Does the energy stone of online sales cure or cause disease?Expert: Excessive radiation can be harmful to health

Does the “energy stone” of online sales cure or cause disease?Expert: Excessive radiation can be harmful to health
Recently, Dalian Customs seized a “energy stone” carried by passengers at the airport. Upon inspection by the customs, the “energy stone” radiated beyond the standard and its radionuclide was determined to be a carcinogen.The traveller reported that his daughter had often had a nosebleed for three months without wearing.On December 20, a reporter from Beijing Youth Daily saw on the e-commerce platform that some sellers sold “energy stones” with medical effects, and the sellers claimed that soaking the water with “energy stones” could dissolve fat and detoxify and cure gout.Sellers have refused to respond to the use of the “Energy Stone” if there is any risk of exposure to radioactive materials.An expert in the field of radiochemistry believes that there is no scientific basis for the seller’s claim that the “energy stone has medical care”.The medical effect is exaggerated, and it is not reliable to use “energy stone” to cure all diseases.Experts remind that buying “energy stones” with unknown origins will not only be deceived, but may also be harmful to health.Wearing nosebleeds for three months without cause, the “Energy Stone” radiation exceeded the standard by about 112 times. According to the information released by the official of the General Administration of Customs, on December 9, at the Zhoushuizi Airport in Dalian, a passenger who entered Dalian from Japan was entering the country.Trigger a customs nuclear radiation alarm.According to customs investigation, the passenger’s carry-on baggage contained an item named “Five Elements Proton Quantum Energy Resonator”.The passenger reports that the “energy stone” is a “feng shui stone” that can ensure safety.The customs officers at the scene immediately tested it, and the preliminary detection of the site’s nuclear radiation value was 112.4μSv / hr, more than 1000 times the site background value.Workers immediately wore lead protective clothing for further testing. According to the nuclide analyzer data, “nuclides are Th-232 / U-232, which is about 112 times higher than the standard.”Knowing this, the passenger said that his daughter had often had nosebleeds for no reason since wearing the “energy stone” for three months, suspecting that it was related to the item, and expressed the hope that the customs could properly handle it to avoid endangering the health of others.At present, the customs has contacted the local Environmental Protection and Ecology Bureau, and the Dalian Environmental Protection and Ecology Bureau has collected and stored the radiation exceeding the standard.At the same time, the customs at Zhoushuizi Airport reminded consumers to keep their eyes open and be careful when buying similar items.Since last year, the customs of Dalian Zhoushuizi Airport have successively checked and found items such as “healthcare radium”, “healthcare belts and bracelets”, and radioactive overpowered energy stones in the carry-on luggage of inbound passengers.Are these so-called health products really healthy?According to the customs at Dalian Zhoushuizi Airport, the energy of the “Energy Stone” called “regulating wind and keeping water safe” is actually a radionuclide, also called an unstable nuclide, which refers to an unstable atomic nucleus that emits radiation spontaneously (such asalpha rays, beta rays, etc.), which form stable nuclides through decay.The energy released during decay is called decay energy, and the time required for decay to half of the original number is called decay half-life, which has a wide range.According to the list of carcinogens released by the International Cancer Research Organization under the World Health Organization on October 27, 2017, the “energy stone” seized this time has radionuclide beta particles that can cause tissue damage and canceration, which are determined as carcinogens.The e-commerce website sells “energy stones” that can be soaked in water, claiming to detoxify and treat gout. On December 20, a reporter from Beiqing Daily searched through relevant keywords on an e-commerce website and found that many of them sold with a medical effect “”Energy stone”, prices range from 5 yuan to thousands of yuan.From the perspective of appearance, “energy stones” include oblate black stones, transparent heart-shaped stones, and irregular colored stones. From the perspective of types, “energy stones” on an e-commerce platform include crystal stones,Radium, meteorite, etc.Beijing Youth Daily reporter randomly selected two of these stores, both stores said that “energy stone” can be soaked in water to drink, there are “miracle effects” to treat diseases. One of them sells radium, the trade name is “radium, raw ore, release radium molecular clusters”, the price is 50 yuan a piece.In the description of the product, the seller claims that the radium can “activate cells, excrete dead cells or give regeneration ability; it can dissolve fat and detoxify, treat gout, promote cell regeneration, absorb disease products, and have anti-inflammatory effects; for chronicArthritis, muscle rheumatic pain, etc. are more amazing. “Regarding the use method, the seller declared to the reporter of Beiqing Daily that the radium stones should be soaked in water when bathing and used every time he takes a bath.Usually, radium can be placed in a hidden place in the home, and radium can release “energy”.As for the effect, the seller stated that “this is slowly adjusted.”The reporter from the Beijing Youth Daily asked whether the use of “Energy Stone” by the two sellers would pose a risk of radioactive materials. Both sellers refused to respond.Expert: The merchant 深圳桑拿网 exaggerates the medical efficacy of the product, and the “energy stone” of unknown origin is unreliable. On December 20, a reporter from the Beijing Youth Daily consulted an expert in the field of radiochemistry. The expert believes that the seller’s “energy stone has medical”Health effect” has no scientific basis.The goods sold by the seller may also be fakes, and the names of the products are crystal stone, radium, etc., which does not necessarily mean that nuclide such as radium is really included in the materials used in the goods.Even if the commodity really has radionuclides, there is no scientific basis to prove that radium and other nuclides have the function of medical treatment.If consumers buy items with higher doses of radioactive materials, consumers will be at risk of carcinogenicity if they are exposed to such radioactive materials for a long time.”If high-dose nuclear radiation-valued items are kept around for a long time, it obviously increases the radiation risk.In the normal environment, very low doses of radioactivity are inevitable.Because the environment has natural radiation from thorium, plutonium, uranium and other elements (there are trace amounts of related elements in the soil), there are radionuclides such as potassium-40 in the air.These radioactivity make up our background radiation.”From a medical point of view, is” energy stone “a reliable cure?中日友好医院呼吸中心呼吸与危重症医学科医生王一民告诉北青报记者,“第一,某些‘能量石’的功效肯定被夸大,而且即使有一定效果也无法量化、无法科学试验验证;第二,某些‘能量石’来路不明,采购时无法判断有无辐射,消费者也无法自行判断,购买时商户可能都不了解,所以不建议自行采购;第三,购买这种‘能量石’存在诈骗风险,因为除医疗功效外,希望大家保持理性,相信科学。Wen / Reporter Zhang Xi Co-ordinator / Jiang Shuo

Macalline (601828): Self-operated and commissioned two-wheel drive revenue increased by 21.7% join hands with Ali to promote new retail transformation

Macalline (601828): Self-operated and commissioned two-wheel drive revenue increased by 21.7% join hands with Ali to promote new retail transformation
1H19 results were slightly lower than market expectations. Macalline announced 1H19 results: revenue 77.570,000 yuan, an increase of 21 in ten years.7%; net profit attributable to mother 27.0.6 billion, down 10 a year.96%, corresponding profit 0.76 yuan, deducting non-net profit increased by 6 in ten years.1%, slightly lower than market expectations, mainly due to the increase in expense ratio and the cautious drag on confirmation of gains from changes in fair value of investment real estate.By quarter, 19Q1 / Q2 revenue was +22 twice.4% / + 21.1%, net profit is +11 each year.1% /-25.0%. Development trend 1, revenue increased by 21 in ten years.7%, both self-operated and commission-managed shopping malls achieved double-digit growth.1) Self-operated shopping malls: revenue increased by 10 in ten years.5%, mature same-store growth in the first half of the year 6.At 7%, there was a net increase of 4 self-operated shopping malls to 84 stores, and the average occupancy rate of self-operated shopping malls was 95.0%, compared with 96 at the end of 2018.2% has high blood pressure, which is related to the downward pressure on the home furnishing industry; 2) Management of shopping malls: revenue 21.62 ppm, an increase of 23 in ten years.6%, mainly due to the rapid increase in business consulting fees and investment commission income, the report reported that the board of directors managed a 杭州桑拿网 net increase of 3 to 231 stores, with an average occupancy rate of 95.0%, unchanged from the end of 2018. 2. Changes in income structure affected gross profit margin, and expenses increased.Gross profit margin drops by 2.4ppt to 67.0%, mainly due to the increase in the percentage of revenue from construction and design business with low gross profit margins. In terms of breakdown, the gross profit margin of self-operated malls and managed malls increased by 1.2ppt and 4.9ppt to 79.1%, 65.5%.Expenses: The sales rate increases by 1 each year.9ppt to 12.0%; the management and R & D expense ratio increased by 0 in total.8ppt to 9.3%; financial expense ratio increased by 3 in ten years.5ppt to 12.7%.The deducted non-net interest rate decreased by 3.3ppt to 22.1%. 3. Strategically cooperate with Ali to lead the transformation of the 南宁桑拿 new retail model of home furnishing stores.Recently Alibaba to 43.594 billion in full subscription of Red Star Holdings’ deliverable bonds. If all the shares are converted, Ali will hold 13.7%, the resources and technology blessings of e-commerce giants will help accelerate the company’s exploration and transformation of new home retail.In July 2019, Macalline started with 3.4.8 billion invested in Ginza Household 46.5% equity, speed up the nationwide distribution, and gradually realize the trend of continuous improvement in the consolidation of the home industry and the concentration of stores. Earnings forecasts and estimates are lowered by 3% / 2% to 1 in 2019/2020 based on the growth of company spending.38/1.56 yuan, currently expected to correspond to 13/12 times P / E of core net profit of 2019/2020 for A shares, and 7/6 times P / E of core net profit of H shares for 2019/2020.Maintain Outperform rating and lower A-share target price by 5% to 14 based on earnings forecast adjustment.5 yuan, corresponding to 18 times the core net profit of 2019, 35% of the space; reduce the target price of H shares by 7% to 8.4 Hong Kong dollars, corresponding to 9 times non-net profit deduction in 2019, 36% increase. The risk of same-store growth was less than expected; the real estate market continued to decline.

Zhejiang Meida (002677): Q2 performance exceeded expectations by improving profitability

Zhejiang Meida (002677): Q2 performance exceeded expectations by improving profitability

Event: Zhejiang Meida announced the 2019 semi-annual performance report.

The company’s 2019H1 achieved revenue 7.

0 billion, a year-on-year increase of +25.

2%; achievement 1

800 million, a year-on-year increase of +25.


Converted to a single quarter of 2019Q2 to achieve revenue4.

100 million, a year-on-year increase of +21.

1%; achieve performance 1.

10,000 yuan, +27 compared with the same period last year.


We believe that the company’s performance is expected to maintain rapid growth by gradually increasing the penetration rate of domestic comprehensive cookers and expanding the US-US channels.

The growth rate of the second quarter performance exceeded expectations: In the case of a higher performance base in the second quarter of 2018, Meida’s second quarter 2019 performance still achieved nearly 30% growth. We believe that the main reasons are:Awareness increased, and the company’s revenue scale grew rapidly.

2) According to the announcement, the company’s sales of high-end products increased, and its profitability increased.

Q2 single quarter, the US net profit margin was 25.

8% for one year.


At present, the market acceptance of integrated stoves is constantly increasing and the industry penetration rate is increasing. We are optimistic about the future development of this category.

According to Industry Online, 2019?
In May, the sales of integrated stoves were 36.

60,000 units, a year-on-year increase of +14.

7%, industry penetration coefficient of 12.

0%, ten years +2.

Looking ahead, we judge that integrated stoves will become one of the main forms of kitchen appliances.

At present, the penetration rate of integrated stoves in the country is only about 1%.

Integrated stoves took the lead in Haining and Luzhou, with a penetration rate of 11%.

Even if the penetration rate of integrated cooking stoves in these two regions, there is a targeted increase in space investment 北京夜网 recommendations in the future: As the pioneer and leader of the domestic integrated cooking stove industry, Meida will benefit from the increasing trend of the integrated cooking stove industry expansion, and its own brand and channel construction will alsoIt will help the company to consolidate its existing advantages, coupled with the company’s active expansion of its main product categories, we believe that the company’s rapid growth and progress continue.

What are we expecting in the US 2019?
In 2020, the EPS will be 0.


95 yuan, maintain Buy-A investment rating, 6-month target price is 16.

06 yuan, corresponding to a dynamic P / E ratio of 22 times in 2019.

Risk warning: the prosperity of the third- and fourth-tier real estate declines, the industry’s competitive landscape deteriorates, and raw material 淡水桑拿网 prices rise

Hongfa shares (600885): Extension of the acquisition of Haila Relay business automotive product layout

Hongfa shares (600885): Extension of the acquisition of Haila Relay business automotive product layout

The company announced that it intends to acquire 100% of Hella Automotive Electronics and assets related to the inventory and production equipment of all Hella Electric’s relay businesses (including SSR and other relays).

The amount of consideration on the base date of this transaction is zero.

92 ppm (excluding budget).

Comment on the event The acquisition of Hella Automotive Electronics and Hella Electric replaced the company owned by Hella Holdings. As one of the world’s leading automotive parts suppliers, Hella has accumulated deep technology with the United States.

With more than 50 years of research and development and production experience in automotive relays, related assets include: 1) Haila Automotive Electronics, established in 2003, became a wholly-owned subsidiary of Haila in 2008 and is only engaged in the automotive relay business; realized revenue in 20182.

400 million US dollars, and the customer structure is dominated by European and American car companies, including Volkswagen, Audi, Daimler, Ford, GM, Chrysler, etc .; 2) Haila Electric, mainly engaged in automotive electronic control products business, including automotive relay productsThe main customers include automakers such as SAIC-Volkswagen, FAW-Volkswagen, SAIC-GM, Hyundai and Tier 1 suppliers of auto parts such as Delphi and YAZAKI.

Taken together, in 2018, the relay business of the Hella Group achieved a turnover of 43 million euros and recovered a global market share of about 3%.

After the completion of the acquisition, the company will undertake all relay business worldwide (except after-sale market) of the Hella Group. We believe that the acquisition has a relatively limited contribution to the company’s direct performance (net profit of Hella Automotive Electronics in 2018 was about 6.79 million yuan)In fact, it is more that the company finds a suitable “springboard” for the connection of automotive relays. The deepening of synergy in the future will help accelerate the introduction and volume of the company’s overseas supply chain for automotive products.

Recently, the company’s own automotive relays are constantly increasing, and the promotion speed 南宁桑拿 of new customers such as Mercedes-Benz and BOSH, but the overall volume is still small. Therefore, the overseas automotive relay market is one of the considerable potential markets for the company’s traditional relays.

Considering Hella’s comprehensive international first-line car company layout (European, American, joint venture brands) and international brand influence (after the acquisition, the company has obtained a 1-year free license to use related trademarks of Hella relay business), it is expected that the company’s futureBreaking through Haila’s brand and positioning is expected to accelerate the development of overseas car companies’ supply chains, and the overseas market of auto business is expected to continue to contribute to sales growth.

As a global relay leader, the company’s operating growth has improved 杭州夜生活网 due to the short-term growth instability caused by the change of new and old growth points in recent quarters. However, we believe that the company’s core competitive advantages have been continuously consolidated under continuous technological transformation and capacity expansion.The structure switching of traditional relay products, high-voltage DC relays, and the volume of low-voltage electrical appliances, the company has considerable room for long-term growth.

Judging the company’s medium and long-term stable high growth and is expected to complete, it is expected that the company’s net profit attributable to shareholders of the parent company in 2019 and 2020 will be 7, respectively.

3, 8.

400 million, corresponding to PE is 27, 24 times.

Maintain BUY rating.

  Risk Warning: 1.

Downstream appliances, automotive industry demand exceeded expectations; 2.

Increased competition has led to a substantial expansion of profitability.

US Jim (002621) Comment Report: Consolidation Drives High Growth Early Education Net Profit Increases 49%

US Jim (002621) Comment Report: Consolidation Drives High Growth Early Education Net Profit Increases 49%
Event: The company released the semi-annual report for 2019, and the H1 listed companies achieved operating income in 20192.770,000 yuan, an increase of 183 over the same period last year.49%; net profit attributable to mothers was 34.27 million yuan, an increase of 352% over the same period last year.  Core point of view: The newly merged business contributes to the growth of the company’s performance, and the subsidiary Meijim’s net profit also increased by 49%.The reported company’s revenue has increased rapidly, mainly due to the impact of supplementary US Jim (consolidated in December 2018). The revenue of the manufacturing and education consulting sectors increased by -7.95% / 1165.35%; gross profit margins of the manufacturing and education sectors are 45.21% / 74.71%, an increase of 10 in ten years.9/35.63 pct, the profitability of the company’s reconstruction manufacturing sector has been enhanced, and the education sector is mainly published by US Jim; of which US Jim achieved revenue1.7.7 billion, an increase of 18 per year.5%, achieving a net profit of 9209 trillion yuan, a year-on-year increase of 49%; Kaide Education achieved a net profit of 7.24 million yuan, an increase of 215 over the same period last year.91%; At the same time, due to the company’s merger, sales, management, and R & D expenses for Meigem were 0.22/0.62/0.110,000 yuan, an increase of 160 in ten years.98% / 208% / 191%.  The layout of the early education channel segment has accelerated and the scale has expanded beyond the industry level.According to the number of reports, the number of US Jim National contracting centers in mainland China is 478, which is an increase of 44% at the end of 2018, an increase of over 10% (the industry growth rate is 3%). It is expected that more than 100 new contracted stores will be signed.In terms of urban layout, the speed of sinking in the third and fourth tiers has been accelerated, benefiting from the expansion of the center scale, and the sales scale of the first and second tier cities has expanded.49%, sales volume in third and fourth tier cities increased by 24.44%.The report summarizes that the company’s headquarters set up a total of 61 training sessions and a total of 2047 training sessions, an increase of 32 over the same period last year.84%, the number of newly added certified teachers is 260, an increase of 26 from the end of 2018.67%.  In terms of manufacturing, the company has now completed three series of research and development of high-end machine tools in the five quarters. The research and development efforts will continue to increase. This period received government subsidies of 2.56 million yuan.  Early education industry biology is expected to improve, accelerating the industry’s concentration of leaders to benefit.The policy initially regulates kindergartens, childcare and other business formats, and the normative guidelines for early education have gradually become clear.As a domestic early education leader, Meijim has the advantages of deep brand content, high standardization, and mature management model. It is expected to benefit from the increase in industry concentration brought about by the rigorous industry supervision and the improvement of competition door performance.  Profit forecast and estimation: We expect the company’s net profit attributable to its parent to be 1 in 2019-2021.5/1.8/2.30,000 yuan, the corresponding 杭州桑拿网 EPS is 0.27, 0.33, 0.40 yuan / share, corresponding to 46/38/31 times the PE. Considering the company as a leader in early education, it is committed to adapting to the development trend of the early education industry, and gradually extends from 0-3 years old to 0-12 years of quality courses, from domesticAbroad, build an early benchmarking brand and maintain a strong recommendation level.  Risk warning: industry competition is intensifying, and the number of applicants has increased significantly

Great Wall Motor (601633) Matter Review: Significant destocking, significant potential potential

Great Wall Motor (601633) Matter Review: Significant destocking, significant potential potential
Matters: The company released the January 2020 production and sales report with sales 南宁桑拿 of 8.0 million vehicles, down 28 every year.2%; yield 7.70,000 vehicles, down 31 every year.8%. Ping An’s perspective: In January 2020, terminal sales increased, and inventory was significantly reduced: It is estimated that the company’s passenger car terminal sales in January 2020 were about 9.80,000 units, about 29% higher than the average, which is basically the same as the proportion of the industry, mainly due to the Spring Festival in 2019 about a week in advance.In terms of inventory levels, the company’s inventory level further declined in January. It is estimated that the inventory de-allocation was close to 40,000 units, and the inventory-to-sales ratio dropped to 1.8 months (mainframe factory + distributor inventory), make full preparations for the low season from March to May. The shell performance is still dazzling. The WEY brand must rely on a new platform and gradually increase its brand power: in January 2020, the sales of high-end pickup guns were 5,551 units, and sales continued to remain high. Passenger car pickup trucks + North-South capacity layout + word-of-mouth accumulation.The company’s monthly sales of pickup trucks will exceed 20,000 units, creating additional profits for the company.The WEY brand’s sales performance is mediocre, and we look forward to entering the scale + listing on a new platform in 2021 to enhance our brand power. In the short term, the company’s 2Q 2020 performance can be expected, and in the long term, the leading potential is significant.The company’s product line is combed + the cost structure is optimized, and the second quarter 2020 results are expected. It is expected that cycling profits will continue to recover.High-profit model pickup guns have opened the way to expansion and improvement. In the second half of 2020, Haval’s new platform and reorganized new vehicles will be launched. It is expected that the company’s sales will take another step forward. The company’s sales are expected to break through, expand and improve, and tap the potential significantly. Profit forecast and investment advice: The company’s multi-category strategy + new product cycle is gradually fulfilling, and it is optimistic about future development.Maintain the performance forecast. It is expected that the EPS for 2019-2021 will be 0.55, 0.94, 1.27 yuan, maintain the “recommended” level. Risk reminders: 1) The passenger car market is less than expected risk. Due to the industry overdraft effect in the passenger car industry, there is still a risk that the industry growth rate is less than expected.2) SUV competition intensifies the risk of deterioration. The price of common brand SUVs has dropped, and models have been launched intensively, which may cause pressure on SUVs ranging from 100,000 to 150,000 US dollars.3) The risk of non-compliance with double points, the company’s new energy started late. Due to the product structure, the pressure of fuel consumption points reached the standard, and the double points have the risk of not meeting the standards.

Three Trees (603737): Proposed repurchase of shares demonstrates confidence, two-wheel drive endogenous acceleration

Three Trees (603737): Proposed repurchase of shares demonstrates confidence, two-wheel drive endogenous acceleration

Event description: The company intends to use its own funds1.

500 to 300 million US dollars to repurchase company shares, the repurchase price does not exceed 90 yuan / share, based on the total amount of repurchase and the upper limit of the repurchase price, the estimated number of repurchasable shares is about 333.

330,000 shares (accounting for 1 share capital).


The repurchased shares will be used for employee shareholding plans, and the company can make adjustments based on actual conditions in the future.

Reveal the company’s development confidence and improve the long-term incentive mechanism.

After the company’s listing, it has carried out several equity incentives, employee shareholding plans and actual controller increase (the first phase of employee shareholding in 2019 is 48.38 million yuan, with an average price of 38.

44 yuan / share; repurchased 62.04 million yuan in August 2019 for employee shareholding, with an average repurchase price of 44.

28 yuan / share), this time to continue to repurchase the employee incentives of the company, the reorganization shows the company’s confidence in its long-term development, but also helps to fully mobilize the motivation of the company’s employees, improve the company’s long-term incentive mechanism, improve team cohesion andCompany competitiveness.

Performance increased rapidly as scheduled, and the medium-term growth trend is good.

The company’s announcement predicts that the attributable net profit will increase by 69% -89% in 2019. The company’s overall revenue and profit growth will maintain a high growth trend, and the industry will gradually strengthen, and the gradual growth trend will continue to improve.

Investment suggestion: Maintain “Buy” rating.

The coatings industry has a long-term track, and the country is still in the “big industry and small company” pattern. Architectural coatings are suitable for home battles, and the company’s competitive edge in the B-end market will fully benefit from the completion of the rebound. The company’s retail channels are significantly optimized and its brand power is rapidly improved, The retail business rebounded against the trend, and revenue will continue to maintain rapid growth; in 2019, the scale effect appears, the expense ratio 武汉夜生活网 declines, and the profit margin rises; the company increases sales staff and publicity to accumulate power for future growth; in the next three years, profit growthIt is expected to maintain a high growth trend, and the EPS is expected to be 2 in 2019-2021.



56 yuan / share, corresponding to the current PE of 40/28/19 times. With reference to the forecast level and performance growth of international coatings companies, considering the company’s competitive advantages and differential incentives to enhance the company’s development momentum, we give the company a judgment of 35x PE in 2020, Corresponding to a reasonable value of 108.

85 yuan / share, maintain “Buy” rating.

Risk warning: The upstream raw materials have increased sharply; the downstream industry’s prosperity has declined severely.

China Shenhua (601088): Energy giant holding hundreds of billions of cash

China Shenhua (601088): Energy giant holding hundreds of billions of cash

Event: The company 武汉夜生活网 released the 2018 report, and gradually realized a net profit attributable to mothers of RMB 43.8 billion, a decrease of 2.

6%, corresponding to EPS of 2.

2 yuan / share, deducting non-net profit of 46 billion yuan, an annual increase of 2.

1%, non-recurring gains and losses are mainly 1.4 billion related to the transfer of “three supply and one industry.”

The report reports that the production and sales of axial coal are stable, electricity prices and prices are rising, railway ports and at least chemicals are stable, operating cash flow is as high as 88.2 billion, company accounts are 72.2 billion in cash, bank financing is 30 billion, totaling 100 billion funds, and the dividend rate remains stable. 40%, Divided into dividends of 0.

88 yuan, dividend rate of 4%, capital expenditure plan of 27 billion in 2019, cash flow is very abundant, the future dividend rate is expected to continue to increase.

The EPS for 2019-2021 is expected to be 2 respectively.



32, corresponding to the current total PE is only 9.

3 times, maintaining “strongly recommended-A” level.

Coal: The title of commercial coal production in 2018 was 29660, a slight increase of 0.

4%, the largest amount of trade coal 16430, an increase of 11%, the comprehensive cost of 445 yuan / ton, an increase of 4 yuan / ton, the full cost of 359 yuan / ton, an increase of 14 yuan / ton, mainly due to the increase in trade coal costs and wages and open-pit mineral expensesThe increase caused the net profit per ton of coal to fall by 9 yuan / ton to 69 yuan / ton.

In 2019, the company has no new mines in production, and the volume and price of the coal sector have stabilized.

Electricity: 2018 generated 287.8 billion kilowatt-hours of electricity, an increase of 6%, and sales of 261.2 billion kilowatt-hours, an increase of 6%, mainly due to the commissioning of 4 million kilowatts of new units and the increase in the number of hours of electricity consumption. The policy of electricity prices increased slightly.Internal supply and stable cost. The unit’s net profit was close to 3 cents, an increase of 71%.

In 2019, about 32 million kilowatts of generating units will be injected into participating companies, which will be calculated in accordance with the equity method and will no longer be consolidated.

Railway: In 2018, the company’s railway turnover was 287.6 billion ton-km, an increase of 4% per year. The annual tonnage-km freight of the railway segment was estimated to be 0.

1379 yuan, basically flat; net profit 0.

0442 yuan, a decrease of 5 per year.


It is estimated that the annual net profit of the Shenhua Railway segment will be 81.

6 billion, down slightly by 1.


Profit forecast and rating: The volume and price fluctuations of the company’s various segments are very small, and the probability of performance is stable.



31, corresponding to the current expected PE of 9 in 2019.

The company’s dividend 杭州桑拿网 rate is maintained at 40% this year, divided by 4%. The capital expenditure is expected to be 27.1 billion in 2019, an increase of 4 billion compared to 2018. The company’s operating cash flow in 2018 was as high as 88.2 billion, which was more than sufficient to cover capital expenditure and assets and liabilities.The rate is only 31%, and the debt repayment pressure is very small. At present, the company has about 70 billion yuan of monetary funds and 30 billion banks for financial management, totaling 100 billion yuan. The company only needs 20-30 billion yuan to maintain normal operations. The dividend rate promotes improvement.Maintain “Highly Recommended-A” rating.

Risk Warning: Substantial Breakthrough in Macroeconomics

Shuanglu Pharmaceutical (002038) First Coverage Report: Promoting Multi-Product Line Construction

Shuanglu Pharmaceutical (002038) First Coverage Report: Promoting Multi-Product Line Construction

Guide to this report: The company actively promotes consistency assessment and product pipeline construction, and its multiple product lines remain stable.

Investment points: Neutral rating for the first coverage.

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



59 yuan, with reference to industry competition companies PE 24X 2020, given a target price of 13.

17 yuan, the first coverage given a neutral rating.

Performance improved but profit quality improved.

From January to September 2019, the company achieved operating income of 15.

76 ppm, an increase of 1 over the same period last year.

60%, realizing net profit attributable to mother 5.

30,000 yuan, an increase of -5 over the same period last year.

43%, net profit attributable to shareholders of listed companies instead of non-recurring gains and losses.

21 trillion, down -19 a year.武汉夜生活网


However, the net cash flow from operating activities is nearly 4.

63 ppm, an increase of 22 in ten years.

49%, with better operating quality.

Multiple product lines have been jointly promoted and the overall growth has been stable.

Affected by industry policies, the sales of composite coenzymes of major products were affected to a certain extent, and their proportion in sales revenue continued to decline.

Genetically engineered products such as Lishengsu, Fuzhifu, Maigel, antitumor drugs temozolomide, lenalidomide, docetaxel, and anticoagulant products enoxaparin sodium have all continued to grow.

Among the main product lines in the first half of 2019, bio / biochemical drugs grew by 4 per year.

47%, chemical drugs grow by 22 per year.


Actively promote consistency evaluation and product pipeline construction.

Tenofovir disoproxil fumarate tablets, adefovir dipivoxil tablets / capsules, enoxaparin sodium injection, rivaroxaban tablets, temozolomide capsules, lenalidomide capsules, ornidazole injectionsAll have completed the consistency evaluation and announced that the consistency evaluation will be carried out for daglicaten, pegasparin injection, regorafenib, voriconazole injection and tablets.

Long-acting Lishengsu is about to be put into production.

In July, GEMP signed an exclusive license to the company for all relevant rights and interests of its lipid-lowering product Gemcabene in the Chinese market; in October, it obtained a notice of clinical trial of recombinant human actuating follicle hormone for injection.

Catalyst: BD or mergers and acquisitions of high-quality varieties and projects beforehand, completion of consistency evaluation of important varieties. Risk reminder: large-stock varieties with large quantities may not win the bid in the future.

Changchun High-tech (000661): Sustained growth hormone growth vaccine business is expected to gradually recover

Changchun High-tech (000661): Sustained growth hormone growth vaccine business is expected to gradually recover
Event: The company’s semi-annual report of the company’s net profit attributable to the mother increased by 23 every year.36%.Changchun High-tech released its 19-year semi-annual report and achieved operating income of 33.92 ppm, an increase of 23 in ten years.36%; net profit attributable to mother 7.27 ppm, an increase of 32 in ten years.60%; deduct non-attributed net profit 7.180,000 yuan, an increase of 39 in ten years.47%; expected average ROE is 12.81%, performance basically in line with market expectations. The expense ratio was well controlled during the period, and the single-quarter performance fluctuated slightly.The growth rate of the company’s non-net profit in 19H1 was higher than the growth rate of net profit attributable to mothers, which was mainly due to the non-recurring profit and loss of 19H1, which decreased by 0 compared with the same period last year.2.5 billion related.In terms of quarters, the company’s 19Q2 single quarter revenue, net profit attributable to mothers, and net profit attributable to non-mothers increased by -5.9%, 7.0%, 8.1%; The growth rate of 19Q2 performance clearly exceeds 19Q1. This is due to the fact that the company’s 19H1 sales expenses supplemented 34 in 18Q2.62%, down by 1 every year.22 points; R & D expenses 5.73%, down by 1 every year.31pct; Finance Expenses cost -0.52%, a decline of 0 every year.33 points; administrative costs 5.11%, basically the same as last year. Growth hormone continued to grow at a high speed, and Jinsai Pharmaceutical’s stock exchanges proceeded in an orderly manner.Jinsai Pharmaceuticals achieved revenue of 21 in 19H1.40,000 yuan, an increase of 41 in ten years.7%, net profit 8.20,000 yuan, an increase of 47 in ten years.7%.Taking into account the announcement that the number of new patients in Jinsai Pharmaceuticals continues to increase, meanwhile, the average medication time of overlapping patients is prolonged, and the proportion of long-acting water injections is increased. Jinsai Pharmaceuticals ‘efforts in the next 2-3 years will continue to strive to maintain rapid growth.In addition, the company announced in June 19 the equity acquisition and matching fund raising plan (budget) of Jinsai Pharmaceutical. At present, Jinsai’s stock exchange is advancing in an orderly manner. We expect to officially land in 19 years.This Jinsai 杭州夜网论坛 stock exchange is expected to bring double improvement in company performance and estimates: reorganization, corporate governance structure will be streamlined, core leadership initiative is also expected to be further enhanced, performance growth will be expected to imagination, and Jinsai Pharmaceutical will be 99.The consolidation of the 5% shareholding ratio will also further increase the profit of the company; the expansion and rationalization of Jinsai Pharmaceutical’s equity structure is also expected to bring the company’s expected level further. The distribution of varicella vaccine batches has resumed markedly, and nasal spray influenza vaccines are ready for on-site inspection.HYBCO 19H1 achieved revenue of 4.1 ppm, a decrease of 29 per year.2%, net profit is 0.96 trillion, down 30 a year.8%; The decrease in 深圳桑拿网 performance is mainly related to factors such as the suspension of production of rabies vaccine caused by technological improvements over the past 18 years, and the increase in production of chickenpox vaccine caused by the relocation of factories.At present, the new plant has completed the verification of the chickenpox vaccine pre-filling packaging line equipment and on-site filing for expansion of production use. At the same time, according to the data of the China Inspection Institute, the monthly batch of 100 grams of biological chickenpox vaccine has been restored to 60-80,Millions, vaccine supply is expected to improve significantly in the second half of the year.Therefore, we expect that the performance of Biogram in 19 years is still expected to reach the level of last year.In addition, the company’s nasal spray vaccine has begun on-site inspection preparations, and is expected to be approved in 19 years, and officially contribute profits in 20 years. The proprietary Chinese medicine and real estate businesses remain stable, and the development of biosimilar medicines opens up long-term development space.  Huakang Pharmaceutical achieved revenue 2 in 19H1.90,000 yuan, an increase of 13 in ten years.7%, estimated net profit is 0.US $ 1.5 billion; Adopting a system to promote the innovation and upgrading of the marketing model, the proprietary Chinese medicine business is expected to maintain steady growth.Gaoxin Real Estate achieved revenue 5 in 19H1.40,000 yuan, an increase of 37 in ten years.8%, net profit 1.2 ‰, an increase of 89 in ten years.8%; the commercial houses of Yizhong Famous City and High-tech Heyuan Project were delivered, and the renovation projects of Huiyuan, Junyuan and Kangda Old City progressed in an orderly manner, and will gradually continue to contribute to stable cash flow in the future.Anwar High-tech Biotechnology, which was jointly invested and established by the company and Iceland Aventec, has completed the construction land acquisition and industrial and commercial registration, carried out the conceptual design of European PMG company, and the clinical project of contract products has been successfully carried out.Pharmaceutical R & D opens up long-term development space for the company. Investment suggestion: Buy-A investment rating, 6-month target price of 375.00 yuan.Assuming that the completion time of Jinsai Pharmaceutical’s share swap is 19Q4, we expect the company’s revenue growth from 2019 to 2021 to be 28.3%, 29.5%, 22.1%, net profit growth rate was 53.4%, 63.8%, 23.8%, outstanding growth; given Buy-A investment rating, 6-month target price is 375.00 yuan, equivalent to 50 times the dynamic price-earnings ratio in 2019. Risk reminders: Jinsai Pharmaceuticals risks of termination of share swap, market growth hormone growth is less than expected, core product price reduction risks, new drug development is less than expected, etc.