Month: April 2020

Science and technology board and motherboard ice and fire two days multiple stocks weak

Science and technology board and motherboard “ice and fire two days” multiple stocks “weak”
Sci-tech board review | Sci-tech board and the main board of “two days of ice and fire” Most stocks “weakened” On February 20, the A-share market showed a large increase after the first suppression, and the Shanghai stock index closed up nearly 2% and regained 3000At the point, the GEM Index rose more than 2% and hit a new high.Looking at the market, the sector showed a general rise. The civil aviation sector led the gains in the morning. Liquor led the recovery of consumer stocks, and big finance also heard a surge.Overall, the market’s money-making effect is still hot.  Different from the general rise pattern of A-shares, the stocks of the science and technology board have performed poorly today.  In the final close, the stocks of the science and technology board still showed the outline of falling more or less, of which only 17 stocks became popular, 1 stock closed flat, and 68 stocks closed down.  In terms of gains, the stocks of the science and technology board are generally not high, and there are only Fangbang shares (688020).(SH) rose nearly 10% to close at 9.83%; 800 million time and space (688181.SH), Xinmai Medical (688016.SH), Jia Bi You (688089.SH), Platinum (688333.(SH) and other gains over 2%.  In terms of decline, Core Source Micro (688037.SH) fell nearly 10%, Yinghantong (688080).SH), Ruisong Technology (688090.SH), Rongbai Technology (688005.SH), Borui Medicine (688166.SH), You Carved (688158.SH), Huafeng Measurement and Control (688200.(SH) Twelve science and technology board stocks fell more than 5%.  In terms of turnover, as of the close, the total turnover of the individual stocks of the science and technology board reached 254.9.6 billion yuan, continued to decline compared to the previous trading day.Obviously, after the turnover of the two cities broke through one trillion yesterday, the turnover of the two cities today broke one trillion again, with a total of 10,684 transactions throughout the day.26 trillion, up 2 from yesterday.85%.  Among them, China Micro Corporation (688012.SH), Lanqi Technology (688008.(SH), Huafeng Measurement & Control has an average turnover of more than 1 billion, and there are 6 science and technology board stocks with a turnover less than 100 million.  The downturn in the stocks of the science and technology board also gave the stone technology (688169) listed on the science and technology board tomorrow.(SH) Under some pressure, the market is paying attention to how high it can rise on the first day.  Stone Technology with 271.The issue price of 12 yuan / share has become the first highest-priced stock in the current issue price set by the science and technology board enterprises, and this issue price has also hit a new high of the current issue price of A shares.According to public information, Stone Technology’s main business is the design, development, production and sales of intelligent hardware such as intelligent cleaning robots.Stone Technology has received much market attention because its first customer is the Xiaomi Group and is regarded as a Xiaomi ecological chain model company.  With the continuous expansion of the science and technology board, and the effect of making money appears in advance, the data shows that from February 3 to the close of February 20, the average increase of the stocks of the science and technology board is nearly 10%, of which, Youku has risen more than 50%, Borui Pharmaceutical rose over 40%, Tiannai Technology (688116.SH) rose over 35%.  The effect of the science and technology board on making money has continued to increase, and at 无锡桑拿网 the same time, major fund companies have been continuously deploying science and technology theme funds.It is understood that since February 2020, a number of science and technology theme funds have been approved for issuance, including Jianxin Technology Innovation 3 Years Hybrid, Debon Technology Innovation 3 Years Hybrid, China Life Security Technology Innovation 3 Years Hybrid, Guolian SecurityInnovate for 3 years, and Pu Yin AXA’s scientific and technological innovation is preferably three years.  So far, the number of companies listed on the science and technology board has reached 86.Tianfeng Securities predicts that in 2020, there may be 160 listed companies in the science and technology board.According to Guosheng Securities, with the expansion and increase of the weight of the science and technology board company in the 武汉夜网论坛 A-share market, the science and technology board is expected to become one of the “main battlefields” of A-shares in the future.  However, there are also some individuals who believe that the current technology stocks cover a large number of industries, the industry chain is also lengthy, and there are high research barriers. For ordinary investors, the investment is extremely high.It is recommended to use technology theme funds to grasp the investment opportunities of technology innovation companies and technology stocks.

Huadian International (600027): Electricity prices and fuel costs expected to continue to help profit recovery in the third quarter

Huadian International (600027): Electricity prices and fuel costs expected to continue to help profit recovery in the third quarter

The company’s recent situation Huadian International announced the first three quarters of 2019 operating data: the first three quarters of 2019, the amount of power generation, sales growth increased.

0% / 2.

1% to 1,582 / 148 billion kWh; average electricity prices continue to increase2.

0% to 414 yuan / megawatt-hour; market-based transaction electricity is 76.5 billion kilowatt-hours, accounting for 51.

7% (up from 12 decades ago).

Comment on the third quarter electricity prices continued the previous upward momentum, better than expected.

The company’s tax-included electricity prices increased in advance in the first three quarters2.

From 0% to 414 yuan / MWh, we estimate that the tax-included electricity price in the third quarter may increase by 2 every year.

7% to 412 yuan / MWh, a further increase from the second quarter.

Taking into account the reduction in yield, we expect that the deducted electricity price in the third quarter may exceed 5%, which is expected to drive the company’s revenue increase, slightly higher than expected.

At the same time, we estimate that the market electricity ratio in the third quarter may increase by 11/2 per annum to 56 instead of 56 per year.

5% level, and the narrowing of market electricity discounts or offsetting the pressure of electricity prices caused by increasing market power.

Electricity fluctuated slightly in the third quarter of 19, in line with expectations.

We estimate the company’s power generation in the third quarter every three times.

8%, mainly due to the annual reduction in thermal power generation4.

9%, of which the wind power output of Shandong province units decreased by about 20%, we think it may be related to foreign power entering Shandong.

At the same time, the company’s hydropower generation volume has grown significantly by 30% each year.

Downward fuel costs pushed the company’s third quarter earnings to increase significantly.

Based on the trend of coal power in the third quarter, we expect Huadian International’s unit fuel cost is expected to decrease by about 4%, which will drive the company’s profit to US $ 1 billion, which is 5% higher than the same period last year.

400 million more than 80%.

Estimates suggest that we keep our earnings forecast unchanged.

Huadian International-A / H is currently trading in September 2019.


2x P / E ratio and 0.


5x P / B.

Maintain Huadian International-A / H Outperform rating with target price of RMB 5.

3 yuan / HKD 4.

59 yuan, corresponding to the current budget has 48% / 53% of upside.

Huadian International-A / H target price implied 2019 14.


4x P / E ratio and 1.


7 times P / B ratio.

Risky coal prices were higher than expected, 杭州桑拿网 and power demand was lower than expected.

Zhonggong Education (002607): The growth of leading stocks in 19H1 results increased by 100% to 135%

Zhonggong Education (002607): The growth of leading stocks in 19H1 results increased by 100% to 135%

Brief evaluation of performance On July 5, 2019, China Education Education announced a performance forecast, and it is expected to realize net profit attributable to mothers in the first half of 20194.

25 ppm-5.

00 million US dollars, an annual increase of 100% to 135%, the second quarter of 2019 is expected to achieve net profit attributable to mother.

19 ppm-3.

0.94 million yuan, an increase of 21% -49% in ten years.

Performance has expected growth, and net profit attributable to mothers was achieved in the first half of 20182.

12 ‰, accounting for 18% of the highest net profit, of which Q1 / Q2 respectively account for -5% / + 23% of the initial net profit attributable to the mother.

2019Q1 achieved a turnaround, and 2019Q2 still maintained rapid growth.

Analysis of the five aspects of the long-term growth of public education-① The track where public education is located is a “fuzzy and important” training field. The Matthew effect is very obvious. The public education industry will only become stronger and stronger.In the case of not much marketing expenses, it ranks high in some searches, which can reflect this sideways.

②Industrialization operation, large backstage and small front desk, significant advantages in the management system, increased profit margins under the effect of scale, and the public education in 2019Q1 turned losses into profits, costs and expenses have improved significantly, and gross profit margin in 2019Q1 decreased by +3.

0pct, net interest rate +14 per second.

5pct, the sales expense rate is -5 years.

9pct, the management expense rate is ten years -6.

0pct, R & D expense rate is ten years -2.

7pct, 2018 net margin increased by 5.

5 points, profitability has been continuously strengthened.

③ Horizontal expansion. Except for civil servant recruitment training, public institution recruitment training, teacher recruitment and teacher qualification certificate training, other 北京夜生活网 businesses, such as the postgraduate research business, are expected to double this year.

④ Initially cover low-tier cities, with extensive and in-depth demand and strong sinking ability. At present, outlets have covered 300+ prefecture-level cities with a coverage rate of over 95%. County-level cities are the main direction for channel expansion in the future.

⑤ The main source of demand for public education is the improvement of the participation rate-with the repeated content of the exams and fierce competition, there is still a lot of room for improvement in the participation rate of the track.

The number of one-time recruits for civil servants in 2019 has declined, and it has not caused a reduction in the number of participants. It will only make people feel that “the content of gold is higher”, and the theater 天津夜网 effect will help increase the potential for participation.

Investment recommendations We expect the company to achieve revenue 89/19.


500 million, a ten-year growth rate of 43% / 27%, net profit attributable to the mother16.


5 ‰, a year-on-year growth rate of 39% / 34%, corresponding to P / E of 51/38 times, leading advantages continue to highlight, maintain the buy rating, raise the target price to 15.

5 yuan.

Risks indicate policy risks; the increase in participation rate may be lower than expected; risks such as replacement of enrollment.

The United States’ foreign shareholding ratio hits a new high. Who will be the next buy hot stock

The United States’ foreign shareholding ratio hits a new high. Who will be the next “buy hot stock”
Come to Sina University of Finance and listen to Peng Daofu’s “Five Lectures on Super Long and In-depth Analysis of Leading Tactics” to reveal the best stock investment strategy for retail investors! Authoritative, in-depth, and practical financial information is here. Midea Group ‘s foreign shareholding ratio is at a new high, only 0 from the 28% “purchase limit line”.2 averages.  On January 13, the information disclosed on the official website of the Shenzhen Stock Exchange, as of January 10, foreign investors through QFII, RQFII, Midea Group shares held by Shenzhen Stock Connect accounted for the company’s total share capital.80%, a record high, further approaching the 28% “purchase limit line”.In addition, the foreign shareholding ratio tested by China Test also exceeded the 26% forecast line, reaching 26.19%.  As of this morning’s close, Midea Group reported at 60 yuan for the first time, approaching a level 60.Historical high of 8 yuan per pair.  Data source: These stocks of Wind have been bought and sold since 2019. Two stocks have reached the 28% upper limit stipulated in the Securities Exchange Implementation Rules for Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors.It is a group of Han’s Laser and Midea.  Data source: Before this, Wind ‘s closed Shanghai-Hong Kong Stock Connect trading channel dates back to 2015. Shanghai Airport ‘s Shanghai-Hong Kong Stock Connect purchase channel was temporarily closed due to its overseas holdings of more than 28%.The first stock to temporarily suspend buying due to its overseas holdings exceeding the red line.  Data source: Wind According to the relevant regulations of the China Securities Regulatory Commission, the shareholding ratio of all foreign investors in the A shares of a delisted listed company shall not exceed 30% of the total shares of the listed company.  The Hong Kong Stock Exchange also has corresponding regulations: when foreign investors hold more than 28% of shares, they will suspend acceptance of buying until the total shareholding ratio drops below 26%; at the same time, if they exceed 30%, they will be forced to start sellingProcedure, according to the principle of “buy first, sell first” will sell more than part.  In addition, if a stock reaches the limit of 28% of foreign shares, there is no longer room for foreign investment, which violates the principle of “investable”.Relevant targets will be removed from the index system by MSCI, FTSE Russell and other international index compiling companies.Once it is removed, it needs to be observed and replaced at least (for example, MSCI needs to observe for 12 months) before considering whether to re-substitute the replacement.  How to go sustainable after buying explosion?  After reaching the upper limit of the 28% foreign shareholding ratio, the Hong Kong Stock Exchange only accepts selling orders but not buying orders. Investors cannot help worrying about whether this will affect performance?  Judging from previous cases, a buying explosion does not necessarily mean that the skyrocketing or profitable funds leave the market leading to a slump.After all, individual stock trends need to return to company fundamentals.  On March 5, 2019, Han’s Laser issued an announcement saying that due to the total overseas shareholding ratio of more than 28%, Shenzhen-Hong Kong Stock Connect will suspend accepting buying of the stock from March 5, 2019, and the selling order will still be blocked.accept.The following month, Han’s Laser continued to briefly re-establish a new stage high.  Surprisingly, Han’s laser performance suddenly changed its face only six months later.On the evening of July 12, 2019, Han’s Laser released the 2019 semi-annual results preview,天津夜网 which shows that the net profit attributable to shareholders of listed companies can replace 60% to 65%.  Subsequently, Han’s laser aging declined all the way, with a 20% decline over four trading days, and its market value evaporated by about 8 billion.The proportion of Han’s lasers held by foreign owners has dropped sharply. Data shows that on July 15, 2019, Han’s Lasers were sold at least 5 million shares by QFII, RQFII, and Shenzhen Stock Connect investors, accounting for 0 of the company’s total share capital.46%.  However, from the perspective of consecutive cycles, the forward trend of each stock still needs to return to the company’s fundamentals.  Shanghai Airport issued an announcement on May 19, 2015, reminding that the total foreign shareholding ratio reached a warning line of 28%.From 2015 to June 2018, the foreign 南京夜网 shareholding ratio of Shanghai Airport has hovered above the 26% forecast line for a long time.  From the general trend point of view, since May 19, 2015, Shanghai Airport has gradually increased by 195%, far outperforming the broader market.  In addition to the United States, Northbound funds also bought these first days of 2020, and Northbound funds clearly bought 101.47 trillion US dollars, a total of 343 net inflows for the seven trading days ended January 10.02 billion.  From the perspective of public trading information, Northbound Capital has begun to deploy A-share cyclic assets since the new year.  One of the most iconic is China Construction, a leader in the construction industry.From January 2nd to 10th, China’s building construction expanded by 5 degrees.16%.  During this period, the number of shares held by Northbound Capital increased from 8.6.6 billion shares increased to 10.9.9 billion shares, an increase of 27%; holding the stock market value from 48.6.6 billion to 64.8.3 billion yuan, an increase of 33%.The public transaction information from January 2 to 10 shows that the shareholding ratio of northbound funds of many cyclical stocks such as Jinshi Resources, Bio-Chem, Hailier, and Suzhou Longjie increased significantly.  In addition, Tianqi Lithium Industry related to new energy, Ganfeng Lithium Industry, Tongwei Shares related to the photovoltaic industry, Jidong Cement related to infrastructure construction, and Zhongnan Construction have all received sufficient capital to increase their positions since the New Year.  Although the progress in the expansion of A-shares by major index companies has temporarily come to an end, they have been excessive and continuously re-inserted into the market.Guosheng Securities analysis believes that the reason for the sustained growth of foreign investment in the near future is the easing of external disturbances and the recovery of risk appetite to accelerate the expansion of transnational emerging markets.

Wanneng Environment (002034): Deducting non-net profit increases by 70% per year

Wanneng Environment (002034): Deducting non-net profit increases by 70% per year

This report reads: The company’s 2019H1 deducts non-attributable net profit2.

4.0 billion, an annual increase of 70%, the actual interim report performance is close to the upper limit of the forecast, and the performance is in line with expectations.

Non-net profit deductions for the second quarter of 20191.

41 megabytes, an increase of 101% a year, faster than capacity growth.

  Investment points: investment advice.

Maintain profit forecast: Net profit for 2019-2021 will be 4 respectively.



3.1 billion with an EPS of 1.



51 yuan.

Maintain target price of 25.

13 yuan, maintaining the “overweight” level.

Performance is in line with expectations.
2019H1 revenue 5.

6.8 billion, an increase of 49% over the same period; attributable net profit2.

07 billion, an annual increase of 67%; Interim results are close to the upper limit of the forecast.

Attributable net profit for the single quarter of 20192.

4.3 billion.

It is predicted that the net profit in the first three quarters of 2019 will increase by 30% -47% each year, in line with expectations.

  The release of reserve capacity is the core logic of growth: 1) The progress of existing projects is in line with expectations.

① Panzhihua Wangneng (800 tons), Hechi Wangneng (600 tons), South Taihu Environmental Protection Phase IV (750 tons) projects will be 北京夜网 put into production in 2019H1 as scheduled.

② Xuchang Wangneng (2250 tons) entered trial operation in June 2019.

③Huaibei Wangneng, Zhoushan Wangneng Phase III, Taizhou Wangneng Phase III, Deqing Wangneng Expansion, Public Security Wangneng, Qingtian Wangneng and other projects are progressing normally.

④Complete the pre-examination and approval of Deqing Expansion Project, Qingtian Wangneng Project and the comprehensive acceptance of Lanxi Phase II.

2) Progress has been made in the development of new projects.

① The company announced the start of the third-phase expansion project of Chenghai (750 tons) in Shantou, with a total investment of 3.

500 million.

② There are currently 18 new projects continuing to follow up, and we look forward to breakthroughs in the second half of the year.

  Steady operations, 深圳桑拿网 high profit margins and smooth cash flow.

1) The company’s 2019H1 projects have completed a total of 203 insertions of domestic garbage storage. With the climbing of new production capacity and the release of reserves, the storage of replacement garbage may exceed 400 tons.

2) Profit margins remain high.

The company’s gross profit margin and net profit margin remained at a relatively high level, with a gross profit margin of 52 in 2019H1.

4%, net profit margin is 37.


Management expense ratio (plus R & D expenses), financial expense ratio decreased by 1.

66%, 0.47%.

3) The company’s cash flow is good.

2019H1 cash ratio is 131.

6%, net present ratio is 88.


  Risk reminder: Changes in the subsidy policy of the waste incineration industry, and the project’s production progress exceeds expectations.

Mak Home (600337): Multi-brand direct franchise joins overseas wholesale growth

Mak Home (600337): Multi-brand direct franchise joins overseas wholesale growth
Incident March 27, 2019, Meike Household released the 2018 annual report.  The company achieved operating income in 2018 of 52.61 ppm, an increase of 25 in ten years.88%; realized net profit attributable to shareholders of the listed company was 4.51 ppm, an increase of 23 in ten years.50%; net profit attributable to shareholders of listed companies in place of non-recurring gains and losses is 3.950,000 yuan, an increase of 18 in ten years.94%.  By quarter, the company’s 2018Q1 / Q2 / Q3 / Q4 single quarter revenue was 10 respectively.14/15.12/14.80/12.55 ppm, an increase of 32 each year.69% / 46.27% / 30.19% / 0.83%; 2018Q1 / Q2 / Q3 / Q4 single-quarter net profit attributable to the mother is 0.63/1.43/1.31/1.14 ppm, an increase of 32 each year.75% / 36.77% / 23.08% / 6.86%.  Our analysis and judgments show that the company’s direct operation is stable, the number of franchises has increased, and the wholesale channel has grown rapidly.61 ppm, an increase of 25 in ten years.88%.Among them, the retail end realized income 38.90 ppm, an increase of 15 in ten years.92%: Direct sales channels realized income 33.97 ppm, an increase of 10 in ten years.77%; revenue from franchising channels4.9.3 billion, an annual increase of 70.56%.Wholesale-side revenue 12.20 ppm, an increase of 62 in ten years.30%.  Multi-level brand coverage and steady expansion of channels. The company currently operates a total of 15 brands, an increase of 35% in the number of brands in 2017.Seven domestic channel brands had a total of 323 stores at the end of 2018, a net increase of 78, and the channel continued to expand.Among them, Meikemeijia: 104 stores in 2018 (+11).One.R.T.: In 2018, there were 9 directly operated stores (+1) and 136 franchised stores (+33), covering 120 cities, with a total area of more than 120,000 square meters.One.R.T.Western District: In 2018, there were 5 directly-operated stores (+2) and 44 franchised stores (+30) in 40 cities, with a total area of approximately 1.60,000 square meters.At home Zest homepage: In March 2018, I opened at home Tmall store and the first smart door one after another, with online channel conversion customers reaching 20 million views, more than 200,000 fans, and customers covering 200 cities in 29 provinces.  Overseas acquisitions to optimize the supply chain and improve the global layout The company completed a solid wood home furnishing manufacturer in Vietnam in March.S.T (invested $ 4.92 million, acquired 60% of the equity) and the acquisition of US sofa manufacturer Rowe Fine Furniture (invested $ 25 million, acquired 100% of the equity). In November, three Vietnamese home manufacturing companies SD, TC, and RC each increased their capital by 1,600., US $ 5,5 million to obtain 40% equity.The acquisition of overseas production capacity improves the company’s global layout and can effectively hedge trade friction risks.  The profitability was basically 四川耍耍网 stable, and the consolidation led to the increase in profitability during the period. In 2018, the gross profit margin of Mak Home Sales was 52.16%, a decrease of 2 per year.02pct; net sales margin is 8.46%, a reduction of 0 per year.28 points.In terms of quarters, the company’s gross profit margin for the quarter of 2018Q1 / Q2 / Q3 / Q4 was 55.21% / 58.78% / 56.52% / 36.58%, a change of -2 from the same period last year.67/0.00/4.02 / -13.06 pct; net sales margin is 6.14% / 9.27% / 8.64% / 9.17% a year change -0.07 / -0.82 / -0.75/0.58 points.  In terms of period expenses, the company’s selling expenses in 2018 were 15.76 ppm, an 18-year increase.72%, mainly due to the company’s increased marketing efforts, labor costs, advertising costs and other growth; sales costs increased by 29.95%, down by 1 every year.58 points.The 深圳spa会所 company management fee is 4.750,000 yuan, an increase of 38 in ten years.11%, mainly due to the expansion of the company’s business scale, Rowe, M.S.T.Caused by the scope of the company’s consolidated consolidated statements for the current year;03%, an annual increase of 0.80pct.Finance costs are zero.850,000 yuan, an increase of 38 over the same period last year.00%, mainly due to the increase in the size of working capital loans.  Investment suggestion: The company’s multi-brand operations are steadily advancing, and its channels are continuously expanding. While continuously improving its own operational management efficiency, it also optimizes its product structure and increases digital precision marketing. Same-store growth continues to increase steadily, and the global supply chain is also constantly being optimized.We expect the company’s operating revenues to be 62-2019.1.6 billion and 72.23 ppm, an increase of 18 per year.15%, 16.21%; net profit attributable to mothers is 5.3.2 billion, 6.1.6 billion, an increase of 18 each year.02%, 15.85%, corresponding PE is 17 respectively.8x, 15.3x, maintain “Buy” rating.  Risk factors: expansion of real estate sales; increased competition in the industry.

Yongxing Special Steel (002756) 2018 Annual Report Comments: Steady Growth in Operating Performance and Dual Major Industries Expected to Go Together

Yongxing Special Steel (002756) 2018 Annual Report Comments: Steady Growth in Operating Performance and Dual Major Industries Expected to Go Together

Event: The company released the 2018 results announcement, reporting that the two companies achieved operating income47.

0.94 million yuan, an increase of 18 in ten years.

93%; realized net profit attributable to shareholders of the parent company.

870,000 yuan, an increase of 10 in ten years.

13%; corresponding basic EPS is 1.

08 yuan, up 10 every year.


In addition, the company intends to 3.

Based on 600 million shares, a cash dividend of 10 yuan (including tax) will be distributed to all shareholders for every 10 shares.

Both volume and price have risen steadily, and business has grown steadily.

According to the number of reports, the company’s product sales have increased significantly in the past, achieving product sales of 28.

06 for the first time, growing by 12 every year.

2%; among them, sales of bar material are 15%.

76. Wire sales 10.

85 for the first time, other products are sold1.

45 inches.

At the same time, the average sales price of the product was 16,769 yuan / ton, more than the previous 5.

66%, both volume and price rose, driving the company’s operating income to increase and increase18.

93 %%, but the company’s main products, bar and wire, due to the rise in upstream alloy prices, led to a decline in gross profit margins of 0.

53 and 2.

31 units.

Although the gross profit is slightly higher, the current gross profit per ton of steel is 2,720 yuan / ton, which is still the highest since listing. Overall, the company’s operating conditions are excellent, and its development quality and profitability continue to improve.

The asset-liability ratio is low, the expenses increase steadily, and the dividend rate is high.

In the total number of reports, although the company’s asset-liability ratio has risen slightly, it is still only 21.

40%, significantly lower than the same period of 53 in the SW steel industry.

The level of 18% is the lowest in the industry.

From the perspective of the company’s cost control capabilities, the company reported that during the reporting period, revenue increased by nearly 19%, and the company’s period expenses4.

39%, but it has dropped by 1.

91 single, specifically, management expenses and sales expenses remain stable, financial expenses are only caused by the initial construction of “annual production of 1 battery-level lithium carbonate project” and upstream supporting projects leading to increased funding requirements, bank acceptance bill discount tips increased by 0.

14 billion US dollars, overall, the company’s cost control capabilities are great.

In addition, based on good earnings and cash flow conditions, the company plans to pay a cash dividend of 10 yuan for every 10 shares, with a dividend yield close to 6%. It is expected that the profitability of the company in 19 years will further increase, and the company’s cash dividend strength is expected to increase.

The upgrade of high-end equipment and the recovery of investment in the oil and gas sector have continuously improved the demand for stainless steel rods and wires.

Stainless steel long products are important basic materials for high-end equipment manufacturing and the energy industry.

Extreme, the long-term high-end equipment manufacturing industry is developing rapidly, and the demand for high-end stainless steel is increasing.

In addition, the report totaled an average Bruent crude price of 71.

2 US dollars / barrel, an increase of 31 over the previous year’s average price.

5%, benefiting from rising oil prices, the company’s pipeline steel orders in the mining sector performed well.

After the fourth quarter, the oil price stopped falling and rebounded. The subsequent geopolitical risks such as Iran and Venezuela will also drive the oil price center to continue to 都市夜网 move up. Combined with the current increase in the external dependence of crude oil and natural gas year by year, the policy is set to reduce the intensity of exploration and development and pipeline constructionNeed to increase.We believe that the upgrade of high-end equipment in 19 years and the upward investment in the oil and gas sector are determined. The upward economic boom will drive the company’s orders to improve further.

With the development of dual main businesses, the strategic layout of lithium battery business accelerated.

According to the report baseline, Yongxing New Energy’s annual production of 1 battery-grade lithium carbonate project progressed in an orderly manner. The equipment has entered the installation phase and will be put into production in the first half of 2019. Through the establishment 杭州夜生活网 of a research and development and sales team, it has mastered a large number of mature lithiumMica lift lithium technology.

In addition, the company has successfully acquired the controlling stake in Lithium Mining. In the future, it will form a synergistic effect with Yongxing New Energy’s 120 / year high-efficiency lithium ore beneficiation and comprehensive utilization project, which can effectively guarantee the company’s core advantage of high self-sufficiency in resources.
At present, the price of lithium mica concentrate in the market is about 1,400 yuan / ton, while the company’s concentrate cost is only about 900 yuan / ton.

If calculated on the basis that 15 tons of concentrate can produce 1 ton of lithium carbonate, the cost can be saved at 7,500 yuan / ton, and the company has a significant cost advantage.

As the production and sales of new energy vehicles begin to accelerate, breakthroughs in mica lithium extraction technology and project commissioning will bring new significant profit growth space for the company.

Profit forecast and investment rating: It is expected that the company’s operating income from 2019 to 2021 will be 53.

44, 57.

17 and 60.

01 ppm; net profit is 5 respectively.

46, 6.

05 and 6.

54 ppm, EPS is 1.

52, 1.

68 and 1.

82 yuan, corresponding to PE is 11.

0X, 9.

9X and 9.

2 times, maintaining the “highly recommended” level.

Risk warnings: 1. Lithium-ion production is less than expected; 2. Downstream demand is less than expected.

Hualu Hengsheng (600426): Product prices are still at the bottom of the cycle and growth can be expected

Hualu Hengsheng (600426): Product prices are still bottoming out and growth can be expected-Hualu Hengsheng 2019 Interim Report Review

The company releases its semi-annual 重庆耍耍网 report for 2019, and its net profit starts from zero until the company releases its 2018 annual report, achieving an operating income of 70.

76 ppm, an increase of ten years.

12%, achieving net profit attributable to shareholders of listed companies.

09 million yuan, a ten-year average of 22.


Q2 achieved operating income of 35.

33 ppm, with a ten-year average of zero.

72%, net profit attributable to mothers6.

67 ppm, a ten-year average of 29.


The company enters sales expenses1.

8.9 billion, with a revenue share of 2.

67%, an increase of 1 per year.

06 pct; management costs 0.

64 trillion, the expense ratio is 0.

91%, zero for ten years.

35 pct; financial expenses 0.

87 trillion, expense ratio 1.

22%, zero for one year.

03 pct.

In terms of operating data, fertilizer sales were 122.

38 for the first time, growing 55 per year.

4%, income 18.

25 trillion, the average sales price of 1491 yuan / ton, every two years.

6%; organic amine sales 17.

43 for the first time, growing by 3 per year.

9%, income 8.

60 trillion, the average selling price of 4934 yuan / ton, twice every ten years.

8%; adipic acid and intermediate sales 11.

41 for the first time, growing 9 per year.

2%, income 8.

40 trillion, the average sales price of 7362 yuan / ton, every 23 times.

1%; sales of acetic acid and derivatives 30.

85 for the first time, with an annual increase of 0.

1%, income 8.

09 million yuan, the average sales price of 2622 yuan / ton, 36 every ten years.

7%; polyol sales 33.

05 for the first time, growing by 180 per year.1%, income 15.

56 million US dollars, the average sales price of 4708 yuan / ton, once every ten years31.


The downstream price of products has affected the gross profit. The prices of some products have rebounded. According to our model, the current average price of urea in the third quarter is expected to be 1902 yuan / ton, or -2.

8%, twice -2.

18%; the average price of adipic acid in the third quarter is expected to be 8368 yuan / ton, +5 month-on-month.

1% a year -17.

6%; the average price of acetic acid in the third quarter is expected to be 2816 yuan / ton, +5 month-on-month.

3% for the whole year -35.

79%; the average price of glucose in the third quarter is expected to be 4381 yuan / ton, -1 month on month.

8% for the whole year -41.


Continue to be optimistic about cyclical growth stocks. After the coal granulation and melamine projects are put into operation, the company will push forward the scale investment plan.

The company plans to invest 15.

USD 7.2 billion to build a refined adipic acid quality improvement project. The construction period is expected to be 24 months, and annual operating income will be realized after completion.

860,000 yuan, profit 2.

9.6 billion.

At the same time the company plans to invest 49.

800 million to build amide and nylon new material projects.

After putting into production, it is expected to achieve an annual output of 30 caprolactam (20 of which are inserted for own use), 20 formic acid, 20 heads of nylon 6 slices, and sulfur 48 replacement.

1.3 billion, profit 4.

4.6 billion.

We are optimistic that the company will go beyond excellent cost control to build a moat, continue to launch new projects, and continue to grow in the cycle.

Investment suggestion: We expect net profit attributable to mothers to be 24 in 19-21.

3.3 billion, 26.

74 ppm and 29.

3.5 billion, with EPS of 1.

50, 1.

64 and 1.

80 yuan, PE is 10.

55, 9.

60 and 8.

75 times, maintaining the “highly recommended” level.

Risk reminder: the risk of production risk, the price of products has increased significantly, and the progress of new projects has fallen short of expectations.

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.