng Cement (right protection), Zhifei Biological, Pingzhi Information, Zhuoshengwei, Huiding Technology, etc.The return on net assets is over 30%.

  In addition, among the above 121 companies, 4 companies including Boxin, Minhe Co., Ltd., Zhejiang Guangsha, and Zhonggong Education have increased their return on net assets by more than 30 in the first three quarters of this year compared with the same period of the previous year.24 internal companies such as Nachuan, Osai Kang, Huiding Technology, Hongchuang Holdings, Tianyu, Shengnong Development, Dunan Environment, Jiayu (right), Xinhua Medical, Kangdal (right), etc. report net assetsYield increased by more than 10 mergers over the same period last year.

  It is worth mentioning that nine companies including Shanghai Xinyang, Jinyi Technology, ST Xinmei, Yuanwanggu, Ningbo Fubon, * ST Integration, Dahua Intelligent, Huasu Holdings, * ST Ankai, etc.Return on net assets changed from negative to positive compared to the same period last year.

  The reporter further combed and found that the above 121 companies are mainly distributed in the three categories of medical industry, electronics, food and beverage and other first-class industries, involving 22, 14, and 13 companies.

  Regarding the future market investment strategy of the pharmaceutical and biological industry, Bohai Securities said that the supply-side structural reform of the alternative pharmaceutical industry will be further deepened, and policies such as consistency evaluation, volume purchase, and tiered diagnosis and treatment will help the industry to further increase its concentration.The price of high-value consumables will fall, and innovative medicines with outstanding clinical value may benefit in the long term and be translated into the completion of the three quarterly report. Investors are advised to focus on the following four main lines of investment based on changes in performance and policy and industry layout: 1.
The domestic new drug research and development environment is hot. CRO (Biomedicine R & D Outsourcing) and CMO (Global Biopharmaceutical Contract Production) will continue to maintain a high level of prosperity. Recommended target Gloriain, Tiger Medicine; 2.
2. Under the background of volume purchase, recommend high-quality specialty pharmaceutical companies Hengrui Pharmaceutical, Kelun Pharmaceutical, Jianyou Shares; 3.
4. Import substitution is used to recommend Antu Bio, Lepu Medical, a manufacturer of high-quality medical equipment and consumables; 4.
Benefiting from consumption upgrades, we recommend consumer services or drug suppliers Wowu Biotech and Anke Biotech.

  In terms of institutional rating, within the past 30 days, among the 121 stocks mentioned above, 8 stocks including Guizhou Moutai, Chenguang Stationery, Shanxi Fenjiu, Hang Seng Electronics, Hikvision, Xinwei Communication, China Public Education, Ping An of China were all over 20Focused on the average value, including Changchun High-tech, Mindray Medical, Haitian Flavor, China International Travel Service, Yanghe Co., Ltd., Zhejiang Meida, Hengli Petrochemical, Aier Ophthalmology, Shennan Circuit, Huaxin Cement, Huaxia Happiness and other internal 32A stock institution is also optimistic that the number of graded homes also exceeds 10.

  Regarding the first share of Moutai, Guizhou, Shanghai and Shenzhen, Fortune Securities said that due to the company’s active adjustment of product channels, the terminal prices of Feitian Moutai liquor across the country have gradually dropped to 2100 yuan / bottle to 2300 yuan / bottle. Market demand is limited by capacity.Still tight.

The company’s brand strength forecasts that the advantages of product channels are obvious, and it is still a relatively deterministic liquor company. The return of prices to rationality is more conducive to the company’s long-term growth.

With reference to the company’s 北京夜网 fundamentals and future room for growth, maintain the “recommended” level.

CITIC Construction Investment (601066) 2019 Interim Report Review: Investment Banks Highlight Advantages of Asset Management Business Optimization

CITIC Construction Investment (601066) 2019 Interim Report Review: Investment Banks Highlight Advantages of Asset Management Business Optimization

Operating income grows by 12 per year.

21%, net profit grows 37.

61% In the first half of 2019, the company achieved operating income of 59.

0.6 million yuan, an increase of 12 in ten years.

21%; net profit attributable to mothers23.

30 ppm, an increase of 37 in ten years.


Q2 single-quarter net profit was 8.

4.2 billion, down 43.


The nominal ROE of the company during the reporting period was 5.

31%, an increase of 1 each year.

04 averages.

Brokerage, investment bank, asset management, self-employed, indexed net income accounted for 25%, 27%, 6%, 25%, and 14%, and the growth rate was 12%, 14%, 10%, 61%,-26%.

The investment banking business continued to lead the industry, with abundant project reserves. In the first half of 2019, the company’s equity financing lead underwriters ranked first, and its lead underwriting amount ranked fourth.

The number of underwriters and scale of underwriting of corporate debt ranked first.

Among them, the size of the IPO was US $ 4.4 billion, an excess of 63%; the size of the refinancing was US $ 4.1 billion, with a breakdown of 92%; and the size of the bond underwriting was US $ 469.9 billion, an increase of 113%.

As of the end of the reporting period, the company had 55 IPO projects under review and 30 equity refinancing projects under review, both ranking first.

The asset management business structure was further optimized, and the proportion of active management scale continued to increase. Until the end of the reporting period, the company’s asset management scale was 660.5 billion yuan, ranking fourth in the industry.

In accordance with the requirements of “net-value management” and “de-channeling”, the company has stabilized, orderly and standardized its existing business, with an active management scale of 249.2 billion, accounting for 37.

7%, an increase of 7 earlier.

75 units.

Aggregation, orientation, and special scales were 4,12,56,16,77.6 billion yuan, with growth rates of 36%, -3%, and 39% per second, respectively.

Strictly control credit risk, credit asset impairment losses are reversed at the end of the reporting period. At the end of the reporting period, the company ‘s two-finance business surplus was US $ 27.2 billion, an increase of US $ 2.1 billion from the beginning of the year. As the market stabilized, the stock pledge risk was further alleviated, and the company’s stock pledge principalThe surplus was 34.2 billion yuan, an increase of 0 earlier.


Credit impairment in the first half rushed back to 1.

RMB 0 million, which was mainly caused by the reversal of impairment losses of Liangrong and stock pledged assets.

Investment suggestions The company’s comprehensive strength has been continuously improved, multiple businesses have been ranked in the forefront of the industry, the profitability industry is leading and the business has developed in a balanced manner. The company’s return on net assets is significantly higher than the industry average.

The company disclosed a plan to increase 130 million in January. After the completion of the increase, the capital strength will be significantly improved, and the rating of “overweight” will be maintained.

Risks prompt stock market 杭州夜网论坛 fluctuations to impact self-employed investment returns; market trading activity has declined.

Xinhua Insurance (601336) 2019 Annual Results Express Comment: The rapid development of the agent team is poised for second takeoff

Xinhua Insurance (601336) 2019 Annual Results Express Comment: The rapid development of the agent team is poised for “second takeoff”

On February 2, the company issued a pre-announcement of its results, and in 2019 realized net profit attributable to shareholders of the parent company 142.

About 6 trillion, an increase of about 80% each year; deducted non-attribution net profit 127.

5 trillion, an increase of about 60% each year.

It is expected that Q4 will return to the net profit of the mother 12.

About 5.7 billion, an increase of about 471% in ten years, about -48.

86%; it is estimated that Q4 deducted non-attributed economic profit is about 15.

72 ‰, an increase of about 615% in ten years, or -36.


In 2019, the company realized premium income of 1381.

3 ppm, an increase of 12 in ten years.

96%, of which Q4 premium income was 302.

180,000 yuan, an increase of 35 in ten years.

64%, down 10 from the previous month.


Investment Points 1.

Tax preferential policies increase thick and solid performance, and equity investments have improved significantly. In May, the “Announcement on Pre-tax Alternative Policies for Insurance Companies’ Fees and Commission 重庆耍耍网 Expenditures” was released. The company will release new accounting policies applicable to the settlement and settlement of corporate income tax in 2018.The one-off adjustment to the current profit and loss is regarded as non-recurring profit and loss, about 18.

5.1 billion, accounting for 12.


The Shanghai and Shenzhen 300 Index is up 36 in 2019.

07%, the company’s equity investment has improved significantly compared to 2018.


The initial reserve replenishment continued to grow, and to a certain extent, the growth rate of the company’s performance had re-determined its actuarial assumptions. Changes in the accounting estimates in the first three quarters resulted in a decrease in the life insurance liability reserve RMB7.

8.3 billion yuan, long-term health insurance liability reserves increased by 武汉夜生活网 RMB27.

65 million yuan, a total reduction of pre-tax profit for the first three quarters of 201919.

8.2 billion.

Changes in accounting assumptions will result in a gradual increase in the increase in reserve provisions and curb profit growth.


The number of agents reached a new high. In 2020, NBV is expected to improve the pressure transmission of the industry in 2019, and the number of company agents will increase against the trend.

As of the end of 2019, the number of company agents exceeded 500,000, a record high.

Relative to the increase in agents, the increase in company premiums in 2019.

In the fourth quarter of the merger, the merged company vigorously developed the premium payment on behalf of the bank, and it is expected that the growth rate of NBV in the budget will be at a historical low.

The development of a low-base merger agent team creates a good foundation for the improvement of the NBV growth rate in 2020 and is expected to advance to a growth rate of about 10%.

But we still need to pay attention to the increase in per capita capacity.


The new CEO repositioned, and the “second takeoff” company has formulated a “1 + 2 + 1” strategy, with life insurance business as the main body, wealth management, health care services as the two wings, and technology empowerment as the driver.The company’s goal is to be the first echelon of the industry, with assets exceeding one trillion yuan, scale value increasing simultaneously, and industrial synergy to play its role.

The company repositioned its bancassurance channels, focusing on both scale and value, driving the growth of premiums.

The company’s new job performance demand is high, and its performance in 2020 is worth looking forward to.

5. The short-term impact of the epidemic is limited, and the long-term trend remains unchanged.
  The main impact of the epidemic situation was concentrated on the increase of agents, the development of the industry, and the payment of compensation.

, The company ‘s agent increase, exhibition industry, offline training and other activities were affected, but due to the company ‘s “opening door” early progress and online training, online exhibition industry and other measures to offset some distortions, the epidemic is expected to increaseSpeed impact is limited.

The impact of this new type of coronavirus epidemic on insurance claims, the main types of insurance involved include critical illness insurance, life insurance and medical insurance.

Benefits for critical illness insurance need to be determined according to specific insurance clauses, and the overall impact is small; life insurance benefits need to meet criteria such as death or total disability, which ultimately leads to a reduction in the disease situation and limited benefits due to death; medical insurance benefits are subject toThe epidemic situation affects the reimbursement of reimbursable medical insurance products on the market.

However, as the three national ministries and commissions have clearly stated that the medical expenses of patients are covered by medical insurance and financial subsidies, the company’s overall pressure on compensation payments is not great.

In the long run, the epidemic situation is in danger, and it will inevitably intensify the speed of innovation in the insurance industry in the industry. The long-term trend will remain unchanged. It is expected that the inflection point will be in the second half of the year. In the future, insurance premiums, especially health insurance, have broad development space.

We believe that the number of agents and strategic positioning of the company are highly foundational for development, and the long-term positive trend remains unchanged.


Budget estimates and investment recommendations The company recently received the CBRC’s “Reply from the China Banking Regulatory Commission on Xinhua Life Insurance Co., Ltd.’s Issuance of Capital Supplemental Bonds” (Yinbao Jianfu[2020]No. 30), and agreed to the company’s disclosure in the national interbank bond market.Issuing 10-year redeemable capital supplement bonds with an issue size not exceeding RMB 10 billion, and requiring the company to complete the issuance measures within 6 months after obtaining the issuance license from the competent authority.

The company intends to use the funds raised from the issuance of capital supplementary bonds to supplement capital to improve solvency.

In the future, the company’s thinking and strategy for the development of security and wealth management products will change, with equal emphasis on value and scale, and long-term development is expected.

  From the current point of view, the company’s P / EV is at a relatively low historical level and is expected to continue to benefit from the increase in product income and premiums brought by business transformation and high-cash value products. We look forward to achieving further success in the realization of the new session.
We expect the diluted EPS for 2019-2021 to be 4, respectively.



86 yuan, P / EV is 0.



52 times, underestimated the rebound configuration variety, maintaining the “recommended” rating for the company.

Risk reminder: Sino-US trade friction risk; market systematic decline risk; performance is less than expected risk; long-term interest rate downside risk; regulatory trend risk; risk of regulatory approval for issuing capital supplementary bonds; risk of serious epidemic spread

Quantitative private equity earns 21% this year, leading other strategies

Quantitative private equity earns 21% this year, leading other strategies
Quantitative private equity year-round considerable index appreciation strategy can greatly improve market liquidity and activity for China Fund News reporter Zhao Ting, transforming investment performances since the beginning of the year, index enhancement strategy, neutral strategy, management futures strategy (CTA) and other goodIncome, but in a changing market environment, it is necessary to continuously capture market investment opportunities, and each private equity at the same time continue to enrich their strategies and refine models based on their own advantages.Specific to investment strategies, many private equity companies are optimistic about the future performance of index enhancement strategies.  Quantitative private equity returns considerable neutral strategy during the year, CTA and other performers have performed well. Recently, five quantitative private equity rushed into the 10 billion private placement list. From the perspective of some people, the growth of large-scale quantitative private placement is driven by performance.The private placement ranking data show that among the 10 billion private placements, the average hedged private equity has yielded an average yield of 21 since the year.77% ahead of other strategies.  Yang Jianbo, director of research on private equity rankings, said that among quantitative products, the best performance is index enhancement, followed by market neutrality and quantitative CTA.  For private equity with different product features and advantages, each company’s feelings are different.Xu Shunan, the founder of Inno Asset, bluntly stated that the company’s index enhancement strategy has yielded considerable returns this year.Zhou Shihe, chairman of Wenyu Assets, said that this year’s Shanghai Wenyu products had the most outstanding CTA performance.Du Haoran, vice president of Aifang Assets, said that from the perspective of his company’s products, the budget strategy and convertible bond strategy performed the best this year.  ”This year’s quantitative private equity generally has good returns. Neutral strategies. CTAs have emerged with better products. The deregulation of financial markets has improved the overall market liquidity and activity. In the future, various hedges and stock index CTAs should be betterPerformance.”Li Jianchun, general manager of Carlisle Assets, said.  Zhongyan Investment also said that the overall liquidity of the market has improved at the beginning of this year, and at the same time the stock index has risen, and quantitative private equity has generally performed well.By the middle of the year, liquidity has shrunk significantly, stock indexes have been discounted, and the scale of expansion has risen rapidly. Most of the net value of quantified private equity products is difficult to increase.Commodities, because of earthquake shocks, are also more lethal to mid- and high-frequency strategies, and mid-frequency and higher-frequency strategies perform better.In the following months, if market liquidity improves and risk control capabilities are outstanding, private placements with good strategic tolerance will have the opportunity to re-run excess returns.  Zeng Linghua, director of Good Buy Wealth Research, believes that the current quantitative private equity funds with excess returns have basically joined high-frequency strategies.This is mainly due to the advantages in transactions, but it is difficult to sustain this advantage.If quantification is to grow and develop, it is necessary to break through this point. In some respects, significant progress has been made in fundamental quantification.  Take advantage of advantages and improve strategies. Index enhancement strategies are favored. Regarding how to capture subsequent market opportunities, people generally said that the market will change in the future, and the speed of model updates will change. It is necessary to further enrich their own strategies.On the whole, quantitative index enhancement strategies are favored.  ”In different time periods, each type of strategy will have its own investment opportunities. The key is whether there is a corresponding strategy to capture market opportunities when needed.Du Haoran said.  Du Haoran is optimistic about the convertible bond strategy product, and also continues to be optimistic about the budget strategy. Next, he will prepare an active management product that invests in over-the-counter budget and income swaps.  Li Jianchun added new strategies on the basis of the company’s superior strategy commodity futures hedging, and elaborately mixed strategy products to obtain better risk returns through the complementation and smoothness of strategies, while developing FOF products.  Zhongyan Investment chose the development direction-fundamentals + quantification that is suitable for the company’s development status and staffing. At the same time, the strategy is relatively relative. Compared with the strategy with high conversion efficiency, the transaction system’s execution capacity and data processing speed requirements are reduced.  Zhou Shihe and bluntly, optimistic about futures management strategies in the short term.He said that historically, the supply-demand relationship of commodities in the second half of the year has gradually become clearer, speculative fund participation has increased, and trading opportunities are significantly more than in the first half.Cross-market multi-strategy collections have the highest probability of providing long-term stable returns and should be the first choice for long-term investor asset 杭州夜网 allocation.  In the medium and long term, Zhou Shihe believes that a systematic stock quantification strategy may have great potential.He said that the further improvement of market liquidity is conducive to index enhancement and market-neutral strategies, but the rapid increase in scale and the rapidly evolving market bring model risks.In the future, the speed of model conversion and upgrade will be significantly accelerated, and the details of stock trading and algorithmic trading within the day will be higher.  Xu Shunan also believes that the index enhancement strategy can be a good breakthrough.From the experience of mature markets, long-term, stable victory over the index is a difficult matter, not to mention the obvious victory over the index.In the domestic market, because the market ineffective volatility is still relatively large, through quantitative methods, you can also obtain high excess returns relative to the index.  The managing director of a large-scale quantitative private equity bluntly stated that quantitative index enhancement products will seize the market share of subjective long-term private equity in the future. Through the performance of 2018 and 2019, it can be found that quantitative index enhancement products have always been at the forefront of all stock-end products.In the future, we are still optimistic about quantitative index enhancement products and CTA products.

Poly Real Estate (600048) January 2020 sales data review: Spring Festival month sales temporarily weak and take a positive attitude towards land

Poly Real Estate (600048) January 2020 sales data review: Spring Festival month sales temporarily weak and take a positive attitude towards land

Event: On February 11, Poly Real Estate announced the sales data for January, and the contracted amount in January reached 235.

9 trillion, ten years -29.

8%; Achieved contracted area of 157.

60,000 square meters, at least -30.


Added surface 231 in January.

60,000 square meters, +371 per year.

1%; total land price 124.

9 trillion, +443 a year.


Comments: January sales of 23.6 billion, -30% per year, affected by the spread of the epidemic and the Spring Festival transition sales are temporarily weak in January the company’s sales amount of 235.

900 million, -44.

0%, ten years -29.

8%, -45 from last month.

1pct; sales area 157.

60,000 square meters, -48.

2%, at least -30.

9%, -33 from last month.

3pct, lower than the 45 cities tracked by our middle school in January, the turnover area changed by -19.

2%; average selling price of 14,970 yuan / square meter, +8 chain.

1%, ten years +1.


Under the dual influence of the beginning of the Spring Festival and the spread of the epidemic, the company’s sales interval in January dropped temporarily. However, considering the first and second-tier cities, the destabilization of the first and second-tier markets is relatively stable. The current demand for home purchases is only delayed but not disappeared.The amount will continue to increase steadily.

In January, the company obtained 9 projects in 8 cities including Tianjin, Zhengzhou, Fuzhou, Changchun, Lanzhou, Quanzhou, Jining, Huai’an, etc., corresponding to 231 new construction areas.

60,000 square meters, -66.

7%, +371 per year.

1%, of which 86% are newly added equity.

0%, +17.

0 points; corresponding to the total land price of 124.

900 million, -67.

1%, previously +443.

0%, taking land proportion 52.

9%, -37 from last month.

2pct; the average floor price is 5,394 yuan / square meter, -1 ring.

4%, the average land price in early 19 years was -6.


Since November 11, 19, the company has achieved a three-month increase in land acquisition area for three consecutive months. The attitude of land acquisition has obviously changed to positive, and the proportion of land acquisition rights has increased for three consecutive months. In terms of land acquisition area, in JanuaryThe company continued to focus on the nation’s balanced layout and properly controlled land costs.

Investment suggestion: The sales in the Spring Festival are temporarily weak, and the attitude towards land acquisition becomes positive. Maintaining the “strong push” rating company’s positive change began in 16 years. In terms of goals, chairman Song Guangju proposed to return to the top three in the industry in the next three years, revealing the leading spirit of state-owned enterprises;In terms of incentives, in 17 years, a vigorous follow-up investment program was launched to lead the highest level of central enterprises to eliminate the criticism of insufficient incentives. In terms of resource integration, the acquisition of real estate projects owned by AVIC Group was completed, and the acquisition of Poly Real Estate’s equity has also made breakthrough progress, showing the advantages of resource integration;In 19 years, the company actively acquired land, focusing on the first and second tiers and urban areas. The optimization of the structure of land acquisition and the steady decline in costs, while the company’s sales continued to increase rapidly, the current performance has entered a bumper period.In addition, the listing of Poly Real Estate’s Hong Kong stocks is beneficial to the company’s assessment.

We maintain the company’s forecasted earnings for 2019-212.

23, 2.

67, 3.

08 yuan, corresponding to the PE of 19-20 is 6.

7 and 5.

6 times, 18A, 19E 深圳spa会所 dividend yields of 3 respectively.

3% and 4.

7%, maintaining target price of 20.

62 yuan, maintaining the “strong push” level.

Risk warning: The real estate industry’s policies have tightened more than expected and industry funds have tightened more than expected.

Great Wall Motor (601633): Step by step innovation

Great Wall Motor (601633): Step by step innovation
循序渐进,革新图强 皮卡\SUV国内引领者:长城汽车成立于1984年,先后进入皮卡、SUV和轿车领域。 The Great Wall Pickup has been the sales champion for 20 consecutive years since 1998, with a market share of about 30%, clearly ahead of the second place. Great Wall SUV ranked No. 1 in sales for the 9th consecutive year (2010-2018), and its market share was reset 9 in 2018.1%. Accurately capture user needs and strong execution to shape the Great Wall: accurately capture user needs, explore the blue ocean market, entered the pickup market in 1996, explore the economical SUV market in 2002, and explore the economical SUV market with H6 in 2011.The volume of goods and the advanced sense of the market quickly occupied the market.Continuous product updates and a stable dealer system ensure the sales champion. From reverse to positive, R & D strength has been continuously strengthened: in recent years, R & D expenditures have continued to exceed 30 trillion points, which is still among the top among autonomous car companies.Great Wall Motors already has independent research and development and production capabilities for core components such as engines and automatic transmissions, and its main engines and transmissions are among the best in the industry.New energy vehicles, intelligent driving, the entire industrial chain layout, and the ability to develop core components. From closed to open, the operating system is more efficient: integrating Great Wall Motors to expand the speed of additional parts integration, forming four major parts companies, separating power batteries, sharing travel and other new business, parts companies independently participate in market competition and improve listingCompany operating efficiency and profitability.At the same time, Great Wall Motors started strategic cooperation with international giant parts companies.In the field of new energy and smart vehicles, Great Wall Motors has launched more 南京夜网 joint ventures and cooperation. Profit forecast is not estimated: the industry demand is recovering in 2019, the terminal price is expected to stabilize, the Great Wall Motor inventory level is significantly higher than the industry, and the Haval F series is expected to continue to sell well in 2019.We expect 2018-2020 net profit to be approximately 53.6 billion, 61.2.8 billion, 68.5.8 billion yuan, EPS is 0.59 yuan, 0.67 yuan and 0.75 yuan, corresponding to PE is 14 times, 12 times and 11 times respectively; Great Wall Motor H shares correspond to PE of 2018, 2020 is 9 times, 8 times and 7 times, give “recommended” rating risk warning: domestic automobile market development is less than expected, Harvard F series and other sales fell short of expectations.