Hengli Petrochemical (600346): Refining-Aromatics-Polyester Integrated Project Creates Core Competitiveness Performance in 2019 Exceeds Expectations

Hengli Petrochemical (600346): Refining-Aromatics-Polyester Integrated Project Creates Core Competitiveness Performance in 2019 Exceeds Expectations

Event: On the evening of January 17, the company issued an announcement saying that it expects a substantial net profit of 10.9 billion in 2019, an increase of 228.

About 06%.

After the non-recurring gains and losses, it is estimated that the net profit attributable to shareholders of listed companies will be about 1,013,000 million in 2019, which will increase by 733,686.

About 860,000, an increase of 262 every year.

About 68%.

  Opinion: The performance reached a record high again, and the refining and aromatics giant fully set sail. The company achieved net profit attributable to the parent company 68 in the first three quarters.

1.7 billion, of which Q3 achieved a net profit of 27.

9.6 billion.

According to the announcement, the company expects to achieve a net profit of 10.9 billion, corresponding to a net profit of about 40 in Q4.

8.3 billion.

Among them, non-recurring gains and losses are about 7.

7 trillion, mainly including items such as corruption returns, Q4 realized non-net profit 33.

1.3 billion.


About 06%.

  Refining and chemical projects are fully consolidated, and the aromatics industry chain improves the company’s profitability. In 2019, the company’s performance reached a new high. Essentially, the company’s wholly-owned Hengli 2000 / year refining and chemical integration project was preliminary in May 2019.Take the lead in full-scale production and formal commercial operations, and formally realize the construction of the entire industry chain of “crude oil-PX-PTA-filament”.

The opening of the entire industry chain will help the company to resist the impact of the transformation of the profitability of the industrial chain on the company’s performance.

  Hengli Refining & Chemical Co., Ltd. is the first modern refinery of 2000 tons or more built in one time in China. It has international leading, domestic first-class technology level and device processing scale, strong single processing capability, advanced technology selection, and integrated capacity.High, and excellent and complete industrial support in power, energy, ports, terminals, tank farms, storage and transportation, etc., and comprehensive competitive advantages in operating factors such as technology, process, scale and cost are outstanding.

The refining and petrochemical project put into operation fully realized the listed company’s strategic breakthroughs in the field of scarce capacity in upstream industries such as refining and aromatics, and also significantly optimized, improving the listed company’s business integration structure and sustainable profitability.

  In addition, although the prosperity of PTA and filament has declined since entering November, in review of 2019, the supply and demand pattern of PTA industry and the average spread level have further improved, and the company’s PTA business profit level has gradually increased; the company’s polyester chemical fiber business scale has also maintained relativeRelatively stable profit range.

The establishment of the company’s PTA, the polyester business is operating well, and further increased the company’s profit.

  Ethylene capacity is expected to be put into production, which is expected to further increase the company’s performance. In April 2018, the Dalian Municipal Government, Changxing Island Management Committee and Hengli Group signed a tripartite investment agreement to jointly build the 150 year / ethylene project.USD, construction period is about two years. At present, relevant project approval, process package design and long-term equipment procurement have been completed.

The main raw material crushing and refining project of ethylene project and coal-to-hydrogen plant, and the finished gypsum can be used for the production of downstream polyester products of the company. After the successful construction of the project, the company 杭州夜网论坛 will further open up the upstream and downstream petrochemical industry chain and continue to stabilize the industry’s leading level.

  Earnings forecast, forecast, rating and rating According to the performance forecast, the company’s 2019 performance exceeds our expectations. We raise the profit forecast for 2019 and raise the profit forecast for 2020-2021. It is expected that the company will return to its net profit in 2019-2021.The profits were 110.



600 million.

The company is the first privately-owned large-scale refining and chemical enterprise in China with rapid growth in performance. We continue to be optimistic about its future development and maintain a “Buy” rating.

  Risk reminders: the risk of gradual fluctuations in the industry, the risk of fluctuations in raw material prices, the risk of exchange rates, and the risk of changes in refined oil policies.

Starnet Ruijie (002396) Company Semi-annual Report: Optimized Product Structure, Gross Margin Increased, Profit Accelerated Release

Starnet Ruijie (002396) Company Semi-annual Report: Optimized Product Structure, Gross Margin Increased, Profit Accelerated Release

Investment Highlights: Event: On August 28, Starnet Ruijie released its semi-annual report. In the first half of 2019, the company’s revenue was 3.3 billion (-5).

43%), net profit attributable to mother 1.

5.7 billion (decade +34.

22%), net of non-attributed net profit1.

190 thousand yuan (ten years +133.


  The product structure was optimized, and gross profit margin increased significantly.

In the first half of 2019, the company’s overall gross profit margin was 34.

60% (previously +7.


In terms of products, enterprise-class network equipment revenue was 16 trillion (ten years +19.

56%), gross margin 44.

07% (decade +0.

27PCT); network terminal revenue 5.

76 trillion (decade +46.

97%), gross margin of 27.

57% (decade +3.

45PCT); communications products revenue 6.

400,000 yuan (ten years -33.

74%), gross profit margin 20.

05% (decade +6.

28PCT); video information application income 0.

8.7 billion (five years + 5).

56%), with a gross profit margin of 57.

60% (+12 per night.

24PCT); other income 4.

470,000 yuan (ten years -41.

04%), gross profit margin of 26.

58% (+11 for one year.


On the whole, the company’s gross profit margin of all products has steadily increased, and the proportion of high gross profit margin products has increased.

  Net profit grew rapidly, and the performance of each subsidiary was eye-catching.

In the first half of the year, the company’s net profit attributable to mothers increased by 34%, and net profit attributable to non-mothers increased by 133%.

In terms of branches, Ruijie Networks has a revenue of 16% (15%) and a net profit of -0.

1 ppm (-0 over 18 years).

400 million); Sheng Teng Information Revenue 7.

580 thousand yuan (one year + 16%), net profit is 0.

8.5 billion (previously + 65%); StarNet TVE earned 0.92 ppm (ten years + 5%), net profit 0.

27 ppm (previously + 111%); StarNet Wisdom Revenue3.

6.6 billion (ten years -25%), net profit 0.

5.7 billion (+ 215% percent).

The net profits of the company’s core subsidiaries increased rapidly.

  Non-recurring gains and losses have actually decreased, and the foundation for development has continued 杭州夜网 to expand.

In the first half of the year, the company’s non-recurring profit and loss was 0.

3.9 billion yuan (0 for the same period in 2018.

6.6 billion).

Company selling expenses 5.

48 billion percent (16 percent); administrative expenses 1.

09 billion (15%); R & D investment 4.

9.1 billion (ten years + 14%).

In the first half of 2019, the company applied for a total of 64 patents, including 52 invention patents, 9 design patents, 3 utility model patents, and obtained 55 new patents.

  Earnings forecasts and investment advice.

Based on cloud computing data center market switches, cloud desktop terminals, smart POS and other products gradually entering the harvest period and rapid growth, we estimate that the company’s net profit attributable to mothers for the period of 19-21 years is 7.

6 billion, 9.

6.4 billion and 11.

8.5 billion yuan, corresponding to an EPS of 1.

30 yuan, 1.

65 yuan and 2.

US $ 0.3 billion, with reference to comparable companies’ estimates, given 19 years of PE 25-30x, corresponding to a reasonable value range of 32.

50 yuan-39.

00 yuan, “continuous market” rating.

  risk warning.

The company’s new business development fell short of expectations.

CITIC Special Steel (000708) company comment: Q4 Xingcheng 100% consolidated

CITIC Special Steel (000708) company comment: Q4 Xingcheng 100% consolidated

Performance summary: The company released the 2019 annual performance forecast. It is estimated that the net profit attributable to shareholders of listed companies this year will be $ 5.2-5.5 billion, an increase of 920% -978% over the same period of the previous year. It will be readjusted after the same period last yearCompared with that, it is expected to grow 45% -54%, which translates into an EPS of 1.


853 yuan.

Net profit attributable to shareholders of the listed company was 35 after the reorganization last year.

800,000 yuan, equivalent to 1 EPS.

337 yuan.

Xingcheng Special Steel has 13 remaining.

5% equity consolidation: the company will acquire Xingcheng Special Steel 86 in the third quarter of 2019.

5% of assets are officially consolidated and the remaining 13.

The acquisition of 5% equity has already announced the remaining 13 of Xingcheng Special Steel in the 2019 annual report notice.

5% assets are consolidated, but there is no follow-up data for the first three quarters, and inter-quarter comparisons are not possible.

According to the performance forecast, the 2019 annual results exceed the performance targets promised when acquiring Xingcheng Special Steel.

43 trillion, exceeding the range of 55.

55% -64.


The stability of the company’s performance highlights: CITIC Special Steel’s net profit attributable to mothers in 2019 will increase by 45-54% every year, which is commendable in the context of the gradual change in the overall performance of the steel industry.

The company’s profit has risen against the trend, and it has expanded from the fact that listed companies, as dedicated and stable special steel labels, have their own ability to resist the transfer of cycle resistance. Even during the downturn of the iron and steel industry boom, they can still achieve production and sales, and stable profitability.After the listing of Special Steel Assets as a whole, CITIC Special Steel has a production capacity of more than 1,300, becoming the world’s largest and most comprehensive specialized special steel production enterprise, which is less affected by the scale of industry demand alone, and its high-end and high-quality customers are relatively stable.

In addition, Xingcheng Special Steel and its major subsidiaries have formed a strategic layout of the coastal industrial chain along the river, and a large number of bulk raw materials and other materials are used by CITIC Pacific Special Steel Co., Ltd. as a procurement platform to implement unified procurement, which is conducive to the benefits of scale and effectively reducesRaw material costs increase overall safety margins.

Investment suggestion: As a leading domestic special steel company, the company’s intervention products such as bearing steel, gear steel, tool steel, high-pressure boiler tube billets, and heat-resistant alloys are selling well at home and abroad, and the company has successfully acquired Xingcheng Special Steel.The advantages in automobile steel and other fields will be further consolidated. We are optimistic about the cost reduction space and overall synergy advantages of Qingdao Special Steel and Jingjiang Special Steel in the future.

It is expected that the company will realize net profit attributable to mothers in 2019-2021.

10南京夜生活网0 million, 55.

2 trillion and 57.

7 trillion, an increase of 20 in ten years.

62%, 4.

01% and 4.

49%, equivalent to 1.

79 yuan, 1.

86 yuan and 1.

94 yuan, corresponding to PE.

1X / 12.

6X / 12.

1x, maintain “overweight” rating; risk warning: severe macroeconomic deterioration leading to pressure on demand; the risk of significant growth in production capacity of the steel industry.

Baoxin Software (600845) 2019 Third Quarterly Report Review: Continuing Rapid Growth Shows Leading Style

Baoxin Software (600845) 2019 Third Quarterly Report Review: Continuing Rapid Growth Shows Leading Style

Matters: The company released three quarterly reports on October 24: the first three quarters achieved revenue of 45.

19 ppm, an increase of 12 in ten years.

01%; realized attributable net profit 6.

08 million yuan, an increase of 24 in ten years.

82%; deducting non-net profit is 5.

90 ppm, an increase of 23 in ten years.


Comments: Rapid growth in performance, high base number affecting apparent growth, rapid growth in cash flow and advance receipt verification.

Revenue in the third quarter was 17.

30,000 yuan, an increase of 13 in ten years.

57%, attributable net profit 2.

15 ppm, a ten-year increase of 7.

11%; net profit after deduction is 2.

0.5 billion, down 3 every year.


The growth rate of performance has slowed down compared to the interim report, mainly due to the significantly higher base in the third quarter of last year (net profit in the third quarter of last year).

23 ‰, a year-on-year increase of 87%, accounting for 33% of the previous net profit).

In addition, due to the decline in gross profit margin, the R & D expense ratio increased slightly.

The gross profit margin for the first three quarters was 29.

89%, a year up 0.

51pct, but the relative semi-annual gross profit margin dropped by 杭州夜网论坛 2.

53pct. It is expected that since the third quarter, the proportion of WISCO’s industrial and technical consolidation and the relative replacement of gross profit margin for the steel information business increased.

R & D expenses 9.

89%, R & D investment has further increased.

Operating net cash flow for the first three quarters was 8.

760,000 yuan, an increase of 47 in ten years.

63%; period-end advance payment 6.

79 ppm, an increase of 15 in ten years.

79%, the highest growth rate in the past two years.

Both cash flow and advance receipts support rapid growth.

Fixed assets at the end of the period were 11.

2.6 billion, an increase of 1.

600 million, while construction in progress decreased by 0.

5.4 billion to 7.

At 95 ppm, IDC’s transition to solidity is due to the earlier rapid advancement stage, 佛山桑拿网 or it may affect the short-term net interest rate of the business to a certain extent.

IDC has grown rapidly, and space for model replication has been created.

The profitability of IDC resources in first-tier cities is guaranteed, and demand in first-tier cities is prominent.

The growth of the IDC market and structural changes in demand will create new market opportunities. The company’s IDC business is uniquely competitive.

1) Revenue side: high quality brings a moderate premium, long-term contracts help steadily realize revenue, the first three phases of Baozhiyun are close to full capacity, and the customized data centers in Phases 2 and 3 of IDC Phase 4 have already cooperated with telecommunication modems10Annual contract; 2) Cost side: the highest construction cost, high racking rate, good PUE, etc., fixed cost allocation, electricity cost level, and excellent cost control; 3) expense side: low sales expenses, high management efficiency, and excellent cost control; 4) Profit side: The expected net profit is exceeded, and the rate of return is excellent.

5) Space: There is still potential in the Shanghai area. Together with Baowu, it is expected to further develop Wuhan, Nanjing and other central cities to better accept the needs of IDC in the next stage.

Yu Qiang, the strong informatization of steel, benefited from deepening demand.

The company leads in comprehensive strength in the field of steel informatization.

The acquisition of WISCO’s industrial technology has been completed, helping to further strengthen comprehensive competitiveness.

Baosteel Co., Ltd. is at the forefront of domestic information and intelligence, and its IT expansion continues to greatly contribute to the company.

Since 2017, Baosteel and related enterprises have witnessed rapid growth in the development of informatization. Baowu Group has further expanded and strengthened through horizontal integration, which will bring more demand for informatization.

From the perspective of industry development trends, the integration of the steel industry has given rise to informatization construction, the advancement of intelligent manufacturing and the industrial Internet, and the opening of space will fully benefit the company as a leader.

Investment suggestion: We maintain the company’s forecast net profit attributable to the mother for 2019-2021 is 8, respectively.

9 billion, 11.

2.5 billion, 14.

2.6 billion, corresponding to 40 times, 32 times, and 25 times the corresponding PE, maintaining a target price of 39.

46 yuan / share, maintain “strong push” grade.

Risk warning: IDC business expansion fails to meet expectations, and IT spending in the steel industry falls short of expectations.

Nandu Property (603506) Investment Value Analysis Report: The scale of the A-share scarce property management target needs to be improved

Nandu Property (603506) Investment Value Analysis Report: The scale of the A-share scarce property management target needs to be improved

The company’s contracted area is still growing.

At present, the scale of the company needs to be improved, and the development of new businesses lacks economies of scale.

However, as a rare A-share property management company, the company has a certain city share in Hangzhou and other places. For the first time, we cover it and give it a “buy” investment rating.

The first property management company listed on the main board of A shares.

The company was established in 1994 as an affiliate of a real estate development enterprise in the early stage, and developed independently after 2006. It was listed on the main board of A shares in early 2018.

The company’s service objects include residential, commercial complexes, office buildings, industrial parks, schools, banks, government public construction projects and many other property types.

The current service companies include Intime Group, Greenland Group, Alibaba, etc. The service content includes property management services, court services, consulting services and value-added services.

The company is medium in size and its profitability is not high.

At the end of 2018, the company had a total contracted area of 55.43 million square meters, which will increase by 42 in the future.杭州桑拿网


The company’s total contracted area has grown rapidly, but it involves industry leaders (over 1 billion square meters of area under management), and the company’s overall size is not large.

The company belongs to an independent third-party company, and its profitability is lower than that of a listed company with a development background. The gross profit margin of basic property services has shown a significant downward trend.

In addition, due to the small size of the company and the lack of economies of scale in the implementation of value-added services, the current contribution of new business revenue is still low, and long-term rental apartments and other businesses are also at a climbing stage and are clearly deviating.

The company’s reasonable estimate is 30.

5.9 billion.

We predict that the company’s net profit attributable to mothers in 201北京夜网9-2021 will be 1.

03 billion, 1.

24 billion, 1.

5 billion.

At present, the average PE (corresponding to 2019 net profit) of property management companies is 22.

4 times, the average PS is 2.

8 times.

Considering the PE and PS estimation methods, we take priority and give the company 30.

An estimate of 59 trillion corresponds to 29.

65 yuan / share.

Risk reminder: the risk of the company’s contracted area growing with certainty; the company’s brand reputation falling, which increases the risk of limited order sources; the company’s long-term rental apartment business’s profitability risk.

Relying on advantageous industries and capital platforms, we look forward to new progress in the future: we believe that property management is a good track.

We expect the company to actively expand the contract area relying on the capital market platform, achieve economies of scale at an early date, realize diversified profit sources and achieve stable growth in performance.

We forecast the company’s EPS for 2019-2021 to be 1.

00, 1.

20, 1.

46 yuan / share.

The company’s reasonable estimate is 30.

However, considering that comparable companies in the property management sector merge Hong Kong-listed companies, the company has scarce underlying stocks. We give a reasonable market value of 10% premium, corresponding to a target price of 32.

61 yuan, covering for the first time, given a “buy” rating.

Jiuli Special Material (002318) Semi-annual Report Comment: Downstream Demand Continues to Recover and Performance Promotes Continuous Growth

Jiuli Special Material (002318) 佛山桑拿网 Semi-annual Report Comment: Downstream Demand Continues to Recover and Performance Promotes Continuous Growth

On the evening of August 26, the company announced its semi-annual report for 2019.

The report summarizes that the company achieved net profit attributable to shareholders of listed companies.

110,000 yuan, an increase of 59 in ten years.

32%; Realize basic profit income of 0.

25 yuan / share, compared with 0 last year.

16 yuan / share.

The company achieved net profit attributable to shareholders of listed companies in the second quarter.

3.9 billion, an increase of 93 from the first quarter.


  Strong downstream demand performance promotes sustained growth. The company’s products are mainly industrial stainless steel seamless pipes and stainless steel welded pipes. They are mainly used in 杭州桑拿网 petroleum, chemical, natural gas, and power (including nuclear power) equipment manufacturing industries.Forefront.

In the first half of 2019, downstream industries such as oil and gas extraction, petroleum processing, coking and nuclear fuel processing industries, chemical raw materials and chemical products manufacturing continued to recover. According to the National Bureau of Statistics, January to July 2019 increased by 44.

7%, 11.

6%, 9.

4%, driving demand for industrial stainless steel pipes.

The company’s first-half results have achieved significant growth, and it is expected that the net profit attributable to listed shareholders on September 9, 2019 will change by 9 from the same period of the previous year.

24% to 61.

53%, the net profit attributable to listed shareholders from January to September increased by 40% -60% over the same period last year.

We believe that the company’s performance is expected to usher in a period of continuous rise after heavy demand from downstream industries.

  Continued increase in expenditure further enhances the main industry competition. The company continues to focus on product development and promotion. In the first half of this year, the company’s research and development promotion totaled 0.

830,000 yuan, a year-on-year increase of 21.

04%, accounting for 3% of total revenue.

94%, higher than 2.


The company is a raw material-free production line. In order to stabilize the procurement and quality of raw materials, the company reports a strategic investment in upstream manufacturer Yongxing Materials. It plans to purchase 10% -20% of the shares of Yongxing Materials. Currently it has invested 10.36 million shares.
We believe that Yongxing Materials is an emerging company and is highly complementary to the company. Cooperation between the two parties will help increase the market competitiveness of both parties.

  Investment recommendations We expect the company’s EPS to be zero in 2019-2021.

39 yuan / share, 0.

39 yuan / share, 0.

50 yuan / share, maintain target price of 10.

29 yuan, maintain “Buy” rating.

  Risk warning: changes in oil and gas investment trends in the later period, as well as changes in the company’s internal management and its own operations.

Peacebird (603877): Warm weather affects fourth-quarter revenue growth rate TOC model continues to boost operating efficiency

Peacebird (603877): Warm weather affects fourth-quarter revenue growth rate TOC model continues to boost operating efficiency

The event company disclosed its annual report and realized operating income of 77 in 2018.

12 ppm, a ten-year increase of 7.

78%, net profit attributable to mothers5.

72 ppm, an increase of 27 in ten years.


Basic benefits 1.

20 yuan.

It is planned to pay a cash dividend of 10 yuan (including tax) for every 10 shares.

Key points of investment Warm weather affects the sales of winter clothing in the fourth quarter, and other income such as corporate support funds drives up net profit: In terms of revenue, by brand, Pacific Bird Women’s Wear, Pacific Bird Men’s Wear, Rakucho Women’s Wear, Peace Bird Children’s Wear and other brands respectively occupy clothing revenue35%, 37%, 13%, 11%, 4%, peacebird men’s and women’s clothing is the main support for revenue.

In 2018, the peacebird women’s clothing revenue fell slightly to zero.

4%, warm weather affected winter clothing sales, off-season commodity processing affected the fourth quarter gross margin.

Peacebird menswear revenue increased by 12.

3%, the growth rate improved in the fourth quarter.

Rakucho Women’s brand positioning and quality improvement, revenue growth6.

4%, gross profit margin increased by 12.

53pct to 49.


Peacebird children’s clothing revenue increased by 21.

9%, continuing to be in a period of rapid growth.

In terms of profits, the increase in the gross profit margin of Leping Women’s Wear and Peacebird Men’s Wear covered the decrease in the gross profit margin of Peacebird Women’s Wear. In 2018, the company’s gross profit margin increased by 0.

38pct to 53.


Period expense ratio and asset impairment loss accounted for almost 杭州桑拿网 the same revenue.

Yinzhou District’s enterprise support funds, etc., promoted other income to increase by zero.

800 million, driving the company’s rapid growth in net profit.

In terms of inventories, the company’s inventories were flat for many years at the end of 2018, and its share of revenue decreased by one.

8 points to 23.

8%, good inventory control.

Among the goods in stock, the storage age rose slightly to 50 with the proportion of stocks in one year.


In terms of cash flow, the company’s net cash flow from operating activities increased by 38 each year.

6% to 8.

US $ 5.3 billion, mainly due to operating income, increased government subsidies, and supplementary bank acceptance bills as settlement instruments.

The TOC rapid anti-mode has been significantly improved, and gradually promoted to improve operating efficiency: The company implemented the TOC management model in 2018, strengthened consumer-centric product strategies and rapid anti-supply chain to improve operating efficiency, and has now shown results.

The peacebird men’s clothing, which adopted the TOC model for the first time, through the purchase of orders, the retail sales in summer 2018 increased by 34%, the overall summer merchandise sales growth rate increased by 6%, and the quarterly merchandise inventory fell by 12%.

In the future, with the further promotion and deepening of the TOC model, the company’s breakthrough rate in order follow-up will be further improved on the basis of 18% in 18 years, and the company’s overall operating efficiency will be improved.

Under the promotion of the TOC model, the company plans to achieve revenue of US $ 8.8 billion in 2019, an increase of 14% year by year.

1%, net profit attributable to mothers reached 700 million yuan, a year-on-year increase of 22.5%.

Investment suggestion: We predict the company’s annual income from 2019 to 2021 will be 1.

46, 1.

68 and 1.

88 yuan.

Return on net assets were 17, respectively.

7%, 18.

4% and 18.


Currently PE (2019E) is about 14 times, and the “Buy-A” recommendation is maintained.

Risk warning: the extension of expansion may be less than expected; intensified market competition or reduced gross profit margin; the company’s business plan and financial budget need to be replaced by the shareholders meeting

China Unicom (600050): Growth pressure eased slightly in the second half of the year, co-construction and sharing ensure smooth 5G landing

China Unicom (600050): Growth pressure eased slightly in the second half of the year, co-construction and sharing ensure smooth 5G landing

Results review The first half of 2019 results are in line with our expectations of the company’s first half of 2019 results: total revenue of 1,449.

$ 500 million, capped at 2 annually.

8%, including service income 1,329.

600 million, the previous interest rate1.

1%, basically in line with our expectations; EBITDA was 495 before depreciation.

100 million, or 438 under comparable caliber.

4 ‰, ten years ago 4.

0%; net profit 30.

200 million, an increase of 16 in ten years.

8%, in line with expectations.

  Development trend Mobile business may improve but not reverse.

In the first half of 杭州桑拿 2019, China Unicom’s mobile service revenue increased and replaced 6.

6%, and even a net increase of 9.32 million mobile phone billing users (down 47.

8%) were largely replaced by user ARPU14.

8% drag.


6%, but the unit price of traffic exceeds budget by about 40%.

Looking into the second half of the year, the trend of narrowing user growth is still difficult to reverse, because the 4G penetration rate has exceeded 78%; the decline in unit price of traffic has become narrower (due to the cancellation of traffic roaming in the second half of 2018), and 7-month mobile revenue has increased by 1 from the previous month.

6%, which shows that market competition and price pressures have eased.

Although the second half of the year will begin to carry out national number portability, we expect Unicom’s mobile service revenue to pick up slightly.

  The fixed network business is clearly driven by the new growth engine.

Broadband services revenue temporarily decreased in the first half of the year4.

1%, mainly due to market competition, users ARPU stay at least 9%.


We judge that the broadband business is still difficult to improve in the second half of the year, and market competition has led to continued decline in unit prices.

Industrial Internet revenue increased significantly by 43%. Relying on mixed reforms, China Unicom established an efficient cooperation mechanism with strategic shareholders and conducted in-depth cooperation in emerging areas such as IDC, Internet of Things, big data and cloud computing.

The proportion of industrial Internet in service income has reached 12.

6%, becoming the new growth engine.

  Co-construction and sharing ensure the smooth development of 5G network construction.

China Unicom expects to launch 5G commercial services in scenic cities in September, and plans to deploy more than 40,000 5G base stations in 2019.

China Unicom plans to deepen the co-construction and sharing networking model and explore network joint construction solutions with other operators.

We believe that network joint construction can ensure that China Unicom optimizes the network experience on the basis of a controlled investment scale and narrows the infrastructure differences with head operators.

At the same time, network sharing can reduce the basis of price war among operators and carry out a benign transformation of the industry to “focus on services.”

  Earnings Forecasts and Estimates We maintain our earnings forecasts unchanged: revenue will remain flat and grow in 2019/20201.

9%, net profit grows by 23 every year.

4% and 42.

3% to 125.

900 million and 179.10,000 yuan.

The current company A / H conflict corresponds to 1.

9 times / 3.

8 times multiple of corporate value in 2019.

Maintain China Unicom’s A-share neutral rating and target price of RMB 6.

4 yuan (based on 5 yuan).

0 times multiples of corporate value in 2019, including 18.

1% upside); maintain China Unicom’s H-shares outperform industry rating with a target price of 9.

0 HKD (based on 2.

5 times 2019 corporate value multiples, including 27.

7% upside).

  Risks 5G R & D and deployment are less than expected, and 天津夜网 the expansion of 5G construction has led to a surge in capital expenditures.

Jianyou Co., Ltd. (603707): Enoxaparin injection approved in the UK, the logic of internationalization of the injection is gradually fulfilled

Jianyou Co., Ltd. (603707): Enoxaparin injection approved in the UK, the logic of internationalization of the injection is gradually fulfilled

Jianyou Co., Ltd. Enoxaparin Injection UK obtained UK marketing authorization.

The technical evaluation period of the company’s Enoxaparin injection in the European Union registration application has ended, and it has entered the distribution process of the marketing authorization (MA) in each application country (the first batch of application countries include the United Kingdom, Germany, Spain, Sweden and other four countries), of which the UK registrationThe approval has been formally approved on March 8. The other three countries are expected to approve it in the next few weeks.

It is expected that the company will gradually apply for mutual recognition of marketing authorization to other EU countries, and plans to start commercial sales of this product in EU countries in the second half of 2019.

The logic of internationalization of injections is gradually fulfilled, and the export of injections has entered an explosive period since 2019.

The company is an international leader in injectables. In 2019, exports from the United States and Europe will usher in an outbreak: Jianyou Co., Ltd., as one of the few high-end FDA-certified injectable manufacturers in China, has an early export of injectables (Nanjing Jianyou and Chengdu Jianjin respectively in 2010, 2006年 年开始推进注射剂出口美国项目),高管及核心业务人员能力超群(称为拥有海归背景,研发及生产负责人均在海外负责注射剂业务)。
At present, 10 injections of ANDA have been approved, and more than 10 ANDA injection products have been announced in the research / declaration. The core product Enoxaparin / standard heparin + small molecule antitumor injection + other heavy injection high-end injections export the entire product chain.In the future, it will benefit from the high gross profit US sterile injection market, and the export of injections will enter an explosive period.

Heparin raw material + preparation integration, the properties of heparin resource products are prominent, Jianyou shares benefit from strategic crude stocks, and will continue to exert strength on heparin raw materials and low-molecular heparin preparations in the future: the heparin crude / raw material supply end has reached the upper limit in Europe and the United States, China has become the largestIncremental, due to the stable production of pigs in the main heparin raw material production areas (the number of pigs in the Chinese 无锡夜网 market will decline in 2019 due to the African swine fever epidemic), the unfavorable factors of the increase in the supply of crude heparin / raw materials, and the demand for downstream heparin preparationsStill strong, the inventory level of heparin preparation enterprises, the price of heparin raw materials will further increase in the future.

In the early stage, Jianyou Co., Ltd. has an accurate and accurate judgment on the supply of crude heparin upstream and the inventory of downstream preparation manufacturers / production of heparin injection. Since 2015, it has gradually established a crude heparin inventory.

After Enoxaparin injections are successively approved in Europe and the United States, the company will enjoy the bargaining power and raw material preparation integration advantages brought by its crude heparin 天津夜网 inventory based on the advantages of raw materials and the European and American preparation market.

Profit forecast: We expect the company’s net profit attributable to its parent to be 4 in 2018-2020.

52, 5.

97, 7.

9.8 billion, an annual increase of 43.

8%, 32.

2%, 33.

6%, the current expected corresponding PE is 43x, 33x, 24x, given a “buy” rating.

Risk reminder: The overseas approval of injections is less than expected; the sales of heparin raw materials are less than expected; the pressure on medical insurance control costs continues to increase; the calculations may differ from the actual ones.

Nanshan Aluminum (600219) in-depth report: grabbing high-end manufacturing and calibrating electrolytic aluminum to build a profit foundation

Nanshan Aluminum (600219) in-depth report: grabbing high-end manufacturing and calibrating electrolytic aluminum to build a profit foundation

Key elements of the report: Nanshan Aluminum takes advantage of its own industrial chain and is committed to transforming to high value-added products, stepping up the layout of aluminum for aviation, aluminum for lightweight vehicles, and ultra-thin aluminum foil. The company’s gross margin and operating income are expected to further increase in the future.Improve promotion.

In the future, the company’s Indonesian alumina production project with an annual output of 100 tons will be gradually put into operation. The company will realize the expansion of the reduced phosphoric acid production capacity. The project has been partially put into operation in 18 years, and the production capacity will be increased in 19 years. This will reduce the company’s dependence on raw material imports and reduce bauxite.The impact of price fluctuations on company profits is directly helpful.

In the future, the company’s profitability and competitiveness will be further enhanced.

Key points of investment: The project under construction is gradually put into operation to improve the company’s profitability and competitiveness: the completion of the company’s 100-ton phosphate project in Bintan Nanshan Industrial Park in Indonesia will enable the company to achieve cost reduction of micron powder expansion and provide the company with a viable raw material guarantee.

An annual output of 1.

4 The prototype large-scale precision die forging project has been partially put into operation in 18 years, and the production capacity in 19 years will be further released.

In addition, the company has increased its investment in transforming the aluminum alloy production line with an annual output of 20 that has been completed in 15 years to further increase the production capacity of high-end products and improve the product structure. It is expected that the company’s profitability and competitiveness will be further strengthened in the future.

Committed to the research and development and production of high value-added products, future revenue and profits are expected to further increase: the company’s R & D investment increased by 55 in 18 years.

11%, committed to promoting the research and development of aluminum profile production technology for automotive lightweighting, aviation aluminum research and development, can product product technology research and development, ultra-thin aluminum foil product technology research and development.

The company currently has well-known customers in the industry such as Boeing, Airbus, Bombardier, etc., and has transformed into the rapid development of the global new energy automobile industry and aerospace industry, and the company’s future revenue and profits continue to increase.

Bauxite supply is tight, and the company’s entire industrial chain has outstanding advantages: the company has now formed a complete production line from thermoelectricity-alumina-electrolytic aluminum-fusion casting-(aluminum profile / hot 南宁桑拿 rolling-cold rolling-foil rolling / forging).

Domestic alumina supply is still tightening, and the company’s full industrial chain advantage has provided a good foundation for the company to adjust its operations.

Profit forecast and investment advice: We estimate that the company’s net profit attributable to the parent will be 14 in 19-21.

88, 19.

49, 25.

94 ppm; EPS are: 0.

12, 0.

16, 0.

22 yuan; corresponding to the closing price on May 28 2.

The PE of 29 yuan is 18 respectively.

39, 14.

04, 10.

55 times.

Maintain the “overweight” rating.

Risk factors: Sino-US trade friction risks, the risk of continued downturn in electrolytic aluminum prices, accounting policies and exchange rate risks, environmental protection risks, and less-than-expected R & D progress.