Fang Shuo, Zhai Xiaochuan look forward to fighting side by side with Jeremy Lin in the new season

Fang Shuo, Zhai Xiaochuan look forward to fighting side by side with Jeremy Lin in the new season
Jeremy Lin was interviewed after the training.Sauna, night net Li Kaixiang photo of Beijing Shougang Men’s Basketball After today’s public training session, the new captain Zhai Xiaochuan and national defender Fang Shuo both expressed their hope to fight alongside Jeremy Lin in the new season for better results.Fang Shuo has some minor injuries recently, the team did not let him play in the preseason for the purpose of protecting the players.However, he participated in the whole training today and was in the same group as Jeremy Lin.The new season, the two are expected to prop up the Shougang men’s basketball guard line.The relationship between Fang Shuo and Fang Shuo is defined as “helping each other and promoting mutual benefit”.”He (Je Lin) is eager to integrate into the team, hoping to bring help to the team and teammates on the court.If he does not do well, he will ask his teammates, which is also a very good aspect of him.The league is about to start. His spirit will bring a chemical reaction to the team and help the team get better and better.”Zhai Xiaochuan is in training.Sauna, Ye Kai photo by Li Kaixiang Zhai Xiaochuan and Jeremy Lin were good friends before they became teammates, and they were added as captains to help Jeremy Lin familiar with the team.”Judging from the feeling of the game and the training situation, he (Ji Lin Lin) has integrated very quickly and slowly found a tacit understanding in his cooperation.”Jeremy Lin is in training.Sauna, Ye Kai Li Kaixiang, Lin Shuhao once posted a short video on social media, calling himself and Zhai Xiaochuan and Fang Shuo “Shougang BOYS”. The three of them are also the most popular players on the team.”I have played with Fang Shuo for many years and know each other very well; Brother Hao is also a top player and can give players a lot of help. I am looking forward to playing together in the official CBA game,” Zhai Xiaochuan said, “This year we will come up with moreTreat every training class, every game, and face every opponent.Fang Shuo also hoped that with Jeremy Lin’s arrival and the team’s reserve of three foreign aids, he would go all out to achieve good results.

Inner Mongolia Huadian (600863): Improved supply and demand in beneficiary regions with high dividends and growth

Inner Mongolia Huadian (600863): Improved supply and demand in beneficiary regions with high dividends and growth

Event: The company released the actual controller increase plan.

The company announced that the actual controller Huaneng Group increased its shareholding in the company on February 4 through its subsidiary Huaneng Structural Adjustment Fund.

344%, the turnover was 4867.

190,000 yuan.

At the same time, Huaneng Structural Adjustment Fund intends to continue to increase the company’s shares within the range of not less than 2 trillion and not more than 400 million (including this increase) in the next 6 months.

The company released 2019 operating data.

The company released its operating data for 2019 in late January, and initially completed 553 electricity generation.

4.9 billion kWh, an increase of 21 per year.

6.9 billion kilowatt-hours, a 10-year increase4.


Key points of investment: The power generation of Mengxi consumption units will increase as scheduled, and the increase in power generation from Lin Power Plant will increase.

The company’s annual power generation is increasing by 4.

08%, higher than the growth rate of 3.


Among them, Mengxi consumed an increase in power generation of all pilots by 20.

83%, up from 20 in the first three quarters.

15%, mainly benefited from the successful implementation of the dual-machine operation on August 30 by the company and the forest power plant, and the power generation capacity of the forest power plant by 4 months27.

2.6 billion kWh, equivalent to 2065 hours of utilization hours, the cumulative accumulation of rapid climb.

In addition to the Helin Power Plant, the power generation of other Mengxi consumption units has also maintained rapid growth. The overall pattern of our internal power for continuous development is the differentiation of supply and demand regions. The Mengxi region benefits from steel, nonferrous metals and other high energy-consuming industries.Continue to lead the nation.

At the same time, under the new electricity price mechanism in 2020, we judge that the risk of regional electricity prices will continue to improve as the supply and demand pattern continues to improve.

At present, the market-oriented transaction ratio of Mengxi Thermal Power Unit is close to 70%, and the transaction discount has basically reached the upper limit of the discount set by the Development and Reform Commission. There is no downside risk to the integrated on-grid power price of Mengxi Unit, and there is upward space in the long run.

The output of the North China unit was dragged down by maintenance, and 2019 is the lowest point for the profit of the unit.

The company’s primary power generation output to North China units increased and decreased by 10.

82%, slightly larger than 10 in the first three quarters.


In terms of segmentation, in the fourth quarter, the output of generating units was mainly dragged down by Shangdu No. 2 Power Plant. Shangdu No. 1 and Weijiayu Generator’s power generation decreased and narrowed.

The output frequency converter of the delivery unit is caused by various factors such as unit maintenance, line maintenance, and out-of-region units and centralized production. It is estimated that the delivery unit will be at a low profit in 2019.

Increasing the holding of major 南京桑拿网 shareholders reflects the confidence of major shareholders, and a high dividend rate promises to highlight the value of allocation.

Huaneng Group’s increase in shareholding is the second round of increase. The last round of increase was in February-August 2019. Huaneng Group gradually increased the company’s shares through its subsidiary Huaneng Structural Adjustment Fund.

85% (3 transactions).

1.1 billion).

In the near future, the planned increase in holdings ranges from US $ 200 million to US $ 400 million, and when it is currently expected to be low, nearly 50 million yuan has been completed, demonstrating the major shareholders’ confidence in the company’s long-term development.

The company promises that the annual cash dividend rate for 2019-2021 is not less than 70% and the continuous dividend payout is not less than 0.

09 yuan, according to our latest profit forecast and current expectations, assuming a 70% dividend rate, the company’s 2019 yield is expected to be as high as 5.

4%, the configuration value is outstanding.
Earnings forecast and grade: We have lowered the company’s net profit forecast for its mothers for 2019-2021 to 11, respectively.

14 and 16.

48 ppm (14 before adjustment.

09, 17.

80 and 20.

2.5 billion), the current sustainable corresponding PE is 13, 11 and 9 times respectively.

The company’s coal and electricity integration is profitable, and the supply and demand in the beneficiary areas is determined to improve growth. It is estimated to exceed the industry average and maintain a “Buy” rating.

Shanxi Fenjiu (600809) annual report and first quarterly report comments: optimistic about the expansion outside the province to maintain buy

Shanxi Fenjiu (600809) annual report and first quarterly report comments: optimistic about the expansion outside the province to maintain buy

Summary and suggestions: Event: As 4Q merged into the group’s business, the company achieved revenue of 93 in 2018.

8 billion, an increase of 47 previously.

5%, net profit 14.

6.7 billion, a previous increase of 54%, with a gross profit margin of 66.

2%, down by 1 every year.

1pct, the merger is mainly due to low-price wine.

4Q achieved revenue of 2.2 billion and net profit of 200 million.

  At the same time announced that 2019Q1 to achieve Camp 40.

6 billion, an increase of 20 previously.

12%, net profit 8.

7.7 billion, an increase of 22 previously.

58%, gross margin is 71.

9%, an increase of 3 per year.


In terms of growth rate, the growth of 1Q is relatively slow. We believe this is related to the uneven income recognition between quarters and the increase in the comparable base period caused by the injection of group assets. If the 18Q4 and 19Q1 are combined, the revenue growth rate will be above 35%The growth rate is above 25%.

  Dividend: 7 cash dividends for every 10 shares.

5 yuan, RMB exchange rate 1.

4% In 2018, middle-to-high-priced liquor, low-price liquor and blended liquor achieved revenue of 57 respectively.

4 billion, 32.

300 million and 3.

4 billion, an increase of 47 each year.

44%, 47.

59% and 51.


The volume and price of high- and medium-priced wines went up, and the gross profit margin went up by 2%.

84pct, blue and white series maintained high growth, revenue growth rate is expected to exceed 60%, gross margin of low-price wine dropped by 8.

77 points, mainly due to the concurrency group’s low-price wine products. Among them, Laobaifen’s revenue growth rate is expected to be about 25%, Bolifen’s growth rate is expected to be about 35%, and the gross profit margin of blended wine is rising.

89 points.

In Q1 2019, middle-to-high-priced wines, low-priced wines and blended wines achieved revenues of 24, respectively.

700 million, 14.

300 million and 1.


  In terms of expenses, in 2018, we benefited from the improvement of internal governance, the improvement of operating management efficiency, and the decrease in management expense ratio1.

59pct to 6.

7%, the sales expense ratio decreased slightly by 0.

58pct, reducing the overall cost by 2.

16pct to 23.

88%.Due to the increase in market investment in 2019Q1, selling expenses increased by 42.

09%, the increase in production and maintenance and wage expenses increased management costs by 31 each year.

61%, the increase in financial expenses affected by the increase in interest expenses increased the comprehensive expense ratio in 1Q by 5.

95pct to 26.


  In 2019, the company will accelerate the development of business outside the province. In 2018, the revenue outside the province will be 40.

200 million, a growth rate of 63.

56%, 2019Q1 also achieved 19.

100 million revenue. According to media reports, in 2020, the proportion of revenue outside the province will gradually be optimized to 3: 7. In addition to the Shanxi market, it will increase investment in weak areas such as East China and South China.

In terms of advance receipts, 19Q1 decreased by 27% month-on-month (the impact of the 天津夜网 Spring Festival) and gradually increased by 67%, indicating that the dealer’s confidence has changed, and if the second largest shareholder, China Resources National Supermarket Channel, can continue to be leveraged, the expansion outside the province is expected to accelerate.
  In summary, the company is expected to achieve a net profit of 1.9 billion and 2.4 billion in 2019-2020, respectively, an increase of 30.

7% and 24%, the EPS is 2 respectively.

2 yuan and 2.

74 yuan, corresponding to PE and 25 times and 20 times respectively, to maintain the investment recommendations.

  Risk reminder: Expansion of pipelines outside the province is less than expected, and business growth outside the province is less than expected.

AVIC Mechanical & Electrical (002013): Asset quality continues to improve and military products business enters a period of rapid growth

AVIC Mechanical & Electrical (002013): Asset quality continues to improve and military products business enters a period of rapid growth

Event: The company released the 2019 annual performance report and it is estimated to achieve a total operating income of 122.

0.9 billion, a 10-year growth of 3.

66%, total profit 12.

38 ppm, a ten-year increase of 9.

03%, net profit attributable to mother 9.

65 ppm, an increase of 12 in ten years.


Comments: 1. Without fear of being dragged down by the civilian products business, the military products business has entered a period of rapid growth.

The company’s operating conditions have basically continued the steady growth trend in the first three quarters. From the situation in the first three quarters, the company’s minority shareholders’ profit and loss have changed significantly compared with the same period of the previous year, mainly due to the decline in the performance of the automotive 佛山桑拿网 industry by the precision of the automotive industry.In addition, the company’s civilian air-conditioning compressor business also overlapped compared with the same period last year.

Under the pressure of the civilian products business, the main growth driver of the company’s merger comes from aviation and military products. It is expected that the company’s military product growth will be much better than the company’s overall growth rate, and it is also the best level.

It is expected that the “Thirteenth Five-Year Plan” will enter the closing year, and military procurement will enter a stage of centralized acceleration. The company ‘s military business is committed to maintaining rapid growth and supporting the company ‘s steady growth.

2. Survival of survival of the fittest, and asset quality of the company continued to improve.

The company issued an announcement in December 19, intending to transfer Guiyang Electric, acquire 70% equity of Nanjing Hangjian in cash, increase capital and invest in Hongguang Equipment. The company approved the above matters at the shareholders meeting on December 21, and completed the company change registration on December 31.

Guiyang Electric achieved revenue in 20185.

86 ‰, net profit-25.59 million yuan, excessive burden is obvious.

Nanjing Hangjian’s main business is the maintenance and support services for aviation mechanical and electrical systems. The market prospect is good, and it will achieve revenue in 20181.

4.4 billion yuan, net profit of 44.71 million yuan, outstanding profitability.

Since the company’s listing, the company has actively integrated high-quality corporate assets within the group, and at the same time has taken the opportunity to strip off inefficient assets, helping the listed company’s asset quality to continue to improve.

3. As a specialized integration platform for electromechanical equipment, the company with asset securitization as a specialized integration platform for electromechanical systems under the aviation industry has been developing continuously through endogenous extension in recent years and has continued to grow.

The company has acquired high-quality enterprises such as Guizhou Fenglei, Fengyang Hydraulics, Yibin Sanjiang, and Xinxiang Aviation. The existing airborne system still has high-quality enterprise assets related to aeronautical machinery and electrical business such as Wuhan Instrumentation, Hefei Jianghang, and 609, 610 involvedThe assets are both profitable institute assets.

In the context of the current accelerated acceleration of military asset securitization, it is expected that the company’s future capital operations will still have great promise.

4. Carry out equity repurchase, which is expected to benefit from equity incentives and other reform dividends. The announcement of the reorganization of the company intends to repurchase shares with its own funds, totaling 1.

5 ppm-3 ppm, the repurchased shares will be used for employee shareholding or equity incentives, and conversion of convertible bonds.

On January 22, the company’s repurchase period expired, with a total accumulated repurchase amount of approximately 1.

55 ppm, repo price range 6.


09 yuan / share.

The aviation industry to which the company belongs is the only military enterprise selected as a pilot of state-owned capital investment and operation companies, and has been authorized to grant rights in terms of equity incentives.Major breakthroughs in wage reform.

We believe that the company has always been a pioneer in the reform of military industrial enterprises, trying to continue to deepen the reform and fully enjoy the bonus release brought by the industry reform.

5, performance forecast predicts that the company’s net profit attributable to the mother for 2019-2021 will be 9 respectively.

64 billion, 11.

7.5 billion and 13.

82 ‰, corresponding estimates are 29, 24, and 20 times, giving a “strong recommendation-A” rating!

Risk reminder: technical risk of aviation product research and development; risk of asset operation falling short of expectations

Shennan Circuit (002916): Three major businesses grow together, the future space is still wide

Shennan Circuit (002916): Three major businesses grow together, the future space is still wide

Company dynamics The company’s annual report released shows that it achieved operating income of 76 in 2018.

2 billion, an annual increase of 33.

68%, net profit of non-attributed mothers 6 was realized.

4.7 billion, an annual increase of 69.


The company’s profit distribution plan is to pay a cash dividend of 7 for every 10 shares.

5 yuan (including tax), 2 shares for every 10 shares, the company found that the dividends accounted for 30% of the net profit of 2018.


In addition, the company expects net profit attributable to mothers1 to March-March 2019.


8.7 billion, an annual increase of 40% -60%.

Matters comments The future growth of the three major businesses will continue to be broad. According to the 2018 annual report, the company’s printed circuit board, package substrate, and electronics assembly joint revenue accounted for 70%.

76%, 12.

45% and 12.

19%, revenue growth rate of the three major business segments were 38.

15%, 25.

52% and 27.

09%, the results show that the company’s three major businesses have shown good growth.

The company’s printed circuit boards focus on communications equipment and focus on the aerospace and industrial control fields.

The growth of the PCB business mainly benefited from the technical transformation of the Nantong plant and the ramp-up of production capacity. At the same time, the product structure adjustment and optimization of the Longgang and Wuxi plants led to the improvement of profitability.

The company’s PCB business is deeply bound to the leading manufacturers of communication equipment. From the annual report, the company’s top three customers’ revenue accounted for 24.

76%, 6.

87% and 3.

twenty four%.

With the development of 5G commercialization, we believe that the construction of base stations of the three major domestic operators will significantly stimulate the PCB demand for wireless base stations, bearer networks and core networks. The performance of the company’s communications PCB segment will maintain rapid growth in the next two years.

Overall, the company has become the world’s leading supplier of PCBs for RF power amplifiers for wireless base stations, and is also a major aerospace PCB supplier in the Asia-Pacific region.

The company’s packaging substrate business currently focuses on acoustic MEMS packaging substrate products. The products are subdivided into Apple, Samsung and other products. This segment has maintained market leadership with a market share of over 30%.

At present, the global packaging substrate market space is on the order of 8 billion to 10 billion US dollars. The main suppliers include Xinxing, Bifi, Samsung Electric, Jingshuo and other companies.

From the perspective of market share, the concentration of this field is relatively high, with the market share of the top ten companies at 83.


The company’s overall global market share is less than 2%, and its customers cover global mainstream packaging companies such as Anli, Sun Moonlight, and Changdian Technology.

We believe that the domestic packaging and testing industry has achieved an integrated market share globally, the company’s packaged substrate business has reached a better customer base, and at the same time the domesticization of the internal memory chip field has accelerated, and the company has a bright prospect of domestic substitution in this business.

The company’s electronic assembly business serves the “three-in-one” strategy and forms a good business synergy for the PCB and package substrate business.

According to the company’s report, the business growth rate was 27%, which was mainly due to increased demand for products in the communications field.

The company’s profitability is significantly better. Looking at the company’s profitability, the gross profit margin and net profit margin in 2018 were 23 respectively.

13% and 9.

19%, 0 each year.

73pct and 1.29 points; ROE 20.

38%, a decline of 5 per year.

23pct, mainly due to the company’s share capital expansion of 70 million shares after listing.

The sales expenses, management expenses, research and development expenses and financial expenses are totaled as period expenses, and the company’s current period expenses7.

10%, a decline of 6 per year.

48 points.

Taken together, the company’s profitability has improved significantly.

The company’s inventory turnover days were 73.

14, a slight decrease every year; accounts receivable turnover days 57.

17, rising each year; free cash flow of the company is -7.

8.4 billion, mainly due to the company’s purchases of wealth management products.

600 million, if you exclude this factor, the company’s free cash flow will increase by 121 every year.


From the perspective of the company’s capital structure and ability to repay debt, the company’s asset-liability ratio is 56.

32%, a year down 1.

12pct; the company’s current ratio and quick ratio are 1.

21 and 0.

82. The annual decrease is mainly due to the increase in accounts payable of the company44.

6%, the data shows that the company is more powerful than the supplier.

The company’s IPO project has not yet generated income. 杭州夜网论坛 This year’s preliminary volume report of the company’s construction in progress and fixed assets growth of 10 years were 30.

15% and 21.

28%. The increase in construction in progress was mainly due to the construction of the “Semiconductor High-End High-Density IC Carrier Board Product Manufacturing Project” construction. The increase in fixed assets was mainly due to the conversion of the “common high-speed high-density multilayer printed circuit board (Phase 1) investment project”.

We believe that the company is an asset-heavy enterprise, and the construction in progress and the improvement of fixed assets guarantee the company’s growth.

From the perspective of expansion projects, the company ‘s IPO fund-raising project “Sum General High-Speed High-Density Multilayer Printed Circuit Board (Phase 1) Investment Project” and “Semiconductor High-End High-Density IC Carrier Board Product Manufacturing Project” have progress rates of 98% and31%, has not yet generated revenue.

However, from the perspective of production capacity, the capacity of PCB and IC substrates in the investment projects increased by 25% and 200% respectively. It is expected that the production capacity of the two projects will be released in 2019.

We believe that breakthroughs in the company’s production capacity will guarantee future performance growth.

Earnings Forecasts and Estimates Due to the company’s 2018 performance expectations, we raised our 2019-2020 performance forecasts, specifically: to achieve operating income of 95-20 in 2019-2021.

05 billion, 120.

9 billion, 155.

34ppm, with annual growth of 25.

03%, 27.

20% and 28.

49%; net profit attributable to shareholders of the parent company is 9.

9.6 billion, 13.

06 billion and 17.

1.7 billion yuan, with annual growth of 42.

91%, 31.

11% and 31.

50%; EPS is 3.

52 yuan, 4.62 yuan and 6.

07 yuan, the corresponding PE is 37.

07, 28.

27 and 21.


In the next six months, maintain the “cautious increase” rating.

Yutong Technology (002831) Interim Review: Steady Revenue Growth, Gross Margin Improved Quarter by Quarter, Multi-factor Resonance Drives Profit Up

Yutong Technology (002831) Interim Review: Steady Revenue Growth, Gross Margin Improved Quarter by Quarter, Multi-factor Resonance Drives Profit Up
Key points of the report Description Yutong Technology released the semi-annual report that in 2019H1, the company will realize revenue / net profit attributable to mothers / non-net profit 36.84/2.96/2.340,000 yuan, 12 changes within a year.09% / 11.22% / 16.16%; in a single quarter, revenue / net profit attributable to mothers / non-net profit deductions18.99/1.42/1.3 trillion, fluctuating within ten years.59% / 11.81% / 6.26%.  Incidents commented that the revenue in the first half of the year increased by 12%, and the revenue in the second quarter alone accelerated, and the growth rate was in line with expectations.In terms of categories, boutique boxes / instruction manuals / cartons / stickers / other businesses grew by ten in ten years.30% / 3.62% / 3.70% / 72.55% / 99.47%, of which, in the first half of the subdivision of the volume of smart phones4.Under the background of 3%, the company’s boutique box business remained at 7.The 30% increase was mainly due to the company’s continued promotion of new categories and new customers: in terms of categories, the company’s development of smart hardware, tobacco and alcohol, health, cosmetics and luxury products in the first half of the year; in terms of customers, the company continued to improveInternal share. In the first half of the year, while the share of major customers such as Xiaomi, Lenovo and Harman increased, it also actively explored new customers and expanded high-quality large customers including P & G and Unilever. It is gradually relying on a single customer.The rapid growth of self-adhesive business is mainly due to the increase in orders of Shenzhen Yunchuang customers (Note: Shenzhen Yunchuang mainly provides customers with high-end marketing visual solutions, commercial printing solutions, personalized custom solutions, small batch packaging 杭州桑拿 solutions and anti-counterfeitingTraceability solutions, etc.); The rapid growth of other businesses mainly comes from the consolidation of Jiangsu Dejin.In the second and third quarters, benefiting from continued business development, the company’s revenue growth accelerated, increasing by 13 per year.59% to 18.9.9 billion yuan (1st quarter revenue growth rate was 10.54%).  Risk Warning: 1. The RMB has appreciated significantly and the prices of raw materials have risen sharply; 2. Sales of major customer products fell short of expectations.

Shoukai (600376) May 2019 sales data review: Sales continue to be beautiful and slightly positive

Shoukai (600376) May 2019 sales data review: Sales continue to be beautiful and slightly positive
Event: On June 10, Shoukai announced May sales data, and in May it achieved a contract value of 92.2 ‰, +52 a year.8%; Achieved contracted area of 32.50,000 square meters, +30 per year.4%; From January to May, the accumulated contract amount was 321.400 million, +36 a year.9%, with a cumulative contract area of 115.60,000 countries, +28 per year.7%. Comments: In May the company was 9.2 billion U.S. dollars, previously + 53%. The cumulative sales in January-May were 31.2 billion U.S. dollars, twice + 37%. In May, the company achieved a contract value of 92.200 million, compared with -27.2%, +52 per year.8%, a decrease of 17 from last month.5 points, which is significantly higher than the average monthly average of +17 for a single month in May of the 50 Kerer mainstream housing companies.0%; Achieved contracted area of 32.50,000 square meters, -21 ring.6%, +30 per year.4%, an increase of 22% from the previous month.7pct, the performance reached the high-frequency tracking of 45 cities in May with a transaction area of +7 each time.6%; the average selling price is 28,363 yuan / square meter, which is -7 from the previous month.1%, ten years +17.1%.From January to May, the company gradually realized the contract amount of 321.400 million, +36 a year.9%, completed the initial sales plan 31.8%; Signed area of 115 is gradually realized.60,000 square meters, +28 a year.7%. The average selling price was RMB 27,806 / sqm, which was an increase of 4 from the previous 18 years.2%.Considering that 75% of the company’s soil reserves are located in strong first- and second-tier cities, and 31% of total soil reserves are located in Beijing, the current first- and second-tier markets are affected. It is expected to gradually or exceed expectations in 19 years. In May, 3.6 billion land was acquired, + 9% per year, and the land acquisition / relative ratio was 39%. The land acquisition was stable and slightly positive. In May, the company acquired 3 projects in Wenzhou, Fuzhou, and Zhuhai 3 cities, corresponding to the added surface 61.60,000 square meters, previously +500.2%; corresponding to the total land price of 35.600 million, ten years +9.1%, taking up 38% of the land.6%; the average floor price is 5,776 yuan / square meter, and the average land price in the early 18 years was -69.4%, mainly due to the decline in the energy level of the city in May.From January to May, the company won a total of 5 projects, increasing the planned area by 104.60,000 countries, +109 for ten years.3%; corresponding land price of 98.1 ‰, +2 for ten years.5%; the average floor price is 9,378 yuan / square meter, up to -51.0%; take up 30% of the land.5%, taking the average price of land as the average selling price of 33.7%.The company’s acquisition of land from January to May was generally stable, but it started to be slightly positive in May and considered that costs could be controlled. For the important targets of the Beijing State Reform, actively explore diversified incentive mechanisms. The advantages of the integration of state-owned assets in Beijing have been outstanding for 18 years. The Beijing Municipal Government has successively issued three-year action plans and supporting documents for the State Reform.With the introduction of the incentive budget, Beijing’s national reform has accelerated significantly.At the same time, Shoukai has launched two rounds of cash incentive programs, which are among the state-owned enterprises that earlier explored diversified incentive mechanisms. It can be said that the company survives in the market-oriented reform gene; instead, the company has total assets and net assets.Indicators such as operating income and net profit are far ahead of other Beijing state-owned housing companies, giving them a clear advantage in the horizontal integration of 14 Beijing state-owned housing companies. The recent merger of the first Kailuo Real Estate Group may also indicate the start of integration,The company is expected to further expand the quality soil storage in Beijing. Investment suggestion: The sales will continue to be beautiful, take the land slightly positive, and maintain the “Strong Push” rating. As the Beijing-owned state-owned housing enterprise, under the background of the accelerated state reform in Beijing, make full use of the rich experience of incentive programs and the integration of state-owned assets in Beijing.The significant advantages will be an important target of the 北京夜生活网 Jingguo reform; since the company was reorganized and listed in 2007, it has actively transformed, deeply cultivated in Beijing, and actively expanded outside Beijing to promote rapid sales growth, becoming the first domestic 100 billion local state-owned housing enterprises; currently the companyThe layout is mainly strong first-tier and second-tier, and is the king of Beijing’s land reserve. The first-tier and second-tier transactions are restored to its resale flexibility.We maintain our projected earnings for 2019-201.41, 1.63 yuan, corresponding to 19 years of PE is 6.3 times, the net asset value discounted to 55%, according to the 19-year target PE9.0 times, maintaining target price of 12.67 yuan, maintaining the “strong push” level. Risk warning: the real estate market adjustment policy tightens more than expected and the industry funds tighten more than expected.

Shandong Gold (600547) 2018 Annual Report Comments: Internationalization Progress Continues

Shandong Gold (600547) 2018 Annual Report Comments: Internationalization Progress Continues

This report reads: Belladero’s rising cost in the fourth quarter caused the company’s performance to fall short of expectations and caused the positioning of 2019 production indicators.

However, the company’s overseas growth continues, and it is optimistic that the gold leader will further expand its output.

Investment Highlights: The annual report performance exceeds expectations, and we maintain an Overweight rating.

2018 youth revenue 547.

8.8 billion, +7 per year.

34%; net profit attributable 杭州桑拿 to mother 8.

760,000 yuan, at least -23.

01%; deduct non-attributed net profit 8.

870,000 yuan, at least -22.

31%; in the single quarter, Q4’s revenue was 175.

2.7 billion, +55.

91%; net profit attributable to mother 1.

06 percent billion, -32.

91%, deducting non-return to mother 1.

1.7 billion, -26.


Taking into account the decline of the Beladero mine grade, the company’s output forecast is lowered, and the company’s 2019/2020 EPS forecast is reduced to zero.


99 yuan (previous value was 0.


39 yuan), plus forecast 1 for 2021.

20 yuan, taking into account the large period of gold price growth expectations, maintain a target price of 37.

2 yuan per share, corresponding to 38 times PE estimates in 2020, the current space is 19%, maintaining an overweight rating.

The decline in Veladero’s grade has affected expected results.

The company’s sales of mined gold were 39.

32 tons, +9 in the past.

57%, outsourced gold / small bullion sales were 99.


69 tons, at least -6.

05 / + 45.

00%, considering that the long-term price of gold fell by 5 yuan / gram, the company supplemented the price by volume, basically in line with expectations.

According to Barrick’s annual report, Bellarad’s total maintenance costs in the fourth quarter were $ 1,352 per exchange rate, equivalent to about RMB 295.

61 yuan / gram, the average income per gram is about 20 yuan, according to Barrick’s fourth quarter disclosure of Bellarode’s fourth quarter equity income (50%) 2.

39 tons (77,000 mm), a total of more than 47.8 million yuan, affecting the company’s fourth quarter gross profit.

Overseas expansion strategies continue.

The controlling shareholder of the company Gold Group and Barrick Gold Company signed the Mutual Strategic Investment Agreement in September 2018 to deepen the strategic cooperation between the two parties and invest in each other’s stocks, with the investment amount not exceeding 300 million US dollars (the two parties are basically equal).

In the future, the company will rely on Barrick’s overseas layout to further expand the global resource map.

In 2019, the company plans to produce gold37.87 tons, due to the expected production index of Beladero, 南京桑拿网 affecting the company’s expected gold output.

Catalyst: The company’s overseas business continues to expand. Risk reminder: the company’s overseas mining grades have further increased; the price of gold is less than expected

FAW Car (000800): Plan to Inject FAW Jiefang Assets to Improve Quality

FAW Car (000800): Plan to Inject FAW Jiefang Assets to Improve Quality

This report reads: The company intends to inject FAW’s assets through asset replacement. It is expected that the company’s asset quality, governance and operating efficiency, and overall competitiveness will significantly improve.

Investment Highlights: Target price of 11 yuan, the first coverage gives the “overweight” rating.

On August 31, 2019, the company announced an asset restructuring transaction report (among them), in which asset replacement and exchange of issued shares are planned to be issued to FAW 29.

700 million shares at an issue price of 6.

71 yuan / share.

The company’s EPS forecast for 2019/20/21 is 0.



08 yuan, with reference to comparable company estimates, taking into account the expectation of the injection of heavy truck leader FAW Jiefang, given a certain estimated premium, given the company in February 2019.

2x PB with a target price of 11 yuan.

Significance of reorganization: improvement in asset quality + elimination of inter-bank competition + reduction in related party transactions.

If the reorganization is completed: (1) The company’s operating income in 2018 will increase by approximately 185%, the net profit attributable to the parent 南京夜网 will increase by approximately 931%, and the total assets will increase by approximately 246%.

(2) The main business of the listed company will be changed to the research and development, production and sales of complete commercial vehicles, and it will no longer compete with the main business armed by other units controlled by China FAW.

(3) Except for related income, the proportion of listed companies’ major related transactions is expected to decrease significantly.

FAW Jiefang’s business covers the entire industrial chain of trucks, with leading additions being significant.

FAW Jiefang’s business covers the entire industrial chain of trucks, including Wuxi Diesel Engine Factory, Transmission Branch, Axle Branch, etc. It is a leading company in the truck industry.

In 2018, FAW Jiefang sold 33 trucks.

40,000 units, with a market share of 9%, of which 26 are heavy trucks.

10,000 units, with a market share of 22.


In 2018, FAW Jiefang’s total operating income was 72.7 billion yuan, an increase of 3% year-on-year, and its net profit attributable to its mother was 14.

500 million, a year-on-year decrease of 35%.

Catalyst: Asset restructuring was approved in advance, and FAW Jiefang ‘s market share was further increased.

Risk Warning: The progress of asset restructuring is less than expected, and the potential impact of truck industry policies on the industry.

147 new funds under review: the worst performing 5 fund PICC assets accounted for two

147 new funds under review: the worst performing 5 fund PICC assets accounted for two

Source: Electric Eel Express Original title: 147 reviews New Fund: Worst performing 5 Fund PICC assets accounted for two seats Just after 2019, stocks and public funds gave investors a satisfactory answer.

  According to the latest statistics, the Shanghai Composite Index increased by 22.

30%, Shenzhen Component Index rose 44.

08%, the small and medium board index rose 41.

03%, GEM index rose 4379%, Shanghai and Shenzhen 300 index rose 36.

07%; at the same time, public funds also have some returns.

Data from China Galaxy Securities show that the return of standard stock funds in 2019 resets 46.

98%, the return of mixed partial funds returned 47.

83%; among fixed-income funds, the return on long-term pure bond bond funds was reset4.

11%, the return of ordinary bond funds (investable bonds) returned 5.

59%, money market fund returns instead of 2.


  ”Eel Express” noticed that there were 杭州桑拿 147 sub-new funds established in December 2018, and the performance in 2019 has clearly differentiated.

There are both recognized funds and funds with returns exceeding 70%.

  It is obvious that the PICC Xinsheng Pure Bond C, which was owned by PICC Asset Management Co., Ltd. and was managed by Liang Ting on December 25, 2018, had a growth rate of -0 in the net value of the re-united units last year.

32%, the worst performance among 147 new funds.

The benchmark benchmark of the fund’s performance is 1.

32%, the fund underperformed performance benchmark1.

64 averages.

  To put it simply, the last return of People’s Insurance Xinsheng Pure Bond A, also managed by Liang Ting, was reset to 0.

05%, ranked fourth from the 147 new funds.

  ”Eel Express” noted that PICC Xinsheng Pure Bond C and PICC Xinsheng Pure Bond A had the lowest yields because of a change on December 3, 2019.

The net value of the unit for the day is 1 from the previous day.

0339 yuan, 0 is recovered in a day.

9599 yuan, a daily decline of 7.


The net worth performance is as follows: What exactly happened on this day?

  ”Eel Express” checked all the fund’s announcements in December and did not find any large redemption announcements at that time.

  On December 5, 2019, PICC Asset Management Co., Ltd. announced the announcement regarding the adjustment of bond bond bond prices held by the fund. The company decided to start the “19 Founder SCP002” held by the subsidiary fund of the company from December 3, 2019(Stock Code: 011900493.

IB), “18 Founder 09” (stock code: 143735.

SH) Estimated adjustments are made in accordance with ChinaBond’s special estimated prices.

  On December 19, 2019, PICC Asset Management Co., Ltd. announced the announcement of PICC Xinsheng pure bond bond securities investment fund suspension of large-scale purchases and regular fixed-term investment business.(1 million yuan) Regular fixed investment and redemption.

  From the time reasoning, it may be like this: On December 3, 2019, PICC Xinsheng pure debts were adjusted based on the special quotes of ChinaBond because of the “19 Founder SCP002” and “18 Founder 09” holdingsThe fund’s net worth plummeted; two days later on December 5, 2019, the fund disclosed an adjustment announcement.

In order to avoid fluctuations in net worth, the fund announced on December 19, 2019 that it will suspend large amount (1 million) subscriptions and redemptions.

  This is only the author’s speculation, what exactly happened that day, we still do not know.

But in the end, PICC Xinsheng’s pure debt became the worst performing new fund.

The holder is innocent.