Peacebird (603877): Channel adjustment dragged down performance in the first half of the year, Q2 improved

Peacebird (603877): Channel adjustment dragged down performance in the first half of the year, Q2 improved

In the first half of 2019, revenue decreased by 1 every year.

5%, net profit attributable to mother decreased by 33.

1%, slightly lower than expected.

1) Revenue in the first half of 201931.

200 million, down 1 year.

5%; net profit attributable to mother 1.

3 ‰, a decline of 33 per year.

1%, net of non-attributed net profit 0.

2 ‰, a decrease of 66 per year.

9%, slightly slower than expected.

2) Revenue in the single quarter of 19Q2 was 14.

6 million US dollars, an annual increase of 2%, net profit attributable to mothers is 4,537 million, and it will fall by 29.

2%, a quarter-on-quarter improvement.

The main brand rides the waves, and Rakucho and children’s wear perform better.

1) The yield of major brands has improved significantly compared with the previous quarter.

PB menswear revenues fall by 4 per year.

8% reached 10.

8 ppm, gross margin decreased by 3.

1pct to 58.

6%, the number of stores is about 1,300; PB women’s clothing revenue fell 2.

6% to 4.

3 ppm, gross margin increased by 6.

One piece reaches 60.

7%, the number of stores is about 1,400.

2) The positioning and quality adjustment of the Rakucho brand were put in place, the growth accelerated, and the gross profit margin increased significantly.

Revenue of Rakucho brand broke 4.

2 ‰, an increase of 12 in ten years.

4%, gross margin increased by 1.

7pct reaches 51.

9%, nearly 600 stores.

3) Mini Peace children’s clothing is in the growth stage, and the number of stores is stable, ready to go.

Children’s clothing revenue 3.

700 million, down 3 every year.

7%, gross margin increased by 4.

5 pieces up to 56.

4%, about 800 stores.

4) Emerging brand Material Girl is in its growth stage, and it has achieved a total income of 1 with the addition of Bird’s Nest Home Furnishings, Betty Sweets, and Mt.

1 ‰, an increase of 15 in ten years.8%.

Coordinated development across all channels, online channels took the lead to resume growth, and the number of franchised stores was adjusted.

1) Offline revenue in the first half of the year21.

800 million, accounting for 70.

9%, down 4 each year.

6%.

Direct sales store revenue 15.

4 billion, accounting for 70.

7%, an increase of 4 per year.

3%; franchise revenue 6.

400 million, down 20 every year.

9%.

In the first half of the year, there was a net reduction of 167 stores, and a total of 4,427 stores were terminated. The plan is to open 300 stores in 2019. It is expected that the acceleration of store openings in the second half of the year is still expected to complete the goal.

At the end of the year, there were over 1,750 stores in shopping malls, and retail sales increased by 5%.

Ole’s rapid development, retail sales broke 1.

700 million.

The newly opened stores will maintain a direct franchise ratio of 1: 2.

2) E-commerce revenue 8.

900 million, accounting for 20.

1%, an annual increase of 8.

3%.

The average monthly growth of the next GMV is more than 20%, and we look forward to the development of online platforms in the second half of 19th.

The increase in selling expense ratio dragged down the net interest rate, and cash flow needs to be improved.

1) Gross profit margin increased slightly and 武汉夜生活网 net profit margin was adjusted.

The gross profit margin of the company will increase in the short term in 20191.

3 points to 57.

1%, the net interest rate has decreased by 1 year by year.

96 points to 4.

1%.

2) The sales expense ratio increased significantly, and the management expense ratio remained better.

In the first half of 2019, the sales expense ratio increased by 2pct to 42 in the first half of the year.

9%, the management expense ratio (including research and development expenses) decreased by 0.

3pct to 8.

6%.

3) Good inventory control and cash flow needs to be improved.

Final reporting period inventory 16.

9 billion, basically flat, better inventory management, 19H1 net cash flow from operating cash2.

9.5 billion, mainly due to the wrong payment of cash and taxes paid to employees, improved 无锡夜网 in the second half of the year.

The company is a multi-brand + omni-channel balanced development of brand apparel. The weak casual wear environment has dragged down the company’s adjustments. The first half of the year was accumulating energy, and the second half of the year is expected to usher in an inflection point and maintain its holdings.

However, considering that the PB men’s and women’s wear brands are still in the adjustment period in the first half of the year, we have lowered our profit forecast for 19-21, and expect the net profit attributable to mothers to be 6 in 19-21.36/7.

12/7.

8.3 billion (was 6 in 19-21).

9/7.

9/9.

0 billion), corresponding to 10/9/8 times the PE in 19-21, maintaining an overweight rating.

Quick review of important events of Yutong Bus (600066): Flying on demand

Quick review of important events of Yutong Bus (600066): Flying on demand

Matters: We have recently sorted out the layout and progress of Yutong Bus in new areas such as RVs and fuel cell buses.

Guoxin Auto’s point of view: Under the background of new energy bus replacement and replacement (complete decline in 2020), Yutong Bus’s short-term performance is under pressure.

In the medium and long term, the urbanization rate will be reduced, and high-speed rail subways will have a certain replacement for passenger coaches. The space for traditional passenger coaches is basically saturated. Looking at stable renewal needs in the future, alternative RV tourism and hydrogen fuel cells are encouraged and supported by national policies.Yutong buses change as needed, seizing the possibility of RVs and fuel cells to open up new categories.

How to pass in the future 1) With the improvement of the infrastructure and supporting management regulations of the national tourist camps, RVs may become an important growth point for the passenger car market in the future.

It is expected that the national RV market will maintain an increase of more than 30% in the next 3-5 years. Yutong has cultivated in the RV field for ten years and achieved sales through high-quality products and after-sales services, increasing market share;The team and research and development have achieved mature strength. In 2018, small-volume supply of fuel cell buses (55 vehicles) was achieved. The “ten cities and 1,000 vehicles” policy is expected to promote continuous growth.

In addition, high-end commercial buses represented by T7 and overseas new energy markets are also Yutong’s follow-up efforts, and continue to maintain its profit forecast. It is expected to return to its mother net profit in 19/20/2123.

24/27.

17/31.

9 billion, corresponding to an EPS of 1.

05/1.

23/1.

44 yuan, corresponding to the current expected PE of 15.

2/13.

0/11.

0X, the average PE of comparable companies in 2019 is estimated to be 20.

73 times, the average PB estimate is 2.

Four times, according to the comparable company estimation method, a one-year target index interval is given to Yutong Bus.

9-21.

77 yuan, currently (closing price on April 21) cashed 15.

92 yuan, still 19%-37% from the target price to improve space, maintain the Buy rating.

Comment: The policy encourages RV tour mode, and national policies are added after road buses to encourage self-driving traveller ecology.

Since 2016, the state’s policy on RV camping and RV excursions has become increasingly clear. With the support of national policies, the construction of RV camps is accelerating across the country.

According to the “Thirteenth Five-Year Plan” of the RV camps in various provinces, autonomous regions and municipalities across the country, a network of RV service facilities consisting of 4,000 RV camps will be completed by 2020.

At present, there are more than 800 RV campsites in China, and more than 300 have been added in 2018 alone.

At the end of 2016, the State issued “Several Opinions on Promoting the Development of Self-driving Traveler Car Tourism” to promote the integrated development of the RV industry and characteristic towns. In 2020, the self-driving traveler car industry system will be initially integrated.

At present, there is a huge gap between the number of RVs and the construction of overseas campsites, and the market for RVs is vast.

Now, compared with the world in the past, self-driving RV tours still have a long way to go.

1) From the perspective of campsites, there are 16,500 campsites in the United States, with 51 per million people.

There are 72 camps in Europe with about 25,000 camps and 33 per million people.

88.

As of the end of 2017, the total number of campsites in China was 1,273 (825 have been completed and 448 are under construction).

2) From the perspective of the number of RVs, according to data released by the RV Industry Association, the number of RVs sold in the United States in 2017 was 50.

460,000, compared with 43 in 2016.

07 thousand vehicles increased by 17.

2%.

According to the European Industry Association, European RV sales reached 19 in 2017.

06 million vehicles, an increase of 12 per year.

1%.The market value of self-propelled RVs and trailer-mounted RVs has reached the highest growth rate in history, and it has maintained 10 consecutive years of strong growth since 2007.

According to data from China’s camping industry conference, RV sales in 2017 were 2.

10,000 (6 in stock).

940,000), imported 1000+ RVs, exported 15,000+ RVs, 300+ RV conversion companies, 456 new models of RV announcements, an increase of 80% over 2016, 3700+ rental RVs nationwide, and 500+ rental companies or clubsWait.

We believe that with reference to the developed countries in the RV industry, the gap in local campsites has been extended, the number of RVs is kept, the sales base is low, and the future development space is broad.

Driven by national policies and local governments for a long time, RV tourism has continued to heat up, and sales have increased in the past two years.

9%, the RV industry has accelerated into the fast lane.

China is expected to become the fourth largest RV tourism market in the world.

Yutong RV follows the Yutong Bus production and research concept and is expected to become the leader in market segments.

Yutong Bus & Car Division was established in 2009 and has a history of 10 years.

Yutong RV inherits the manufacturing process advantages of Yutong Bus, and through cooperation with American RV manufacturers, has established foreign design studios. From product design and production process planning are completed by American professional RV designers, in cooperation with Yutong’s all-metal body, King KongClosed loop, halogen electrophoresis of the entire vehicle, and other mature process structures to establish a higher level of R & D and manufacturing capabilities.

Yutong’s RV brand has covered A, B, C self-propelled and trailer-type RVs, giving customers more freedom and personalized choices.

A type of RV is the most luxurious class in RVs. This type of RV is mainly based on a heavy chassis frame, typically a large truck or transporter chassis. This type of RV is equipped with almost all the elements required for RV travel.The equipment is ideal for long journeys.

Type B RVs are the smallest RVs in the three types of ABC RVs. Thanks to the flexible car movement, Type B RVs are considered to be the most suitable for on the road. Even in the face of some severe road conditions, the performance of Type B RVs is usuallyMost satisfied.

Type B motorhomes are usually modified by vans, and the frame of the body remains unchanged, or the roof is slightly placed.

Type C RV is between ultra-luxury Type A and Convenient Edition Type B. It is usually combined with a van chassis and a car shell. Some will design a bed on the top of the cockpit, which is convex.RVs also belong to the C type.

Unlike the extreme luxury of the A-type RV, the C-type RV can also provide a variety of comfortable designs and the price will be more affordable.

Type C RV is more like the neutrality of Type A and Type B. As long as it is relatively slender, it can be flexibly moved without losing the comfort of the RV.

At present, the C-type RV is also the most popular type of vehicle promoted by Yutong.

Yutong RV models are mainly C-type RVs, which also have Type A / B / Trailer / Light Business Travel; the chassis is equipped with Jiangling Transit, Mercedes-Benz, SAIC Chase, Nanjing Automobile, Iveco and Zhengzhou Yutong (optional).; In terms of price, most trailer-type RVs are close to the people, ranging from 150,000 to 200,000 (6-10 meters). The prices of other domestic versions of chassis are mainly 40-60 million, and the price of imported chassis is 90.10,000 or even more than Yutong Bus since entering the RV industry in 2009, the Yutong RV brand-Yutong Kailun Bengwei has achieved a leap from dozens to thousands of annual sales, becoming the first brand in RV developing countries.

In 2018, Yutong RV achieved breakthrough progress, with RV sales reaching 1,100 units, an annual increase of 95.

4%, market share of segmented market reached 10%, Yutong RV sales in 2019 are expected to reach 1,800, with a target growth rate of over 60%.

In the future, through the improvement of the national tourism campsite infrastructure and supporting management regulations, RVs may become an important growth point for the passenger car market in the future.

It is expected that the domestic RV market will maintain an increase of more than 30% in the next 3-5 years. Yutong has been cultivating in the RV field for ten years, and promoted sales through high-quality products and after-sales services, and increased market share.

Fuel cells have everything, waiting for the policy Dongfeng Yutong has become a global leader in large and medium-sized passenger cars. It is one of the earliest companies in the industry to develop fuel cell buses. In 2009, it developed the first generation of fuel cell buses and is the first domestic commercial vehicle to pass fuel cells.The certified enterprise has obtained the official announcement of the first domestic fuel cell bus, built the first hydrogen refueling station in the Central Plains, and was approved as the first fuel cell and hydrogen energy center in the bus industry.

Yutong Bus has developed three generations of fuel cell buses and is developing the fourth generation.

At present, Yutong Bus has mature capabilities in fuel cell models, teams and R & D.

1) In terms of models, Yutong Bus has completed 10 meters, 12 meters of “dual configuration” fuel cell transportation, 9 meters of fuel cell group vehicles and other popular models, and has achieved small-scale demonstration operations.

2) In terms of team, as of 2017, Yutong has formed a 45-person research and development team with 6 PhDs and 26 Masters as its core, focusing on fuel cell system integration and control technology, vehicle hydrogen system integration and rapid hydrogenation technology, and fuel cells.Research on test evaluation technology direction.

3) In terms of research and development, Yutong was approved to establish the industry’s first fuel cell and hydrogen energy engineering technology research center.

The research and development center has a planned building area of more than 10,000 square meters, which involves the testing and development of fuel cell vehicles, systems, stacks, on-board hydrogen systems and other key components.

The establishment of the center will greatly enhance the technological research and development strength of Yutong hydrogen fuel cell buses, promote the technological progress of the new energy bus industry, and promote the industrial development of fuel cell buses through the practical application of the entire vehicle.

In 2018, Yutong Bus’s fuel cell transportation achieved mass promotion and application in Zhengzhou, Zhangjiakou and other places. In 2018, the company’s fuel cell vehicles reached 55 sales and revenue1.

77 ppm, subsidy of 15 million, the company’s fuel cell bicycle revenue of 3.22 million, bicycle subsidies of 27.

30,000 In January 2019, Yutong Bus won the bid for the Zhangjiakou Urban Bus Purchase Project, with a number of 3011.

5-12 meters hydrogen fuel cell urban transporter with air conditioner (normal version, 2 + 2 arrangement of the last row of seats). The total bid was 88.98 million yuan and the unit price was 296.

60,000 yuan.

Under the policy of “10 cities and 1000 vehicles” of hydrogen fuel cells in 2019, it is estimated that the sales volume of hydrogen fuel cells nationwide is expected to reach 1,000 units. As a leader in new energy buses, the sales of fuel 西安耍耍网 cells in 2019 are expected to continue to grow.

In the long run, the development plan for hydrogen fuel cell vehicles on China’s fuel cell vehicle technology roadmap: 10,000 units in 2020, 100,000 units in 2025, and 1 million units in 2030.

Hydrogen fuel cells are expected to become an important supplement for pure electric buses and contribute to the long-term increase of new energy buses. Investment suggestion: Change as needed, wait for time to fly, maintain Buy rating Guoxin Auto’s view: Under the background of new energy bus supplementary replacement (complete decline in 2020), the short-term performance of Yutong Bus is under pressure.

In the medium and long term, the urbanization rate will be reduced, and high-speed rail subways will have a certain replacement for passenger coaches. The space for traditional 重庆耍耍网 passenger coaches is basically saturated. Looking at stable renewal needs in the future, alternative RV tourism and hydrogen fuel cells are encouraged and supported by national policies.Yutong buses change as needed, seizing the possibility of RVs and fuel cells to open up new categories.

How to pass in the future 1) With the improvement of the infrastructure and supporting management regulations of the national tourist camps, RVs may become an important growth point for the passenger car market in the future.

It is expected that the national RV market will maintain an increase of more than 30% in the next 3-5 years. Yutong has cultivated in the RV field for ten years and achieved sales through high-quality products and after-sales services, increasing market share;The team and research and development have achieved mature strength. In 2018, small-volume supply of fuel cell buses (55 vehicles) was achieved. The “ten cities and 1,000 vehicles” policy is expected to promote continuous growth.

In addition, high-end commercial buses represented by T7 and overseas new energy markets are also Yutong’s follow-up efforts, and continue to maintain its profit forecast. It is expected to return to its mother net profit in 19/20/2123.

24/27.

17/31.

9 billion, corresponding to an EPS of 1.

05/1.

23/1.

44 yuan, corresponding to the current expected PE of 15.

2/13.

0/11.

0X, the average PE of comparable companies in 2019 is estimated to be 20.

73 times, the average PB estimate is 2.

Four times, according to the comparable company estimation method, a one-year target index interval is given to Yutong Bus.

9-21.

77 yuan, currently (closing price on April 21) cashed 15.

92 yuan, still 19%-37% from the target price to improve space, maintain the Buy rating.

China National Travel Service (601888) 2019 Interim Report Comments: All tax-exempt sectors have solid and high growth overall performance in line with expectations

China National Travel Service (601888) 2019 Interim Report Comments: All tax-exempt sectors have solid and high growth overall performance in line with expectations

Event: In 2019H1, the company realized revenue, revenue-excludes China National Tourism Corporation, revenue-excludes China National Tourism Corporation and Shanghai Shanghai, net profit attributable to mothers and net profit attributable to non-mothers were 243.

44 / + 15.

46%, 237.

45 / + 52.

01%, 160.

12 / + 36.

84%, 32.

79 / + 70.

87%, 25 / + 30.

86% yuan.

Global tourism retail sales increased by nearly 13% in 2018, with China as the main driver.

According to reports, GenerationResearch and China Exempt Information, the global tourism retail sales increased by 12 in 2018.

9% to 789.

600 million US dollars, while China’s tax exemption initially only 39.5 billion / + 27.

3%; According to its forecast, the growth rate of global duty-free industry shares will reach 7 in 2019.

8%, while China’s growth rate will exceed 18%.

In 2019H1, the company’s revenue in each 合肥夜网 segment of the company has achieved steady and high growth every year.

(1) China Travel Headquarters achieved revenue 5.

US $ 9.9 billion, which was split in January this year, brought about US $ 900 million in investment income to the company.

(2) Capital Airport Duty Free Shop (including T2 and T3) realized tax-free income43.

65 ppm (T2, T3 internal transaction data excluded) / +25.

54%; T3 duty-free stores realized (including tax-free and other) revenue 37.

66 / + 13.

78%, the growth rate is lower than the overall tax-free growth rate of the Capital Airport, or mainly due to changes in the statistical caliber for T2 suppliers; the realization of net interest rate.

95% / + 1.

68 points, or mainly due to the income growth rate is higher than the rate increase during the period.

(3) Shanghai Airport realized tax exemption and other (including tax) income of 73 respectively.

77 and 3.

5.7 billion, an increase of 92 each year.

41% and 315.

22%, mainly due to the rapid growth of Shanghai in the past, and the consolidated statement in March last year; Shanghai’s net profit attributable to mothers3.

21 ppm / +49.

44%, although the growth rate of the deduction rate has increased significantly, last year’s Shanghai consolidation was only from March to June.

(4) Sanya Haitang Bay realized tax exemption and other (including tax) income of 51 respectively.

81 and 1.

48 ppm, an increase of 28 per year.

50% and 37.

05%; net profit achieved 8.$ 32.5 billion / +5.

63%, or mainly due to the increase in rental and selling expenses.

(5) Baiyun Airport realized tax-free income8.

44 ppm / + 193.

06%, mainly due to T1 entry shops, T2 entry / exit shops only opened in the first half of last year, this year’s revenue continued to climb.

(6) Tax-free business income from Hong Kong Airport12.

9.6 billion / + 36.

13%, mainly due to the company’s continued increase in duty-free shops in the second half of last year.

(7) Others: Other main income is 40.

1.5 billion / + 82.

15%, mainly due to the steady growth of the traditional sector and the increase in free supply revenue; other retail profits were 12.

8.7 billion / +60.

51%, mainly due to: Hong Kong’s turnaround, Baiyun Airport’s profits increased, and the annual free supply profit increased.

In 2019H1, due to the impact of exchange rate, the tax-free gross profit margin quota and the chain rate will both decrease slightly.

In 2019H1, the company’s gross profit margin was 51.

05% / + 9.

83pct, mainly due to the transfer of travel agencies and the increase in taxed gross profit margin; sales expenses decreased by 30.

29% / + 7.

24pct, mainly due to the transfer of the travel agency industry, the Shanghai Airport new contract and the deduction rate increased; management fee rate 2.

32% /-0.

39pct, mainly due to the reduction in management costs caused by the disposition of the China National Travel Service; financial rate is 0.

05 / + 0.

11pct, mainly due to the decrease in interest income and the increase in financial handling fees (WeChat, Alipay, etc.) for receiving money; asset loss / operating income is 0.

41%, an increase of 0 every year.

38 pct, mainly due to inventory price loss; the company’s net interest rate was 15.

86% / + 9.

83ptc.

The level of the company’s leadership structure is more reasonable, and a small percentage of the company plans to participate in the travel insurance business.

The company’s leadership has undergone major adjustments. With this change, the company’s merger structure has become more reasonable.

In addition, the company plans to co-sponsor the establishment of the China Travel Finance Company with the parent company and 4 other non-affiliated companies. The company plans to hold 5% of the shares.

Profit forecast and grade: After the initial release of the city’s internal tax-free policy, overseas tax-free consumption has gradually returned to acceleration. As a tax-free giant with a market share of over 85%, the company will fully benefit.

We continue to be optimistic about the future development of the company, and we have made some adjustments to the performance forecast. It is expected that the company’s net profit attributable to mothers in 2019-2021 will be 46.

94/48.

69/57.

68 ppm, EPS is 2 respectively.

40/2.

52/3.

00, corresponding to a sustainable PE of 39 on August 31.

7/37.

9/31.8 times, continuous recommendation.

Risk reminders: (1) systemic risks; (2) policy risks; (3) exchange rate fluctuation risks; (4) intensified market competition, etc.

Venus Star (002439): Netan leading both economic and growth

Venus Star (002439): Netan leading both economic and growth

Based on the advantages of traditional security products, Netan leading companies with both cost-effectiveness and growth have gradually developed three strategic emerging businesses: safe city operations, cloud security, and industrial control security.

Scale, as the company accounts for a relatively large number of government and enterprise customers, it is expected to benefit in depth.

0 and safe and reliable construction; reconstruction, and through the emergence of operating service models, the industry ecology may shift to overall solution competition.

We believe that compliance with the new industry format and the expansion of the overall scale of the industry coupled with the ecological transformation, the company is expected to fully enjoy the industry’s expanded tolerance and market share to increase the dual dividend.

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

80/1.

01/1.

26 yuan, the first coverage, given a “buy” rating, target price of 35.

30-38.

51 yuan.

Spontaneous demand and compliance demand are driven by two wheels. The information security market with a vast network security market is mostly concentrated in party and government, special industries, and state-owned enterprise customers. This part of demand is often closely related to budget and policy requirements.

We believe that the demand cycle of government and enterprise 南宁桑拿 customers is upwards and equal protection2.

0 and other security policy drivers are strong.

In addition to compliance requirements, voluntary security requirements continue to expand.

First, frequent attack incidents accelerate the release of network security requirements. Second, new business forms represented by cloud computing, the Internet of Things, and the Industrial Internet are booming, further opening up the incremental market space.

CCID Consulting predicts that by 2021, the size of China’s cyber security market will grow to 926.

800 million, a three-year compound growth rate of 23.

twenty four%.

The industry pattern is fragmented, and the emergence of operational service models may benefit the titled companies. The narrow product chain of the traditional network security market has created a relatively fragmented industry pattern, with market participants each having their own strengths.

In the short term, due to the centralized declaration of information security companies of the science and technology board, state-owned assets have entered the security vendors one after another, and market competition may intensify.

In the long run, the rapid development of smart cities, government clouds, and private clouds has created security needs for cloud tenants, and security vendors have begun to emerge with solutions and operational services to meet customer needs.

It is not only the traditional security product market, the improvement of solutions and operational services, but also the threshold for market competition. It has long been better than the leading players in technology and comprehensive strength.

Based on general-purpose security products, Qixingchen strives for urban security operations. We believe that the company has two main focuses.

Aspect 1: The company’s market share in the four major market segments of IDP, UTM, SOC and data security products has remained the industry’s first for many years, and government and enterprise customers account for a relatively high proportion, or help it become equal insurance, special industry market increaseThe most beneficial target.

Aspect 2: Urban security operation business is a package of security services that the company has specially developed for the construction and operation of smart city informatization. It is the company’s focus in the next 3-5 years.

Last year this business order amount was about 1.

500 million, realized income of 50 million.

As of the first half of this year, the company has signed 23 urban operation projects, and we expect that the city’s operating income will gradually increase by more than 100%.

In the long term, we believe that Qixingxingchen is expected to enhance its long-term competitiveness and market share through the rapid development of urban operation business.

Target price of 35.

30-38.

51 yuan, the first coverage given a “buy” rating. We expect the company’s EPS in 2019-2021 to be 0.

80/1.

01/1.

26 yuan, PE is currently expected to be 34/27/22 times.

With reference to comparable net security companies, the 19-year PE average is 46 times, and we give 44-48 times PE in 19, corresponding to a target price of 35.

30-38.

51 yuan, the first coverage given a “buy” rating. Risk warning: Sino-US trade escalation; increased customer security spending; changes in technology stock returns; risk of goodwill impairment; risk of reduction

Satellite Petrochemical (002648): Interim Report Net Profit Increases 70% Every Year

Satellite Petrochemical (002648): Interim Report Net Profit Increases 70% Every Year

Event description: The company announced that it achieved operating income of 51 in the first half of 2019.

60 ppm, an increase of 18 in ten years.

39%; net profit attributable to mother is 5.

570,000 yuan, an increase of 70 in ten years.

43%.

Attributable non-net profit is 5.

54 ppm, an increase of 70 in ten years.

68%.

Meet market expectations.

Event comments: 1. The goal of profit improvement in the first half of the year is gradually cancelled. The current price difference has returned to a high level. The average price in the first half of 2019 is 7263 yuan / ton, which has gradually decreased by 10.

6%; CFR East China price was US $ 497 / ton, a continuous decline of 5.

8%.

The initial increase in dehydrofluoric acid capacity has narrowed. First, the millimeter price has changed from the beginning and the reorganization price has remained high. The spread in May hit a bottom.

Since May, PDH’s profitability has continued to recover. As of July 30, the spread has been close to 400 US dollars / ton, which is basically the same as last year’s high profit.

The second phase of the company’s PDH project was put into trial operation at the end of 2018, and full production was achieved in February 2019. The company’s tandem capacity was expanded to 90 microns / year, which has a positive impact on subsequent performance growth.

2. The rebound of acrylic acid and ester profit season will drive the second half performance. The average price of acrylic acid in the first half of 2019 was 8017 yuan / ton, up 3.

4%.

The spread was 2507 yuan / ton, surpassing the growth of 41.

8%; butyl acrylate is 9559 yuan / ton, which has decreased by 2 for many years.

7%.

As the price of butanol decreased by 11% year-on-year, the price difference of butyl acrylate was 611 yuan / ton, an increase of 15 year-on-year.

8%.

The profit situation in the first half of the year has improved slightly. With the arrival of the peak season in the second half of the year, it is expected that the acrylate market will rebound further.

3. The 杭州夜网论坛 fundraising project will be extended to the C2 industry chain and a rich product structure. On July 17, the company disclosed its non-public offering plan, intending to non-publicly issue shares to no more than 10 specific objects.Used for Lianyungang Petrochemical Co., Ltd.’s annual production of 135 insert PE, 219 insert anchor top / quartz and 26-pin ACN joint device project.

The total investment of the project is 33.5 billion yuan, and the construction site is the Lianyungang Petrochemical Industry Base.

The project will be completed and put into production in 2020, and the company will reach the production capacity of multiple products on the two industrial chains of C2 / C3, opening up new growth space.

4. Layout of long-term strategic cooperation agreement with Zhejiang Energy Group Hydrogen Energy Utilization Company established Satellite Hydrogen Technology Co., Ltd. with its own funds and a strategic cooperation agreement with Zhejiang Energy Group Co., Ltd. In the future, it will make full use of the surplus carbon dioxide in the production process.And promote the construction of a hydrogen energy industry chain.

The company has a surplus of formaldehyde2.

In 6 years / year, the future carbon dioxide projects will bring more than 20 tons / year of air, and the profit potential is huge.

Investment rating and estimation: It is expected that the company’s net profit attributable to the parent in 2019/20/21 will be 13 respectively.

25/15.

11/26.

11 trillion, corresponding to EPS 1.

24/1.

42/2.

45 yuan, corresponding to PE is 11.

6/10.

2/5.9 times, maintaining the “highly recommended” level.

Risk warning: raw material prices fluctuate dynamically; increasing production capacity exceeds expectations; downstream demand is less than expected; project construction progress is less than expected.

Seven ministries’ year-end work meeting outlines investment keywords for 2019

Seven ministries’ year-end work meeting outlines investment keywords for 2019

Reporter Liang Min The major ministries and commissions have recently held annual end-of-year work conferences in order to deploy key tasks in 2019.

SSE reporters combed through the many “keywords” of the ministries and commissions’ layout this year’s work, and strived to outline an investment roadmap for investors.

  Key words of the National Development and Reform Commission: Cultivate and develop the domestic market From December 21 to 22, 2018, the National Development and Reform Working Conference was held.

The meeting proposed that eight areas of work should be focused on in 2019, the first of which is to vigorously cultivate and develop the domestic market, strengthen major technology and equipment to compensate for shortcomings, accelerate the transformation and upgrading of traditional industries, focus on fostering and strengthening new momentum, and promote effective investment in key areas.Actively expand new consumption growth points, promote the formation of a strong domestic market, and improve the overall level of the national economy.

  Key words of the Ministry of Industry and Information Technology: intelligent manufacturing, information consumption, 5G December 27-28, 2018, chaired by the National Industrial and Information Work Conference.

The meeting deployed key tasks in 2019, which involved areas such as smart manufacturing, information consumption, and 5G.

  The meeting proposed to aim at intelligent manufacturing and build an upgraded version of the integration of industrialization and industrialization.

Vigorously promote the innovative development of the Industrial Internet, continue to carry out pilot demonstrations and innovative development projects, implement smart manufacturing projects in depth, and formulate and promote national smart manufacturing standards.

Promote the “unveiling and commanding” mechanism of the key task of artificial intelligence industry innovation.

Do a good job of piloting the development of the big data industry and promote the development and application of 深圳桑拿网 industrial big data.

  In response to continuous upgrades and expansion of information consumption, this year’s Ministry of Industry and Information Technology will support product innovations such as wearables, consumer drones, intelligent service robots, and virtual reality, promote the intelligent upgrade of consumer electronics, and guide the construction of new information consumption demonstration cities around the world.

In addition, early this year, we will accelerate the commercial deployment of 5G, do a good job in standards, R & D, testing, and security supporting work, accelerate the maturity of the industrial chain, and accelerate application innovation.

  Key words of the Ministry of Communications: Infrastructure construction and repair of shortboard highways, waterways, fixed assets investment1.

The 杭州桑拿网 National Transportation Working Conference of 8 trillion yen a day ago cleared this year’s development goal: to complete investment in highway and waterway fixed assets.

About 8 trillion yuan; newly rebuilt 200,000 kilometers of rural roads, to achieve complete conditions of towns and townships, to form a village village to harden the road; to ensure that major projects such as Beijing Daxing International Airport are completed as scheduled.

  The meeting proposed that this year, we should increase the intensity of infrastructure shortcomings.

Promptly promote the planning and construction of the Sichuan-Tibet Railway and the Zheng-Wan high-speed railway.

Vigorously promote the traffic construction of the Beijing-Tianjin-Hebei and Xiong’an New District, and speed up the construction of Beijing-Shenzhen high-speed railway, Da-Zhang high-speed railway, and Beijing-Qinhuangdao expressway.

Support the construction of a comprehensive transportation system in the Guangdong-Hong Kong-Macao Greater Bay Area and promote the integrated development of transportation in the Yangtze River Delta.

  Key words of Ministry of Agriculture and Rural Affairs: Rural human settlement environment improvement and housing site reform On December 30, 2018, the National Conference of Directors of Agriculture and Rural Affairs was held.

During the deployment of key tasks in 2019, the meeting proposed to deepen rural reforms, complete the verification and verification of rural collective assets on schedule, solidly complete the work of registering and issuing certificates for the confirmation of rural contracted land, and steadily promote the reform of rural housing sites.Cooperatives focus on cultivating various new types of business entities and deepening the opening of agriculture to the outside world.

  The meeting clearly requested that the improvement of the rural human settlements should be carried out from point to face, and substantial progress should be made.

  Key words of the Ministry of Finance: Reduce taxes and fees, increase local special debt December 27-28, 2018, antiques of the National Finance Work Conference.

The meeting proposed that this year will implement a combination of inclusive tax reductions and structural tax reductions, focusing on strengthening the combined burden of manufacturing and small and micro enterprises to support the development of the real economy.

Inclusive discounts for small and micro enterprises and technology start-ups.

Fully implement the revised personal income tax law, incorporate 6 special additional alternative policies, and cancel the tax burden on residents.

  In terms of optimizing the expenditure structure, this year will increase investment in poverty alleviation, “three rural”, structural adjustment, technological innovation, ecological protection, and people’s livelihood.

In addition, it aims to increase the special bonds of local governments to provide financial guarantee for the construction of key projects.

  Key words of Ministry of Commerce: Free Trade Port December 22, 2018, post of National Business Working Conference.

In order to do a good job of business in 2019, the meeting requested that the 2nd China International Import Expo be well organized, do a good job of economic and trade relations with the United States, speed up the construction of free trade pilot zones and free trade ports, and continue to promote the “eight major action plans for business reform and development”””, To accelerate the construction of a strong economy and trade.

  Ministry of Housing and Urban-Rural Development Keywords: stable land prices and stable housing prices, shantytown renovation, housing leasing December 24, 2018, the National Housing and Urban-Rural Construction Working Conference was held.

The meeting proposed that this year we should focus on ten areas of work, the first of which focuses on the goal of stabilizing prices and housing prices and promoting stable and healthy development of the real estate market.

Adhere to the house is for living, not for the purpose of speculation, and strive to establish and improve the long-term mechanism of stable and healthy development of the real estate market, resolutely prevent and resolve the real estate market risks.

  The meeting also proposed to support first-tier, second-tier cities and other attractions cities with large population inflows to develop common ownership housing according to local conditions.

Continue to promote the renovation of shantytowns, strictly abide by the scope and standards of shantytown reforms, and focus on transforming shantytowns and state-owned industrial and mining areas, forest areas, and reclamation shantytowns in the old urban areas.

In addition, on the basis of summing up the pilot experience, we should guide large and medium cities to comprehensively cultivate and develop the housing rental market.

Continue to advance the pilot work of collective land construction and rental housing.

  Obviously, judging from the contents announced by various ministries and commissions, vigorously supporting the development of the private economy is still the focus of this year’s work. It is expected that a series of policies to assist private enterprises will be introduced this year.

In 2019, the market officially ended, and the 16 products of the Golden Eagle Fund had an income of more than 30%.

In 2019, the market officially ended, and the 16 products of the Golden Eagle Fund had an income of more than 30%.

Source: Shanghai Securities News Original title: 16 products of the Golden Eagle Fund have a profit of more than 30% in 2019. Shanghai Securities News (Reporter Zhu Wenbin) The market situation in 武汉夜网论坛 2019 has officially ended, and the Golden Eagle Fund has achieved a double harvest of “equity + fixed income”.

  According to Wind data, as of December 31, 2019, the Golden Eagle Fund has 16 (A, C spin-off calculation) equity funds with annual internal income of more than 30%, of which 3 products have more than 60%.

  Among them, the most outstanding performance of stock funds is the Golden Eagle Information Industry.

The Golden Eagle Information Industry, which focuses on the communications, technology, and media (TMT) industries, will focus on the growth of 5G, new energy vehicles and other growth sectors in 2019, and select industry leaders.

The data shows that, as of December 31, 2019, Golden Eagle Information Industry had an internal revenue of 62 years.

40%, ranking the top 13% of similar comparable funds in the market, played the “strongest tone” of the income of 重庆耍耍网 its products.

  In addition, Golden Eagle’s diversified strategies, Golden Eagle industry integration, Golden Eagle national emerging, Golden Eagle industry advantage, Golden Eagle technology innovation and other equity funds have also achieved good performance in 2019, ranking the top of similar products.

  For fixed income products, the three bond funds affiliated with Golden Eagle Fund achieved annual returns of more than 15%.

Among them, Golden Eagle’s lasting profit E / C yields 23 in the year.

44% and 22.

85%, ranked 160th and 6th among 160 and 224 comparable funds of the same type, and the average non-class A and class A returns of ordinary bond funds were only 9 during the period.

26% and 9.

30%.

  Looking back at the market performance in 2019 and the operation and management of Golden Eagle’s lasting profit increase, it can be found that the fund as a whole increased its equity position in the first quarter of 2019, replacing the market opportunity in the layout stage; in the third and fourth quarters, the market style switched and the fund was appropriateIncreasing the position of convertible bonds, the partial debt portfolio mainly raised the overall position of growth companies, focusing on the electronics and new energy industries that have been deployed in the second quarter, so that the fund assets can maintain a stable appreciation.

  Purely, the secondary bond fund Eagle Yuanfeng’s 2019 annual yield also exceeded 15% to reach 17.

43%.

  The company’s pure debt fund also performed well.

Galaxy Securities data shows that among the short-debt funds to which the Golden Eagle Fund belongs, Golden Eagle Tianxiang A’s 2019 return4.

45%, ranking first among comparable 10 short- and medium-term pure bond bond funds.

Through Russia investigation fully upgrades prosecutors or crosses presidential red line

“Through Russia” investigation fully upgrades prosecutors or crosses presidential “red line”

Profile picture: Previously (Xinhua News Agency) The US President may not be very happy for several days in a row.

  According to recent US media reports, special prosecutor Robert Miller, who presided over the investigation into Russia, has called a federal grand jury in Washington.

Some analysts believe that this move means that the Russia-German investigation is accelerating and the focus has fallen on the president’s core circle.

  The judiciary investigating and upgrading the budget of Russia cooperates with prosecutors. The Wall Street Journal quoted sources as saying on the 3rd that Miller has elected a grand jury in Washington, focusing on a small-scale meeting with the Russian government lawyers last year.A signal that the Russia-Gate investigation is advancing rapidly.

  The U.S. federal constitution prohibits the solicitation, acceptance, or obtaining of foreign funds, political contributions, or anything in a campaign.

Some analysts said that one of Miller’s investigation directions was whether the relevant parties in the reorganization camp asked Russia to publicly disclose the black material involving Democratic candidate Hillary Clinton after the meeting, and whether they knew the meeting before or after the incident.

Reuters quoted the replacement insider as saying that the jury had issued subpoenas to several persons including the reverse eldest son, son-in-law Kushner, and Russian lawyer Veselinicskaya.

  A grand jury is a form of investigation commonly used by federal prosecutors.

The grand jury has the right to subpoena. Prosecutors can summon some witnesses who are unwilling to testify, and force the collection of bank records, emails, and company documents of economic entities and individuals.

And by means of evidence collection, criminal charges will be investigated in depth and brought up at any time.

  The grand jury is made up of ordinary U.S. citizens and works behind closed doors to study whether the evidence gathered by prosecutors is sufficient for criminal charges.

However, the grand jury did not determine whether the defendant had committed an offence.

  Attorney Zhang Jun of the US Federal Supreme Court believes that if Miller’s formation of a grand jury is true, it can be regarded as a phased result of the Russia-Russia investigation.

  Randall Eliasson, a professor at the George Washington University School of Law, points out that if preliminary investigations by prosecutors and the FBI show that there is not enough evidence to constitute a prosecution, they will decide not to conduct a formal investigation and will not elect a largejury.
It can be seen that the story development of Tong Rumen is the opposite.

  Prosecutors or Russian government lawyers who crossed the president ‘s red line for a small secret consortium were once considered by the outside world to be important evidence of Russia ‘s connection, but Miller realized that he did not regard the incident as the only breakthrough in the investigation.

  According to CNN, the Miller team now has information on business transactions related to Russia, with a view to providing an easier path for investigations through this perspective, rather than staying on whether Russia interferes with the electionOn vague and general issues.

  For decades, previous real estate and financial transactions have been the focus of the FBI and the Department of Justice.

Not long ago, Corrector told the New York Times that his business deal was an unreachable red line for investigators.

  Earlier the Commonwealth had warned Miller that the investigation should be extended to the general election, implying that if the investigation was extended too broadly, he would fire Miller.

However, the 杭州桑拿 American media believe that the role of the special prosecutor has given Miller the broad strength to track all the crimes he has encountered.

Republican senators have repeatedly warned against phasing out Miller because it will bring a political disaster.

  In response to the President’s intention to pressure Deputy Attorney General Rod Rosenstein to insert and fire Miller’s rumors, Jay Seculo, another lawyer replaced, replaced in a three-day interview with Fox News: The president did not want to fire RobertMiller, so those rumors are not true.

  The investigation will take months and may not cause criminal charges. Even Miller convened a grand jury, but there were also comments that Miller recruited the grand jury was completely expected, and the news that broke out was just repeating.Known facts.

  It has been reported that Miller has selected a grand jury to participate in the investigation for some time.

The grand jury’s progress is usually conducted in secret, so not many insiders are exposed.

However, those witnesses who receive testimony summons or are required to produce documents are not subject to the rules of confidentiality, and they are free to disclose information to the media.

This shows that it is likely that someone contacted the reporter as soon as the subpoena was received, so the so-called breaking news.

  It should be noted that the participation of the grand jury in the investigation does not necessarily mean that criminal charges will be brought.

Zhang Jun stated that he was suspected to believe that as long as there was a grand jury, somebody would be charged, and no equal sign could be automatically drawn between them immediately.

  In this complex case, investigating various allegations, summoning witnesses, reviewing documents, and bringing witnesses to the scene will take a long time.

So the work of the grand jury is likely to last several months.

It is believed that the investigation will continue at least until next year.

  (Creative product studio Li Yixing’s text integrated Xinhua News, Wenhui Daily, Global Times, Jiefang Daily, partially compiled from the Wall Street Journal, CNN) Original title: “Traditional Russian Gate” investigation is fully upgraded to avoid danger?

Jianlang Hardware (002791) quick review of major events: single-quarter results continue to exceed expectations and raise earnings forecasts

Jianlang Hardware (002791) quick review of major events: single-quarter results continue to exceed expectations and raise earnings forecasts

Event: The company released the 2019 annual performance forecast on January 22, which is expected to be 4-4.

4 percent, an increase of 132 per year.

39% -155.

63%.

Guoxin Building Material’s point of view: 1) Achieve high growth performance, single-quarter performance continues to exceed expectations: Based on the company’s performance forecast range, Q4 single-quarter net profit is expected to be achieved.

31-1.

71 ppm, an increase of 138 in ten years.

3% -211%, of which Q1, Q2, Q3 single quarter growth rates were 123%, 87.

6% and 73.

5%.

2) Launch of employee stock ownership plan, showing confidence in future development.

3) Integrate and adjust internal business and structure, further optimize internal management, and improve management and operation efficiency.

4) Risk warning: excessive expansion brings management pressure; new product promotion and sales are less than expected.

5) Investment suggestion: As a leading company in the field of construction hardware, the company actively develops in the direction of integrated suppliers of building accessories. The advantages of channels and products are gradually realized. The revenue continues to grow rapidly. The single-quarter performance continues to exceed expectations and the performance flexibility graduallyRealization is prominent, and it is expected to make further accumulation in the future with huge room for growth.

Increase 19-19 EPS to 1.

31/1.

75/2.

41 yuan / share (the original EPS was 1.

06/1.

43/1.

88 yuan / share), corresponding to a growth rate of 144% / 34.

3% / 37.

5%, corresponding to PE of 32.

0/23.

9/17.

3x, maintain “Buy” rating.

Comment: The long-term performance is high, and the single-quarter performance continues to exceed expectations. Based on the company’s performance forecast range, Q4 is expected to achieve net profit attributable to its mother in the single quarter.

31-1.

71 ppm, an increase of 138 in ten years.

3% -211%, of which Q1, Q2, Q3 single quarter growth rates were 123%, 87.

6% and 73.

5%.

We believe that the company’s performance has grown strongly, and its single-quarter performance has continued to exceed expectations. The main reasons are the company’s sales channel layout and new category extensions. The channel advantages and product integration advantages have gradually been realized. The expense ratio has been effectively diluted.The leading enterprise of the company, the company has initially formed a strategic layout of building accessories integration suppliers with building doors, windows, curtain wall hardware as the core, and will gradually increase accumulation in the future.

Launch of employee shareholding plan to show confidence in future development The company launched the first phase of employee shareholding plan in December 2019. The participants are 1 senior management of the company and no more than 249 core employees, which is conducive to the establishment and improvement of employees, shareholdersThe benefit-sharing mechanism enhances the sense of responsibility and mission of employees, and mobilizes the enthusiasm and creativity of employees to stimulate the vitality and motivation of team development.

At the same time, performance evaluation standards are proposed at the company and individual levels. The size of the company is based on the 2016-2018 operating income itself. In 2019, 2020, and 2021, the operating income reduction shall not be less than 55%, 95%, 140%.That is, the operating income for 2019-2021 is not less than 50.

32, 63.

31, 77.

920,000 yuan, corresponding to a growth rate of 30 per second.61%, 25.

81%, 23.

08%, showing the company’s confidence 杭州夜生活网 in future development and performance growth.

Integrate and adjust internal business and structure to further optimize internal management. In January 2020, the company established a wholly-owned subsidiary-Guangdong Jianlang Building Materials Sales Co., Ltd. to be responsible for the implementation and operation of internal sales business. It will conduct sales related personnel in accordance with laws and regulations.When transferred to a sales company, all revenue and expenses generated by the corresponding sales business are also undertaken by the sales company.

Based on the continuous expansion of the company’s development scale and continuous expansion of its product line, by integrating internal business, adjusting the structure, and optimizing the core business chain operation process, it is conducive to better 苏州夜网论坛 improve the company’s operating efficiency and strengthen the scientific management and assessment and settlement of each core business module.Reduce operating costs, improve management efficiency, and improve service and support to sales markets and customers, and better leverage the strategic advantages of building accessory integration suppliers.

Investment suggestion: The single-quarter performance continues to exceed expectations, raise profit forecasts, and maintain a “buy” rating. As a leader in the field of construction hardware, the company actively develops around the direction of integrated suppliers of building accessories, and gradually realizes channel advantages and product integration advantages.Revenue continued to grow rapidly, single-quarter results continued to exceed expectations, and performance elasticity gradually became apparent. In the future, there will be a gradual increase in accumulated reserves and huge growth.

Increase 19-19 EPS to 1.

31/1.

75/2.

41 yuan / share (the original EPS was 1.

06/1.

43/1.

88 yuan / share), corresponding to a growth rate of 144% / 34.

3% / 37.

5%, corresponding to PE of 32.

0/23.

9/17.

3x, maintain “Buy” rating.

Jingyuan Environmental Protection (A19385): The performance of industrial water treatment equipment manufacturers turned into a period of rapid growth

Jingyuan Environmental Protection (A19385): The performance of industrial water treatment equipment manufacturers turned into a period of rapid growth

Manufacturers of industrial water treatment equipment have high influence in the power and chemical industries.

The company focuses on the field of industrial water treatment equipment. Its business is mainly to provide large-scale enterprise customers with special industrial water treatment equipment and system integration, engineering contracting and design and consulting. In 2018, the three parts of the business accounted for 71 revenue.

49%, 27.

39% and 1.

12%.

The company is currently in the forefront of the industrial wastewater treatment field in the power 北京夜网 industry, and is looking forward to the development of non-electrical industry industrial water treatment fields such as chemical industry and metal products.And Sinopec Ningbo Engineering Company.

On the signing date of the final prospectus, the actual controller of the company was Mr. Li Wulin and his spouse and Ms. Li, who directly and indirectly held the company.

15% stake.

Performance has grown rapidly, the debt ratio has fallen, and the return on investment has stabilized at a relatively high level.

Company 2016?

The operating income in 2018 was 96.72 million yuan, 1.

$ 6.6 billion and 2.

53 ppm; net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses were 16.9 million yuan, 29.02 million yuan, and 53.52 million yuan, with a compound annual growth of 77.

94%.

The company’s asset-liability ratio has shown a downward trend as a whole since 2016, and the asset-liability ratio at the end of March 2016, 2017, 2018 and 2019 was 41.

57%, 26.

06%, 31.

49% and 28.

93%.

2016?The weighted average ROE in 2018 was 22 respectively.

37%, 17.

74%, 22.

15%, overall stability and at a high level.

Independent research and development, a number of industrial wastewater treatment technologies have reached the leading level at home and abroad.

Since its establishment, the company has been focusing on the field of industrial water treatment, and has self-developed core technologies such as industrial wastewater electronic flocculation treatment technology, zero-discharge technology for highly difficult wastewater and electrocatalytic oxidation technology for highly difficult wastewater.

Appraised by the Chinese Society of Environmental Sciences, the company’s industrial flocculation technology for electronic flocculation treatment and high-efficiency wastewater zero-discharge technology-related systems and their application effects have reached international advanced levels.

Appraised by the Guangdong Environmental Protection Industry Association, the company’s “baffled electrocatalytic oxidation wastewater treatment equipment” has reached the domestic leading level.

The company’s “JYLP-30 MVR zero-emission wastewater treatment unit” was identified as the first (set) major equipment of Jiangsu Province in 2018 by the Jiangsu Provincial Department of Industry and Information Technology.

The company currently has 6 invention patents, 19 utility model patents and 30 software copyrights.

The specific listing criteria selected by the company are: the expected market value is not less than RMB 100,000, the net profit in the last year is positive and the operating income does not exceed RMB 100 million.

As the environmental protection industry is still in the growth stage, the company has achieved performance growth momentum, and its profits have become sustainable. It should be converted using a comparable company’s PE valuation method.

Risk Warning: Industrial Wastewater Technology Iterates, Potential New Competitors Appear