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Xingfa Group (600141) Annual Report 2018 Comments: Performance is greatly affected by the change in silicones Follow-up look at the price elasticity of glyphosate and silicones

Xingfa Group (600141) Annual Report 2018 Comments: Performance is greatly affected by the change in silicones Follow-up look at the price elasticity of glyphosate and silicones

Fourth-quarter results exceeded expectations: The rise in organic silicon prices affected the single-quarter net profit in the fourth quarter to zero.

$ 4.4 billion, mainly due to the decline in the price of silicones, while the company accrued zero asset impairment losses.

23ppm; the average price of organic silicon in the fourth quarter was 22,000 yuan / ton (including tax), compared with 33,000 yuan / ton in the third quarter, a decrease of 11,000 yuan / ton, and theoretically affected the company’s profit by about 2 in a single quarter.

530,000 yuan, equivalent to equity profits1.

27 trillion; Yidu Xingfa, which produces fertilizer, is still in the resetting state, with a net reduction of 32 million in 2018.

The price of THPS has fallen somewhat, and the profit contribution has decreased.

Potential incremental sources in 2019The company’s operating target for 2019 is 20 billion US dollars, an increase of 12% compared to 2018. Regardless of changes in trade income, the company’s revenue and profit increase in 2019 mainly come 上海夜网论坛 from:-: Due to the company’s technical transformation and environmental protection in the first half of 2018, product output and unit cost have a significant impact; it is expected that the company’s output will be completely normal in 2019; in addition, as the company’s acquisition of 25% of the minority shareholders’ equity in Taisheng in 2018 is completed,Fatal increase in shareholder performance;-Silicone price elasticity: Considering that the silicone capacity delivery in 2019 is mainly after the fourth quarter, the profit of silicones in the first three quarters is still worth paying attention to;-Electronic-grade fine chemical products: the company realizes electronicsDomestic production of high-grade sulfuric acid, electronic-grade phosphoric acid and phosphoric acid-based etching solutions; electronic-grade phosphoric acid is the most advanced product in the phosphorus chemical industry, and is widely used in the semiconductor industry for cleaning, etching of integrated circuits, electronic wafers, thin film liquid crystal displays and other components, andPreparation of high-purity special phosphate or high-purity organic phosphorus products; electronic grade tetramethylammonium hydroxide is basically completed;价Look elastic grid, every change in the price of 5%, respectively, affect pre-tax profit grass Gan Tang (1.

4 billion), silicone (0.

800 million), phosphate fertilizer (0.

78ppm), fine phosphate (0.

4.6 billion), phosphate rock (0.

3.6 billion).

Confirmation of the purchase price of Xingrui Silicon Materials: The transaction price of 50% equity of Xingrui Silicon Materials is confirmed to be 1,782,470,550 yuan, that is, the valuation of the silicone part is 35.

64ppm; Xingrui Silicon Materials’ net profit in the past three years was 2016-2018, 0.

6.6 billion yuan, 3.

4.6 billion yuan, 7.

02 trillion; 2018 net assets are 15 trillion; the average profit corresponding to the past three years is estimated to be 9.

6 times PE; performance commitment: Yichang Xingfa, Jin Fanda as the performance commitment party, Yichang Xingfa, Jin Fanda promised Xingrui Silicon Materials’ audited net profit after tax in 2019, 2020 and 2021, respectivelyNo less than 2.

7.9 billion, 5.

9.8 billion yuan and 4.

2.4 billion.

Estimated average profit for the next three years performance commitment is estimated to be 8.

2 times; considering the periodicity of organic silicon, Xingrui Silicon Materials’ estimates are reasonable.

The profit forecast and estimate give the company net profit for 2019-2021 is 3 respectively.

8.5 billion, 5.

1.3 billion, 5.

US $ 9.7 billion, corresponding estimates are 20 times, 15 times, and 13 times, taking into account the company’s low PB, phosphate ore, fine phosphate superior indicators, maintain the company’s buy rating.

Yang Delong: Why is the gold sector strong?

Yang Delong: Why is the gold sector strong?

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

  Sina Finance News On February 25, the recent growth of gold stocks has further increased, which has a lot to do with the continuous rise in international gold prices, which has risen all the way after breaking through the $ 1,650 mark. At the same time, the number of confirmed cases in the epidemic has also increased,The market’s risk aversion has driven the rise in gold prices.

As a safe-haven metal, when the global economy is facing potential risks, it often has a relatively strong 苏州桑拿网 performance.

The current managing director and chief economist of Qianhai Open Source Fund, Yang Delong, is a guest on Sina Finance Live. The following is a summary of why the gold sector is strong. In April last year, I suggested that everyone pay attention to the opportunity of gold. The main reason isThat is, the risk of the global economy falling into recession is intensifying, especially the European economy is subject to the legacy of Brexit and the European debt crisis. Under double pressure, the risk of the European economy falling into recession will be greater, which will push up the price of gold.Indeed, it rose along the way in the second half of last year, driving the large gains of gold stocks. Gold stocks will perform better in the next ten years. Gold may reach a record high. The last new high was a historical high 返回码: 500 网站打不开?重查 of $ 1910. This time,It is only a matter of time before a new high is reached, so for gold stocks, gold ETFs or gold funds, you can focus on it. Like Qianhai Open Source Gold and Silver Jewellery, it has achieved very good investment returns in the past six months, and its recent performance is also very good.Soaring.

  When U.S. stocks fluctuate at a high level and the peaking risk is greater, gold stocks tend to perform relatively well. The Fed may be forced to take measures to reduce interest rates in the event of an epidemic ‘s impact on the economy. If the Fed ‘sThe interest rate cut is also an important support for the price of gold, so for gold, everyone can actively pay attention to its investment opportunities. You can pay attention to gold stocks, physical gold, gold ETFs or gold funds.

  In addition, when you configure a gold fund or gold stock, it actually amounts to an additional hedging tool in your portfolio, because when other stocks fall, gold stocks tend to rise in price. In this case, it is equivalent to a certain amount in your portfolio.The proportion of gold assets reduces the investment risk of your portfolio. This will increase the Sharpe value of your portfolio, that is, the risk-reward ratio. Therefore, it is recommended that you can appropriately allocate some gold assets.

  For a long time, I suggest that you pay attention to the three directions of consumption, securities dealers and technology. It can be said that stocks in these three directions have increased very much in the past few years. Last year was consumption, and the brokerage sector has seen a great increase.Since the beginning of the month, the technology sector has begun to rise, and since the opening of the Spring Festival this year, the technology sector has accelerated its rise, especially my favorite 5G field. 5G is a new generation of communication technology. It is equivalent to 4G and is a revolutionary one.Changes, it not only brings more benefits, but also changes the lives and working methods of many people, so the commercialization of 5G will bring a series of investment opportunities.

  The Ministry of Industry and Information Technology announced on the weekend that it will hold a teleconference to accelerate the commercialization of 5G this year. This also validates a prediction put forward by friends from the knowledge planet that the infrastructure construction will be expanded this year in order to deal with the impact of the epidemic.An important infrastructure construction will have a large amount of equipment procurement, which will boost the economic growth rate. Now it is indeed verified. The Ministry of Industry and Information Technology has begun to demand the promotion of 5G commercialization, which will bring many opportunities.

Like Huawei has reached the world’s leading position in 5G, 5G signals have been activated in many other cities, and 5G mobile phones have also begun to come to the counter. It can be said that 5G will accompany our lives, and 2020 can be regarded as a 5G commercialization unit.year.

  The launch of 5G has driven the rise of a series of technology sectors such as chip software, and the new energy vehicle sector is also a technological pattern. The strong presence of Tesla has driven the rebound of the entire industry chain. Now the Tesla industry chain, the Apple industry chain, and HuaweiMost of the industrial chain is in China. Why are the technology stocks rising?

It is because these technology companies truly represent the direction of economic transformation. They will form a new economic sector. The traditional economic sector composed of consumer white horse stocks and financial white horse stocks will form a dual-pillar layout. Such dual pillars are estimated to be very long in the future.Entry will affect everyone’s return on investment in A shares. Everyone should be configured, that is, both traditional consumer white horse stocks, financial white horse stocks, including securities firms and insurance, and new economic sectors, mainly technology leading stocks.

  The leaders of these industries will determine the direction of the future development of the economy, and some traditionally transformed industries, especially those driven by industrialization, will be transformed into the completion of industrialization and the transformation of the economy, and their proportion in the economy will become more and moreSmall, some say steel, coal, chemical, nonferrous metals, transformation, electricity, etc. These traditional industries are more opportunities for rebound, it is more difficult to generate trend opportunities, and traditional shopping malls, low-end exportsThese are also affected by the upgrade of the electricity supplier and the export industry, and they will shrink. Therefore, we should look at the future rather than the past. The glory of the past can only show his investment opportunities in the past. The future opportunity lies in the traditional white horse.Stocks, financial white horse stocks, and emerging technology sectors.

Comment on Shuke (603019) Semi-annual Report 2019: Independent and Controllable Smooth Advancement of Leadership

Comment on Shuke (603019) Semi-annual Report 2019: Independent and Controllable Smooth Advancement of Leadership

I. Event Overview In the first half of 2019, the company achieved operating income of 46.

07 million yuan, an increase of 35 in ten years.

28%; realized net profit attributable to mother 2.

30,000 yuan, an increase of 39 in ten years.

14%; deduction of non-net profit1.

30,000 yuan, an increase of 44 in ten years.

41深圳桑拿网%, higher than 21 in the first half of 2018.


Second, analyze and judge the rapid growth of revenue and verify the progress of expansion, and the independent and controllable leader to replace and further strengthen the company’s Haiguang Information to achieve operating income in the first half of the year.

25 trillion, an increase of 765 over the same period last year.

38%, an increase of 99 over the previous 18 years.

12%, rapid growth in revenue may indicate that the mass production of chips is smooth, and the scale is constantly expanding.

While the autonomous and controllable process continues to advance, Haiguang Information’s own operating conditions have improved, with net profit of 71.65 million yuan in the first half, and a cumulative decrease of 35 million yuan in 18 years.

In the face of overseas 杭州桑拿 fluctuations, the company mitigated the impact on production and operations by finding alternative parts and adjusting production plans, ensuring that Haiguang’s performance continued to improve.

We are optimistic about the company’s advantages in the chip field. Through the continuous increase of chip expansion, the company is expected to play a role in domestic office replacement and business.

The server and storage business continued to develop, and technological advancement and industry landing went hand in hand. In terms of server products, the company’s Dawning I980-G30 eight-way server set a new world record for the SpecCPU benchmark test in February 2019. At the same time, it kept up with technology development trends and launched edge-oriented computer roomsAnd operator application edge computing servers.

According to IDC data, Sugon X86 server expansion share reached 11%, exceeding 9 in 2018.

2%, the market indirectly continues to increase.

In terms of storage products, the company’s distributed block storage software XStor can meet the diverse needs of users and achieve landing in many fields such as finance, scientific research, and transportation.

The company’s storage products reported in the report won the “Agricultural Bank of China’s 2019-2020 Storage Equipment Procurement Project” and won major customer projects reflecting its strength.

The advantages of the field of supercomputing continued, and the industry service achieved a breakthrough. In June 2019, the company released the latest generation of silicon cubic liquid-cooled supercomputers at the ISC19 conference in Germany, and the relevant technology is in a leading position.

At the same time, in the newly released TOP500 list of the world’s highest computers, the company’s developed supercomputing system ranked third in the list, and the industry continued to lead.

Relying on its accumulation in cloud computing and high-end computer fields, the company fully participates in the local government’s government informationization and smart city construction by building urban cloud brains and building big data platforms for government affairs.And successfully won the “Top Ten Solution Providers for Smart Policing”.

Third, the investment suggestion company is a leading company in the domestic server field and one of the companies with core technology in the field of independent control.

In the context of the continuous advancement of domestic substitution, the company has given priority to continue to benefit.

According to this interim report, the company’s EPS in 19-21 is adjusted to 0.



37, corresponding PE is 46X, 32X, 24X.

The average PE (ttm) of the company in the past three years is 88X, and the current PE (ttm) is 64X, maintaining the “recommended” level.

Fourth, the risk reminder: the competition in the server industry has intensified, and chip output has fallen short of expectations.

Great Wall Motors (601633): Clear tail at the tail, waiting for the new platform to start the product cycle

Great Wall Motors (601633): Clear tail at the tail, waiting for the new platform to start the product cycle
The company’s recent situation Great Wall Motor released the October production and sales report, with monthly sales of 115,015 units, which was +4 in the past.5%, +15.At 0%, the Haval brand sold 86,433 units, +1 a year.7%, +14.9%. Cumulative sales from January to October were 839,128 units, +6 per year.7%. Comments F7 remained strong, M6, pickup on the pickup.In October, the wholesale sales of passenger cars continued to decline, and the company’s sales continued to outperform the industry, and its market share increased.In terms of breakdown, the F series continued to contribute pure increase, with F7 sales reaching 15,017 units; M6 sales reaching 15,211 units, and +23.9%, continued to increase after the switch of National VI; passenger pickup new tool gun sales reached 5,020 in the first month of the market, full orders, pickup truck sales totaled 16,000, +22 each time.5%.H6 has sold more than 40,000 units, which has declined slightly every year.Among other models, H9 and VV6 have achieved positive growth every year.From January to October, the sales volume of the F series accounted for 23% of the Haval brand. As the starting point of Haval’s global models, the F7’s performance in Russia is also very eye-catching.The F series has fully differentiated from the H series, successfully widening new market segments, and realizing price range upwards.The company expects that the F series will continue to introduce modified models in the next three years, with a target sales volume of 40% of the Haval brand. In the fourth quarter, costs and expenses may increase month-on-month, and we are optimistic about the sustainability of the improvement in gross profit margin and bicycle profit.Taking into account the impact of the adjustment of freight accounting policies in the second quarter, the gross profit margin in the first three quarters continued to increase sequentially, mainly benefiting from the reduction in manufacturing purchases, cost reductions, product structure improvements and sales volume growth. Looking ahead, there is still room for cost reductions.Sales volume and structure continue to improve, so we think the improvement in profitability is sustainable.The fourth quarter ushered in the peak sales season before the Spring Festival. Sales growth is positive for bicycle profits. However, considering that a new wave of national five clearing houses may drive price reductions at the end of the year, the company’s dealership rebates and year-end awards will be accrued in the fourth quarter. We expect 4The quarterly bike profit may decline from the previous month. The tail companies gradually cleared and formed favorable results, and the new platform put into operation brought new growth momentum.Looking forward, we expect industry sales to turn positive in December and gradually improve next year.For future development, sustainable 佛山桑拿网 product power and comprehensive strength, we expect the company to benefit from the clearing of the tail brand, the sales volume will continue to outperform the industry, and the market share will increase.In the longer term, we expect that the launch of new platform products at the end of next year will start a new round of product cycles. Estimates suggest that we raise the operating cost and sales management expense ratio for the fourth quarter, and lower the net profit in 2019 by 15% to US $ 4.4 billion, and maintain the net profit in 2020 unchanged.The current price of Great Wall A / H corresponds to December 2020.0 times / 7.6 times P / E.Maintain Great Wall A / H outperform industry rating and maintain target price of 11.0 yuan / 7.0 Hong Kong dollars (14 times / 8 times P / E in 2020), the earlier price has 18% and 6% room. Risks The sales of new models are lower than expected; the industry’s clearance rate is faster than expected.

China Software (600536) Company Research: Establish a joint venture with China Electronics to overweight the Fei Teng + Kirin system ecosystem

China Software (600536) Company Research: Establish a joint venture with China Electronics to overweight the “Fei Teng + Kirin” system ecosystem

Event: The company’s subsidiary Chinasoft Systems plans to co-invest with China Power (Hainan) Digital Technology Industry Group Co., Ltd. to establish the China Power (Hainan) Joint Innovation Research Institute Co., Ltd., with the registered capital of the target company at USD 500 million, of which ChinasoftInvested 95 million yuan, accounting for 19% of the registered capital.

Established a joint venture with China Electronics to accelerate the development of the “Feiteng + Kirin” system.

Chinese software subsidiary Chinasoft Systems, China Electronics, and digital technology jointly invested in the establishment of the Hainan Joint Innovation Research Institute, mainly to focus on tackling key problems and promote the innovative development of the “Fei Teng + Kirin” (PK) system, thereby accelerating the maturity and development of PK system products.Improve the ecology, realize transformation and upgrade, comprehensively support the large-scale development of independent innovation projects, better serve the transformation and upgrade of traditional information systems in the core areas of the country and key industries of the national economy, expand the 佛山桑拿网 business scale slenderly, enhance comprehensive strength, and enhance corporate competitionLili.

CEC has increased its localization and established an independent technology industry ecosystem of “Feiteng CPU + Kirin OS”.

China Electronics has released the “Three-Year Action Plan for China’s Electronic Science and Technology Innovation.” In the next three years, in response to major scientific and technological issues in the development of the national internet information industry, it will achieve major breakthroughs in scientific and technological achievements and significantly increase the industry’s contribution.

Based on the independent technology industry ecosystem of the ARM architecture “Feiteng CPU + Kirin OS”, China Electronics has established an independent controllable software and hardware joint research base, organized more than 140 manufacturers to jointly innovate, and developed the world’s highest performance ARMV8 architecture general-purpose chipCreate domestic independent controllable software and hardware systems.

Encore’s industrialization landed and ecology became the core competitiveness.

From an industrial point of view, PC terminals installed with domestic operating systems have met office application requirements. Alibaba Cloud, Tencent Cloud, and Huawei Cloud platforms can run smoothly on domestic operating systems, and domestic operating systems and terminals have integrated a wide range of application foundation.

With the advancement of the localization replacement process, national production terminals and servers will enter a large accumulation period of users, and the needs of users will be transformed into basic offices. Whether the ecology can meet the needs of users has become the core competitiveness of the industry.

Maintain “Buy” rating.

According to the company’s annual report disclosure business plan, we expect the company’s revenue for 2019-2021 to be 60.



8.4 billion, net profit attributable to mothers was 2.



56 billion, EBITDA is 4 respectively.



15 billion.

We use the EV / (ebitda + R & D expense) assessment method. Considering the large number of R & D needs for operating system adjustment and ecology, it is assumed that the company’s R & D investment compound growth will be 21% in 2018-2020, and R & D expenses will reach 14.

72 billion, maintain “Buy” rating.

Risk warning: domestic technology has gradually evolved to expectations; government investment in autonomous and controllable products has fallen short of expectations; key assumptions may have a risk of error.

Hasson Shares (603958) 2019 Interim Report Review: Channel Adjustments Continue Performance Pressure

Hasson Shares (603958) 2019 Interim Report Review: Channel Adjustments Continue Performance Pressure

In 19H1, revenue decreased by 13%, and net profit also decreased by 77%. The gap in performance pressure in the first half of 2019 achieved the company’s revenue6.

3.4 billion, down 12.

50%, deducting non-net profit of 163.

320,000 yuan, down 71.

98%, net profit attributable to mother 882.

850,000 yuan, down 76.

77%, EPS is 0.

04 yuan.

The decrease in net profit over revenue was mainly due to lower gross profit margin and higher sales expense ratio.

In terms of quarters, 18Q1-19Q2 company revenue 苏州夜网论坛 increased by -3.

80%, -9.

53%, -12.

52%, -14.

55%, -11.

88%, -13.

26%, net profit attributable to mother increased by -4.

40%, -69.

43%, expansion, expansion, expansion, -44.

63%, from profit to loss.

In 2019H1, there were 56 net closed stores, and at the end of the period, there were 1,532 stores, and the channel extension decreased by 5.

95%, 2019Q1-Q2 revenue continued to decline; 19Q1 profit margin fell significantly, mainly due to the decline in gross profit margin, sales expense ratio increased, other income decreased, 19Q2 asset impairment losses increased.

The gross profit margin decreased due to the decline in the proportion of direct sales revenue, and the expense ratio was basically stable.

78PCT to 52.

63%, mainly due to the contraction of high gross profit margin direct sales channels, direct sales revenue decreased by 17%.

The gross profit margin of distribution channels increased by 64%.

90PCT, revenue share increased.

The company’s gross profit margins were 54.

93% (+2.

39PCT), 53.

79% (+0.

38PCT), 49.

54% (-0.

46PCT), 49.

84% (-1.

57PCT), 52.

92% (-2.

01PCT), 52.

27% (-1.52PCT).

During the 2019H1 period, the expense ratio (considering research and development expenses) will also decrease by 0.

16PCT to 47.

88%, of which the sales expense ratio increased by 1.

56PCT to 42.

46%, mainly due to the substantial increase in expenses such as the budget of the sales staff; the overhead rate (considering R & D expenses) also decreased by 1.

61CT to 5.

54%, mainly due to large dismissal benefits during the same period last year, a large cost base, and reduced R & D personnel expenses; the financial expense ratio fell slightly to 0.

09PCT to -0.


The competition in the women’s shoes industry is fierce, and the channels continue to adjust. The IPO restricted shares are listed and circulated. We judge: 1) The demand for women’s shoes industry is still weak and the competition is fierce. The company’s continued decline in offline stores has dragged down revenue.

At present, the company continues to optimize its brand image, marketing network, R & D design and other aspects. It is expected that the decline in revenue in the future is expected to narrow.

2) The proportion of direct sales channels of H1 companies in 2019 was 82.

54%, 87 compared to the same period of 18 years.

70% decline, leading to a decline in gross profit margin.

In the future, the company will continue to optimize the structure and management of direct sales channels, actively deploy channels such as online and shopping malls, strengthen channel cost control, and improve profitability.

3) Announcement on the listing and circulation of IPO restricted shares issued on June 25, 2019.

5.1 billion shares, with a circulation date of July 1, 2019.

As the company’s net profit fell more than the expected maximum level, we lowered the EPS for 2019-20 to 0.


04 yuan (the original value is 0.


05 yuan), EPS is predicted to be 0 in 2020.

05 yuan, currently expected to correspond to 191 times PE in 2018, maintaining a “neutral” rating.

Risk warning: weak consumption, substantial increase in asset impairment, and increased competition in the industry.

Hong Kong stocks US stocks adjust for a week

Hong Kong stocks US stocks adjust for a week

Which industries have resumed the epidemic?

Come to Sina University of Finance and listen to the opening column of the Trading Day Financial Morning Post.

  Original title: Hong Kong stocks US stocks adjust for a week, emotionally adjust where A shares go. The week from February 17 to February 21, A shares investors continue to be excited, and transactions have exceeded the trillion mark for several consecutive days, driving the GEM stock market.The Shanghai Stock Exchange Index returned to more than 3,000 points after a new high. However, in the past week, US stocks have continued to adjust. The Hong Kong stock market, which is affected by both US stocks and A-shares, has also made repeated adjustments since the afternoon of the 17th.

  The main person believes 夜来香体验网 that the A-shares involved by retail investors are out of the independent market, while the Hong Kong stock market is more involved by institutions and affected by more overseas markets. Because of the new coronavirus pneumonia epidemic (hereinafter referred to as the “outbreak”)Proliferation worldwide, so the adjustment of the overseas market layout remains, whether A shares can continue to be independent market is controversial.

  Against the background of the overall adjustment of US stocks on Friday, important Chinese stocks such as Alibaba (BABA) and (JD) also experienced declines of more than 2.

With a 5% adjustment, Tesla (TSLA) grew 0 against the trend.

18%, Apple (AAPL) fell 2.

26%, the continued adjustment of the opening of Hong Kong stocks on Monday is almost sustainable, and the A-share related 深圳桑拿网 industry chain sector may also be disrupted on the opening of the market on Monday.

  In fact, in the past week, A-shares have not experienced a general increase. Some of the core assets of foreign holdings, such as home appliances, liquor, and real estate, have only been relatively limited. Some of them have continued to be sideways. It seemsAn intermediate route was chosen between A shares and the outer disk.

  Hu Yu, chief investment adviser of Hualin Securities, told the First Financial Reporter that the A-shares that started trading after the Spring Festival have been driven by the Tesla industry chain. Overall, the risks of the Tesla industry chain outweigh the opportunities.Look, the trillion-day trading volume generally cannot last for too long; shrinking, there is still room for adjustment in Hong Kong stocks, the Hang Seng Index may even have to test 25,000 points in the first half of the year, and the overvaluation bubble of U.S. stocks will burst at any time, and it will alsoAdjust the space.

  Hu Yu believes that in the short term, from the perspective of internal factors, it is still necessary to evaluate the performance of high-evaluation companies such as technology concept stocks, science and technology boards and ChiNext. From the perspective of external factors, U.S. stocks need to peak.Impact on A shares.

Although the probability of a short-term market slump may be small, more than some industry indexes continue to rise, and the expectation that the growth of high-estimation sectors will eventually lead to a test of performance confirmation or falsification.

  Wen Tianna, CEO of Broad Capital, told First Financial that the Hang Seng Index once fell below the 27,300-point mark on Friday. The Hong Kong stock market has formed relatively obvious selling pressure. Investors need to pay attention to the spread of the epidemic in the world and to the real economy.At present, foreign investors also have a certain wait-and-see attitude. The market is in an adjustment pattern, including large-cap stocks and technology stocks. Changes, transportation and aviation stocks are under pressure. Most Macau stocks have become entertainment venues and reopened.It is still in a wait-and-see state, and auto stocks have risen due to policy support and formed a bright spot.

As for the proportion of Hong Kong stocks, A shares have more retail investors participating in the market.

  Fan Jituo, a strategy analyst at New Age Securities, believes that the current high probability of A-share GEM turnover is unsustainable, but the possible volatility will not be too large, but it is similar to 2013 to 2014.Period fluctuations.

  On February 21, FTSE Russell (FTSE Russell) announced the quarterly adjustment results of its flagship index in February 2020.

This quarterly adjustment will increase the replacement factor of Chinese A shares from 15% to 25% as scheduled. The above changes can take effect before the opening on March 23, and the inflow of passive funds will be all before the closing on Friday, March 20.In place.

Hua Zhi Securities analyst Tan Zhiyong said that this is the first phase and third phase of the FTSE Russell A-share split arrangement, which is expected to increase passive funds by 28 billion yuan.

Sinoma Science & Technology (002080): Steady business development performance and steady growth

Sinoma Science & Technology (002080): Steady business development performance and steady growth

Event: The company released the third quarter report of 2019, and the total revenue in the first three quarters was 95.

34 ppm, an increase of 22 in ten years.

21%; Realized net profit attributable to mother 10.

190,000 yuan, an increase of 36 in ten years.

66%; net profit deducted from non-attributed mothers9.

62 trillion, an increase of 47 in ten years.


In a single quarter, the company achieved revenue of 34 in 19Q3.

71 ppm, an increase of 13 in ten years.

62%; net profit attributable to mothers3.

67 ppm, an increase of ten years.

50%; net profit deducted from non-attributed mothers3.

4.9 billion, an annual increase of 17.


Stable business performance and steady increase in performance: The report consolidated the company’s business segments to achieve stable development: 1) Wind power blades: The beneficiary demand side continued to flourish, and product sales and profitability gradually increased through product innovation and capacity layout adjustment; 2)The prosperity of the glass fiber industry has declined. The company continues to optimize the production capacity and product structure, further promote cost reduction and efficiency, and gradually increase the volume of new products, and gradually develop the industry against the trend. 3) Lithium battery segmentation: expansion of production and acquisition of bothThe rate continues to increase, production capacity accelerates, and market share increases significantly. 4) Gas cylinders: The commercial vehicle and unmanned aerial vehicle market has been deployed, and the average sales volume and gross profit margin have increased significantly.

The demand side continues to be strong and the profitability of the blades continues to increase: At present, the volume and price of tenders continue to rise, 2.


In September, the average bidding price of 0MW wind turbines was above 3800 yuan / kw, which continued to increase from the previous month. The gradual bidding volume reached 50GW, which increased by more than 100%, which will ensure that the industry will continue to maintain a high prosperity next year; and through wind power bases such as UlanchabuProjects have started one after another, coupled with the traditional peak season for wind power, parts and components companies have full orders, and the company’s gradually expanding volume is expected to reach 8-9GW.

The company currently has a total annual output of 8.

35GW wind power blade production capacity, of which high-power and large-leaf blades account for more than 20%, ranking the industry leader.

Since this year, the supply and demand of high-power and large-leaf blades have been tight, and the company is expected to benefit significantly.

Continue to optimize the capacity scale and maintain stable development of the fiberglass business: In the first half of the year, due to the increase in the production capacity of the industry and the friction between China and the United States, the volume and price of glass fiber were under pressure, and the performance of most of the industry’s enterprises declined.

Through continuous optimization of production capacity and product structure, the company has further promoted cost reduction and efficiency enhancement as well as the gradual volume increase of new products. The main products of spun yarn, wind power yarn and thermoplastic yarn have maintained a high level of profitability.

Among them, in the third quarter, Sinoma Jinjing, a holding subsidiary, will deploy R & D, production and sales of glass fiber wet felt and high-pressure glass fiber reinforced plastic pipes.

At present, the actual annual production capacity of the company’s glass fiber 上海夜网论坛 has exceeded 90 tons, and it has continued to steadily advance in internationalization and new product development. Through the continuous expansion of glass fiber product business, the structure has been further optimized, and the proportion of high-end and high-end products has continued to increase.It has exceeded 50%, and the comprehensive cost of the glass fiber industry will be further reduced under the scale effect.

The expansion of production paralleled the acquisition, and the profitability of lithium membranes was steadily improved. According to GGII, it ranked second in the second quarter. The overall scale slightly increased, and the growth increased.

8%, an increase of 10 from the previous month.

1%; The company’s budget for the first three quarters of the wet process reached 800 tons, and the report was 南京夜网论坛 extended. The four production lines of the first phase project of Sinoma’s lithium film lithium battery separators are operating well, and at the same time, they will increase capital to Hunan Zhongli 9.

9.7 billion acquired 60% of its equity. The combination of expansion and acquisition will rapidly increase the company’s scale of production capacity and market share.

In terms of market development, the company is still in full swing. At present, the company has provided bulk supply for conventional domestic battery companies, and has long-term cooperation agreements with some well-known battery manufacturers. At the same time, it actively develops international customers. It is expected that small-volume supply will be achieved in the second half of the year.
With the effective release of production capacity and the concentration of production capacity to the companies on the right, the company’s lithium battery breakthrough industry profitability has continued to improve.

Investment suggestion: We expect the company’s 19/20/21 revenue to be 141/163/177 billion, with a growth rate of 23% / 15% / 9%; net profit attributable to the mother14.



8.7 billion, a growth rate of 56% / 20% / 14%.

Maintain the company’s Buy-A rating and target price of 13.

05 yuan.

Risk warning: glass fiber, subdivision price increases significantly, etc.

Top Group (601689) Quarterly Review: Excellent customer structure and continuous extension of product chain

Top Group (601689) Quarterly Review: Excellent customer structure and continuous extension of product chain

Matters: The company released the third quarter report of 2019: the first three quarters achieved operating income37.

700 million, a year -15.

5%; net profit attributable to mother 3.

400 million, -45 per year.

3%; budget benefit 0.

32 yuan, net assets 6.

88 yuan.

  Ping An’s point of view: The gross profit margin is slightly supplemented, and the R & D expense ratio remains high.

The first three quarters of 2019 achieved revenue of 37.

7 ‰, at least -15.

5% in the third quarter revenue 13.

3 ‰, at least -3.

9% in the third quarter, the passenger car industry wholesale sales growth of 6%.

Gross profit margin in the third quarter 苏州夜网论坛 was 26.

4% a year -1.

The five singles are mainly due to the decline in the industry’s prosperity and the decline in scale effects.

The third quarter sales expense ratio 8.

5%, increase by 0 every year.

5 units, of which the sales expense ratio increased slightly, and the R & D expense ratio was 6.

3%, increasing by 0 every year.

8 levels, continue to strengthen the layout of automotive electronics business.

High-quality customer structure and expected heavy volume of chassis business: The company’s major downstream customers are GM, Geely, SAIC and other high-quality brands, and the introduction of shock absorption and other advantageous products. Customers are expected to gradually expand to German, Japanese and open new growth space.

The lightweight chassis is equipped with BYD, Volvo, Tesla and other new energy products. With Tesla’s domestic production of its products, the supporting value and quantity of its bicycles are also expected to increase, expanding new sources of revenue.

The product line is expanding along the chassis, and the value of supporting bicycles is expected to continue to increase.

The company’s competitive products are shock absorbing parts + interior parts. Its future product line layout will extend to lightweight chassis, chassis electronics and other fields, increase the value of supporting bicycles, and realize import substitution in combination with advantageous independent brands.

The company has experienced high capital expenditure of 17-18 years, and the release of multi-capacity capacity will gradually enter the harvest period. According to the order production progress, the depreciation stalls will be strictly controlled for sale.

Earnings forecast and investment advice: Due to industry pressure and adjusted performance forecasts, it is expected that EPS for 2019-2021 will be 0.

46, 0.

56, 0.

66 yuan (expected 2019-2020 EPS forecast is 1 respectively.

40, 1.

67 yuan).

The company benefits from deep domestic alternatives, overcomes the mature base layout of the country, and expands against the trend. It is expected to usher in 2020-2021 and maintain the “recommended” rating.

Risk reminders: 1) The passenger car market is weaker than expected, and the company ‘s downstream customers are selling less than expected, resulting in pressure on the company ‘s revenue side; 2) The raw material has risen more than expected, and the company ‘s upstream has been affected by the macro boom, trade war, and raw materialsThe company ‘s gross profit margin caused by excessive prices is under pressure. 3) The expansion of new products is less than expected. The company plans to reduce the weight of its chassis business.

Emeishan A (000888): Reform of fee control continued to make breakthroughs in extension

Emeishan A (000888): Reform of fee control continued to make breakthroughs in extension

I. Overview of the event The company released its semi-annual report for 2019: Realizing revenue5.

3 trillion, an increase of 0 in ten years.

8%; net profit attributable to mother is 0.

800 million, an increase of 10 in ten years.

1%; net profit after deduction is 0.

7 trillion, an increase of 5 in ten years.


Second, analyze and judge that the passenger flow is stable, and the ticket revenue is least affected by the policy. The cableway welcomes the increase of 160 people in the company’s scenic spots in the first half of the year, which increases slightly by 0 each time.

1%, but ticket income is affected by price reductions, achieving income 2.

2 ‰ /-7%, the per capita budget is downgraded by 7% quarterly, resulting in a 6% decrease in gross profit margin of the ticket business.


The ropeway business was affected by the suspension and upgrading of the 10,000-year-old ropeway in the first quarter of last year. This year has ushered in a low-base recovery. The whole mountain ropeway transformed and transported 323 tourists.

70,000 person-times, realizing income from ropeway1.

800 million / + 22.

6%, gross margin is affected by increasing depreciation, alternating 3.

7pct; Hotel and other business income decreased by 6.

2%, the gross margin decreases by a constant of 5.

9 points.

Internal reforms have continued to advance, and costs have been improved to a minimum. Since Chairman Wang Dong took office in April 2017, the company has continuously improved its governance and organizational structure to streamline and strengthen cost control. In the past two years, sales and management costs have been continuously optimized.

In the first half of the year, the company’s sales expenses decreased by at least 22% to 5.41 million yuan, of which advertising costs, leasing, and other expenses were greatly reduced, which led to a decrease in sales expense ratio of 0.

5 points; every 6 points in management expenses.

From 7% to 36.84 million yuan, the management expense ratio also decreased by 2.

7pct, the continuous effect of the reform is significant.

The proposed increase in capital “Only Mount Emei” officially cuts into the tourism performing arts company. Although the company has a famous mountain resource, it avoids environmental protection pressure on the mountain, has limited space for operation, has a single income structure, and the ticket + cableway income accounts for over 70%.

In addition, the progress of the tourism 杭州桑拿网 performing arts projects scheduled to increase investment in 2013 is also lower than expected, with operational changes and relatively insufficient space.

  IPO announcement, it is planned to use the fixed increase project in 2013 to invest in the construction of the Emeishan Tourism and Cultural Center project1.

2.1 billion funds were changed to increase the capital and share of Emeishan Yunshang Tourism Investment Company.

After the capital increase and share expansion, the company will hold 40% of the equity of Yunshang Tourism. The tourism investment airlines controlled by Sichuan Tourism Investment Group and the company’s associated legal entity E Tourism Investment Group will hold 34% and 26% of the shares respectively.

In terms of governance structure, the company’s discourse weight on cloud tourism.

Among them, the board of directors consists of 6 members, of which 3 were appointed by the company, 2 were nominated by Lutou Aviation, the chairman was appointed by the company, and the board was elected.

  Emeishan Yunshang Tourism Investment Company is the main body of the pre-construction construction and operation of the “Only Emeishan” cultural performing arts project. This project was created by the famous director Wang Chaoge and the project covers an area of about 7.

80,000 square meters, the indoor theater has 6 viewing spaces, the real scene village theater completely retains 26 courtyards, the entire project daily maximum amount of visitors can reach.

50,000 people, the first performance is expected in September this year.

According to company estimates, the annual average operating income of the project after its maturity period is expected to be nearly 200 million yuan, with an average annual net profit of 49.68 million yuan and a net profit margin of approximately 24.

9%, according to the company’s 40% shareholding ratio, it is estimated that the average annual contribution to the mother’s net profit will be nearly 20 million yuan, which is equivalent to thickening the mother’s net profit to 10% in 2018.

  Third, investment proposals are affected by the price reduction of tickets and the relatively single business structure. The company’s revenue and profit growth have been significantly significant in the past two years.

This increase in capital and share expansion into the tourism performing arts market will become the overall driving force for the company ‘s traditional prospects, thicken the company ‘s performance, and the transformation also shows its determination to forge ahead. It can still be expected to integrate regional tourism resources in the future.

It is expected that the company’s EPS for 2019-2021 will be 0.46, 0.

50, 0.

55, corresponding PE is 13X, 11X, 11X, maintaining the “recommended” level.

  Fourth, risk reminder: the performance of the performing arts project is less than expected; the risk of price reductions for tickets and ropeway tickets; force majeure such as natural disasters.