Kitakami Capital Shopping Cart: Position 1.

2 trillion doubles before 11

Kitakami Capital Shopping Cart: Position 1.

2 trillion doubles before 11

Securities Times Original Title: Kitakami Capital Shopping Cart: Position 1.

Before the 2 trillion double eleventh consecutively, the Securities Times reporter Zhang Juanjuan went to the “double eleven” for another year, and the A-share “net red” known as the “smart fund” went north to make fun.

Kitakami Capital seems to be at least foresighted, with a net purchase of 386 for 12 consecutive days since October 24.

5.2 billion yuan.

  Compared with previous years, this year’s double eleventh northbound fund sweeping is more crazy.

Securities Times · DataBao statistics show that in 2015, the net state of capital replacement in the north of the 12 trading days before the 2016 Double Eleven (excluding the data on November 11).

In the first 12 trading days of Double Eleven in 2018, the net purchase amount also exceeded 30 billion, but it was still lower than the previous period.

  Position market value 1.

The 27 trillion yuan of capital from the north has become increasingly interested in the allocation of A shares, and the market value of positions has increased year by year.

Securities Times · DataBao statistics show that the latest market value of Kitakami funds is as high as 1.

270 billion.

From the industry perspective, there are 5 industries with a market value of over 100 billion positions.

  The market value of food and beverage positions exceeds 240 billion, and the market value of the home appliance industry exceeds 140 billion.

The market value of positions in pharmaceutical bio, banking and non-bank financial industries are all over 100 billion.

It is not difficult to find that the above 5 industries are all big finance and big consumer industries.

In fact, the market value of financial consumer stocks with capital allocation in the north is close to 60%.

  From the perspective of individual stocks, among the more than 1,200 mainland-listed constituent stocks, there are 19 stocks with a market value of more than 10 billion yuan.

The market value of Maotai’s positions in Guizhou exceeds 120 billion, ranking first; Ping An, which is far below second place, has a total of 68.9 billion in positions.

Midea Group, Gree Electric, Hengrui Medicine and Wuliangye have market value of more than 40 billion yuan.

  The market value of some individual stock positions may not be high, but they have been taken over 10% by Beijing Capital.

Such as Huatest testing, Angel Yeast, Hongfa shares, Sofia, of which Huatest testing northbound funds holding a stock market value of 231.

7.2 billion yuan, but the stock market value accounted for as much as 21% of the total market value, Angel Yeast market value accounted for more than 15%.

  The main focus of the operation is “high selling and low absorption.” Since November, the Shanghai Index has risen slightly by 1.


During 成都桑拿网 the period, how did the capital move north?

From the perspective of active stocks, 26 of the 39 listed stocks were net bought, and these 26 stocks grew by an average of 4%.

23%, only 3 shares fell slightly; according to this, 13 net sold shares increased only slightly.


  For example, the net purchase of 2.4 billion Gree Electric has been increasing since November 8.

36%, net buy 12.

The $ 4.3 billion Haier Zhijia has been growing the most since this month, reaching 16%.

  In fact, among the 39 active stocks listed above, the top five stocks that have continued to fall, only Wen’s shares have been net bought a small amount, and the remaining 4 shares have been net sold, including Yanghe shares, Longji shares, and MakiharaWait.

It is worth mentioning that the latest closing prices of these three stocks are 合肥夜网 lower than the average transaction price during the period.

  Through active stocks, it can be basically judged that the operation of the northward capital is in line with the strategy of “high selling and low absorption”, that is, it continues to expand after increasing its holdings and continues to decline after reducing its holdings.

This can also be reflected in the changes in the shareholding of all the constituent stocks of the China Stock Connect.

The data shows that the latest closing price of the 753 stocks that have been increased since November has fallen slightly by 0 compared to the average transaction price.17%, and the latest closing price of the 443 shares that were reduced is 0 lower than the average transaction price.


  Big Masukura 45 shares During the shopping festival, Kitakami funds mainly favor these stocks?

Judging from the changes in shareholding ratio, since November, Kitakami Capital has increased its position by more than 0.

There are 45 single stocks. The number of stocks in the electronics, home appliances, pharmaceutical, biological, agricultural, forestry, animal husbandry and fishery industries is in series. There are 5 stocks that have increased their shareholding ratio by more than 1 unit, followed by Jiuyang shares and Industrial Fulian.Haier Zhijia, La Chapelle and the Tang god.

  Data Bao statistics show that of the above 45 stocks, 38 have continued to grow since November, accounting for over 80%.

For more accurate calculations, comparing the average transaction price of the period from November to November 8 with the latest closing price, 27 of the 45 premium stocks mentioned above.

  The highest premium is Xingsen Technology. The latest closing price is 4 higher than the average transaction price.

93%, based on this calculation, it is estimated that the book float of the increase in holdings is expected to exceed 5 million. The stock also has popular concepts such as 5G, chips, and Huawei; followed by Haier Zhijia Premium 4.

At 06%, the floating profit of the increase in shareholdings was over 3 million; the willingness of wine industry and Lingrui Pharmaceutical all exceeded 3%, and the floating profit of the increase in shareholdings increased by more than 2 million yuan.

  Overall, most of the above 45 shares belong to the consumer industry.

From the perspective of technical forms, most of the stocks are in the rising channel, such as Gree Electric Appliances, Beijing New Building Materials and so on.

In terms of performance, the overall performance of these stocks is better. The net profit of more than half of the stocks increased by more than 10% in the first three quarters. For example, the net profit of Yisheng shares increased nearly 10 times, and the lower limit of annual net profit growth is expected to exceed 5 times.In the first three quarters, net profit increased by more than 50%.

  What needs to be added is that the above-mentioned 45-share institutions are forecasting better overall performance this year.

Among them, 15 stocks achieved net profit growth in the first three quarters, and the agency’s forecasted maximum net profit growth is expected to exceed 15% (forecast institutions exceed 5), including Tangrenshen, China Chemical, Inspur Information, etc.

Tin Industry Co., Ltd. (000960) Follow-up Comment: The opportunity for tin industry joint production reduction comes

Tin Industry Co., Ltd. (000960) Follow-up Comment: The opportunity for tin industry joint production reduction comes
Tin Industry Announcement In order to actively respond to the joint production reduction strategy of the Chinese tin industry enterprises, it will implement the production reduction. It is expected that the company’s refined tin production in 2019 will be 四川耍耍网 reduced by about 10% compared to the expected production plan. Opinions: 1. Reduction accounts for 8.2%, huge impact: China’s refined tin output in 201817.77 growth rate, global production 36.92 For the first time, this time the Chinese tin smelting enterprises will jointly reduce production2.02Persero Tbk (Indonesia Tianma Company) will also reduce production by more than one. According to the consensus on production reduction, the global supply of refined tin may reduce production by three.02 is higher than the above, accounting for about 8.About 2%.According to WBMS statistics, the global tin supply shortage in the first half of the year was zero.42 It is expected that cuts may be intensified during the year. 2. The production reduction in 2016 has significantly increased the price: On January 14, 2016, key enterprises in the Chinese tin industry also issued a joint approval and announced a production reduction1.7 At least, despite the fact that the annual domestic refined tin output in 2016 actually increased by 1.58 Positive (+9.47%), but in the context of the global economic short-term recovery, tin prices have actually risen by more than 65% after a reduction in output.The obvious rise in prices is also the first priority to reduce production and improve discounts.The background of this production reduction is slightly similar to that of 2016, and the general environment is also at the end of the counter-cyclical cycle, which may have similar catalysts for tin prices. 3. Price regression and regression can reduce the negative impact of reduced hedge volume on performance: under high concentration, the industry spontaneously adjusts its price transfer ability, which can be ground from the past few tin prices that stabilized between 140,000 and 150,000, so weVery confident in the return of tin prices.In addition, even the company announced that its expected output was reduced by about 10%, but the rebound in prices is entirely possible to hedge against the reduction in output.And the price goes up, the actual output reduction is not necessarily bounded by 10%. For example, the reduction in output in early 2016 caused the tin price to rise afterwards, but the actual company’s output increased by 3 each year.5%. 4. Investment suggestion: We conservatively expect the company to return to its parent net profit in 201910.20,000 yuan, EPS is expected to be 0 西安耍耍网 in 2019-2021.60/0.68/0.77 yuan, maintain BUY rating. 5. Risk warning: the effect of production reduction is less than expected, and demand continues to be weak

Depth-Company-China Life (601628): The improvement in debt investment improved the net profit attributable to mothers to increase further 92.


Depth * Company * China Life (601628): Debt investment improved and net profit attributable to mother continued to grow 92.


The company achieved a return of 260 to its mother in the first quarter of 19 years.

30,000 yuan, an increase of 92 in ten years.

6%; premium income 2,723.

5 ppm, an increase of 11 years.

9%; premium income in the first year reached 667.

8 ‰, an increase of 9 in ten years.


The company’s total investment assets increased by the end of 20182.

7%, annualized total / net return on investment is 6 respectively.

7% / 4.

3%, an increase of 2 per year.

8 / -0.

1 unit.

Opening sales were significantly better than peers, and net profit attributable to mothers increased by 92 per year.

6%: 1) In the first quarter of 2019, the company achieved net 北京夜生活网 profit attributable to its mother of 260.

3 ‰, an increase of 92 per year.


Mainly due to the better sales of starters than the industry and the improvement of the investment environment; 2) In the first quarter of 2019, the company realized 2,723 premium income.

5 ppm, an increase of 11 years.

9%; premiums in the first year achieved positive growth, reaching 667.

8 ‰, an increase of 9 in ten years.


In the first year, premiums accounted for 99% of new premiums paid in long-term insurance.


Increase by up to 12.

2 units, the premium structure is further optimized.

In 2018, the company implemented agent clearance, gradually realized a strong agent team, and increased per capita production capacity, which is expected to bring about rapid growth in the company’s guaranteed product sales.

The 南京夜网 investment environment has improved significantly, and the investment yield has further improved: 1) The CSI 300 Index rose 28 in the first quarter of 2019.

The 10-year Treasury bond maturity yield ended at 3 at the end of March.

1%; the investment environment has improved significantly; 2) Investment assets have grown, and investment opportunities have been flexibly grasped.

As of the end of the first quarter of 2019, the company’s investment assets were 31,894.

80,000 yuan, an increase of 2 at the end of 2018.

7%, the scale of expansion is obvious and is at the leading level in the industry; 2) The company’s equity assets accounted for a relatively high proportion in 2018, which was 13.

7%, with a total size of 4,246.

700 million.

Benefiting from the recovery of the secondary market, the return on equity assets increased significantly.The annualized total / net rate of return is 6.

7% / 4.

3%, an increase of 2 per year.

8 / -0.

1 unit.

Benefiting from the marked improvement in the investment environment in 2019, the company’s investment income has rebounded significantly.

The investment proposal is based on the 2019 first quarter report, and the profit forecast is raised. It is expected that the NBV growth rate in 2019/2020/2021 will be 18.

6% / 10.

1% / 10.

0%, EV growth rate is 17.

1% / 15.

7% / 16.

8%, 2019 PEV is 0.

90, China Life is better off than its peers. It is expected that new single premiums and NBV will perform better than their peers in 2019.

The recovery of the equity market is expected to bring about a marked improvement in the investment side.

The new leader’s ability to improve business strategy and overall improvement.

Maintain overweight rating.

Risk reminders: The growth rate of insurance premiums for protection-type insurance products is lower than expected; the dual impact of market fluctuations on industry performance and estimates; and the uncertainty of insurance company investment caused by downward interest rates.

Shanghai Meilin (600073) In-Depth Report: Focusing on the Main Business and Strengthening Meat Breeding

Shanghai Meilin (600073) In-Depth Report: Focusing on the Main Business and Strengthening Meat Breeding

The key points of investment focus on the main meat industry and improve the upstream breeding layout.

(1) The company is a meat and meat professional platform of Guangming Group. In recent years, it has continuously focused on the main business layout of the pork and beef industry chain. In 2019, it is expected to produce about 1.2 million live pigs (approximately 670,000 equity), and the maximum downstream slaughter capacity is about 1.8 million.First, the annual 杭州夜网论坛 sales volume of chilled pork is about 21 tons.

(2) The sales scale of beef business is about 120 billion. At present, New Zealand silver fern is still in the brand promotion period. In the future, it will deepen the domestic high-end market and increase the brand premium.

(3) The company’s downsizing has gradually come to an end. In 2019, it will continue to clean up non-main business assets and rationalize its operating structure.

Marketing achieved results, and the profitability of old brands improved.

The canning business has actively expanded online, offline and overseas channels. In 2018, its revenue accelerated by nearly 10pct, and its gross profit margin increased by 3.

5 points; the effect of comprehensive food innovation and marketing is obvious, and the gross profit margin increases by 7.

0pct, Guanshengyuan net profit 1.

900 million, a year-on-year growth of about 20%.

The profitability of the canned food and integrated food segment has steadily improved, contributing to the company’s stable cash flow.

The pig cycle is reversed, breeding is expected to increase in volume, and the prospect of imported beef is promising.

The turning point in pig prices has passed. In the first half of the year, the number of pigs in the slaughtering system will decrease the historical record of the decline in the number of pigs that can be propagated.

The epidemic has forced the industry to slaughter on-site and develop cold chain transportation. The company’s slaughter layout is in the main sales area of the Yangtze River Delta and will benefit in the long run.

As for the domestic supply and demand gap for beef, the profitability of the company’s beef and mutton business will improve with brand promotion.

Investment suggestion: The company’s core business is meat, and it will continue to develop its upstream layout in the future. The breeding sector is expected to bring performance elasticity with the transformation of the pig cycle.

Many long-established brands of snack foods have significantly improved their profitability.

In addition, the company actively manages losses and transfers non-main business companies, which gradually reduces related performance drag.

We expect the company 2019-2021 EPS: 0.

46, 0.

68, 0.

75 yuan, based on the closing price on May 6, the corresponding PE is 22.

3, 15.

0, 13.

5 times, given a “prudent overweight” rating.

Risk reminders: Enterprise collaboration fails to meet expectations, food safety risks, fluctuations in pig prices, and epidemic risk.

China Optics (002189) Third Quarterly Report Review: Optoelectronic Defense Leads Domestic Military and Civil Business

China Optics (002189) Third Quarterly Report Review: Optoelectronic Defense Leads Domestic Military and Civil Business

Event: The company released the third quarter report of 2019, and the company achieved operating income from January to June 201916.

69 ppm, an increase of 3 over the same period last year.

56%; net profit attributable to shareholders of the listed company is 0.

79 ppm, an increase of 6 over the same period last year.


  Benefiting from the construction of national defense informatization, military products have maintained steady growth.

The company has always focused on the scientific research and production of optoelectronic defense products. The various types of light weapon sights, stability control optoelectronic systems, and detection and interference systems that have been manufactured are at the leading level internally. Many military models are the first in China, and some products are exclusively 苏州桑拿网 supplied to the military.

In the field of surveillance, the company is the only domestic military unit designated by the National Frontier Defense Commission that has been shortlisted for both land defense and coastal defense surveillance.Long-term partnership.

According to the goals of the “Thirteenth Five-Year Plan” for military construction, “informatization construction must achieve significant progress, establish a modern military force system with Chinese characteristics that can win informatized wars, and effectively carry out tasks,” we believe that the company will benefit from national defense informationWith the acceleration of chemical construction, it is expected that the photoelectric defense products will continue to grow steadily.

  Entering the consumer electronics market, the prospect of the civilian products 都市夜网 business is broad.

After the company completed major asset reorganization last year, its main business covers mid-upstream and upstream products in the optoelectronic industry such as precision optical components, optical accessories, and photoresistors, as well as downstream products in the optoelectronic industry such as optical devices, optoelectronics, and photovoltaic system integration.Industrial pattern of parallel development.

In the field of projection display, the company is one of the few domestic companies that can design, develop, and produce projection machines, and can cover both DLP and 3LCD technologies. It has already cooperated with Storm, Nuts, ViewSonic, Oriental Central Plains, BenQ and other domestic and foreign companies.The well-known projection brand establishes a cooperative relationship. The products cover multiple projection methods, multiple focal lengths and various types of light sources, covering application areas such as home entertainment, digital cinema, engineering, business education, etc.

In addition, the company’s optical products such as periscope microprisms have been successfully used with Huawei P30 series mobile phones, and the prospect of entering the consumer electronics market is very bright.

  Profit forecast and investment grade: The company’s net profit for 2019-2021 is expected to be 2.

01 billion, 2.

4.1 billion, 3.

13 trillion, EPS is 0.

77 yuan, 0.

92 yuan, 1.

19 yuan, corresponding to PE is 27 times, 23 times, 17 times, given a “buy” rating.

Risk Warning: The delivery of military products is less than expected; competition in the consumer electronics market is intensifying.

Mona Lisa (002918): Performance in line with expectations Expected outbreak at the B-end

Mona Lisa (002918): Performance in line with expectations Expected outbreak at the B-end
Event: On February 21st, the company released the 2019 performance report, and realized operating income of 38 in 2019.04 trillion, an increase of 18 over the same period last year.57%; operating profit 5.1 ppm, an increase of 21 over the same period last year.97%; total profit 5.1 billion yuan, an increase of 21 over the same period last year.25%; net profit attributable to shareholders of the company is 4.3.6 billion yuan, an increase of 20 over the same period last year.30%; basic income 1.08 yuan, an increase of 20% over the same period last year. Opinion: The three major reasons for the growth in performance are expected to continue to exert force.1.The sales-end business of the map increased brand construction expenditure, continued to expand the channel sinking strategy, and increased the layout of the county-level market across the country; 2. The real estate strategic business benefited from the trend of refined real estate decoration, with rapid income growth and scale effects; 3. Product structureFurther optimization, large-scale product and new product market development has been fruitful. Seven lines in the Fujin County base will be put into production in 2020. The B-end trend will break out. The total number of lines in the Fujin base is 11. It is expected that four lines will be put into production in the first half of 2020.In the second half of the year, 3 lines will continue to be put into operation, and the remaining 4 lines will be put into operation in 2021. By then, the company’s capacity scale is expected to reach 1.5-1.600 million square meters, the production capacity directly enters the previous three, capacity expansion and expansion, B-end is expected to usher in explosive development.So far, the company has cooperated with 73 top 100 real estate companies. In the future, it will continue to expand the depth and breadth of cooperation, and continue to expand more B-side customers. Good cash flow and abundant cash have laid a good foundation for the forthcoming B-end explosive growth. The company’s operating cash flow reached 8 in the first three quarters of 2019.5.7 billion US dollars, cash and equivalents reached nearly 2 南京桑拿网 billion US dollars, B-end customers basically need 3-6 months to confirm revenue, accounting period up to about 1 year, so good cash will effectively protect B-end customersexpand. The epidemic will intensify the reshuffle of the real estate industry, which will be conducive to the continuous outbreak of the company’s B-end business. The epidemic will trigger the reshuffle of the real estate industry. A large number of small and medium-sized real estate developers may be merged or reorganized, leaving large real estate developers with greater strength.The company’s cooperation is basically with large real estate developers. The company’s rich product structure, high-quality product quality and high cost will definitely be favored by more and more developers, which will help the company’s B-side business continue to explode. Maintain the company’s profit forecast basically unchanged, continue to give the company a “buy” rating, 6-month target price of 28 yuan, the company’s 2019/2020/2021 return to net profit is expected to be 4 respectively.3.6 billion 15.5.7 billion yuan 7.07 billion, EPS is 1 respectively.08 yuan / 1.38 yuan / 1.76 yuan. Risk Warning: The performance is not up to the expected risk, the outbreak lasts longer than expected, and the systemic risk.

Superstar Technology (002444): Looking at the growth potential of superstars from the history of TTI development

Superstar Technology (002444): Looking at the growth potential of superstars from the history of TTI development

Reviewing the development history of TTI, three perspectives on the potential of superstars to become international giants TTI is a global leading power tool company headquartered in Hong Kong. Since its establishment in 1985, it has been able to integrate and develop in more than 30 years.Under the strong independent internal research and development, 南京桑拿论坛 we have developed from a small OEM company with only one Guangdong production base to a leading developer in production and operation.

We believe that the re-examination of TTI from the perspectives of strategy, finance, and estimation provides some inspiration for Juxing Technology’s development prospects. Juxing actively builds its layout, continues to strengthen its own brand and independent research and development, and transforms global tool service providers.The development strategy is expected to replicate the rise of TTI. Profitability and ROE may be steadily improved in the process, and it is estimated that the potential for improvement cannot be ignored.

The company is expected to have EPS 0 in 2019-21.



17 yuan, “Buy” rating.

  Strategic perspective: Mergers and acquisitions + independent 武汉桑拿 research and development enhanced endogenous growth is an efficient way to create a leader From the perspective of corporate strategy, the key to TTI’s success lies in: 1) the acquisition of Ryobi, Homelite, Milwaukee, AEG, DreBo, Stiletto,Empire and other well-known overseas brands and businesses have achieved multi-grade, full-category layouts, forming a production, research and development focus with China, Southeast Asia, North America, and Europe, and a global marketing network; 2) Lithium-ion technology in the past decade has gradually matured to make electricThe main tools of the tool have shifted from the traditional corded type to miniaturization, light weight, and cordless. TTI accurately grasps the industry trend and continues to increase the research and development of cordless tool technology and products. New products account for more than about an area increase each year.The industry’s lowest clarity standard has already been researched and developed, and the R & D advantages of large-scale enterprises have made the company’s endogenous growth faster than the industry and improved.

  Financial perspective: The continuous improvement of profitability is the key to TTI becoming a large U.S. stock. The superstar’s potential is far-reaching. Since 2010, it has been the “golden decade” of TTI’s leap in market value (the market value has increased by about 7 times).

From 2010?
From the perspective of 18 years, the income has grown steadily (composite growth rate of 9%), and the net interest rate has continued to increase from 3% to 8% (complex growth rate of net profit has reached 25%). The overall stability of PE assessment is the direct financial reason for it to become a large U.S. stockROE’s continuous increase from 9% to 18% is mainly driven by the net profit margin, and essentially benefits from the increase in gross profit margin (the introduction of new products with high gross profit margin year by year, optimizing product structure and production efficiency).

About TTI, since 2011, the superstar’s gross profit margins have been redistributed but the net interest rate is higher (increasing expense ratio), and the ROE is lower (due to the leverage ratio, the asset turnover ratio has been relatively reduced).

We believe that the introduction of European and American domestic services + Asian manufacturing + Chinese management R & D will advance the global development strategy, and the superstar profit margin and ROE can increase the potential.

  Estimation angle: In the new stage of continuous development, it is estimated that the superstar will increase space, and maintain the “buy” ranking leader. The positive factors such as steady cash flow, continuous improvement in net interest rate and ROE provide strong support for TTI estimation. 2010?
The average value of PE-TTM in 19 years, the median is 21 respectively.

5, 22.

0 times, less fluctuation after 2012.

We believe that in the short term, the superstar PE is estimated to be at a historically high level, the trade friction is gradually eased, the market risk is expected to improve, and the company can replace the space for repair. In the long term, the transformation of the superstar development strategy is gradually realized, and the TTI estimates the architecture or the company.The value judgment is of reference significance.

It is expected that the company’s net profit attributable to mothers in 2019-21 will be 9.



600 million, PE is 14, 12, 11 times.

Comparable company PE 11 times in 2020, taking into account the company’s sustainable business sustainable industry, given 14-16 times PE in 2020, target price 14.


26 yuan.

  Risk reminders: economic growth in major overseas markets, exchange rate risks, less-than-expected progress in the start-up of Southeast Asian foundations, increased trade friction between China and the United States, and less-than-expected acquisition integration and investment synergy.

Youzu Network (002174) Quarterly Comment: Q3 Endogenous Significantly Improves the Next Dividend Proportion Increases the Underestimated Variety

Youzu Network (002174) Quarterly Comment: Q3 Endogenous Significantly Improves the Next Dividend Proportion Increases the Underestimated Variety

Event: The company released three quarterly reports on the evening of October 22: the company achieved revenue of 26 in the first three quarters of 19 years.

42 billion, an increase of 0.

73%; realized net profit attributable to mother 7.

0.5 billion (previous notice is 7?
800 million, falling close to the lower limit), the same increase of 3.

29%; Realize net profit deduction 6

1.7 billion, an increase of 10.


After the split, 19Q3 achieved revenue of 9.

1.2 billion, an increase of 9.

11%, the ring increased by 1.

70%, net profit attributable to mother 2.

9.8 billion, up 57.

11%, a ring increase of 27.

28%, net of non-attributed net profit3.

1.0 billion, an increase of 70.

08%, an increase of 107.


The main changes in performance are: 1) “Quanyou” went live on July 10th, although the current performance was slightly lower than the previous expectations, but it still led to the 19Q3 performance repair; 2) “Saint Seiya” was launched overseas, and overseas distribution revenue since SeptemberThere has been growth, and the ranking of overseas publishers has increased from the previous 20 to 16; 3) The scope of the consolidated financial statements of Youzu in 19Q3 has changed significantly, and Palm Amoy will no longer be consolidated, which will affect the income and profit of the third quarter;) 19Q3 investment net income was 189.

740,000, net income from changes in fair value was 4226.


Cost analysis: The increase in gross profit margin and net profit margin in 19Q3 was mainly due to the higher gross profit margin of Quanyou enjoyed direct breakdown.

19Q3 company gross profit margin 55.

49%, an increase of 5 per year.

64%; net interest rate 32.

68%, an increase of 10 per year.


Expense analysis: Expense rate exceeded and decreased month-on-year, four expenses in 19Q327.

20%, a decline of 5 per year.

78pcts, down 12 from the previous month.


After the convertible bonds were received, the quality of the balance sheet improved.

September 23, 2019 Youzu issued a face value summary11.

500 million, with a term of 6 years, initially converted to 17.

The 06 yuan convertible bond is mainly used for online game development and operation construction projects, online game operation platform upgrade construction projects and supplementary liquidity. The third quarterly report shows the company: 1) Monetary funds increased by 8.

56 ppm; 2) Repayment of short-term borrowings 2.

2.2 billion; 3) 佛山桑拿网 Increase in prepayments by 1.
US $ 6.9 billion is estimated to be due to the advertising of products ready to go online and new royalties (such as agency products).

The company actively grasps the trend of the cloud game industry.
In addition to the Cloud Game Industry Alliance (CGIA) discussing cutting-edge technologies, Securities Times reported on November 7 that Youzu Network and Huawei signed a cooperation framework agreement. The two parties will work together to develop cloud game cooperation and jointly develop the cloud game industry market.

Subsequent parties will jointly promote cloud gaming solutions and release cloud gaming products, including ARM Android cloud games and PC cloud games.

Investment point of view: The company’s three quarterly report is approaching the lower limit of the previous notice, but it has improved in the single quarter. Follow-up “Shanhai Mirror Flower” (expected to be launched at the end of November), “Three Kingdoms of the Youth 2” (waiting for version number), “Wild Wild Fighting” (endOr on-line early next year) and other head product performance can be expected.

Combined with the three quarterly reports, we lowered the company’s 19-year profit forecast. It is estimated that the net profit for 2019-2021 will be 1.1 / 14 / 1.7 billion yuan, corresponding to the estimated 12x / 9x / 8x. Then we will continue to observe the game launch and investment income.The annual profit is about 900 million, with an annual increase of over 20%.

In addition, director Zheng Jiayao reduced the dividend payout ratio from 10% to no less than 30%. Next year’s annual report dividend ratio is expected to increase, and the situation of capital of major shareholders continues to improve. The pledge rate is expected to continue to decline. The company is also reviewing and adjusting.

Once again, we are optimistic about the long-term development space of the game industry after 5G commercial implementation, and it is recommended to pay attention to underestimation and repair.

Risk Warning: The game version cannot be released in time due to the release of the version number in a timely manner. The performance of the online game is gradually expected, the number of page games is shrinking, overseas promotion is blocked, and industry supervision is tightened.

Haitong Securities (600837): The performance of the chain is stable, the investment business is the main growth contribution

Haitong Securities (600837): The performance of the chain is stable, the investment business is the main growth contribution

The 3Q19 results were in line with our expectations. Haitong Securities’ revenue for the 1st and 3rd quarters was +55.

5% to 251.

500 million, net profit attributable to mother for ten years + 1杭州夜网论坛 06% to 73.

9 trillion, corresponding to +3 on ROAE during the reporting period.

1ppt to 6.

1%, basically in line with expectations.

Net profit attributable to mothers in the third quarter of 19 years was + 234% / mom + 6% to 18.

6 trillion, corresponding to a single season ROAE +1.

0ppt / ring ratio + 0.

1ppt to 1.


In addition, the adjusted management fee rate (excluding other business income from total revenue) was -16.

9ppt / ring ratio +3.

1ppt to 47.

6%, or affected by changes in investment income in a single quarter; end-of-period leverage ratio +0.

1x to 4.

4x, leasing and Hong Kong securities brokerage subsidiaries drive the company’s overall leverage higher than its peers.

Development trend Investment business contributed a major increase from the previous quarter.

Investment income in the third quarter was + 848% YoY / + 114% to 24.

0 billion US dollars, accounting for 43% of adjusted revenue, corresponding to ten years of trading financial assets + 46% / chain + 13% to 229.2 billion US dollars, annualized investment return rate of +3 per second.

9ppt / ring ratio +2.

3ppt to 4.

6%, scale and yield continue to increase.

The quarter-on-quarter performance of the brokerage business converged with the market, and there was still significant pressure to surpass the commission rate.

3Q brokerage revenue quarter + 8% / QoQ -16% to 7.

9 trillion, accounting for only 14% of adjusted income, the sensitivity of the company’s brokerage business has been significantly reduced.

In addition, compared with the A-share market transaction volume of more than + 50%, -13% MoM, we expect the company’s commission rate to be even lower.

The investment bank’s performance is solid, and the science and technology board reserves are relatively abundant.

3Q investment bank income is + 146% per annum / -13% to 9 per cent.

200 million, accounting for 16% of adjusted revenue: the company’s stock underwriting market share is -8 per second.

5ppt / ring ratio -3ppt to 1.

8%, bond underwriting market share +1.

1ppt / ring ratio-0.

2ppt to 3.


At present, the company has completed the listing of 2 science and technology boards, 7 of which are in line (2 of which have already passed the meeting), accounting for 5% of the companies in the line of disclosure.

Asset management business declined.

In the third quarter of 19, the asset management revenue at the beginning of the year was -11% / QoQ from -35% to 4.80,000 yuan, accounting for 9% of adjusted income (relative to the industry’s asset management income is more than flat, 10% from the previous month).

In terms of credit business, total interest income was + 6% / qoq -3% to 48.

0 ppm: 1) How stable is the balance of 3Q funding?
52 billion (vs.

(+ 4% in the market quarter-on-quarter); 2) The balance of stock quality is adjusted with the market: 3Q repurchase financial assets under resale are -10% to 59.5 billion (vs.

Shares in the industry table -8.

5%; 3) Financial lease receivables at the end of the period were 3% to 54.6 billion US dollars.

Earnings forecasts and projections We have raised our 19/20 earnings by 4% each 南宁桑拿due to higher investment and investment bank income.

Haitong A / H was traded at 19e 1.

3x / 0.

7x P / B.

Maintain Haitong A neutral, raise target price by 6% to 16.

24 yuan (1.

4x 20e P / B and 15% upside); maintain Haitong H neutral, raise target price by 6% to 9.

07 Hong Kong dollars (0.

7x 20e P / B and 11% upside).

The amount of risky transactions dropped significantly, the stock / bond market fluctuated significantly, and progress in capital market reform was gradually expected.

Hailan House (600398) Tracking Analysis: Single-Quarter Revenue Growth in the Third Quarter Exceeds Expected Gross Margin Changes Affects Net Profit

Hailan House (600398) Tracking Analysis: Single-Quarter Revenue Growth in the Third Quarter Exceeds Expected Gross Margin Changes Affects Net Profit

Core point of view: The main brand’s single-quarter revenue growth in the third quarter exceeded expectations.

The company’s operating income for the first three quarters of 2019 was 146.

89 ppm, an increase of 12 in ten years.

63%, net profit attributable to mother 26.

16 ppm, a decrease of 0 per year.

45%, including single-quarter operating income of 39 in the third quarter.

68 ppm, an increase of 31% in ten years, and net profit attributable to mothers4.

91 trillion, down 12 a year.


In terms of brands, Hailan House, Aiju Rabbit, San Keno, and other brands (Hailan Optimized, OVV, AEX, boys and girls, Ying’s) increased by 14 in the third quarter.

41%, -13.

85%, 77.

44% and 687% (9 in the second quarter respectively.

30%, -23.

57%, 14.

52% and 357%), the acceleration of the growth of the main brand benefits from the appropriate reduction of the magnification, which has a better promotion effect on sales, improved channel structure, increased growth of malls and malls in the same store, and faster growth of e-commerce business.

The decrease in net profit attributable to mothers in the third quarter was mainly due to the decrease in gross profit margin.

The company’s gross profit margin in the third quarter was 42.

01%, compared with 52 in the same period last year.


The decrease in gross profit margin was mainly due to the single quarter gross profit margin of the Hailan House brand in the third quarter of 38.

95%, compared with 54 in the same period last year.

54%, in addition to a high buyout ratio in the same period last year, it is also related to the main brand ‘s appropriate reduction of the magnification this year to promote sales, the proportion of buyout products has dropped, and Haiyi ‘s inventory clearance (including the main brand) has been changed.At the end, the gross profit margin is expected to rebound.

Operational indicators and operation quality have been continuously improved.

The company’s inventory turnover days and accounts receivable turnover days in the first three quarters were 299 days and 14 days (333 days and 16 days in the same period last year).

Net operating cash flow for the first three quarters was 2.

10,000 yuan, an increase of 47 per year.


EPS for 2019-2021 are expected to be 0.

78 yuan / share, 0.

90 yuan / share, 1.

01 yuan / share.

We are optimistic that the company’s net profit attributable to the mother in the fourth quarter is expected to increase. The Spring Festival in 2020 will help sales in the fourth quarter of this year, and at the same time, 武汉夜生活网 the gross profit margin will be reduced.

With reference to the average PE of a comparable company in 2019, the company is given December 2019.

5 times PE, reasonable value 9.

75 yuan / share, maintain “Buy” rating.

Risk reminder: the risk of terminal inventory backlog; the risk of extreme weather affecting clothing sales, etc.