Wuliangye (000858): Accurate strategy to advance into the channel epidemic situation, the next level of targets remains undiminished

Wuliangye (000858): Accurate strategy to advance into the channel epidemic situation, the next level of targets remains undiminished

Event description According to reports from Weijiu, from February 2nd to 5th, Wuliangye has conducted three special conferences for two consecutive times to further study epidemic prevention and control and enterprise development.

On February 16th, the Wuliangye Brand Division issued a “Notice on Precise Policy, Doing No One-size-fits-all, and Doing a Good Job in the Recent Market” for each marketing theater.

Core point 1. The current target of the epidemic situation is not diminished. The “double three” strategy and precise response measures are clear.

In response to the impact of the epidemic situation later this year, the company caused a rapid response, two consecutive three special meetings, focusing on the unwavering development goals, promoting gradual revenue to maintain double-digit growth, and insisting on the “one control, three enhancements” formulated at the beginningBased on the work guideline of “”, we will further strengthen the “three optimizations” and accelerate the “three transformations.”

The notice issued recently supports dealers through five specific measures: (1) strengthening market research and analysis, focusing on consumer sales; (2) optimizing plan substitution, categorizing and adjusting dealers, and implementing precise policies instead of one size fits all.Focus on supporting capable dealers with good inventory, timely reduction of the recent pressure on dealers who are under pressure to sell, and provide customized financial support for dealers with short-term 无锡桑拿网 capital turnover difficulties; (3) Quick market expense reporting, which is required at 2Completed within working days; (4) Redeem the existing terminal point rewards in a timely manner and be in place by the end of February; (5) Effectively strengthen customer service, etc.

2. The direction of the company’s reform is clear, and the measures are focused on the key points, which will help stabilize channel confidence, release channel potential, enhance brand image, and promote the smooth upward price increase of the Fifth Batch.

The company’s core pain point in the past was not in product demand, but in the inadequate control and decision-making difficulties.

Since the end of 2018, the company has initiated the transformation of the marketing system. The strategy of “new product replacement + channel segmentation + team 四川耍耍网 expansion + control panel profit” has been implemented in an orderly manner. The eighth generation of new products has started digital marketing, which has made the organization and management more refined and achieved obvious results.Yes, the eight-generation Wuliangye batch price steadily stood at 900 yuan.

This year, improving the dealer structure and optimizing plan has gradually been put on the top priority of marketing reform. It is expected that the 20-year increase will be around 5-8%, with less pressure. The company’s various reforms will gradually advance and continue to release endogenous power.Through the boost of channel confidence, the approval price will rise steadily.

3. High-end wines are least affected by the epidemic. The company’s pre-holiday tasks are better than expected, and the gradual goal achievement is highly certain.

Due to the special consumption attributes of high-end wine, its business needs and gift needs have been basically released before the festival, and the company has transformed into antioxidant capacity through long-term practice and gradual reforms, responding quickly to the epidemic, and digesting adverse effects.

The company’s current marketing situation is good. In January of this year, channel preparations were better than expected. The inventory of distributors remained at about 10%, and core terminal sales reached about 80%. Some distributors also implemented 2-month contract plans in advance.

After the epidemic, the company expects to receive compensatory consumption, which is both high-end famous wine, Wuliangye and Moutai. There is room for the approval price, the cost is prominent, and the replacement. The company pays close attention to the sales situation, and has already laid out a possible consumption rebound after the outbreak.
Looking into the future, the short-term impact of the epidemic situation will not change the long-term development trend of the industry and companies. The existing companies have healthy channels, large adjustable room, continuous increase in conversion grant prices, sustainable and continuous implementation of reforms, and the probability of successfully achieving their goals.

Earnings forecast and rating: EPS is expected to be 4 in 19-21.



48 yuan, corresponding to PE 27/23/19 times, maintaining the “strongly recommended” level.

Risk reminders: 1) Epidemic control is not up to expectations; 2) Macroeconomic changes; 3) Marketing performance is not up to expectations; 4) The performance of grant prices and liquidation are not up to expectations.

Huiji Mountain (601579): Expected revenue reorganization

Huiji Mountain (601579): Expected revenue reorganization

1H19 revenue was slightly better than expected Hueijishan announced 1H19 results, revenue 5.

5.4 billion, with a decrease of 5.

18%, net profit attributable to mother 0.

67 trillion, the same minus 20.


The revenue in the first half of the year was slightly better than expected, mainly because the expected range of middle and high-end wine products in the second quarter was smaller than expected.

We expect the initial company revenue to decrease by -6.


Development trend The overall demand for rice wine is severely weak, and the performance of ordinary wine and rice wine sales regions is obvious.

In the first half of the year, the company’s ordinary rice wine revenue decreased by 12%, and in the first half of the year, the company only achieved a positive increase in revenue of 42% in Shanghai. The remaining sales regions replaced each other to varying degrees, and the base camp Zhejiang revenue decreased by 12%.

Industry leader Gu Yue Longshan also showed a similar income development trend, reflecting the aging population structure, the impact of macroeconomic growth trends on consumption, and the overall demand for rice wine was severely weak.

The product structure continues to be actively upgraded.

The company continued to focus on core single products and eliminated low-end products, including the launch of a master Lanting with a price of 1,000 yuan, with a view to further enhancing the brand value and revenue structure.

The company’s overall development strategy is still highly conservative, and its revenue scale urgently needs new growth areas, otherwise it will be difficult to achieve long-term growth based on a single product structure upgrade.

Compared with the industry leader Guyue Longshan, the company’s efforts to release marketing expenses and its expansion outside the province are significantly inferior.

The company and the industry are currently expanding at a slow pace, and they face continuous pressure to reduce revenue in mature markets. It is difficult to sustain growth only by relying on the structural upgrade of existing markets.

How to promote regional expansion through the differentiated advantages of rice wine category and marketing model innovation is a problem that the company and the industry need to solve urgently.

Earnings forecasts and estimates Adjusted EPS –西安耍耍网1 for 2019/20 due to higher income forecasts for premium wines.

7% / 12.

2% to 0.


297 yuan, raise the target price of 8.

1% to 8.

02 yuan, corresponding to 28 in 2019/20.

4x / 27.

0x P / E, the current price corresponds to 2019/20 29.

6x / 27.

9x P / E with a target price of 3.

4% downside, maintain neutral rating.

Risks If the company’s marketing continues to be conservative, it will be difficult for revenue to grow steadily

Huayou Cobalt (603799): Decline in cobalt prices affects the continuous improvement of the industrial chain layout

Huayou Cobalt (603799): Decline in cobalt prices affects the continuous improvement of the industrial chain layout

Brief performance review The company released the 2019 first quarter report, reporting that the two companies achieved operating income44.

01 yuan, an annual increase of 28.

28%; net profit attributable to mother is 1235.

630,000 yuan, down 98 every year.


The first quarter results of business analysis increased significantly, and the decline in cobalt prices led the way.

The company achieved 44 operating income in 1Q19.

10,000 yuan, an increase of 28 in ten years.

28%, but only 0 compared to 4Q18.

5%; net profit attributable to mother is 1235.

630,000 yuan, down 98 every year.

55%; deducting non-net 北京夜网 profit is 1666.

190,000 yuan, down 98 every year.


During the reporting period, the company’s gross margin / net margin was 12 respectively.

0% /-0.

2% per year -23.

1 point / -25.


At the same time, following 4Q18, 6 was accrued.

After 96 million asset impairment losses, the company again accrued asset impairment losses in 1Q19.

61 ppm, an increase of 1 per year.

1.7 billion.

According to Shanghai Nonferrous Networks, domestic electrolytic cobalt prices fell 46% year-on-year in the first quarter of 1919.

3%, down 25% from the previous month.


Cobalt products contributed about 66% of the company’s operating income. The significant drop in cobalt prices led to a decrease in the company’s gross profit margin and an increase in inventory impairment losses, which affected the company’s 都市夜网 performance.

Cobalt prices have picked up in the second quarter, and performance is expected to rebound further.

Due to the replenishment of the industrial chain and the improvement of downstream demand, according to the Shanghai Nonferrous Metals quoted price, since late March, the domestic prices of cobalt sulfate and tricobalt tetroxide have respectively increased from 4.

6 and 17.

50,000 / ton rose to 5.

3 and 200,000 / ton, an increase of nearly 15.

2% and 14.


Initially, due to the limited increase of ore below 30 mn / ton, the supply is subject to a certain degree of suppression, and the demand continues to grow, and the price center gradually moves closer to 300,000 / ton.

Therefore, the company’s first-quarter performance may be a low point of expected results, and the second-quarter performance improvement is expected.

Controlling resources, expanding the market, and improving the layout of the industrial chain.

Through transformation and mergers and acquisitions, the company’s upstream and downstream production capacity has continued to increase.By the end of 2019, the company is expected to form 3.

The cobalt smelting capacity of 90,000 metal tons is close to 2 of the initial supply capacity of cobalt raw materials, and 3.

7 cathode crude copper capacity and 7.

3 positive electrode copper production capacity, 6.

5 Initial ternary precursor capacity.

The company has stepped up efforts to lay out upstream mine resources, and strives to increase the self-sufficiency rate of ore to reduce costs; actively extending downstream of the industrial chain can increase the company’s profitability, and help expand the company’s cobalt salt sales channels and strengthen the coordination of the company’s different business segmentseffect.

Earnings adjustments and investment recommendations maintain earnings forecasts. The net profit attributable to mothers for 2019-2021 is 2 respectively.



22 trillion, corresponding to 0 EPS.



99 yuan.

Consider the cobalt price bottoming out and maintain the company’s buy rating.

The risks indicate that the potential downward price of cobalt price will lead to the company’s performance risk; the expected risk of a sharp decline in the sales of new energy vehicles; and changes in the political situation in the Congo (Kinshasa) cause the company’s local project to replace the scheduled production risk.

Jiangshan shares (600389) 2019 Interim Report comment: physical fitness continues to consolidate, substantial growth in real terms

Jiangshan shares (600389) 2019 Interim Report comment: physical fitness continues to consolidate, substantial growth in real terms

Core point of view The company’s net profit attributable to its mother increased for many years in the first half of the year.

88%, real growth is more obvious.

We are firmly committed to the company’s long-term development and management changes brought about by changes in shareholders.

Maintain the company’s EPS forecast for 2019/20/21 to 1.



06 yuan, maintain target price of 30 yuan and “buy” rating.

In the first half of the year, the company’s net profit attributable to its mother increased by 0 in ten years.

88%, real growth is more obvious.

The company achieved revenue of 25 in the first half of the year.

68 ppm, an increase of 29 in ten years.

31%; net profit attributable to mother 1.

850,000 yuan, an increase of 0 in ten years.


By quarter, Q1 / Q2 revenue was 12 respectively.


5.7 billion yuan, net profit attributable to mothers was 90.98 / 93.96 million yuan, revenue and net profit continued to grow sequentially.

It is clear that the company accrued 2,492 at the end of June.

If the assets impairment provision of RMB 10,000 is not considered, the actual performance of the company’s Q2 should be RMB 118.55 million, an increase of 30 from the previous month.

45%, the actual performance in the first half of 209.43 million yuan, an increase of 14.


Such a substantial growth rate is commendable when the price of products is reduced and the public utilities are affected by the load of the park.

Expense projects focus on the continuous increase of R & D expenses.

Looking at the four expenses of the company, the sales, management, finance and R & D expenses in the first half of this year were 4,097 / 10,095 / 599 / 72.09 million yuan, an increase of 27.





Among them, the growth rate of sales expenses is comparable to revenue; the management costs are controllable; the large growth rate of financial expenses is mainly due to the small base last year, which is generally the same; the R & D expenses themselves are constantly increasing.Growth, currently stable at more than 35 million yuan in a single quarter, R & D expenses accounted for 2% of revenue in the first half.


High R & D investment is an important guarantee for the company’s continued growth in the future. At the same time, it should be noted that the existing entities of the company except for Jiangshan Singapore Bonds replace 17% and other 25%. Gradually, the company’s R & D expansion will continue to have high growth, which will likely reach high technologyThe enterprise determined that 15 points of income tax benefits were realized.

The cash flow statement reflects the enthusiasm of the operation.

1. Operating cash flow

0.6 billion was the same as the previous decade, but the cash obtained from selling goods was 20.

520,000 yuan, the cash paid for the purchase of goods is 15.

92 megabytes, always increasing beyond the range.

2. Cash flow from investment activities-82.62 million yuan, of which “cash paid for purchasing 重庆耍耍网 and constructing fixed assets, intangible assets and other long-term assets” is 98.06 million yuan, which can be increased, and it is reported that payments for construction in progress may increase (including:7,600 tons of pesticide project, ene blocking agent project, No. 7 boiler expansion).
3. Cash flow from financing activities 3.
1.4 billion, mainly because the reported actual actual net increase was greater than the net increase in the same period last year (the chain has also expanded, Q1 is 1.

3.8 billion), is expected to be prepared for active business activities or new projects.

Overall, the semi-annual report reflects a more active and accelerated growth of Jiangshan shares.

M & A and new projects continued to advance.

In addition to the previously announced capacity building, the company is also accelerating in mergers and acquisitions and new enterprises.

1. Today the company announced that it will acquire 67% of the shares of Halimin in cash (for consideration of 2.

14.4 billion yuan, with a total consideration of 3.

200 million), Harbin’s revenue and net profit in 2017/18 were 1.


02 billion and 27.64 / 3.49 million yuan (PE10.

23 times).

In the future, the company expects to start the acquisition of the remaining 33% equity (to PE10 in January 2022).

62 times acquisition).

2. The company announced on August 22 that the registration of the US subsidiary has been completed. In the future, the subsidiary will serve as the company’s headquarters in the Americas, engaging in pesticide registration, sales, trade, brand management, and technical consulting.

We can see that the company’s intention in outward development is positive.

Accelerate research and development to obtain technical products, and new production capacity will be built in 2019.

Since 2018, the company has continued to increase investment in research and development, and increased research and development expenses in 20181.

5.0 billion, an increase of US $ 3,238 million over 2017; the company continued to expand R & D investment in the first quarter of 2019, totaling 3,699 million, which has exceeded 2017.

Looking at the results, in 2018, the company added 12 new projects, and 8 of them passed the gate evaluation. In 2018, 24 formulation developments were conducted, of which 15 were mature and launched to the market.

Today the company also announced plans for new product investment and construction: 1) Investment 1.

200 million for the construction of 7,600 tons of new pesticide production capacity, which is expected to be completed in November 2020, and the annual profit after completion is expected to be 49.98 million yuan; 2) Investment 2.

41 trillion Jin is engaged in the construction of flame retardant capacity, which is expected to be completed in June 2020, and the annual profit after completion is expected to be 67.73 million yuan.

Risk factors: 1. Global agricultural product prices have fallen and pesticide demand has increased; 2. The company ‘s new capacity construction has exceeded expectations; 3. Macroeconomics has led to lower chemical product prices.

  Maintain “Buy” rating.

We are optimistic about the company’s long-term development and management changes brought about by changes in shareholders.

Maintain the company’s EPS forecast for 2019/20/21 to 1.



06 yuan, maintain target price of 30 yuan (corresponding to 20 times PE in 2019) and “Buy” rating.

Nengke (603859): Industrial software field layout precise intelligent manufacturing solution provider clear strategy

Nengke (603859): Industrial software field layout precise intelligent manufacturing solution provider clear strategy
Summary of the report: The company’s intelligent manufacturing business has developed rapidly in recent years, and its subsidiaries have consolidated in 19 years, resulting in a more stable performance. The company achieved revenue in 20184.08 million yuan, an increase of 78 in ten years.12%, net profit attributable to mothers was RMB 50.71 million, an annual increase of 32.93%; Total operating income for the first quarter of 2019 was 8,564.710,000 yuan, an increase of 31 in ten years.71%, net profit attributable to mothers was 9.22 million yuan, an increase of 61 year-on-year.33%, performance growth is rapid.The company’s smart manufacturing revenue has grown rapidly, with an increase of 116% in 2018; Nineco’s subsidiary Lianhong Technology realized a non-net profit of 1,929 in 2018.350,000 yuan, fulfilling the performance commitment agreement of not less than 19 million yuan that year, the performance is developing well, Lianhong Technology promises that the net profit for 2019-2021 will not be less than 24 million yuan, 28 million yuan, 30 million yuan,The registration of industrial and commercial changes for Lianhong Technology’s subsidiaries was completed on January 30. Lianhong Technology’s consolidation will be completed in 2019, and the company’s overall performance growth can be expected. The company’s layout in the field of industrial software is precise, and the overall strategy of smart manufacturing solution providers is clear. Industrial software is the required capacity for industrial design, R & D simulation, process flow, manufacturing, and marketing management. It is also the core capability of intelligent manufacturing. Industrial software is the nervous system of high-end intelligent manufacturing. The core of industrial software is design ideas, algorithms and models., With high-tech barrier attributes; the company’s comprehensive layout of model-based systems engineering (MBSE), from the intelligent manufacturing demand side, with PLM research and simulation as the core, transforming “mechanical and electrical soft” design verification, R & D simulation, process flow design verification, productionThe ability to implement industrial software algorithms and models in manufacturing and other aspects.The company’s experience in the construction of digital digits, digital factories and other cases is a test of the ability of the intelligent manufacturing market; the company’s intelligent manufacturing business has received a large number of customer recognition in the high-end equipment manufacturing industry.Digital, networked, intelligent system solutions, the company cooperates with international giants in intelligent manufacturing to develop the market, and will further develop customers in the high-end intelligent manufacturing field in the future. Intelligent manufacturing overall solution providers are emerging. Industrial software is a blue ocean market. The company successfully acquired Lianhong Technology to help build an industrial cloud product ecosystem. Industrial software is a shortcoming of “Made in China 2025”. The market size of industrial software in 2018 has reached $ 160.3 billion, but the industrial software market size accounts for only one-nineteenth of the global industrial software market size. The future blue ocean market has room for development.Broad; Nenko’s parent company’s products and services include end-to-end integration with product life cycle (PLM) as its core, preliminary integration with production process management (MES) as its core and resource planning management (ERP) as its core business integrationCustomers are mainly in the fields of aviation and military industry.The subsidiary Lianhong Technology provides PLM software and overall solutions for intelligent manufacturing. Customers are concentrated in 厦门夜网 the automotive, machinery, and consumer electronics industries.In the future, parent and subsidiary companies will have complementary synergies in customer coverage, which can quickly expand the intelligent manufacturing market share of SME industrial software users, thereby creating an industrial cloud product ecosystem. Company’s profit forecast and investment rating: The company has obvious technical barriers and customer resource advantages, and its long-term growth logic is clear. It is expected that the company will achieve net profit attributable to its mother in 2019-20.93, 1.28, 1.At 73 ppm, the corresponding P / E is currently expected to be 28 times, 20 times, and 15 times, respectively, giving a “recommended” rating. Risk reminder: Uncertainty risk of influencing factors of relevant national policies, the company’s market expansion is less than expected risk

Zhongshun Jierou (002511) 2018 Annual Results Express Commentary: Steady Growth in Performance Focusing on 19 Years of Cost Improvement

Zhongshun Jierou (002511) 2018 Annual Results Express Commentary: Steady Growth in Performance Focusing on 19 Years of Cost Improvement

I. Overview of the event On February 26, the company released the 2018 annual results report.

In total, the company expects to realize revenue of 56.

7.9 billion, an annual increase of 22.

43%; net profit attributable to mothers4.

40,000 yuan, an increase of 15 in ten years.

87%; realized basic profit income of 0.

32 yuan.

Second, analyze and judge the 18-year performance growth maintains a steady growth rate. Restructuring company revenue, net profit attributable to mothers increased by 22% and 16%, of which Q4 revenue and net profit attributable to mothers increased by + 24% and -10%.

The increase in sales volume brought about by the increase in prices in 4Q17 and the expansion of the demand side kept the company’s revenue growth steady.

In terms of profit, if it is calculated based on the three-month inventory cycle, high-priced inventory pulp may cause pressure on the profit side of Q4.

With the apparent decline in Q4 pulp prices, the company’s cost-side improvement will gradually emerge.

Since the beginning of the year, the price of wood pulp has continued to rebound. There is still some pressure to continue upward. In the fourth quarter of last year, the downward pressure on the domestic economy and the intensified trade friction led to the overall weakness of the demand side of the paper industry.

Since 19 years, domestic wood pulp prices 杭州夜生活网 have rebounded by about 5 from the bottom.

4%, mainly because the post-holiday construction has driven the demand side, and trade frictions have also developed in a positive direction.

However, the current port inventory is still high. At the end of January, Qingdao port and Changshu port reached historical highs of 101 and 59 respectively.

Destocking has not yet begun. It is expected that the uplink of the pulp price will continue to extend in the future. In 19 years, we need to focus on the improvement of the company’s cost side.

Channel and capacity mergers and acquisitions have contributed to continued growth in performance. In terms of capacity, the expansion project of Tangshan Branch and the construction of the second phase of Yunfu Zhongshun Project were completed, with an annual capacity increase of approximately 14.

5 At least, it is expected that about 10 cases of production capacity will be put into production each year in the next five years.

In terms of channels, there are only more than 1,000 of the more than 2,800 counties and cities in China that need to be developed by the company. Since 15 years, the company has set up a new marketing team to strengthen the penetration of undeveloped regions.

Third, investment recommendations Product structure optimization, capacity release, channel expansion is expected to drive the company’s growth, the company is expected to achieve basic income of 0 in 2018, 2019 and 2020.

32 yuan, 0.

40 yuan, 0.

48 yuan, corresponding PE is 26X, 20X, 17X.

The company’s PEG was significantly less than 1 in 19, and continued to be underestimated, maintaining the company’s “recommended” rating.

4. Risk warning: the price of raw materials fluctuates sharply; capacity expansion is less than expected; terminal demand is weak.

Super 20 company environmental protection incident construction of new shares to control pollution has not been completed for 5 years

Super 20 company environmental protection “incident” construction of new shares to control pollution has not been completed for 5 years
On June 29, Jianxin shares the main entrance of the old factory in Xiaozhuzhuang, Cang County.Jianxin’s old factory located in Xiaozhuzhuang, Cangxian County, there is still some garbage left in a canal extending from the inside of the factory.  Lanfeng Biochemical, Luoping Zinc Power, * ST 3D, etc. have been notified by the Ministry of Ecology and Environment; Huifeng Co., Ltd. has been arrested on June 28 for the crime of environmental pollution.The article on the disposal of cutting-edge steel slags threatens the ecological environment of the Yangtze River, the article pointed out that the Shagang Group “has not enough problems with the soot pollution assigned by the Central Environmental Protection Supervision Team, and has made rectifications, repeated offenses, and long-term accumulation of millions of tons of steel slag, etc.Industrial solid wastes are randomly stacked on the banks of the Yangtze River, polluting the surrounding soil and water bodies and threatening the safety of the Yangtze River’s aquatic environment. “  This is one of the typical cases that the Central Environmental Protection Inspector has “looked back” one after another.Shagang Group is the controlling shareholder of Shagang, a listed company. The environmental pollution cases disclosed by the Central Environmental Protection Supervision Team have already involved four listed companies: Lanfeng Biochemical, Luoping Zinc Power, * ST 3D, and Huifeng.  According to the official website of the Ministry of Ecology and Environment, the first batch of central environmental protection inspectors “looked back” 6 inspection teams successively visited Hebei, Inner Mongolia, Heilongjiang, Jiangsu, Jiangxi, Henan, and Guangdong from May 30 to June 7, 2018., Guangxi, Yunnan, Ningxia and other 10 provinces (autonomous regions) implemented inspection stationed.”Environmental Looking Back” is also being carried out by local environmental protection departments in various places.  According to incomplete statistics from the Beijing News reporter, since the beginning of this year, there are 16 listed companies including Zhongxing Fungus Industry, Dongjiang Environmental Protection, Evergreen, New Materials, Bohai, Anada, Batian, and Quartz.Affiliates comply with sanctions or are notified for environmental issues.The reporter 北京桑拿洗浴保健 found that these enterprises generally existed in chemical, steel, building materials and other heavily polluting enterprises.  Lanfeng Biochemical, Luoping Zinc Power was discontinued after being named. “A large number of abandoned reactors, storage tanks, chemical waste barrels, reagent bottles, etc. were randomly stored in the open air without any protective measures. The storage area and the surrounding area had obvious pungent odors, and some were abandoned.Residual liquid in the reaction kettle spilled onto the ground and penetrated into the soil.”On June 26, the official website of the Ministry of Ecology and Environment stated that during the 2016 Central Environmental Protection Supervision Inspection, some people reported that Lanfeng Biochemical’s solid waste was improperly disposed of, and the local environmental 杭州夜网 protection bureau investigated and dealt with it.”.The “look back” inspection team found that Lanfeng Biochemical’s rectification was not in place.  On June 29, a reporter from the Beijing News called Lanfeng Biochemical, and the company secretary told the reporter that the solid waste problem “has been almost rectified,” as stated in the article of the Ministry of Environmental Protection, “Some abandoned reactors have residual liquid spilled onto the ground and infiltrated.Soil “has also been” trusted to a third party for processing “.  ”The main reason is that our equipment is under maintenance, but the equipment was temporarily stored there. The item was found during the inspection of the Ministry of Environmental Protection.” The secretary of Lanfeng Biochemical responded that the incident “has no impact on the company.”  The Beijing News reporter noted that on June 14th, Lanfeng Biochemical announced that since June 12, 2018, except for some environmental protection treatment devices, the rest of the chemical production workshops have been shut down and the production is expected to be suspended for about two months.”During the shutdown period, it is expected that the company’s net profit will be reduced by about 20 million, which will have a conductive effect on the company’s 2018 operating results.On June 27, Lanfeng Biochemical issued a further announcement, stating that the existing company’s production facilities have been completely discontinued. At the same time, the company entrusted a professional third party to conduct a detailed investigation according to the company’s “three wastes” occurrence and governance measures to formulate practical scientific governance.The plan, and the relevant domestic well-known experts are hired to carry out the assessment, and after the assessment, the implementation will be promoted.  The environmental protection problem of Luoping Zinc Power, a listed company, is even more serious.On June 21, the Ministry of Ecology and Environment issued a document entitled “Easy Environmental Pollution by Bureaucratic Listed Companies of Qujing Municipal Committee and Municipal Government”, which mentioned that Luoping Zinc Power, a listed company, seriously polluted the environment.  The environmental protection issue of Luoping Zinc Power was raised in 2016. Qujing City formulated a rectification plan in December 2016 and proposed: “Complete the harmless treatment of 10-level lead-containing waste slag of Luoping Zinc Power Co., Ltd. by the end of 2018”.In the 2017 annual report, Luoping Zinc Power stated that “the company’s current construction and operation of facilities to prevent pollution is in good condition.””In the past two years, Luoping Zinc Power was still found.” The number of hazardous wastes was unclear, and they were randomly stored.According to the estimation of the inspectors, the stacking volume should be more than 10; the management of the plant area is chaotic and the sewage flows.The management of the electrolytic workshop is chaotic, and the electrolytic plates contaminated with heavy metal impurities of high concentration are stacked in the open air at will. “  On June 29, a reporter from the Beijing News called Luoping Zinc and the company’s external news report told the reporter that the pollution had been rectified, but the company was requested by Luoping County Government of Qujing City, and Luoping Zinc and Electric could not respond separately in detail.The relevant content is unified in the county to promote this one, and we can’t do interviews very specifically now.On June 25th, Luoping Zinc Power received a notice from the Qujing Municipal Environmental Protection Bureau. In order to rectify the environmental problems of the company, it decided to implement the suspension of the company’s zinc smelting production line from now on. It should be on October 31, 2018.A few days ago, the overall conversion of existing environmental problems was completed, and production can be resumed only after acceptance by the Municipal Environmental Protection Bureau.  According to Qujing local news reports, the local government of Qujing participated in the meeting in the afternoon after the publication of the Ministry of Ecology and Environment, and plans to make improvements by October 31 this year.  Huifeng Co., Ltd. was filed for investigation, and 28 people were punished for ST 3D. The reporter noticed that the Ministry of Ecology and Environment also notified the listed company Huifeng Co., Ltd. of Yancheng City for long-term illegal disposal and illegal disposal of hazardous waste. Shagang Group’s controlling shareholder, Shagang Group, has a million tons.Steel slag endangers the safety of the Yangtze River water ecological environment, and Shanxi Sanwei Group Co., Ltd. (* ST 3D) illegally dumps industrial waste pollution pollution budgets and other typical cases.  Regarding the notification from the Ministry of Ecology and Environment, the regulators and other regulators also launched investigations or inquiries on the above companies.  From June 21st to June 25th, Luoping Zinc Power successively received the letter of concern from the Shenzhen Stock Exchange’s small and medium-sized board, the letter of inquiry from the Yunnan Securities Regulatory Bureau, and the “Administrative Award Decision” of the environmental protection department.Luo Ping Zinc Power also announced that due to the company’s alleged information disclosure violations of laws and regulations, the China Securities Regulatory Commission decided to file a case investigation.  On April 20, the Ministry of Ecology and Environment of the Huifeng Co., Ltd. ‘s violation of the violations was notified.On April 20th, Huifeng received a letter of concern from the Shenzhen Stock Exchange. Three days later, it received a notice of investigation from the Securities Regulatory Commission. Due to suspected information disclosure violations of laws and regulations, Huifeng was investigated.According to the Huifeng shares announcement, in addition to environmental protection workshops, other production workshops implemented production rectification.In addition, Ji Zihua, a director and deputy general manager of the company, was arrested on May 15 for suspecting environmental pollution.  On June 5, Huifeng announced that it had recently learned from the Yancheng Public Security Bureau ‘s direct branch that it had filed an investigation into the company ‘s “unit suspected of environmental pollution crime”.  On April 17, the media reported that ST three-dimensionally illegally dumped industrial waste residues to pollute farmland, and the production wastewater was discharged directly into the Fenhe River.On the 18th, * 3D received a letter of concern from the Shenzhen Stock Exchange, and on the 19th received a notice of investigation from the Securities and Futures Commission, suspecting that information disclosure was illegal and illegal.  On May 25, * 3D received the Administrative Cognition Notification from the Shanxi Regulatory Bureau of the CSRC, stating that from 2014 to 2017, the company successively received seven “Administrative Action Decisions” issued by the Hongdong County Environmental Protection Bureau.The liability ordered him to correct the environmental pollution behavior, involving a total of 285 fines.80,000 yuan.At the same time, there are many times when the daily production and operation has exceeded the standard of sewage discharge.However, the fact that * ST 3D disclosed the environmental protection-related content in the six periodic reports from 2014 to 2017 and received multiple administrative penalties from environmental protection departments at the same time did not match. At the same time, the fact that pollution discharge exceeded standards in daily production and operation sometimes did not match.For Shanxi Sanwei’s illegal acts, 28 people including Shanxi Sanwei’s chairman Wang Yuzhu, chairman Yang Zhigui, and vice chairman Qi Baifa were intervened.  In addition to the above-mentioned companies, the environmental incidents of more than 20 companies this year, according to incomplete statistics from reporters from the Beijing News, since the beginning of this year, there are also Zhongxing Fungus Industry, Dongjiang Environmental Protection, Evergreen, Haller New Materials, Linglong Tire, Bohai shares, AnNada, Batian, Quartz, Sanchao New Materials, Xingye Mining, AVIC Sanxin, Wujin Stainless, Nanjing Panda, Hesheng, 16 listed companies of Guangji Pharmaceutical announced that the company or affiliated company is involved in environmental issuesSome enterprises have stopped production and are suspected or reported.  For example, on June 26th, Zhongxing Fungal Industry announced that the Environmental Protection Bureau of Yangling District of Shaanxi Province conducted a survey on the company’s wholly-owned subsidiary, Zhongxing Hi-Tech, on April 25, and concluded that Zhongxing Hi-Tech “produces 5 kinds of organic edible fungi for annual recycling”Industrialization demonstration project” has environmental violations, and ordered Zhongxing Hi-Tech to suspend production for rectification, with a limit of RMB 500,000 yuan and the production workshop parts and equipment closed and sealed off.  Zhongxing Bacteria weighs. Zhongxing Hi-Tech currently produces 80 tons of Flammulina velutipes, which accounts for about 15% of the total daily output of Flammulina velutipes. Zhongxing Bacteria and its subsidiaries will make rectifications according to the requirements of the administrative department.  On June 22, New Materials of Changle received the administrative decision of Changsha Environmental Protection Bureau. The local supervisory department found that there was a private concealed tube in the Chengcheng workshop of New Materials of Changle, and the environmental protection facilities that the workshop needed to build were not completed.Without experience, the construction project is the expansion of production or use, etc., the total amount of 900,000 yuan for the new materials.  Listed company Wan Nianqing announced on June 9 that the company was investigated and found that environmental issues were not rectified properly. There were problems such as the failure to adopt closed management measures for raw coal storage yards and the construction of raw coal storage sites in accordance with requirements. The company was notified by the Jiangxi Provincial People’s Government Network.  The reporter noticed that the environmental protection problems of the above 20 listed companies accounted for a large proportion in the past two months.  Sanchao New Materials disclosed on June 5 that the company was identified by the Environmental Protection Bureau of Jiangning District, Nanjing as a result of sewage discharge issues; Bohai Co., Ltd. disclosed on June 2 that its subsidiary was identified by the Shijiazhuang Environmental Protection Bureau because of sewage treatment issues; AnadaIt was disclosed on May 31 that the company was sanctioned by the Tongling Environmental Protection Bureau for exhaust emissions.  After the “Red Water” scandal, Jianxin’s pollution control has not been completed for 5 years. In 2013, the listed company Jianxin had been involved in the “Redwater” pollution incident.  In early April 2013, the groundwater in Xiaozhuzhuang, Cangxian County, Hebei Province was red, and the death of nearly 800 chickens after drinking water was reported by the media. CCTV reported in the report that the former Xinxin Chemical Plant in Cangzhou, Hebei was responsible for the surrounding environmental pollution.Jianxin Co., Ltd. Cangxian Branch stated that it apologized for the environmental pollution caused by the replacement caused by the complete removal of pollution sources left in the production process.  According to the Beijing News reported in August 2013, in Xiaozhuzhuang Village, Cang County, the “governance work” promised by Jianxin has indeed begun.The “red water” that the Air Force received has ceased to exist, and the “accident” old factory has been dismantled.  On June 29, 2018, a reporter from the Beijing News came to Xiaozhuzhuang Village, Cang County, and learned that the environmental governance of Jianxin shares has not been completely completed after 5 years.Responsible persons who stayed at the Xiaozhuzhuang Zhuangjian old stock factory told the Beijing News reporter that due to the time required for land management, Jianxin is currently working with the Environmental Planning Institute of the Ministry of Environmental Protection to repair the pollution at that time.  According to a “Technical Consulting Contract” presented to reporters, the Ministry of Environmental Protection’s Environmental Planning Institute provides technical services for groundwater pollution control and repair projects at Xiaozhuzhuang’s new factory site. The cooperation period is from 2018 to 2019.The director of the factory told reporters that the contract was finalized and had not been officially signed or stamped.  The reporter saw on June 29 outside the factory building of Jianxin that the water quality in the river outside the factory was normal, and the small canal behind the factory had already dried up.The two undemolished buildings are older and many of the glass has been broken.  Xiaozhuzhuang villagers told reporters that after the “Red Water” incident broke out in 2013, Jianxin Co., Ltd. stopped production and rectified, and the village has no odor.Villagers drink water from deep wells, and are not affected by the rejection of pollution.  According to Jianxin’s annual report, as of December 31, 2017, the remediation of contaminated sites had been reorganized, and a treatment fee of 1034 had been incurred.270,000 yuan.  On May 29, a reporter from the Beijing News called Jianxin for more information. The staff who answered the phone said that the hotline only accepts investors. The interview needs to contact the company’s publicity personnel, but the contact information of the relevant publicity department cannot beProvided by reporters.  In the past 6 years, more than 27 listed companies have been subject to environmental sanctions. Beijing News reporters have incomplete statistics. From 2011 to the end of 2017, more than 27 listed companies have been subject to administrative sanctions by relevant departments due to environmental issues, including Zhejiang Jiao Ke, and China Central.Water, Yongdong, * ST Yihua, Yaxing Chemical and other companies.  Beijing News reporters found that the manufacturing industry (classified by the CSRC) of the 27 listed companies accounted for more than 85% of the total, with 23 of them.Among them, the chemical raw material and chemical product manufacturing companies include Longman Baili, Yongdong shares, Yaxing Chemical and other 8 companies; Yongan Pharmaceutical, Magic Pharmaceutical and other 6 pharmaceutical manufacturing companies; Yunhai Metal, Taigang StainlessFour other companies are non-ferrous metal smelting companies or ferrous metal smelting companies, and five are in the rubber, automobile, agricultural and sideline product processing industries.  In November 2017, Huihai Yunhai, a subsidiary of Yunhai Metals, received an administrative determination decision because atmospheric emissions exceeded emission standards.In September 2017, the Huifa shares announced that Shandong Xinrun Food, a wholly-owned subsidiary, had invested in environmental protection before inspection and approved the construction of other environmental violations. It received the “Responsibility Order to Correct Illegal Activities” issued by Zhucheng Environmental Protection Bureau.book””.  Among these once criticized companies, many companies issued announcements saying that the rectification has been completed.However, some companies did not disclose the completion of relevant rectifications.  In 2016, the listed company Saisheng Pharmaceutical Industry’s holding subsidiary received a statutory report from the environmental protection department. Among them, the subsidiary’s biological wastewater discharge exceeded the specified chemical oxygen demand 500mg / L discharge standard.The reporter consulted Seson Pharmaceutical’s 2016 and 2017 annual reports and found that Seson Pharmaceutical did not disclose the rectification of the incident.  In 2016, Lukang Pharmaceutical announced that the sulfur dioxide in its boiler exceeded the standard. The company received the administrative decision from the Jining Environmental Protection Bureau of Shandong Province. The company’s 2016 annual report and 2017 annual report also found no relevant rectification completion.  In the IPO, refinancing, mergers and acquisitions and reorganization, environmental issues were concerned. In May of this year, Minhua Power was IPO or not.In the feedback published on the website of the China Securities Regulatory Commission on January 1, 2018, the issuance committee has asked that Minhua Power’s industry is a heavily polluting industry specified by the Ministry of Environmental Protection and requires Minhua Power to includeSupplementary note: The amount of the main pollutants discharged during the company’s production and operation, the processing capacity of environmental protection facilities, and the actual operating conditions.  On May 21, the CSRC stated that it would continue to merge the “Cooperation Agreement on Co-sponsoring the Disclosure of Environmental Information of Listed Companies” signed with the former Ministry of Environmental Protection and study the establishment of an ESG (Environmental, Social and Corporate Governance) reporting system for listed companies.Continue to strengthen the disclosure obligations of environmental and social responsibility of listed companies.In the review of IPO, refinancing and mergers and acquisitions, we must further increase our focus on environmental issues.  According to the “Guidelines for Disclosure of Environmental Information of Listed Companies” (Draft for Solicitation of Comments) published by the former Ministry of Environmental Protection: thermal power, steel, cement, electrolytic aluminum, coal, metallurgy, chemicals, petrochemicals, building materials, papermaking, brewing, pharmaceuticals, fermentation, textiles, manufacturingThe 16 industries including leather and mining are heavy polluting industries.  According to Choice data, as of the end of June, 315 companies that have passed the IPO review have recruited companies such as Zhaojin Lifu, Hongqi Minbao, Teda New Materials, and Hongtai Co., Ltd., which belong to the above-mentioned heavily polluting industries.As of June 29, there were 26 coal chemical companies, 34 thermal power companies, 36 steel companies, 65 building materials companies, 35 coal companies, 22 paper companies, 36 textile companies, and 173 in Shanghai and Shenzhen.Pharmaceutical manufacturing enterprises.  Beijing News reporter Li Yunqi intern Fan Yuechi

Zhejiang Meida (002677): Steady revenue growth and output, brand gradually strengthened

Zhejiang Meida (002677): Steady revenue growth and output, brand gradually strengthened

Event: 佛山桑拿网 Zhejiang Meida released the 2018 annual report, and the company’s revenue was 14.

10,000 yuan, an annual increase of 36.

49%; net profit attributable to mother 3.

7.8 billion, an annual increase of 23.

70%, the company plans to pay dividends for every ten shares4.

65 yuan (including tax).

Key points of investment: Revenue has grown steadily, and gross profit margin has fallen slightly in 2018.

10,000 yuan, an annual increase of 36.

49%; net profit attributable to mother 3.

7.8 billion, an annual increase of 23.

70%; deduct non-attributed net profit 3.

690,000 yuan, an annual increase of 33.


The company’s investment income decreased by 2113.

900,000 causes the growth rate of net profit attributable to mothers to be less than the growth rate after deductions.

Affected by rising raw material prices, the company’s gross profit margin fell2.

40 points to 南京桑拿论坛 51.


Reduced corporate expense ratio by 1.

51pct to 19.

42%, of which the sales expense ratio increased by 1.

22pct to 11.

03%, management + R & D expense ratio reduced by 2.

67pct to 8.


Advertising costs have increased significantly, and brand influence has continued to increase in 2018.

07 billion, an annual increase of 53.


Through CCTV4 “National Memory”, CCTV13 “Eastern Space Time” and other CCTV media advertising, named 7 high-speed rail columns, increase the brand awareness of new media advertising companies continue to increase.

The new plant is about to be completed, and the production capacity will be further increased. The existing company’s new 1.1 million integrated stoves and high-end kitchen electrical product projects have completed the construction of all the main works of the plant.

This will smooth the company’s future production capacity constraints and help the company to grow steadily in the future.

Maintaining the “Recommended” level With the increase in the penetration rate of integrated stoves and the strengthening of the company’s brand power, we expect the company’s EPS to be 0 in 2019-2021.

67, 0.

79 and 0.

94 yuan / share, maintaining the recommended level.

Risks indicate that the penetration rate of integrated cookers is lower than expected risks, the company’s brand power is lower than expected risks, and the real estate recovery is lower than expected risks.

Bo Shi shares (002698): 19Q1 performance preview comment 19Q1 performance exceeded expectations high growth to verify the continued high prosperity downstream

Bo Shi shares (002698): 19Q1 performance preview comment 19Q1 performance exceeded expectations high growth to verify the continued high prosperity downstream

Guide to this report: The company released a performance forecast, and achieved a net profit of 0 in 19Q1.


7.9 billion, an increase of 230% -280% previously, exceeding expectations.

  Investment Highlights: Legislation: The company issued a performance forecast, and achieved a net profit of 0 in 19Q1.


7.9 billion, an annual increase of 230% -280%, exceeding expectations.

The high growth rate in the first quarter reports the continued high prosperity in the downstream; gradually, in order to reduce the expected impact of the quarterly transition, the company will report in detail the 19-year budget in the annual report to further improve the certainty of performance.

In 19Q1, the profit margin increased significantly. It is expected 杭州桑拿体验网 that the waste acid equipment will gradually recognize revenue from Q2, and maintain 2018 to 20 EPS.



69 yuan, considering that product expansion opens up long-term growth space and maintains a target price of 17.

9 yuan, corresponding to 35 times PE in 2019, increased holdings.

  The results of the first quarter report exceeded expectations, and high growth verified the continued high prosperity in the downstream.

The main reason for the judgment is that the revenue recognition of Q1 has accelerated, and the profit margin has increased significantly.

The first quarter report has made a good start for 19 years, but the announcement reminds that the revenue recognition of each quarter is uneven. The company will refer to the 19-year performance forecast 杭州桑拿 and financial budget in the annual report based on the product delivery cycle.

On the whole, we judge that the current round of downstream capital expenditure is still in the upward cycle. The high business climate is expected to continue into 2020. It is expected that new growth orders will increase by more than 20% in 19 years, and orders will continue to accumulate and the company’s financial budget will increase.Certainty in annual performance.
  Q1’s profit margin has increased significantly. It is expected that from Q2, waste acid equipment will gradually recognize revenue.

The main business of powder and granule equipment, service business, robots and rubber equipment increased significantly in 19Q1. It is expected that the parent company’s revenue will be recognized at more than 300 million US dollars, a cumulative growth of over 80%. As the waste acid equipment revenue has not been confirmed, it is expected to affect the consolidated statement profit5-6 million, the actual net profit of the parent company is 0.


85 ppm, with a net profit margin of about 25%, a significant increase.

It is expected that the revenue from waste acid equipment will be gradually recognized starting from Q2. The waste acid business includes high gross profit process packages, which is expected to further boost the overall profit margin (parent company’s statement net interest rate).

  Catalyst: large orders extended.

  Risk warning: New product market development is not up to expectations, and the profitability of petrochemical companies is deteriorating.

Public offering of quantitative hedge funds restarted after three years of Zhongrong fund products approved

Public offering of quantitative hedge funds restarted after three years of Zhongrong fund products approved

Source: China Net Finance Original title: Publicly funded quantitative hedge fund restarted after three years, Zhongrong Fund’s first batch of products was approved more than three years later. Publicly funded quantitative hedge fund opened again. Information from the official website of the China Securities Regulatory Commission revealed thatZhongrong Smart Selection Hedging Strategy has been opened regularly for three months and a flexible allocation of hybrid initiating funds has been approved recently, becoming one of the latest round of quantitative hedge funds approved for issuance.

  Quantitative investment is to use statistical and mathematical models and methods to find “high probability” strategies that can lead to excess returns from massive data and guide investment. Quantitative hedging is a special strategy for quantifying funds. It manages and reduces the portfolio system.Risk in response to changes in financial markets, and obtain relatively ideal returns.

Zhongrong Fund said that the re-opening of the public quantitative hedge fund can provide investors with more and richer investment varieties.

It is also the result of the continuous improvement of market trading tools. Due to the limitations of trading tools, hedging public offerings can only choose stock index futures to hedge systemic risks in the market before quantification. ETF investment and the listing of stock index options provide more hedging strategies.Rich source of absolute revenue for a reasonable approach.

  Quantitative hedge funds are mainly based on market-neutral strategies. This strategy hedges systemic risks of stock assets through financial derivative instruments such as stock index futures and budgets in order to obtain absolute returns.

According to Zhongrong Fund, referring to traditional equity fund products, such products have the advantages of narrowing drawdowns and stable returns.

The yield of currency fund products in the existing market is gradually falling, and the attractiveness of allocation is decreasing. However, the yield of traditional stock fund products fluctuates. Such products can replace the gap between fixed income products such as currencies and equity products.

With the enrichment and improvement of financial derivatives in the future, public offering of quantitative hedging products is expected to become a substitute for low-risk fixed income products.

  Zhongrong Fund has an early layout in the field of quantitative investment. In 2016, the quantitative investment department was established, and Yi Haibo, the company’s vice president, was in charge.

The team has a wealth of strategic reserves, covering proactive quantification, index-enhanced internal relative return strategies, and absolute return strategies such as target risk and quantitative hedging. It makes full use of modern quantitative technologies such as financial statistics, big data, and machine learning.Find and capture Alpha earnings.

The Zhongrong Smart Choice Dividend stock currently 南宁桑拿 under management and the Zhongrong Quantitative Smart Choice Hybrid have repeatedly outperformed the benchmark since its establishment.

The approval of the first quantitative hedging product will further enrich Zhongrong Fund’s quantitative product line, create an excellent investment tool for investors, and meet the diversified allocation needs of investors.