Ping An Bank (000001) 2019 Third Quarterly Report Review-Performance Maintains High Growth and Steady Progress

Ping An Bank (000001) 2019 Third Quarterly Report Review-Performance Maintains High Growth and Steady Progress

The company’s good strategy of negative capital drive revenue and profit continue to improve, the overall risk is stable, the retail transformation has achieved significant, and future growth is still expected.

Maintain the “overweight” rating.

Event: Ping An Bank’s operating income and net profit attributable to mothers in the first three quarters of 2019 increased further18.

8% and 15.

5%, with an expected average ROE of 12.

85% (annualized), the non-performing loan ratio remained at 1.


Earnings continued to grow at a high rate, generally in line with expectations.

In the first three quarters, the net profit attributable to the mother was +15 for ten years.

5% (+15 in the first half).


Highest income continued to perform well (+18 in the first three quarter quarters).

8%, +18 in the first half.

5%), of which net interest and net fee continued to increase due to the low base last year; gradual provisioning and maintenance remained stable (at least +21 in asset impairment losses in the first three quarters).

9%, + 22% in the first half).

In the third quarter, asset expansion accelerated slightly and the structure became more stable.

The company’s total assets in Q3 were +3 from the previous quarter.

26% (Q1 / Q2 +3 respectively.

26% / 1.

72%): 1) Credit retail credit placement strategy is more robust. In the third quarter, the number of new loans was 69.3 billion. Retail is still a strategic direction (48.4 billion new). The increase in structure is mainly contributed by “other” personal loans (32.7 billion), mainly licensed mortgage loans, small consumer loans and other guaranteed or pledged loans), while credit cards have improved (Q1 / Q2 / Q3 increased by 19 billion / 18.7 billion / 80 billion).Auto lending resumed a slight net increase, and corporate loans also resumed growth (an increase of 20.9 billion).

2) Financial investment was more active than in the second quarter, with an increase of 69.3 billion in the third quarter, which was thought to be due to the increase in bonds and interbank investment.

The margin of loan pricing has weakened, driving the interest rate margin to decrease slightly from the previous quarter.

The company disclosed the first three quarters of net interest margin2.

62%, of which 2 in the third quarter.

62% (Q1 / Q2 is 2.

53% / 2.

71%), mainly due to the decline in the rate of return on assets (Q3 interest-earning asset yield / interest-bearing resistance interest payment rate QoQ Q2 decreased by 10BPs / 2BPs respectively).

1) Return on assets: The decline in loan interest rates is the main reason (down 19BPs month-on-month). The loan rate on public loans has dropped significantly, which is believed to be related to weak corporate financing needs. The personal loan is due to the structural adjustment and the addition of credit cards has decreased.At the same time, some mortgage loans have been 重庆耍耍网 increased, resulting in lower overall yields; 2) The interest rate on interest payments has mainly benefited from the decline in the cost of interbank certificates of deposit, which can still make a positive contribution to changes in net interest margin.

The growth rate of non-interest income decreased from the first half of the year, which was related to the adjustment of accounting standards.

The first three quarters of non-interest income are +14 per year.

2% (+22 in the first half of the year.

1%), it is speculated that the growth rate of other non-interest income in Q3 this year has slowed down compared with the first half of the year due to high bases such as investment income resulting from the conversion of accounting standards last year.

However, the company’s net fee income has increased significantly (first half / first three quarters +2).

5% / + 17.

4%). The decrease was a low base last year. The transformation should also see the positive contribution of the company’s continued transformation of retail transformation. In particular, the wealth management business continued to strengthen, and retail customers’ AUM increased by 6 from the previous quarter.

At 7%, AUMs of private customers meeting standards increased by 9 from the previous month.


Asset quality was generally stable, and provision levels were further consolidated.The Q3 company’s NPL ratio was flat month-on-month (1.

68%), the non-performing balance increased by 1.2 billion, which was longer than the previous two quarters (Q1 / Q2 increased by 5.

100 million / -4.

900 million), while the attention rate and overdue 90 + / bad deviation degree continued to decline Q2 (down 9BPs / 6 respectively.

8 pieces to 2.

39% / about 87%), which may indicate that the company increased the intensity of adverse exposure and disposal in the third quarter, and achieved the overall stability of the book risk data.

The risks of classified loans declined steadily. The NPL ratio of mortgages and auto loans increased slightly from the previous month but remained at a relatively high level, while the NPL ratios of credit cards, new loans and other personal loans declined.

Provisions continued to be actively responded to, and Q3’s provisioning provisions remained positive (Q1 / Q2 / Q3 single-quarter asset impairment losses of 12.9 billion / 14.3 billion / 13.8 billion), and the provision coverage ratio rose to 186.

18% (+3 MoM).


Risk factors: stalling macroeconomic growth; worse-than-expected retail loan quality deterioration.

Investment suggestion: The company’s good strategy of negative capital deployment drives the income and profit to continue to improve, the overall risk is stable, the retail transformation has achieved significant, and future growth is still expected.

Slightly raised the rapid forecast for the growth of net profit attributable to ordinary shareholders of the parent company in 2019/20 to 16.

18% / 16.

8% (previous forecast 15).

69% / 15.

49%), while taking into account the increase in equity after conversion of convertible bonds, the EPS forecast is lowered to 1.


67 yuan (previous forecast 1).


86 yuan), currently expected to correspond to January 2019.


Maintain the “overweight” rating.

Good Mrs. (603848) 2019Q1 review: Smart door lock expansion is still in the investment stage and short-term performance is under pressure to wait for an outbreak

Good Mrs. (603848) 2019Q1 review: Smart door lock expansion is still in the investment stage and short-term performance is under pressure to wait for an 杭州桑拿 outbreak

The core point of view is that the income increases slightly every year, and the net profit increases by +6.


2019Q1 achieved operating income 2.

64 trillion, ten years +0.

27%; net profit attributable to mother is 0.

51 ppm, +6 for ten years.

37%, net profit after deduction is 0.

42 trillion, +5 for ten years.

33%, overall performance was lower than expected.

The extension, affected by the land cycle, and the adjustment of the company’s smart door lock new business strategy, the company’s operating income growth was under pressure.

At the same time, the company withdrew accounts receivable in Q1 2019, other accounts receivable bad debt provision and inventory depreciation provision, the accumulated asset impairment loss increased to 3.5 million yuan, which brought some pressure to the company’s performance growth.

The product structure continued to be optimized, and the expenses for expanding new products increased.

Q1 gross margin constant +6.

57pcpts to 46.

At 09%, the company ‘s smart clothes dryer product conversion was smooth, and its single-quarter gross margin hit a record high.

The cost rate during the period is +3 per second.

33pcpts to 23.

81%, of which, the company made efforts to promote new products such as smart door locks, increased advertising promotion and channel support, and the sales expense ratio +2.

35 points to 16.

23%; management expense ratio (considering R & D expenses) +0.

94pcpts to 7.

72%, financial expense ratio is extra stable, +0.

04pcpts to -0.


Overall, despite the increase in new product promotion expenses, the increase in gross profit margin led to a decrease in net profit margin by +1.

1 to 19.

2%, the increase in engineering business and the promotion of new products dragged down the company’s cash flow.

Achieved net operating cash flow -1.

370,000 yuan, -0 in the same period in 2018.

At $ 99 billion, cash flow increased from estimated net for the same period.

With the extension, the company actively developed the engineering business in line with the trend of hardcover, the company’s account period was lengthened, and the account receivable turnover rate fell by 5 every year.

56; Further, the promotion 深圳桑拿洗浴网 of new products such as smart door locks still needs channels and brand propaganda, and the inventory turnover rate has dropped 2 times.


Investment suggestion: The company is a leader in the field of drying racks, and smart locks are still in the expected period, but based on the company’s extensive channel collaboration, it may gradually usher in gains.

The company’s EPS for 2019-2020 is predicted to be 0.



11 yuan, corresponding PE is 28/23 / 20x, maintain “recommended” investment rating. Risk warning: Real estate sales are less than expected, smart lock business is developing less than expected, and industry competition is intensifying.

What kind of solid solid waste treatment companies are fighting the frontline of epidemic prevention?

What kind of solid solid waste treatment companies are fighting the frontline of epidemic prevention?

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

  Original title: Stock speculation experts!

Today, this sector is soaring. The company that turned out to be a medical waste treatment company is busy fighting the epidemic in response to the menacing new coronavirus pneumonia epidemic. At present, the whole country is actively taking action.

A large number of masks, protective clothing and other medical supplies are consumed in epidemic prevention, and a large amount of infectious medical waste is also generated.

Data show that the daily average of discarded masks in China is over 100 million.

How to deal with it has become a difficult problem.

  The medical waste treatment sector surged across the board today.

Runbang shares, Xingyuan Environment, Xuelang Environment and many other stocks have daily limit, and many of these companies are rushing to the “anti-epidemic” front-line companies.

  It is said that the Prospective Industrial Research Institute is gradually developing, and the current overall market for medical and hazardous waste is more than 10 billion US dollars, and the epidemic will bring about a surge in the size of the relevant market in the short term.

  _Layer-by-layer deployment to deal with medical waste Since the outbreak, the central and local governments have deployed related medical waste treatment.

  Members of ministries and commissions, and the Ministry of Ecology and Environment have continuously issued a number of “Notices on Environmental Management of Medical Wastes Caused by New Coronavirus Infections of Pneumonia”, “Manuals for Emergency Disposal of Medical Wastes Caused by New Coronavirus Infections, and Technical Guidelines (Trial)”Documents, timely deployment of environmental management of pneumonia medical waste.

  The “Notice Regulating the Management of Medical Wastes in Medical Institutions During the Pneumonia Epidemic of New Coronavirus Infection” issued by the National Health and Medical Commission requires that environmental sanitation efforts should be strengthened to promptly dispose of the generated medical waste and avoid various accumulations.

Strengthen the separate collection of medical waste and strengthen the transportation and storage of medical waste.

  Local, in Hubei Province, where the epidemic is most severe, the Provincial Department of Ecology and Environment issued the “Emergency Notice on Effectively Dealing with New Coronavirus Infected Pneumonia Epidemic Response and Strengthening Environmental Management of Medical Waste”, requiring localities to carry out the first timeMedical waste collection and storage of key medical and health institutions, special inspections of medical waste transportation and transfer and centralized disposal of medical waste are carried out to ensure that all medical waste is harmlessly treated.

  In addition, Beijing, Jiangsu, Hebei and other places have also issued regional medical waste management work documents.

The heads of the Ecology and Environmental Protection Department of Sichuan, Hunan, Tianjin and other places also conducted on-site inspections of local solid waste treatment enterprises.

  _Some solid waste treatment companies are fighting the front line of fighting the epidemic?

  It is reported that Qidi Environmental Solid Regeneration Center has a total of 12 medical waste disposal project companies nationwide, which are located in Yichang City, Hubei Province, Shengzhou City, Anhui Province, Huainan City, Anhui Province, Suzhou City, Anhui Province, Jiamusi City, Heilongjiang, and Tongliao City, Inner Mongolia.

  ”At present, there are two key points for medical waste treatment during the outbreak. The first is ‘quick’. All medical wastes related to the epidemic must be collected in a timely manner, processed in a timely manner, and cleared daily.

The second is ‘strictness’. It is necessary to strictly adhere to the standardized disposal of medical waste and ensure the safety of personnel in various departments.

“The person in charge of the environmental medical waste business said.

  Dongjiang Environmental Protection immediately established a leading group for prevention and control work, and quickly launched an emergency disposal plan to comprehensively strengthen the collection, transportation and disposal of medical waste.

Among them, Xiamen Dongjiang has received, transported and incinerated over 100 tons of medical wastes since January 21, including nearly 200 kilograms of infectious medical wastes from patients diagnosed; in Jiangsu and Zhejiang provinces, medical treatment at Dongjiang Environmental Protection ‘s hazardous waste disposal baseWaste handling capacity increased from 19 ton / day to 26 ton / day; in Guangdong, the Guangdong Provincial Comprehensive Hazardous Waste Disposal Demonstration Center in Huizhou is equipped with emergency treatment facilities that handle 4 tons of medical waste and more than 10,000 infected patient beds per day.Disposal capacity.

  7 medical waste disposal projects of Hubei CNPC Youyi Environmental Protection Technology Co., Ltd., an enterprise affiliated to Runbang Co., Ltd., are operating at full capacity to dispose of medical waste to ensure that all designated hospitals and local medical treatments produce “Nissan and Nissin.”

  In response to the current problem of disposal of a large number of discarded masks in Hubei, the subsidiary company of Yingfeng Environment in Xiantao City, Hubei Province has communicated with the local government to use its local waste incineration power plant and garbage transfer system to provide 500 discarded masks for freeCollection point, centralized collection, special 佛山桑拿网 transportation to waste incineration plant for harmless treatment.

U.S. revises standards for developing economies

U.S. revises standards for developing economies
Xinhua News Agency, Washington, February 10th. The U.S. Trade Representative’s Office issued a notice on the 10th with a predetermined list of developing economies, which makes it easier for the US government to initiate countervailing investigations and impose punitive tariffs on some economies.  The latest list of developing economies announced by the United States excludes more than 20 economies including India, Brazil, Argentina, South Africa, Malaysia, South Korea, Thailand, and Vietnam.China is not on the list of developing economies announced by the United States.  The U.S. Trade Representative’s Office published a notice in the US “Federal Chronicle” that day, according to relevant WTO rules and the U.S. countervailing law, in countervailing investigations, 1% of the value of products that are usually supplemented with insufficient amounts is considered a minor supplement and should be terminatedAnti-complementary investigation; but for developing and 杭州桑拿 least developed economies, this cloud can be relaxed to 2%, and the United States Congress authorizes the United States Trade Representative to identify WTO members with ownership of that qualification.  The notice states that the United States Trade Representative published a list of developing and least developed economies in the U.S. countervailing investigations in 1998, but that list is now outdated.The United States has decided to determine whether some economies will continue to apply the 2% micro standard based on the level of economic development (based on GNI per capita), the proportion of global trade, and other factors.  The Office of the United States Trade Representative stated that if an economy meets one of the following conditions: GNI per capita is higher than 1.US $ 23.75 million (the standard set by the World Bank for high-income economies) accounts for 0% of global trade.More than 5%, members of the OECD, the EU or the G20, the United States will identify the economy as an advanced economy, and the 2% micro standard will no longer apply. Original Title: U.S. Revises Standards to Reduce Countervailing Investigations

Hengyi Petrochemical (000703) semi-annual report comment: Interim report meets expectations Brunei project is about to enter the commercial operation stage

Hengyi Petrochemical (000703) semi-annual report comment: Interim 厦门夜网 report meets expectations Brunei project is about to enter the commercial operation stage

19H1 achieved net profit of 12.

7.7 billion, second-quarter profit Short-term first quarter The company released its 2019 Interim Report, which stated that the company achieved operating income of 417.

29 ppm, at least -3.

55%, mainly due to a slight reduction in trade scale; net profit attributable to shareholders of listed companies.

7.7 billion, +2 a year.

94% (4 in the first quarter.

2.3 billion, 8 in the second quarter.

5.3 billion).

The PTA reported strong profitability. As for the improved PTA of polyester, the company participated in the holding of PTA output of 1350 tons per year. The report involved the Yisheng three plants (Zhejiang Yisheng, Yisheng Dahua and Hainan Yisheng) respectively achieving net profit7.

2.5 billion, 4.

$ 8.9 billion and 3.

77 trillion, +3 in the same period of the previous 18 years.

4 billion, +2.

700 million and +1.

600 million in terms of spreads (PTA-0.

65PX) Q1 / Q2 are 840/1273 yuan / ton, respectively. The strong profit of PTA conversion in the second quarter is the leader in the conversion of Q2 performance to Q1.

In terms of polyester, the company has a polyester filament production capacity of 510 tons / year and a polyester staple fiber production capacity of 80 tons / year. There are 7 subsidiaries that report that the main revenue business is polyester, and the total net profit is realized.

82 trillion tons.

Among them, Hengyi Limited achieved a net profit of -0.

21 trillion, net profit for the same period in 20184.

2.8 billion, the reason is that Hengyi Co., Ltd. is a first-level subsidiary and has undertaken the necessary financial expenses; Hengyi polymer, Hengyi High-tech net profit of 0.


08 million yuan, an improvement over the same period in 18 (net profit in 18H1 0.


8.4 billion); Jiaxing Yipeng (consolidated in 18H2), Taicang Yifeng (consolidated in 18H2), Shuangtuo New Material (consolidated in 18H2) and Hangzhou Yichang (consolidated in 19H1) achieved net profit of 0.




58 ppm; overall, polyester benefits have improved compared to the same period in 18, because the report merges PTA into a strong squeeze on downstream benefits.

As for other businesses, it reported that sustainable Hengyi Caprolactam achieved a net profit of zero.

96 trillion, 18H1 is 2.

41 ppm, 19H1 caprolactam business profit is at a historically moderate level; Zhejiang Commercial Bank net profit is 76.

24 billion, 18H1 is 65.

09 million yuan, the bank’s investment income increased slightly.

The Brunei project has been transferred to a full test run. The most important aspect of commercial operation companies at this stage is the progress of the Brunei refining and chemical project. According to the Interim Report, the progress of the Brunei project has been completed by 99%, and all units have been transferred to the linkage.In the test phase, the project is expected to be gradually implemented after the test to achieve full load production and enter the commercial operation phase.

The technical advantages of the project (residual oil processing using flexible coking process, liquid diesel hydrogenation technology), business advantages 北京夜生活网 (convenient import of crude oil, refined oil products sold to Southeast Asian markets, chemical products supporting digestion) and policy advantages (reduction and reduction) are obvious, expectedBetter economic efficiency.

The company’s profit forecast, forecast, and investment rating overseas launches integrated refinery and chemical integration projects in various aspects. The company has overcome difficulties and the Brunei project has achieved satisfactory progress. We maintain the report for the 19/20/21 project capacity utilizationThe rates are 33% / 90% / 90% assuming 19/20/21 net profit of 39.


10,000 yuan, maintain “Buy” rating.

Risk reminder: PX-PTA-polyester industry chain profit growth, Brunei project progress is gradually expected

Kevin Education (002659): Performance turning point or coming

Kevin Education (00四川耍耍网2659): Performance turning point or coming

Event: The company released its annual report and realized revenue in 20182.

4.2 billion, down 61.

01%, net profit attributable to mother-0.

9.8 billion, with a decrease of 521.

14%, deducting non-returning mother -1.

0.6 billion, a decrease of 28.


Basic yield -0.

2 yuan.

Opinion: Education business income increased by 127%.

In November 2017, the company divested the axial steel structure business, and the education business became the main business.

Education business contributed revenue in 2018 2.

09 million yuan, an increase of 127%, accounting for 86% of total revenue.

34%, including tuition and miscellaneous income1.

910,000 yuan, an increase of 139%, income from training fees is 0.

1.8 billion, an increase of 50%.

In addition, the rental fee contributes zero income.

3.3 billion, accounting for 13 of total revenue.


The number of students increased by 64%, with a net increase of 475.

In the 18/19 school year, a total of 1221 students were enrolled in the two schools, an increase of 64% and a net increase of 475.

Haidian School started in September 2016 with a capacity of 1500 people. It is the third academic year of operation with more than 700 students. Chaoyang School opened in September 2017 with a capacity of 4,000 people. It is currently the second school year of operation.There are more than 500 students at school.

Since the two schools are still in the early stages of school construction, they need to strictly control the quality of their students to create a brand. Therefore, each school has an admissions control of 200 to 300 people. Haidian School has obtained AP certification and has become an IB certification school through Chaoyang School (expected 2021Year) and the continuous improvement of the brand influence of the two schools, and the enrollment scale increased.

19 years is expected to usher in a turning point in performance.

18 years to achieve net profit attributable to mother-0.

US $ 9.8 billion, mainly due to the significant increase in depreciation brought about by the consolidation of Chaoyang School. Depreciation in this period has an impact of approximately 9829.

39 thousand yuan.

  Haidian School has generated positive school running surpluses in 18 years, Chaoyang School strives to generate positive school running surpluses in 20 years. If the two international schools are overlapped and calculated, it is expected to generate a positive school running surplus in 19 years.

Investment suggestion: The company is expected to usher in an inflection point in performance in 19 years, relying on the Haidian District SASAC, with prominent educational resources, fully exploiting existing opportunities for cooperation with internationally renowned institutions and clubs, and expanding quality education and training.

Net profit is expected to be zero in 2019/20/21.



4.5 billion.

The overall utilization of the two schools will exceed 80% in 2023, and the net profit will reach 4 at that time.

6 billion, after considering the additional issue, the market value is about 5.5 billion, and it is estimated to be only 12 times.

Risk reminder: International school enrollment is less than expected; brand export business, quality education and training projects are less than expected.

Liangrong’s balance increased by 9 billion yesterday, 30 consecutive trading days higher than 1 trillion

Liangrong’s balance increased by 9 billion yesterday, 30 consecutive trading days higher than 1 trillion

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

  Original title: Liangrong’s surplus increased by 9 billion U.S. dollars yesterday for 30 consecutive trading days. Source: Securities Daily’s “Short-term market replacement is an excellent time to add quality assets.”

“It is based on this consensus. After the holiday, domestic institutional investors increased their holdings and bought their own products, which brought bright colors to the market under the influence of the epidemic. In this case, the northbound funds were bold enough to” bottom-sweep “.At the time of the adjustment, it set the second largest net inflow record in history in a single day.

The keen financing and margin trading funds have also maintained a steady growth trend.

  ”Securities Daily” reporter found that according to the flush flush statistics, as of February 6, the two cities in Shanghai and Shenzhen had a balance of 10,324.

3.6 billion, an increase of 90 from the previous trading day.

08 trillion U.S. dollars, achieving growth for two consecutive trading days, which is also the balance of Rongrong’s 30 trillion consecutive trading days.

  In the medium and long term, market changes under the influence of this epidemic will generally occur every year to provide an opportunity to capture over-sold varieties and increase high-quality assets with high economic prosperity.

“Don’t sell stocks based on inexplicable panic.

There are two types of decline and dispersion that will not rise back and eventually rise back. The impact of the epidemic on the market is the second.

Hu Jianping, who invests in Shibei, said that it is only a matter of time to overcome the epidemic.

  In fact, in order to guide investors to rationally and objectively analyze the impact of the epidemic, various measures to maintain the stable operation of the market have been released.

Recent regulatory changes have made at least six major policy adjustments: one is to extend the time limit for approval of company debt licenses; the other is to clarify the time limit for the IPO issuance and the calculation of the validity period of refinancing approvals; the third is to study the extension of periodic reports; the fourth is some companies 2019The annual report can be applied to the stock exchange for an extension until April 30, 2020, according to regulations. The fifth is to appropriately relax the time limit related to mergers and acquisitions and reorganization business. The sixth is to reasonably extend the validity period of relevant business licenses for stocks and bonds.

  In this context, although the average decline of the Shanghai and Shenzhen stock indexes opened on February 3 was more than 7%, the performance of the two financing funds was evenly calm, and 342 stocks with two financing targets showed net financing buying status.

During the period from February 3 to February 6, the net purchase amount of financing during the pharmaceutical and biological industry reached 49.

US $ 5.9 billion, ranking first, while the electrical equipment and electronics industries respectively made net purchases of 17 during the period.

09 billion and 15.

69 trillion followed closely. On average, six Shenwan Tier 1 industries including chemical industry, media, leisure services, automobiles, national defense industry, and food and beverages also showed net purchases during the period.

  In this regard, Xu Yong, an analyst at Bohai Securities, said that the epidemic is only a gradual one. In the medium and long term, core pharmaceutical assets that are compliant with policy trends and have fundamental support are still hot spots in the market.

In terms of allocation, Xu Wen, an analyst at Xiangcai Securities, suggested that Chinese medicine companies related to the epidemic be concerned in the short term.

It is recommended to focus on “light medicine, heavy medicine and heavy consumption”, and pay attention to the following main lines: first, leading enterprises with exclusive product advantages such as products; second, certain varieties of consumer attributes.

With the expansion of the annual report performance disclosure period, it is recommended to pay attention to individual stocks whose performance forecast exceeds expectations, especially industry leading companies.

  In terms of target stocks, since February 3 until February 6, 566 two financial target stocks have been favored by financing customers, showing a net purchase trend of financing.

Specifically, the net purchase amount of 74 target stocks was more than 100 million US dollars, and the Ningde Times used the net purchase amount of 12 as the financing period.

The 16 trillion ranks first, and the net financing amount of TCL Technology during the period also exceeded 1 billion, reaching 10.

Net purchases of five specimens including Guoxuan Hi-Tech, Anjie Technology, BGI, Terad, and GEM were also above US $ 400 million.

  In fact, investors who are willing to raise funds are investors who are confident in A shares. The target stocks bought by a large amount of financing are popular and able to resist the risk of falling down. However, when investors can quickly avoid risks,, The stocks that can be reversed by the financing customers are more worthy of attention.

  It is worth mentioning that the above seven key types of financing passenger traffic have been terminated on February 7 and have been “filled”, and in the last four trading days, they can refresh the new high in 2020, and the sustainability of Ningde TimesIt hit an all-time high on the intraday on February 6, and has since concussed and consolidated.

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.

BTG Hotel (600258): Expected improvement, estimated repair, seized opportunities at the bottom

BTG Hotel (600258): Expected improvement, estimated repair, seized opportunities at the bottom
After extreme pessimism from the second half of last year to the beginning of this year, the market’s expectations for hotel companies have bottomed out, and the fundamentals have stabilized. With the hotels at home and abroad, the current market value of BTG is underestimated and there is only room for repair in the short term. Q1 isIn the off-season of hotel operation and the high base in the first half of last year, we believe that the real improvement of fundamentals will take place in the second half of the year, with economic transformation and mid-range hotel volume, and the growth momentum of BTG will 武汉夜网论坛 still be sufficient. At that time, performance and expected promotion will increase at the same time.Ushering in a double-click opportunity, investors are advised to make arrangements for dips.We expect the company’s net profit attributable to its parent to be 8 in 2018-2020.9/9.8/11.7 trillion, giving the first brigade 25 times PE estimates for 19 years, 12 times EV / EBITDA estimates, a reasonable market value of 245-300 billion, 28% space57%, maintain “strongly recommended-A” rating. Estimate analysis: at the bottom of history, there is already 50% room for improvement. 1) Review of history: It is estimated that it is back to the bottom, and the operation is obviously better than the historical low.The historical PE of BTG is 20-40 times. The two historical low valuations have been accompanied by a significant decline in operating data and performance. The current 20 times has turned into a historical bottom, but the endogenous growth in the next two years is still about 20%. It is obviousHistorical trough. 2) Benchmarking domestic counterparts: It is estimated that the operating difference will be expanded, and the BTG will break through the explosive potential.At present, the evaluation of China Living PE is 46x, and it is the first two-person brigade, but only 50% in operation.Rujia’s performance after returning to A-shares is good, and its business strategy is also converged with Huazhu. Future performance and estimates are also expected to replicate Huazhu’s amazing performance. 3) Benchmark overseas counterparts: weak stability and strong growth, the first trip is estimated to be quite cheap.The hotel operation of foreign countries in BTG has higher volatility but better growth. At present, 18 years of PE in mature overseas hotels are estimated to be 25 times, and EV / EBITDA is estimated to be 15 times. Fundamentals: Stabilizing and waiting for a rebound, performance growth still has an advantage. 1) Industry dimension: 18Q4 business data stabilized, and the industry need not be pessimistic in 19 years.Recent data shows that the overall performance of the hotel industry in the fourth quarter of 2018 is better than that in the third quarter. In 2019, factors that inhibit macroeconomic factors have decreased. The government has also promoted tax and fee reductions, and hotel supply-side investment has accelerated.possibility. 2) Company budget: The mid-range volume of economic upgrades will increase the growth of BTG.In 19 years, the growth momentum of BTG’s performance has accumulated, and the upgrading and transformation of the previous budget hotels will drive RevPAR to continue to grow. The newly opened mid-range hotels are in the growth stage, releasing incremental performance, and the new stores will also accelerate their expansion this year. Risk reminders: Macroeconomic fluctuation risks; systemic risks 杭州桑拿网 in the tourism industry; improvement in operating data than expected; opening less than expected; increased risks of lifting the ban.

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.