Venezuela election riots opposition protests over three consecutive months

Venezuela election riots opposition protests over three consecutive months

Original title: Venezuela’s increasingly complicated political situation will continue to intensify. Xinhua News Agency, Caracas, July 29. Opposition, continuous protests in the week before the election.

Analysts believe that the Maduro government has the ability to resist pressure, and in the medium and long term, the Venezuelan struggle between the opposition and the opposition will remain fierce, and the domestic affairs of the Venezuelan will become increasingly complicated under the intervention of the United States.

  On May 1 this year, Venezuelan President Maduro announced the initiation of a constitution-making process to re-enact the national constitution in order to maintain national peace, promote domestic dialogue, and resolve the current political crisis.

Analysts believe that the Maduro government’s efforts to promote constitutionalism are to gradually take back the parliament controlled by the opposition coalition and regain control of the legislative power so as to occupy a favorable position in the battle between the opposition and the opposition.

  Recently, the opposition coalition was appointed to completely bypass the electoral organs in the ancient referendum. According to the statistics of the opposition party, more than 7 million voters participated in and voted against the antique constitutional assembly elections, accounting for about all the expenses of the voters.

The opposition coalition has gradually evolved to require the Maduro government to immediately suspend the constitutional assembly, meanwhile, 南宁桑拿 continuous antique marches and demonstrations, national strikes and other protests, and the formation of parallel government to pressure.

In fact, the U.S. presidential election also issued an ultimatum to Venezuela, stating that if Venezuela’s representative is elected at the Antique Constituent Assembly on July 30, the United States will take tough and rapid economic measures against Venezuela.

  In order to maintain domestic peace and stability, in recent months, the Maduro government has given top priority to antiques that guarantee the success of the Constitutional Assembly.

Maduro has assigned a number of important cabinet members to resign to public office to stand for election to the Constituent Assembly, and has actively mobilized more than 7 million members of the ruling party across the country to participate in elections and voting.

The Opposition Coalition refuses to recognize and participate in the Constituent Assembly, and does not recommend any candidates to participate. It only escalates protests to resist, so if the election is successful, the ruling party should have no suspense.

  Venezuela’s National Elections Commission Chairman Lucena said on the 29th that more than 14,500 polling stations elected by the Constituent Assembly have been fully prepared and that all technical and security personnel have been in place.

  From the perspective of public opinion, the Maduro government is resilient.

Wang Peng, secretary-general of the Central American and Caribbean Research Center of the Latin American Institute of the Chinese Academy of Social Sciences, pointed out that only 7 million voters participated in the referendum of the opposition Democratic Party antiques.11 million.

  In addition, the opposition party has been conducting antique protests for more than three months. The violence during the protest killed 107 people and injured and arrested thousands.

Continued demonstrations have seriously affected the normal working life of ordinary people and the normal operation of medical and educational institutions.

Manuel Yejepe, a political scientist and professor at the Cuban Institute of Advanced Studies in International Relations, believes that the Venezuelan opposition has escalated demonstrations and demonstrations, which has caused the two parties to lose many opportunities to sit down and negotiate.

The consensus dialogue is a win-win solution, and the Venezuelan people are reluctant to see more bloodshed.

  From the perspective of the ruling party’s control of state institutions, the ruling party still firmly controls the Supreme Court and the National Election Commission, which can ensure the legitimacy of the Constituent Assembly and the smooth conduct of elections.

More importantly, the military has recently expressed its allegiance to the Maduro government and will escort the Constituent Assembly elections.

  In order to ensure the smooth conduct of the 30th election, the military has stated that it will send more than 230,000 soldiers to each polling station in the country to prevent any acts that disrupt and hinder voting.

Jiang Shixue, director of the Latin American Studies Center of Shanghai University, believes that Maduro still has the support of the military and is unlikely to abandon the constitutional assembly election or step down early.

The opposition has exhausted almost all its tactics and did not pose a deadly threat to Maduro’s government.

Yuan Dongzhen, deputy director of the Institute of Latin American Studies of the Chinese Academy of Social Sciences, pointed out that the ruling party still has serious control over administrative, judicial, and election institutions, and has the support of the lower and middle classes, which can basically ensure that its term of office will expire in January 2019.

Editor-in-chief: Zhu Hui’e

Yanghe Shares (002304): Fourth-quarter revenue was slightly lower than expected, saving foreign markets continues to exert force

Yanghe Shares (002304): Fourth-quarter revenue was slightly lower than expected, saving foreign markets continues to exert force

Event: The company announced the results report for 2018 and realized a real operating income of 241.

22 trillion, with the same increase of 21.

10%; net profit attributable to mother 81.

5.0 billion, an increase of 22.


Q4 revenue was 31.

5.6 billion, an increase of 3.

82%, net profit attributable to mother is 10.

6.6 billion, an increase of 1.


Affected by the macro economy, the fourth quarter revenue was slightly higher than expected.

There are two main reasons for the 18Q4 revenue growth rate: 1) The Mid-Autumn Festival has a certain impact.

In terms of time, the 17th Mid-Autumn Festival is at the beginning of October, and the 18th Mid-Autumn Festival is at the end of September. The 17Q4 revenue base is relatively high. In addition, the 18Q4 company actively controls the price of goods sorting products, resulting in a decrease in 18Q4 revenue growth rate.

If Q3 and Q4 are combined, the income growth of Q3 and Q4 in 18 for the same period in 2017 is 14 in the same period.


2) According to grassroots research, due to macroeconomic impact, since the end of 18 years, the business needs of some regions in the province have eased, thereby improving the company’s mid-to-high-end product growth rate.

In terms of products, the company’s short-term dream blue growth rate is more than 50%, the sky blue small double-digit growth, the sea blue large number growth, dream blue in the blue classic income ratio increased to 1Above 3, the improvement of the overall product structure is still more significant.

The new Jiangsu market is developing, and the nationalization process can be expected.

In 19 years, the company still faced certain sales pressure inside the province, especially the Nanjing market was faced with a positive resistance from this world. It is expected that the domestic revenue saved in the spring will be basically the same as the same period last year,深圳桑拿网 and some regions have a slight margin.

Key markets outside the province, such as Shandong, Jiangxi, and Henan, have performed well. The overall growth rate of the markets outside the province is expected to be around 20%, and the company’s nationalization process is progressing smoothly.

At present, the proportion of income outside the province has reached 50%, and it is expected to surpass the province in 19 years.

After years of brand building, the company’s Haitianmeng single products have formed a national brand influence, and the company’s growth has long ceased to rely on a single provincial market, and has achieved flowering growth outside the province.Resistance to risk.

Although the growth in the province is under pressure in the short term due to the intensified competition, the company has the advantage in 深圳桑拿洗浴网 brand and market operation capabilities, and is expected to stand out from the adjustment of the industry, and has great potential for national development.

Earnings forecast and grade: The net profit forecast for 18-20 years is slightly reduced, and the adjusted EPS is 5.

38 yuan / 6.

29 yuan / 7.

25 yuan, corresponding to 20 for PE.

43X / 17.

48X / 15.

16 times.

We are optimistic about the company’s medium- and long-term development potential and maintain a “Buy” rating on the company.

Risk Warning: Nationalization Progress Exceeds Expectations, Macroeconomic Growth Speeds Up

Nangang Iron & Steel (600282) Company Comment: The Company’s Profit Continuation Is Relatively Stable

Nangang Iron & Steel (600282) Company Comment: The Company’s Profit Continuation Is Relatively Stable

Performance summary: The company released the report for the third quarter of 2019 and achieved operating income of 367 in the first three quarters.

3 ‰, an increase of 9 in ten years.

2%; net profit attributable to shareholders of listed companies23.

75 ppm, a reduction of 30 per year.

9%; net profit after deduction is 21.

43 ppm, a reduction of 36 per year.


The EPS in the first three quarters of this year was 0.

54 yuan, single quarter EPS are 0.

19 yuan, 0.

23 yuan, 0.

12 yuan; the company ‘s profitability continues to be relatively stable: Since the beginning of this year, due to the relaxation of environmental protection and production restrictions, the replacement of production capacity, and the improvement of the company ‘s own production efficiency, the supply side has continued to grow.The industry’s budget profit has been extended.

From the perspective of some listed steel companies with recent performance, most companies’ net profit intervals in the first three quarters have changed by 40-70%. Nangang ‘s performance has dropped significantly more than the industry average, reflecting the relative stability of the company ‘s product earnings.

  Specifically, the heavy plate, which accounts for nearly half of the company’s product structure, has made great contributions. According to the number of reports, the domestic plate price index fell by 8.

5%, and the company benefited from the long-term continuous optimization of the variety structure, and the average reduction in the growth of medium and heavy plates.

In addition, the company’s production and sales increased, the company’s steel output and sales from January to September were 756 and 752 variables, respectively, while increasing.

1% and 6.


  From a quarterly perspective, in the third quarter, taking into account the cyclical factors of steel companies’ raw material inventory, the rapid rise in iron ore prices in June had a lagging effect on earnings in July.The company ‘s profit has shrunk rapidly. The profit in the third quarter has reached a new low for the year. The company ‘s profit trend is in line with the industry. The net profit in the third quarter has dropped 47% from the previous quarter.Due to the expansion of new technologies, new processes and new products; financial expenses decreased by 32%, mainly due to the gradual decline in financing scale and unit financing costs; investment income increased by 291%, thereby accounting for long-term equity equityInvestment income and investment income of derivative financial instruments increased; non-operating expenses increased by 515%, mainly due to the implementation of environmental protection projects during the reporting period to demolish some fixed assets; minority shareholders’ profit and loss promoted elimination: the company issued an announcement in early May, intending to report to the controlling shareholder Nanjing SteelLian shares to purchase Nangang Development 38.

72% equity, Jinjiang Furnace Charge 38.

72% equity. After the transaction is completed, the target company will become a wholly-owned subsidiary of the listed company.

Through the acquisition of a minority stake in a listed company’s controlling subsidiary, the company’s net assets and net profit attributable to the owner of the parent company will be enhanced, which will help increase the profit of the listed company and protect shareholders’ interests.

Assuming that the plan is successfully implemented, taking 2018 as an example, the net profit thickening ratio of the mother is 17.

6%; investment advice: benefit from the continuous optimization of the brand structure, the company’s plate profit performance is relatively stable, the profit scale is significantly lower than 成都桑拿网 the industry level.

Subsequent acquisitions of minority stakes in holding subsidiaries will be completed again, which will effectively increase the profits of listed companies.

At present, the downstream demand is still stable, the recent improvement in environmental protection and production restrictions is tightened, the supply and demand side is strong, and the industry is struggling to stabilize its profits. There is a chance for steel stocks to rebound under the background of macro expectations.

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

72 yuan, 0.

83 yuan and 0.

88 yuan, the corresponding PE is 4 respectively.

5X, 3.

8X and 3.

6X, maintain “overweight” rating; risk warning: macroeconomic expectations, supply-side increased risks, asset restructuring is less than expected.

Chiyou Co., Ltd. (603429) Company Review: High-standard assessment encourages the launch of cigarette label volume + thin card position advantages

Chiyou Co., Ltd. (603429) Company Review: High-standard assessment encourages the launch of cigarette label volume + thin card position advantages
Equity incentives constrain the interests of the management team, with a large percentage of core shareholders participating.The company issued an equity incentive plan that proposed to expand the number of shares to 6.85 million shares, accounting for the company’s total share capital2.58%; of which, 5.48 million shares were granted for the first time, accounting for 2 of the total share capital.06%; budget 1.37 million shares, accounting for 0 of the total share capital.52%, the budget portion accounts for 20 of the maximum rights granted this time.00%.The incentive plan involves 26 people, including company directors, senior managers, and core management and key personnel.Among them, the company’s cigarette label business leader, company president Guo Shuguang was awarded 168 shares.70,000 shares, accounting for 24 of the total number of shares in this expansion.62% of the total share capital is 0.63%, a large proportion of the company’s core management personnel were awarded incentives for joint stock companies, the company’s future development momentum is strong.The initial grant price for the highest stock is 17.79 yuan, the sale restriction period is 12, 24, 36 months, the proportion of lifting the sale restriction is 30%, 30%, 40% respectively. The introduction of high-level assessment standards demonstrates the company’s confidence.The company’s 2019-2021 performance appraisal (net profit attributable to the mother who does not pay the share expenditure expenses) has targets of RMB 240 million and RMB 600 million, an annual increase of 73.3%, 100.0%, 50.0%, the company issued high-performance evaluation standards, showing the company’s business development confidence, we expect the company’s performance will maintain rapid growth year by year.Part of the total amortization expenses granted for the first time by this incentive is approximately 6906.500,000 yuan, if awarded at the end of October 19, the amortization cost of each period of 19-22 is 671.47, 3683.47, 1784.18, 767.39 thousand yuan. The Chinese version of heating does not burn more than 100 billion spaces, and the company’s sheet technology field has a carding advantage.HNB cartridges are clearly classified as tobacco products, and are managed by the Tobacco Monopoly Bureau in accordance with the law. The production and sales are exclusively monopolized by China Tobacco.China Tobacco Corporation is actively deploying new tobacco products. Hubei, Sichuan, and Yunnan China Tobacco alternate heating type new tobacco products have been released. Currently, Guangdong, Sichuan, Hubei, and Yunnan have begun to sell heated non-combustion products overseas, and many provinces are actively storing.China Tobacco’s positive actions reflect a clear domestic policy attitude.Jiyou focuses on heating non-combustion products, and continues to promote cooperation with China Tobacco. The company is leading the HNB layout. In 17 years, it established a joint engineering center with Anhui Tobacco.The conditions of formula screening and small batch setting out of the homogenized tobacco crushed tobacco group are both performed.It has joined hands with Jiangsu Tobacco and Chongqing Tobacco to jointly develop and promote the achievement of industrialization and landing is worth looking forward to.The company’s wafer production qualification is being smoothly promoted, and the Chinese version of HNB is continuously advancing. The company’s wafer technology has a card position advantage.HNB is a blue ocean market with a scale of more than 100 billion. The annual profit of the segmented market is nearly 10 billion. Domestic policies actively promote the development of 武汉夜生活网 new tobacco products. The future is bright and broad. The company’s 19-year cigarette standard has entered a heavy volume period, which has contributed to great performance flexibility.In 19H1, the new production capacity of the tobacco label in Taihu Base was officially put into operation, and the technical reform of Shaanxi Dafeng was carried out smoothly. After the cigarette label was in place at the end of 18 years, the certification work of new customers for about half a year had achieved results, and the tobacco label revenue in the first half of the year1.45 billion (VS 18 initially 1.5.7 billion), benefiting from increased production capacity in the second half of the year, new customer orders, and the peak bidding season for cigarette labels. The cigarette labels are expected to enter a rapid volume period, with sales 北京夜网 of 220,000 boxes in 18 years, and we expect to reach 800,000 boxes in 19 years.The completion of the project is expected to reach 2.45 million boxes after the project is completed in 2020. The traditional tobacco tipping paper business has stable customers, serving 9 of the 18 China Tobacco companies, and continues to develop new customers.In 18, it acquired Kirin Fu brand to integrate its tobacco tipping paper production capacity, eliminating capacity replacement. The company’s industrial chain is expanding. 85% of anodized aluminum in raw materials is self-produced, and the ink self-provisioning ratio is 98%. Compared to outsourcing, it saves 48% of costs. The gross profit margin of cigarette tipping paper business has steadily increased. The performance evaluation target of the incentive plan exceeded expectations, and we are highly optimistic about the company’s two-wheel drive for its smoke standard and heating and non-combustion business.Cigarette labels enter a period of rapid volume reduction. The dual technology advantage of heating and non-combustion card works closely with China Tobacco. The traditional cigarette paper loading reduces costs and improves efficiency steadily.We maintain the company’s profit forecast for 19/20/21 attributable to the parent’s net profit at 2.33/4.97/7.USD 6.6 billion, an annual increase of 102% / 113% / 54%. The current corresponding PE is expected to be 40.46X / 18.97X / 12.30. Maintain “Buy” rating. Risk Warning: The development of cigarette label business is less than expected, the new tobacco policy is less than expected, etc.

9 days of 586 public fund research online

9 days of 586 public fund research online

The epidemic situation continues to hinder the research of public fund funds. Beijing Business Daily reporters have noticed that since the beginning of the year, the fund has accumulated more than 586 times during the period of February 3-11, more than one month full month.Number of surveys.

Some adolescents have said frankly that research methods have generally shifted from baseline offline field studies to online teleconferences, and the research has become more targeted.

But at the same time, there are also difficulties such as information asymmetry, poor technical systems, and reduced communication effectiveness.

  With the continued upward movement of early A-shares, fund companies are also gathering to study listed companies to prepare for subsequent investment research.

According to Oriental Fortune Choice data, since 9 hours from February 3rd to 11th, a total of more than 120 fund companies have studied 586 times.

Approximately, the total number of public fund surveys in January 2020 was 553.

A market analyst in Beijing pointed out that since the first day of the Shanghai market’s decline, the Shanghai Index has grown for seven consecutive trading days and stood firm at 2,900 points.

However, from the perspective of the overall situation of A shares, it is still in the bottom area and is expected to rise further in the future. In order to grasp the latest trends of the industry and the relevant situation of individual stocks, and participate in the survey and research of listed companies in the industry with fund managers.

  Yan Yongzheng, a senior research fellow of the Nord Fund who has recently participated in the research of the pharmaceutical and catering tourism industry, expressed his views from the perspective of the impact of the epidemic.

He bluntly stated that he was mainly concerned about the spread of the new coronavirus epidemic and the government’s control measures that would affect the operations of listed companies. He hoped to understand the changes brought about by the epidemic to supply and demand in the industrial chain and the long-term and short-term operating rhythm of listed companies.

  It is worth mentioning that from the latest data on individual stocks, the pharmaceutical and technology sectors are still the focus of fund companies’ attention.

For example, Oriental Fortune Choice data shows that during February 3-11, a total of 96 institutions participated in the survey of leading medical stock Mindray Medical.

In fact, the technology sector’s entrepreneurial Huikang, BOE A, and Topway Information were also surveyed by 53, 49, and 40 fund companies.

  In fact, since 2019, institutions’ enthusiasm for the research of pharmaceutical and technology stocks has continued to rise.

Li Fei (pseudonym), a representative of the investment research department of a medium-sized fund company, said that since the overall decline of A shares in 2018, the estimates of many technology sector stocks have been underestimated, and they have been in the process of estimation and repair.

At present, the electronics and computer industry stocks in the technology sector are still mainly in a fairly reasonable estimation range.

With the support of policies and the prospect of the industry, the opportunity for investment to obtain excess returns is still very large.

  As for the pharmaceutical sector, Hao Miao, Shanghai-Hong Kong-Shenzhen Fund Manager of Baoying Medical Health said that in this special period, the defensive performance of medicine as a necessary consumer product.

However, more investment is still focused on the medium and long term. The performance of high-quality pharmaceutical stocks is deterministic. Relative to the impact of macroeconomics, the pharmaceutical sector will perform well relative to the broader market.

  ”Although it has been under construction for more than a week, most of our employees currently work mainly from home, and meetings are conducted via online video calls.

“An electronics industry expert affiliated to a Shanghai fund company introduced it to a reporter from Beijing Commercial Daily.

He said that this is also the main way for fund companies to participate in research. By adopting the online communication model, the number of listed companies that can be received at the same time has increased, and accordingly, and the fund managers can get a general understanding of the concerns in a short timeIndustry and individual stock updates.

  Yan Yongzheng also said that the research during the epidemic was different from the past, and the communication method was mainly based on the conference call mode. There was not much difference between the content and the core points of attention.

In addition to paying attention to the company’s long-term operating elements, the quantitative assessment of the short-term impact of the epidemic on the first and second quarters of 2020 is also the focus 杭州桑拿 of research.

  After more than a week of online research, it was found that frankly, due to the common home office, more time can be used for centralized communication, and it can also be carried out in a short period of time through the discovery of listed companies.

Although the pertinence has been enhanced, some fund companies have said that some listed companies also have information asymmetry problems. In addition, the poor online support systems of some companies have directly led to the discovery of stuck or even dropped calls.

  From the perspective of the above fund managers, for recent online research, due to the epidemic situation and upstream and downstream industry associations, some data may not be transmitted and updated in a timely manner. Listed companies should pay more attention to the symmetry and accuracy of information.

For fund managers and analysts, under the concept of value investment, they must also look at the operating status and performance of the industry or enterprise based on a long-term view, and should not be affected by short-term shortcomings.

  Beijing Business Daily reporter Meng Fanxia Liu Yuyang

Weiming Environmental Protection (603568): Performance Meets Expectations Rapid Development of Solid Waste Business

Weiming Environmental Protection (603568): Performance Meets Expectations Rapid Development of Solid Waste Business

Event: The company released its 2019 Interim Report.

During the reporting period, the company’s operating income and net profit attributable to the 重庆耍耍网 mother were 9 respectively.

6.7 billion, 4.

9 billion yuan, with annual growth rates of 30.

76%, 30.

63%, in line with expectations.

Investment Highlights: The company’s business is advancing in an orderly manner, profitability remains high, and performance is in line with expectations.

During the reporting period, Haibin Company, Yucang Company, Wuyi Company, Jieshou Company, and Wannian Company officially confirmed their revenue in 2019, and the total amount of domestic garbage in each operation project was 241.

57 average, online power 7.

2 billion degrees, an increase of 21 each year.

93% and 19.


Reported that the core company completed the removal and removal of kitchen waste8.

30 Initially, handle kitchen waste and sludge 9.

Of the 51 samples, only the kitchen waste was cleared and transported in the previous year3.

95 for the first time, the growth is obvious.

Completed removal of domestic waste 20.

73 initial.

As a result, the company’s operating income grows by 30 per year.


At the same time, the company worked hard and maintained a high profit level. The company achieved a gross profit margin of 62 in the reporting period.

93% year-on-year increase of 0.

94 averages, achieving a net margin of 50.

48%, one year before one year zero.

19 units.

In the end, the company’s net profit attributable to its mother increased by ten years.

63%, basically the same as the growth rate of revenue.

The location advantage is obvious, and the expansion in different places is still continuing.

89% of the company’s current revenue comes from Zhejiang, which is mainly concentrated in Wenzhou.

Wenzhou has a developed economy and strong financial ability to pay. It is located at the intersection of the Yangtze River Delta Economic Zone and Haixi Economic Zone, and has obvious geographical advantages.

In addition, the “Implementation Plan for the Classification of Urban Domestic Waste in Wenzhou City” issued in May 2018 clearly states that by 2020, the coverage of urban domestic waste classification in Wenzhou City and counties (cities) will reach 90% and 80% respectively.The volume of furnace waste will increase the profit level, and the amount of kitchen waste treatment and leakage treatment after wet and dry separation will also be further improved.

At the same time, the company’s business expansion port expansion, in 2018 the company’s external port incineration capacity accounted for 43.

59%, which proves the company’s ability to expand in other provinces.

During the reporting period, the newly added domestic garbage disposal scale was 4,300 tons / day, and the scale of the kitchen / kitchen waste disposal project was about 375 tons / day.

The advantages of independent technology are clear, and the accumulated strength is steadily moving forward.

Since listing, the company’s gross profit margin has always been higher than 60%, and the consolidated gross profit margin in 2018 was 60.

3%, 23 units higher than the average of comparable companies.

The main reasons are as follows: 1) The core equipment for incineration is self-produced, the grate is replaced cyclically to improve the burnout rate, and the operating equipment parameters are optimized to improve operating efficiency.2) The capacity utilization rate of operating projects is high, and the average price of project waste disposal costs is 79 yuan, which is higher than the industry average.

Company 2011?
In 2018, the average value of cash inflows / operating income from operating activities was greater than 1, cash flows overlapped and the asset-liability ratio decreased, which ensured that the company’s business construction went smoothly.

Current project strength.

Profit forecast and investment rating: According to the company’s ongoing project expansion progress, maintain the company in 2019?
In 2021, net profit attributable to mothers will be achieved9.

35, 11.

92, 14.

5.3 billion, corresponding to 19 times PE in 2019. In the company’s business, domestic waste incineration and kitchen waste treatment accounted for more than 67% of operating income, low asset-liability ratio, and good operating cash flow, which is the basis for subsequent projects.

In addition, based on independent technology and equipment production capacity, the company’s gross profit margin is 60%, which is higher than the industry’s average gross profit margin of 37%. We maintain an Overweight rating.

Zhonggong Education (002607): Q1 can turn a deficit in the off-season and high growth for many years can be expected

Zhonggong Education (002607): Q1 can turn a deficit in the off-season and high growth for many years can be expected

Event: The company released a quarterly report and achieved revenue of 13.

1.2 billion, an increase of 61.

93%, net profit attributable to mother 1.

0.6 billion, an increase of 304.

47%, deducting non-returning mother 1.

08 billion, an increase of 311.


Basic income is 0.

02 yuan / share.

Opinion: Revenue growth of 60% +.

1Q1 achieved operating income13.

12 trillion, the same increase of 61.


For the vocational education and training industry, the first quarter is a low season, and most of the revenue is confirmed in the second half of the year. From the perspective of 18Q1, revenue accounted for about 13% of the total.

The gross profit margin increased by 3 pct, and the expense ratio decreased by 13 pct during the period, and the scale effect was prominent.

1Q1 gross margin increased by 3.

02pct to 58.

26%, the scale effect is prominent.

The cost rate during the period is 50.

17%, a decrease of 12 per year.

74pct, of which the selling expense ratio is 22.

05% (-5.

91pct), the management expense rate is 16.

90% (-6.

04pct), R & D expense ratio 8.

34% (-2.

7pct), financial expense ratio 2.

88% (+1.

91pct), mainly due to the increase in short-term loans.

Turnaround in the off-season, long-term high growth can be expected.

18Q1 may be 0.

5.2 billion, 19Q1 net profit attributable to mothers1.

$ 0.6 billion, turning losses in the off-season until September 19?
In December, the net profit exceeded and did not increase, and gradually calculated there was also a net profit of about 1.3 billion. It is not a big problem to fulfill the performance commitment (the net profit after deduction for non-years is not less than 1.3 billion euros).

Considering the expansion of the outlets and the track,武汉夜生活网 the actual performance in 19 is expected to exceed the performance commitment.

Under the combined effect of a significant increase in gross profit margin and a significant decrease in expense ratio during the period, the net profit margin was 8.

1% (+14.

Investment suggestion: Q1 turns losses in the off-season, with significant scale effects and significant improvement in profitability. Considering network expansion and track expansion, gradually high growth can be expected.
With the end of institutional reforms, the civil service sequence is expected to grow; the teacher sequence will benefit from education policies.

Maintain 19/20/21 net profit attributable to mother 16.



1.3 billion with a budget benefit of zero.



52 yuan / share profit forecast.

The current market value is expected to be 77.5 billion yuan, with an estimated 47x / 33 / 24x, maintaining the “overweight” rating.

Risk reminder: The proportion of classes through agreement will increase. If the passing rate is not up to expectations, the refund rate will increase, which will affect the growth of face-to-face training business. The ceiling of the public examination training industry is obvious. The category expansion is less than expected.

Tielong Logistics (600125) Annual Report Comments: Performance Meets Expectations, Optimistic about the Company’s Continuous and Steady Growth

Tielong Logistics (600125) Annual Report Comments: Performance Meets Expectations, Optimistic about the Company’s Continuous and Steady Growth
Event: The company achieved operating income of 156 in 2018.38 ppm, an increase of 33 in ten years.8%; net profit attributable to mother 5.08 million yuan, an increase of 53 in ten years.5%.Of which 18Q4 operating income was 35.96 ppm, an increase of 14 years.6%; net profit attributable to mother 1.0 ppm, an increase of 88 in ten years.3%. In the 18 years, the freight volume of the Shaying Line increased steadily, and the settlement method was reformed to improve the profit center of freight.In 2018, the total number of sands on the line reached 5,440, with an annual increase of +8.42%; gross profit from railway freight and port logistics business4.42 trillion, ten years +92.57%, one of the reasons for the increase in profit is from the increase in freight volume, and the second is due to the reclassification of revenue and costs due to changes in settlement rules. We estimate that the new clearing house will contribute about 1 of gross profit.9 trillion, accounting for 58% of the expected increase in gross profit. Special container capacity expansion, real estate thickening profits, commissioned processing will control the scale.In 2018, the company’s special box delivery volume was +38 for two years.The special case business maintained a rapid growth of 6%; the special case production capacity was on the rise, and the special case purchase volume in 2017/2018 was 1.7/2.10,000 boxes, as of the end of the year, the number of special boxes has increased to 80,000, and the box structure has continued to be optimized, and the development prospect is broad.76 ppm, + 21% a year, gross margin increased by 0.95pct, special case will become an important profit point of the company.18 years of real estate business sales, good repayment, realized 0 gross profit.6.7 billion, +60 per year.2%, as of 2018H1 Dalian, the removal rate of Taiyuan real estate projects was 89.2% and 37.5%.18 years commissioned processing business to achieve gross profit1.6.8 billion, up from +37.3%, 南京桑拿网 according to the company’s 2019 business plan, the commissioned processing may control the scale and reduce operating risks. Looking at the “revolution of iron” effect over a long period of time, the sandy line has high elasticity to promote release.The maximum capacity of the Shaying Line is 8,500 tons, and there is still 40% of the capacity utilization space. Since 2018, the “transit iron” has accelerated, which will continue to drive the supply of goods to the railway, and the highly flexible achievements of the Shaying Line are released. Investment suggestion: With the accelerated advancement of “transit to iron”, we are optimistic about the high profit elasticity of the company’s Sakai line. At the same time, as the leader of special containers, the container business has grown steadily and has ample space. In the future, railway reform and state-owned enterprise reform will also bring huge imagination to the company.Adjust the company’s EPS for 2019-2021 to be 0.47/0.53/0.58 yuan, PE is 19x, 16x and 15x respectively, given “overweight” rating. Risk reminders: Macroeconomic growth risks, slower than expected implementation of transit railways, changes in railway freight rates

Weixing (002003) Annual Report Comments: The main business of auxiliary materials slows down and the military business drags down profits

Weixing (002003) Annual Report Comments: The main business of auxiliary materials slows down and the military business drags down profits

Core point of view The company’s operating income has increased by 7 every year in 2018.

66%, due to the impact of the military business subsidiary Zhongjie Era ‘s performance dropped by about 60% (declining revenue and accruing goodwill impairment provisions), the net profit attributable to mothers fell 14.

89%, net profit after deduction is reduced by 15.

07%, of which the fourth quarter single-quarter operating income and net profit were broken down6.

29% vs. 90.

76%, revenue growth has improved from the previous three quarters.

The company’s proposed dividend is 0.

35 yuan, the cash dividend ratio reached 86%.

At first glance, the company’s main business of raw materials and auxiliary materials slowed down due to the growth of domestic and foreign demand. Among them, button and zipper revenue only increased.

64% and 4.


Revenue from the military business acquired in previous years decreased by 40.

32%, mainly due to the reduction of orders in the Czech Republic era during the Beidou system technology upgrade.

In terms of regions, the company’s domestic sales revenue increased by 4 in 18 years.

41%, export sales fell 0 year-on-year.


The preliminary company’s consolidated gross profit margin has temporarily decreased2.

07pct, mainly due to the adjustment of the product structure of the zipper business (the proportion of metal products fell), and the gross profit margin continued to shift 3.

87pct; the company’s period expense ratio increased by 1.

05pct, in which the sales expense ratio rose by 0.

91pct, the overhead rate rose by 0.

44pct, the financial expense ratio is reduced by 0.

29 points.

In 18 years, the company’s net cash flow from operating activities decreased by 18 every year.

13%, accounts receivable at the end of the year increased by 26.

71%, the inventory surplus fell 4 from the beginning.


As a leader in the global clothing accessories industry, Weixing has undergone multiple rounds of industry reshuffles. In recent years, it has continuously enhanced production automation and informatization to improve operating efficiency and expand production capacity. From the historical experience, the weak industry environment is beneficial to the companyConsolidate its own competitive advantages and further increase its market share. The commissioning of the Bangladesh Industrial Park in 18 will be the basis for the company’s overseas business development. The improvement in downstream apparel demand from the second quarter of 19 will also drive the company’s sales of auxiliary materials.

The completion of the employee stock ownership plan and the increase in shareholder holdings demonstrates confidence in the company’s long-term development.

The company’s first phase of employee shareholding plan has been lifted (2x leverage, considering the cost of dividends and ex-rights8.

11 yuan / share), covering 330 people including Dong Jiangao and core business backbones. In February, Weixing Group, the controlling shareholder, completed the company’s operation.

The 22% increase in shareholdings, the increase in shareholder holdings and core business backbone incentives will help the company’s main industry to further increase its market share in the medium and long term.

Financial Forecast and Investment Recommendations According to the annual report, we lowered the company’s revenue and gross profit forecasts for the next three years. The company’s 2019-2021 earnings are expected to be 0.

49 yuan, 0.

56 yuan and 0.

63 yuan (the original forecast for 19-20 years is expected to be 0.

58 yuan and 0.
65 yuan), with reference to comparable company estimates, giving the company’s manufacturing and military business 19 times and 49 times the 杭州桑拿网 PE estimates for 19 years, a total of 70 trillion, corresponding to a target price of 9.
23 yuan, maintaining the company’s “overweight” rating.

Risks suggest that the recovery of the domestic economy is gradually exceeding expectations, the growth of the RMB exchange rate will affect the company’s performance, and the increase in raw material costs will lead to a decline in gross profit margin.

Chengquan Capital retreated after buying pork local stocks in Shenzhen in the second quarter

Chengquan Capital retreated after buying pork local stocks in Shenzhen in the second quarter

Source: Daily Economic News Every reporter Yang Jian Every editor Wu Yongcheng In 2017 Chengquan Capital lurked the concept of Jingan shares in the Xiong’an New District, in 2018 it lurked in the Hainan sector, and then went on to transfer shares to listed companiesAccurate layout, and the recent Shenzhen local stocks, once again bet accurately.

For the interpretation of major regional policies, Chengquan Capital is the top player in the industry, and the transfer of the interim report has been completed again. Where is the direction of Chengquan Capital’s current key layout?

  Data show that in the second quarter of this year, Chengquan Capital newly entered 5 stocks including Tiankang Bio, Jin Xinnong, New Wufeng, and Daily Interaction, while Jin Xinnong, Tiankang Bio and New Wufeng replaced pork concept stocks.

In addition, Shenzhen local stock Tianwei Video, Chengquan Capital is very optimistic, the three products belonging to it are latent to buy, with a total shareholding ratio of 3.


However, data from the interim report showed that Chengquan Capital has begun to retreat.

  In the second quarter of the second quarter, a private equity firm was very popular in buying pork stocks. It was Chengquan Capital.

In 2017, it lurked in the Xiong’an New Area concept stock. Before the end of March 北京桑拿洗浴保健 2017, Chengquan Capital lurked the Jinghan stock with a capital of nearly 100 million. On April 1, 2017, the concept of the Xiong’an New Area broke out.From 13 yuan to 26 yuan, doubled directly.

In 2018 they lurked in the Hainan plate.

Afterwards, the precise layout of the listed company’s high stock transfer stocks will be accurate, and the recent Shenzhen local stocks will also bet accurately.

For the interpretation of major regional policies, Chengquan Capital is the top master in the industry.

  Chengquan Capital’s representative product is Chengquan Huiyong Phase I Fund.

It is said that the private placement ranking information, the fund was established on September 8, 2015, and the cumulative return since its establishment reached 109.

70%, annualized income 22.

96%, outperforming the CSI 300 Index and similar averages.

According to the disclosure of the semi-annual report of listed companies, the data shows that only 3 products corresponding to Chengquan Capital appear in the list of the top ten circulating shareholders of 8 listed companies, totaling the size of the holding market.

8.6 billion yuan.

Where is the direction of its key layout now?

  Oriental Fortune data shows that in the second quarter of this year, Chengquan Capital has five new stocks including Tiankang Bio, Jin Xinnong, New Wufeng, and daily interaction.

It may be that Jin Xinnong, Tiankang Bio and Xinwufeng are alternative pork concept stocks.

Which of Jin Xinnong’s sustainability is at 4?
The highest increase during May was over 40%.

And Tiankang Bio is at 4?
The highest increase during the two months of May was over 30%.

Affected by the swine fever epidemic in Africa and the influencing factors, pig prices entered an upward channel in the second quarter.

Affected by this, the performance of pork stocks in the first half of the year has improved to a certain extent.

  Lurking Shenzhen local stocks retreat August 19, Shenzhen local stocks in the A-share market broke out in an all-round upsurge. At the beginning of the opening, there were 30 stocks with a “word board” daily limit, and the leading company Shenzhen SEG had 9 daily limits.

Obviously, in the interpretation of major regional policies, Chengquan Capital is the industry’s top master.

Is there a layout of Chengquan Capital in Shenzhen stock market this time?

  Judging from the information disclosed in the Interim Report, in the first quarter of this year, Chengquan Capital was very optimistic about Tianwei Video, and purchased it through latent storage of three subsidiary products, with a total shareholding ratio of 3.


Tianwei Video disclosed a quarterly report this year showing that Chengquan Capital has a number of products in the heavy warehouse, such as CITIC Trust-Chengquan Huiyong Eighth Phase Newly Held 1777.

640,000 shares, CITIC Trust Xinyong Chengquan Financial Investment Trust plans to newly hold 243.

With 60,000 shares, Chengquan Capital Chengquan Huiyong Phase I Fund Newly Holds 129.

010,000 shares, China Resources Trust Ruizhi Selected Chengquan Huiyong Nine-phase Collective Fund Trust Newly Held 102.


  Obviously, Tianwei Video is the first unit of Shenzhen’s cultural industry. Its main business is to provide users with digital TV viewing, Internet access services and TV, online shopping services.

In the first half of the year, the company realized operating income.
68 ppm, an increase of 1 per year.

31%; Net profit 1.
07 billion, an annual increase of 0.


Later, the stock’s Shenzhen stocks in the A-share market broke out on August 19, setting off a rising tide. On August 19 and August 20, Tianwei Video News had a daily limit for two consecutive days.

  The interim report disclosed by the company shows that after the first quarter of short-term holdings of Chengquan Capital, Chengquan Huiyong Phase I Fund and Xinyong Chengquan Financial Investment Trust withdrew from its top ten circulating shareholders, while CITIC Trust Chengquan HuiyongDuring the period, 15 million shares were significantly reduced, and the shareholding ratio exceeded 0.


The reporter noticed that Tianwei Video has increased by 32% this year, and the highest increase has doubled.

Completely, Chengquan Capital disappeared from the list of the top ten circulating shareholders of six stocks, including the China Academy of Sciences, Tianbang, Northeast Securities, Ruifeng Optoelectronics, Oriental Zirconium (Rights), Shenzhen Energy and other six stocks.