A collection of chief views of Guangdong Kai strategy: focus on the benefits of counter-cyclical restructuring

A collection of chief views of Guangdong Kai strategy: focus on the benefits of counter-cyclical restructuring
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  Yuekai Strategy | Chief Opinion Zhou Huicui: The original Yuekai Chongli City, which focuses on the reduction of beneficial samples in the reverse cycle. Guangdong Yuekai Chongli City, one of the macro: the subsequent counter-cyclical gradually increase its strength.In terms of monetary policy, we will continue to maintain accommodative funding, reduce MLF and LPR interest rates (on February 20, the probability of MLF interest rates will be lowered by about 10bp), loosen refinancing policies, and exacerbate targeted loans to regions and industries hindered by the impact of eventual factors.stand by.In terms of fiscal policy, we will increase the fiscal deficit rate to even exceed 3%, expand and increase the amount of special debt, and implement targeted reductions such as statutory reductions.  Recommended industry / subject: Interest rate debt recommendation logic: Weak economic recovery is interrupted, and monetary policy continues to be loose.  Second, the strategy: the refinancing policy is loosened, and the counter-cycle is carried out regularly. The core point of view: We believe that there are three possibilities for the follow-up trend. First, the index is strong, and it continues to expand the space.With the gradual reduction of event factors, the index will still return to the operating trend of regression. Benefiting from the stable growth policy and the recovery of corporate profits, we are more optimistic about the market in the first half of the year.Take the Shanghai index week k-line high point in early 2018 and the high point before the 2020 Spring Festival to obtain a downward trend line. If the recent rebound of the index breaks through this downward trend line, it will prove the index trend. If it is calculated according to the shape of the head and shoulders, The target of continuing to attack is about 3300 points, and this is also the area where the previous high was located.  Second, the market entered a consolidation phase after quickly covering the gap.The market is under the strong influence of strong policy protection, the sharp increase in capital from the north, and the repurchase of some funds. The relative shortfall will be quickly covered, and then the market will enter the consolidation phase. It is likely to consolidate around the 3,000-point area (according to the beginning of 18)) Calculate from the high point of 3587 and the low point of the early 1940 to 2440 points. The half is about 570 points. Use 3587 570 points to get a 3000 point area.)  Third, the index may be technically adjusted, but with limited scope.The market is gradually repairing the losses caused by the impact of the event. There is also a process of reconfirmation after continuous growth. The index faces the expectation of technical adjustment, but we believe that the scope of this adjustment is limited: from a policy perspective, countercyclical adjustmentsThe policy is expected to continue to exert force; considering the release time of the performance report, we believe that the market still has better operating opportunities.  Recommended industries / targets: Recommended logic for refinancing unbundling + counter-cyclical restructuring to benefit the target: (1) The refinancing policy is unbundled, and the capital market is welcoming good.From the perspective of fundraiser, the biggest beneficiaries are SMEs with strong profitability, and they are optimistic about the TMT industry and biomedical technology innovation companies.From the perspective of the underwriter, the biggest benefit is the securities sector.  (2) The counter-cyclical contraction is expected to continue to exert force, attracting attention to sector opportunities.The short-term economy is facing a certain test, and the counter-cyclical breakthrough is expected to continue to exert its strength. The relevant sectors and cyclical industries that stabilize people’s livelihoods can focus on: agriculture, forestry, animal husbandry, fishery and food and beverages may continue the last growth momentum; expand the manufacturing and cycle sectors.  Risk reminder: Investment is risky, you need to be cautious when entering the market. The following is part one of the main text. Macro: Gradually improving the subsequent counter-cyclical and further exerting the core point of view.In terms of monetary policy, we will continue to maintain accommodative funding, reduce MLF and LPR interest rates (on February 20, the probability of MLF interest rates will be lowered by about 10bp), loosen refinancing policies, and exacerbate targeted loans to regions and industries hindered by the impact of eventual factors.stand by.In terms of fiscal policy, we will increase the fiscal deficit rate to even exceed 3%, expand and increase the amount of special debt, and implement targeted reductions such as statutory reductions.  Recommended industry / subject: Interest rate debt recommendation logic: Weak economic recovery is interrupted, and monetary policy continues to be loose.  Second, the strategy: the refinancing policy is loosened, and the counter-cycle is carried out regularly. The core point of view: We believe that there are three possibilities for the follow-up trend. First, the index is strong, and it continues to expand the space.With the gradual reduction of event factors, the index will still return to the operating trend of regression. Benefiting from the stable growth policy and the recovery of corporate profits, we are more optimistic about the market in the first half of the year.Take the Shanghai index week k-line high point in early 2018 and the high point before the 2020 Spring Festival to obtain a downward trend line. If the recent rebound of the index breaks through this downward trend line, it will prove the index trend. If it is calculated according to the shape of the head and shoulders, The target of continuing to attack is about 3300 points, and this is also the area where the previous high was located.  Second, the market entered a consolidation phase after quickly covering the gap.The market is under the strong influence of strong policy protection, the sharp increase in capital from the north, and the repurchase of some funds. The relative shortfall will be quickly covered, and then the market will enter the consolidation phase. It is likely to consolidate around the 3,000-point area (according to the beginning of 18)) Calculate from the high point of 3587 and the low point of the early 1940 to 2440 points. The half is about 570 points. Use 3587 570 points to get a 3000 point area.)  Third, the index may be technically adjusted, but with limited scope.The market is gradually repairing the losses caused by the impact of the event. There is also a process of reconfirmation after continuous growth. The index faces the expectation of technical adjustment, but we believe that the scope of this adjustment is limited: from a policy perspective, countercyclical adjustmentsThe policy is expected to continue to exert force; considering the release time of the performance report, we believe that the market still has better operating opportunities.  Recommended industries / targets: Recommended logic for refinancing unbundling + counter-cyclical restructuring to benefit the target: (1) The refinancing policy is unbundled, and the capital market is welcoming good.From the perspective of fundraiser, the biggest beneficiaries are SMEs with strong profitability, and they are optimistic about the TMT industry and biomedical technology innovation companies.From the perspective of the underwriter, the biggest benefit is the securities sector.  (2) The counter-cyclical contraction is expected to continue to exert force, attracting attention to sector opportunities.The short-term economy is facing a certain test, and the counter-cyclical breakthrough is expected to continue to exert its strength. The relevant sectors and cyclical industries that stabilize people’s livelihoods can focus on: agriculture, forestry, animal husbandry, fishery and food and beverages may continue the last growth momentum; expand the manufacturing and cycle sectors.  Third, non-bank financial: investment bank in January, the brokerage business is better Core view: SW non-bank financial index increased by 1 this week.33%, underperforming the CSI 300 Index by 0.93 first-tier and second-tier sub-sectors grew across the board, with the largest increase in the diversified financial sector, a decrease in the insurance sector, and an increase of 2 in the brokerage sector.29%, all securities brokerage stocks except CITIC Construction Investment increased, Guoyuan Securities rose more than 10%.  Listed securities companies released their January financial reports, which showed an increase in performance, but a decrease from the previous quarter.In total, 23 comparable listed securities firms achieved a total operating income of US $ 17 billion in January, an increase of 5 years.64%; realized a net profit of 6.9 billion yuan, an annual increase of 16.81%, down 47 from the previous month.8%.The top three securities companies in January with net profit in January were CITIC Securities, Haitong Securities and GF Securities. The four securities companies’ January net profit increased by more than 100%. They were Guoyuan Securities, Soochow Securities, CITIC Construction Investment, and Zhejiang Merchants.Securities.Investment bank in January 2020, the market indicators of the brokerage business are good, ipo scale exceeded the growth of 228%, and turnover exceeded 72% growth.  Recommended industry / subject: CITIC Securities (600030) Recommended logic: CITIC Securities (600030): CITIC Securities achieved net profit of 8 in January.USD 8.5 billion, ranking first in the industry, with an annual increase of 17.49%.The company’s operating income in 2019 was 431.US $ 7.7 billion, an annual increase of 16%; net profit attributable to mothers 122.8.8 billion, an annual increase of 30.86%, securities investment business and investment banking business are growing every year.CITIC Securities has diversified its business and expanded its risk control capabilities. The acquisition of Guangzhou Securities has entered the stage of deep integration, gradually accelerating the pace of wealth management transformation, and recommends industry leader CITIC Securities.  4. Communication: Focus on 5G and pay attention to the core perspective of downstream applications: 2020 is the era of large-scale construction of 5G, transforming operators’ centralized procurement and transformation, and the short-term communications sector configuration opportunities are highlighted. It is recommended to focus on the performance of the target.At the same time, through the increase in the number of 5G base stations, we are optimistic about 5G downstream applications, such as ultra-high-definition video, cloud gaming, industrial Internet of Things, and other applications. We recommend paying attention to the two main lines: 1. With the start of 5G construction, operator capital expansion increases.The performance of the communications industry is picking up, focusing on the 5G core beneficiaries: ZTE, Hudian, Shennan Circuits; 2. Video conference related stocks: Huichang Communications, CV Source, 263; 3, Cloud computing related: HaloXinwang, Xinyisheng, Zhongji Xuchuang, etc.  Recommended industries / subjects: Beixinyuan (300352) Recommended logic: Beixinyuan (300352): 1, instant messaging, video conferencing, mobile attendance punch card, secure cloud provided by Xinyuan Doudou under the company flag (Jin Qilin analyst)Remote collaborative office functions, such as disks, maximize, and also provides unique secure remote office functions.2. The actual controller terminated the reduction plan in advance and promised not to reduce it before August 30.3. Beixinyuan anti-virus system V3.0, Beixinyuan instant messaging source Doudou V4, Beixinyuan host monitoring and auditing system V1.Three other products such as 2 participated in the Compaq All-in-One Desktop Cloud to complete the compatibility test and obtained certification, and became part of Huawei’s operating system ecosystem.  V. Media and education: The core point of view of the layout of the offline industry and the underestimation of recovering demand: At present, the risk has gradually become predictable and controllable. It is recommended to layout from two aspects: (1) the impact of the incident, and some breakdownDemand suppressed in the field is recovering, such as offline industries; (2) Underestimated targets.  Recommended industry / subject: Light Media (300251.SZ), Chinese Media (600373.SH) Recommended logic: Light Media (300251.SZ): (1) Platform title content vendors focusing on premium content; (2) 2019 is the first year of the Chinese myth series, and subsequent IP releases are designed to provide continuous and stable high-quality animation implants; (3) EvaluationReasonable, 30 times PE in 2020.  Chinese Media (600373.SH): (1) The net profit of mobile games accounts for about 70%, and the rest is a stable publishing business; (2) It is estimated to attract 9 times PE in 2020.  VI. Automobiles: New energy vehicles in 2020 will usher in a strong new product cycle year. Pay attention to the core view of Tesla’s industrial chain: the first week of February 2020, the automobile CITIC index will increase 3.12%, outperforming the broader market 1.69%, we think: (1) Vehicle: We believe that in the short term, upstream raw materials in the vehicle industry are tight, deterministic replacement of price increases, and the profitability of OEMs is under pressure; in the long term, we are still optimistic about leading companies of independent brands.In 2020, new energy vehicles will usher in a strong new product cycle year. Tesla + Volkswagen and other international OEMs will start a new product cycle. Downstream demand will significantly improve. Instead of stimulating policies such as non-regression, industry opportunities will change.year.  (2) Parts and components: Tesla’s Shanghai plant has resumed production this week, and the weekly production capacity has reached 3,000 units. The recovery progress exceeds expectations. The Tesla industry chain standard is recommended. We believe that after the previous Tesla industryAfter the rise in the market, the industry has gradually differentiated. It is recommended to focus on irreplaceable companies with obvious technical and cost barriers in the industrial chain, as well as companies that can add space insulation, which is beneficial to the Tesla industrial chain and domestic joint venture electric vehicles.Blessing of new product cycle.  Recommended industries / target: Tesla’s industrial chain and components: Sanhua Intelligent Control (002050), Zhongding (000887), Power battery materials: Tianci Materials (002709), Dangsheng Technology (300073) Recommended logic: SanhuaIntelligent control: 1) Tesla’s irreplaceable target in the industrial chain, 2) It is expected to become a thermal management integrated supplier after Y-type localization, and the value of bicycles is expected to significantly increase; 3) The absolute leader in thermal management of new energy vehiclesIncreased share + joint venture drives high growth in the industry, and the company’s future performance will continue to exceed expectations.  Zhongding shares: 1) Tesla’s industry chain is estimated to be the lowest target, which is significantly lower than the industry average of AutoZero. 2) The growth of performance is stable. It is estimated that 2020 will be attributable to 10 billion, corresponding to 11 times PE.3) The effect of mergers and acquisitions after the acquisition will gradually be realized in 2020.  Tianci Materials: 1) High growth of Tesla’s domestic drive industry, 2) New models of Volkswagen’s MEB platform are launched, new product cycles of new energy vehicles are launched, 3) As a leader in segmented industries, the company has a complete upstream and downstream industry chain, which has obvious advantagesCost advantage.  Dangsheng Technology: 1) The company accrued goodwill impairment and bad debts in 2019, and the actual net profit is expected to exceed 20% +, and it will be loaded lightly after accrued impairment in 2020; 2) The company has now supplied Tesla through LG, Will continue to benefit from Tesla’s domestic replacement dividend.  VII. Medicine: Rising blood group industry demand, focusing on the core of the industry’s leading point of view: the rehabilitation of patients with plasma in the beginning of clinical treatment.At present, scientific research and clinical aspects are carrying out research and treatment of neonatal coronary pneumonia in the recovery period of patients with plasma, and have made certain achievements in related hospitals.Rehabilitation patients’ plasma usually contains a high titer of an antibody, which has practical significance for the treatment of infectious diseases without specific drugs and vaccines.  We believe that this public health emergency has a symbolic and substantial impact on the blood industry.The plasma treatment in the recovery period provides more symbolic significance to the blood group industry. Ordinary static propane products provide passive immune support during the treatment of critical illness of infectious diseases, which brings substantial demand rise to the blood group industry. The blood group industry has extremely high competition barriers andResource attributes. We are optimistic about the blood industry, and we recommend Tiantan Bio, Hualan Bio and Shanghai Rice.  Recommended industries / targets: Tiantan Biological (600161), Hualan Biological (002007), Shanghai Rice (002252) Recommended logic: (1) Tiantan Biological (600161): The parent company China Biological has completed the recovery period plasma collection work, the companyJing Cing’s revenue accounts for about 45%, with obvious advantages in plasma resources. It has the largest single plasma collection station in China, and has the largest annual pulp extraction industry (about 1,600 tons in 2018).The capacity has been continuously improved. Currently it is increased to about 35 tons, the product line is constantly enriched, and the profit margin of ton pulp is increased. The leader of the central enterprise of blood resources is recommended to pay attention.  (2) Hualan Biological (002007): 19% performance pre-increased by 10% -20% in the 19th period, blood products + vaccines on the good track, last year’s injection phenomenon, the inventory of each blood product was significantly reduced;Product demand has increased, and the company ‘s production approval for static acrylics increased by 26.2%, increase in injection this year is conducive to the release of performance; the vaccine business new influenza vaccine production line passed GMP certification, capacity expansion is lifted, and 12 million doses are planned next year; the current company corresponds to about 34 times the EPS of PE in 2019, a good biological products industry,The estimates are reasonably low and highly recommended.  (3) Shanghai Lai Shi (002252): one of the top companies in the industry in terms of annual plasma collection volume and one of the most product-line companies in the industry, among which the static propane revenue accounted for about 30%, the pulp extraction capacity per unit of pulp station and the profit index per tonAt the forefront, return to the main business of the blood system, the performance in 2019 is excellent and improved.  Eighth, the military industry: the boom in oil services, the demand for the automation sector has improved significantly. Core point: machinery: the machinery sector rose sharply this week 3.67%, outperforming Shanghai and Shenzhen 杭州桑拿网 300 2.97%.Affected by the expansion of production capacity of photovoltaic giant Tongwei this week, the photovoltaic equipment sector rose sharply, and industrial automation and fuel cell sectors were active.The overall investment strategy, actively positioning the mid-to-long-term benefit of the sub-industry leader with less impact, we believe that the capital expenditure of three barrels of oil will continue to grow in 2020, and the boom cycle will be extended., Still recommended by the year, key target Jerry shares, CNOOC, CNOOC Engineering.Growth stocks are optimistic about semiconductor equipment, 3C automation, lithium battery automation and other fields. Benefiting from the downstream 5G replacement, the global automotive electrification trend has significantly improved demand.The key targets are Northern Huachuang, 杭州夜网 Zhichun Technology, Cytten, Liande Equipment, Tuostar, Pioneer Intelligence, etc.Featured individual stocks recommended Meiya Optoelectronics, Zhejiang Dingli, etc.  Military industry: The military industry sector rose 1 this week.18%, outperforming Shanghai and Shenzhen 300 0.48%.Satellite Internet rose sharply this week, and new materials for military industry, military electronics and other military TMT sectors continued to outperform the industry.In terms of investment strategy, the military boom is obvious upstream. Military semiconductors, electronic components, new materials and other sub-industries are growing fast, with large growth space and stronger profitability. The key targets are Guangwei Compound Materials, Zhenhua Technology, and Torch Electronics.Matt Technology, Aerospace Development, AVIC Hi-Tech.  Recommended Industries / Target: Machinery: Tusda (300607) Military Industry: Zhenhua Technology (000733) Recommended logic: (1) Tusda (300607): The company is a domestic high-quality industrial robot company, benefiting from the marginal improvement needs of the downstream 3C industrySince then, sales of industrial robots have been turning positive for several consecutive months since November.The company has deeply developed downstream industries, gradually penetrated into new energy vehicles, 3C, optoelectronics and other industries, and gradually tapped and bound to resolve the needs of major customers. The strategy of major customers has changed, which has accumulated strength for the company’s mid- and long-term development.The industrial robot industry is at an inflection point, and the company’s strategic layout is excellent. The current average PE level is 24X in 2020 and 19X in 2021, which is reasonable and worthy of attention.  (2) Zhenhua Technology (000733): the most core supplier of military electronic components. The products include almost all electronic components such as resistors, inductors, capacitors, integrated circuits, discrete devices, mainly in the military field.In the past year, the company has been vigorously pursuing low-end communications foundry business and concentrated on developing high-end military electronic semiconductor business. The parent company can replace high-tech electronic assets to be injected.Currently estimated at 33X in 2020 and 26X in 2021, it is currently one of the cheapest military semiconductor concept stocks.  Nine, electricity new: Photovoltaic fever, 2020 is expected to introduce the core point of view to stimulate new energy demand policy: the growth of the electrical equipment sector last week.31%, better than the Shanghai Composite Index over the same period, unchanged from the GEM over the same period.For new energy vehicles, the expansion of the photovoltaic sector is transmitted.The new energy vehicle sector rose by 6.47%, the largest increase.  (1) New energy: Photovoltaics. Recently, leading companies have announced expansion plans, which has stimulated the enthusiasm of the industry chain.The price of the photovoltaic industry chain is stable, and internal demand remains stable. Domestic demand is about to start in early 2020, and the overall industry chain demand is expected to grow in the future.  The growth of wind power and wind power is clear. The full-year performance of 2019 is high. It is expected that the performance of upstream component companies will grow rapidly in 2020.  (2) New energy vehicles: Tesla’s domestic production brings plate catalytic factors, and domestic manufacturers continue to copy and supply Tesla.It is expected that the national subsidy policy will not be adjusted in 2020, and the national policy is expected to further stimulate the consumption of new energy vehicles.  (3) Power equipment: State grid leaders adjust or influence the construction of ubiquitous electric power Internet of Things.State Grid ‘s 19-year long-term investment was lower than expected. At the same time, State Grid and China Southern Grid have issued requirements for investment control, and next year ‘s grid investment growth is not optimistic.  Recommended industries / standards: Dongfang Cable (603606), Tianshun Wind Energy (002531) Recommended logic: (1) Dongfang Cable: The company expects to reach a net profit of 4 in 19 years.55 ppm, an annual increase of 160%, the company’s performance in the future will continue to show the effect of price and volume growth; (2) Tianshun Wind Energy: the company expects 19 years of performance growth of 50% -70%, capacity expansion effect is significant, steel prices are stable,Rush loading brings a rebound in tons of profits, and the future growth is highly certain. Chemical and petrochemicals: focus on pesticides, titanium dioxide and the certainty of performance growth. Core views: At this point in time, we recommend focusing on three main investment lines:The theme of investment opportunities driven by event factors is the pesticide sector. The second is to pay attention to the price increase of alternatives such as vitamin titanium dioxide. The third is to pay attention to the conversion and switching of the annual report quarterly performance growth.  Recommended industries / nominal: Xinhecheng (002001), Yangnong Chemical (600486) Recommended logic: (1) Xinhecheng (002001): domestic vitamin A / E leader, currently driven by supply and pig supplyDriven by the rigid demand for feed, vitamins and biotin and other products have reached the expected price increase. The company is expected to benefit from rising product prices and drive high elasticity in performance.  (2) Yangnong Chemical (600486): domestic dicamba and pyrethrin double-headed faucets, the performance of which has remained unchanged at the bottom of the pesticide cycle, transformed into anti-cyclic properties, and the release of transgenic corn and soybean planting is expected to severely induce dicamba and glyphosateCationic market demand; the company’s pyrethroid pesticides are broad-spectrum insecticides, and have a killing effect on spider insects.  Eleven, construction materials: The project starts one after another, and the real estate policy may have loose core ideas: (1) Construction: A. At present, key construction projects have begun to resume work. Although later than in previous years, considering the characteristics of the engineering industry, there is a high probability of 2-3 quarters.There will be rush work. From the perspective of capital, the early issuance of special creditor’s rights in January and the unavailability of land reserves will benefit the capital sources of infrastructure investment. Combined with the special debts can be used for capital, infrastructure investment funds will be guaranteed in 2020; the market expects infrastructure will be inStable growth plays a more important role, and real estate policies may also be loosened.The above are all conducive to the plate’s estimated improvement.  B, the real estate construction site is completed, the penetration rate of fully-furnished houses is increased, and the recommended general contractors and decoration companies are the key benefits; C, the industrialization of construction is the industry’s development direction, and the steel structure is ushering in a period of opportunity for secondary development. Assembly-type interiors are also expectedBecome a hot spot, recommend Honglu Steel Structure and Yasha shares.  (2) Building materials: A. The impact of resumption of replacement of work. The problem with glass is that it will not stop production, and inventory accumulation may be detrimental to short-term price trends. According to this, cement may have better flexibility. From the perspective of consumer building materials, the 2B end is infringed.May be less than 2C.  B, the long-term logic of building materials is the industry’s focus on the leader, and the short-term and medium-term logic is that the real estate tilts towards the end of completion, focusing on the improved glass and consumer building materials; C, according to our recent cement industry depth report, the amount of cement in 2020 is still a certain amountElasticity, on this basis, we judge that the price fluctuates at a high level and the regional differentiation is a high probability. It is recommended that the low-suction leader Conch, Jidong, pay attention to Huaxin, Qilian Mountain and Evergreen; recommended industry / target: building decoration: China Railway (600039),China Construction (601668), Honglu Steel Structure (002541) Building materials: Mona Lisa (002918), Conch Cement (600585), Daya Icon (000910) Recommended logic: (1) China Railway: 1, infrastructure leader;2. The capital and policy aspects of the infrastructure construction will continue to improve this year, and the company will benefit; 3, the current PB is less than double, and the PE is also at the bottom of history, which hinders the upswing; (2) China Construction: 1, the real estate post-cycle variety,, Real estate, housing construction double-headed; 2. Benefit from the completion cycle; 3. Estimated deviation.  (3) Honglu Steel Structure: 1. Construction industrialization is the development direction of the industry, and the steel structure ushers in a period of development opportunities; 2. The company is the largest steel structure company in China and tries to maximize its industry advantage by relying on its capacity advantage; 3.Cheap.  (4) Mona Lisa: 1. The first-line brand of ceramic tile, B-side accounted for about 45%, benefiting from the completion cycle; 2. The production capacity of Fujin County was put into operation in 2020, and the growth was guaranteed; 3. The performance is expected to continue to maintain high growth, it is estimatedValue interest rate.  (5) Conch Cement: 1. Cement faucet; 2. Due to the characteristics of shutdown and production stoppage, cement has better price elasticity in the post- epidemic period; 3. Price increases and estimated starting value. (6) Daya Icon:1. The post-real estate variety and floor leader; 2. The company is estimated to be lower than other consumer building materials due to the competition for control rights; 3. The subsequent corporate governance may improve and form a resonance with the recovery of performance, which is expected to usher in a double-click by Davis.

Hisense Home Appliances (000921) 2019 Third Quarterly Report Review: Operating Performance Meets Expectations Hisense Hitachi Consolidated

Hisense Home Appliances (000921) 2019 Third Quarterly Report Review: Operating Performance Meets Expectations Hisense Hitachi Consolidated

The company released the third quarter report for 2019, and the company achieved operating income of 270 from 19Q1-Q3.

10 ‰, a ten-year average of 6.

24%; net profit attributable to mother 13.

49 ppm, a ten-year increase of 17.

62%, net profit after deduction is 10.

9.8 billion, an annual increase of 9.

58%.

In a single quarter, the company achieved operating income of 80 in 19Q3.

60 ppm, 10-year average4.

48%; net profit attributable to mother 3.

89 ‰, an increase of 9 in ten years.

56%, net profit after returning to mother 2.

19 ppm, a ten-year average of 16.

97%.

Comment: Operating results are in line with expectations, and revenue declines have narrowed.

19Q1-Q3 company achieved revenue of 270.

10 ‰, a ten-year average of 6.

24% in the third quarter achieved revenue of 80.

60 ppm, 10-year average4.

48%.

It is said that the industry online data shows that the internal sales market: White electricity generally continued the previous weak trend. Household air conditioners were affected by factors such as sales volume and climate, and internal sales of Q3 declined.

9%, compared with Q2, the decline was slightly expanded, the performance of ice washing was flat, and the sales volume became -0 in July and August, respectively.

7% and +0.

6%; export market: white electricity generally shows a positive growth trend, and the annual growth rate of exports of air conditioners, refrigerators and washing machines from July to August is +4.

9%, + 6.

7% and +11.

5%.

Affected by the industry, we expect the company’s domestic sales of air conditioners to be slightly pressured, and the export of ice-washed products will maintain a good trend.

Under the comprehensive influence, the company’s Q3 revenue growth performance continued to overlap, but the decline was narrowed earlier than Q2.

Profitability was slightly boosted, and non-current asset disposal gains and losses affected performance after deductions.

19Q1-Q3 company maximized profits15.

180,000 yuan, an increase of 16 in ten years.

05%, net profit attributable to mother 13.

49 ppm, a ten-year increase of 17.

62%, net profit after deduction is 10.

98 ppm, a ten-year increase of 9.

58%.

In Q3, non-recurring gains and losses from non-current assets disposal reached 1 under non-recurring gains and losses.US $ 4.8 billion, which led Q3 to deduct non-post-mother net profit.

In a single quarter, the company achieved a gross profit margin of 20 in 19Q3.

52%, ten years +0.

49pct, or benefit from the decline in raw material prices and the impact of exchange rate depreciation.

In terms of expenses, 19Q3 company’s sales expense ratio, management expense ratio, financial expense ratio and research and development expense ratio were 16 respectively.

31%, 1.

51%, 0.

07%, 2.

48%, respectively +0.

82pct, +0.

15pct, -0.

16pct, +0.

42 points.

Under the comprehensive influence, 19Q3 company achieved net profit attributable to mothers4.

83%, ten years +0.

62 points.

Hisense Hitachi’s consolidation is completed to help the company’s future development.

From September 30, 2019, the company will incorporate the scope of Hisense Hitachi’s consolidated statements and terminate the three quarterly reporting of Hisense Hitachi’s balance sheet has been incorporated, and the income statement and cash flow statement can be incorporated from October.

In the first three quarters of 2019, Hisense Hitachi achieved annual revenue growth of 12.

52%, net profit attributable to mothers is increasing by 19.
.

17%.

Hisense Hitachi leads the market in central air-conditioning, and Gree, Midea, and Daikin rank first in the domestic central air-conditioning camp.

After the consolidation is completed, the report quality has been significantly improved.

In addition, through Hisense’s leading position in central air-conditioning, the company’s white power sector layout has been continuously improved, and synergies have been gradually exerted to help the company’s revenue and profitability increase.

Investment suggestion: Considering that the domestic market for white goods is slightly weak, we slightly cut the company’s EPS forecast for 19/20/21 to 1.

18/1.

28/1.

38 yuan (previous value: 1).

20/1.

34/1.

49 yuan), corresponding PE is 10/9/8 times.

Hisense Hitachi’s consolidation is completed, the company’s product 佛山桑拿网 structure continues to be optimized, the white power layout is gradually improved, and it complements the improvement of the company’s internal organizational structure, operation efficiency and capacity promotion, and the company’s future development is expected.

Maintain target price of 17 yuan, corresponding to 13 times PE in 20 years, maintain “strong push” level.

Risk warning: The price of raw materials fluctuates greatly; the market expansion is less than expected.

After the Spring Festival, the average profit of shareholders was nearly 20,000

After the Spring Festival, the average profit of shareholders is nearly 20,000: the attention of stock account opening has soared, Hubei ranks sixth

Come to Sina University of Finance and listen to Cheng Jun ‘s “Guide to Outperform Stock Market Operation Guide”, which will guide you to understand the nature of contradictions and increase the hit ratio of bull stocks. A shares have risen again!

Recently, the market’s money-making effect has been prominent.

Finally closed yesterday, the average profit of A-share investors since the Spring Festival has reached 1.
.

97 thousand yuan, 98.

64% of active equity funds also made money for investors.

  In the early morning today, the A-shares fluctuated upward again, the three major indexes rose across the board, and the GEM index rose by 2.

36%.

In the industry sector, technology stocks are making a comeback, with computers, communications and electronics leading the gains.

Under the general rise, it means that the average earnings of A-share investors have increased again since the Spring Festival.

  Data source: Wind At the same time, Baidu search index shows that the user’s attention to “stock account opening” has almost linearly increased recently, and has now reached the end of February 2019 and early March levels.

Funders believe that short-term or A-shares may turn into a volatile trend. Fundamentals and earnings have become the main influencing factors. Although the recent money-making effect is significant, investors should still focus on medium and long-term investments.

  The average profit is 1.

Wind data of 970,000 yuan shows that as of February 20th, the total city of Wind ranked 68.

64 trillion yuan, an increase of 3 from January 23, the last trading day before the Spring Festival.

15 trillion.

According to the data of China Clearing’s official website, as of the end of January 2020, the number of A-share investors was 15,991.

800,000, based 都市夜网 on this rough estimate, since the Spring Festival, A-share investors have made an average profit of 1.

97 thousand yuan.

  In less than 3 weeks, A-share investors made an average profit of 1.

970,000 yuan, what is the “sense” of ordinary investors, will they feel “averaged”?

In fact, investor sentiment has been heating up significantly recently.

Looking at the changes in the Baidu search index with “stock account opening” as the key word, it can be found that user attention has increased significantly since February 3, and when the volume of A shares increased on February 17, the attention has reached a recent increase.

  Data source of Baidu search index change of “stock account opening” in the past 30 days: Baidu index level since 2019, and significantly higher than the average level in more than a year.

  Sources of changes in Baidu search index for “stock account opening” since 2019 Source: Baidu Index Institutional investors have also replaced the enthusiasm of individual investors for account replacement in recent market analysis.

Kaifeng Investment said that household deposits increased at the end of last year, but consumer and house purchase demand was suspended during the Spring Festival, and the current rate of resumption of work is still relatively low, which has led to a recent rise in risk and a sharp rise in market capital.

If the short-term resumption rate is the highest and the demand for home purchases continues to be suppressed, then capital entry into the market will not stop.

  Obviously, from the Baidu search index attention ranking of “stock account opening”, Hubei Province ranked sixth.

  The top ten regions of Baidu Search Index for “Stock Account Opening” Source: Baidu Index 98.

64% of active partial equity funds have made money. Not only investors have made money, but fund investors have also made a lot of profits.

Wind数据显示,2月3日-20日,3459只(A\C份额分开计算)主动偏股型基金中有3412只获正收益,占比98.64%, the average net share growth rate is 6.
.

26%, so if you buy one of the above funds for 10,000 yuan on February 3, you can earn 626 yuan.

In addition, there are 95 funds with a total net worth growth rate of more than 15%, and 667 funds with a total net worth extension of more than 10%.

  Ranked first among active partial stock funds is Golden Eagle Transition Power, which has expanded its net worth by as much as 21 since February 3.

97%; Wanjia Economic New Energy A and Wanjia industry are preferred to follow closely, and the net share value can be 20 respectively.

17% and 20.
13%.

  There are also passive index funds that make money. In the context of the main index’s growing since the Spring Festival, people who hold this type of fund have also made money.
  High short-term sentiment should focus on the medium and long-term investment outlook. How long can stocks make money?

Fund sources believe that A-shares may turn into a short-term or volatile trend. Although the market has made good money recently, investors should still focus on medium- and long-term investments.

  A public equity fund source said that the emotional impact of the epidemic on A shares has passed, and the market may move into shocks later, and fundamentals and corporate profits have become the main variables affecting the outlook.

The current market sentiment is high and the effect of making money is obvious, but investors should still focus on investing in the medium and long term.

In fact, out of short-term investment ideas, some investors panicked and redeemed the funds they held during the market crash on February 3. It was a small loss.

  Chen Pengyang, a proposed fund that has been operating for two years and is closed for two years, believes that the short-term epidemic will have a certain impact on the domestic economy and some industries, but it is still optimistic about the future economic development potential.

The overall performance of the A-share market is expected to show an upward trend in index shocks, and structural opportunities will continue to stand out. It is predicted that the increase will spread to high-performance industries and individual stocks.

The overall liquidity of A-shares is relatively abundant, and the inflow of funds to the north gradually increases, and market sentiment will gradually turn to optimism.

  Xin Bin, industry cycle fund manager Liu Bin, said that the medium and long-term is not pessimistic about future economic development.

Although the “Lewis Inflection Point” has appeared and the total labor force is decreasing, the proportion of highly educated people in the labor force employment population has continued to rise, and the “engineer bonus” and “innovation bonus” will continue to exist and become China’s economic growthSource of power.

In the coming quarter, new energy vehicles, Apple’s industry chain, games, and some cycle industries where inflection points are aligned will be the key configuration direction.

  Edit: Yawen Hui

Holitai (002217): The whole industry chain layout achieves the core competitiveness of the electronics industry

Holitai (002217): The whole industry chain layout achieves the core competitiveness of the electronics industry

Event: The company released the 2018 annual results report on February 27, with 2018 operating income of 173.

1.7 billion, an annual increase of 14.

60%; total profit of 15.

07 million yuan, an increase of 11 in ten years.

57%; net profit attributable to mother 13.

72 ppm, a 10-year increase of 16.

30%.

Opinion: The entire industrial chain layout, complete product lines, and obvious cost advantages.

Holitai is a leading one-stop supplier of core components for intelligent terminals in China. The company has the full industrial chain advantages of materials and modules, and has industrial integration and market competitiveness.

Relying on the “1 + N” customer cooperation model, the product line has been expanded to a variety of core modules such as full-screen modules, touch-screen modules, fingerprint recognition modules, and camera modules.

At the same time, the company is actively integrating vertically into the upstream of the industrial chain, and some important components and raw materials have been internally supplied, such as FPCs and rigid-flex boards required for various types of modules.

R & D investment continues to increase, creating barriers to material technology.

The company continues to increase the research and development of materials technology, create a complete layout of the entire industry chain, and meet customer needs for emerging and future technologies in order to achieve the localization of high-end materials.

At present, the company’s early deployment of the FPC industry for 5G materials such as wireless charging and EMI materials will continue to maintain its dominant position in the traditional module industry.

The company’s core competitive advantage is obvious, and future performance can be expected.

The prospect of the FPC industry is promising, and the company’s business technology and production capacity are leading.

The FPC industry as a whole maintained a rapid growth rate, the global production capacity accelerated to the mainland of China, and the company is in the leading position in terms of FPC technology and production capacity.

Since 2015, the company has expanded production and increased FPC. It has invested and built capacity in Shenzhen, Wanan, Xinfeng and other places. The company is the domestic leader in terms of production capacity, which is sufficient to support future high-capacity production capacity support.

At the same time, the company strengthened the company’s FPC product technology and research and development capabilities by dating a professional Taiwan team, and gradually the management and technical team has been providing services to international customers.

Combining the company’s technology, equipment and process capabilities, the company has been providing products and services to important global customers.

Maintain 西安耍耍网 “Buy” rating.

The company has the industry advantage level of traditional modules and the development prospects of 5G-related materials business, which is transformed into the expansion of the 5G era. We are optimistic about the company’s performance as an industry leader and the depth and breadth of the company’s relevant business layout.
In 2020, the EPS will be 0.

44/0.

53/0.

65 yuan, maintain “Buy” rating.

Risk Warning: Progress of new services such as wireless charging is less than expected, and changes in downstream markets

Yasui Food (603345): Catering track with high prosperity, three swords, leading growth

Yasui Food (603345): Catering track with high prosperity, three swords, leading growth

The catering track is growing fast, the standardization of quick-frozen hot pot materials is high, and the quick-frozen rice noodle products are in the blue ocean.

The total annual retail sales of the catering industry in 2018 was 4.

27 trillion, an increase of 9 previously.

5%, including meals and food ingredients scale 1.

7 trillion, quick-frozen food is an important component of food ingredients, with a growth rate of 15%. The driving factors are the chain of catering, the development of takeaway platforms, and the increase in labor costs.

Supply chain efficiency, first-mover advantage, and scale advantage build high barriers to quick-frozen food channels.

In terms of categories, because the production process is relatively simple and the number of categories is relatively long, the standardization of quick-frozen hot pot materials is higher than that of quick-frozen rice noodle products (except traditional dumplings, dumplings, etc., the same below); the current quick-frozen hot pot materials are in the industry reshuffle period, and quick-freezingThe period from the rapid development of rice noodle products to the channel. It is expected that in the early stage of development, Anjing Food’s business strategy will change from “hot pot materials products supplemented by noodle products” to “three swords combined”, which coincides with the development stage of the industry. The nature of the product determinesThe company always adheres to the small B-based catering channel to maximize performance. Under the “correct” strategic goal, 北京夜网 the company has high barriers and has great room for future growth.

Yasui Foods: a practical leader, high-quality, stable and loyal distributors are the core competitiveness.

Anjing’s senior officials previously held shares to realize the full integration of employees and the company’s interests. At the same time, senior leaders served the company in the early stages of the company’s development, continued trial and error, and enlarged the size of Anjing step by step.

In the process of development, Anjing has accumulated a large number of high-quality and stable dealer resources. Because dealer resources are scarce, and Anjing has strong service power and high channel profits to achieve high dealer loyalty, so dealer resources are also Anjing.One of the core competitiveness.

Large single products contribute the main force of revenue growth, and the expansion of production capacity provides a strong guarantee.

The company’s product strength has been verified, and the “big single product” success probability under the “follow strategy” is higher.

Historically, the company’s large single product revenue accounted for more than 30% of the company’s total revenue, and the growth of large single product sales contributed about 50% of revenue growth. Since 2018, the company has launched many new products (Mr. Frozen, MaruyukiZun, lock fresh), is expected to drive revenue growth in the next few years, at the same time, according to the company’s plan, the compound growth rate of production capacity in 2018-202613.

0% is a strong guarantee for later income growth.

The company has strong independent adjustment ability, and its market share has increased during the cycle of rising costs.

Historically, in the face of cost fluctuations, the company’s net interest rate has remained relatively stable. Behind it is the company as an industry leader. It has upstream and downstream bargaining power and channel control. The cost has risen. We expect the company’s profitability to be stable and its market share or accelerationEnhancement: 1) The company maintains a stable net interest rate by adjusting the ratio of raw materials, raising prices, and reducing sales (history has been verified); 2) Price increases + new products in 2019 to accelerate revenue; 3) Pressure on industry profitability, YasuiThe advantages of food channels, the level of the industrial chain, product power, and production capacity are more obvious, and the market share is accelerated.

Investment suggestion: quick-to-frozen food toB end track is good, fast growth, Yasui’s combat-type framework, high quality, stable and loyal dealer resources are its core competitiveness.

Considering the apportioned expenses, the company’s EPS for 2019-2021 is expected to be 1.

42,1.

56,2.

12 yuan, excluding amortization costs, the company’s EPS for 2019-2021 is expected to be 1.

44、1.

76, 2.

14 yuan, we use the profit forecast without considering the cost of the booth to estimate, with reference to the valuation of comparable companies, give 42 times PE in 2020, 6-month target price of 73.

81 yuan, the first coverage given a “buy-A” rating.

Risk reminders: sharp rise in costs, reduction of holdings by controlling shareholders, food safety accidents, production capacity progress is less than expected

Risk capital in the third quarter of heavy storage 7 blockchain chain concept stocks held stock value exceeding 200 billion yuan

Risk capital in the third quarter of heavy storage 7 blockchain chain concept stocks held stock value exceeding 200 billion yuan
In the third quarter, the risk capital has already stored 7 blockchain concept stocks. At the end of the third quarter, the stock market value exceeded 200 billion US dollars. Source: Securities Daily reporter Su Xiangyi and Zhou Shangyi. On October 28, the bulk of blockchain concept stocks swelled and became the biggest focus of the market.More than 70 stocks including Zheda Wangxin, Xinhu Zhongbao and other stocks have reached daily limit.It is noteworthy that among the blockchain concept stocks that have been disclosed in the third quarter report, there are seven capital stocks in the list of the top ten outstanding shareholders of tradable shares. At the end of the third quarter, the total value of the insurance stocks reached 202.4 billion.  According to Oriental Fortune Choice data, there are more than 170 A-shares involving the concept of blockchain.Among them, the blockchain concept stocks with risky capital holdings in the third quarterly report are Ping An Bank, Chuanhua Zhilian, Zhuoyi Technology, Aoma Electric, Huayu Software, BGI, and Industrial and Commercial Bank of China.  According to the “Securities Daily” reporter, in addition to the layout of the secondary market, insurance companies have also strengthened the application of blockchain.For example, Li Xuefeng, CTO of ZhongAn Technology, told a reporter of Securities Daily, “In the future, the focus of Zhongan Blockchain will focus more on the exploration of insurance.Blockchain, smart contracts will have a major impact on insurance sooner or later, we have begun to penetrate from simple, marginal business, from early health insurance policy deposits, to smart contract claims efficiency, to policy tokens, hopeMaster technological innovation, release manpower, improve efficiency, reduce friction and loss of transactions between collaborations, and create a truly new insurance.”At the end of the second quarter of the second quarter, the insurance capital held 20 blockchain concept stocks. The current quarterly report of the related stocks of the blockchain concept stocks resumed and replaced, but from the perspective of the blockchain concept stocks that have re-disclosed the third quarterly report, there are 7Individual stocks appeared in insurance companies.It is worth noting that Huayu Software and Industrial and Commercial Bank of China, the two blockchain concept stocks, were newly held by two insurance companies in the third quarter of this year.  Specifically, among the two new blockchain concept stocks newly added in the third quarter of this year, “Taikang Life Insurance Co., Ltd.-Investment Link-Industry Configuration” newly entered 杭州桑拿洗浴会所 Huayu Software 983.830,000 shares, accounting for 1 of the company’s outstanding shares.38%; “Taiping Life Insurance Co., Ltd.-Traditional-General Insurance Products” Xinjin Holdings Industrial and Commercial Bank of China 2.3.7 billion shares, accounting for 0 of the company’s outstanding shares.09%.  In addition to the new holdings, in the third quarter of this year, Ping An Bank and ICBC increased their holdings of two blockchain concept stocks.Among them, the largest increase in the number of shares held by insurance capital was Ping An Bank.  In fact, at the end of the second quarter of this year, the number of individual stocks in the blockchain concept chain held by insurance capital was divided. In addition to the above 7 stocks, there were 13 capital stocks among the top ten shareholders of tradable shares, including East China.Asahi Blue Sky, Agricultural Products, Jinglan Technology, * ST Gao Sheng (right protection), Chuanhua Zhilian, Monternet Group, Ai Shide, Jihong Shares, Wanda Information, New Cape, Handing Yuyou, Haoyun Technology, Nanwei Software.Among these 20 stocks, insurance capital reduced its holdings of 6 stocks at the end of the second quarter, added 4 new stocks, and increased its holdings by 1 stock.  Judging from the enthusiasm of the insurance capital for the layout of the blockchain, some members of the investment department of medium-sized insurance companies told the reporter of the Securities Daily that insurance funds are long-term funds, and they will not short-fry the concept of the blockchain.Value and growth potential.  Guotai Junan believes that the market has rebounded under the driving force of technology stocks, and the trading volume has been significantly enlarged. It is a short-term concern whether the popularity of blockchain concept stocks can be maintained.The continuous listing of most block-chain listed companies in the next two days will determine the continuity of this round of market.Therefore, for investors who have already boarded the car, they can embrace the rebound and hold their shares to rise, while for off-market investors, it is recommended to be cautious to chase high, and blockchain concept stocks will differentiate.  China Everbright Securities analyst Zhao Xianghuai believes that “blockchain technology has received more attention and non-bank financials have directly benefited.The core potential of the blockchain lies in the improvement of the characteristics of the distributed database and the improvement of security and efficiency. The financial industry will first benefit from the development of blockchain technology.一方面区块链技术提高信息透明度,解决当前‘信息孤岛’问题,解决单靠某一个征信机构的数据无法将某一个客户的征信完全展现出来的问题,降低片面决策产生的风险,提高The operation efficiency of transaction-based non-bank institutions reduces potential risk losses and truly enables transactions; blockchain technology improves the speed of completing transactions, clearing and settlement, and reduces labor costs; regaining the air of blockchain technology is also a new financial development processThe inevitable result of the continuous development and improvement of fintech in China is required.Financial institutions need to use new technologies to improve service efficiency, improve risk control systems, integrate data from multiple parties, and finally complete digital transformation and upgrading. Blockchain can help financial institutions improve efficiency in many ways.Traditional financial institutions are eager for technological empowerment. At present, many cases of cooperation between large financial institutions and fintech companies have emerged in China.It is recommended to pay attention to the non-bank institutions actively deploying fintech.”Listed insurance companies have an overweight layout of blockchain applications. What attracts people’s attention is that insurance companies hold the blockchain chain stocks in the secondary market, and at the same time apply vertical strengthening of the layout of the blockchain.  Among them, Zhongan Insurance’s related blockchain applications landed earlier.Li Xuefeng said that Zhongan Insurance has established a blockchain team since 2015 to reserve core technologies, explore the deep integration of blockchain technology and industrial innovation, and is currently submitting 129 blockchain-related patents.As of now, ZhongAn Insurance has a master’s degree of more than 50%, and engineers and technicians account for 54.5% professional team of blockchain.  Li Xuefeng said that in response to the widespread problems of electronic policy storage efficiency and claims privacy protection of user privacy in the insurance industry, Zhongan Technology launched a titanium distributed storage product of titanium empty cabin and titanium certificate.Titanium empty warehouse is a distributed encrypted storage product that guarantees data security; and Titanium deposit certificate uses Zhongan Chain smart contract, distributed storage, cryptography and other technologies developed by Zhongan Technology to securely store and store the document.  ”In the future, Zhongan Technology will continue to break through blockchain technology, including contract engines, contract languages, consensus algorithms, ledger structures, ownership agreements, computing models, etc., to solve blockchain scalability, security, and centralization issues; meanwhile,Strengthen the combination of blockchain and cloud computing, and expand the in-depth exploration of blockchain SaaS in vertical domains. The chain includes automated deployment, routines, management, dynamic queue addition, chain monitoring, operation and maintenance, etc .; traditional cloud computing in the form of middleware.The microservice architecture is supplemented by its uncorrectable modifications, polycentricity, self-certification innocence, and its own auditing features.Li Xuefeng said.  In addition to Zhongan Insurance, Ping An of China also has an early layout in the blockchain field.In the field of supply chain finance, Ping An Finance OneAccount launched the “Fukin ALL-Link System”.In the field of investment, Ping An Finance also released the ALFA Smart ABS Platform and the ALFA Smart Contract Cloud Platform.In the field of cross-border transactions, the Tianjin Port Blockchain Verification Pilot Project established by Ping An Finance One Account Connect has realized the verification and application of blockchain technology in cross-border trade, cracked the fragmentation of cross-border trade data, and is difficult to verify.Industry pain points.  Ye Wangchun, chairman and CEO of Financial OneAccount, said that blockchain technology is considered to be the most disruptive core technology injected after steam engines, electricity, and the Internet.Due to the characteristics of uncorrectable correction and traceability, the blockchain can realize the transfer of trust mechanism in the order of ensuring the authenticity of the data and the security of the data.Trust in automated technology.In 2018, the scale of Ping An Blockchain’s first-level transactions exceeded 20 trillion yuan.  In addition, as early as last August, CPIC and JD Group officially launched the nation’s first electronic project for replacing special bills using blockchain technology, and it was applied in China Pacific’s “Internet Procurement (e-Cai) Platform” pilot application.

Tongwei (600438) 2019 Interim Report Performance Preview Comment: Interim Report Significant Pre-increasing Profit Exceeds Market Expectations

Tongwei (600438) 2019 Interim Report Performance Preview Comment: Interim Report Significant Pre-increasing Profit Exceeds Market Expectations
Core point of view The company’s interim report performance increased by 55% -65%, exceeding market expectations, and gradually or sustained high growth.Maintain EPS forecast for 2019-2021 of 0.杭州夜网论坛90/1.12/1.42 yuan, corresponding to 15/12/10 times the PE, given a target price of 18 yuan (corresponding to 20 times the PE in 2019), maintaining the “Buy” rating.  The interim report had a good performance and the growth rate exceeded market expectations.The company announced the 2019 semi-annual results pre-increasing announcement, and it is expected that H1 in 2019 will achieve net profit attributable to mothers14.23-15.1.5 billion US dollars, an annual increase of 55% -65%, after deducting non-return to the mother’s net profit13.79-14.68 ppm, an annual increase of 55% -65%; Q2 single quarter net profit attributable to the mother.32-10.US $ 2.4 billion, an annual increase of 56% -71%, and net profit after deduction is 9.05-9.0.94 million yuan, an increase of 55% -71% in five years.The company’s H1 performance growth was in line with our expectations, but exceeded market consensus.  The profitability of battery cells has improved significantly, or it has contributed to the increase in major performance.We expect the substantial growth of the company’s performance mainly due to the favorable volume of 2019H1 battery chip business.Since the beginning of Chengdu 3.2GW and Hefei 2.After the new 3GW battery chip project was put into production, the total battery cell capacity increased to 12GW (9GW single crystal and 3GW polycrystalline). The overall capacity utilization rate of H1 reached 78%, and the corresponding volume was expected to exceed 5.5GW, the current capacity utilization rate exceeds 110%.Although the monthly price of products based on monocrystalline PERC cells has continued to decrease from the beginning of the year, various process indicators and non-silicon costs continue to be optimized, and gross profit margins have risen at a monthly average level of about 20% in history. We estimate thatThe company’s H1 battery chip gross margin is about 30%, and H2 is also expected to remain at about 25%.  Silicon material business remained profitable, and profitability improved in the second half of the year.The company’s combined business still maintained continuous profitability under the price of 2019H1, and it has become one of the very few silicon material companies in the industry that remains profitable.The company ‘s H1 Baotou and Leshan have released a total of 6 tons of new production capacity of about 20%. It is expected that H2 will be fully released. Leshan’s old production capacity will continue to be full and sold. It is expected that the production and sales of H1 silicon materials will be close to 20,000 tons.Will reach more than 6 additives.At the same time, the centralized start-up of the domestic photovoltaic market in H2 led to further improvement in silicon demand, continued price rises, and continuous optimization of product quality and costs, and the company’s alternative business profitability improved markedly.  The structure of agricultural and animal husbandry products was optimized, and the sales of aquatic feed increased significantly.The company continues to optimize the product structure of the traditional agriculture and animal husbandry sector, highlights the competitive advantages of the core product aquatic feed business, strengthens the sales of special feeds and the development of major customers, and the proportion of puffed feed, shrimp special feed, and functional feed exceeds 55%.In 2019H1, the sales volume of aquatic feed of the company will increase by 25% each year, and its market share will exceed 12%.As the H2 feed business enters the profitable peak season, the company’s agricultural and livestock sector profits are expected to be concentrated.  Risk factors: The photovoltaic development is less than expected, the capacity release is less than expected, and the cost decline is less than expected.  Investment suggestion: The company foresees an increase in the interim report performance, which is expected to be mainly driven by the significant increase in the profit of the battery business, and the silicon material business is expected to contribute to the increase in performance in the second half of the year.We maintain the company’s 2019-21 net profit forecast at 34.9/43.4/55.0 million, corresponding to 0 EPS.90/1.12/1.42 yuan, corresponding to PE 15 / 12/10 times, given a target price of 18 yuan (corresponding to 20 times PE in 2019), maintain “Buy” rating.

Jiajiayue (603708): Strengthened regional expansion and supply chain construction. The net profit attributable to mothers increased by 38 per year for 18 years.

35%

Jiajiayue (603708): Strengthened regional expansion and supply chain construction. The net profit attributable to mothers increased by 38 per year for 18 years.

35%

Gross profit margin increased, net profit attributable to mothers increased by 38.

35%.

The company achieved revenue of 127 in 2018.

3 percent, an increase of 12 per year.

37%, of which 51 are fresh.

75 ppm, an increase of 14 years.

44%, the Jiaodong area realized revenue of 104.

37 ppm, an increase of 11 years.

80%.

The gross profit margin is 21.

77%, a year up 0.

19pct, achieving net profit attributable to mother 4.

30,000 yuan, an annual increase of 38.

35%, deducting non-attributed net profit3.

820,000 yuan, an increase of 26 in ten years.

94% opened 85 new stores in 18 years, and plans to open 100 new ones in 19 years.

As of the end of 2018, the company’s number of stores was 732, including 105 hypermarkets, 542 general supermarkets, 56 specialty stores such as Baby Yue, 12 department stores, and 17 convenience stores.

In 2018, the company added 85 new stores, including 19 hypermarkets, 40 general supermarkets, 14 specialty stores such as Baby Yue, 12 convenience stores. 49 of the newly opened stores were located in Weihai, Yantai, and 36 in Qingdao.In other areas of Shandong such as Jinan, 23 stores were closed in Jiaodong area and 5 in other areas in Shandong.

In terms of same-store growth, hypermarkets / general supermarkets / convenience stores / department stores / Baby Yue and other specialty stores were 2 respectively.

90% / 2.

84% / 1.

10% /-3.

16% / 0.

19%.

In 19, we plan 南京夜生活网 to open 100 new stores.

Strengthen supply chain construction and partner system.

As of the end of 2018, the company’s normal temperature logistics centers in use were Weihai, Yantai, Laiwu, and Qingdao, with a total area of about 120,000 square meters and an average daily fracture of 220,000.(Excluding PC processing) in five places, with a total area of about 40,000 square meters, and an average daily fracture of about 1734 tons.

At the same time, the company also accelerated Yantai Lingang Comprehensive Logistics Park (6.

30,000 Ping), Laiwu Fresh Processing Logistics Center (3.

The construction of these two projects is expected to be partially used in 2019, and the transformation and upgrading of the wiki logistics center has also been initiated to further strengthen the regional integrated logistics system.

In 2018, the company continued to accelerate the promotion of the partnership mechanism, supplementing the pilot of 56 stores in the western region. The total number of partner mechanism stores reached 89. The gradual growth rate of partner stores was significantly engaged in traditional stores.Promotion of the mechanism in other regions.

Profit forecast and estimation: The company’s EPS for 2019-2021 is expected to be 1.

09/1.

32/1.

54 yuan / share, corresponding PE is 24/20 / 17X, continue to give “highly recommended” rating risk reminder: zero-speed growth of the company continues; industry competition intensifies; new areas expand less than expected; company logistics infrastructure constructionThe progress was less than expected; the impact of new retail and new technologies on physical retail exceeded expectations; the development of private brands was less than expected.

What should I add to my feet?With these things, the health effect is doubled

What should I add to my feet?With these things, the health effect is doubled
As everyone knows, hot water soaking feet can improve local blood circulation, expel cold, promote metabolism, and achieve the purpose of health care.However, did you know that adding different “seasonings” to the foot bath will have different effects?Next, let’s find out what the role of different foot bath raw materials is.  1. Ginger Ginger is spicy, mild in nature, and can warm through the cold.Soaking the feet with ginger can warm the meridians, effectively improve the microcirculation, alleviate the symptoms of cold hands and feet, and have obvious effects on rheumatism and cold paralysis.At the same time, ginger has the effect of relieving the cold and can effectively prevent and treat mild colds.  Second, in the view of Chinese medicine, peppercorns can be used to relieve pain and relieve coldness.Soaking feet with peppercorn water and soaking with angelica and safflower feet have the same effect. They can promote blood circulation, make the whole body blood flow unblocked, and the body is warm and fused.In addition, Zanthoxylum is a natural disinfectant. Soaking the feet with Zanthoxylum can also help treat athlete’s foot.  Third, Ai Ye Zhi Ai Ye has a bitter taste, warm nature, and is non-toxic. It has many functions such as returning to the sun, purifying dampness, regulating qi and blood, and stopping bleeding, and is also commonly used in acupuncture.Wormwood feet can improve lung function, which is good for people with chronic bronchitis and easy to cough up white sputum.  Fourth, white vinegar white vinegar is a very good foot soaking material.After adding warm water, white vinegar can be absorbed through the skin of the feet more quickly. It plays a role in softening blood vessels and promoting blood circulation. It is suitable for the treatment of hypertension, hyperlipidemia, chronic fatigue syndrome, and can also soften the cutin.White vinegar has the effect of promoting blood circulation and dispersing blood stasis. Frequent foot soaking can soften the stratum corneum of the skin of the feet, improve the rough condition, and make the skin smooth and elastic.  Fifth, the salt water can often soak the feet with salt water to sterilize and prevent beriberi, and also keep the skin on the feet smooth and clean.  6. Lemon We all know that lemon can be used to soak water in life, but we can’t imagine that lemon is also a good material for soaking feet.The lemon flavor is sour and flat, and it can relieve heat and calm the stomach.Lemon is rich in citric acid and vitamin C, which can promote metabolism, effectively relieve fatigue and delay aging.In addition, often use lemon to soak your feet for beriberi, corns and other foot skin diseases have a certain effect.  After you understand the benefits of different foot bath ingredients, there are some things to pay attention to: First, the foot bath time is not as long as possible, it should be red on the instep and the body sweating slightly.Second, the temperature of the feet varies from person to person.A person’s normal body temperature is 36 ° C-37 ° C. The water temperature of the feet is 2 ° C-3 ° C higher than normal body temperature, which is about 40 ° C.For those 南京桑拿网 with more cocoons on the feet, the water temperature can be appropriately higher; for children with tender skin, the water temperature should be lower; for diabetic patients, because the skin on the feet is not sensitive, the water temperature should also be lower.Third, you need to soak your feet with enough water to reach your calves, at least not over your ankles.  This article was scientifically checked by Song Ge, the deputy chief physician of the Chinese Medicine Clinic Department of the Chinese Academy of Chinese Medical Sciences, the leader of the reserve discipline of traditional Chinese medicine in the State Administration of Traditional Chinese Medicine, a doctor of Chinese medicine, and a postdoc.

Afternoon Mingbo to see the city: the long army is about to capture 3,000 points

Afternoon Mingbo to see the city: the long army is about to capture 3,000 points

Sina Finance News The two cities opened slightly lower in the early trading, and then maintained the overall trend of the volatile market.

Stimulated by the news, the cobalt-free battery concept stocks were active, and the interlaced stocks such as brokerage firms, breeding, and chips rose in turns.

The early strength may be clearly differentiated, the market speculation sentiment has cooled, and the effect of making money has declined.

From a disk perspective, chicken, graphite rubber, and diversified financial sectors saw the largest gains, while telecom operations, glyphosate, and cloud gaming saw the largest gains.

At noon, the Shanghai index rose 0.

3%, closed at 2994 points; Shenzhen Component Index rose 0.

4% to close at 11,351 points; the ChiNext Index fell 0.

4% to close at 2160 points.

Shanghai Stock Connect net inflow 21.

Net inflow of Shenzhen Stock Exchange was RMB 0.6 billion
.

72 billion.

  Stock sea lighthouse: After the impact of 3000 points, it dropped again. From the analysis of technical indicators alone, the 34-day moving average of the Shanghai stock market (2998 points) temporarily became a downward trend, suppressing the rebounding stock index; MACD indicators on the 15-minute chart and 30-minute chartThe phenomenon of top divergence shows that the risk of the stock index’s pull-up and the adjustment of the pull-back will be converted into an expansion.

Therefore, when the large-cap stock index breaks 3000 points, it will rise again. In the short term, do not chase and increase the position in the short-term. Beware of stock market shocks around 3000 points.

  Naughty Tianzun: Near the three thousand points, we have to adjust the current market structure. The adjustment of the 2980-3000 points has not ended, or we can think that it has not really started!

Afternoon, the market may be more attractive after confirming the 2980-3000 point area (maybe a small breakthrough of 3,000 points). First, at noon today, but no later than tomorrow, the market will show a significant amplitude of step back after resonance in this area.

  Brother Niu: The long army under the city 苏州桑拿网 will soon capture 3,000 points. We continue to be optimistic about the market.

Bilaterally, as long as the broader market stands firmly on the 60-day line for three consecutive days today, then at the end of today, tomorrow and Thursday, there will be deterministic differences and midline trend positions and opportunities to open positions. At that time, the focus will be on chips.Inductors, software, quantum communications, Internet and game concept stocks, and heavyweight stocks focus on brokers and insurance. The performance of these two sections is highly determined and the stock is very active.

  Gold Picker: The market in the afternoon showed a breakthrough and this position may also become the short-term top. However, from the analysis of the early trading, if a new bow tie rises in the afternoon, then the market may see a wave of breakthroughs. So in summary, investors currentlySo far, the position has been reduced to the lowest level. In the afternoon, the market may rise or fall, and the focus in the afternoon will be on how to break the volume around 3000 points?