The short-term material maintains the interval shock pattern, and the technology main line is clearer

The short-term material maintains the interval shock pattern, and the technology main line is clearer
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  Original title: The main line of science and technology is clearer □ Our reporter Niu Zhongyi on the 4th, the wind technology leading index increased by 2.87%, the stocks of Huiding Technology, Weir shares and other stocks.Within one trading day of the Air Force, funds poured into the technology ETF against the trend.This shows that the main line of the technology stock market is “more and more clear.”  Zhu Bin, a strategic analyst at Southwest Securities, said that although the epidemic has affected the market, the target with its own logic and long-term development space is still the focus of the market’s long-term capital layout.  According to Wang Jun, a strategic analyst at BOC International, the logic behind the main technology line is economic transformation, domestic substitution and global industry prosperity. The downstream demand and objective of new smartphones, smart wearable devices, semiconductors and new energy vehicles are objective.The correlation of events is weak, and the industry’s prosperity is more stable.  In the long run, the short-term material maintains an interval shock pattern. From the long-term perspective, A-share long-term bulls and slow-bulk foundations have been shaken continuously due to the impact of unexpected events, which has become the current market consensus.In the short term, the repair of A shares will not happen overnight.Some analysts pointed out that during the contraction period, A-shares will maintain an interval oscillating trend, and the short-term market is still vulnerable to emotional factors.In this regard, CICC’s strategic research indicates that epidemic prevention and control is still the key to determining the market and asset price trends.However, global experience shows that the epidemic itself is not a determinant of market trends, but has a great relationship with the macroeconomic and market environment at the time.  The above analysts said that from a technical point of view, the Shanghai Composite Index opened lower on the 4th and went higher at 2,685.27 points is both the opening price and the lowest price. It can be expected that the 2685-point line will become the starting point for a new round of A shares.  The research report of Zhongyuan Securities Strategy pointed out that the recent A-shares can often achieve self-adjustment within a period of time, and the bottom time is changing.  Sticking to the main line of science and technology, Zhu Bin said that from the perspective of the industry, medicine, electronics, and computers with long-term logic are still worthy of layout, and some of them are worthy of focus.In addition, leaders in various industries are also worthy of attention.The Internet and online shopping sectors, which are less affected by the epidemic, are worthy of phased deployment.  Guosheng Securities analyst Zhang Qiyao said that he continues to be optimistic about the main line of technology and believes that the triple driving force will lead the technology growth sector to take the lead in adjusting.The first is risk appetite.With reference to the experience of 2003, when the epidemic eases and the market rebounds, risk appetite is the main line of the market, and TMT has become the main force of the rebound, and the increase 无锡桑拿网 has far exceeded the market; secondly, it is driven by the liquidity environment.In the near future, the policy side has continued to release warmth, and has a clear attitude towards the physical and capital markets. With sufficient liquidity, the technology growth sector has benefited more; finally, it is driven by prosperity.On the basic surface, the technology growth sector also has support and prosperity advantages.  The latest strategic research report of Ping An Securities is also optimistic about the mainline of science and technology, and believes that high-prosperity emerging industries will remain relatively strong, and the medium-term mainline of the technology industry is deterministic.System reform, counter-cyclical adjustment of policies may be strengthened, and the subsequent economy may benefit from the development of counter-cyclical policies to stabilize again; instead, the GEM performance forecast shows that the GEM profit in the annual report for 2019 may improve, of which electronicsThe industry has achieved rapid growth, and emerging industries with high prosperity will remain relatively strong.

Hog breeding special report series III-Makihara (002714): Fupan Makihara shares leading to the giant

Hog breeding special report series III-Makihara (002714): Fupan Makihara shares leading to the giant

Highlights of the report Makihara’s shares have been listed for only 5 years, and they have become a small number of shares in the agricultural industry.

By reviewing the company’s progress trends, we consider it to be a good track. The company’s refined management and clear scale advantages and clear strategic ideas have jointly achieved 10 times Makihara shares.

At the same time when the inflection point of the African swine fever industry is coming, it will also force the industry to upgrade to refined management. It will continue to be optimistic about the company’s first-mover advantage and long-term growth potential, and it is recommended.

One of 杭州桑拿 the factors: a good track and a good company The company chose a good track-pig breeding industry.

It is mainly reflected in the following three points: 1. The scale of the pig breeding industry is large enough and the market space reaches one trillion; 2. The concentration of the industry is reduced, and leading companies must persist in improving the space.

The market of Wen’s shares and Makihara shares in 2018 were 3 respectively.

2% and 1.

6%, compared with the 2017 American industry leader Smithfield ‘s market share of 15%, and growth space transmission; 3, environmental protection policy banned overlapping epidemic situation production capacity cleared, the industry accelerated scale.

In the later period, African swine fever will force the industry to upgrade, and the market share of leading enterprises will enter an accelerated phase.

The second result: the industry’s diseconomies in scale lead to the company’s competitive advantage.

After the hog breeding industry reaches a certain scale, it will show scale diseconomy, that is, the long-term average production cost of the company will not decrease with the growth of production scale, but it will show a U-shaped structure.

We believe that the core of diseconomies of scale lies in imprecise management, and while Muyuan has grown in size, it has avoided the problem of breeding cost spillovers through refined management.

This also makes the company stand out among many breeding enterprises and become a leader in self-propagation and self-supporting integrated breeding.

Coefficient three: Cost advantage creates the company’s core competitiveness. The cost advantage is the company’s core competitiveness that can achieve continuous growth.

We estimate that the full cost of the company’s farming is only 11.

35 yuan / kg (2017), far below the industry average.

In addition to the company’s leading level of aquaculture technology, the company’s cost advantage lies in refined management, and the fundamental reason for achieving refined management is the company’s culture, the team’s youth and professionalism, and a fully improved incentive mechanism.

We believe that all of the above conditions require accumulation of time.

On the whole, the company’s cost advantage is expected to be maintained for a long time.

Indicator No. 4: Clear strategic positioning helps the company grow bigger and stronger Muyuan has a clear strategic positioning.

After the company was listed, it focused on the main breeding industry and assisted in capacity expansion through the capital market.

From 2014 to 2018, the company’s listing scale increased by 495%.

After the outbreak of African swine fever, the company is about to upgrade its own epidemic prevention system as a key strategic goal.

In the original epidemic prevention system, the company established effective prevention and control measures for the transmission of African swine fever in feed, transportation, personnel and other media.

In the context of the current epidemic that is forcing the industry to upgrade, the company is expected to continue to increase its market share.

Risk Warning: 1.

The swine epidemic in Africa has spread beyond expectations; 2.

The company’s sales volume did 成都桑拿网 not meet expectations; 3.

Pig prices did not rise as expected.

Ping An Bank (000001): The overdue ratio decreased month-on-month

Ping An Bank (000001): The overdue ratio decreased month-on-month

Event On April 23, Ping An Bank announced its 2019 first quarter performance report, in which operating income increased by 15 per year.

88%, net profit attributable to mothers increases by 12 per year.


  Brief Comment 1. The growth rate of performance has increased quarter by quarter, profitability has increased, and performance growth has continued to increase from quarter to quarter in 2018.

In the first quarter of this year, the company achieved operating income of 324.

76 ppm, an increase of 15 in ten years.

88% (18Q1 is 1.

13%), 0 higher than the 深圳桑拿网 previous quarter.

08 singles; realized net profit attributable to mother 74.

460,000 yuan, an increase of 12 in ten years.

9% (18Q1 is 6).

13%), 4 higher than the previous quarter.

83 units.

In the first quarter, the growth rate of the company ‘s return to net profit accelerated beyond market expectations. Our expectation was 9%, mainly due to the improvement of NIM and the acceleration of the growth rate of intermediate business revenue.

  From the perspective of profit breakdown, net profit attributable to mothers increased by 8 in the first quarter.

$ 5.1 billion, of which, due to the quarterly improvement in NIM and the rise in the growth rate of intermediate business revenue, revenue increased by 44.

50 ppm; operating expenses increase by 33 per year.

670,000 yuan, mainly due to an increase in management fees11.

100,000 yuan, the new provision increased by 19.

9 ‰; expected income increases by 2 every year.

5.3 billion.

  Profitability rises every year.

The annualized nominal average ROE in the first quarter was 12.

15%, 0 higher than the same period last year.

28 units.

EPS is 0.

38 yuan, an increase of 15 over the same period last year.

2%; BVPS at the end of the season was 13.

45 yuan, an increase of 5 earlier.


  2. The interest margin increased by 2 BP month-on-month, and the loan yield was still rising for a quarter, achieving a net interest income of 207.

74 ppm, a 10-year increase of 11.

17%, of which interest rate income increased by 10 in ten years.

19%, while budget expenditures fall by 1 each year.


  In the first quarter, the net interest margin was 2.

53%, an increase of 18 blood pressure over 18 years, an increase of 2 blood pressure over the previous quarter; net interest margin was 2.

44%, also increased by 18 blood pressure year-on-year and 3 blood pressure compared with the previous quarter.Among them, the comprehensive yield of interest-earning assets increased by 9 BP from the previous quarter, mainly due to discounted bills and inter-asset asset yields increased by 39 BP, and the borrowing yield increased by 8 BP, while bond investment yield decreased by 3 BPThe comprehensive cost ratio of interest and debt increased by 6 BP compared with the previous quarter. Only the deposit cost ratio increased by 9 BP, while the interbank offset, the cost ratio of coping with bonds decreased by 9 and 3 BP, respectively.

  3. Non-interest income grows by 25 per year.

At 30%, the growth in wealth management scale accelerated for one quarter, and non-interest income reached 117.

02 ppm, an increase of 25 in ten years.

30%, accounting for 36% of revenue.

0%, rising by 2 every year.

7 units.

Among them, intermediate business income reached 95.

60 ppm, an increase of 11 years.

24%, mainly due to the increase in bank card fee income and bottoming out of wealth management business income; other non-interest income21.

420,000 yuan, an increase of 187 in ten years.

52%, mainly due to the increase in investment income brought about by changes in the new financial instrument accounting standards.

  At the end of the first quarter, the total scale of wealth management products reached 6,526.

44 trillion, an earlier increase of 5.

19%; of which 5584 is the non-capital-guaranteed wealth management balance.

61 ppm, an earlier increase of 3.

85%; the balance of principal and wealth management is 941.

8.3 billion, an earlier increase of 13.


In addition, the balance of structured deposits was 4,848.

0.6 million yuan, an increase of 11 from the beginning of the year.


In 2018, the annual growth of non-capital-guaranteed wealth management increased by 7.

3%, principal-guaranteed wealth management has fallen by 36 per year.

At 1%, structured deposits grew by 99%.

20%, so we expect the growth of Ping An Bank’s wealth management products to accelerate in 2019, while the growth of structured deposits will slow.

  4. Asset quality indicators continued to improve, and provisioning efforts were greatly improved.

  The bad rate decreased by 2 BP from the previous month.

At the end of the first quarter, the non-performing loan surplus reached 354.

12 ppm, an increase of 1 from the beginning of the year.

45%; adverse consequences1.

73%, down 2 BP from the beginning of the year.

The decline in non-performing ratio mainly came from the corporate business, which dropped 8 BP earlier; while the non-performing ratio in the retail business increased by 3 BP from the beginning, Xinyidai, Auto Finance, mortgage and credit card non-performing ratios increased by 14, 8, 5, and2 BP.

The rise in retail non-performing rate is mainly due to the decline of the macro economy, the rise in the risk of co-debt, and the replacement of automobile consumption. As a result, the company has already started the risk prevention and control strategy in advance, and the effect will gradually change.To the good trend.

  The proportion of focus loans fell by 15 BP.

At the end of the first quarter, attention loans amounted to 529.

980,000 yuan, down 2 from the beginning of the year.

85%, accounting for 2.

58%, down 15 BP from the beginning of the year.

  The proportion of loans overdue for more than 90 days decreased by 4 BP month-on-month; at the end of the first quarter, the proportion of loans overdue for more than 90 days was 1.66%, 4 BP earlier; Scissor difference was 95.

99%, continued to decrease by 1 compared with the beginning of the year.

34 units.

  Significant increase in provisioning.

At the end of the first quarter, the loan impairment reserve balance 604.

08 million yuan, an increase of 11 from the beginning of the year.

48%; provision covers 170.

59%, an increase of 15 over the beginning of the year.

35 units; loan-to-loan ratio is 2.

94%, an earlier rise of 0.

23 units.

  5. The proportion of retail loans continued to rise, and corporate loans began to stabilize and rebound to the asset side. The proportion of retail loans continued to increase, and the growth rate of corporate loans stabilized and rebounded.

At the end of the first quarter, retail loans reached 1.

19 trillion yuan, an earlier increase of 3.

16%, accounting for 58% of total loans.

03%, an earlier rise of 0.

26 units.

The growth of retail loans was mainly due to credit card receivables, which increased in value earlier4.

02%, accounting for 41 of total retail sales.

35%, an increase of 0 earlier.

34 units.

  Loans to corporates amounted to 8,609.

13 ‰, an earlier increase of 2.

06%, compared with a decrease of 0 in the previous quarter.

42%, corporate loans started to stabilize and rebound.

The increase was mainly due to discounted bills, an earlier increase of 48.

6%, while general corporate loans fell by 0 from the beginning of the year.


  On the debt side, retail deposits have grown significantly.

At the end of the first quarter, retail deposits reached 5,215.

740,000 yuan, an earlier increase of 12.

99%, compared with the previous quarter’s growth rate of 9.

71%, showing an accelerating trend; retail sales accounted for 22% of total deposits.

81%, an increase of 1 from the beginning of the year.

12 units.

  6. Retail transformation 2.

0 Continuous advancement, all three major business modules have achieved significant achievements. Basic retail focus on customer acquisition and operation.

In the first quarter, the company used a variety of methods to promote customer acquisition and improve the customer’s operating efficiency and productivity through scene-based and technological methods.

At the end of the first quarter, the retail customer AUM reached 1.

66 trillion yuan, an increase of 17 from the beginning of the year.4%, the number of retail customers reached 87.01 million, an increase of 3 earlier.

7%; Ping An Pocket Bank APP registered customers reached 67.65 million, an increase of 8 earlier.

7%; the number of monthly customers reached 26.03 million.

  Private wealth strengthens sustainable management transition strategy.

In the first quarter, the company actively promoted the implementation of its strategy through products, systems and mechanisms. At the end of the quarter, the number of wealth customers reached 66.

450,000 households, an increase of 12 over the beginning of the year.

3%, private customers meet the standard 3.

50,000 households, an increase of 16 earlier.


  Consumer finance has proactively optimized its loan product launch strategy, appropriately increased the intelligence of credit cards and loan placement doors, and pushed the target customer base upward.

In the first quarter, the amount of credit card transactions increased by 43 each year.

2%, the balance of credit card loans increased 4 compared with the earlier period.

0%; “New One Loan” increased by 0 earlier.

9%; Mortgage loans increased earlier 2.

1%; auto-melting is down by 1 from the beginning.


  7. Tier 1 capital continues to be consolidated, and supplementary pressure will gradually decrease. At the end of the first quarter, the core Tier 1 capital adequacy ratio and Tier 1 capital adequacy ratio will be 8.

75% and 9.

59%, an increase of 0 from the beginning of the year.

21 and 0.

20 averages, but the capital adequacy ratio can be increased by 11.

50%, unchanged from the beginning of the year.

Initially, the company redeemed 9 billion and 6 billion tier 2 capital bonds on March 7 and April 10, respectively.

  On January 25, the company completed the issuance of 26 billion convertible bonds and will enter the conversion period on July 25. The conversion price is 11.

77 yuan, the compulsory conversion price is 14.

12 yuan, now the sustainability has exceeded the mandatory conversion price.

It is expected that the probability of full conversion will be higher, which will increase core tier 1 capital income1.

09 number, it is expected that in the second half of the year, Ping An Bank will increase its investment in public debt and will also improve its debt end.

  8. Investment suggestion The significant improvement of potential risks on the asset side of Ping An Bank and the continuous improvement of the retail side will help its estimated repair.

The operating performance of the first quarter of 2019 shows that the growth rate of performance has been increasing quarter by quarter; the NIM has increased sequentially; the asset quality indicators have continued to improve; the asset side, the proportion of retail loans is still rising, and corporate loans have also started to achieve positive growth; the negative sideThe growth of retail deposits will accelerate, and the continuous improvement of retail AUM will lay a solid foundation.

Although the retail NPL ratio has increased from the beginning of the year, it is mainly affected by industry factors, and the company has increased its risk prevention and control and proactively adjusted its asset structure. It is expected that the retail NPL ratio will remain stable and improve.

  We believe that the significant risk of the company will continue in 19 years, and the retail side will continue to improve, and it is estimated that the repair requirements are higher.

  We expect the company’s operating income to increase by 19/20 in each of 19 years.

51% / 22.

22%, net profit increased by 14 each year.

52% / 15.

97%, EPS is 1.


92 yuan, BVPS is 16 respectively.

05/17.78 yuan, corresponding PE is 8.


33 times, the corresponding PB is 0.


79 times.

6-month target price of 17 yuan, maintain “Buy” rating.

Changdian Technology (600584): Huawei Kunpeng Layout Accelerates Benefits of Land-Only Large-Package Specimen

Changdian Technology (600584): Huawei Kunpeng Layout Accelerates Benefits of Land-Only Large-Package Specimen
On January 9, 2020, Huawei and its partners jointly announced the launch of the “Pengxiao” server based on the Kunpeng processor, which was first applied on the Ningbo Municipal Affairs Cloud. On January 14, Huawei announced adjustments to its internal organizational structure.Cloud & AI BU rose to BG, becoming Huawei’s fourth largest BG. The “Pengxiao” server is an important demonstration of the ecological opening of Kunpeng’s industrial chain.Peng server chip is an important cornerstone of Huawei cloud computing and data center business.In addition to using 杭州桑拿网 it on its own Taishan server, Huawei has adopted in-depth cooperation with various cloud and server manufacturers to jointly build the Kunpeng ecosystem.”Pengxiao” server, equipped with Huawei Kunpeng chip and motherboard, software and integrated technology provided by partners.Bank of Ningbo, Ningbo Dongtou Group, Ningbo Mobile, Ningbo Telecom, Ningbo Unicom, etc. became the first batch of “Pengxiao” users.We believe that the landing of “Pengxiao” in Ningbo is expected to become a model case for Kunpeng Ecology. In addition, Cloud & AI BU upgrade to Huawei’s fourth largest BG, marking that Huawei’s cloud computing business has entered a new stage and further accelerated Kunpeng industrial layout. The only super-large package target in mainland China already has Kunpeng 916 chip packaging capabilities.It is said that the “National 10th Anniversary Conference of the National Packaging and Testing Union” released that Changdian is the only OSAT factory on the mainland with an ultra-large packaging capacity of 50mm and above. Currently, it has integrated 60 * 60mm packaging technology capabilities, and 110 * 110mm ultra-large packaging projects are under development.The Peng 916 package size is 57.5 * 57.5mm, Kunpeng 920 package size is 75 * 60mm.At present, the company has the research and development strength of Kunpeng 916. Through the enhancement of its large packaging technology capabilities, it is expected to become an important part of the domestic substitution of Kunpeng. Kunpeng chip has a high unit price and it is very difficult to super-large package technology.Kunpeng chip benchmarks the sample to the processor, and the unit value is high.The manufacturing cost of advanced packaging accounts for a higher proportion of the total cost of chip manufacturing.The oversized packaging business is expected to become a new driving force for the company’s growth. Maintain “Buy” rating.It is estimated that the company’s revenue from 2019 to 2021 will be 237, 283, 38 billion yuan, and EPS will be 0.1, 0.32, 0.87 yuan, corresponding to PS value 1.56、1.31, 0.98. Risk reminder: domestic replacement progress is not up to expectations, and advanced package development progress is not up to expectations.

Lianhua Technology (002250) Third Quarterly Review: Jiangsu Chemical Industry Remediation Policy Landing Company Will Usher in a Turning Point in Performance

Lianhua Technology (002250) Third Quarterly Review: Jiangsu Chemical Industry Remediation Policy Landing Company Will Usher in a Turning Point in Performance
Event: The company announced the third quarter report of 2019, and achieved operating income of 33 in the first three quarters.01 billion, an annual increase of 26.65%, net profit 2.9.3 billion, previously turned losses.In the third quarter, the company realized a net profit of 54.61 million and a net profit of 97.04 million after non-deduction. This was mainly due to the non-operating loss caused by the disposal of scrap equipment, and the overall performance was in line with expectations.  Jiangsu chemical industry rectification policy is implemented, the company’s pesticide business is expected to bottom out and the company’s important subsidiary Jiangsu Lianhua and Yancheng Lianhua are located in the Xiangshui Chemical Park was cancelled, the government implemented “one enterprise, one policy” for related enterprises, and the policy encourages developmentHigh-quality chemical companies with standardized management and controllable safety and environmental risks allow them to continue production as key chemical monitoring points.  Jiangxi Soviet Union and Yancheng Lianhua have complete three waste treatment facilities and high levels of safety in production. At the same time, another subsidiary of the company, Dezhou Lianhua, has also been approved as a key monitoring company in Shandong. We believe that it has high potential for re-production as a company pesticideThe important production base of the business, the resumption of production by Jiangsu Lianhua will significantly improve the company’s performance.  Steady progress in the strategy of major customers, the pharmaceutical business has entered a period of rapid development, and the pharmaceutical CDMO customer certification cycle is long. However, after certification, the customer has high stickiness. The company has always adhered to the strategy of major customers and has established cooperative relationships with many international leading pharmaceutical companies.As of the end of 2018, the company has seven pharmaceutical CDMO products in the commercialization stage, with a 南京桑拿网 segmented product called over 40 million, which has achieved rapid growth in the number of products and alternative products.  The company’s Jiangkou factory has passed the US and European Union certifications. In the future, it will continue to introduce advanced intermediate and API products. At the same time, relying on a large amount of land reserves in Zhejiang Linhai, the company continues to expand production.  The Black Swan incident does not reduce the company’s core competitiveness and maintains the “strongly recommended” rating. Important subsidiaries of the company suspended production due to the Xiangshui accident, but have accumulated customer reputation and excellent craftsmanship and customer benefits for many years.”As a quality enterprise above the designated size, the company has the ability to gain recognition from the government and certain experts.The company’s pharmaceutical business has developed over the years and has entered a period of rapid development. We expect the company to achieve net profit in 2019-2021, respectively3.81, 5.41, 6.7.7 billion, the current sustainable corresponding PE is 32, 22, 18 times respectively, the company’s performance will usher in an inflection point, maintaining the “strong recommendation” level.Risk reminder: Resumption of production of important subsidiaries is less than expected, major safety and environmental accidents, and customer loss

Baoxin Software (600845) 2019 Third Quarterly Report Review: Consolidated Factors Affect Phased Performance Does Not Change Long-term Development Trend

Baoxin Software (600845) 2019 Third Quarterly Report Review: 成都桑拿网 Consolidated Factors Affect Phased Performance Does Not Change Long-term Development Trend

The growth rate of revenue in the first three quarters of 2019 was in line with expectations, and the growth rate of net profit was slightly lower than the expected revenue of 45 in the first three quarters of 2019.

1.9 billion (+12.

01%), net profit attributable to mother 6.

08 thousand yuan (+24.

82%), net of non-attributed net profit5.

900,000 yuan (+23.


Q3 achieved revenue of 17 in a single quarter.

3.0 billion (+13.

57%), net profit attributable to mother 2.

1.5 billion (+7.


The company’s revenue growth rate is in line with market expectations, and its net profit growth rate is slightly lower than market expectations. In essence, the company’s project settlement is lagging, and it has been consolidated with Wuhan Iron & Steel Group since July 2019.There are advantages.

The gross profit margin in the single quarter decreased slightly, and the expense ratio decreased slightly. The gross profit margin in the first three quarters of 2019 was 29.

89%, rising by 1 every year.

14pp; 2019Q3 single quarter gross profit margin 27.

64%, down by 1 every year.


Prior to Q3, the company’s gross profit margin continued to increase. In the end, the company’s IDC business with a higher gross profit margin grew faster than the overall revenue growth, and its revenue share continued to increase.

The gross profit margin of Q3 decreased for the first time, which is mainly due to the delay in settlement of IDC business.

Company sales expense ratio 2.

70% (-0.

17pp), management expense ratio 3.

30% (-0.

73pp), R & D expense ratio 9.

89% (+0.

54pp), financial expense ratio -0.

70% (-0.


Expense rate totals 15.

18%, a decline of 0 per year.


In addition, at the end of 2019Q3, the balance of payable employees’ pay was 2.

47 trillion, compared with 2 in the same period last year.

1.3 billion, achieving rapid growth.

Operating cash flow continued to grow rapidly. Cash received from sales in the first three quarters of 201943.

9 billion (+18.
72%), the relative cash content of sales is 97.
14%; net operating cash flow 8.

7.6 billion (+47.


The company benefited from the continuous increase in the proportion of IDC business. In the first three quarters of 2019, the cash growth rate of sales received was higher than the income growth rate, the efficiency of collections was improved, and operating cash flow was significantly improved.

The delivery speed of the company’s Phase IV 杭州夜网 IDC exceeded expectations, which is expected to continue to drive the company’s performance and improve related operating indicators.

Risk warning: IDC indicators fall below expected risks; IT investment in the steel industry is below expected risks.

Investment suggestion: Reduce earnings forecast and maintain “Buy” rating.

The company’s profit in the third quarter is slightly lower than market expectations. Considering the consolidation of WISCO Industrial Technology Group, we will return the profit forecast for 2019-2021 to the net profit of the mother9.



61 trillion down to 8.



750,000 yuan, annual profit growth rate is 32% / 32% / 27%, diluted EPS = 0.



29 yuan, maintain “Buy” rating.

Guizhou Moutai (600519): The increase in the average price of Moutai wine promotes the rapid growth of first-quarter results

Guizhou Moutai (600519): The increase in the average price of Moutai wine promotes the rapid growth of first-quarter results
The increase in non-standard share and the lagging effect of price increase were realized, which promoted the first quarter performance growth and the company’s 19Q1 revenue 224.81 ppm, an increase of 22 in ten years.twenty one%.Among them, Maotai Liquor earned 194.9.8 billion, an annual increase of 23.7%.The main reasons for the rapid revenue growth are: 1) We think the company may increase the launch of non-standard products in 19Q1, which promotes the increase in the average price of Maotai liquor.2) The company’s advance receipts in 18Q1 decreased by 12 苏州夜网论坛 from the previous month.USD 5.7 billion, because the company’s pre-receivables at the end of 2017 are mainly based on RMB 819 per bottle. We believe that the price increase effect was not fully reflected in 18Q1 revenue, and this price increase effect was reflected in 19Q1.3) The company received 113 advances in 19Q1.8.5 billion, down 21 from the previous month.9.2 billion, down 13 a year.57%, we think it may be related to the adjustment of the company’s distribution policy.The company’s net profit attributable to its parent was 112 in 19Q1.2.1 billion, an annual increase of 31.91%.The company’s 19Q1 net profit growth was significantly faster than the increase in gross profit margin, the decline in sales expense ratio, and the decline in sales tax and surcharges. In the future, the volume of direct sales will significantly increase the average price. In 19 years, the company’s performance will strive to maintain rapid growth. According to the company’s announcement and annual report, the company’s 19-year revenue target is about 14%, and Moutai’s sales target is 3.About 1 announced, we believe that the company is expected to achieve its goals: 1) According to, the company disclosed at the dealer conference at the end of 18 that it will maintain the dealer plan in the future.7 remains unchanged, the rest are issued through direct sales channels, while increasing the proportion of high value-added products such as zodiac wine, and promoting the increase in the average price of Moutai.2) According to the company’s dealer conference, the series of wine will be adjusted and optimized in 19 years, and we expect that the revenue will increase by more than 15% each year. Earnings forecast We have raised our earnings forecast. We expect the company’s revenue to be 911 in 19-21.51/1113.49/1319.5.9 billion, an increase of 18 each year.07% / 22.16% / 18.51%; net profit attributable to mothers is 435.20/546.94/656.520,000 yuan, an annual increase of 23.62% / 25.67% / 20.04%; EPS are 34.64/43.54/52.26 yuan / share, corresponding to PE is 28/22/19 times, the company’s brand moat is high, and the profit stability in the next 3 years is strong. We give 30 times PE in 19 years, a reasonable value of 1039 yuan, maintaining a buy rating. Risk reminder: Macroeconomic growth rate, consumption upgrade exceeds expectations, food safety risks.

Ping An Bank (000001) Annual Report Comments: Consolidating Asset Quality and Preserving Future Development

Ping An Bank (000001) Annual Report Comments: Consolidating Asset Quality and Preserving Future Development

Event: Ping An Bank released its annual report and achieved operating income of 1379 in 2019.

5.8 billion, an annual increase of 18.

2%; net profit attributable to mother 281.

95 ppm, an increase of 13 in ten years.


Defective rate 1.

65%, a decrease of 0 from the end of the previous year.

1 unit; provision coverage ratio is 183.

12%, an increase of 27 from the end of the previous year.

88 units.

  Revenue maintained a high growth rate, and the bad confirmation routine fell in strict accordance with the fourth quarter net profit growth rate.

In 2019, Ping An Bank’s revenue increased by 18 in ten years.

2%, net profit attributable to mother increased by 13 in ten years.


  The highest revenue maintained a high growth rate, and the spread was stable.

In the fourth quarter, Ping An classified all loans that were overdue for more than 60 days as non-performing, and increased the strength 深圳桑拿网 of impairment provision, which affected the fourth quarter net profit growth.

Initially, the performance still maintained a high growth rate, and the quality of statements continued to improve.

  The retail transformation has been fruitful and business contributions have continued to increase.

In 2019, the retail financial business realized operating income of 799.

73 ppm, an increase of 29 in ten years.

23%, retail revenue accounted for 58%, 5 substitutes increased at the end of last year, net profit accounted for 69.


Retail customer assets increased by 39 from the end of the previous year.

9%, the number of retail customers increased by 15.


Among them, the number of wealth customers increased by 31.

7%, the number of private customers increased by 45.


The rapid growth of high-end customers benefited from the overall joining of the Ping An Trust team and the improvement of Ping An’s comprehensive service capabilities.

  Power to the public and realize the coordinated development of retail to business.

In the third quarter of 2019, the conversion of convertible bonds into shares was completed. After the capital was replenished, the space for the development of public business was opened up, and the proportion of large retail sales to large public sales was increased. The strategy of coordinated development continued to advance.

  The increase in capital adequacy ratio is the basis for future development potential.

In 2019, Ping An Bank realized a conversion of 26 billion convertible bonds into equity, 20 billion secondary capital bonds and 20 billion perpetual bonds.

After the single capital replenishment, as of the end of 2019, Ping An Bank’s core tier one capital adequacy ratio reached 9.

11%, an increase of 0 from the end of last year.

57 units.

Capital adequacy ratio 13.

22%, an increase of 1 from the end of last year.72 units.

  Digital operations are fighting the epidemic and promoting operations.

Strong digital capability is one of the advantages of Ping An. In this special period of fighting the epidemic, I believe that Ping An can also give play to its advantages and use online operation capabilities to reduce operating fluctuations.

  The bad confirmation is strict and the foundation of the report is consolidated.

At the end of 2019, Ping An Bank’s NPL ratio was 1.

65%, a decrease of 0 from the end of the previous year.

1 unit.

Among them, the NPL ratio of corporate loans decreased by 0 compared with the end of the previous year.

39 single, non-performing personal loan rate rose 0 at the end of last year.

12 units.

The rise in non-performing retail is not only affected by industry factors, but also related to the stricter identification of non-performing.

  At present, Ping An has classified all loans that are overdue for more than 60 days as non-performing, and the degree of non-performing deviation has been declining.

  Provision coverage ratio was 183.

12%, the margin of safety is further improved.

  Performance forecast and investment suggestions: The net profit attributable to mothers is forecasted to be 323 by 2020-2022.

99 ppm, 373.

43 ppm, 429.

3.9 billion.

Ping An Bank’s retail transformation has continued to deepen. The company’s corporate and interbank business has begun to exert strength, its performance has maintained a rapid growth rate, and its “Buy” rating is maintained.

  Risk reminder: the risk of deterioration of asset quality caused by macroeconomic fluctuations, the risk of policy changes, etc.

Shanying Paper (600567): 18-year results are in line with the performance forecast and recommended

Shanying Paper (600567): 18-year results are in line with the performance forecast and recommended

Core points: 1.

Event summary The company achieved operating income of 243 in 2018.

670,000 yuan, an increase of 39 in ten years.

48%; realized net profit attributable to 32.

40,000 yuan, an increase of 59 in ten years.

04%; realized non-net profit deducted from the parent company26.

77 ppm, an increase of 33 in ten years.


Net operating cash flow was 32.

4.8 billion yuan, an increase of 16 over the previous year.



Our Analysis and Judgment (I) The production and sales of paper products have increased rapidly, and the net profit of the company has increased rapidly. In 2018, the company achieved operating income of 243.

670,000 yuan, an increase of 68 over the previous year.

9.7 billion.

From the perspective of the main products, boxboard base paper / paper products / recycled fiber respectively achieved revenue of 185.



54 ppm, corresponding to a revenue increase of 60.



210,000 yuan, an increase of 47 in ten years.

85% / 19.

72% / 26.


Among them, the cardboard base paper and products accounted for 94% of the main business income.

24%, the proportion of waste paper is 4.

33%, both remain relatively stable.

By region, domestic and foreign revenues were 213 respectively.


13 trillion, respectively contributed 47 revenue increase.


120,000 yuan, an increase of 26 in ten years.

59% / 401.

14%, of which the domestic region contributed 87% of operating income.

63% of its revenue increase contributed 66 of the revenue increase.

19%, firmly occupying the main area.

The company’s net profit attributable to shareholders of the listed company during the period was 32.40,000 yuan, an increase of 11 over the previous year.

8.9 billion.

The increase in profit mainly comes from two aspects: reorganization is the improvement of the company’s own business profitability and management level; after the reorganization company acquired Liansheng Paper and Nordic Paper, the company’s output increased by 127 compared to 2017, and the gross profit marginThere is an increase, corresponding to an increase in gross profit of 16.

30,000 yuan, a significant impact on the company’s net profit.

(2) Comprehensive gross profit margin increased by 0.

04pct, the cost rate increased by 1.

86pct’s 2018 consolidated gross profit margin was 23.

05%, an increase of 0 compared to the same period last year.

04 averages.

From the perspective of the main products, the gross margins of boxboard base paper / paper products / recycled fiber are 26 respectively.

59% / 13.

22% / 3.

19%. In 2018, the gross profit margin of excluding boxboard base paper rose by 0.

Out of 30 singles, paper products / recycled fiber products were reduced by 1 each.


01 averages.

The increase in gross profit margin of boxboard base paper is mainly due to the addition of special paper statistics. The paper market price has risen. The decline in the gross profit margin of paper products is mainly due to the continuous high level of the purchase price of raw waste paper since 2018, which has led to an increase in operating costs.

Expenses of the company during 201812.

93%, ranking rose 1 last year.

86 units.

The sales / management / financial expense ratios are 3 respectively.

96% / 3.

52% / 3.

03%, change 0 every year in the same period 淡水桑拿网 last year.


38 / -0.

52 units.

The increase in sales expense ratio was mainly due to the increase in business expenses, miscellaneous expenses, employee compensation and business expenses. The decrease in financial expense ratio was mainly due to the increase in interest income.

Among the 2018 financial expenses, interest income increased by 2.

4.3 billion.

The company’s first R & D expenses in 20185.

91 ppm. At the same time, due to changes in accounting standards, research and development expenses are classified as management expenses, which drives up the management expense ratio by 2

43 points; after deducting the impact of R & D expenses, the actual three expenses accounted for 10.

51%, a decrease of 0 compared with the same period last year.

56 units.

(3) The industry chain develops horizontally and vertically to withstand the cyclical fluctuations in the market cycle. At present, it is the only company in the country that integrates recycled fiber (waste paper) recycling, papermaking, and packaging and printing.

In the paper industry, the company’s packaging paper production and sales ranks third in the country, with a market share of 9%. Special paper has a leading edge in the world. Adhering to the cost-leading business strategy, the operating system is continuously improved, and the cost advantage is prominent; the overall packaging industry marketThere are 1 in total.

6%, the sales volume ranks second in the country. The packaging industry is committed to intelligentization, digitalization as the direction, research and development innovation as the driving force, and customer-oriented connection; the recycled fiber industry is mainly undertaken by its subsidiary Huanyu International., United Kingdom Universal, Netherlands Universal (covering Germany), Universal Universal Japan, Universal Universal Australia, and Universal Universal China to create a comprehensive recycling system for recycled fibers.

In July 2018, Universal International acquired the Dutch waste paper trade.

V.To supplement a European recycling fiber recycling section, the recycling of waste paper is beneficial to protect the forest resources and environment, thereby fulfilling corporate social responsibility and improving the company’s reputation.

Papermaking, packaging, and recycling form a closed loop. The three synergistically complement each other’s industrial chain, benchmark international paper and other international giants, expand horizontally to expand market share, and resist cyclical changes.

(IV) Self-built acquisitions go hand in hand, paper production capacity increases significantly. Through self-built production capacity and industry mergers and acquisitions, the company now has a total of 9 papermaking bases at home and abroad, and 4 domestic ones are located in Maanshan, Anhui, Jiaxing, Zhejiang, and Jingzhou Public Security, Hubei ((Under construction) and Zhangzhou, Fujian, 5 overseas, 4 Nordic Paper specialty paper production bases in Sweden and Norway, and 1 Phoenix Paper in the United States for paper and pulp integration.

The company acquired Swedish Nordic Paper on October 24, 2017, dating the specialty paper production industry chain; in January 2018, it completed the acquisition of Liansheng Paper with a capacity of 105 tons; the report scale, the company acquired the USWPT of the Netherlands, to further realize the layout, Phoenix Paper will provide domestic domestic pulp in addition to the existing cultural paper production equipment transformation, conversion to packaging paper production line, with an estimated production capacity of 36 high-end corn cardboard / wood pulp,First landing in the North American market.

WPT is a large-scale waste paper trader in Europe, mainly in the army’s recycled fiber recycling business, so as to provide raw materials for the company’s production and improve the company’s overseas waste paper recycling and bargaining power.

The construction of the company’s Huazhong papermaking base in Jingzhou, Hubei, Hubei has also begun. It is expected that the annual production capacity of the first and second phases of the project in 2019 will reach 127 tons, so that the company’s annual production capacity will be close to 600 tons, which will gradually improve its industry leadership.


Investment advice The company goes hand in hand with self-construction and acquisition, and the production and sales of paper products are significantly improved. By expanding the paper category, the company will lead the industry in gross profit margin, increase operating capacity, and reduce management costs, so that the 2018 net profit will show a blowout growth.

The company has a complete advantage of the entire industry chain, connecting upstream and downstream, and domestic and foreign, the coordinated development of the main industries, give full play to scale advantages and structural advantages.

Increased investment in environmental protection, increased production and efficiency while achieving the goal of reducing dirt, the introduction of leading domestic and foreign equipment and technology, high degree of mechanical automation, continuous consumption of water consumption per ton of paper, creating environmental friendliness and resource conservation.

At the same time, it increased investment in scientific research, and the report continued to supplement 6 special invention patents and 20 utility model patents, providing a driving force for the company’s sustainable development and innovation.

Therefore, we predict that the company will achieve revenue of 285 in 2019/2020/2021, respectively.



480,000 yuan, net profit of 32.



13 trillion; corresponds to PS0.



47 times, corresponding to PE5.



87 times, the “recommended level” was given for the first time.


Risks suggest that the cost of industrial raw materials will increase; insufficient market demand and excess capacity; insufficient profitability of the paper packaging business.

Hanlan Environment (600323): Performance is slightly higher than expected

Hanlan Environment (600323): Performance is slightly higher than expected

Event: The company released the 杭州桑拿 third quarter report of 2019.

During the reporting period, the company’s operating income and net profit attributable to its mother were 42.

9.6 billion, 7.

36 trillion, an increase or decrease of 19 each year.

05% and -0.

99%, the original expected net profit attributable to mothers decreased by 5%, slightly higher than expected.

  Key points of investment: The company’s period expense ratios overlap, and taxes and fees are saved, and performance is slightly higher than expected.

During the reporting period, in terms of solid waste business, the company accumulatively settled on-grid electricity.

900 million degrees, 10 compared with the same period in 2018.

The 07 billion kWh settlement power increased slightly.

In terms of water affairs, the company’s cumulative water supply during the reporting period was the same as the previous year, and the sewage treatment volume increased compared with the previous year.

twenty four%.

The average price of water supply and the average price of sewage treatment are respectively 2.

18 yuan / ton and 0.

99 yuan / ton increased to 2.

2 yuan / ton and 1.

4 yuan / ton.

Coupled with the increase in revenue from the gas business, the company’s operating income increased by 19 in the end.


As the company continued to increase the efficiency of control fees, the company’s sales expense ratio, management expense ratio, research and development expense ratio, and financial expense ratio continued to decrease during the reporting period, and the total chain rate decreased by 0.

Five averages, each year a total decrease of 0.

48 units.

In addition to the national tax reduction effect, the company’s tax and surcharges during the reporting period are reduced by 6.

73%, diabetes declines by 12 every year.

79%, so slightly more than expected.

If excluding the market income from disposal of government kiln in 2018, the net profit after deduction for non-returning mothers will increase by 20 each year.

18%, after deducting non-return to mother’s net profit growth slightly higher than revenue growth.

  Relying on the Hanlan brand, it will join hands with Alibaba Cloud and SDIC Power to build the company’s long-term competitiveness.

Practicing the battle against pollution evidence, the central government’s support in 2019 will reach 60 billion US dollars, and it will increase by 35 each year in 2018.

9% will drive local investment.

At present, the construction of the “National Waste-Free City”, the “defensive battle against clear water” has been reorganized, and there is a strong demand for environmental protection.

The company’s solid waste comprehensive treatment park has explored the “Hanlan model”, which uses power generation projects as its energy core and configures a full set of processing facilities to efficiently and effectively perform solid waste treatment that is harmless, resource-based, and minimized. At present, the company’s solid waste treatmentThe project has spread to 33 cities in 12 provinces.

In addition, the company has also built the largest commercial 35 MPa hydrogen refueling station in China, demonstrating its comprehensive strength.

With the Hanlan brand, it will join hands with the high-quality investment company SDIC Power and big data company Alibaba Cloud to strengthen its competitiveness.

In 2018, SDIC Power was 13.

47 yuan / share into Hanlan Environment, with a shareholding ratio of 8.

62%, SDIC’s investment experience will further enhance the company’s resource integration capabilities.
In 2018, the company reached a cooperation with Alibaba Cloud and plans to date the ET industrial brain to the environmental protection field.
In July 2019, Alibaba Cloud cooperated with the company to put into operation the first AI that manages waste incinerators. Intelligent management in the future can be expected.

  Solid waste has sufficient orders in hand, and the gas and water business benefits from geographical advantages and franchise rights, and its medium-term growth is guaranteed.

As for the solid waste business, as of 2018, the company’s domestic waste incineration project has been put into operation at 11,800 tons / day, and the total capacity of the incineration projects currently in operation (in operation and not in operation) is 33,100 tons.Both are higher than 70 yuan / ton, and the quality is better.

In terms of hazardous waste business, the amount of general industrial hazardous waste generated in Foshan in 2017 was 19.

85 for the first time, the disposal amount is only 3.

05 Trace amount, a large amount of waste was transferred to Zhaozhou, Huizhou and other places for treatment.

The company’s hazardous waste project-Foshan Green Industrial Service Center Project (Nanhai) project was started at the end of 2017 with a scale of 9 approved.

3Every year, there will be local capacity vacancies after landing.

For the gas business, there were 254 furnaces in October 2018, and the demand for gas through “coal to gas” will continue to increase.

For the water business, the resident population of Foshan City in 2018 has reached 8.09 million and is steadily increasing, which will promote drainage and sewage treatment needs.

In addition, the company merged and consolidated Shengyun’s 3500 tons / day incineration capacity, which added guarantee for future 成都桑拿网 growth.

  Profit forecast and investment grade: According to the third quarter report, we raise the company’s 2019?
In 2021, the expected net profit attributable to mothers is 9 respectively.

52, 11.

41, 12.

5.6 billion (was 9).

25, 11.

21, 12.

3.7 billion), corresponding to 15 times the 19-year PE.

  The company’s main battlefield, Foshan, benefited from the development of the Guangdong-Hong Kong-Macao Greater Bay Area with obvious geographical advantages. At the same time, the demonstration projects and brands were in hand, and the expansion was continued in different places. In addition, SDIC Power Co., Ltd. and Alibaba Cloud cooperated to strive to strengthen the alliance and maintain the buy rating.

  Risk warning: Project advances below expectations