Shengtong Co. (002599) Annual Report Comments: Performance Meets Expectations, Optimistic on the Company’s Quality Education Track Expansion Results

Shengtong Co. (002599) Annual Report Comments: Performance Meets Expectations, Optimistic on the Company’s Quality Education Track Expansion Results
Event: The company announced the 18-year annual report, the number of reports, the company’s realized revenue, net profit attributable to the mother, and net operating cash flow were 18 respectively.44 billion, 1.2.4 billion and 40.15 million, respectively, an increase of 31 in ten years.42%, 34.16%, -643.49%; EPS 0 achieved.38 yuan, it is planned to use capital provident fund to increase all shareholders to 7 shares for every 10 shares. Opinion: The two major business segments have grown steadily, and the contribution of education business profits has increased.1) Report, company publishing comprehensive services, education and training business income15.9.5 billion, 2.4.9 billion, accounting for 86.48%, 13.52%, income structure is basically stable; increase by 30.67%, 36.43%, all maintained a steady growth; 2) profit, publishing publishing services, education and training business net profit of 71.89 million yuan, 5227 yuan, an increase of 13 respectively.65%, 78.44%, the contribution of education business increased; 3) Gross profit margin and net profit margin were 19 respectively.82% (-0.04pct), 6.81% (+0.21pct), which are basically the same. Among them, the publishing service and the gross profit margin of education and training business are 15 respectively.32% (-0.39 points), 48.61% (+1.04pct); 4) Net operating cash flow of 40.15 million yuan, a reduction of 643 per year.The 49% decrease is mainly related to the publishing and printing business. In 2018, the prices of the main raw materials and paper continued to increase. The company increased the purchase of raw materials by prepaying and paying in order to reduce procurement costs, which led to an increase in reported cash paid for purchasing goods; 5) Budget, 238 R & D personnel, an increase of 23.96%, the proportion of R & D investment in operating income (1.20%) were basically flat, and the three expense ratios (11.82%) were basically flat.The annual report strengthens our understanding and judgment of the company’s fundamentals: the publishing sector: continuous and steady growth, creating a “publishing service cloud platform” to improve quality and efficiency.The company’s publishing business has grown steadily for two consecutive years. The expansion is due to the continuous increase in the size and concentration of the press and publishing industry. As a leading company in the field of publishing culture, the company’s market share has continued to increase; instead, the company has adjusted its production capacity structure and gathered the color high-end publication market., Focusing on children, education and themed publishing books. At the same time, the company established a “publishing service cloud platform”, using digital technology for unified production scheduling and quality monitoring for standardized production, simplifying production processes, improving production efficiency, and effectively driving business.Demand is growing. Education sector: Lebo’s education performance is in line with expectations, and the curriculum system is constantly improving.Report information, Lebo Education achieved revenue 2.35 ppm, an increase of 28 in ten years.3%, net profit of 43.36 million yuan, an increase of 46 throughout the year.0%.In 2016-2018, Lebo achieved a total of 98.12 million yuan in non-net profit and fulfilled its performance commitments.As of the end of 2018, Lebo Education has a total of 106 directly operated stores and 238 franchised stores in 25 provinces and cities across the country, which is equivalent to an increase of 13 and 48 stores 深圳spa会所 at the end of 2017, which basically covers the first-tier, second-tier cities, and most provincial capital cities.The company actively improves the curriculum system of robotics and programming education and expands product categories, supplements UARO courses suitable for young children aged 4-6, graphical programming courses starting from zero in elementary school, and Python programming courses from elementary school to junior high school.To expand the training age range.In addition, the report merged, and the company acquired 51% of Zhongming Digital in cash. Through the merger and acquisition of Zhongming and cooperation with the Ministry of Industry and Information Technology, it actively deployed B-side business, made full use of publishing resources, and achieved 2B2C collaborative development. Investment suggestion: The company began to deploy the field of quality education in 2016. The STEAM education represented by robot education is still a blue ocean in China. The competitive landscape has not been clear. The market concentration is low.Common huge demand space.The company expands on Lebo Education in product categories, customer groups, and channel networks, and initially forms an ecological layout of quality education. We are optimistic about the company’s track selection and market expansion, and we expect the company’s net profit in 2019-20201.51/1.840,000 yuan, corresponding to EPS 0.47/0.57 yuan, PE 26/22 times, 6-month target price of 15 yuan, maintain “Buy-A” rating. Risk reminders: The cost of raw materials for the publishing business increases, competition in the quality education industry intensifies, Lebo’s expansion and enrollment fall short of expectations, and the risk of goodwill impairment.

The market is changing, the organization is not changing, research focuses on medical technology

The market is changing, the organization is not changing, research focuses on medical technology

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

Original title: Institutional research focuses on medical technology □ Our reporter Xu Jinzhong Wind data shows that last week (February 3-7) a total of 34 listed companies accepted various types of institutional research.

Affected by the epidemic, the frequency of institutional investigations was not high in the first week after the holiday. Among the objects of concern, the agency paid close attention to the impact of the epidemic on listed companies and the situation of some companies’ fight against the epidemic.

  Last week, the market environment was complex.

Under the influence of the epidemic, the market fell sharply on the first day after the Spring Festival 7.
.

72%, but the market rebounded sharply in the last four trading days. Last Thursday, the Shanghai and Shenzhen stock exchanges traded US $ 913.4 billion for the whole day. The turnover for three consecutive trading days exceeded 800 billion, the first time since April 11, 2019.

In this regard, fund institutions believe that the epidemic situation will affect market sentiment and rhythm, but without changing the good layout of the intermediate market, a short-term decline may even provide better opportunities for medium- and long-term deployment.

  Concerned about the industry wind data related to the epidemic, last week, a total of 34 listed companies, including Yiling Pharmaceutical, Huashu Media, Digital Government, Mei Yabaike, and Henghua Technology, were investigated by various agencies.

Affected by the epidemic, the institution’s research frequency was not high in the first week after the holiday. Among the objects of concern, the institution paid close attention to the impact of the epidemic on listed companies and the situation of some companies’ fight against the epidemic.

In addition, due to the need to fight the epidemic situation, last week institutional research mostly adopted an online model, and some companies’ research activities drew the attention of many fund institutions.

  Specifically, taking the entrepreneurial Wellcome as an example, the company’s conference call last week attracted the participation of more than 100 institutions including Hony Yuanfang Fund, Guosheng Securities, GF Securities, Mitsui Sumitomo Asset Management, and Shanghai Chengan Asset Management.

The company’s general manager Zhang Lüyi introduced the overall situation of the company during the epidemic, saying that the company urgently launched the “local diagnosis” business process for hospital customers across the country, and went online in the HIS system of Internet hospital customers in the body.Patient disposal business process; the company builds a public cloud Internet information platform to provide free access services to hospital customers nationwide. Accessing hospitals can implement online expert consultation services on the platform. At present, more than 20 hospitals have access for freeand many more.

Fund institutions also paid close attention to the impact of the epidemic on the company’s first quarter performance and the company’s market situation in Hubei.

  In a survey of Maybank by more than 100 institutions including New Age Securities, Strategy Assets, CCB Trust, Wanjia Fund, Wanlian Securities, Shanghai Dinglin Investment, the company also introduced that the company is a leader in the domestic electronic data forensics industryEnterprise, cyberspace security and big data informatization expert.

Since January 21st, the company’s big data team has successively restarted many local directives across the country, and rushed to various sites to carry out big data analysis as soon as possible, to provide technical support for epidemic areas, and to assist law enforcement agencies in counting the scope and trend of the possible spread of epidemicsEffectively respond to various epidemic prevention and control needs.

  The market did not change for the better last week. Under the influence of the epidemic, the market fell sharply on the first day (last Monday) after the holiday.

72%, but Northbound funds bought a large amount of $ 18.2 billion, indicating that the external market still has some confidence in A shares. Last week, Northbound funds totaled 300.

600 million yuan.

The market rebounded sharply in the last four trading days last week. Last Thursday, the Shanghai and Shenzhen stock exchanges traded US $ 913.4 billion for the whole day. The turnover for three consecutive trading days exceeded 800 billion, the first time since April 11, 2019.

Among them, the market ‘s oversold rebound momentum is strong. In the recent rebound process, the main board is relatively weak and has not yet filled the gap on February 3. However, the GEM Index has reached a new high in three years and regained 2000 points, indicating a change.In order to gradually ease the epidemic, risk appetite will gradually enter the repair phase.

  In terms of industry, last week the pharmaceutical sector ushered in growth as expected, with an increase of 5.

95% ranked first. Computers and media also performed well, increasing by 4 each.

1%, 4.

01%.

Last week, there were adjustments in 24 industries. Among them, real estate, coal, and steel fell the most, down 7 respectively.

45%, 7.

33%, 7.

18%.

  Regarding the recent market trends, HSBC Shengsheng Fund pointed out that the epidemic still affects everyone’s heart, the early market is not fully prepared for the rapid development of the epidemic, and adjustments driven by short-term risk aversion are more difficult to avoid and are happening.

The development of the epidemic is dynamic, but the epidemic will certainly pass.

In the short-term, HSBC Jinxin Fund believes that the epidemic will affect market sentiment and rhythm, but does not change the direction of the middle market, and the short-term decline may even provide better opportunities for medium- and long-term deployment.

  Debang Fund said that the rapid development of the epidemic during the Spring Festival holiday exceeded market expectations.

During the Chinese New Year holiday, the overseas market also experienced a more obvious adjustment.

In the short term, the market will make up for losses, but it will not change the market’s long-term trend.

Investors need to pay more attention to the impact of the epidemic on different industries and companies, and pay close 都市夜网 attention to the development of the epidemic.

If the outbreak lasts and is manageable, then short-term reductions will re-provide better buying opportunities.

Gree Electric (000651): Hybrid reform will further release vitality

Gree Electric (000651): Hybrid reform will further release vitality

Event: The company issued an announcement that on December 2, 2019, the controlling shareholder Gree Group and Zhuhai Mingjun signed the “Equity Transfer Agreement”, and Zhuhai Mingjun will receive 46.

17 yuan / share (earlier September 3 after the adjustment of the ex-rights and ex-dividend adjustment of the lowest sustainable premium4.

5%, a discount of 20 from the company’s closing price on November 29.

0%) for 902,359,639 shares of Gree Group (accounting for 15% of Gree’s total share capital), with a lock-up period of 3 years.

The total transfer price is 416.

600 million, of which Zhuhai Mingjun contributed 218 with its own funds.

50,000 yuan, the remaining funds come from loans from China Merchants Bank.

  After the completion of the equity transfer, the top three shareholders of the company will be Zhuhai Mingjun (holding 15 shares.

0%), Hebei Haihai Guarantee Investment Co., Ltd. (holding).

91%), Gree Group (holding 3 shares.

22%), diversified equity, the company will have no actual controller.

  The company will resume trading on December 3, 2019.

  Opinions: The interests of the company and leaders are more closely bound, and the incentives are diverse: (1) It will become about 2 of Gree Electric.

4% of shares: Gezhen Investment is the company’s shareholder entity, which is mainly composed of 18 leaders (including Ms. Dong Mingzhu holding 95 shares).

48%), which directly holds Zhuhai Mingjun 6.
.

38% of the shares are held indirectly through Zhuhai Yuxiu.

01% shares, and according to the agreement, Zhuhai Botao will own 4.
.

72% of Zhuhai Mingjun’s shares are transferred to the joint entity, and then the share entity will be able to hold Zhuhai Mingjun11.

11% of the shares, or 1.

67% of Gree Electric’s shares are merged to 0 currently held by Ms. Dong Mingzhu.

74% of the shares, the entire management team’s shareholding ratio will reach 2.

41%.

(2) GP income incentive employees: According to the agreement, the entity will receive GP income generated by Zhuhai Mingjun at a rate of 41%, and convert it into its existing 8% of the total GP income allocated to the listed company in an appropriate manner.The company has important contributions to unions and employees.

(3) Equity incentive plan: According to the agreement, after the completion of the equity transfer, the listed company will promote the equity incentive plan that the listed company gives to the entity entity and the number of key employees does not exceed 4%.

Leader’s voice increased: According to the articles of association and agreement of the listed company, the board of directors of the listed company has 9 directors, and Zhuhai Mingjun has the right to nominate 3 directors.

The ultimate controlling entity of Zhuhai Mingjun is Zhuhai Yuxiu, and the board of directors is composed of three directors. Zhuhai Gaocheng has joined HH Mansion and PearlBrilliance. The main entity, Gezhen Investment, has the right to appoint one director, but two of them need managementRecognition of the entity.

We believe that the company’s actual speaking power on the board of directors of listed companies will increase, and it will be more efficient 成都桑拿网 in corporate management and operation decisions in the future.

Dividends are expected to be stable: Zhuhai Mingjun promises to actively exercise shareholders ‘voting rights or gradually change its appointed directors to exercise their voting rights on the board of directors in the shareholders’ meetings of listed companies that involve dividends.Below 50%.

The average dividend ratio of listed companies in the past 10 years is 39.

4%, but in the past two years, the non-linear transition, we believe that the agreement on the dividend ratio will stabilize the dividend expectation, which is conducive to the company’s forecast recovery. According to the 50% dividend ratio and the expected net profit of 27 billion in 2019,Calculated, it will be able to pay a dividend of 135 million U.S. dollars, and earn 3 exchange proceeds.

88%.

Make the listed company’s annual net 都市夜网 dividend payout ratio not less than 50%.

The average dividend ratio of listed companies in the past 10 years is 39.

4%, but in the past two years, the non-linear transition, we believe that the agreement on the dividend ratio will stabilize the dividend expectation, which is conducive to the company’s forecast recovery. According to the 50% dividend ratio and the expected net profit of 27 billion in 2019,Calculated, it will be able to pay a dividend of 135 million U.S. dollars, and earn 3 exchange proceeds.

88%.

Profit forecast and investment advice: After the completion of the equity transfer, the company will be more closely tied to its stakeholders, which will gradually increase the company’s vitality. Gao’s intervention will promote the company’s capital operation. Dividend expectations are also expected to stabilize.Both company performance and estimated budgets will have a positive impact.
In order to reflect the impact of the company’s recent 10 billion yuan profit promotion on Q4 performance, we lowered our 2019 profit forecast.

We expect the company’s net profit in 2019 and 2020 to be 270 trillion and 301 trillion, a year-on-year increase of 2.
9%, +11.

7%, EPS is 4.

5 yuan, 5.

0 yuan, P / E is 13X, 12X, it is not estimated, we continue to give “buy” investment advice.

Risk Warning: The overall growth rate of the air-conditioning industry is accelerating, competition among industries is intensifying, raw material prices fluctuate, and distribution and delivery are less than expected

Southern Fund, Gao Capital, etc. studied these stocks (list)

Southern Fund, Gao Capital, etc. studied these stocks (list)

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

  Where does the agency go in a week?

China Southern Fund, Gao Feng Capital, etc. studied these stocks (list) Source: Securities Times Network original Wu Shaolong last week (2020).

2.

10?
2020.

2.

14) The rebound of A shares continued, and the Shanghai Composite Index and Shenzhen Component Index each increased by 1.

43% and 2.

87%.

iFinD statistics show that a total of 75 listed companies disclosed the survey reports in the two cities that week, and the research methods were still focused on telephone conferences and cloud video conferences.

From the perspective of industry distribution, the companies studied are concentrated in the media, computer, chemical and other industries.

  Focus of research on written organizations in the media industry ▲▲▲ According to industry classification, last week, the number of companies involved in the media industry was the largest, at 9 companies.

The computer and chemical industries are ranked two or three, with eight and seven companies being studied.

In addition, the number of companies studied in the pharmaceutical and biological, public utility, and electronics industries is also acceptable.

  Affected by the epidemic, offline activities were disrupted, and online life entertainment, online office, and online education in the media sector continued to gain popularity.

The Internet team of Zhongtai Securities Media said that the trend of online consumption habits developed by consumers during the epidemic has a profound impact on the entire online industry chain, and will change the future industry competition pattern to a certain extent.

Recently, due to the rapid growth rate and high increase rate, the media sector has changed, but short-term adjustments will not affect industry trends and big logic, and continue to be optimistic about online entertainment and online education and office.

Regarding the relaxation of the refinancing policy, the Zhongtai Securities Media Internet team believes that the introduction of new refinancing rules will help the release of listed companies’ financing needs and make use of the capital market to become larger and stronger; this can be achieved and can stimulate investor enthusiasm for participation.The media sector is expected to remain active.

  In the computer industry, the computer team of Guosheng Securities said that the Securities Regulatory Commission released the “new rules for refinancing” last week, and the inflection point of financial supervision policy is clear.

The new rules lift many restrictions, which is of great significance for dating strategic shareholders, realizing mergers and acquisitions in the industrial chain, and increasing market value, and is conducive to the leapfrog development of technology leaders in the long run.

It is recommended to pay attention to sector industry leaders and waist reversal companies.

In the long run, the improvement of the financing environment is not only conducive to the development of the capital market, but also more conducive to the segmentation of science and technology leaders to promote industrial mergers and acquisitions and reorganization to achieve leapfrog development.

  Due to the dual effects of the Spring Festival and the epidemic, the operating rate of the chemical industry has dropped significantly.

How does 四川耍耍网 the epidemic affect the chemical industry?

The Huachuang Securities chemical team conducted a large-scale enterprise questionnaire survey with Baichuan Yingfu, an industry-wide reputation consulting agency. A total of 589 questionnaires were collected on February 10, covering industries such as petroleum, chemical industry, nonferrous metals and other periodic manufacturing industries.

Among them, the number of petrochemical companies accounted for 65%, which is the highest.

View from 589 questionnaires recovered, 37.

69% of companies choose to resume work on February 10, and 22 companies choose to resume work on February 17.

24%, 11 after March.

54%.

In terms of different industries, there is a large amount of downtime in the downstream and poor transportation. The chlor-alkali industry has been forced to reduce the load. The operating rate has dropped from 87% to 成都桑拿网 57%, which is the overall decline. Refining, substitution, PTA, polyester in petrochemicals.Such as sub-sectors have a smaller decline in operating rates.

However, the short-term downstream demand has decreased, and the industry’s overall inventory has continued to rise, which has created pressure on the industry’s profitability in recent years; the coal chemical industry’s methanol, acetic acid, urea and other products have reduced their operating rates by less than 10%. MDI, titanium dioxide, carbon black, organic silicon, Propylene oxide, yellow phosphorus, viscose fiber, spandex and other products, the overall operating rate fell within 10%, and basically remained stable.

  ▲▲▲ iFinD data of these listed companies are most concerned. In terms of individual stocks, China Testing has received 198 conversion agencies, ranking first; Yaguang Technology converted to 172 agencies, ranking second; Tianyin Mechanical and Electrical gradually received 150.Institutions, ranked third.

  At the China Testing and Testing Research Association, the person in charge introduced the impact of the epidemic on the company, and pointed out that due to various epidemic control measures, the company’s own and customers’ continuous resumption of work may cause some orders to be delayed.

The corporate customers served by the company are mainly manufacturing industries. The poor operating conditions of some industries due to the epidemic situation will affect the company’s testing needs.

In terms of positive impacts, during the epidemic period, the demand for rigid biochemical supplies related to non-compliance testing was not inconsistent, and the company’s food sampling business has been operating normally during the Spring Festival; the government of the subsidiary has begun to accept government and enterprise orders; thermometers, oximeters, ultrasoundThe demand for testing of medical equipment such as equipment has increased; the company’s ability to detect the cytotoxicity and microbes of masks has begun to take orders; Shenzhen’s subsidiary doing inspection and quarantine related services can provide disinfection services in areas such as public places and customer plant offices.

  From the perspective of specific research institutions, private equity and polyinvestment researched Changyang Technology, Yaguang Technology, Gaoyi Assets investigated Yaguang Technology, Tianyin Electromechanical, Holaike, etc. Jinglin Assets investigated Huatest, thousands of booksInvestigated Career International, Qiaoyin Environmental Protection, Dongfang Shenghong, etc. Xingshi Investment surveyed Dongfang Shenghong, Qiaoyin Environmental Protection, Huatest, etc. Xingju Investment researched Guoxing Optoelectronics, radio and television measurement.
  In terms of public funds, Boshi Fund researched Jinke Culture, Sanqi Mutual Entertainment, Yaguang Technology, etc. Huaxia Fund studied Quanxin, Yaguang Technology, Hualing Steel, etc., and Castrol Fund studied Dongfang Shenghong, Jidong Cement, Guozhen Environmental Protection, etc., the South Fund studied Boya Biology, AVIC, Dongfang Shenghong, etc., the E Fund Fund studied Jinke Culture, AVIC, Weining Health, etc., China Merchants Fund investigated Huatest, Zijin Bank, Zhangjiagang BankWait.
  In terms of overseas institutions, BlackRock and Gao Capital have investigated Guanglianda and Fidelity Investments, Credit Suisse has investigated Huatest, Franklin Huamei Investment has investigated AVIC Mechanical, Guanglianda, Huatest, etc., and South Korean Investment has investigatedRadio and television measurement.

Goertech (002241): The company’s third quarterly report highlights the rapid growth of TWS headset business revenue

Goertech (002241): The company’s third quarterly report highlights the rapid growth of TWS headset business revenue

Event: The company released the first three quarters of 2019 report on October 23, and achieved operating income of 241 in the first three quarters of 2019.

34 trillion, an increase of 56 from the same period last year.

23%; net profit attributable to mother 9.

85 ppm, an increase of 15 from the same 杭州桑拿 period last year.

04%; net profit after deducting non-attribution is 10.

8.7 billion, an increase of 62 from the same period last year.

33%.

In addition, the company foresees that the net profit attributable to shareholders of listed companies will increase by 35% -55% each year in 2019, corresponding to a net profit of 11.

71-13.

4.5 billion.

The rapid growth of intelligent acoustics has driven the company’s first three quarter results.

Among the main business revenues, the intelligent acoustic machine achieved revenue of 94.

590,000 yuan, an increase of 138 in ten years.

72%; revenue from smart hardware business was 66.

75 ppm, a 49-year increase of 49.

88%; Precision components revenue was 73.

10 ppm, a ten-year increase of 7.

65%.

The company’s revenue growth was mainly due to the rapid growth of 南京夜网论坛 smart wireless headset revenue and the smart wearable business revenue growth.

The company’s gross profit margin for the first three quarters was 16.

13%, more than ten years.

The two single ones are mainly due to the increase in gross profit margin of the intelligent acoustic machine revenue share.

The company expanded its budget for TWS headsets and VR / AR projects to enhance industry competitiveness.

The company publicly issued convertible bonds in September 2019, and the amount of funds raised did not exceed 4 billion, of which 1 billion was invested in AR / VR and related optical module projects, and 2.2 billion was invested in binaural true wireless smart headset projects.

The company is actively deploying the acoustics and optical business to enhance its industry competitiveness.

Investment logic: According to Counterpoint’s forecast, TWS headset sales will exceed 1 billion units in 2019, of which the 19H1 Airpods market share remains above 50%, and the expected expansion is between 50-60 million units, with a significant growth rate.

As the main supplier of Airpods, the company benefited from the double increase in product sales and the value of new products at the end of October.

After a short period of one year last year, the global VR / AR headset market is expected to allocate about 8.9 million units of VR / AR equipment in 2019, an increase of 51%.Workers will fully benefit from the growth of the industry.

Maintain “Buy” rating.

We are optimistic about the outbreak of demand for TWS headsets and the growth of company performance brought by VR / AR in the future.

Expected company 2019?
In 2021, the EPS will be 0.

40/0.

55/0.

66 yuan, corresponding to 43 for PE.

56/31.

94/26.

36 times, maintain “Buy” rating.
Risk warning: TWS headset sales are lower than expected, and market competition is intensifying.

Lier Chemical (002258): The price of glufosinate dragged down and the performance is still optimistic about glufosinate’s long-term track

Lier Chemical (002258): The price of glufosinate dragged down 北京spa会所 and the performance is still optimistic about glufosinate’s long-term track

The company released the third quarter report of 2019, and the company with the gross profit margin dropped the third quarter report of 2019, and achieved operating income of 30 in the first three quarters.

24 ppm, a ten-year increase of 9.

04%; realized gross profit margin of 27.

58%, a decline of 5 per year.

94PCT; net profit attributable to mother 2.

34 trillion, down 44 a year.

02%.

The company’s net profit attributable to the parent 7.

75%, a decline of 7 per year.

35PCT.

In the third quarter, it achieved operating income9.

72 ppm, a ten-year increase2.

10%; net profit attributable to mother is 0.

7.5 billion, an annual decline of 52.

63%.

At the same time, the company released its 2019 annual performance expectations, and it is expected to achieve net profit in 2019.

31-4.

0.4 billion, an average of 30% -60% in ten years.

In terms of expense ratio, the company entered sales expenses1.

3.0 billion, with revenue accounting for 3.

40%, a year increase of 0.

12 PCTs; entry of administrative costs1.

5.8 billion, with revenue accounting for 5.

23%, a decline of 0 per year.

63 PCTs; enter R & D expenses1.

7.3 billion, with revenue accounting for 5.

73%, an increase of 1 per year.

67 PCTs; 0 was entered for financial costs.

5.3 billion.

Expense rate totals 16.

1%, an increase of 3 per year.

15PCT.

The short-term price reduction of glufosinate will affect the company’s performance in the short term due to higher domestic channel inventory and weak overseas demand.

According to the data of Zhongnong Lihua on October 15, the domestic price of glufosinate was from 15 at the beginning of the year.

5 million / ton dropped to the current 10.

80,000 yuan / ton, the average price in the first three quarters of 13.

150,000 yuan / ton, the average price of 18 in the first three quarters of 2018 every year.

09 million / ton 27 formaldehyde.3%.

The price drop of glufosinate was the primary reason for the company’s gross margin decline.

It is optimistic that the main investment logic of glufosinate in the long-term track glufosinate has not changed. As a substitute for paraquat and glyphosate, the future spatial pattern supports industry leaders to cultivate and stick to this product.

Although the price of glufosinate will affect the company’s performance in the short term, it will also help the promotion of glufosinate in the end market.

As a new generation of star products after paraquat and glyphosate, glufosinate must show sufficient cost-effectiveness advantages to break through the user’s usage habits and achieve large-scale promotion.

After the glufalin formaldehyde returned to the low price in 2016, some new players who have poured in due to the wealth effect have gradually withdrawn or gradually expanded, and the industry structure has been optimized.

Deep plowing of ammonium phosphate improves competitive advantage, and the reserve project provides follow-up kinetic energy companies.

5 The highest MDP is gradually provided to the Mianyang base, which means that the new process engineering of the Guang’an base has been scaled up smoothly, and the company will continue to improve the old production process, gradually reduce costs and expand its competitive advantage.

At the same time, the company develops a series of new products, including L-glyphosate, azoxystrobin, chlorantraniliprole, etc., to provide projects and technical reserves for long-term development and increase the company’s new profit growth points in the future.

We are optimistic that the company is expected to put into operation some MDP production capacity by the end of the year, and put it into full production by mid-2020.

The 3,000-ton L-glyphosate (Phase I) production line is expected to start construction in January 2020 and reach production in January 2022.

Investment suggestion: We expect net profit attributable to mothers to be 3 in 19-21.

3.6 billion, 4.

5.3 billion and 6.

83 trillion, EPS is 0.

64 yuan, 0.

86 yuan and 1.

30 yuan, PE is 17.

60X, 13.

05X and 8.

65X, maintain “highly recommended” level.

Risk reminder: the progress of the new project is not up to expectations, the price of glufosinate is greatly reduced, and the company’s safety and environmental protection do not meet the standard risk.

Can Australian fires contribute to global climate action?

Can Australian fires contribute to global climate action?
As of mid-January 2020, Australian forest fires have burned more than 10 million miles of land in southern Australia.This unprecedented fire has had a major 成都桑拿网 impact on human health, infrastructure and wildlife.  On the 24th, the British “Nature · Climate Change” magazine published an authoritative time commentary. In the form of multiple articles about Ford fires, newsletters and comments, they discussed the impact of the fire and related global responses.  How fire affects climate change researchIn the review article entitled “Calling Climate Science”, scientists such as the European Center for Scientific Computing Research, Benjamin Sanderson, examined the latest climate models and wondered if they could predict XinnanFire in Wales.Scientists point out that in order to improve their ability to respond to extreme fire events, researchers need to translate the uncertainty of climate science modeling into effective guidance as soon as possible, and beware of overconfidence.  The article states that if the Earth system model cannot “capture” the severity of the recent Australian fire, then further development is urgently needed to assess whether we have underestimated the risk.  In another review article, Lauren Ricaz and James Watson, scientists at the Centre for Urban Studies at the Royal Institute of Technology, Melbourne, Australia, discuss the impact of fires on modern climate change research and how scientists and research institutions need to respond quickly to this.Class event.  They pointed out that the loss of life and property, ecological damage, disruption of people’s livelihood services, huge insurance costs, and damage to people’s mental health, etc., these transformational climate change impacts are being recognized and recorded by more and more people.Addressing such effects is done by trained researchers.However, research itself cannot avoid the impact of climate change, and we must consider the escalating threat of such impact on related scientific research.To reduce this crack, there is an urgent need for separate researchers and groups to adapt to large programs and institutions, otherwise the value of these researchers will be reduced.  Public support for climate change actionLesley Hyde, a researcher at the School of Geography at the University of Melbourne, Australia, published a review article discussing whether fires could contribute to climate action or whether such fires would be considered a “new normal”.He pointed out that the catastrophic fire has caused strong public response and public support for transformative climate change actions. Attention should be paid to the potential generated at the same time. At the same time, the emotional response to climate change should be expressed, acknowledged rather than suppressed.  Some scientists focused on and discussed the damage caused by forest fires to forest fires, and examined the natural climate patterns that cause rainfall in the region.  Correspondence articles published by researchers at the Oak Ridge National Laboratory in the United States such as Hanriet Jaeger and Charles Continent examined the international response to the fire.  The article states that the risk of wildfires is increasing in the future as a result of warming and drying.The fire has forever reshaped the ecology of Australia’s mainland, and it will stimulate further commitment to reduce global greenhouse gas emissions.Otherwise, you should see a “global response” from the world.Individual actions to rescue injured wildlife, such as knitting special boots for koalas, demonstrate global efforts to help the AIDS fauna.But they contrasted personal assistance with measures needed to mitigate climate change to protect species and biodiversity, and argued that there was a scale imbalance between small-scale rehabilitation efforts for victim animals and the scale-scale climate adaptation needed to reduce the number of species extinct.  Attention is turning to a concurrently published review article entitled “In the Line of Fire” on the frontiers of climate change.The article states that the Australian fire has led to local and global consensus-increasing efforts to mitigate climate change.News reports about the Australian fire, and pictures of the devastating consequences for human well-being, infrastructure, wildlife, have drawn international sympathy and assistance.This solidarity should be accompanied by criticism of Australia’s climate policy and an urgent signal to world leaders.  The unusual extent of the fire has made many people into what Australia calls the “zero zone” of climate change, which has stimulated the demand for enhanced disaster reduction in Australia and other countries.  According to an expert article, “In the face of fire, Australian experts deserve sympathy and support.In fact, it is also worth turning your attention to other places at the forefront of climate change and discovering their stories as they work together to advance climate action.”The article said that although with the current scientific research capability,” capturing “the impact of such fires on climate models is still a challenge, it also heralds a better warning system that will soon emerge.The incidence of such extreme disasters is increasing, and people’s awareness is increasing.(Zhang Mengran)

Guiguan Electric Power (600236): The decline in water and electricity prices affects the performance of the high dividend plan highlights the company’s value

Guiguan Electric Power (600236): The decline in water and electricity prices affects the performance of the high dividend plan highlights the company’s value

Event Guiguan Power released the 2018 annual report and 2019 first quarter report. Guiguan Power released the 2018 annual report, and the company’s total operating income in 2018 was 95.

14 ppm, 10-year average1.

31%, achieving a net profit attributable to shareholders of the listed company of 23.

850,000 yuan, 10-year average of 3.

38%.

In early 2018, the company expected an average ROE of 16.

57%, a decrease of 1 per year.

07 averages.

The company also disclosed the quarterly report for the year of 19 and achieved revenue of 23.

18 ‰, a decline of 0 per year.

66%, net profit attributable to mother is 5.

92 ppm, 10-year average2.

32%; expected average ROE is 4.

12%, a reduction of 0 per year.

36 units.

Brief comment on the decline in hydropower prices, revenue performance are under pressure. The company’s power generation installed capacity is mainly hydropower, hydropower business conversion over the years the main source of revenue and profits.

In the second half of 2018, the incoming water in the Hongshui River Basin was dry. Excluding the impact of the acquisition of Juyuan Power and going to study hydropower, the company’s remaining hydropower generating units generated 334.

9.6 billion kWh, a slight drop of 2 temporarily.

48%; single-quarter power generation in the fourth quarter was 69.

0.8 billion kWh, a 23% reduction in ten years.

In addition, due to factors such as the price cuts in the hydropower season in the Guangxi region, the overall adjustment of water and thermal power transactions in power plants, and the sharing of price reductions in industrial parks, the company’s average hydropower sales price has been zero.

226 yuan / kWh, a decrease of 4 per year.

4 cents.

Affected by this, the company’s hydropower business gross margin declined.

63 single to 58.

32%.

The decline in volume and price of hydropower business is the most important factor in the company’s revenue and performance indicators, especially in the third and fourth quarter results.

Thermal power has reduced losses significantly. Although the company’s thermal power business is still in a reset state in 2018, it has benefited from favorable factors such as the increase in power generation substitution and the replacement of power generation rights to reduce losses2.

5.6 billion, the recovery trend of thermal power business is obvious.

In April 2018, the company completed the acquisition of 100% equity of Juyuan Power, adding 970,000 kilowatts of hydropower installed capacity, accounting for 8 of the total installed capacity.

2%.

Juyuan Power initially contributed 40% of its power generation.

At 3.3 billion kWh, it has become a new growth point for the company’s hydropower business while resolving competition in the industry.

In addition, the company successfully transferred Bose Yinhai Aluminum Co., Ltd., which has a huge loss, to participate in the company, and the asset appreciation rate was 72.

31%, an increase of 8031 net cash.

410,000 yuan.

By expanding non-electrical assets with poor performance and acquiring high-quality hydropower assets, the company has continuously improved its asset structure, strengthened its main hydropower business strength, and achieved further growth in installed capacity.

Actively develop clean energy, participate in the reform of the electricity sales side, and continuously cultivate new growth points. By the end of 2018, the company has a total of 28 wind power projects (Shandong Wind Power and Sige Wind Power) in operation.150,000 kilowatts of installed capacity.

At the same time, the construction of other wind power projects of the company is progressing steadily at the same time. The installed and planned wind power capacity is about 200,000 kilowatts.

With the gradual commissioning of new wind power installed capacity, we believe that the clean energy sector may become the company’s new profit growth point in the future.

In order to meet the needs of power reform, the company actively participates in the reform of the power sales side. By establishing the nation’s first power plant and network joint venture power sales company with Guangxi Power Grid, taking 佛山桑拿网 part in the power trading center and obtaining approved director seats, it grasps new trends and promotes new growth in the future.point.
To maintain Guiguan Power’s “buy” rating company’s 18-year dividend distribution plan, 3 bonus shares for every 10 shares and a cash dividend of 2 will be paid.

5 yuan (including tax), the dividend ratio is 63.

56%, corresponding to the current sustainable budget supplement4.

35%.

Yangtze Power currently holds company 2.

57% of the shares have become the sixth largest shareholder, demonstrating the attractiveness of the company’s high-quality hydropower assets to industrial capital.

Considering that the company expects to stabilize certain sudden changes in water supply through joint dispatch, and that new energy installations such as wind power will also contribute to the increase in revenue performance in the future, we expect the company to achieve operating income of 97-2021 respectively.

03 billion, 98.

83 ppm, 100.

6.3 billion, net profit attributable to mothers was 24.

5.3 billion, 25.

8.4 billion, 26.

800,000 yuan, the corresponding EPS is 0.

40 yuan, 0.

43 yuan, 0.

44 yuan, to maintain the “Buy” rating of Guiguan Power.

SAIC Group (600104): The industry is not saturated to the pressure of performance, waiting for sales to pick up

SAIC Group (600104): The industry is not saturated to the pressure of performance, waiting for sales to pick up

1.

Investment Inc. announced its semi-annual report for 2019.

The company realized operating income of 3762.

930,000 yuan, at least -19.

05%; net profit attributable to parent company 137.

64 ppm, at least -27.

49%; net profit attributable to parent company after deduction is 124.

950,000 yuan, at least -27.

61%.

2.

Our Analysis and Judgment (1) The downturn in the industry has dragged down the half-year performance. The increase in new energy vehicles is difficult to withstand the overall scale of the report.

05%, reaching 3,762.

9.3 billion, net profit attributable to mothers for a decade-27.

49%; 1,236 vehicles sold in the H1 domestic market in 2019.

50,000 vehicles, down 11 every year.

8%, of which 1,016 were passenger car sales.

20,000 vehicles, down 12 every year.

9%, 220 are commercial vehicle sales.

20,000 vehicles, down 6 every year.

7%.

In the first half of the year, the company achieved vehicle sales of 293.

70,000 vehicles, down 16 each year.

6%; of which, passenger car sales were 253.

80,000 vehicles, a decrease of 17 per year.

6%, commercial vehicle sales 39.

90,000 vehicles, down 9 each year.

6%.

In the first half of the year, the company’s new energy vehicle sales8.

20,000 vehicles, an annual growth rate of 42%, continued to maintain rapid growth; exports and overseas sales reached 14.

50,000 vehicles, an increase of 11 in ten years.

5%, vehicle exports continue to rank first in the country.

Overall, it is still difficult to predict the downward pressure on the main sales volume of the booth. The high base in the same period last year and the impact of the switchover of the country ‘s five countries and six countries have further increased the difficulty of the company ‘s steady growth.

(II) The revenue of its subordinate brands has been degraded more than twice, and the cost reduction and efficiency improvement have passed the pain period of the industry. According to the report, the revenue of the company’s sub-brands has decreased to varying degrees. SAIC Volkswagen’s revenue in the first half of the year was 1,127.

8.9 billion, a year-on-year decrease of 19%, and net profit attributable to mothers was 98.

8.3 billion, a year-on-year decrease of 36%; SAIC-GM’s revenue in the first half of the year decreased by more than 18% 重庆桑拿网 to 913.

8.4 billion, net profit attributable to mother reached 71.

14 billion yuan, a year-on-year decrease of 31%; SAIC-GM-Wuling’s revenue in the first half of the year was 366.

2.1 billion, a year-on-year decrease of 29%, and net profit a year-on-year decrease of 59% to 8.4.3 billion; Huayu Auto’s revenue in the first half of the year reached 705.

6.3 billion, a year-on-year decrease of 14%, and net profit fell by 30% each year to 33.

6.4 billion.

In order to cope with the cold winter of the industry, the company reduced its expense budget while focusing on key projects to optimize the payment rhythm.

Thirdly, promote lean production and improve operational efficiency.

The company further promotes lean management and operational improvements across the entire value chain, further shortening delivery cycles and accelerating market response.

(3) Actively expanding new business at home and abroad, expecting the industry to rebound in the future. At the same time, SAIC Group continues to actively explore new technologies. The Roewe Marvel X Pro version with the “last mile” automatic parking function is released for mass production., SAIC’s intelligent driving decision-making controller i-ECU achieves batch production, precision electronic maps achieve commercial application, and the company’s collaborative development mechanism in the intelligent driving industry chain has basically formed.

Zebra Wisdom System 3.

Version 0 is officially released, and the scene engine functions are further enriched to provide users with intelligent and proactive services in more scenarios.

In fact, after the initial success of SAIC ‘s “Overseas Internet Car Model” in the Thai market, this year ‘s rapid technology overlap with the Indian market. MG India ‘s first product equipped with SAIC ‘s Internet system iSMART, the MG Hector, was successfully launched at the end of June.

We expect that through the industry’s downturn in the second half of the year, the supply and demand of the country’s six models will be stable, and the profit of bicycles will pick up.

3.

Investment suggestion As one of the leading representatives of domestic OEMs, the company will fully deploy electric intelligence in the early stage. After the industry capacity is cleared, it will enjoy the leading dividend.

It is expected that the net profit attributable to mothers in 19-20 will increase by 35.4 billion / 38.2 billion US dollars -1.

64% / 7.

76%, corresponding to an EPS of 3.

03 yuan / 3.

27 yuan, corresponding to PE is 8.

15/7.

57 times, maintaining the “recommended” level.

4.

Risk warnings (1) The overall growth rate of the automobile industry is not up to expectations; (2) The risk of new energy vehicles making upslopes;

Bank of Shanghai (601229) Commentary Report: Rapid Growth in Revenue and Provisions

Bank of Shanghai (601天津夜网229) Commentary Report: Rapid Growth in Revenue and Provisions

Event On August 24, 2019, Bank of Shanghai announced its 2019 interim results. Investment highlights: profit before provision increased by 30.

4%, and the risk assets are expected to grow by 15 per year.

4%: In the first half of 2019, operating income increased by 27 per year.

35%, realizing a 30% annual increase in profit before provisioning.

4%, net profit attributable to mothers increased by 14 per year.

32%.

Deposit surplus increased earlier 13.

86%, loan budget increased by 8 compared with the beginning.

79%, expected to increase risk assets by 15 per year.

41%.

  In the first half of the year, NIM dropped by 7BP: From the data of the first half of the year, the loan yield continued to rise and the overall yield of interest-generating assets remained flat on a month-on-month basis. Although the cost of debt continued to rise, the interbank debt and the cost of issuing bonds significantly decreased, driving resistanceThe overall cost of the terminal has dropped.

  However, from the scale data, the contraction of asset-side bond investment and the overall contraction of interest-generating assets have a potential impact on interest margins.

  The new loans mainly came from the corporate business: from the perspective of the structure of the new credit, the new corporate and retail loans accounted for 57% and 18% of the new loans.

The increase in public loans was mainly contributed by real estate, leasing business and manufacturing; the increase in retail loans was mainly concentrated in housing mortgage loans.

On the debt side, the cost of general deposits increased, and the increase in deposits as a percentage of interest payment compensation increased each year.

11 single, personal deposits increase by 10 each year.

67%.

  Net fee income is increasing by 9 per year.

08%: From the perspective of itemized growth rates, bank card fees, agency fees, and consulting fees have respectively achieved positive growth in different margins, and commission income from custody and fiduciary businesses has decreased significantly.

  Total asset quality remained stable: The non-performing loan ratio increased by 4BP from the beginning of the year to 1.

18%, the net bad production rate increased by 32BP.

Obviously, the NPL ratio of real estate-related loans in public debt has increased, while the NPL ratio of consumer loans in retail loans has increased significantly.

  Earnings forecast and investment advice: In the first half of the year, revenue and profit before provisioning will achieve higher growth, and asset quality will change slightly.

The company currently expects the corresponding 2019-2020 PB estimate to be zero.

78 times, 0.

70 times, maintaining the “overweight” level.

  Risk factors: The economic recession is better than expected; the market decline presents systemic risks.