April 24, Tuesday, the tenth day of opening a position.
Chen Xi decided to basically fill the gap of Tongce Medical on the same day, and Pianzaihuang continued to buy according to the rhythm.
After the market opened, Tongce Medical's stock price fluctuated around 45.6 yuan.
Chen Xi was purchased in four tranches:
300,000 shares, 200,000 shares, 150,000 shares, and 100,000 shares, totaling 750,000 shares, with an average price of 45.65 yuan and a transaction volume of 34.2375 million.
Tongce Medical's cumulative investment reached 751.32 million, exceeding the target of 750 million.
"Tongce Medical is enough. Give the rest to Pianzaihuang." Chen Xi said to Su Wantang.
Pianzaihuang Opening Price 89.8 yuan on that day.
Chen Xi bought 400,000 shares in the morning, with an average price of 89.9 yuan and a transaction volume of 35.96 million;
In the afternoon, 350,000 shares were bought, with an average price of 90.2 yuan and a transaction volume of 31.57 million.
750,000 shares were bought throughout the day, with an average price of 90.04 yuan and a transaction volume of 67.53 million.
The total of the day: Tongce Medical 34.24 million, Pianzaihuang 67.53 million, totaling 101.77 million.
In the ten days, Tongce Medical 16.85 million shares were traded, with a transaction volume of 751.32 million yuan and an average price of 44.59 yuan;
Pianzaihuang 4.5 million shares, transaction volume 397.75 million, average price 88.39 yuan.
Total 1.14907 billion.
Pien Tze Huang gap: 102.25 million, about 1.13 million shares.
On the last trading day left, about 102 million needs to be purchased, which is completely feasible.
April 25, Wednesday, the eleventh day of opening a position.
Chen Xi and Su Wantang arrived at work early.
Today is the last day. As long as the 1.13 million shares of Pianzaihuang are purchased, the entire position building plan will be completed.
After the market opened, Pien Tze Huang opened at 90.5 yuan, slightly higher than yesterday's closing price.
Chen Xi did not hesitate and directly placed the first purchase order - 300,000 shares with a price limit of 90.6 yuan.
Transactions were completed with an average price of 90.5 yuan and a transaction volume of 27.15 million yuan.
The stock price was pushed to 90.8, and then fell back after selling orders poured out.
The second transaction was 300,000 shares with a price limit of 90.5 yuan. The average price was 90.45 yuan and the transaction volume was 27.135 million.
The third transaction was 250,000 shares with a price limit of 90.6 yuan. The average price was 90.55 yuan and the transaction volume was 22.6375 million yuan.
The three transactions in the morning totaled 850,000 shares, with a transaction volume of approximately 76.92 million.
The stock price is stable between 90.5-90.7, without major fluctuations.
After the market opened in the afternoon, there was still about 280,000 shares left.
Chen Xi bought 150,000 shares and 130,000 shares in two tranches, with an average transaction price of 90.6 yuan and a transaction volume of approximately 25.368 million.
1.13 million shares were bought throughout the day, with an average price of 90.55 yuan and a transaction volume of approximately 102.29 million yuan.
The moment the closing bell rang, Chen Xi leaned back on his chair and took a long breath.
Su Wantang checked the last transaction note beside him, raised his head and smiled.
"Tongce Medical 16.85 million shares, average price 44.59 yuan, investment 751.32 million.
Pianzaihuang 5.63 million shares, average price 88.68 yuan, investment of 500 million yuan.
Total 1.25132 billion.
The financing amount was approximately 751.32 million (because it had 500 million of its own funds), and the maintenance guarantee ratio was much higher than Warning Line."
Chen Xi picked up the phone and sent a message to Zhao Chen:
"Zhao Zong, position building completed. Tongce Medical 16.85 million shares, accounting for approximately 3.77% of the total share capital (total share capital 447 million shares);
Pianzaihuang 5.63 million shares, accounting for approximately 0.93% of the total share capital (total share capital of 603 million shares).
The total investment was 1.251 billion, of which 500 million were self-owned funds and 751 million were raised. Neither stock exceeded the 5% disclosure line."
Zhao Chen replied:
"Thank you for your hard work. Starting next week, I will follow Fundamentals every week. After their quarterly report comes out, give me a detailed analysis report."
Chen Xi replied with one word, "Okay."
After the completion of the position building, Chen Xi and Su Wantang began to wait for the first quarter reports of the two companies.
Tongce Medical released its first quarter 2018 report after the close.
"Wantang, it's out, come and see!"
Chen Xi turned around, called up the announcement content, and the two of them read it together.
During the reporting period, the company achieved operating income of 308 million yuan, a year-on-year increase of 27.11%;
The net profit attributable to Listed Company shareholders was 61.6146 million yuan, a year-on-year increase of 43.98%;
The net profit after deducting non-profit items was 61.4842 million yuan, a year-on-year increase of 43.48%.
The net cash flow generated from operating activities was 8.4806 million yuan, a year-on-year increase of 243.91%.
Basic earnings per share were 0.19 yuan, a year-on-year increase of 46.15%.
At the end of the reporting period, the company's total assets were 1.789 billion yuan, and the net assets attributable to Listed Company shareholders were 1.054 billion yuan. The weighted average return on net assets was 6.02%, a year-on-year increase of 0.92 percentage points.
The main reason for the performance growth is that the medical service income of the company's dental hospitals continues to improve, the "main hospital + branch hospital" model in Zhejiang province continues to advance, and the expansion of hospitals outside the province proceeds simultaneously.
During the reporting period, the company organized biennial overseas trips for employees, and the actual comparable performance growth rate was higher.
The company also announced "Dandelion Plan" and will continue to promote branch construction in Zhejiang province to further consolidate its leading position in the region.
Su Wantang wrote down a few key figures in his notebook, then raised his head.
"Revenue growth rate was 27%, and net profit growth rate was 44%, in line with the expectations of securities companies.
However, the revenue growth rate is slightly lower than expected. The previous consensus forecast by brokers was about 30%."
Chen Xi shook his head. "But the growth rate of net profit exceeded expectations.
The growth rate of non-net profit was 43.48%, the weighted average return on equity increased from 5.10% to 6.02%, and profitability is improving.
Moreover, cash flow from operating activities increased by 243%, which is a more important signal than net profit growth.
Good cash flow means that the company's profits are actual cash, not book figures.
The market's biggest concern about Tongce Medical is the issue of related relationships and the acquisition of the assets of the actual controller, but the data in the first quarter report proves that there is no problem with its main business.
As long as performance is growing, the market's doubts will slowly dissipate."
Su Wantang thought for a while and nodded. "Then what do you think the stock price will do tomorrow?"
Chen Xi said, "It's hard to say. The annual report and the first quarter report have been released, and if the short-term benefits are realized, some profit-taking may escape."
But in the long run, this location is not expensive.
Zhao Zong said that the best buying opportunities are when there are big differences.
There are still differences, but the performance has proven the quality of the company."
Su Wantang didn't ask any more questions and continued recording on his notebook.
At almost the same time, Pianzaihuang also released its first quarter report for 2018.
Chen Xi refreshed the page, and Pianzaihuang's announcement appeared on the screen.
During the reporting period, the company achieved operating income of 1.222 billion yuan, a year-on-year increase of 42.06%;
Achieved net profit attributable to Listed Company shareholders of 326 million yuan, a year-on-year increase of 44.07%;
Net profit after deducting non-profit items was 324 million yuan, a year-on-year increase of 44.36%.
The net cash flow generated from operating activities was 242 million yuan, and the weighted average return on net assets was 7.61%, a year-on-year increase of 1.33 percentage points.
Basic earnings per share were 0.54 yuan, a year-on-year increase of 42.11%.
At the end of the reporting period, the company's total assets were 6.082 billion yuan, and the net assets attributable to Listed Company shareholders were 4.439 billion yuan.
The main reason for the growth in performance was an increase in pharmaceutical industry sales revenue of 183 million yuan and an increase in pharmaceutical commercial sales revenue of 145 million yuan.
The core product Pianzaihuang Tablets continues the trend of rising volume and price, experience stores continue to increase, and the blank market is gradually covered.
During the reporting period, the parent company reported sales revenue of 565 million yuan, a year-on-year increase of 48.04%;
Achieved net profit of 334 million yuan, a year-on-year increase of 47.47%. The combined effect of price increases and sales volume was significant.
Su Wantang looked at the numbers on the screen and took a breath.
"Revenue of 1.222 billion, net profit of 326 million, growth rate exceeded 40%.
The performance of Pianzaihuang is even more impressive than Tongce Medical."
Chen Xi nodded. "Pianzaihuang's business model is different from Tongce's. Tongce relies on copying hospitals, while Pianzaihuang relies on raising prices and increasing volume.
The national top-secret formula has no competitors, and the product has the ability to continuously increase prices.
As long as the brand power remains, the logic of both volume and price increases can continue. Judging from the data in the first quarter report, this logic is still being fulfilled."
She compiled the first quarter report briefings of the two companies into a table, printed it out, and put it in a folder.
She was going to hand it over to Zhao Chen in a moment.
Both briefs met expectations, and now only Shunxin Agriculture remains.
Strictly speaking, Shunxin Agriculture is Zhao Chen's most important short-term investment.