Zaisheng Technology (603601) Company Tracking Report: Announcement of Incentive Scheme to Benefit a Large Number of Employees

Zaisheng Technology (603601) Company Tracking Report: Announcement of Incentive Scheme to Benefit a Large Number of Employees


The company announced 都市夜网the stock budget incentive plan and was approved by the extraordinary shareholders meeting. According to the incentive plan, according to the company’s data before the 2018 annual equity distribution, it plans to award 1751 to the incentive object.

710,000 stock budgets, accounting for 3 of the company’s total share capital.

24%, of which 1523 was awarded for the first time.

220,000 shares, maximizing the share capital2.

82%, the exercise price granted to the stock budget for the first time is 8.

97 yuan / share.

The performance appraisal target for the three exercise periods granted for the first time is based on the deduction of non-net profit attributable to shareholders of listed companies in 2018, and the non-net profit deduction of shareholders attributable to listed companies in 2019, 2020, and 2021 will not increase by less than 201825%, 50% and 80%.

The budget incentive scheme has a wide range of incentives and is a fixed cornerstone of the company’s development.

The target of this incentive plan includes company directors, senior management personnel, middle management personnel, and core technology. The business backbone has a built-in supply of 171 people.

The company’s 2018 annual report disclosed that the parent company has 361 employees, a total of 1,222 employees, and this incentive accounted for the number of employees registered at the end of 201813.

99%, motivating a wide range of employees, fully motivating employees, and promoting high growth of the company.

Optimistic about the breakthrough of PTFE products and the development of thermal insulation materials to promote the company’s performance.

Chongqing Baoman, a subsidiary of the company, developed a PTFE membrane, which broke the oligopoly situation of Daikin and Nitto of Japan and fully connected the high-end market.

From the perspective of filter materials, the company has achieved full coverage of meltblown materials, glass fiber materials and PTFE materials. From the perspective of the industrial chain, the company has achieved full industry coverage of upstream glass wool, midstream filter paper and downstream purification equipment, with a complete layout and strong discourse power.

At the same time, the advantages of VIP core materials are obvious. We believe that VIP boards replace rigid polyurethane foam as refrigerators,上海夜网论坛 freezers and other insulation materials are in a rapid development stage. We calculated that by 2016, VIP boards permeate and dissolve 2% in refrigerators and freezers.

If calculated based on the penetration rate of VIP boards of 10% in 2029 and 80% penetration in 2045, the market size of VIP boards in 2029 and 2045 is 113.

9.1 billion and 911.

2.4 billion.

Give a “first-tier market” rating.

We expect the company’s EPS to be approximately 0 in 2019-2021.

30, 0.

36, 0.

45 yuan for the 2019 PE 25?

30 times, reasonable value range 7.


0 yuan.

risk warning.

New materials replace risks, and downstream development is less than expected.

Fuyao Glass (600660) 2019 Interim Report Review: Q2 U.S. factory profit margins rebound, German SAM orderly integration

Fuyao Glass (600660) 2019 Interim Report Review: Q2 U.S. factory profit margins rebound, German SAM orderly integration
Interim profit was -20%, and performance was in line with expectations. Fuyao Glass achieved revenue of 102 in the first half of the year.870,000 yuan, an increase of 2% per year, and net profit attributable to the mother 15.0.6 billion, down 19 each year.43%, deducting 13.400 million, down 26 every year.75%, deducting SAM-22% from deducting foreign exchange.Revenue in the second quarter alone was 53.54 ppm, an increase of 0 per year.31%, net profit attributable to mother 9.0 billion, down 31 a year.12%, deducted 8.24 ppm, a decrease of 33 per year.27%.  In terms of sub-regions, we expect to reduce domestic flights by 14% (H1 domestic passenger car production will decrease by 14%) and overseas revenue + 27% (excluding SAM’s overseas glass business revenue + 14%).Taken together, Fuyao Glass’s interim report is in 厦门夜网 line with expectations. The performance expectations are only due to the pressure on the domestic auto market, SAM integration and increased float inventory.  Aluminum trim integration, the auto market downturn float pressure, gross profit margin of Q2 continued to decline in the first half of 2019 gross profit margin 37.53%, down 4 each year.43pct (Q1 gross profit margin fell by more than 2.84pct), the company’s gross profit margin reduction has two main aspects: 1) the early integration impact of aluminum trim project.18pct; 2) The poor market environment leads to an increase in float inventory, and the low gross profit from sales is 0.62 points.Net interest rate 14.64%, a decline of 3 per year.89 points.Report the statutory three fee ratio21.01%, increasing by 0 every year.92pct, of which sales and management rates are stable every year, and financial expenses are 0.70%, increasing by 0 every year.68 points.The exchange rate in 2019H1 was 31.13 million yuan, compared with 60.84 million yuan in the same period last year.  US Q2 profit margin rebounded significantly, German SAM orderly integrated 2019H1 Fuyao’s US factory revenue of 19 trillion (+13.7%), net profit 1.400 million (Q1 net profit is about 0.400 million), Q2 net margin improved significantly.The US automotive glass plant maintains steady growth, and the long-term US plant still maintains its output forecast of 3.9 million sets of automotive glass.The German SAM company acquired by Fuyao completed the settlement on March 1, and 2019H1 will contribute to the revenue of listed companies5.07 trillion, gross profit margin -12.6%, can accept 64 million yuan (consolidation period is a total of 4 months from March to June); SAMQ1 revenue 1.400 million, expected to be less than 20 million yuan.It is expected that the SAM integration time will be more than one year, and the subsequent additional investment of 100 million euros will basically continue the subsequent growth of the US plant.  Risk reminder: The profitability of US factories is not up to expectations, and the domestic auto market is leaning.  Wait for SAM to turn losses and maintain its overweight rating. Fuyao Interim Report is in line with expectations. Considering the short-term conversion of the newly acquired company SAM consolidation period, we lower our profit forecast and adjust the profit for 19/20/21 from 37/42/47 to34/36 / 400,000 yuan (assuming exchange income of 200 million yuan in 19 years), corresponding to EPS 1.35/1.44/1.6 yuan, corresponding to PE 17/16 / 14x, maintaining the overweight level.

Yixintang (002727) 2019 Interim Report Comments: Performance growth is affected by policy disturbances and the layout of the province continues to advance

Yixintang (002727) 2019 Interim Report Comments: Performance growth is affected by policy disturbances and the layout of the province continues to advance

The company announced the semi-annual report and realized 50 operating income.

6 billion (+17.

90%); realize the net profit attributable to the parent company.

3.7 billion (+15.

31%); net profit attributable to the parent company3.

3.5 billion (+15.

09%); net cash flow from operating activities.

10,000 yuan (+570.


From a single quarter point of view, the operating income of the second quarter was 24.

7.2 billion (+17.

00%); realize the net profit attributable to the parent company1.

6.2 billion (+0.


Expenses increased with business expansion, and the overall expense ratio declined.

The reported company selling expenses were 13.

470,000 yuan, an increase of 12 in ten years.

51%, sales expense ratio 26.

63%, a decrease of 1 per year.

28pp; company management fee is 1.

87 ppm, an increase of 24 per year.

85%, management expense ratio 3.

69%, rising by 0 every year.

21pp, mainly due to the introduction or encouragement of employees to obtain the qualifications of practicing pharmacists, resulting in increased employee compensation, etc .; the company’s financial costs are 0.

0.8 billion, down 65 a year.

97%, financial expense ratio is 0.

16%, a decline of 0 every year.


With the continuous strengthening of the supplier resource integration capabilities in various regions, the company’s cost and expenses have been reduced, the expansion of the expansion has brought about cost dilution, and the company’s overall expense ratio has decreased1.

47pp, will further ensure that the company’s profits grow steadily.

Net cash flows from operating 深圳丝袜会所 activities increase by 570 per year.

70%, mainly due to the increase in the amount of medical insurance payments each year.

Earnings forecast: We have adjusted the company’s earnings forecast. It is estimated that the EPS for 2019-2021 will be 1.

08, 1.

27 and 1.

45 yuan, corresponding to the recognized PE on August 23, 2019 is 23.

12X, 19.

73X and 17.28 times.

Give a “prudent overweight” rating.

Risk Warning: Risks of Changes in Industry Policies

Depth-Company-Tianshun Wind Energy (002531): Various businesses actively reported better than expected results

Depth * Company * Tian Shun Wind Energy (002531): Various businesses actively reported positive results and slightly exceeded expectations

The company released its 2019 Interim Report, with a 38% increase in earnings slightly ahead of expectations.

The company’s overall business is positive, which is expected to benefit from the increase in wind power demand and its own capacity expansion; maintain a BUY rating.

Key points to support ratings Earnings growth of 38% in the first half of the year was slightly higher than expected: The company released its 2019 Interim Report, with revenue of 24 in the first half.

7.7 billion, an annual increase of 53.

26%; net profit attributable to shareholders of listed companies3.

34 ppm, an increase of 38 in ten years.

42%; profit after deduction 3.

160,000 yuan, an increase of 41 in ten years.


Among them, 2019Q2 was profitable 2.

47 ppm, an increase of 54 in ten years.


The company’s performance slightly exceeded market expectations.

Wind tower production and sales have steadily increased, and production capacity has continued to expand: After the expansion and expansion of Taicang, Baotou, and Zhuhai production centers in 2018, the company’s tower tube capacity has increased compared to the same period last year.

The output of the company’s wind towers and related products in the first half of the 北京夜生活网 year22.

24 carats, sales of 20.

38 each year, with an increase of 43 each year.

39%, 21.

74%; realized operating income 18.

750,000 yuan, an annual increase of 42.

72%; gross profit margin 20.

48%, basically stable every year.

In addition, the company’s newly-built Wucheng 10 is expected to have a tower throughput expected to be put into production at the end of this year. After completion, the company’s existing competitive advantages will be gradually strengthened and its performance will gradually be increased.

The new wind farm grid-connected drive high growth in power generation revenue: Benefiting from factors such as the 50MW Licun Phase II, 100MW Nanyang, and 150MW Tancheng wind farms being connected to the grid between 2018H2 and 2019H1, and wind conditions, the company’s power generation business 佛山桑拿网 performed well in the first half of the yearAchieve online power 5.

6.8 billion kWh, realizing revenue2.

78 ppm, an increase of 78 in ten years.

84%; gross margin 71.

57%, an increase of 4 a year.

55 units.

At present, the company has a wind farm grid-connected capacity of 680MW, and has 199 approved projects in hand.

4MW, still has better growth potential.

Blade revenue growth: In the first half of the year, the company’s blade product output was 86 sets and sales volume was 89 sets. In addition, the mold product production and sales were each 13 sets, and the blade business achieved revenue2.

US $ 5.3 billion, previously expected to grow 341%; benefiting from the maximum increase in production capacity, the gross profit margin decreased and increased3.

35 single to 29.


To estimate the company’s mid-term report and industry demand, we adjusted the company’s forecasted earnings growth for 2019-2021 to zero.


50/0.60 yuan (the original forecast data was 0.



54 yuan), corresponding to a price-earnings ratio of 16.



5x; maintain Buy rating.

The main risks faced by the rating are fluctuations in commodity prices; demand from the wind power industry is not up to expectations; wind farm profitability is not up to expectations; and new business layout is not up to expectations.

Urban Development Environment (000885): Gorgeous Transformation to Create Quality City Operators

Urban Development Environment (000885): Gorgeous Transformation to Create Quality City Operators

Gorgeous transformation, committed to creating high-quality city operators: the company’s predecessor, Tongli Cement, in September 2017, replaced the assets of Xu Pingnan Expressway, a subsidiary of the Henan Investment Group, with all the cement assets, and its main business was adjusted to expressways.Investment, construction and operation management are the main components, supplemented by municipal water supply related infrastructure investment, construction and operation management.

In September 2018, the company was renamed Chengfa Environment, and its main business added environmental project investment, operation and management to the entire industry chain.

The major shareholder, Henan Investment Group, has started to build the company into this environmental protection platform.

In January 2深圳桑拿网019, the company acquired Huaxian Urban Development Investment Company and officially began to enter the field of waste disposal.

With the implementation of Henan’s policies, the market for incineration power generation is huge.

In November 2018, the Henan Provincial Development and Reform Commission and the four departments jointly issued the “Special Medium- and Long-Term Plan for Henan Municipal Solid Waste Incineration and Power Generation (2018 to 2030)”, aiming to achieve a municipal solid waste incineration capacity of 3 in 2020.

Over 2 days / day, the total installed capacity is about 600,000 kilowatts, and the proportion of domestic garbage incineration treatment capacity to the total harmless treatment capacity reaches more than 40%.

By 2030, the province will form an innocuous treatment system for domestic 合肥夜网 waste that is mainly generated by incineration and power generation. Under the conditions, the municipalities under the jurisdiction of the province will realize “zero landfill” of primary waste, and the province’s domestic garbage incineration treatment capacity will reach 8.

4 Daily, the total installed capacity is about 1.6 million kilowatts, and the waste incineration treatment capacity accounts for about 70% of the harmless treatment capacity.

As of the end of 2018, Henan Province had approximately 7850 tons / day of domestic garbage in operation, with a total installed capacity of approximately 12.

90,000 kilowatts, domestic waste incineration treatment capacity accounts for less than 30% of the total harmless treatment capacity, Henan Province has a huge market space for waste incineration industry.

The bidding market for incineration projects is hot, and the urban development environment highlights its advantages: on January 9, 2019, there were 20 bidding projects in Henan Province, with a total of more than 2 projects with disclosed processing scales.

6 Daily / day, the city’s environment won the most bids for waste incineration power generation projects, with a processing scale and investment of 11,850 tons / day and 49 respectively.

9 trillion, accounting for 43 of the total size of the bid and the total investment.

7% vs. 43.


According to the company’s official website, the company plans to reach a solid figure of 3 digits per day by the end of the 13th Five-Year Plan.

In terms of processing fees and ton investment, the average processing fee for projects that have won the bid is 66.

9 yuan / ton, second only to Kangheng Environment (69.

7 yuan / ton), China Teana (68 yuan / ton).

The investment amount per ton is about 56.

70,000 yuan / ton, which is not much different from the investment in tons of other companies in the province.

The high level of urban development environment plus the average ton investment level provides guarantee for the project’s profitability.

The highway assets are of high quality and provide stable cash flow: The highway assets owned by the company are mainly Henan Xupingnan Expressway Co., Ltd., which is mainly responsible for the operation and management of Xu Pingnan, Anlin and Linchang Expressway, with an operating mileage of 255 kilometers.

The Xupingnan Expressway is an important passageway in the best southwest of the Central Plains; Anlin Expressway is an important cultural tourism, including the ruins of Yinxu Palace Ancestral Temple, Taihang Grand Canyon, Hongqi Canal, etc .; Linchang Expressway is a fast land passageway in Shandong PeninsulaIt is an important channel for Jinmei Outbound Transport.

The road traffic business provided the company with stable cash flow and provided stable financial support for the subsequent construction of waste incineration projects.

The operating cost of this business mainly comes from road maintenance, which can keep the gross profit margin above 65%, and has extremely strong profitability.

As the Group’s environmental protection platform, it is expected to further integrate the Group’s environmental protection-related business: At present, the operating body of the infrastructure sector of Henan Investment Group is changed to Urban Development Environment and Urban Development Investment, and Urban Development Investment is the management company of Henan Investment Group ‘s infrastructure management company., Its main business scope includes investment, construction and operation of urban infrastructure projects such as municipal utilities, environmental protection, public welfare, logistics, etc., and has established close ties with Zhengzhou Airport Port Area, Hebi, Changyuan, Xuchang, Luohe and other areas and has undertakenA number of PPP projects involve roads, infrastructure reconstruction, river management, underground pipeline networks and tap water. The city’s investment belongs to projects under construction including water services, highways, incineration and power generation.

According to the company’s announcement, in January 2019, Chengfa Environment acquired Huaxian Chengfa Investment Company from Chengfa Investment to enter the waste incineration power generation field. As the Group’s environmental protection platform, the company has further integrated Chengfa Investment’s environmental protection-related businesses to make it more effective.Management possible.

Investment proposal: As a new army of waste incineration, the company will accelerate the growth of its performance through the construction and commissioning of the project. It is expected that the company’s EPS for 2019-2021 will be 1.

38, 1.

59, 1.

82, the corresponding price-earnings ratios are 7.

6 times, 6.

6 times and 5.

8 times.

Buy-A investment rating is given for the first time, with a 6-month target price of 13 yuan.
Risk warning: the project construction is less than expected, the risk of highway toll drops, the financing progress is less than expected, the waste incineration power generation subsidy is downgraded, and the share price is uncertain.

Depth-Company-China Life Insurance (601628): Investment-side net profit attributable to mothers decreased by 64 year-on-year.


Depth * Company * China Life (601628): The net profit of the investment side under pressure is gradually reduced to 64.


The company achieved 5,358 premium income in 18 years.

3 ‰, an increase of 4 per year.

7%; net profit attributable to mother 113.

9.5 billion, down 64 a year.

7%; net profit 119.

36 trillion, down 70 a year.

2%; realized embedded value of 7,950.

52 ppm, an increase of 8 per year.

3%; achieve NBV495.

100 million, down 17 a year.


The renewal pull effect is obvious, and the proportion of long-term protection is significantly increased: the company achieved 5,358 premium income.

26 ppm, a ten-year increase4.

7%: The renewal of premiums has been driven significantly, with an annual increase of 26.

6% to 3,646.

78 ppm; the effect of structural change in protection-type insurance products was obvious, with the first-year premium paid for five-year / ten-year and above accounting for 61% of the first-year premium paid.

65% / 46.

35%; premium for the first year of life insurance business is 1,062.

12 ppm, a decrease of 37 per year.

1%; first year premium of health insurance business is 507.

50,000 yuan, an increase of 24 in ten years.


The agent retention rate is under pressure, and the poor performance of new insurance policies is a drag on NBV: 1) The investment return rate drags on the deviation of EV investment returns and the EV growth rate narrows; 2) The company’s individual insurance channel pays a premium of 792 for the first year.

41 trillion, down 12 a year.

2%; new business value ratio of individual insurance channels increased by 15.

27 up to 47.

57%; 3) The size of the insurance channel team reached 143.

90,000 people, down 8 every year.

At 7%, the quality of agents has improved, but the retention rate is lower than that of their peers, increasing staff pressure.

Floating losses caused by fluctuations in the equity market increased the total / net investment yield significantly: 1) The company’s total / net investment income increased by 3 in 2018.

28% / 4.

64%, down by 1 every year.


27 shares; 2) The company’s equity assets accounted for a relatively high proportion of 13.

67%, with a total size of 4,246.
6.9 billion yuan.
Affected by the fluctuation of the equity market in 18 years, the equity investment income in 18 years has shrunk sharply, and gradually declined by 36.

4% to 177.

76 trillion; 3) The pressure on asset impairment has increased significantly, and the accumulated annual increase in asset impairment over the 18 years has increased by 188.

5% to 杭州桑拿 82.

10 trillion, preliminary provision for impairment losses on stocks that can be included in financial assets, and floating losses will be realized.

The investment proposal is based on the 2018 annual report, which lowers its profit forecast. It is expected that the growth rate of NBV in 2019/2020/2021 will be 10.

3% / 11.

6% / 12.

4%, EV growth rate is 12.

7% / 14.

2% / 15.

8%, 2019 PEV is 0.

88, China Life is better off than its peers, and its product pricing is more aggressive. It is expected that new single premiums and NBV will outperform peers in 2019. The recovery of the equity market is expected to improve significantly.

Risk reminders: The growth rate of insurance premiums for protection-type insurance products is less than expected; the dual impact of market fluctuations on industry performance 杭州夜网论坛 and estimates; uncertainty in investment by insurance companies caused by downward interest rates

Sunshine City (000671) 2018 Annual Report Comments: High Performance, Rich Soil Reserve Margins Steady Up, Revenue Improved

Sunshine City (000671) 2018 Annual Report Comments: High Performance, Rich Soil Reserve Margins Steady Up, Revenue Improved
The 18-year performance has increased rapidly, + 46% per year, and the profit margin has steadily rebounded. The subsequent yield may reduce the company’s operating income for 564 years.700 million, +70 ten years ago.3%; net profit attributable to mother 30.2 ‰, +46 per year.4%; the corresponding return is 0.66 yuan, +29 for ten years.4%.Gross profit margin and net profit margin were 26.1% and 6.9%, +1 each year.0pct and +0.2pct.Three fees formic acid 7.0%, ten years +0.2pct.At the end of 2018, the company received advance accounts 621.2 ‰, +54 a year.7%, covering land settlement income for the year1.12 times.In addition, due to the principle of prudence in 2018, the company accrued 3 projects in Fuzhou and other places.5 trillion inventory depreciation reserve.The company’s 17-18 year yields are 38% and 39%, mainly due to the impact of irresistible deduction costs in previous M & A projects. It is estimated that the 18 years of conversion to M & A will exceed 160 billion sales, more than + 78%In 2018, the company’s sales amount was US $ 169.2 billion, an annual growth of 78%; the equity ratio was 73%, and Kerui ranked 14th. Among them, the strategic cities in the Mainland and the Yangtze River Delta accounted for 37% and 28% respectively.In 2018, the company took a cautious approach to land acquisition, with an initial land acquisition amount of 560 megabytes until -35.2%, of which the equity ratio is 55%; the land area is 13.33 million pixels, up to -54.1%; the average land price is 4,204 yuan / square, accounting for 33% of the current average selling price, and the cost is properly controlled.In 2018, the company’s land acquisition accounted for 34% of the sales amount, and the land acquisition area accounted for 105% of the sales area. The saleable area is 4,400, with a corresponding value of 560 billion, of which 75% of the value is on the first and second lines. As of the end of 2018, the company has a land reserve (unsettled caliber) of 44.18 million square meters and an equity ratio of 63%; the progressive cost of land is only RMB 4,339 /Square meters, accounting for only 34% of the average sales price in 2018; corresponding to a saleable value of 5,681 trillion, covering the sales amount in 20183.5 times to ensure a high increase in subsequent sales.In terms of saleable area distribution, strategic cities in the Mainland accounted for 48%, mainly including Changsha, Nanning, Xi’an, Chongqing, Taiyuan, etc., which accounted for 7 respectively.5%, 5.8%, 5.3%, 4.6%, 4.5%, the five major cities together accounted for 27.7%; Greater Fujian, the Yangtze River Delta and the Pearl River Delta are evenly distributed, 15%, 17% and 15% respectively.In terms of energy levels, the area of the first and second lines accounts for 65%, and the value of goods accounts for 75%. High repayment, cash flow continued to improve, debt ratio steadily declined, the rating during the year may be increased to about 80% of the company’s repayment rate in 2018, and the operating net cash flow is at least + 148%, which is positive for two consecutive years and continues to improve.At the same time, the company’s debt ratio has steadily declined. At the end of 2018, the asset-liability ratio and net debt ratio were 84% and 182%, respectively, -1.2pct and -70.4pct; interest-based denials amounted to 112.3 billion yuan, a slight decrease of 0 per year.9%; average financing cost 7.94%, ten years +0.86pct, basically controllable uplink.It is expected that under the background of active and loose funds in 2019, the company’s debt structure will improve, and the flexibility of funds will also improve. 杭州桑拿网 The double decline in interest and financing costs is expected to significantly contribute to performance, and the rating may be improved during the year. Investment suggestion: high performance, abundant soil reserves, steady upward profit margin, and improved resistance. Maintain “Strong Push” rating. Sunshine City started in Fujian, deepened and strengthened the second line. After three contributions from the star management team, the company achieved 70 years and 70 times.High sales growth, breaking through the foundation of future settlement heavy volume; the comprehensive change after the “Shuangbin” team combined will also bring refinement and standardization of management, meanwhile, the company will actively deleverage and merge credits, and the credit trend will become loose, and the downward interest rate environment must also be the company’s salesAnd performance elasticity indicators, and to achieve quantitative and qualitative improvements, and estimates are also expected to be improved.We forecast the company’s 10-year earnings for 2019-21 to be 1.00, 1.35 and 1.82 yuan, the current price corresponds to 2019 PE7.4 times, and a 50% discount from the previous NAV, click the 35% NAV discount to raise the target price to 10.00 yuan, equivalent to 2019 PE10.0 times, maintaining the “strong push” level. Risk warning: Third- and fourth-tier sales are lower than expected and industry capital is improving less than expected.

China Engineering International (002051) Annual Report 2018 Review: International Engineering Leadership Achieves Ushering Inflection

China Engineering International (002051) Annual Report 2018 Review: International Engineering Leadership Achieves Ushering Inflection Point

The 2018 annual report evaluated the international engineering leader, and its performance achievement greeted the inflection point. The performance was less than expected. Overseas orders were dragged down by the market as a whole.

5 billion, down 6 previously.

95%; net profit attributable to mothers12.

00 billion, a previous decrease of 19.

12%, the performance is gradually tentatively preliminary. In 2018, the international economic aggregate is complex and economic momentum has declined, so the implementation of some overseas engineering projects has lagged.

Suffered by the slump in the overseas market, the annual overseas new year orders.

$ 700 million, a decrease of 8 per year.


  The benefit rate increased during the period when the exchange rate increased, and the cash flow improved significantly. The company’s ROE in 2018 was 13.

85%, a decline of 5 per year.

39 points.

The gross profit margin is 19.

28%, a decline of 6 per year.

87pct, the decrease in gross profit margin was mainly due to the exception of settlement items during the same period in 2017; the net profit margin was 11.

61%, a decrease of 0 per year.

87 points.

As the report resulted in exchange gains offsetting financial expenses due to exchange rate changes, the expense ratio rose during the period.

94 points to 5.

55%; of which the management expense rate is increased by 0.

43 points to 3.

81%, the financial expense ratio fell by 5.

55 points to 1.

46%, the sales expense ratio increased by 0.

18 points to 3.


Total asset turnover is 0.

55 times, down 5 each year.

17%, accounts receivable turnover investment 2.

01 times, down 6 every year.


Asset and liability accounting 48.

51%, down 4 each year.

82pct, which has been declining for 5 consecutive years since 2013, and the ability to repay debt has improved significantly.

Initial realization of operating net cash flow 28.

34 billion, with operating net cash flow / operating income of 27.

92%, an increase of 50 a year.

74 points.

  In the fourth quarter of 2018, the fourth quarter, the third quarter and the fourth quarter completed revenue.6.6 billion, 24.

19 billion, 33.

9.9 billion, 22.

6.6 billion, an increase of 37 in ten years.

96%, 21.

57%, 23.

80%, -51.

53%; realized net profit2.

18 billion, 3.

6.8 billion, 3.

53 billion, 2.

6.1 billion, an increase of 10 in ten years.

16%, 24.

16%, -1.

61%, -58.


  The company’s performance improved in the fourth quarter.

  Benefiting from the integration of state-owned enterprises, the “Belt and Road” policy is expected to usher in a performance inflection point report. The company purchased from the shareholder SINOMACH China Zhongyuan, which has professional advantages in the fields of medical building design, and further expanded new businesses.

The 2nd “Belt and Road” summit has been held 杭州桑拿网 for 4 months. Recently, departments and local governments have promulgated intensively the policies supporting “Belt and Road”. The company has promoted the leading policy of “Belt and Road”, and the overseas market has gradually recovered.Performance has ushered in an inflection point.

  Profit forecast and investment advice: The company’s EPS for 19-21 is expected to be 1.



96 yuan, PE is 11.



2 times.

Maintain “Buy” rating.

  Risk reminders: bad debts of accounts receivable, changes in exchange rates, and weaker policies than expected.

Wuliangye (000858): The reform accelerates the promotion of the recognized channel is circulating dividends

Wuliangye (000858): The reform accelerates the promotion of the recognized channel is circulating dividends

We have recently participated in the Wuliangye Shareholders’ Meeting. The company’s systematic reform work has been further refined. Team-building, channel change, brand combing and other large-scale work are the key points. The reform has been carried out step by step.

Once the subsequent channel positive cycle is opened, the channel pushes and the brand pull will form a synergy of upward cycles. The release of dividends will promote the company’s growth rate higher than the industry average.

Taking into account the price increase bonus in the second half of the year and the channel’s positive circulating dividend, we raise the EPS forecast for 19-20 to 4.

47 and 5.

49 yuan, 24 times PE for 20 years, raise target price to 130 yuan, repeat highly recommended.

The report is accompanied by detailed records of the shareholders’ meeting and is recommended for reading.

The systematic reform work was further refined, and the implementation was carried out step by step.

The number of participants in the 18th Annual General Meeting of Wuliangye reached a record high of 458.

Jointly communicate with participating investors with an open attitude and face the progress and problems of the initial reform of the market.

The focus of the reform strategy was further refined, and the implementation was carried out step by step, and the marketing reform dividend was gradually released: (1) Organizational reform: Team building is in sight, and recruitment has gradually advanced.

Since the initial marketing structure was changed from seven marketing centers to 21 marketing battlefields, the marketing system has been gradually segmented.

On the basis of internal selection, a nationwide open recruitment of middle-level and marketing personnel was conducted in April to conduct a unified recruitment written test selection, and the team building was substantially carried out.

The number of sales staff is expected to gradually approach the level of 1,000 people during the year. At the same time, the quality of services is promoted, and team building is effectively implemented to provide protection for external channel transformation.

(2) Channel reform: Distributors and terminals sort out the key points and vigorously promote modern marketing reform.

The company focuses on two aspects of the dealer scale reform. One is to change the concept and promote the joint transformation of dealers and manufacturers, aware of the interaction between terminal services and consumers, and the second is to adjust the structure and resources to have teams, channels, and financial strength.The high-quality dealers leaned to terminate the elimination mechanism.

Terminal entities, specialty stores focus on regional literacy and empowerment standards, solve problems such as specialty store management, brand image and channel services, Mingyan Hotel focuses on selection and in-depth binding, and improves the problems that are not in place in the early two years of reform. KA The terminal integrates the dealer platform to open up the nationwide supply chain system and regional assessment.

In addition, the e-commerce channel is committed to level maintenance, and a new group purchase channel establishes a cooperation mechanism.

(3) Brand combing: Brand “subtraction” is strengthened, focusing on the core product structure, and brand “addition” is pave the way.

The company has adopted a programmatic direction document for brand combing, and the strategy guide is more clear and clear. The number of Wuliangye and series brands has tried to reach about 45 (about 18 at the end of 800), and the number of barcodes can reach up to about 350 (at the end of 3,500)), High-end products focus on “1 + 3”, series of wine focus on “4 + 4”, based on the current subtraction, in the future will reduce channel investment, increase consumer investment, and further increase brand height.

Dealer confidence is picking up, new products are expected to be sold at reasonable prices, and channels are opening up in a significant cycle.

Under the protection of strong policies such as setting up an inspection team to monitor prices and strictly controlling shipments, dealers have demanded that the supply price has reached 919 yuan at the end of April.

Recent channel survey feedback has shown that the approval price of Wuliangye has accelerated to more than 890 yuan.

At present, the dealer’s confidence has clearly rebounded. The brand power of Wuliangye has a strong appeal to consumers at around 1,000 yuan. The channel thrust will determine the approval price level. It is currently expected that new products will be sold at a price based on the ex-factory price of about 889 yuan.

Once the subsequent channel positive cycle is 佛山桑拿网 opened, the channel pushes, the brand pull will form an upward synergy, and the release of dividends will promote the company’s growth rate higher than the industry average.

Investment suggestion: The reform is accelerating. It is recognized that the channel is circulating a dividend and the target price is raised to 130 yuan.

The company’s marketing organization has been gradually promoted since the beginning. The reform has entered a critical period. With the support of strong execution, the key points have been cut in the direction. The reform has been gradually implemented and channel confidence has picked up.

We raised our EPS forecast for 19-20 to 4.

47 and 5.

49 yuan (previously 4).

24, 5.

08 yuan), it is estimated that the discount is expected to gradually improve, given 24 times PE for 20 years, raising the target price to 130 yuan, enough to cause strong recommendation.

Risk warning: the impact of heavy competition, the price increase is not up to expectations, and the overall demand is not up to expectations

Funds fight 50 index-the selection of the number of core assets enters differentiated competition

Fund Falcon 50 Index: Selecting the number of core assets enters differentiated competition

Original title:[Depth]Report on the Fund 50 Battle Index | Edited by Huang Huiling | Song Yi’s stocks that make money this year are particularly in line with the aesthetics of public funds.

  They are the leading companies in their industry. In addition to the traditional hot targets of public funds, they also wear flashing labels such as “Social Security Heavy Warehouse”, “MSCI China Concept”, “QFII Heavy Warehouse”.

  They are also called “core assets” by market capital.

Extreme, Northbound funds and institutions cling to heating “core assets”, the first high-priced stock in Maotai, Guizhou (600519.

(SH) Repeatedly hitting new highs, forming a stark contrast with the “small, bad” companies that frequently burst.

  According to wind data statistics, as of October 16, the average increase of A-shares has been 23% this year, and the average increase of 45 stocks of public offering funds (with more than 500 funds) has reached 52%, far exceeding the average of A-shares.Gains.

  The prevailing “core assets” theory has influenced the product design thinking of index funds. Whether it is a broad-based index or a custom industry index fund, the idea of “selected stocks” is adopted.

  More interestingly, the sample size was invariably set at 50.

  50: The number of core assets is selected. The big bull market of blue chip stocks from 2017 has made the concept of “beautiful 50” deeply rooted in the hearts of the people. Every company wants to create its own “Chinese version of beautiful 50”.

  The SSE 50 Index is a preliminary 50-target index.

Initially, there are over 37 SSE 50 Index funds in various forms.

Even so, the giants continue to enter.

On September 6, E Fund’s SSE 50ETF and its affiliate funds were established.

Prior to this, E Fund has owned E Fund’s SSE 50 Index, SSE 50 Index Enhanced Fund; on September 9, Tibet Dongcai Fund Company reported its first fund, which is also an index fund that tracks the SSE 50 Index.

  Looking at the fund circle, in addition to the heated SSE 50 Index battlefield, the category “50” has also quietly blossomed.

  Among the funds established this year, there are both the local 50 index-Zheshang Huijin CSI Phoenix 50ETF, and the strategic 50 index-Jiashi CSI Ruilian Fundamental 50ETF, and Zhongrong CCTV Finance 50ETF.

  There are more 50 funds on the road, including China Merchants Hang Seng Shanghai-Hong Kong-Shenzhen Greater Bay Area Innovative Select 50 ETF, and China Securities Industry 50 Series Index Fund of Wells Fargo, covering consumer, pharmaceutical, and technology fields.

  In addition to equity index funds, bond index funds also favor the “50”.

  Interface News found that according to wind statistics, a total of 228 bond index funds have been declared in the past five years.

Since the end of last year, a limited number of bond index funds have appeared, of which the most selected “50”.

Including Industrial Bank’s CSI Bank 50 Financial Bond Index Fund, Anxin Fund’s CSI Credit Entity 50 Bond Index Fund, Changxin Fund’s CSI Convertible Bond and Exchangeable Bond 50 Index Fund, etc.

  In addition to the explicit “50” funds, many custom index funds also control the sample size to about 50.

For example, China Securities Technology TapIndex tracked by Huabao Technology TapETF has 50 constituent stocks.

In addition, the Shenzhen Science and Technology Innovation Index Fund, which is currently to be issued by Essence Fund, has 50 constituents.

  Why are 50?

  Why are 50?
Hu Ying, general manager of the financial management department of Anxin Fund, told Interface News that the choice of 50 is to find a balance between the stability and capacity of the index sample.

“30 are too few, 80 are too many, and 50 are just right.”

  CSI Fund Subject 50 Bond Index Fund reported by Anxin Fund selected 50 credit subjects.

Hu Ying said that whether it is a bond or an equity index, three principles are complied with when compiling: one is to have sufficient liquidity; the other is to strive to choose the best target; the third is to increase the number from the underground and take into account the easier to remember numbers.

  ”As far as the CSI Credit Subject 50 Bond Index is concerned, if the number of credit subjects increases to 70 or 80, the tail subjects may be wrong, which will increase the frequency of position swaps and tracking defects.

“The letter of the CSI Credit Entity 50 Bond Index Fund of Anxin Fund is a” selected bond “idea.

“The interest rate debt has been very hot for the first two years, but in the end, the allocation priority of investors will gradually extend to credit debt.

Compared with active funds, passive funds have low fees and can give investors more choices.

Hu Ying said.

  As for the stock index, a person in the fund that participates in index customization told Interface News that 50 is a better choice for selecting in a segmented industry.

“When doing index selection, first of all, the sample space must be relatively large.

There are too few samples of certain lithium battery positive and negative materials to be indexed.Well, in an exponential space, 50 is enough.

In terms of name, everyone prefers the whole, jumping to 100 is too much. ”

  ”In fact, these two years of references to core assets, beautiful 50, the background is the stock economy, the leader is sought after.

“The source believes that this is not the time for a hundred schools of thought. Everyone thinks that high-quality companies are selected to compile the index.

  Su Yanqing, fund manager of China Merchants Fund Global Quantitative Investment Department, also holds the same view.

When cooperating with the Hang Seng Index Company to compile the Hang Seng Shanghai-Hong Kong-Shenzhen Greater Bay Area Innovation Select 50 Index, their idea was to highlight the advantages of enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area and choose companies with obvious technological innovation advantages in the Greater Bay Area.

“Some companies are relatively small, and they have not reached the stable growth range. Although some companies are connected, their investment in science and technology is not high, which is inconsistent with the index positioning. Such companies are not expected to affect the performance of the index.”

  Su Yanqing believes that the selection of high-quality stocks as the tracking target is becoming a trend in the entire market.

“In the past, indices were provided by index companies and fund companies simply tracked them.

Now fund companies will more or less participate in compiling the index, adding fundamental factors, choosing to choose leading companies or companies that meet certain styles. ”

  A deeper consideration is the vigilance of individual stock risks.

“In the past two years, regulations have become more stringent, and some stocks have experienced risks. Fund companies will also consider potential risks in the process of preparation.

“Su Yanqing said,” This approach can make investors feel that fund companies still create some screening for investors.

“How to choose 50?

  Wang Lele and his colleagues from ETF Investment Director of Quantitative Investment Department of Wells Fargo Fund have prepared for at least half a year, from discussing and determining the plan, to customizing the index company, to product declaration, approval, and final issuance.

  Wells Fargo’s industry leader index fund is a rare series of product lines covering consumer, pharmaceutical, technology, military and other industries.

  Although they all take “leading” as the core, if you look closely at these index compilation schemes, you will find that the compilation ideas of different industries are different, and the definitions of leading industries are also different.

  ”Consumer and pharmaceutical earnings are relatively stable, and stocks can be selected based on profitability.

Technology is an explosive industry and requires relatively high investment in scientific research.

The military stocks must screen companies whose core business is military.

Wang Lele introduced that because different industries have different attributes and investment logic, it is not easy to apply a formula to screen leading stocks.

  During the interview, Wang Lele has been involved in “investment logic”.

“We are all indices selected based on the investment logic of the industry.

The traditional compilation of the CSI 300 Index is very simple in selecting stocks by market value. ”

  In order to make the index more in line with investment logic, Wells Fargo Fund has transformed the power of the external brain.

“When working on the military leader ETF project, I asked the Aviation Industry Group, the first largest military group.

Our understanding of the military industry unit may not be as good as that of external experts, so we will replace them with suggestions.

“Looking at the Technology 50 Strategy Index, it is also somewhat different from other technology index in the market.

In order to avoid the risks of the high-tech industry, the index added a number of risk indicators, including the pledge ratio, the ratio of goodwill to net assets, current ratio, receivable turnover rate, return on net assets, and tried to exclude high-risk companies.
“All the selected stocks have been counted again, some rules have been found, and then the products have been productized according to the index.

“For nearly two years of differentiated competition, ETFs have flourished at a rate that is visible to the naked eye.

Thousand sails raced, and some themed tracks have become very crowded.

  The most sought-after theme in the secondary market this year is technology, and the technology 50ETF of Wells Fargo Fund is currently being issued.

Prior to it, at least eight companies were hunting for technology concepts.

In the first three quarters of this year alone, 21 technology-based index funds have been issued, of which four have been named as “technology.”

And the share of the first technology ETF, the leader of Huabao Technology, has already settled on the rocket, and has been the top leader of technology funds with a scale of nearly 7 billion.

  In the traditional battle of index funds, it is important to seize the starting high ground.

Is there a chance for the rich country fund that is late to overtake the curve?

Is there a regret for the Wells Fargo Foundation?

  Wang Lele’s answer was: “No regrets.Future trends in technology are still there.

Since 5G, China’s technology industry has entered the best track.

“More importantly, the deep processing of the index has allowed these funds to return to the track of differentiation and competition.

“Our technology 50 represents technology understood by rich countries, not technology understood by our peers.

We dare not say that our stock selection method is perfect, but the technology 50 stock selection logic is easier to find the research and development capabilities of listed companies.

“A careful comparison of the technology 50 of Fortune and the technology leader of Fortune will reveal that there is a clear difference in concept between the two.

The focus of Fortune 50 is on “sustainable technological innovation capabilities”, while the focus of Huabao Technology is on “large scale and high market share”.

  Fund 3.

The suspicion of the 0 era used Wang Lele’s words, “We are in Fund 3.

0 era. ”

  However, being ahead does not mean making money.

Although each company has its own characterization of the index, the reality is cruel, “more than 90% of investors only look at names.”

In the PK of the first round of the Science and Technology Index Fund, Huabao’s “technology leader” made the right place and debuted in the C position.

The actual difference effect brought by the differentiated design of the product can only wait for the time to declare the answer.

  Beyond the siege of product homogeneity, these more subjective index funds surrounded a new siege.

  A few people are cautious about smart beta, mainly because of the high cost of interpretation, the difficulty of understanding users and the effectiveness of factors.

“Some of the smart beta backtest data are beautiful, but they actually perform very averagely.

Is 杭州桑拿 the backtest data over-optimized?

Furthermore, a strategy that works well in the past does not mean it works in the future.

“A fund analyst said so.

  The high cost of explanation has discouraged some fund companies.

Taking the risk control of index funds as an example, an index fund manager told Interface News that although they intentionally avoided possible individual stock risks, and the company also had its own risk factor database to identify financial fraud and credit risk, etc.Still choose common indicators that the market has accepted, rather than self-made indicators.

  ”There is a difficult acceptance process for investors from cognition to acceptance. Investors are still a bit scared of the unknown.

Everyone will not understand your method in depth, but only look at performance and value warehouse 佛山桑拿网 positions.

“The fund manager cited Kangmei Pharmaceutical,” “Our model identified the risks very early. Active funds must not be bought, but they have more than doubled before the fraud took place.

If it is a passive fund, investors will be reluctant to understand your product when they see that the core companies are not in it.

“In the future, more and more index funds will become smarter.

Whether the investment logic is feasible and the factors are valid still needs to be tested by time.

The cognitive development of investors also takes time to precipitate.

  Undoubtedly, the transformation of the industry and the development of the capital market is mature, and fund products will move towards more sophisticated instrumentation.

And Wang Lele firmly believes that the future market will be the world of passive investment.

“For the first time in August, the size of US index funds exceeded that of actively managed funds, and China’s capital market will do the same.