Zhengbang Technology (002157) 2019 Interim Report Performance Preview Comment: 2019Q2 Turnaround Losses, Focus on the Development of Pig Breeding Business

Zhengbang Technology (002157) 2019 Interim Report Performance Preview Comment: 2019Q2 Turnaround Losses, Focus on the Development of Pig Breeding Business

Matters: The company releases semi-annual performance notice: the net profit attributable to mothers will decrease.

5 ppm-2.

800 million.

Comment: 2019Q2 turned a loss on a month-on-month basis, and the cost of pig farming is under control.

From January to June 2019, the company expects net profit attributable to mothers to increase by 2.

5 ppm-2.

80,000 yuan, of which, in the second quarter of 2019, net profit attributable to mothers1.

64 ppm-1.

94 trillion, exceeding market expectations.

The total number of companies in Q2 2019 was 140.

60,000 heads, with an average sales price of 14.

At about 6 yuan / kg, the weight of the slaughtering is about 115 kg. We initially estimated that the full cost of the company’s breeding is about 14 / kg, which was 12 before the occurrence of non-blast.

With a full cost of 5 yuan / kg, the company’s hog breeding cost can be controlled.

The company transferred assets + increased capital and focused on the development of pig breeding business.

The company intends to transfer 100% of Jiangxi Zhengbang Crop Protection Co., Ltd. to Jiangxi Yonglian (held by Mr. Lin Yinsun, the actual controller of the company), with a total transfer price of 13.

13.7 billion.

The purpose of this equity transfer is: the company will concentrate resources, focus on building the pig breeding industry chain, and improve the competitiveness of the industry.

Jiangxi Zhengbang Crop Protection achieved net profit in 20181.

One trillionth, this distribution transfer price-earnings ratio is about 12 times, consistent with the acquisition of the property rights of pesticide targets by similar listed companies since December 2018; until March 31, 2019, Jiangxi Zhengbang Crop Protection has net assets4.

1.5 billion yuan, the equity transfer price ratio reached 3.

2 times; the distribution price-earnings ratio and price-to-book ratio for this distribution are reasonable.

In addition, the company plans to invest 1 billion in Jiangxi Zhengbang Breeding Co., Ltd. with its own funds. After the capital increase, the registered capital of Zhengbang Breeding will be increased from 6.

6 ‰ increased to 16.

600 million US dollars, this capital increase is also to promote the development of aquaculture business, enhance the overall operating strength and financing capacity, as the basis for the subsequent development of Zhengbang aquaculture.

The logic of hitting a new high for pig prices across the country has entered the redemption period.

The first severe outbreak occurred in the six provinces of Northeast, Shandong, Henan, Jiangsu, Hebei, and Anhui. It took about 5 months for the pig prices in each place to drop to the lowest level. The second severe outbreak occurred in Guangdong, Guangxi, and Yunnan.It took only about 2 months to reach the bottom, and the decline in pig prices was significantly weaker than the first wave; the third wave of severe epidemics appeared in Sichuan, Hunan, and Hubei, but only caused the national average price to fall slightly in the short term.Prices have stabilized and picked up.

The top ten provinces currently account for 66 of the country’s total pig production.

1%, from high to low, Sichuan, Henan, Hunan, Shandong, Hubei, Yunnan, Hebei, Guangdong, Guangxi, and Jiangxi.

As of now, in general, all major pig producing areas have experienced the baptism of African swine fever, and the production capacity in various places has been clearly cleared. The logic of setting a new high for the national pig price has entered the redemption 深圳桑拿网 period.

Earnings forecasts, estimates and investment ratings.

The non-plague-prone pig breeding industry has greatly reduced capacity, and we expect pig prices to rise to 25-30 yuan / kg before the Spring Festival next year.

Because the development of non-blast vaccines is difficult to achieve overnight, and the establishment and improvement of the pig safety system requires the financial strength of the farm scale, the price of pigs is expected to remain high for a long time, and the advantages of large pig breeding groups are prominent.

We maintain that we expect the company to produce 7 million pigs, 8.4 million pigs, and 10.8 million pigs in 2019-2021, corresponding to a revenue of 255.

7.5 billion, 353.

01 ppm, 390.

9.3 billion, corresponding to net profit attributable to mother 9.

94 ppm, 89.

700 million, 96.880,000 yuan, an increase of 414%, 802% and 8% each year, corresponding to zero income.

42 yuan, 3.

78 yuan, 4.

08 yuan.

The company’s profit high is expected to be reached in 2020. The hog sector is more than 10 times the PE at the high point.

8 yuan, maintaining the “strong push” level.

Risk warning: pig prices fall sharply; disease.

The impact of bancassurance funds on the participation of government bond futures on the stock market-

What is the impact of the approval of bancassurance funds on government bond futures on the stock market?
Original title: Banking and Insurance Funds Approved to Participate in Treasury Bond Futures, What is the Impact on the Market?  ”It will not crowd out stock market funds and has no direct impact on the stock market.”On February 21, major news came that commercial banks and insurance institutions were allowed to participate in the treasury futures market. The first batch of pilot institutions included Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, Construction Bank, and Bank of Communications.  The Securities Regulatory Commission, the Ministry of Finance, the People’s Bank of China, and the China Banking Regulatory Commission have recently issued a joint announcement that allows eligible pilot commercial banks and insurance institutions with investment management capabilities to advance in batches in accordance with the principles of legal compliance, controllable risks, and sustainable business.Participate in government bond futures trading.At the same time, it will play the role of inter-ministerial coordination mechanism to strengthen regulatory cooperation and information sharing.  China Financial Securities Exchange (hereinafter referred to as “China Financial Exchange”) stated that commercial banks and insurance institutions are the main participants in the bond market, and their participation in the treasury bond futures market helps meet the interest rate risk management needs of institutions, enhances the soundness of operations, and further improvesIts ability to serve the real economy.At the same time, the participation of commercial banks and insurance institutions in treasury bond futures will promote the coordinated development of the treasury bond spot market, enrich the futures market investor structure, and promote the function of treasury bond futures.  ”For the entire financial market, the participation of commercial banks in the national debt futures market is an important part of further deepening the reform of the financial sector and further opening up.”Qiao Hongjun, President of Bank of Communications Financial Market Business Center, said.  Regarding the impact on the stock market, the relevant person in charge of the China International Capital Exchange said that commercial banks and insurance funds entering the market can improve the liquidity of the bond market and the efficiency of capital utilization.  Conditions are mature. From overseas experience, banks use interest rate derivatives such as treasury bonds and futures to effectively improve their risk management capabilities, reduce interest rate risk exposure, promote credit growth, and improve their ability to serve the real economy. Investment objectives and strategies of different types of insurance companiesThere are differences, but generally holding bonds such as government bonds and high-grade corporate bonds require risk management through interest rate derivatives such as government bond futures.  So where is the necessity for these commercial banks and insurance institutions to participate in government bond futures?  ”Commercial banks face interest rate risks in the underwriting of treasury bonds, market-making business, bond trading, asset and liability management, etc., and there is an urgent need to participate in the treasury bond futures market.”The relevant person in charge of CICC said.  He specifically analyzed that, first, underwriting syndicate banks with underwriting obligations in the primary market, holding bonds due to underwriting and other factors, need to be treasury risk hedged interest rate risk; second, banks need to treasury bond hedging when combining market maker obligationsThe interest rate risk of tickets improves the quality of quotes and market liquidity. The third is that banks need treasury bond futures to manage the interest rate risk of bond transactions and smooth the profit and loss conversion. The fourth is that banks can use treasury bond futures for asset and liability management to flexibly and efficiently adjust durationTo prevent and resolve market risks.  ”Commercial banks’ participation in the treasury bond futures market has great and far-reaching significance for the commercial banks themselves, the long-term bond market, and the entire financial industry.Qiao Hongjun said that for commercial banks themselves, participating in the treasury bond futures market can effectively improve their own risk management capabilities and asset-liability management; for the bond market, commercial bank participation in the treasury futures market is conducive to promoting innovation in trading business.Improve the liquidity of the bond market and improve the price discovery mechanism of the bond market.  Wang Weidong, general manager of the Global Markets Department of the Bank of China’s head office, analyzed from the impact on the current government bond futures market that commercial banks’ entry into the market will become a rich investor group, thereby increasing market depth, enhancing market liquidity, and further improving the price discovery mechanism.Promote the effectiveness of market pricing; efficiency has also been positive for the national debt spot market since then. Through the organic linkage and integration of the futures market and the spot market, it can not only enhance the liquidity of different types of government bonds, but also promote the gradual curve of government bond yields.Increase and improve, optimize the benchmark interest rate formation mechanism, and gradually improve the market-based interest rate reform process.  In terms of insurance funds, the current investment scale of the domestic insurance industry has exceeded 17 trillion yuan, of which more than 30% are bond investments.”Insurance institutions have long debt end periods and scarce assets matching their maturities. The need to use government bond futures to adjust the gap between asset and liability durations is urgent.”” The relevant person in charge of the China Gold Exchange said.  Under the urgent need, are the conditions for commercial banks and insurance funds to participate in government bond futures mature?  The relevant persons in charge of the above-mentioned CICC responded and weighed. First, commercial banks, insurance funds participating in treasury bond futures are internationally accepted practices. Commercial banks in overseas developed bond markets, insurance funds widely participate in treasury bond futures, and use treasury bond futures for interest rate risk management.It is a commercial bank and insurance fund derivatives trading with rich experience and ability to participate in treasury bond futures. The third is that the treasury bond futures market runs smoothly and has become a commercial bank and insurance fund’s ability to enter the market.  CICC listed 5-year Treasury futures on September 6, 2013, 10-year Treasury futures on March 20, 2015, and 2-year Treasury futures on August 17, 2018, basically covering short, medium and longSystem of government bond futures products.  What is the impact on the entire market?  How will the participation of funds of commercial banks and insurance institutions in the national debt futures market affect the national debt futures spot market and the stock market?  Commercial banks and insurance funds are important participants in the bond spot market, accounting for about 70% of the custody funds in the interbank bond market.  ”Commercial banks and insurance funds participate in the treasury bond futures market, and their trading models and strategies are more abundant, which will further improve the liquidity and pricing efficiency of the treasury bond market and help improve the treasury bond yield curve.”The relevant person in charge of the aforementioned CICC said.  He also pointed out that the merger of commercial banks and insurance funds into the market stabilized bond market volatility and strengthened financial market intervention.With the further advancement of interest rate liberalization, the volatility of the bond market has increased.During the rapid adjustment of the bond market, financial institutions may stop selling debts, and liquidity may be difficult.Commercial banks and insurance funds can take advantage of the characteristics of good liquidity and fast turnover of treasury bond futures. Treasury bond futures can effectively hedge the downside risk of the cash bond market, divert the selling pressure of the bond market, and enhance the vitality and value of financial markets.  As far as the impact on the government bond futures market is concerned, the relevant person in charge of the above-mentioned China International Capital Exchange said that commercial banks, insurance funds and securities, funds and other market participants have different sources of funds, term characteristics and risks. Bank and insurance funds entering the government bond futures market can becomeThe counterparties of other institutions can complement each other’s trading needs, further enhance the liquidity and depth of the market, and promote the function of the government bond futures market.  The bond market and the stock market are relatively independent, and there are significant differences in risk attributes, operation methods, and investor groups.From international experience, commercial banks and insurance funds participate in treasury bond futures for the main purpose of hedging, and have not significantly affected the trend and changes in the stock market.  The relevant person in charge of the above-mentioned China Bullion Exchange said that government bond futures are traded on margin, with high efficiency in capital use and capital occupation.The entry of commercial banks and insurance funds into the market can improve the liquidity of the bond market and the efficiency of capital utilization. It will not crowd out funds in the stock market and has no direct impact on the stock market.When market extremes occur, government bond futures can provide institutions with effective tools for hedging interest rate risks, helping to ensure market stability.  How to invest?  How do banks and insurance funds hedge with government bond futures?  The relevant person in charge of the above said that in the hedging operation of treasury bond futures, investors will reversely establish a futures position based on the spot position, so that the combined risk of futures and spot appears neutral.  Treasury futures can be used to adjust the duration of the investment portfolio.Investors generally shrink the duration of portfolios when interest rates are expected to increase, and extend the duration of portfolios when interest rates are expected to decrease.Although buying and selling spot bonds can also achieve the purpose of adjusting the duration of the portfolio, market shock costs and operating costs are transmitted, and the prospects of government bonds are highly liquid, with low transaction costs, and can more effectively manage and adjust the duration of the portfolio.  In theory, a reasonable spread should be maintained between the national debt futures and the relevant national debt spot, and between different varieties of national debt futures or different month contracts.Arbitrage refers to the transaction behavior that when the spread deviates from a reasonable level, the purchase price is biased towards low assets, the sell price is biased towards high assets, and the position is closed after the spread returns to reasonable, thereby obtaining risk-free returns.  So how do banks and insurance funds arbitrage with government bond futures?  Treasury bond futures arbitrage is often arbitrage by the yield curve.When the expected yield curve becomes steep, buy short-end government bond futures and sell long-term government bond futures; when the expected yield curve flattens, sell short-end government bond futures and buy long-term government bond futures.  For example, in March 2017, the spread between 10-year and 5-year Treasury bonds continued to decline, reaching a historical low since the listing of Treasury futures in September 2013. Some 杭州桑拿网 investors choose Treasury futures for steep curve trading, that is, buying for 5 years10-year Treasury futures, sell 10-year Treasury futures, and close the profit when the 10-year and 5-year spreads return to normal.  Treasury futures intertemporal arbitrage is to use the price difference between forward and near-term contracts to buy on the futures market at the same time and sell two different months of the same type of futures contract.  So, does the government bond futures market have a complete risk control system to ensure the smooth entry of commercial banks and insurance funds into the market?  The relevant person in charge of the above-mentioned CICC said that the national debt futures market has a relatively sound risk management system. Since 2013, the 5-year, 10-year, and 2-year national debt futures have been 深圳桑拿网 successfully listed, and the market has run smoothly and no delivery risk event has occurred.No major violations of laws and regulations have occurred.  He is also competent, and in terms of wind control, the exchange has established a series of systems including margin, daily limit, position limits, large position reports, forced liquidation, and forced lightening.In terms of trading mechanisms, the government bond futures market introduced a market maker system to increase the thickness of market quotations and prevent market liquidity risks.In terms of the delivery system, Treasury bond futures use physical delivery and implement a rolling delivery model to improve delivery efficiency and prevent delivery risks.

Seagull Living (002084): Acquisition of Jaco Polo completes expansion of custom kitchen business

Seagull Living (002084): Acquisition of Jaco Polo completes expansion of custom kitchen business

Event: The company issued an announcement “Announcement on Acquiring the Equity of Guangdong Yacopolo Cabinet Co., Ltd. to Complete the Industrial and Commercial Change Registration and Obtain a Business License.”

In April 2019, the company and Guangzhou Marco Polo Co., Ltd. held a transaction with other counterparts on the “About Guangdong Yaco Polo Cabinet Co., Ltd. Partial Equity Acquisition and Capital Increase Agreement”, and the company will transfer Guangzhou Marco Polo Co., Ltd. to hold GuangdongJaco Polo Cabinet Co., Ltd. 42.

98% equity. At the same time, the company will hold Jaco Polo 67 by increasing its capital to Jaco Polo.

27% equity.

Recently, Jaco Polo completed the assignment of industrial and commercial changes and received the “Business License” issued by the Guangzhou Baiyun District Market Supervision Administration. The company directly holds Jaco Polo42.

98% equity.

Opinion: The combined land leading supply chain that Jaco Polo cut into has a low acquisition price.

Jaco Polo currently has a factory of 80,000 square meters, with an annual throughput of 100,000+ units; an intelligent production base covers an area of nearly 300,000 square meters, and an estimated annual production capacity of 600,000 units.

At present, Jaco Polo has become a supporting partner for hardcover housing projects of many well-known real estate group companies in the country, serving Evergrande, Yuexiu, Poly, R & F and other large national real estate companies.

The transfer price of the equity transfer for this acquisition is divided into two parts: (1) calculated according to the evaluation report issued by the asset appraisal agency, which is 11.46 million yuan; (2) performance commitment consideration, that is, in terms of performance commitment, if Acopolo achieves net profitIf it is not less than 18 million yuan, the transfer price is 12.1 million yuan.

Extend service space and expand custom kitchen business.

After the completion of the acquisition, the company 西安耍耍网 will integrate design, production, sales, installation and maintenance of one-stop service platform for custom cabinets through Jaco Polo, extend the bathroom components to the kitchen space, and lay the foundation for the company’s future expansion of the customized overall kitchen business.This foundation.

Earnings forecast and estimation: The company’s EPS is expected to be 0 in 19-21.

22, 0.

27, 0.

33 yuan, corresponding PE is 22X, 19X, 15X.

Maintain “Buy” rating.

Risk warning: trade frictions intensify, and the overall bathroom business is less than expected.

Wanhua Chemical (600309): Continue to raise MDI’s listed price in May, first-quarter performance slightly exceeds expectations

Wanhua Chemical (600309): Continue to raise MDI’s listed price in May, first-quarter performance slightly exceeds expectations

The first quarter of 2019’s performance slightly exceeded expectations. Wanhua Chemical announced 1Q19 results: operating income of 159.

5.2 billion, down 8 previously.

3%; Attributable net profit 27.

9.5 billion, down 46% previously, corresponding to 0 earnings.

89 yuan; net profit after deduction is 24.

1.6 billion, of which government subsidies included in the current profit and loss4.

6.4 billion, the replacement of revenue and net profit was mainly due to the reduction in gross profit margin brought by the replacement of MDI prices.

The development trend raised the MDI listing price in May, and the tight supply and demand situation in the industry continued.

The company announced that the aggregate MDI distribution / direct sales market listing price in May was 19,000 / 19,500 yuan / ton, up 1,200 yuan / ton from April, and the pure MDI listing price was 27,200 yuan / ton, up 1,000 yuan / ton from April.

The current pure MDI market price is 24,000 yuan / ton, an increase of 17% over the earlier period, and the aggregate MDI market price is 18,000 yuan / ton, an increase of 56% over the earlier period. Last year, it fell by 15% / 15%.

At present, the main manufacturers are generally offering at a discount. Many MDI devices in the Asia-Pacific region are planned to be overhauled from the end of April to July. The average shutdown time is about 30 days. The tight supply in the market continues. The supply side provides strong support for product price growth.Downstream refrigerators and freezers and other centralized stocking time, peak season MDI prices are expected to continue to rise.

In the medium and long term, the margin of supply and demand improves, and MDI prices will continue to repair.

After Wanhua officially consolidated BC, the polyurethane sector continued to grow, with MDI production capacity of 210 entering the world’s number one, and the top of the faucet was further highlighted.

In 2018, there were 44 indicators of new global production capacity. In addition to Wanhua’s own expansion in 2019, only Covestro plans to add 20 tons of production capacity in Brunsbettel, Germany. It is expected to be released in the fourth quarter of 2019 and affect the production in 2020.Smaller, the global supply and demand structure improved, it is expected that MDI prices will continue to repair.

The petrochemical sector, new materials and fine chemicals continue to deepen the company’s moat, and the value of the integrated park has been revalued.

The company’s large ethylene project is under construction, modified MDI, PMMA continues to extend to the automotive industry chain, and the moat continues to deepen; the company’s own integrated park, supporting production, complete environmental protection and safety facilities, adopting China’s safety and environmental protection policy high pressure, open to foreign investmentWith the promotion of legal intellectual property protection, domestic compliance enterprises will enter a new stage of development.

Earnings forecast We maintain our 2019 / 2020e earnings forecast3.


42 yuan is unchanged.

It is estimated and suggested that the company currently can sustainly correspond to 11/10 times P / E in 19/20.

Maintain the recommended level and target price of 58 yuan, corresponding to 19/20 14.


2x P / E, compared with current expectations of 32%.

The price of risky crude oil fluctuated sharply, and downstream demand was less than expected, and the center of the 无锡夜网 estimate was lowered.

Boss Electric (002508) Interim Review: Fundamentals Build Bottom, Awaiting Boom

Boss Electric (002508) Interim Review: Fundamentals Build Bottom, Awaiting Boom
Event description: The company disclosed its 2019 Interim Report.The company achieved revenue of 35 in 2019H1.300 million, a year-on-year increase of +0.9%; net profit attributable to mother 6.700 million, a year-on-year increase of +1.5%.In Q2 2019, it achieved revenue of 18.700 million, YoY-2%; realized net profit attributable to mother 3.500 million, YoY-2.2%. The industry’s economy is sluggish, and operations continue to be under pressure. Under the cost dividend, profitability has improved.Affected by the expansion of real estate, the kitchen appliance industry continued to be depressed, and dealers lacked confidence, which dragged down the company’s overall performance: 2019H1 company’s range hood / gas stove revenue YoY-1.1% /-1.7%.On the profit side, the gross profit margin of the company in 2019H1 is 54.7%, year on year +1.2pct; According to Zhong Yikang, the average price of the owner’s appliance H1 is -3 for many years.8%, under the background of economic pressure, it is expected that it is difficult to raise prices at the factory. The gradual increase in gross profit margin is mainly due to cost dividends.Period expenses: H1 selling expenses YoY + 0.5 points, mainly due to the increase in sales staff’s salary and the increase in the cost of promotional activities; R & D rate + management fee rate 6.3%, -0.4pct.H1 achieved a net interest 杭州桑拿 rate of 19.2%, +0 year-on-year.3 points. The offline retail industry is experiencing cold weather, and the growth rate of engineering channels is relatively high.In 2019H1, the sales of the retail channel fell by more than 15%, and the e-commerce channel dividend gradually disappeared, and the sales increased by about 2%; the company H1 chose the real estate fine decoration channel, and the sales of the engineering channel increased by 80%; the innovative channel increased by 50%.High concentration of engineering channel manufacturers and high order certainty. At present, head manufacturers such as bosses, Fangtai, and Siemens are the main players; but the accounting period of engineering channels has changed, and the proportion of H1 engineering channels and innovation channels has increased. Accounts receivable of H1 companies in 20194.900 million, a year-on-year increase of +16.9%, a drag on operating cash flow performance.The company continues to optimize and innovate at the channel end, cooperates with Suning to actively explore new retail models, and cooperates with home improvement companies to develop innovative channel outlets. Continue to promote new categories with long-term potential.The company vigorously promotes new integrated integrated categories of steaming and baking integrated machines, ceramics, etc., and strategically creates new performance growth points; Jindi integrated stove H1 achieves revenue of 90.51 million yuan and net profit of 14.31 million yuan.In the short term, new categories are in the introduction stage, and the market is still growing; in the long term, there is still a lot of demand for steaming and baking integrated machines and dishwashers, and the potential for future growth is constant. The fundamentals are in the bottom range and H2 is looking forward to improvement.The company expects Q1-Q3 performance to be + 2% year-on-year?10%.In the middle of the year, the company adjusted its retail sales policy, lowered its targets, restored dealer confidence, and expected the retail channel to narrow in H2. At the same time, the number of engineering channel orders was determined. The e-commerce channel price remained stable.In terms of production scheduling, July was slightly lower, but August has reached a record high, and it is intended to actively prepare for the promotional season.In 2019, the company’s fundamentals are expected to be “low before high”. Risk reminder: The real estate boom is down more than expected, and the competition in kitchen appliances is becoming increasingly fierce.

韩国乐天首家海外免税店关门 韩媒:“祸”不单行

韩国乐天首家海外免税店关门 韩媒:“祸”不单行
­  乐天免税店在韩国的经营因中国游客锐减备受打击,海外事业却也发展不顺,遭遇不小挑战。韩国《亚洲经济》8月2日援引韩联社报道称,乐天免税店1日表示,在印度尼西亚雅加达机场经营的免税店已于7月31日关门。韩媒对此评论称,福无双至,祸不单行。­  该免税店于2012年1月31日开业,是乐天在海外开设的首家免税店,因合约到期停止经营。­  乐天免税店相关人士说:合约到期后我们再次参与了招标,但经营权最终被印度尼西亚的企业拿走了。我们将集中经营雅加达市内免税店等海外卖场,继续进军国际。­  报道称,印度尼西亚政府为了保护免税店产业加大了对本国企业的支持力度,3月底,世界排名第二的美国免税店企业DFS在雅加达机场的免税店也在合上海夜网论坛约到期后关门。­  目前,乐天免税店的海外卖场还有雅加达市内店、关岛机场店、日本关西机场店、东京银座店、越南岘港机场店及泰国曼谷店6家。­  西安耍耍网为了拓展多元市场,近年来韩国免税店企业积极进军海外,但与其他跨国免税企业的竞争越来越激烈,再加上各国政府开始保护本国产业,因此发展频频受阻,收益也在减少,很多企业都陷入了赤字的旋涡。乐天免税店去年在海外的销售额约达1000亿韩元,但反而亏损了491亿韩元。­  新罗免税店的海外卖场已经进驻新加坡樟宜机场、中国澳门机场、泰国普吉岛和日本东京等,今年底还将在中国香港赤鱲角机场开设新店。新罗免税店去年的海外销售额约5000亿韩元,是进军海外的韩国免税店中最高的,但仍然亏损376亿韩元。­  新罗免税店相关人士说:为了实现规模经济,增强在国际市场的竞争力,将继续扩大海外业务,预计明年能扭亏为盈。 原标题:韩国乐天首家海外免税店关门大吉 韩媒:“祸”不单行

Rockchip (603893) IPO pricing report

Rockchip (603893) IPO pricing report

Company profile The company’s main business is the design, development and sales of large-scale integrated circuits and application solutions, providing chip-related products and technical services to customers.

Since its establishment, the company has been engaged in the integrated circuit design industry.

The company is a state-level emerging enterprise and an integrated circuit design enterprise recognized by the Ministry of Industry and Information Technology. After nearly two decades of innovation and development, the company has become an advantageous enterprise in the domestic integrated circuit design industry.

Company highlights (1) In the past two decades of integrated circuit design and R & D practice, the company has established an organizational form that matches independent research and development, and fully mobilizes the company’s technical resources to focus on 南宁桑拿 R & D design through efficient and flexible management methods.It has cultivated an excellent quality and experienced R & D team and mastered a number of core technologies.

The company’s balanced design with high performance and low power consumption, high integration, high reliability and intelligent power management chip design, ultra-high-definition video codec, high-quality audio signal processing, image and visual processing, software and hardware collaborative SoC design,The software development under the multi-application platform has independent intellectual property rights or core technologies, and has leading technological advantages.

(2) The company’s chip product category is complete, the performance ladder is slightly obvious, the price ladder is reasonable, and it is suitable for the market positioning of different grades of terminal products. It can meet the needs of first-tier brands in the high-end market and the differential needs of relatively low-end markets.

At present, other domestic integrated circuit design manufacturers mostly focus on low-end products, and the company’s competitive advantage in the domestic high-performance chip field is obvious.

(3) The company successively cooperated with Intel to launch SoFIA 3GR chip products, cooperated with Samsung and Google to launch Chromebook notebook computers, and cooperated with Acer and Google to launch Chromebook tablet computers, becoming a few domestic companies with Intel, Google, Samsung and other international IT industry giantsOne of the Chinese integrated circuit design companies.

In addition, the company’s chip products have also been adopted by Sony, Huawei, OPPO, VIVO, ASUS, Haier, Tencent and other domestic and foreign brands.

The company attaches great importance to brand building, builds its own brand through good product performance, suitable product prices, and reliable product quality, and accumulates good market reputation.

The company has become one of the mainstream suppliers of intelligent application processor chips, and many intelligent terminal products equipped with the company chips have also won many honors.

Yanjinpuzi (002847) Company comment: “Shop in Island” model leads the KA channel to continue to develop new categories and gradually expands the scale effect to promote the gradual release of profits

Yanjinpuzi (002847) Company comment: “Shop in Island” model leads the KA channel to continue to develop new categories and gradually expands the scale effect to promote the gradual release of profits
Event: The company announced the results of the first three quarters of 19 in the first three quarters of 2019. The core situation of the results of the first three quarters of 2019: the company is expected to achieve net profit attributable to mothers in the first three quarters of 2019.440,000-9091.440,000 yuan, an annual increase of 55% -65%. On a quarterly basis, Yanjinpuzi achieved net profit of 6615 attributable to its mother in 19H1.950,000 yuan, 19Q3 single quarter is expected to achieve net profit attributable to mother 1924.490,000-2475.480,000 yuan, an increase of 20 in ten years.88% -55.49%, in line with expectations; comment on the first three quarter results forecast Yanjinpuzi’s performance growth in the first three quarters of 2019 is mainly due to: 1. On the product side, the company has established a full range of snack food product system, and has accelerated the progress of new product launches in recent yearsThrough the end of the breeding period for new categories, economies of scale are gradually emerging.At present, the company has successfully launched new categories such as baking, dried fruit, and spicy bars, among which the baking volume is quickly increased.Rich product system structure The company can fully implement a wide coverage and differentiated competition strategy; the end of the incubation period for the conversion of new categories has gradually increased, and the company’s gross profit rate has continued to increase. 2. On the channel side, the company continued to expand the KA channel through the “store-in-island” model under the strategy of “direct business super-subject, distribution following”.The company launched the “Shop in Island” model, using exquisite display cabinets to display products in the supermarket, effectively solving the difficulties of the brand differentiation in the bulk of the supermarket, the difficulty of copying across regions, etc., while strengthening the consumer experience while strengtheningThe company’s brand image has improved operating efficiency. 3. Enhanced cost control and optimized profit structure.Increasing companies continue to strengthen cost control and optimized allocation of resources. The production and sales of related new products have gradually expanded, and the benefits of scale have gradually become apparent. 4. Corporate governance: Effectively motivating core employees will help the company implement its strategy in the next three years. The temporary equity incentive plan launched by the company in March 19 involved the company’s core leaders and technical backbones. The incentive speed was transmitted and accounted for the total share capital4.44%; Incentive unlocking performance standards are high, equity incentives are unlocked in three years, and the average value of three-year performance targets is high; it is conducive to the company’s future development and the deep constraints of core business backbone interests, and it can also effectively stimulate employee motivation and ensure the new threeThe plan was successfully implemented. Looking forward to the fourth quarter, the company’s revenue is expected to continue to grow rapidly and profits will gradually be released.The company’s baking capacity is gradually released in the second half of the year, and other related products are also expanded through company channels to increase sales. Under the scale effect, the company’s product gross margin is expected to continue, the expense ratio will gradually decline, and profits will be released steadily. Earnings forecast: We 杭州桑拿网 expect the company’s revenue in 19-21 to be 14 respectively.8/20 / 260,000 yuan; performance is 1.07/1.8/2.3.4 billion, maintain BUY rating. Risk reminders: food safety risks, increased industry competition, unsustainable product innovation, new product growth is less than expected, and regional expansion is less than expected

Comment: Combined Boxing can be used to deal with the crowded 蹭 attractions

Comment: “Combined Boxing” can be used to deal with the crowded “蹭 attractions”
Original title: “Combined Boxing” can be used to deal with the crowded “Scenic Spots” □ Cao Zhongming’s capital market after the opening of the year of the mouse, listed companies gathered together to become a glare scenery.Taken together, masks, Red Seaweed, Tesla, etc. have become the focus of the “Puppet Attractions”.Some listed companies that are not related to their daily operations in production and operation have frequently been related to them in different ways.However, it turns out that the fox’s tail cannot be hidden.  For example, Company A paid on February 3 in the interactive easy response to investors that “the company has drugs and intermediates related to new coronary pneumonia”, and then released information that it had contact with Gilead, the developer of Radixivir.This also triggered its potential strong daily limit for five consecutive trading days.Under the inquiry of the Shenzhen Stock Exchange, the listed company’s response to the cooperation with Gilead was only preliminary contact. There is still uncertainty as to whether the cooperation can be reached.Affected by this news, the stock fell for two consecutive trading days.The same goes for company B at Tesla attractions.At present, Company B does not have any business dealings with the Shanghai Tesla factory, and there is no revenue generated from it. However, Company B has ownership when responding to investors. The company is an upstream company for lithium battery users such as Tesla.In fact, Company B didn’t mention Tesla when replying, but in order to “see the sights”, it was hooked with Tesla, which caused its stop to rise.  Some listed companies are enthusiastic about “scenic spots”, and often have hidden goals behind them.Or due to the pledge of the equity of the major shareholder and the actual controller, to avoid possible risks of future liquidation, loss of the seat of the largest shareholder, etc., through the “hot spot” method and market forces will strive to push higher; orFor the purpose of market value management, stimulate growth by means of “spot attractions” and further increase the market value; or for major shareholders, actual controllers or Dong Jiangao to reduce their holdings of shares at a high level to maximize their benefits.  Compared to the increase in shareholding, repurchase and early termination of the reduction plan to promote mergers, the “hot spot” has the characteristics of low cost, simple operation, and obvious effects. Often, only listed companies need to issue relevant announcements or pass the exchange.The interactive platform can respond to investors to achieve their goals.  It can be seen that the “scenic spots” are mainly holes in the supervision of information disclosure.Therefore, in addition to the necessary inquiries of the Shanghai and Shenzhen Stock Exchanges for listed companies of “Scenic Spots”, they need to adopt a variety of alternatives to conduct supervision in a “combined boxing” manner.  Achieved, in response to major events in the market, listed companies must adhere to the “truthful, accurate, complete, and timely” letter of obligation when responding to investors or issuing announcements.For the concerns involved, no selective disclosure or multiple disclosures are required, including but not prolonging business progress, contract extension, revenue, business proportion, impact on performance, etc.  At the same time, for certain listed companies’ “scenic spots” behavior, Shanghai and Shenzhen transactions must be followed up and monitored.If a listed company announces that it intends to invest in the production of masks, which has hardly been implemented before, it should be determined that those listed companies have 南宁桑拿 implemented false statements.Therefore, it is necessary for the CSRC to conduct administrative intervention to create conditions for investor rights protection.On the other hand, this will increase the cost of those “scenic spots” of listed companies, while affecting their corporate reputation, it will also cost them.  Of course, for those serious violations of laws and regulations behind the “scenic spots”, the CSRC should file a case for investigation.Any severe punishment that should be transferred to the judicial organs shall be transferred to the judicial organs.  (The author is a senior market watch analyst)

Haohua Technology (600378) March 2019 Commentary: Some Product Prices Fall, Pressure on Performance, and Long-term Development

Haohua Technology (600378) March 2019 Commentary: Some Product Prices Fall, Pressure on Performance, and Long-term Development

Event: On October 28, Haohua Technology released 3 quarterly results: the company achieved operating income of 33 from January to September.

3 billion, +13 a year.

00%, realizing net profit attributable to mother 3.

3 ‰, at least -1.

86%, net profit after deduction 3

16 trillion, +769 a year.


Among them, the company achieved operating income of 1051 million US dollars in the third quarter, a year of +3.

96%, achieving net profit attributable to the parent company of 7,269.

97 thousand yuan, at least -22.

12%, net profit after deduction 6685.

3.8 billion, previously +470.

12%, performance was slightly lower than market expectations.

According to the operating data disclosed by the company, from January to September, the company’s main products are: 1) Fluorine materials segment: PTFE resin price4.

92 million / ton, -22 per second.

95%; 2) Electronic special gas plate: nitrogen trifluoride.

39 million / ton, ten years -5.

7%; 3) Special rubber products plate: rubber seal products 14.

69 million / 10,000 pieces, +15 for ten years.

14%; new polyurethane material 1.

85 million / ton, ten years -17.

06%; 4) Fine chemicals plate: palladium catalyst 29.

38 million / ton, ten years -43.

26%, copper-based and nickel-based catalysts 6.

95 million / ton, +5 for ten years.

52%, special coating 3.

85 million / ton, +24 per second.


In general, the prices of fluorine materials and electronic special gas products fell, affecting the company’s profits, while the prices of specialty rubber products and fine chemicals products rose.

Investment Highlights: The injection of high-tech assets has been completed, and the performance of leading new materials has grown steadily.

On December 26, 2018, the company completed the acquisition of 11 science and technology enterprises of China Haohua, and gradually built the technology-driven new material leader of China Chemical Industry.

Trading consideration 63.

2.7 billion, of which 11.

08 yuan / share issue 5.

400 million shares, cash payment of 5 yuan, after the completion of the acquisition, Haohua Group held 72 shares.

4%, the actual controller is China National Chemical Corporation.

The company has five major sectors of fluorine materials, special gases, special rubber and plastic products, fine chemicals and technical services. The products serve 5G, aerospace, military and other national strategic industries.

In 2018, the company achieved operating income of 41.8.2 billion, ten years +14.

7%, achieving net profit attributable to the parent company 5.

2.5 billion every year 61.

05%; In the first half of 2019, the company realized operating income22.

79 trillion, ten years +17.

73%, achieving net profit attributable to the parent company2.

57 trillion, +5 for ten years.


Fluorine materials: supporting the production of 5G cables, polytetrafluoroethylene (PTFE) to achieve import substitution.

The company’s fluorine materials business mainly comes from Chenguang Academy. Its products include polytetrafluoroethylene resin (PTFE), new fluorine rubber (raw rubber) and fluorine compound rubber, tetrafluoropropanol, perfluoro nylon, tetrafluoroethylene monomer, etc.A wide range of electronic communications, aerospace, petrochemical, automotive, textile and other fields.

Among them, the self-developed high compression ratio polytetrafluoroethylene dispersion resin products have successfully supported the production of 5G cables, which are exclusive in China and achieve import substitution; developed second-generation low-creep polytetrafluoroethylene suspension resins and other high-end fluoropolymer materials, Local blank.

At present, the production capacity of fluorine rubber of Chenguangyuan and joint ventures has reached 7,000 tons / year, the first in China; the production capacity of fluorine resins has reached 2.

2Every year / domestic, second in China; supporting intermediates such as difluoromonochloromethane, tetrafluoroethylene, hexafluorophenyl, etc., and some products have the highest domestic production capacity.

Special gases: technical barriers to nitrogen trifluoride and sulfur hexafluoride are high.

The company’s products are mainly fluorinated electronic gases (including nitrogen trifluoride, sulfur hexafluoride, etc.), green dinitrogen tetroxide, high-purity hydrogen selenide, high-purity hydrogen sulfide, etc., a wide range of semiconductors, power equipment manufacturing, LEDs,Fiber optic cables, solar photovoltaic, medical health, environmental monitoring and other fields.

The 2,000-ton / year nitrogen trifluoride project co-constructed by the company and Daesung of South Korea has widely used semiconductor production processes such as etching, cleaning, and ion implantation; the subsidiary Limingyuan is also the only high-purity sulfur hexafluoride production unit in China. Customers include electricityEquipment manufacturing companies and BOE and other panel companies.

In addition, other special gases are also used in the national defense aerospace industry, and some products have been replaced by imports.

Industrial grade sulfur hexafluoride domestic cities account for approximately 30%, electronic grade sulfur hexafluoride domestic cities account for approximately 70%, nitrogen trifluoride city accounts for approximately 30%.

Special rubber products: significant advantages in large aircraft and military markets.

The special rubber and plastic products business includes rubber sealing products, special tires, aerospace plexiglass and new polyurethane materials. The company has undertaken the R & D and production of C919, ARJ21, CR929 and other aircraft sealing profiles, and has important production of Chinese military aviation tires.The base is an aviation tire fixed-point development enterprise of the Air Force, Hainan Airlines and Army Aviation. The research and development of aviation radial tire technology break through foreign occupation. At the same time, the company is an important domestic aviation plexiglass development enterprise, and its products are widely used in military aviation.

Fine chemicals: breakthrough in technological strength, multiple products supporting military use.

Products cover special coatings, catalysts, chemical propellants and raw materials.

The company’s main special coating products include marine coatings, aerospace special functional coatings, industrial heavy-duty anticorrosive coatings, etc. The customers cover military and civilian products.

In the field of catalysts, the company has strong technical strength. Its main products include: nickel-based catalysts (gas conversion), copper-based 西安耍耍网 catalysts (methanol synthesis), and newly developed fuel cell catalysts.

In the field of chemical propellants, the company’s subsidiary Liming Yuan specializes in liquid propellant products and solid propellant raw materials. A variety of liquid propellants widely use missiles, torpedoes, fighters and other weapons and equipment, as well as Shenzhou series spacecraft, Chang’e moon exploration project, TiangongyiSpace Station and other key engineering projects.

At the same time, the company has developed a variety of solid propellant raw materials. Among the various strategic and tactical weapon models for decades, many of them are major domestic manufacturers.

Expansion of investment projects to create new profit growth points.

The company plans to raise no more than 10 specific investors to no more than 10.

苏州桑拿网9 trillion, of which 5.

3 billion M & A deals, while the remaining 5.

6 million US dollars investment project construction, including: 1.

Chenguangyuan 5000t / year high quality polytetrafluoroethylene suspension resin and supporting projects (planned investment 1).

1.9 billion); 2.

2. Guangming Institute R & D industrial base project (special gas, investment 100 million yuan)

Liming Dacheng 1000t / year electronic-grade nitrogen trifluoride expansion project (investment 1).

4.2 billion); 4.

Haihua Institute Advanced Coatings Production Base Project (investment 89.6 million yuan).

After the completion of the project, it is expected to bring new profit growth points.

Earnings forecast and investment rating: Maintain “Buy” rating.

The company has breakthrough technology strength, high quality assets, and broad market space in many fields such as downstream 5G, aerospace, and military industries.We are optimistic about the company’s long-term development. Based on the principle of prudence, we will not consider the impact of targeted issuance on the company’s performance and equity. It is expected that the company’s EPS for 2019-2021 will be 0.

68, 0.

75 and 0.

81 yuan / share, corresponding to PE of 23.

92, 21.

65 and 19.

88 times.

Maintain “Buy” rating.
Risk reminder: Lower-than-expected demand for downstream 5G, semiconductors, military industries, etc., product prices decline, safety and environmental protection production risks, and the uncertainty of the company’s targeted additional issuance.