Limit trading resumed-Shanghai Index fell 1.

4% backfill gap semiconductor plate strengthened against the trend

Limit trading resumes: The Shanghai Index is down 1.

4% backfill gap semiconductor plate strengthened against the trend

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  Sina Finance News January 21 news, the three major stock indexes opened lower in early trading.

On the surface of the plate, affected by the pneumonia epidemic, influenza infection, masks, bio-pharmaceuticals and other sectors continued to strengthen, the airport, and tourism sectors weakened again, and the liquor sector also showed weakness.

The index is about to close in the morning. The Shanghai index and the Shenzhen index once fell more than 1%, and then the stock index rebounded slightly.

On the market, pharmaceutical stocks are weak and stubborn. The relevant sectors are almost all red. Other possible concepts are weak.

In general, the market’s hype has clearly cooled, individual stocks have fallen, the number of limit stops has increased significantly, and the profit-making effect has continued to decline.

In the afternoon, the three major stock indexes continued to be weak.

Disk, affected by the pneumonia epidemic, flu infections, masks, bio-pharmaceuticals and other pharmaceutical sectors are still strong, the concept of genetic modification has weakened again, and most of the concepts may be sluggish.

At the end of the day, the index weakened again in the short-term and the Shanghai index fell more than 1.

4% covered the gap below.

Hengqiang, the strong pharmaceutical sector, is still cautious in market sentiment, and the wait-and-see mood is getting stronger.

The final close, the Shanghai stock index was 3052.

14 points, down 1.

41%, Shenzhen Component Index reported 10953.

41 points, down 1.

46%; The Pioneer Index was 1967.

03 points, down 0.


  First, the daily limit data of the Shanghai and Shenzhen daily limit of 60 (covering new shares and ST), 36 limit, an increase of 804 stocks, flat market 67, down 2985 stocks.

  2. Scenic Spots 1. Influenza-prevention Soul Bio, Xiangxue Pharmaceutical, Rhein Bio, Weiming Pharmaceutical, Kangzhi Pharmaceutical, United Ring Pharmaceutical, Lukang Pharmaceutical, Northeast Pharmaceutical, Sihuan Biological (rights) and other stocks continued to perform strongly.
  News: Wuhan Municipal Health and Medical Commission issued a notice on the 21st: There were 15 cases of pneumonia confirmed by the new coronavirus infection in Wuhan, and another suspected case.

  2. Masks Zhende Medical, Ogilvy Medical, Teda, Jiangnan High Fiber, Renhe Pharmaceutical and other stocks strengthened.

  News: On the evening of January 20, Academician Zhong Nanshan, the leader of the high-level expert group of the National Health Commission, in an interview with CCTV “News 1 + 1” pointed out that the current new type of coronavirus can determine the existence of human transmission.

He also said that from the perspective of personal prevention, wearing medical surgical masks is useful.

  Third, today’s daily limit stock analysis Today’s daily limit stock analysis

17% 2.

6 Medicine 6 Renhe Pharmaceutical 10.

08% 7.

21 masks 2 Yangpu Medical 10.

07% 7.

87 medical equipment 3 Xinlong Holdings 10.

07% 8.

09 flu 1 great wall animation 10.

07% 5.

03 culture media 0 magic pharmaceutical 10.

06% 8.64 Pharmaceuticals 0 Asia-Pacific Pharmaceuticals 10.

06% 7 medicine 0 Lu Kang medicine 10.

06% 9.

41 flu 0 Hing Sen technology 10.

05% 10.

4PCB1 Xiangxue Pharmaceutical 10.

05% 10.

73 flu 1 gold stone medicine 10.

05% 8.

65 flu 16 tailong pharmaceutical industry 10.

04% 5.

48 flu 1 Shanghai Kaibao 10.

04% 5.

81 performance increase 2 Zhende Medical 10.

02% 26.

57 masks 3 Nanwei shares 10.

02% 12.

74 masks 16 stars technology 10.

02% 7.

03 results pre-increased 0 Northeast Pharmaceutical 10.

01% 9.

12 Medicine 0 Lyon Technology 10.

01% 37.

03 Net Red Economy 6 Haite Biological 10.

01% 35.

61 Medicine 2 Wohua Medicine 10.

01% 12.

2 Performance growth 8 Ogilvy Medical 10.

01% 28.

36 masks 1 to 10 Ling Pharmaceutical.

01% 15.

61 flu 8 high German infrared 10.

01% 32.

1 Infrared detection 4 Lexin Medical 10.

01% 18.

8 medical instruments 0 and far gas 10.

00% 27.

6 new shares 0 Tailin Bio 10.

00% 42.

56 new shares 0 is worth buying 10.00% 177.

97 new shares 1 Zhenan Technology 10.

00% 62.

59 new shares 1 security rely on smart electricity 10.

00% 35.

2 Pre-increased performance 5 Jin Xin Nuo 10.

00% 10.

675G2 Xilong Science 10.

00% 6.

16 medicine 0 rhine biology 10.

00% 10.

01 flu 2 teda shares 10.

00% 4.

4 masks 0 Jiangshan Europe faction 10.

00% 69.

08 Home 1 Yitian shares 10.

00% 66.

23 new shares 0 Yaoji Technology 10.

00% 41.

48 online game concepts 0 Daan Gene 9.

99% 13.

54 flu 0 Hisense Pharmaceuticals 9.

99% 11.

78 flu 0 new culture 9.

99% 7.

71 net red economy 0 Kehua biology 9.

98% 14.

77 in vitro diagnostics 1 leading shares 9.

98% 9.

04 flu 2 Huace film and television 9.

97% 8.

38 Film and Television Media 4 Yisheng Pharmaceuticals 9.

97% 7.

39 medicine 0 molding technology9.

97% 10.

15 auto parts 24 Kangzhi Pharmaceutical 9.

96% 5.

63 flu 0 bicyclic pharmacy 9.

96% 11.

04 flu 0 Guangji pharmaceutical industry 9.96% 10.

49 Pharmaceuticals 10 Vectra shares 9.

96% 5.

19 classified transfers 0 Jiangsu Wuzhong 9

93% 6.

09 flu 1 tetracyclic organism 9.

93% 4.

54 flu 0 sea king creature 9.

93% 4.

43 flu 11 essential pharmaceuticals 9.

91% 5.

1 Medicine 4 Jiangnan High Fiber 9.

91% 2.

55 masks 1 Mida shares 9.

91% 3.

77 nylon 0 Jihua Group 9.

88% 3.

67 military workers 0ST Yaxing 5.

08% 6.

21ST plate 0XR * ST lotus 5.

04% 2.

5ST plate 0 * ST Yushun 5.

03% 10.

64ST plate 0 * ST East Network 4.

98% 2.

11ST plate 3ST Hongsheng 4.

97% 8.

45 planned to acquire 0 four, yesterday’s daily limit analysis yesterday night’s daily limit analysis name rises the current price yesterday’s daily limit analysis opened the number of times.

59% 94 flu 0 magic pharmaceutical 10.

06% 8.

64 medicine 0 Lu Kang medicine 10.

06% 9.

41 flu 0 Xiang Xue Pharmaceutical 10.

05% 10.

73 flu 14 Bo Hui innovation 10.

04% 4.

93 in vitro diagnostics 0 Tailong Pharmaceutical 10.

04% 5.

48 flu 5 Shanghai Kaibao 10.

04% 5.81 performance increase 7 Zhende Medical 10.

02% 26.

57 medical equipment 3 Tohoku Pharmaceutical 10.

01% 9.

12 Medicine 0 Lyon Technology 10.

01% 37.

03 Net Red Economy 6 Wah Wah Medicine 10.

01% 12.

2 Performance growth 8 Yiling Pharmaceutical 10.

01% 15.

61 flu 8 happy heart medical 10.

01% 18.

8 Medical Devices 0 Xilong Science 10.

00% 6.

16 medicine 0 rhine biology 10.

00% 10.

01 flu 2 teda shares 10.

00% 4.

4 masks 0 Yao Ji Technology 10.

00% 41.

48 online game concepts 0 Daan Gene 9.

99% 13.

54 flu 0 new culture 9.

99% 7.

71 net red economy 0 Kehua biology 9.

98% 14.

77 in vitro diagnostics 1 leading shares 9.

98% 9.

04 Flu 1 Molding Technology 9.

97% 10.

15 auto parts 3 lianhuan pharmaceutical industry 9.

96% 11.

04 flu 0 four ring organisms 9.

93% 4.

54 flu 0 sea king creature 9.

93% 4.

43 flu 11 Jiangnan high fiber 9.

91% 2.

55 masks 1 Fo Ci Pharmaceutical 7.

71% 8.52 Medicine 0 Haiqi Group 7.

40% 13.

5 Hainan 0 Jingfang Technology 6.

91% 77.

25 chip concept 5 Saiteng shares 6.

90% 41.

52 wireless headphones 0 Changchun Jingkai 6.

87% 9.

33 plans to acquire 0 red bean shares 6.

87% 3.

89 masks 4 Haiyuan composite materials 6.

32% 7.

23 share 9 Wingtech 5.

78% 127.

99 chip concept 0ST Yaxing 5.

08% 6.

21ST plate 0 in science and technology up to 5.

01% 61.

66 Huawei Hisilicon Concepts 3 Straits Shares 4.

67% 14.

57 Hainan 2 Hangjin Technology 4.

37% 28.

68 chip concept 3 Whelan crystal 4.

01% 19.

95 passive components 0 Lansi Technology 3.

86% 20.

17 pre-increased 四川耍耍网 performance 2 Kangtuo infrared 3.

57% 12.

78 chip concept 0 convinced 2.

58% 148.

96 results pre-increased 5 China Satellite 2.

32% 27.

3 Beidou industry chain 0 * ST Feida 2.

18% 5.

63ST Plate 2 Aerospace Development 2.

01% 13.

19 performance increase 2 Kane shares 1.

80% 6.

23 Blockchain 0 Guoxuan Hi-Tech 1.

64% 21.01 New Energy Vehicle 2 Jiangfeng Electronics 0.

97% 53.

32 chip concept 10,000 industry enterprises 0.

60% 21.

8 chips 1 Jinling Mining 0.

59% 6.

84 Iron Ore 2 Set Friends Shares 0.

22% 41.

08 chip concept 15 HNA foundation 0.

19% 5.

15 Hainan Free Trade Zone 6 * ST Ronglian 0.

00% 7.

88ST plate 0 China Satcom 0.

00% 12.

62 new shares 6 fine test electronics -0.

08% 64.

53OLED1 * ST power -0.

15% 6.

67ST plate 4ST coconut island-0.

68% 5.

8ST plate 北京桑拿洗浴保健 8-based egg bio-1.

18% 25.

9 in vitro diagnostics 0 full electron-1.

71% 23.

63 chip concept 0 Navi Technology-1.

74% 31.

67 results pre-increased 2 quartz shares -2.

02% 24.

7 Photovoltaic 2 Midas Digital -3.

70% 9.

63 WeChat Mini Program 0 Zhongtong Bus-4.

08% 7.

53 New Energy Vehicles 6 Asian Union Development-4.

41% 9.

11 Blockchain 11 Shinron Health-5.

08% 6.

91 shared bikes 0 Krauss-6.

61% 6.

22 Smart Manufacturing 7 Saturday-10.

00% 30.69 Net Red Economy 5 Geer Software -10.

01% 42.

18 domestic software 2 Jingfeng Mingyuan-12.

03% 103.

81 chip 0

Bo Shi (002698): High growth in 1H19 results in line with expectations Benefit from downstream capital expansion

Bo Shi (002698): High growth in 1H19 results in line with expectations Benefit from downstream capital expansion

Forecast 80% annual profit growth in 1H19?
120% Bo Shi shares released 1H19 performance forecast: it is expected to realize net profit attributable to mothers in the first half of 20191.

50,000 yuan?

8 ‰, 80% increase in a year?
120%, in line with our budget performance expectations in “1H19 Machinery Industry Performance Preview: Segment Performance Differentiation, Continue to Recommend High-Growth Leaders”.

In the single quarter, the company’s 1Q19 revenue was 3.

500 million, an increase of 103% in ten years, net profit attributable to mother 0.

9 trillion, an annual increase of 324%; based on the company’s median performance forecast, the company achieved net profit attributable to its mother in the second quarter of 1919.

600 million, an increase of 168% in ten years.

Focus points The company’s traditional business benefits from downstream capital expansion.

In the first five months of 2019, the fixed asset investment in the petroleum processing industry increased by 17% year-on-year, and the single-month growth rate remained at a double-value level for the fifth consecutive month; in the first half of 2019, the fixed asset investment in the chemical industry exceeded 8%, sinceIt has continued to grow positively since the beginning of the month.

The steady growth in fixed asset investment in downstream industries has driven the company’s traditional business expansion.

In the first quarter of 19th, the company’s inventory and advance receipts increased by 63% and 105%, respectively, indicating that the company’s orders increased rapidly.

The rapid growth of strategic new products, the layout shows a trend of diversification.

The company’s self-developed high-temperature furnace front robot has been applied in batches in many household appliances companies nationwide, and we expect that this product will accelerate its growth in 2019.

At the same time, other new products of the company are expected to contribute new growth points: (1) The company is 北京桑拿洗浴保健 developing high-temperature furnace front-robots in the fields of ferrosilicon, silicon-manganese, and industrial silicon.

(2) Another new autoloader of the company is in the development stage, and it has extended 3 contracts over RMB 10 million in 2018, indicating that it has obtained preliminary approval from users.

BOA Environment turned losses every year in 1H19, and the environmental protection business has made positive progress.

Energy saving, environmental protection and environmental protection are one of the company’s important strategic development directions.

The company expects that Boao Environment, a 1H19 holding subsidiary, will exceed its losses and contribute profits.

In addition, the company democratically announced that Boao Environment and Shenghong Refining & Chemical Co., Ltd. ‘s multi-year waste 南京夜网 acid regeneration equipment proprietary equipment contract and patent license and engineering design agreement, the contract amount is 0.

4 trillion, the temporary signing of the contract marks the further positive progress of Boao Environment in related fields.

Estimates and recommendations We maintain the company’s 2019 / 20e profit forecast at 0.


42 yuan is unchanged.

The current sustainable correspondence 2019 / 20e 27.


1x P / E, we adjust the company’s target price from 33% to 9 based on equity distribution.

44 yuan, corresponding to 20 / 15x 2019 / 20e P / E, 8% growth space compared to current expectations, maintain “Neutral” rating.

Risks The single-year growth rate in the new millennium is lower than expected.

China Merchants Securities: a win-win situation for online education content channels in the era of traffic dividends

China Merchants Securities: a win-win situation for online education content channels in the era of traffic dividends

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  Online education-the era of traffic dividends, a win-win content channel source China Merchants Securities1.

1 Public schools under the “War Epidemic”: Delayed start of school and start of online teaching ◆ School end: The start of school is generally repeated until the end of February or early March. When will the class not be officially taught?

Early childhood education: On January 28th, the National Health and Medical Commission issued a notice requiring all kinds of childcare institutions to suspend the provision of childcare services. Early childhood education institutions for infants and young children under the age of 3, and parent-child parks temporarily suspended offline training services.


K12: The Ministry of Education issued a notice on January 27, requesting that all affiliated institutions of higher learning, local colleges, primary and secondary schools, kindergartens and other schools change the start time of the semester at the beginning of the year. 30 provinces and cities across the country have issued corresponding documents, and the K12 step has been postponed.Until the end of February or early March, the Rockets will not teach online.


Higher education: The Ministry of Education recently issued the “Guiding Opinions on Doing a Good Job in the Organization and Management of Online Teaching in Ordinary Colleges and Universities during the Epidemic Prevention and Control Period,” which requires government intervention, college subjects, and social participation to ensure online teaching.

As of February 2, the Ministry of Education organized 22 online course platforms to open online courses for free2.

More than 40,000 courses, covering 12 disciplines of undergraduate courses, 18 professional majors in vocational colleges.

  Under the influence of the epidemic, the schedule of public schools in the K12 stage: 1.
Classes will not start before the end of February, and new classes will be taken forever, online and offline.

Whether the school will return to school after the end of February will be notified by the Municipal Education Commission.

If it is not possible to return to school in March, the online school will be started. In March, the city’s online teaching will be arranged by the city: video lectures by famous teachers will reach students and teachers through various media (including TV stations), and brake on-demand learning.

The city’s unified schedule, 6 lessons a day, 40 minutes each, about 25-30 minutes to watch a video of the teacher lectures, the remaining 15-10 minutes, the teacher in the class to answer questions in the online class.

Broadcast exercises, eye exercises, etc. will be arranged in 6 classes.


2 Educational institutions under the “War Epidemic”: Hold fast to the traffic bonus and promote free courses ◆ Educational institutions: intense online traffic grabbing and vigorously promote the “free and non-stop” live broadcast courses?

New Oriental Online: Provide 1 million copies of spring class live broadcast courses for primary and secondary school users in the country for free; Oriental Broadcasting provides free small class live broadcast training for public schools in the country?

Xueersi Online School: Trial operation on February 1st, and from February 10th, free live lessons and self-study classes in various disciplines will be launched in sync with the school time from Monday to Friday?

Who to learn from: High-Tow Class donates 20 million winter vacation regular-price live broadcast classes to 20,000 primary and secondary school students in Wuhan, and then promotes free online live broadcast classes nationwide?

Ape Coaching: Provide free live preview sessions to elementary and middle school students nationwide, starting on February 10th, 40 minutes per subject every Monday to Friday?

Homework help: Promote free live national courses. As of February 5th, the number of enrolled free live courses in the spring exceeded 10 million?

NetEase has a way: promote free live national courses, and establish 5 million attendance scholarships1.

3 OTT platform under the “war epidemic”: big screen “learning at home” plan ◆ OTT big screen end: online education on the home side has become an important entry, and the content + channel combination has continued to affect the epidemic situation. Schools have been postponed across the country. In the context of home educationInternet TV and online education are deeply integrated, giving full play to the advantages of the platform, bringing together many high-quality online content.

On February 6, the General Administration of Radio, Film and Television released “Guide to the Standardization of Online Education During the Epidemic Prevention and Control of Online Audiovisual Platforms”, affirming the related work of “stops and stops” for online video and audio platforms such as BesTV, Mango TV, and Huashu Media, and gradually strengthened unified fundingguide.


Mango TV: From February 4th, the official launch of the online learning plan of “Changing Classes without Suspension and Growth without Delay”, in the mobile IPTV business in Hunan Province, for children in the three major platforms of Telecom and Unicom, in educational TV channels, launched by the Hunan Provincial Department of EducationNetwork “Golden Course” and the designated classroom of Changsha Education Bureau, and think together with well-known educational institutions, Mai Tiange Education to create free courses for all subjects of all ages.


Oriental Pearl: BesTV, Wenguang Interactive, Oriental Cable fully responded to the education department’s calls for “suspending classes without suspension”, “prohibition of online sales of new semester courses before school” and other calls, integrated multi-channel joint planning and launch of “suspended classes without suspension, at home at home” educationproduct.

The BesTV Air Force has landed in 20 provinces across the country, and has jointly launched a learning and thinking class box. It has also launched the “Zhuge Academy” and “Hua Shi Mu Class”, and has actively deployed online.


Huashu Media: Provides high-quality educational resources at home and abroad through cable TV interactive on-demand; Zhejiang Huashu Media provides TV-side “school education” to achieve online teaching, online parent conference and other services.


Cloud Audiovisual Aurora (New Media Cooperative Partner): Go online[School Class at Home], join hands with 30 high-quality institutions, 100 + courses, 20,000 minutes + quality content, 1000 + live online live public classes, and join penguin tutors to invite many frontlineTeachers answer questions online.

Youku: United Dingyao launched the “Class at Home” program for free from February 10th. At present, nearly 50 primary and secondary schools in Hubei Province have joined the program.


4 The information platform under the “war epidemic”: live cloud platform has been launched one after another ◆ Online classroom: public school cooperation live broadcast cloud platform, online learning platform has been launched successively According to the Ministry of Education, National Cyber Cloud Class (www.

(cn) Based on ministry-edited textbooks and various versions of textbooks used, it covers all grades from the first grade of elementary school to the third grade of ordinary high school. Based on the teaching week, it establishes a unified curriculum that meets the teaching schedule and provides on-demand courses on the Internet.

Many social organizations have provided online live cloud platforms to assist public schools in successfully providing online courses.


CV Sources: Launched Xivo Cloud Class, which provides teachers with free online course live streaming solutions.


Honghe Technology: Launched a self-developed live broadcast platform system “Honghe Air Classroom” + Nail Cooperative System “Love School Class”, thereby embedding the application of “Love School Class” under the company flag (Jin Qilin analyst) into NailPlatform, the recent rapid growth of online course live users, currently reaching 20,000 online at the same time.


Jiafa Education: Free online classroom, primary education cloud platform, classroom ecosystem, scheduling platform, attendance platform and other smart campus tools are provided free of charge, with a total value of 5 million yuan.


Tianyu Information: The company launched remote office to ensure that the education cloud platform will not stop classes. As the leader of Wuhan’s education informatization, it actively communicates with the competent education department and urgently builds an aerial classroom platform for primary and secondary schools.


Topway Information: Provide free online teaching space and real-time teaching tools to the whole country, and open a full set of cold spring online courses.

At the same time, we cooperate with Huawei WeLink to provide localized online teaching services and national famous school resources.


Fangzhi Science and Technology: United People’s Education Publishing House and other multi-party publishing houses, in order to ensure non-stop classes and free of charge to launch a “smart learning platform” to the country, and provide free use of electronic teaching assistant APP.


China Hi-Tech (Protection of Rights): Operate two major MOOC platforms: Vocational Education MOOC Platform TopU and Chinese MOOCS, which are open to the public during the epidemic, and universities can apply for free SPOC platform services. The platform providesOne-on-one class instruction.


1 Development stage: Online education is still in the era of traffic dividend ◆ Current stage: The era of dividends, MAU growth is higher than GMV growth in 2020, online education is still in the era of traffic dividends, the underlying logic is: one, the level of user onlineization rate is lower,There is still room for continued growth, user traffic dividends continue, and online education companies have a lot to buy.

Second, the product and operation capabilities of online classes have not yet entered a mature form, and there is still room for breakthrough and improvement. Some polishing of teaching and research products, teacher training, and management training processes, and fine management and segmentation of class users.

◆ Development stage: In the era of monetization, GMV and MAU will grow in both directions. In the next 3-5 years, the online education track will enter the era of monetization for the following reasons: First, with the stability of the competitive landscape, the platform ‘s demand for new users will decrease and advertisingFocus on, the user structure is mainly retained / continued students, and the average customer acquisition cost is reduced.

Second, operational efficiency has improved and business models have gradually matured. Major online platforms have achieved a certain level of stable conversion rate / continuation rate under the conditions of controllable costs and expenses, thereby achieving large-scale profitability. Online + offlineBecome the mainstream form of the education industry2.

2 driving factors: upgrading of live broadcast technology, the sinking market can provide overlapping support for technology iteration, 5G network popularization + artificial intelligence technology to drive online education development: from recording and broadcasting, large open network courses to online live courses, the core development drivers behind itTechnology upgrades, the spread of smartphones, 5G networks, artificial intelligence and big data technologies have accelerated the iteration of online education product models.

  With the popularization of webcast technology and the maturity of artificial intelligence technology, the course experience that drives online education is further increased to achieve accurate portraits and matching of user needs.

  Supply and education market for creating demand, education demand in low-tier cities has not yet been fully tapped: online education breaks through various restrictions such as geographical distribution, teaching time, communication channels, promotion channels, etc., and direct access of high-quality teachers to low-tier cities, Creating the demand for participation in low-line markets.

  According to the “2019 Online Education Market Research Report” released by the Mob Research Institute, user demand in the three to five tier sink markets continues to increase, and the proportion of online education users in low-tier cities increased from 42% in August 18 to August 1946%.


3 Market size: Driven by the online rate, it will approach 150 billion in 2023. With the increase of online user penetration, the market size is expected to increase from 20 billion in 2019 to 150 billion US dollars in 2023.


2018: 500 billion USD market for offline K12 training, 12 billion USD online K12 training, user penetration rate is only 10%.


2019-2020: The increase in the scale of online education platforms, the rapid increase in the rate of onlineization under the influence of the epidemic, and the increase in the number of online users. It is expected that the market size will reach nearly 500 billion in 2020, doubling its growth.


2023: The online penetration rate is expected to increase to 50%, the market size is close to 150 billion, and the compound growth rate of the industry in 2020-2023 is close to 50%.


4 Competition pattern: adjustment on the right, novice players enter the game ◆ K12 Online: Good Future (Xue Ersi Online School), New Oriental Online (Dongfang Youbo), Ape Coaching, Who to Learn From, Homework Help, Netease Youdao, etc. ◆ Vocational Education:Public education, chalk test, China Accounting Online School, Tencent Class, Netease Cloud Class, etc. ◆ Language Learning: Youths: VIPKID, DaDa English, 51Talk; Adults: Hujiang Online School, Fluent English, etc. 2.
4Competitive landscape: TAL / GSX / Ape Coach CR3 market share is about 40% Offline training institutions / online tool platforms / Internet platforms Three types of players have entered the online education, with a good future in 2019 + who to learn + ApeCalculating the total income of the three tutors is about 8 billion yuan. The market share of CR3 is about 40%. The initial initialization is above the head.


Moving from offline to online: New Oriental, Good Future. Two leading offline agencies have entered the military line, possessing the accumulated teaching strength and brand advantages of offline, lower customer acquisition costs in online competition and a higher K12 business renewal rate.
In addition, there are also offline institutions such as Li Sichen (Zhuge Xuetang) and Siyue Music.


From tools to content: Represented by ape tutoring, who to learn from, and homework help, early completion of user accumulation and brand building through the tool platform, and then transition to content platforms through strengthening teachers and teaching and research, pure online marketing, ground advertisingbudget.


From traffic to monetization: Represented by Youdao Class, Tencent Penguin Coaching, backed by the Internet platform, Netease, Tencent and other Internet platforms in terms of traffic, capital and technical advantages, online education as a key layout of the platform.


5 Business model: Customer acquisition-transformation-retention monetization The business model of closed-loop online education includes three core approaches-customer acquisition, conversion, and retention, that is, first to attract free low-cost users through advertising, and then increase the number of experience classes through WeChat groupsProduct experience and user stickiness, so as to achieve the conversion from low-priced users to regular-priced users, and further retain customers through product and service quality, and continue to achieve repurchase.

  ◆ The three core indicators that determine its economic model are: ROI (cash income / marketing costs, greater than 2 means higher delivery efficiency) or customer acquisition costs (marketing costs / think users, the average summer customer acquisition cost is 500-800 yuan)), Conversion rate (the ratio of low price to regular price, the average conversion rate of summer to autumn is 15% -30%), and the renewal rate (the proportion of regular price users who renew, the average renewal rate is 50% -80%) 2.

5 Teaching Mode: Large and small classes are essentially profitable ◆ Offline class forms: There is irreplaceable demand.

Because offline lectures are more interactive and operation management is more in place, they are more connected with parents and students. They are still the mainstream teaching scene. In high-line cities, users with high ability can choose offline lessons.

  ◆ Online class: The advantage lies in convenience and product pricing. The average unit price of a class is 40-60 yuan / hour, only 50% of the offline class.

The class format can be further divided into large classes (more than 50 students) and small class models (within 50 students). There are differences in the economic models between large and small classes, mainly due to the efficiency of teacher operations. Large class models are more effective in reducing teacher wage costs, and small class models are more effective.The difference between the offline class model and the offline class is that at least the cost replaces the rental cost, the course pricing range is slightly different, and the large and small class model can achieve profitability in a stable state.

◆ Offline / Online 1 to 1: More targeted at offsetting needs.

The waist and tail students are more suitable for one-to-one format and provide targeted guidance. The economic model is not as good as the class model, and the cash flow turnover ability is higher.



1 Competitive factors: lower customer acquisition costs / higher advertising efficiency The main customer acquisition channels for online education are divided into the following:

Natural traffic: about 5%, mainly through natural traffic or search engine clicks.


Reintroduction: It accounts for about 20%, and the cost of customer acquisition increases. If the ratio of reintroduction exceeds, the overall customer acquisition cost is lower, and the delivery efficiency is improved.


Information flow advertising: mainstream customer acquisition channels, accounting for about 70%, the channel is WeChat circle of friends, headline information flow advertising, new registered user acquisition cost is about 200-400 yuan, increasing user acquisition cost at 1300-About 1600 yuan.


Light live broadcast: accounting for 5%, the cost of acquiring new registered users is only a few yuan.



1Enhancement space: light live stream diversion, reducing customer acquisition costs Three characteristics of light live broadcast mode1.
Low customer acquisition cost: Compared to the 49 yuan lesson model, live broadcast does not need to pay high promotion costs. The cost mainly comes from the class time fee + platform fee, which greatly reduces the customer acquisition cost.

  2.Strong user appeal: Light courses have a low degree of biology, and users can increase the appeal of the course by experiencing the course in advance.

  3.High teacher requirements: Live lesson recording and broadcasting courses have higher requirements on teachers’ experience and teaching level.


The most mainstream customer acquisition model for information flow advertising is 49 yuan lessons, mainly in the WeChat circle of friends. The advantage is that the traffic is huge, but the cost of acquiring customers is relatively high.Right or left, there is a conversion rate of 25% -30% for the regular price class. The cost of adding another user is 1300-1600, and the cost of acquiring customers is higher.


Light live broadcast is a kind of free live broadcast course that lasts for a long time, this form better has both the higher acquisition cost allowed by the traffic exposure machine.

The live broadcast is usually about 30 minutes. The lecturer conducts real-time online interactive teaching to provide potential users with the opportunity to experience the live broadcast course.


Light live broadcast, as a cost depression for online education, will become the main customer acquisition model for online education in the future.
Live broadcast selling lessons, light live broadcast currently accounted for about 5% of the overall customer acquisition, is expected to increase in the future a large proportion.



2 Competitive elements: training and operation management of the teacher team?
线上主讲老师主要来自于:1)社会招聘:主要招聘途径, 线下教培机构为主,公立学校老师为辅,通过一定时间 的培训和试课后上岗,多为4-5年有经验Teachers; 2) Internal promotion: If the main lecturer of Ape Coaching is partly promoted by the tutor; 3) Current recruiting: If some of the main lecturer who is studying from the recruitment of freshmen, they will also take the system after systematic training.

Along with business growth, the teacher team is expanding rapidly, testing the ability of large-scale teacher training and coaching operations.
Take whom to learn as an example. In 2018-2019Q3, 46 new lecturers and 2000 new tutors were added.
The number of full-time teachers in Oriental Broadcasting is expected to increase from 550 in 20H1 to 1,200 in 20H2.
  2.6.2 Improvement space: refined management of content + users in the big class mode?

Content side: The degree of localization of teaching materials needs to be improved.
Most of the online classes use the universal version of the textbooks. Xueersi Online School and Ape Coaching cover different versions of primary school mathematics, such as human education, Beijing Normal University, and Soviet education, but they are relatively limited. The localization of teaching content is for future content upgradeDirection one.

Client: The hierarchical management of students needs to be refined.
The student grouping mode mainly includes three forms, namely textbook & difficulty, course difficulty, and course type. User grouping can achieve more targeted training content and more refined user management.
Grouping students according to the difficulty of the course has the most models, usually with 2-4 levels of difficulty; according to the type of course, there are generally long and short classes, sprint classes, and special purpose classes.
  2.6.3 Competitive factors: the balance between product pricing and course quality?

The product has a pricing advantage, and has both teaching quality and cost performance.
Compared with the average one-hour pricing of 85-100 yuan for offline K12 institutions, the average pricing of online courses is 45-60 yuan / hour, which is 40% -50% of the offline price. From the perspective of the course price difference, there can be three echelons.: Huh?

The first echelon is represented by whom to learn from, Dongfang Youbiao, and Xue Peiyou Online. The actual one-hour course is priced at 60-75 yuan.

The second echelon thinks of online school, New Oriental Online and Youdao class for learning. The price per hour is 45-60 yuan.

The third echelon is homework help and ape tutoring, and the unit price of class hours is 30-45 yuan.
  2.6.3 Space for improvement: OMO mode, integration of online and offline boundaries. New Oriental / Good Future two giants are the first to explore OMO mode?
New Oriental: OMO education and online education dual platform strategy?

In 2019, New Oriental focused on promoting the progress of the dual platform strategy, that is, OMO education and online education parallel.
In 2020Q2, the company invested $ 44 million in the OMO ecosystem, and the annual investment is expected to be 1.
$ 600 million, compared to 1.
$ 300 million.
New Oriental continued to upgrade the OMO standard classroom teaching system, and the interactive courseware in Bubble Children has been extended to more cities.
Online education: With New Oriental Online listed companies as the main body, Oriental Broadcasting in K12 business also uses the OMO model, that is, to obtain customer diversion through offline, teach online lessons online, and combine offline teacher and student meetings and parent interaction activities.

Good future: learn and think better + learn and think better online, OMO is an important layout for sinking the market?
In 2019, Good Future will integrate its learning and online learning and offline learning and thinking, explore the OMO model, and learn and think online and learn and think and promote excellent content as a complement to offline.
Good Future is planning to accelerate the Group’s layout in sinking markets through the OMO model.

The OMO model represented by the double division has become one of the most important ways to enter low-tier cities in the future.

  ? As of 2020Q3 (2019.


30) Of the 70 cities that Xue Peiyou entered, more than 30 cities have launched Xue Ersi online business, and more than half have not yet entered.

Xueersi has about 240,000 people, Q1 / Q2 revenue growth rate is higher than 150%, Q3 growth rate is higher than 200%.

  OMO in the educational context: online and offline teaching integrated?

OMO definition: Online merger offline, full integration of online and offline?

Difference from O2O: O2O mode is unidirectional from online to offline. In OMO mode, online and offline will be bidirectionally intertwined to guide each other?

OMO in educational scenarios: While teaching offline, you can accept online remote lectures, after-school tutoring, Q & A, etc. Local teachers, remote teachers, and adaptive systems can master the learning progress.

  In the early stage of platform development, the R & D investment was above 20%, and after that, the scale increased. After the technology matured, the investment accounted for about 10%.

The R & D investment of the online live broadcast platform includes the upgrade of real-time tools and the update and iteration of the data center. During the teaching process, it is necessary to continuously expand the technology research and development to ensure the platform’s more stable performance, more convenient operating experience and more accurate data portraits.

  ?The platform represented by learning and thinking about online school, who to learn from, and the New Oriental large class usually adopts a self-built platform model. R & D personnel account for a relatively high number of people. From whom, New Oriental Online 天津夜网 accounts for 22% and 25%. Netease has the right way.In addition, there is an online tool business, with R & D personnel accounting for up to 33%.

  ?The platform represented by the Oriental Optimum Small Class is usually another third-party live broadcast platform, such as Classin Wingguo Education, Shengyou Network, Zhanshi Interactive, WeChat, Cloud Course, Talk Cloud, etc. The charging mode is usually one person per hour.Pricing, taking the example of Weihou class, small class 0.

36 yuan / person / hour, open class 1.

2 yuan / person / hour, recording and broadcasting class 2 yuan / GB, the course traffic will have a relative discount.

  Good future (TAL): fast running online + integrated integration giant Good future (TAL): entry grade + high-tier cities dominate, great expansion potential New Oriental Online (1797): Group spin-off and listing, K12 as coreWhat to watch?

The Group’s only online platform was split and listed.

The company was established in 2005 and operates independently. In 2006, the company went public with the group.

In May 2017, the company was listed on the New Third Board and terminated listing in February of the following year. It was listed on the Hong Kong Stock Exchange in March 2019.

  ? The main business of K12 consists of Oriental Broadcasting + K12 classes.

Operating university, K12, pre-school three major business segments, covering all age groups of 3-30 years old. It owns multiple online platforms such as New Oriental Online School, Dongfang Youbiao, Kuxue Dona, etc., 2020H1 university business revenue accounted for 64%,K12 business accounts for 23%, preschool education accounts for 4%, and institutional client revenue accounts for 10%.

? K12 business income and the proportion of estimated visits have grown rapidly.

The company achieved 5 in 20H1.

6.8 billion yuan, an increase of 19%, net profit attributable to mothers-71.28 million yuan, a decrease of 246%.

  The total number of bidding students reached 1.3 million, an increase of 19.

3%, of which the university business decreased by 15 due to business structure adjustment.

3% to 52.

60,000 people, K12, same-time increase of 159% to 75.

50,000 people.
  New Oriental Online (1797): U-broadcast focused on sinking the market, with strong operating barriers to learn from (GSX): large-scale profitable large-scale online platform to learn from (GSX): brand bargaining and high operating efficiency to achieve profitOnline platform, who can learn 70% + gross margin and 10% + OPmargin from the following three points?

Double teacher and big class model, teachers have high operating leverage.

As of the first three quarters of 2019, the company has driven 1.09 million listeners with 209 full-time teachers. The number of simultaneous online students in K12 classes is up to 1,400, and the number of simultaneous online teachers’ courses has reached 2,000+. The gross profit margin is close to 75%.

Famous teachers’ blessings ensure teaching quality and brand bargaining power.

In the first three quarters of 2019, the overall per capita rate was 856 yuan, and the K12 course per capita rate was 979 yuan, a 37% increase, 45-60 yuan / hour at the elementary stage and 70-80 yuan / hour at the high school stage, which is higher than the industry average.
The feedback from course operations is better, with K12 business conversion rates exceeding 20% and renewal rates exceeding 70%;

Mature delivery strategy, community marketing + information flow advertising + word-of-mouth marketing multi-faceted comprehensive customer acquisition.

The customer acquisition cost in the first three quarters of 2019 was 549 yuan, exceeding the industry average. It is estimated that the cost of customer acquisition in 2019 will be around 500 yuan, and the sales expense ratio will not exceed 50%.

  Youdao (DAO.

N): Youdao Quality Class focuses on K12 Online Youdao (DAO.

N): Technology core, tool platform and hardware additional services?

The leader of the “Big Chinese” track, in 2018, acquired 100% equity of Chinese Future.

After the acquisition of Chinese in the future, it will accelerate its expansion. In 19H1, it has entered 21 cities and opened a total of 366 learning centers (144 of which are directly operated and 222 are joined).

The company is expected to benefit from the improvement in the level of Chinese language in basic education after the reform of the new college entrance examination, and the rapid growth of large language income. Revenue 1 will be recognized in 2019H1.

4.3 billion, an annual increase of 142%.

The company’s high-level teacher model has rebuilt the moat and established a CBAS four-level teacher training system. As of December 2019, there have been about 1,200 teaching teachers, which nearly doubled in the same period last year.

  ? Launched “Zhuge Academy”, low-cost diversion in light play mode.

Zhuge Class is the main product form of online regular price classes. Using third-party short video / audio APPs such as Himalayan for diversion, low-cost class diversion marketing has achieved significant results. Until the first half of 2019, big language WeChat, big language APP and ZhugeThe number of school users reached 460,000 and 7 respectively.

80,000 and 8.53 million people.

During the epidemic, the company has transferred all the Chinese language colleges to the online colleges and used the method of giving lessons to the spread.

Aiming at low-tier cities, we launched dual-teacher mini-classes in the OMO mode to solve the problem of high-quality education resource allocation and explore market opportunities in second- and third-tier cities.

  Mango Super Media (300413): An entire industry chain platform centered on Mango TV?

The Internet video platform of the entire industry chain service has been opened, with Mango TV as its core asset.

The company’s financial performance is dazzling in the industry, and it is the first domestic video website to achieve profitability, with revenue of 82 in the first three quarters of 2019.

300 million (+14.

6%) Net profit attributable to mother 9.

7.5 billion (+19.


Variety content self-control ability is outstanding. Happy Sunshine has 16 variety production teams, which can accommodate 6 seats in the top 10 variety platforms in 2019.

In 2020, the variety show reserves will exceed 20+ units.

  ? Mango TV launched the online course of Hunan Education Department to create a free course for all subjects.

The mango cloud classroom under the mango tv education channel covers many fields such as preschool education, basic education, art, science and popular science. The online education channel of mango supermedia is beneficial to benefit from the huge basic traffic of the platform and convenient on-site diversion.

In terms of cooperation resources, we cooperate with Hunan Education Department, Hunan Satellite TV, professional education institutions (learning and thinking), and well-known campuses.

Currently, Mango TV has launched online courses in Hunan Province’s education department to create free courses for all subjects in all ages.

  New Media (300770): Teaming up with Tencent Cloud Audio-visual “Class at Home”?

The OTT side cooperates with Tencent and has a leading domestic new media operation platform.

The company’s IPTV has a monopoly advantage in the operating market in Guangdong. The OTT and Tencent’s in-depth cooperation in the “cloud audiovisual” series has obvious advantages.

The company’s revenue has grown rapidly, with operating income in the first three quarters of 20197.
2.9 billion yuan (+ 65%), net profit attributable to mother 2.

7.7 billion yuan (+ 77%).

In terms of user growth, the number of basic IPTV users increased from 4.57 million straight lines in 2016 to 16.85 million in the first half of 2019. The OTT cloud audiovisual aurora business gradually activated users to reach 1.

6 billion.

  ? Cloud Audiovisual Aurora teamed up with high-quality resources to launch the “Class at Home” program.

Cloud Audiovisual has cooperated with 30 high-quality institutions, 100+ courses, 20,000 minutes + high-quality content, 1000+ online live broadcast public courses, and together with Penguin Coaching, invited many front-line teachers to answer questions online.

In the area of outreach M & A, acquisition of education-related companies.

Second-tier wholly-owned subsidiary Guangdong Nanxin Financial Holdings Investment Co., Ltd. acquired Shengjian Network.

0045% shares.

The research and development and operation of military smart TV products of Saint Sword Network. The affiliated products include game platforms, Lexue Xingkong, etc. Among them, “Lexue Xingkong” builds online interactive education products for children aged 3-12.

  Oriental Pearl (600637): BesTV + Dongfang Cable Joint Promotion?

Relying on SMG, building a whole industry chain entertainment group.

The company’s Oriental Shopping is currently the largest video shopping platform in the country, with a wide membership and the largest component of the company’s revenue.

With BesTV being the pioneer and founder of China’s IPTV business model, in 2019H1 BesTV IPTV users reached 51.24 million and revenue was 9.

7.8 billion, which contributed to the revenue of most media network segments.

In terms of film and television entertainment, the film and television are realized on the basis of comprehensive connection with SMG content resources, and the overall layout of the game is to create a content-side industry chain with rich content reserves.

Revenue for the first three quarters of 2019 was 85.

400 million, net profit attributable to mother 13.

100 million yuan.

  ? Work with professional partners to form a diverse online education front.

Beststone’s IPTV, Wenguang Interactive and Dongfang Cable all involve online education. The company has developed online education earlier. Since 2010, Beststone has launched such services.

BesTV has already landed in 20 provinces across the country, and jointly launched the “Learning and Thinking” lesson box. It also launched “Zhuge Academy” and “Hua Shi Mu Class”.

In the future, it is also possible to carry out live teaching on the Oriental Cable platform. The establishment of more than 12 channels involves disciplines of different grades and can cover 1.4 million home users in Shanghai.

  Honghe Technology (002955): Two self-developed on-line research + Dingding cooperation in the air?

Educational intelligent interactive display industry giants, overseas business profit and increase revenue.

The company’s main sources of revenue include smart interactive tablets (18 years of revenue accounted for 63.

16%), projector (14% of revenue.

16%), electronic interactive whiteboard (revenue ratio 4).


Actively lay out overseas markets. In 2017, the company exchanged with internationally renowned educational fields, established business cooperation with product brand owners, and achieved overseas revenue in 201814.

8.8 billion, an annual increase of 74.


And Shiyuan Co., Ltd. are two of the top educational intelligent interactive display industry giants. At the same time, they have expanded the field of intelligent interactive tablet applications to the tablet market for business meetings.

  ? Self-developed platform “Honghe Nailing Class” + Nailing cooperation “Honghe Nailing class” went online at the same time.

The two major platforms, “Honghe Nailing Classroom” and the self-developed live broadcast platform “Honghe Air Classroom”, are both undergoing large-scale testing and are expected to be officially promoted to the market after the start of the school.

The “Love Class”, a subsidiary application of Honghe Technology embedded in the DingDing platform, provides comprehensive teaching functions and digital teaching resources, which can help teachers to achieve “online preparation lessons, live lectures in the air, and homework review”.
The company can directly contact the school for cooperation in areas that can not be covered by Nail.

Recently, the number of online course broadcast users has increased rapidly and currently reaches 20,000 people online at the same time.

  Jiafa Education (300559): Wisdom Admission + Wisdom Education Two Wheel Drive?

The wisdom of leading the examinations, the “new college entrance examination” reform started the second round of growth.

As the domestic leader in intelligent recruitment, the market share of the first round of standardized test sites is about 60%.

Benefit from standardized test room 2.
With the promotion of 0 construction, the construction of standardized test sites increased from 500,000 to 1.5 million under the “new college entrance examination” reform, and the demand for standardized test site equipment increased significantly.

Wisdom examination + smart education promote the company’s revenue growth, the first three quarters of 2019 revenue4.

2 billion (+ 65%), net profit attributable to mother 1.

5.5 billion yuan (+ 101%).

  ? Smart education integrated solution provider.

Since 2017, smart education has become an independent sector, with revenues of 27 million in 17 years and 67 million in 18 years. It has maintained rapid growth in 19-20 years.

Product lines include smart education, new college entrance examination product line, smart campus business, new college entrance examination personalized development needs to enter smart class cards, scheduling and elective system and other new product and service forms.

The online classroom platform helps teachers create an “in-flight classroom”. Schools and teachers can initiate live lectures from anywhere, and students can participate in live learning in a variety of ways.

During the epidemic, free online classrooms, primary education cloud platforms, classroom ecosystems, scheduling platforms, and attendance platforms were provided free of charge as smart campus tools, with a total value of 5 million yuan.

  Risk Warning 1.
Online education supervision policies are becoming stricter: strictly follow the offline supervision policies, and any relevant policy changes will have a transmission effect2.
Intensified competition pattern: players on the content side, technology side, and traffic side enter the game, intensifying market competition, and extending the transformation time of the competition pattern3.
Profitability failed to meet expectations: User retention and conversions did not meet expectations. Online platforms continued to acquire customers and were in a potential state. The rate of profitability was not up to expectations.

Jin Shiyuan (603369) 2019 Third Quarterly Report Review: Continuous Optimization of Structure and Potential Energy Release

Jin Shiyuan (603369) 2019 Third Quarterly Report Review: Continuous Optimization of Structure and Potential Energy Release

The performance was slightly higher than expected, and multiple factors dragged down gross profit margin for Q1 2019-Q3 41.

16 billion (+30.

13%), net profit attributable to mother 12.

9.4 billion (+25.

74%); of which 19Q3 revenue was 10.

5.9 billion (+32.

27%), net profit attributable to mother 2.

22 billion (+28.

30%), slightly better than expected.

19Q1-Q3 gross profit margin 72.

47% (-0.

19pcts), of which 19Q3 gross margin was 73.

94% (-0.

87pcts), mainly due to the discounted weight of the product and the accounting method (part of the cost to cost).

19Q1-Q3 net interest rate 31.

47% (-1.

11pcts), with a 19Q3 net profit of 20.

95% (-0.

69 pcts), mainly due to lower gross profit margin and lower sales expense ratio2.

77%, business taxes and surcharges increased by 2.

85%, the management expense ratio decreased 北京保健按摩 by 1.

41% and so on.

19Q1-Q3 advance receipts4.

7.4 billion, an increase of 1.

6.7 billion, down 59 from the beginning of the period.

42%, the main reason is related to the scale factor and the high completion rate of dealer tasks.

Special A + accounted for over 50%, Xuzhou, continued high growth outside the province. From the perspective of products, the special A + category revenue in the first three quarters was 23

0.5 billion (+47.

66%), which accounts for 49 from the same period.

35% to 56%, of which 19Q3 special A + revenue 6.

3.1 billion (+57.

36%), we expect the growth rate of the national margin series in 19Q3 to exceed 50%, and it is expected that the sales of national margin series will exceed 70% in the first three quarters.

From a regional perspective, the proportion of internal and external revenue in the first three quarters was 94: 6, of which the Xuzhou region and the external market maintained a high growth rate of over 60% in the first three quarters. It is estimated that the external market in the province will have revenues of 300-400 million in 1919.

Revenue in the first three quarters of Nanjing in the province was 11.

40 billion (+47.

84%), of which 19Q3 revenue was 2.

4.2 billion (+44.
05%), the growth momentum is still strong, the potential energy is continuously released, and the demonstration effect of the provincial capital is still obvious.
Revenue in the first three quarters of Yancheng area was 5.

51 billion (+12.

145), of which 19Q3 revenue is 1.

4.7 billion (+21.

(48%). Since the growth rate of Yancheng area was advanced in the second quarter, the normal growth rate has resumed in the third quarter; the remaining areas have maintained steady growth.

The overall goal remains the same. At present, the company has formed a matrix of three major brands: “national border”, “present world border” and “high ditch”.

Grassroots research shows that as of 19Q1-Q3, the company has completed 90% of its goals, and we expect that the completion of the goals will not be a problem.

At present, the company’s center of gravity is still in the province. The first echelon is Nanjing, the second echelon is Southern Jiangsu, the third is northern Jiangsu and central Jiangsu, etc .; companies outside the province have made beneficial attempts, including the establishment of Shandong.Cooperation with Baichuan of Anhui and Shangyuan of Zhejiang.

Shandong Region has become the new Jiangsu market that the company focuses on. We believe that after 3-5 years of cultivation, Shandong Region will usher in harvest.

Investment suggestion The company is currently in the period of potential energy release, the product structure is continuously optimized, the channels in the province are sinking, and the orderly expansion outside the province.

We maintain EPS 1 for 2019-2021.



86 yuan, the current expected corresponding PE is 28/23/18, and a reasonable change interval in the coming year is 39.


60 yuan, maintain “Buy” rating.

Risk warnings on food safety issues; demand outlook for the liquor industry; core product sales fall short of expectations;

China National Travel Service (601888): Good wind brings power

China National Travel Service (601888): Good wind brings power

Duty-free industry: sustained and rapid growth, policy expectations under the game of consumer restructuring will continue to support the continued growth of Chinese outbound tourism and the support of tax-free policies, and the domestic tax-free industry will continue to grow at a high rate, with a CAGR of 19% in 15-18 years, and a domestic tax-free expenditure of 39.5 billion in 2018.The increase is 27%, which obviously speeds up, but the absolute amount is only 1/3 of South Korea’s tax exemption, and the difference is significant (South Korea’s tax exemption for 18 years is US $ 17 billion, about 50% + Chinese contributions).

Under the current macroeconomic background, the government ‘s consumer demand for nationals has become more prominent, and the benefits of tax exemption policies have gradually strengthened. We expect domestic tax exemptions to maintain a rapid growth of 18-20% in recent years.

Focus on China’s exemption: the domestic tax-exempt king of the state-owned enterprise background, ten-fold growth in ten years highlights the company’s central-enterprise background, has a domestic entry-exit tax-exemption license (the only nationwide) + island exemption (only two, and continues to integrate sea exemption) + departureDuty-free shops in the city (for foreigners, 5 cities including Beijing and Shanghai) and other comprehensive tax-free permits, permits are scarce, high barriers and high growth.

Since its listing in 2009, the company ‘s performance and market value have increased 10-fold and 10-fold. One is that Hainan ‘s outlying island tax exemption policy has been implemented and it has continued to relax. The other is that the company has been merged in Beijing and Shanghai in 17-18.The effect of scale continues to appear, accounting for about 80% of domestic tax exemption in 2018, the global tax exemption is expected to rank fourth, and domestic absolute tax exemption.

Highlights of growth: The duty-free shops in the outlying islands are expected to grow. After the departure of the shops in the outlying cities, the new revenue will be integrated and high growth in 17-18 years. The company is now welcoming a new round of growth opportunities for duty-free shops in the city.

A look at the stores in the outlying islands: The policy is favorable. The next phase of the Sanya store overlaps with the second phase to continue to benefit. Haimian is expected to inject this year. Its Haikou store 19.

1 has been opened, and its short-term budget is expected to gradually reach 8-18 billion +, and the medium and long-term line is expected to benchmark Sanya stores (8 billion); second look at the duty-free shops in the departure city: 19 years of the company ‘s departure in the city (for foreigners)) It is expected to resume centralization and opening up, and the national departure policy is gradually approaching. If the policy has a broad landing space in the future (depending on different policy assumptions, a comprehensive measurement of the medium and long-term space: short-term or 2-5 billion, the mid-line scale is expected to reach 10 billion +,Long-term policies continue to relax and cross-regional expansion), and third look at tax-free expansion in overseas cities.

Risk warning systemic risk, exchange rate risk, policy risk, new project opening schedule or opening operation may be lower than expected.

Domestic tax-free overlord, outlying islands / departure stores bring new changes to the market, maintaining “buy” is expected to be EPS2 in 19-21.



11 yuan, PE is estimated to be 33/30 / 25X (without considering the impact of the duty-free shop policy in the city of China).

The company is the most directly benefited target for the rapid growth of China’s tax-free industry. Its performance under license and scale advantages can continue to grow rapidly.

In the future, the duty-free shops in the outlying islands (new views on Haidu injection and Haikou duty-free shops), the departure of duty-free shops in the city (expected to strengthen the tax-free policies for 深圳桑拿网 Chinese departures), and the resonance of duty-free shops overseas are expected to usher in a new round of growthThe driving force is to maintain a “buy”, with a market value of 2000 trillion.

Hefei Department Store (000417): Performance exceeded expectations Expected shareholding companies drag down performance

Hefei Department Store (000417): Performance exceeded expectations Expected shareholding companies drag down performance

1H2019 company revenue increased by ten in ten years.

95%, net profit attributable to mothers fell by 16.

56% 1H2019 achieved 59 operating income.

63 ppm, a six-year increase of 6.

95%; net profit attributable to mothers1.

3.7 billion, which translates into a fully diluted EPS of 0.

18 yuan, a decrease of 16 per year.

56%; net profit deducted from non-attributed mothers1.

5.0 billion, a decrease of 32 every year.

75%, performance was lower than expected.

The company’s net profit attributable to its mother contracted and decreased, mainly due to the intensified competition in the regional market and the company’s equity investment in Huarong Consumer Finance Company confirmed investment losses of 4031 million.

In terms of single quarter breakdown, operating income in the second quarter of 2019 was 24.

32 ppm, a ten-year increase3.

34%; net profit attributable to mothers was 16.6 million yuan, a decrease of 66 a year.

95% of the net profit of non-returned mothers deducted 4.82 million yuan, a year of 89 reduction.


Comprehensive gross profit margin increased by 1.

72 averages, during which the expense ratio rose by zero.

The average gross profit margin of the 38 companies with average 1H2019 was 20.

29%, an increase of 1 over the same period last year.

72 units.

1H2019 company period expenses13.

26%, a year-on-year increase of 0.

Of the 38 samples, the sales / management / financial expense ratio was 4 respectively.

14% / 8.

91% / 0.

21%, a change of 0 compared with the same period last year.



18 units.

The supermarket tested the franchise model, and the participating companies 武汉夜生活网 continued to drag down their performance. At the end of the reporting period, the company operated a total of 236 stores in department stores, supermarkets, and home appliances.

The company’s supermarket business has started the franchise mode. Currently, it has opened 5 franchise stores. Because the franchise stores are still in the early stages of development, the franchise fee is only introduced to franchisees. Franchise sales are not included in the company’s revenue.The strengthening of the market still needs to be further judged in the light of future exhibitions and revenue.

The investment of Huarong Consumer Finance Co., Ltd. and Anhui Airport Baida Qixingxing Cross-border E-commerce Co., Ltd., which the company has a shareholding in, has reduced investment by 40.31 million yuan and 36, respectively.

620,000 yuan, a drag on the company’s performance.

Downgrade profit forecast and maintain “overweight” rating. The company ‘s main retail business is affected by macroeconomic uncertainty and intensified regional market competition. Under pressure from revenue growth and expenses, we lower our forecast for the company ‘s fully diluted EPS for 19-21 to 0.



31 yuan (previously was 0.31/0.


35 yuan), the company’s P / B ratio decreased, maintaining the “overweight” level.

Risk Warning: The business areas are widely concentrated, and the length of the new store incubation period is longer than expected.

Magmet (002851): High-performance segmentation business continues to contribute to growth momentum

Magmet (002851): High-performance segmentation business continues to contribute to growth momentum
The company released the 2018 performance report, reporting consolidated company revenue and returning net profit increased by 60 each.19%, 73.92%, exceeding expectations.The company’s smart bathroom business will continue to grow with new customers and new channel breakthroughs. The electric vehicle business will enter the BAIC supply chain and begin to enter the harvest period.The company intensively cultivates under its power electronics core technology platform, and continuous breakthroughs in sub-sectors will contribute to growth momentum.Maintain the “prudent recommendation-A” parity and raise the target price to 32-34 yuan. High performance growth, exceeding expectations.In 2018, the company realized revenue and operating profit, which was attributed to net profit23.94, 2.67, 2.4 billion, an annual increase of 60.19%, 56%, 73.92%.Among them, in the fourth quarter, revenue and operating profit were attributed to net profit7.83, 0.85, 0.810,000 yuan, an annual increase of 66.4%, 82.4%, 147% (three subsidiaries have had a certain impact since the consolidation in September), the performance growth exceeded expectations. Analysis of business growth of each sector.It is estimated that 杭州桑拿网 the company’s smart home appliance business will achieve revenue of 110,000 yuan (+ 50%) in 2018, of which, smart bathroom 3.800 million (+ 60%), 4 frequency converters.300 million (+ 65%). Industrial automation segment achieved revenue8.400 million (+ 148%), of which, 500 million (+ 623%) of new energy vehicle electronic control.Industrial custom power supply realized revenue 4.900 million (+9.5%). New customers and new channels promote the continuous growth of smart bathroom business.The company’s smart bathroom business revenue mainly comes from the ToB business, which accounts for more than 90% of its revenue. As the number of customers continues to grow and individual customer spending increases, the ToB business will maintain rapid growth.The revenue contribution of private label business is relatively small, but there are more than 100 existing agents, and there are channels for single store openings to improve space, which has great potential for development. The electric vehicle business has deeply entered the BAIC supply chain.The company and BAIC started cooperation in 2013 and entered the harvest period in 2018.At present, the products cover the main models of the two series of BAIC EU and EX. As the sales volume of BAIC new energy continues to increase, the company will fully benefit.The rest of the customers, the company is also steadily expanding, Dongfeng, Geely and other projects have progressed smoothly. Focusing on intensive cultivation of power electronics platforms, breakthroughs in subdivided industries continue to contribute to growth momentum.The company continues its business layout around its core technology platform for power electronics. It has made breakthroughs in the fields of industrial display, industrial power, industrial automation, smart home appliances, and electric vehicles. Smart bathrooms and electric control of electric vehicles have quickly become the main support for the company’s performance.At present, intelligent welding machines in the field of industrial automation have an income scale of 1-2 billion yuan. In addition, mining and mining equipment, electric stun guns and other businesses are developing very well, and full orders are expected to become the driving force for the company’s performance growth. Investment suggestion: raise performance, maintain “prudent recommendation-A” rating, and adjust target price to 32-34 yuan. Risk reminder: the risk of fluctuations in the new energy automobile industry and the risk of rising raw material prices.

Runda Medical (603108) 2018 Annual Report Comments: Asset impairment loss drags down profit performance, cash flow is a signal of improved operating quality

Runda Medical (603108) 2018 Annual Report Comments: Asset impairment loss drags down profit performance, cash flow is a signal of improved operating quality

Event: The company announced its annual report and realized revenue of 59 in 18 years.

600 million (+38.

1%), net profit attributable to mother 2.

6.2 billion (+19.

5%), deducting non-attributed net profit 2.

5.5 billion (+15.


Realize EPS is 0.

45 yuan (+ 18%).

Realized operating net cash flow of 5.

3.9 billion.

The company’s profit was lower than our expectations and the market, but the operating net cash flow was significantly higher than expected.

Comments: The income maintained a rapid growth, Q4 profit was dragged down by the company’s 18 years of revenue 59 due to asset impairment losses.

$ 600 million, an increase of 38% previously, in line with our expectations (+ 39%).

The initial rapid growth of revenue: 1) The overall integrated services (collection and packaging) business has promoted endogenous rapid growth: the overall integrated services accounted for 30% of total revenue in 18 years, with each increase of 45%.Main contribution points; 2) 17 years of acquisition of the scale of the target consolidation and growth: 17 years of the company’s acquisition of Beijing Southeast, Changchun Jinze Rui, Wuhan Runda Shangjian, Wuhan Youke Liansheng and Yunnan Runda Kangtai and other companies, 17 yearsConsolidation time at 1?
Between 10 months; the 18-year merger and consolidation of the above-mentioned acquisition targets, ranking a total of 9 new income in 17 years.

85 million, equivalent to contributing 23pp revenue growth.

In terms of quarters, the company’s 18Q4 non-net profit 深圳桑拿网 deduction was 15.43 million yuan, which was 74% every 18%, which was much lower than the 18Q1 / 2/3 non-net profit deduction of 58.53 million, 85.37 million and 95.76 million yuan, mainly due to the increase of approximately 50 million assets in 18Q4Impairment losses include: 1) Long-term equity investment impairment losses: in response to expectations of performance outside China, resulting in accrual of 17.33 million; 2) goodwill impairment losses: Beijing Runnuosi automatic chemiluminescence detection equipment is delayed, resulting inThe 18-year performance did not meet expectations and accrued 14.08 million impairment losses on goodwill. 3) Bad debt losses: Prolonged accounts receivable turnover led to an increase of approximately 20 million yuan in bad debt losses.

The gross profit margin decreased slightly, and the company’s gross profit margin was 27 in 18Q4 with well-controlled expense ratios.

87%, zero for ten years.

8pp, ring than epoxy 0.

3pp is mainly due to the increase in the proportion of centralized mining and packaging and the decline in the proportion of high-margin agency business.

The company’s 18Q4 sales expense ratio was only 8.

1%, zero for one year.

7pp is mainly due to the decline in the sales expense ratio brought by the increase in the proportion of centralized packaging mode.

4Q18 management + R & D expenses7.

4%, zero for one year.

2pp, mainly due to the expansion of the scale to maintain stability and slightly decrease.

Budget for the fourth quarter of 2018 2.

9% for one year.

4pp, equivalent to 18Q1?
3 The financial expense ratio of high enterprises has decreased, mainly because the company exercised the redemption of “17 Runda 01” bonds, and the overall financial expenses decreased.

Overall, the company’s 18-year gross margin and period expense ratio are well controlled, and its profitability remains stable.

The operating net cash flow has clearly turned positive, showing that the company’s lean operating performance and the improvement of upstream bargaining power have significantly improved the company’s operating net cash flow, which is significantly higher than expected, and is the biggest operating highlight of the annual report.

Specifically, the improvement of the company’s operating cash flow mainly comes from: 1) the procurement informationization, the refinement level has improved, the inventory turnover rate has accelerated, and the company’s inventory turnover days have continued to decline in 18 years.

4 days to 91.

1 day; 2) Establish a new reward and punishment mechanism to strengthen the collection of receivables; 3) With the expansion of the scale of the collection and packaging business, continue to replace the pressure of bargaining upstream, and require more purchase receivables account period, 18 years companyAccounts payable turnover days increased by 15.
2 days to 47.

1 day.

The company made full use of the scale effect of the centralized mining and packaging model to improve operating cash flow.
Asset impairment losses drag down cumulative profit performance. Cash flow is a signal of improvement in operating quality. Asset impairment losses and M & A expansion (cancellation of additional acquisitions in 18 years) are taken into consideration. The company is downgraded by 19
The 20-year forecast EPS is zero.


83 yuan (was 0.

78 yuan / 1.

02 yuan), the new 21-year forecast EPS is 1.

02 yuan, the current price corresponds to 19?
The 21-year PE is 19/15/13 times.

Although asset impairment losses dragged down the company’s profit performance, impairment losses did not affect subsequent cash flow performance, and the company’s operating cash flow was significantly changed, which is also expected to improve the company’s operating quality.

Maintain “Buy” rating.

Risk reminder: The price of IVD consumables is lower than expected; the risk of goodwill impairment on the performance of the acquisition target is not up to the promise.

Hongdu Aviation (600316): The first three quarters of revenue have increased significantly to create a leading defense equipment

Hongdu Aviation (600316): The first three quarters of revenue have increased significantly to create a leading defense equipment

Event: The company announced the third quarter report of 2019, and the first three quarters achieved operating income17.

00 ppm, an increase of 28 per year.

17%, net profit attributable to mother-0.

800 million, a decrease of 6 every year.

03%, budget gain -0.

11 yuan.

Opinions: (1) The company’s operating income in the first three quarters increased significantly28.

17%, the first is the increase in the number of aviation products delivered by the company’s core business.

Q3 achieved operating income of 5.

7.4 billion, down slightly by 1.

53%; (2) The company’s net profit attributable to its mother in the first three quarters of the year decreased by 6.

03%, of which Q3 attributed net profit to -0.

29 ppm, a reduction of 5 per year.


The growth rate of net profit attributable to motherhood is lower than the growth rate of revenue mainly including:

15%, mainly due to the increase in interest paid by the company to obtain bank borrowings in the current period; b) the report caused the company’s management expenses to increase by 20.

18%, mainly due to the adjustment of the performance salary distribution model, which caused increased wage costs and increased repair costs; (3) In terms of assets and liabilities, a) the company and Hongdu Group replaced related assets, resulting inEarly early total assets decreased by 32.

13%, net assets attributable to shareholders of listed companies decreased by 21.

18%, 72% reduction in fixed assets.

69%; b) the end of the accounts receivable decreased by 59 compared with the beginning of the period.

05%, mainly due to the company’s receipt of payment from customers and acceptance of bills of exchange; (4) in terms of cash flow, a) the company’s net cash flow from operating activities decreased by 175.

09%, mainly due to the increase in cash paid for the company’s purchase of goods in the current period; b) the company’s net cash flow from investment activities decreased by 36.

04%, mainly due to the decrease in cash paid for the company’s purchase and construction of long-term assets in the current period; c) The company’s net cash flow from financing activities increased by 91 each year.

35%, mainly due to the company’s annual increase in bank borrowings.

Air and sea equipment has created new requirements for L15, and multifunctional integration has adapted to new requirements.

L15 trainer is the company’s core product. According to basic training and entry combat scenarios, it is divided into various models such as L15 AJT and L15 LIFT.

In the future, the types of fighters of our army in the air and sea category (J-10 / 20/11/16, etc.) will be gradually installed. The gradual demand for flight training tasks will drive the growth of the company’s trainer business.

In addition, some L15 models have broken through the traditional flight training positioning, only supersonic speed, weapon plug-in and precision guided weapon capabilities, replacing air combat missions, and it is expected to become a supplementary model of naval aircraft carrier aircraft in the future.

Add missile assets to increase revenue from main businesses.

On May 31, 2019, the company and Hongdu Group merged the “Asset Replacement Agreement”, and the company put out the parts manufacturing business and the missile business.

Issuing new assets instead of enhancing the company’s main business profitability, while improving the asset structure, also in line with the development requirements of the future development of trainer models, and enhance the long-term competitiveness of the company.

Investment suggestion: Considering the continuous development of the company’s trainer business, the future trend will continue to grow, 深圳桑拿网 and the company’s missile business will increase the overall profitability. We predict that the company’s EPS in 2019/20/21 will be 0.



47 yuan, corresponding to PE is 56/41/30 times, the first coverage, giving the company an “overweight” rating.

Risk warning: L15 production capacity is lower than expected, and the integration of missile business is slow.

Changchun High-tech (000661) Tracking of the First Quarterly Report: Performance Continues to Be Beautiful and Growth Hormone Maintains High-speed Growth

Changchun High-tech (000661) Tracking of the First Quarterly Report: Performance Continues to Be Beautiful and Growth Hormone Maintains High-speed Growth
1.Event: The company released the 2019 first quarter report.1Q1 achieved revenue of 17.75 ppm, a 72-year increase of 72.07%; realize net profit attributable to shareholders of listed companies.650,000 yuan, an increase of 73 in ten years.67%; net profit deducted from non-attributed mothers3.580,000 yuan, an increase of 96 in ten years.93%; realized earnings per share 2.15 yuan. In terms of financial indicators, selling expenses6.20 ppm, an increase of 45 in ten years.77%; management costs 8115.530,000 yuan, an annual increase of 23.58%; R & D expenses1.150,000 yuan, an increase of 36 in ten years.98%; financial expenses -800.950,000 yuan, a decrease of 424 a year.24%; net operating cash flow 6.180,000 yuan, an increase of 398 in ten years.31%; accounts payable 3.24 ppm, an increase of 73 in ten years.63%, mainly due to the increase in settlements temporarily estimated by real estate companies. 2.Our analysis and judgment: (1) Growth hormone drives the pharmaceutical business to maintain rapid growth, real estate business settlement increases and thickens performance. The company’s performance is beautiful, mainly due to the rapid growth of the pharmaceutical business and the actual business settlement.Rapid growth of pharmaceutical business19 The company achieved operating income in the first quarter.750,000 yuan, +72 a year.07%; net profit attributable to mother 3.65 ppm, +73 for ten years.67%; deduct non-attributed net profit 3.58 trillion, ten years +96.93%.The acceleration of the company’s reported performance is mainly due to two reasons: (1) Growth hormone drives the pharmaceutical business to continue its high growth trend.Reported intermediate pharmaceutical business income +44.16%, net profit +62.15%.We believe that it is mainly driven by growth hormone, and terminal data show that the growth rate of growth hormone sales in the first two months has exceeded 60%.(2) Real estate business settlement income increases every year. As for the issue of vaccine batches, the batch of 19Q1 varicella vaccines was issued24.270,000 bottles, a reduction of 75 per year.5%; rabies vaccine batch issued 51.360,000 bottles, a reduction of 63 a year.1%. Expenditure is well controlled.From the perspective of expenses, the sales expense ratio was 34 in 19Q1.95%, a decrease of 6 per year.31pp; management expense ratio 4.57%, a decrease of 1 per year.79pp.We believe that the decline in the expense ratio during the period is related to the replacement transition of the actual business settlement. (2) Continue to be optimistic about the growth hormone to maintain rapid growth The company’s multiple advantages in the domestic growth hormone market, we are optimistic about its future high-speed growth.As a domestic growth hormone leader, Kinsey has the comprehensive advantages of the most complete dosage forms, the strongest terminal control ability, and the development of new indications.We are optimistic about the company’s growth hormone business to maintain rapid growth: (1) The domestic growth hormone penetration rate has decreased, and the market has room for expansion.There are about 7 million children with dwarf who are currently in the treatment window period, of which more than 2.8 million are children with growth hormone deficiency (GHD). Assuming a national market size of $ 4.5 billion in 2018, even considering the difference in urban and rural consumption capacity, the GHD treatment rate is onlyAbout 10%.If only GHD indications are considered, and long-acting dosage forms are not considered for the time being, it is assumed that in the future urban and rural penetration rates will reach 20% and 10%, respectively, and the use ratio of water injection and powder injection will reach 4: 6 and 1: 9 respectively, then conservative estimatesThe market size for growth hormone therapy for GHD is above 110 ppm. (2) The phase IV clinical study of the long-acting dosage form has been completed, which is expected to continue to contribute to the performance flexibility and further strengthen the company’s growth hormone hegemony skeleton.During the reporting period, the company’s long-acting growth hormone has completed phase IV clinical research, which will gradually build the foundation for the subsequent academic promotion of products and enter the European and American markets, and continue to continuously contribute to performance flexibility. (3) The sales team continues to expand, the sales channels continue to sink, and the market coverage is expanded.By the end of 18, the company’s sales team was about 1,400 people. In the future, it will continue to expand the sales team and continue to expand the market coverage, thereby increasing the number of hospitals and prescribing physicians, and the number of new patients. (4) In the short term, it is absolutely difficult to seize the market share of Kinsey water needles.As the domestic market has huge room for expansion, each company is expected to grow together.Even considering the competitive factors, Anke’s water needle reached 19 years old, and was approved in the first half of the year. Novo Nordisk water needle has been approved for listing, but at the same time, it also faces problems such as bidding and hanging the net, and there are product conversion costs in the place of doctors. (5) Growth hormone is mostly prescribed outside the hospital and is not affected by the proportion of drugs.The sales model of Kingsey growth hormone is usually that after the patient confirms the use of growth hormone in the first visit of a tertiary hospital, it is subsequently transferred to a children’s hospital or a clinic next to the hospital with a prescription, which is not affected by the hospital’s strict control of the proportion of drugs. (6) The child height management market is heating up.Parents have a high degree of recognition of children’s height, and the child height management market continues to heat up. (III) Continue to be optimistic about the development prospects of vaccine business. We are optimistic about the company’s vaccine business development prospects. Enlarging existing products will help maintain rapid growth, and gradually develop a rich pipeline of pipeline products. It is also expected to continue to contribute to performance flexibility: (1) Rabies vaccine is expected toContribution to performance increase.The 18-month effective rabies vaccine process has been significantly improved and scaled up. Considering the impact of previous vaccine incidents, it is expected that Maifeng’s mad vaccine market will accelerate its recovery and contribute to performance flexibility. (2) Chicken pox vaccine continues to expand into the international market and is expected to accelerate its volume in the future.The company has completed registration of chickenpox vaccine in India and Nigeria, and is about to complete registration in Indonesia.At the same time, registration work is underway in Guatemala, Bangladesh, Turkey, Thailand and other countries.The product will also benefit from the vaccine incident, and is expected to achieve further volume through continued development of the international market. (3) The nasal spray influenza vaccine has been reported to be produced and will be replaced with a priority review in June 18th. If it is successfully marketed, the alternative route to nasal spray will be left blank. (4) The research and development of mad seed freeze-dried powder needles has progressed in an orderly manner and is in the state of planned recruitment.At the same time, a sufficient amount of products for phase III clinical trials have been prepared, and the drug inspection report of the Chinese Academy of Sciences has been obtained in advance. (5) Invest in Ruizhou 武汉夜网论坛 Biological, 20-valent pneumococcal vaccine is expected to enter the clinic in 19; (6) Purchase of full-human anti-rabies monoclonal antibody technology. If it is successfully marketed, it will form synergy with the company’s existing rabies vaccine. 3.Investment suggestion The company’s first quarter report has a very good performance. The growth of growth hormones in the main strata drives the pharmaceutical business to maintain rapid growth; and it will fulfill its business earnestly.We continue to be optimistic about the company’s development prospects.The company is a domestic leader in biopharmaceuticals. We believe that growth hormone performance will maintain rapid growth: through consumption upgrades and people’s understanding of height management, the growth hormone market has a broad future growth space.The company 深圳丝袜会所 has the most complete product line in the field of growth hormone, the strongest terminal control ability, the speed of new indication development, the leading technology and the active deployment of new alternative technologies.In terms of dosage form, powder injection strengthens and consolidates competitive advantages; rapid development of new indications for water injection promotes continuous heavy volume; long-acting dosage forms are exclusive dosage forms; intravenous clinical completion and sales channel expansion will significantly increase performance.Regenerative human follicle stimulating hormone replaces domestic blanks and promotes the process of import substitution after approval of supplementary indications.The vaccine business is about to enter a new stage of development: chickenpox vaccine is opening up the international market, and rabies vaccine will turn a profit through process modification and dosage form upgrade.Huakang Pharmaceutical is committed to maintaining stable growth.The company’s real estate business will also maintain steady growth.Regarding the impact of the acquisition of the remaining equity of Jinsai Pharmaceutical for the time being, it is expected that the net profit attributable to the mother for 2019-2021 will be 13.49/17.88/23.05 ppm and EPS were 7.93/10.51/13.55 yuan, corresponding PE is 39/29/23 times. 4.Risks suggest that the market for long-acting growth hormone is less than expected, the market for recombinant human follicle stimulating hormone is less than expected, vaccine safety risks and policy risks, and new drug development is less than expected.