Yunnan Copper (000878): Mining, dressing and smelting in 2020 is expected to fully transform the potential of production resources

Yunnan Copper (000878): Mining, dressing and smelting in 2020 is expected to fully transform the potential of production resources

The performance of the first three quarters of 2019 was beautiful, and Q4 volume parity rose. Considering the impairment factor at the end of the year, it is expected that the growth rate will remain high in 2厦门夜网019.

First, in the first three quarters of 2019, the company benefited from the expansion of the consolidated copper smelting and smelting capacity of the Pulang copper mine.

1.7 billion, +44 a year.

78%. Considering the stable release of Q4 output and the slightly higher copper price and Q3, it is expected that the company’s Q4 main business profit will even improve month-on-month.

Second, on December 21, the company announced that it is expected to accrue asset impairment losses2.

1.7 billion, mainly for accounts receivable 2 formed in February 2012 for Kunming Wanbao Jiyuan Biotechnology.

7.4 billion (unprovided amount 2).

540,000 yuan, accounting for the proportion of accounts receivable in the mid-term report in 2019.


According to the 2019 Interim Report, accounts receivable in the joint venture Liangshan Mining2.

2 billion receivables, with an accounting period of less than one year, and reduced parent company control, and the risk of bad debts is small; the remaining unaccounted for bad debts with an age of more than 5 years is zero.

4.1 billion.

The remaining accounts receivable of about 100 million pounds are needed for the company’s daily operations. Under the company’s strategy of strictly controlling the addition of new accounts receivable, the risk of error occurs; the completion of this provision will help improve theThe quality of the company’s accounts receivable substantially absorbed the historical burden.

In 2020, the company’s production capacity of mineral copper and smelted copper is expected to reach full capacity, and the production and sales of major products are expected to reach a new high.

In terms of copper minerals, Pulang Copper Mine is expected to reach full production in 2020, and the output of copper metal rights and interests will continue to increase; in terms of copper smelting, the company’s halogen copper output will exceed 100 tons for the first time in 2019.Technological transformation has been implemented, and the company’s copper phosphate output is expected to reach full production.

Listed companies and groups have abundant resource reserves. The actual controller, Chinalco, has continuously improved its strength, and the company has great potential for resources.

First, the copper resources of listed companies are 513.

47 Absolutely, there are sufficient reserves of mineral rights and reserves of added value.

As of mid-2019, the company maintained a copper resource reserve of 513 and above 333.

47 for the first time, gold 74.

43 tons.

In the future, the company’s sanctions will continue to carry out geological surveys of deep mines of production mines.

In the Dongchuan Copper Mine, key mining areas such as the Pulang Copper Mine and the Yangla Copper Mine have intensified their deep-side exploration and obtained resource reserves; they will gradually continue to develop mining companies and mine resource acquisitions.

According to the company’s announcement, actively seeking domestic and foreign high-quality resource projects to ensure that the increase in resource reserves meets the needs of sustainable development of enterprises.

Second, it is expected that Yunnan Copper Group, the direct controlling shareholder, has the potential to inject resources.

First, as of the end of 2017, the Group has 21 mines in production and 2 mines under construction in Yunnan, Sichuan, Qinghai, Tibet and other regions. The reserve of resources (metal) is 870 copper, of which the listed company’s resource reserve is about 510., Listed companies have 360 initial resources in vitro.

Second, the company is expected to continue to receive support from Chinalco Group.

According to the company’s announcement, the company, as one of the core companies of the Chinalco Group’s copper industry sector, is also the only listed platform company in the copper industry sector, benefiting from Chinalco’s extensive business resources and a small number of project cooperation, resource expansion and stability with major banksPreferential credit relationships, the company continues to receive the support of Chinalco Group in terms of business, resources and finance.

In addition, according to the “China Aluminum Group Co., Ltd. Prospectus for the Third Phase of Ultra-short-term Financing Bonds in 2019”, Chinalco owns the core assets of the Toromocho copper mine.

The mine is located in the core area of the Morococa mining area in central Peru, with a copper grade of 0.

46%, Mo grade 0.

02%, silver grade 6.

89 grams / ton, the mine has copper equivalent metal resources of about 1,200 tons, is one of the world’s largest copper mines, and its copper resources account for about 19% of the total domestic copper resources.

In 2016, the Toromocho copper mine produced copper-containing concentrates16.

83 years, 2017 production of copper-containing concentrates19.

34 Initial.

In June 2018, the second-phase project of the mine is planned to invest 1.3 billion US dollars for expansion. After the expansion, the annual output of copper concentrate will increase to 30 tons.

2019?In 2021, the global supply of copper ore is tight overall. Considering the solid cost support, the inventory consumption ratio is at an extremely low historical level, the margin of demand is picking up, and the copper price has reached a significant rebound.
Our estimates indicate that 2019?
The global copper supply and demand balance will be 10 in 2021.

8, -10.

In terms of 2, 16.

2Baseline, showing a tight balance overall, especially 2019?
In 2020, the copper supply and demand gap will continue to expand.

The current copper price has fallen to the 90th line of the global marginal cost curve, with solid cost support. The inventory consumption ratio of global copper exchanges has changed to a historically low position. Domestic bonded zones and social stocks have replaced lows in the past four years. Copper prices are sensitive to marginal changes in supply and demand.Sexuality has been systematically enhanced.

On this basis, taking into account the current general trend of global monetary easing, the China-US trade agreement has been reached gradually, and the internal counter-cyclical easing policy has gradually come into effect. The short-term economic panic and the gradual escape from substantial relief will be added, and the next spring will be supplemented. The copper price is expected to increase.Ushered in a significant rebound.

Investment suggestion: Give “Buy-A” rating with 6-month target price of 16 yuan.

We follow the copper price for 2019-2021.

80,000 yuan, 5.

20,000 yuan, 5.

The calculation is based on the assumption of 20,000 yuan. After considering the impairment of assets in 2019, the company will gradually realize its net profit attributable to its mother6.

100 million, 9.

300 million and 11.

0 million, EPS is expected to be 0.

36 yuan, 0.

54 yuan and 0.

65 yuan.

As the company’s copper concentrates and smelting copper capacity reach full production, the company’s output has increased significantly, and the performance elasticity of copper prices has increased. In addition, the controlling shareholder’s interests can be injected into the asset potential to enjoy a certain estimated premium.

The company is given a “Buy-A” rating with a six-month target price of 16 yuan, which is equivalent to a 30x dynamic price-earnings ratio in 2020.

Risk reminders: 1) The global economic growth rate exceeds expectations; 2) Global copper mine output exceeds expectations, and the copper supply disruption rate exceeds expectations; 3 The company’s product output is lower than expected, and subsequent mine injections are lower than expected.

Changyuan Power (000966): Onshore wind power will be put into production successively, and the pre-work of Suizhou Thermal Power will start

Changyuan Power (000966): Onshore wind power will be put into production successively, and the pre-work of Suizhou Thermal Power will start
Onshore wind power projects have been put into production one after another, and it is expected to consolidate the operating results: as of the end of June 2019, the company has 9 grid-connected wind power projects.350,000 kilowatts, achieving a net profit of 20.9 million in the first half of 2019.Recently, the company issued an announcement that the company’s Jiyangshan wind power project (50,000 kilowatts) has realized all grid-connected power generation, and it is expected that the average annual power grid1.100 million kilowatt-hours; Zhonghua Mountain Phase II Wind Power Project (4.950,000 kilowatts) to achieve the first grid-connected power generation, and it is planned to achieve all grid-connected power generation in the first half of 2020, with an average annual grid-connected power of 0.900 million kilowatt hours.The company actively develops wind power projects with better profitability, which is expected to further consolidate the company’s operating performance. Suizhou Thermal Power started the preliminary work and opened up the space for thermal power growth: According to the announcement, the company signed the “Suizhou Thermal Power Project Development Agreement” with the People’s Government of Suizhou City, Hubei Province on December 30, 2019.According to the “Agreement”, the company plans to 北京夜网 carry out the development and construction of 2 × 660,000 kilowatts of gas-fired power projects in Suizhou City, Hubei Province. The company promises to give priority to Suizhou projects among similar projects developed, and the two parties agree to start construction before the end of 2020.The project was included in the list of supplementary large-scale coal power projects in the “Thirteenth Five-Year Plan” of Hubei Province’s Energy Development, and it is still in the preliminary preparation stage.Taking into account the tight balance of power supply and demand in Hubei Province, Suizhou currently does not have a large-scale power supply support point.The advancement of this project was approved by the Development and Reform Commission of Hubei Province in 2020 and put into production around 2022. It will help improve the 都市夜网 regional power grid structure and meet the demand for power load growth. Expect to use the hourly value.The company is currently operating 3.59 million kilowatts of thermal power units. After the Suizhou project is put into operation, it is expected to increase the installed capacity of thermal power by 37%, which will significantly increase the profitability of thermal power. The power supply and demand pattern has continued to improve, and coal prices have expanded or even declined. Fourth-quarter results are expected to exceed expectations: Benefiting from power supply-side reforms, Hubei’s power supply and demand pattern has improved significantly.Hubei Province has a better macroeconomic operating situation. In 2019, power consumption increased faster than expected, coupled with the decline in local hydropower output, thermal power units increased.According to the CEC data, in January-November 2019, Hubei’s entire society consumed 2017 billion kilowatt-hours of electricity, an increase of more than 7%.4%.Of which: the secondary, tertiary and residential electricity consumption were 1211 respectively.200 million kilowatt hours, 379.700 million kilowatt hours, 404.700 million kWh, an increase of 5 in ten years.6%, 10.8%, 9.6%.In terms of coal prices, coal prices in Hubei Province have been steadily declining, and the coal price index for 11 consecutive months has continued to increase negatively.From July to November 2019, the monthly thermal coal price index of Hubei Province fell by 8 respectively.0%, 7.9%, 6.3%, 7.3% and 10.5%.As of the end of November, the province’s coal coal inventory for thermal power plants was 531.5 Initially, the average daily coal consumption was 12 in the same period of the previous year.4Minimum exchange rate / day calculation, can meet 43 days of consumption, the historical high level of inventory.Coupled with the recent dry season of hydropower, the output of hydropower was seriously insufficient. In December, the decline in coal prices continued to expand and further expanded. The performance of thermal power in the fourth quarter is worth looking forward to. The Haoji Railway was put into production on schedule and is optimistic about the continuous improvement of the company’s thermal power profit: as of the end of June 2019, the company had a installed capacity of 370.50,000 kilowatts, of which 3.59 million kilowatts are thermal power and 9 are wind power.350,000 kilowatts, biomass 2.160,000 kilowatts, thermal power accounted for as high as 97%, there are elastic characteristics of high coal prices.Due to the lack of coal resources in Hubei Province, coal combustion mainly comes from long-distance transportation from other provinces, and fuel costs remain high.Considering that the national coal supply and demand indicators have improved significantly in 2019, the Haoji Railway was put into production at the end of 2019, which directly alleviated the dual problems of “high procurement costs and high transportation costs” in central China.The company is located in the Central China Electric Load Center, Changyuan Yifa is in the Electric Load Center in Wuhan, Jingmen Company is located in the power support point in the middle of Hubei Power Grid, and Hanchuan Yifa is an important large power point in Jiangbei., Proactively plan power. At the same time, by combing the construction progress of key power projects in Hubei Province, it can be trimmed, and large-scale power generation projects put into operation in 2019-2020 can be replaced, and the power supply and demand layout of Hubei Province is expected to improve significantly.Against the background of high power consumption growth, the stock of thermal power units is expected to achieve breakthrough utilization hours, and is optimistic about the company’s continuous improvement in thermal power profit. Investment suggestion: Buy-A investment rating, 6-month target price of 5.5 yuan.We expect the company’s revenue growth to be 10 in 2019-2021.0%, 0.4%, 1.6%, net profit is 5 respectively.900 million, 7.100 million, 7.9 trillion, corresponding to a P / E ratio of 8.8 times, 7.3 times and 6.5 times. Risk warning: coal prices continue to be high, the price of electricity is down, and the progress of power projects is less than expected.

Hongcheng Water (600461) released a comment: benefit from water price adjustment 19 years performance increased by 40% -60% in ten years

Hongcheng Water (600461) released a comment: benefit from water price adjustment 19 years performance increased by 40% -60% in ten years

Expected performance growth of 40% -60%.

The company released the 2019 performance forecast, and expects to realize net profit attributable to mothers in 20194.


370,000 yuan, an annual increase of 40% to 60%.

The 杭州桑拿网 performance increase was mainly due to the increase of the company’s water price by 0 from November 1, 2018.

45 yuan / ton (up 28 from previous years.

5%) to increase revenue from water supply business, part of the second phase of sewage treatment and expansion and upgrading projects put into operation and increase in reported gas sales volume led to increased gas sales revenue.

The non-public offering was completed, and the scale of the sewage treatment business accelerated.

The company’s non-public offering was completed in November 2019, and the fundraising was 8.

94 billion is accelerating the standard expansion and construction, and it is expected to increase sewage treatment capacity by 10 per day.

As of the end of 18, the company’s sewage treatment capacity was 236.

Every day, the company is expected 杭州桑拿 to put into operation a sewage treatment capacity of 18 per day in 19 years, and will continue to win the bid for a sewage treatment project (July 19, Liaoning Project 2020 1).

5 daily / day scale, long-term 3 months / day, Jan. 20 pre-bid Nanchang 40 scale / day scale), the company’s sewage treatment scale accelerated expansion.

Shares were granted to 15 executives and core backbones to bind the interests of the company’s shareholders.

The company’s annual stock incentive plan for 2019 is 588.

50,000 shares have been granted, and the grant price is 3.

05 yuan / share.

Follow-up unlocking conditions are linked to performance evaluation targets: the average annual ROE in 2020-22 is not less than 9%, the compound revenue growth rate is not less than 10%, and not less than the 75th place value of the benchmark company, and the dividend is 2020-2022The proportion is not less than 40%, which highlights the company’s long-term incentive mechanism.

The trend of three-wheel drive of water supply + sewage + gas continues, maintaining the “buy” level.

It is expected that EPS for 2019-2021 will be 0.

53, 0.

66 and 0.

79 yuan / share, corresponding to PE at the latest closing price of 11 respectively.

3, 9.

1, 7.

6 times.

The price increase of water supply has been completed to enhance the profitability of assets. The fixed increase will help the expansion and upgrading of sewage plants. The Three Gorges Group increased its holdings4.

9% look forward to follow-up business collaboration.

It is expected that the company’s performance in 2019-2021 will still maintain a compound growth rate of more than 20%. We give the company 12 times PE estimation in 2020, which corresponds to a reasonable value of 7.

91 yuan / share, maintain “Buy” rating.

risk warning.

The financing environment has been tightened, the price adjustment progress after the upgrading of sewage has fallen short of expectations, the cost of gas has increased, and downstream demand has fallen short of expectations.

N Huaxi (688363): Global Hyaluronic Acid Production Leader Expands Downstream Growth Industry to Cast Full Industry Chain Business Matrix

N Huaxi (688363): Global Hyaluronic Acid Production Leader Expands Downstream Growth Industry to Cast Full Industry Chain Business Matrix

Company profile: The predecessor of the global hyaluronic acid production company, Shandong Furuida, was founded in 2000. It started from the production of hyaluronic acid raw materials. In 2012 and 2014, it launched independent brands to enter domestic medical terminal products and functional skin care products.

In 2018, raw materials, medical terminals, skin care and other business revenues accounted for 52%, 25%, and 23%, respectively.

The company’s industry division is prominent, being the world’s largest hyaluronic acid production and sales company, accounting for 36% of global output in 2018; domestic market shares of dermatology and orthopedic medical end products are 12% and 9%, respectively; functional skin care productsBusiness revenue exceeded 100 million yuan, and the scale is rapidly increasing.

In 2018, revenue and compound annual average net profit increased by 31.

26%, 25.

43%, and has accelerated in recent years.

Company business: Based on raw material advantage business, expand downstream medical terminal, skin care and other business areas 1) Hyaluronic acid raw material production business: The 21st 北京夜网 century downstream application field of hyaluronic acid is gradually expanded, driving the rapid development of upstream raw material production, and the company’s technological breakthroughs cover costsAdvantages, grasp the potential of the global industry and grow into the world’s largest production base. The products include three major categories of medicine, cosmetics and food grade, with customers all over the world. 16?
The revenue of raw materials over the past 18 years has increased by 19%.

2) Independent brand business of medical terminal products: including dermatology, orthopedics, and other (such as ophthalmology) products. The 18-year revenue accounted for 78%, 19%, and 3% of the business, respectively. The independent brands include Hilda, and HTV.Jian, Runbaiyan, etc., mainly distribution.

Population aging (civilized, cataracts and other elderly diseases), the rise of micro-surgery in a beautiful economy, and the promotion of the industry boom, the company’s business 16?
The average annual growth rate of 18 revenues was 28%.

3) Functional skincare private label business: existing brands such as Runbaiyan, Silky, etc. The products have been developed with original liquids, facial masks, lipsticks, etc., and developed online and in all channels; consumption upgrades the cosmetic industry, and the company is leveraging the industryAnd online channel dividends to achieve rapid development, 16?
The average annual revenue in 18 years has increased by 113%, and the online and offline ratios in 18 years have been 60% and 40%, respectively.

Company advantages: Leading technology in the world, launching its own brand to enter the downstream, successfully building the entire industry chain. The company has the world’s leading hyaluronic acid production technology (high conversion, low impurities) and molecular weight control technology (enzymatic cutting, gradient 3D crosslinking, etc.), Terminal moist heat sterilization technology, etc., so that the company’s raw materials business covers three major application areas of medicine, cosmetics, food, etc., with a wide range, consolidating the leading position; successfully launched its own brand to enter downstream growth industries, leading the technology to create product barriers, and expand overseasNew technologies and new products increase profit growth points, helping to improve overall performance and broad prospects.

Earnings forecast 31.

540,000 yuan is mainly used to enhance research and development and production.

It is expected that the raw material business will grow steadily, downstream independent brands will continue to grow rapidly, the gross profit margin will decrease, and the proportion of downstream business will increase and increase. Marketing expenses will still need to be spent.
The 21-year EPS is 1.



04 yuan.

Risk warning: R & D failure / substitution of new technology or products; marketing supplements are less effective than expected.

Bank of Ningbo (002142): Outstanding performance of deposit growth and growth of stable asset quality and excellent

Bank of Ningbo (002142): Outstanding performance of deposit growth and growth of stable asset quality and excellent

Event: The first quarter report of 19 was released. The revenue, PPOP and profit growth steadily increased to 23.

43%, 24.

95%, 20.

06%, bad rate (0.

78%), provision coverage (520.

(6%), which is flat month-on-month, and asset quality remains stable and excellent.

In addition, its Q1 deposits increased by as much as 16.

7%, bright performance.

The performance growth was dazzling and the profitability was steadily enhanced.

1) Accelerated performance growth.

19Q1 revenue, PPOP, and attributable profit growth have increased significantly by 8 in Q4 earlier than in 18 years ago.

70, 6.

Eleven, four.

96 tablets to 23.

43%, 24.

95%, 20西安耍耍网.


2) Net interest margin and net interest margin have steadily increased.

19Q1 net interest margin is 1.

75%, after excluding the impact of the new standard switch, the net interest margin under the same caliber, the net interest margin level is 1.

98%, 2.

26%, a steady increase of 1bp and 6bps over the previous 18 years.

Rising interest rate spreads have driven growth in net interest rate income (17.

99%) The previous 18 years have steadily improved by 1.

32 only.

3) Central income continued to pick up.

Q1 program fee and commission net income growth rate reached 17.

40%, a significant increase of 16.

01 pc, it is expected that advantageous businesses such as bank cards and international business will continue to grow rapidly.

4) ROA continues to improve.

Up to 0.

12 pieces to 1.

19%, core profitability has steadily increased.

Asset-side: Loans grew steadily, and retail loans declined amid the worsening of ABS.

Total assets in the first quarter increased by 3.
99%, of which net loans increased by 4.


Among the newly issued 15.4 billion loans, public loans increased by about 17 billion, and bills increased by about 4.5 billion; retail loans decreased by about 60 billion; it is estimated that the main reason is the fluctuation of the speed of ABS’s billing, and the actual investment rhythm may remain stable.
Debt side: Deposits increase and grow, and appropriately reduce interbank debt + interbank certificates of deposit.

The balance of deposits in 19Q1 reached 754.8 billion yuan, a significant increase over the end of 18% 16.

7%; of which, personal deposits increased by approximately 31.2 billion (+25.

5%), the company’s deposits increased by about 69 billion (+13.


Considering the initial size of deposits of non-bank institutions, the deposit scale was 816.1 billion, an increase of 665 earlier.

600 million, a growth rate of about 9%.

In addition, under the environment of slightly rising interest rates at the end of March, inter-bank debts and inter-bank certificates of deposit (under the wind caliber) decreased by 27 billion, 46.6 billion, respectively, and the proportion of inter-bank certificates of deposit + inter-bank liabilities decreased by 7.

8 to 16 pieces.

9% (also partly due to a significant increase in the proportion of deposits 7.

8pc to 70.


Asset quality continues to be outstanding.

19Q1 bad rate (0.

78%), provision coverage (520.

(6%) were flat month-on-month.

The proportion of attention-oriented loans increased slightly by 9bps to 0.

64%, but still in an acceptable position.

On the whole, asset quality continued to remain solid and outstanding.

Investment suggestion: The company’s fundamentals are better among listed city commercial banks, the comprehensive management capability has changed, and the asset quality has always been stable and excellent. We are optimistic about the long-term investment value and give it a certain estimated premium.

It is estimated that the net profit attributable to the mother in 192/21/21 will be 134.



15 billion, BVPS is 14.



60 yuan, maintain “Buy” rating.

Risk reminders: Macroeconomic growth is accelerating, monetary policy is shifting, and the progress of Sino-US trade negotiations is less than expected.

CITIC Bank (601998) 2018 Annual Report Comment: Profit Growth Segment Assets Asset Quality Improves

CITIC Bank (601998) 2018 Annual Report Comment: Profit Growth Segment Assets Asset Quality Improves

This report reads: CITIC Bank’s 2018 performance basically meets expectations, with rapid revenue growth, interest margins rebounding 重庆耍耍网 sequentially, and asset quality improving.

Target price 8.

88 yuan, maintaining the overweight level.

Investment points: Investment advice: Considering the 19-year macroeconomic uncertainty, lower the forecast for net profit growth in 19/20/21 to 6.

74% / 6.

71% / 6.

28%, EPS0.

97 (-0.

07) / 1.

04 (-0.

14) / 1.

10 yuan, BVPS 8.



46 yuan, the current price corresponds to 6.



54 times PE, 0.



58 times PB.

Reduce the target price to 8 in compliance with the market environment.

88 yuan, corresponding to 1 in 19 years.

0 times PB, maintaining the overweight rating.

New understanding: The performance is basically in line with expectations, and the quality of assets generally improves the profit growth rate.

The growth rate of 18A net profit decreased by 1 from 18Q1-3 earlier.

6 to 5 pieces.

8%, attributable to the weak growth rate of non-interest income and the expected decrease in contribution, mainly due to the high base effect of 17Q4.

18Q1-2 is the peak of non-interest net income in a single quarter, and the base effect is expected to continue for 1-2 quarters.

The interest rate differential rebounded month-on-month.

The 18A gradual net interest margin (daily average) + 2bps compared to the previous month was attributable to: ① The retail transformation at the asset end drove up the loan yield.

82% of new loans in 18H2 went to retail, the number of 18A mobile banking customers, and the number of credit card reissues increased by 32% and 35%, respectively. ② The cost of interbank debt on the debt side decreased.Judging that the cost of interbank debt still has room to fall.

Asset quality is improving.
The performance is as follows: the 18Q4 bad rate and increasing bad bad rate are down 1bp and 14bp, respectively, the attention rate and overdue rate are 18bp and 4bp lower than 18H1, and the change degree is 2pc to 92% lower than 18H1.

Due to the weak revenue end, the provision for 18Q4 provision weakened, the provision coverage ratio still fell 3pc to 158%, and the provision loan fell 8bp to 2 from the previous quarter.


Risk Tips: Economic Downturn Leads to Increased Credit Risk, Retail Conversions Cause Bad and Rapid Exposure

Bank of Beijing (601169) 2019 Third Quarterly Report Review: Provision coverage ratio picks up

Bank of Beijing (601169) 2019 Third Quarterly Report Review: Provision coverage ratio picks up

Bank of Beijing disclosed its third quarter report for 2019. Bank of Beijing achieved net profit of 18.1 billion US dollars in the first three quarters of 2019, a further increase of 8%.


Profitability stabilized in the first three quarters of 2019. The average ROE is expected to decrease by 0 year-on-year.

1 average, where ROA0.

92%, an increase of 0 over the same period last year.

01 averages.

From DuPont’s analysis, there are two changes, but the directions are opposite and they are basically transformed: one is that the net interest margin has improved, and the other is that the asset impairment loss / average asset 深圳spa会所 has increased.

The repricing of interbank financing has ended. The net interest margin (reverting FVPL investment income to interest income) calculated from the average balance at the beginning and end of the first three quarters of use has increased by 24bps to 2.

08%, mainly due to the improvement in debt costs, that is, benefit from the decline in interbank financing rates.

However, in the third quarter, the net interest margin in the third quarter increased by only 4bps compared with the second quarter, with little change. Among them, the interest rate on interest-bearing debts remained flat, which meant that the repricing of interbank financing had ended.

Provisions increased, and provision coverage ratio rebounded. From the perspective of NPL indicators: NPL ratio at the end of the third quarter 1.

41%, a decrease of 4bps month-on-month; provision coverage ratio at the end of the third quarter rose by 16% to 229%, and asset impairment losses increased by 39%, affecting ROA, mainly due to the company’s active increase in provisioning in the case of a significant increase in PPOPIncreased strength leads.

In terms of asset growth, the balance sheet dropped slightly. In the first three quarters, total assets increased.

8%, slightly down.

In the third quarter, the supplementary interest-generating assets in the third quarter were 106 million U.S. dollars, of which the loan increased by 39.1 billion U.S. dollars, which was much higher than the same period of the previous year;The US dollar shows that deposit pressure remains.

Investment recommendation The overall performance of the company is basically in line with expectations, and we maintain the company’s “overweight” rating.

Risks suggest that 深圳桑拿网 the continued weakening of macroeconomic expectations may adversely affect the quality of bank assets.

China Micro Corporation (688012): Leading company in semiconductor equipment

China Micro Corporation (688012): Leading company in semiconductor equipment

Core Opinion: China Semiconductors: a leading semiconductor equipment 淡水桑拿网 company China Semiconductors is a leading semiconductor equipment company. Its main products include etching equipment, MOCVD equipment, etc. At present, the company’s plasma etching equipment has been widely used by international first-line customers from 65 nmTo 14 nanometers, 7 nanometers and 5 nanometers of integrated circuit processing and manufacturing and advanced packaging, the company’s MOCVD equipment has become the world’s top, domestically occupied gallium nitride-based LED MOCVD equipment.

Dividends on investment in semiconductor equipment brought by industrial transfer, localization is accelerating and it has risen to the national strategic pattern through the development of semiconductors. Domestic Yangtze River storage, Huali Micro, etc. have entered the investment cycle, driving the localization of upstream equipment.

Microelectronics etching equipment grasped the potential of domestic investment, and orders increased rapidly.

Mainland LED chip manufacturers have significantly expanded their production, driving demand for MOCVD, and China Microelectronics has integrated its domestic and cost advantages into half the world.

Etching and gas phase epitaxial growth technology are at the advanced level in the world. The main product for the development of micro-semiconductors has been raised since 2004. The main products include CCP etching equipment, ICP etching equipment and third-generation MOCVD equipment, etc.And MOCVD equipment technology is at the world advanced level.

The average value of the raised capital of the company is around the main business. The total investment of the project is US $ 1 billion. The estimated investment amount of the raised capital is US $ 1 billion. The investment includes high-end semiconductor equipment expansion and upgrading projects, technology research and development center construction and upgrading projects, and supplementary working capital.

The 19-21 results are expected to be 0.



68 yuan / share is expected to earn 21 in 2019-2021.



280,000 yuan, considering the number of shares after issue 5.

3.5 billion shares, the company is expected to earn 0 in 2019-2021.



68 yuan.

According to the estimation results of the comparable company assessment method, the company’s reasonable value range corresponds to 7-8 times in 19 years, and we believe that the company’s reasonable and reasonable value range is 27.


97 yuan / share.

Risk prompts downstream investment risks; patent risks; technology upgrade risks; R & D capabilities replacing the risks of matching customer needs; overestimating risks.

GAC Group (601238) Company Review: Steady Close 20 Years of Autonomy & Fick Is Expected to Meet the Turning Point

GAC Group (601238) Company Review: Steady Close 20 Years of Autonomy & Fick Is Expected to Meet the Turning Point

Event: GAC released December production and sales report: total sales of 18.

60,000 vehicles, 0% per year, -5% from the previous month.

Among them, ① autonomous 3.

90,000 vehicles, -22% a year, + 2% MoM; ② joint venture: Guangben 6.

30,000 vehicles, -8% at the beginning of the year, -9% MoM, progressive + 4%; Guangfeng 5.

80,000 vehicles, + 37% a year, -15% month-on-month, cumulative + 18%; 10,068 units of Guangfei Ke, -1% per year, + 67% month-on-month; Guang Mitsubishi 1.

40,000 vehicles, + 1% a year, + 13% MoM.

Opinion: The sales volume of GAC Group has narrowed further.

Among them, Guangfeng continued to maintain two-digit high growth; Autonomous continued to climb with GS4, and sales continued to improve on a sequential basis; Guangfeike temporarily declined slightly, and wholesale “bottom-flooding” approached the angle of attack.

In terms of new models, Guangben Haoying went on sale at the end of November and 青岛夜网 benchmarked the 200,000-year sales model CR-V. Guangfeng Weilanda tried to go on sale in April and benchmarked the 100,000+ annual sales model RAV4. Sales are worth looking forward to.
In addition, the company has set a sales target of 8% growth 20 years ago, but we think there is hope to exceed it.

[Japanese joint venture]Japanese joint venture brands of “King of Stock” continued to rise.

Guangfeng continued to be strong in December, with a 37% increase in sales growth.

Although Guangben fluctuated slightly in December, the new compact SUV Haoying is in the climbing phase.

It is estimated that Hao Ying fills the gap of Guang Ben in the compact SUV field; the reorganization, Hao Ying fully benchmarked the 200,000-year-old star model Tomoto CR-V, and promoted the sales of Guang Ben to a higher level.

Guangfeng Weilanda will be listed in April 20th. While the brand is in a strong product cycle, the company is accelerating the layout of new projects to promote the rise of the brand: 1) Guangfeng new energy vehicle production capacity expansion, the first and second phases of the project totalAn additional 400,000 units / year will be produced and it is planned to be completed and put into operation in 2022. 2) The construction of Guangfeng Engine’s TNGA series engine construction project has been implemented with a project scale of 43.

20,000 units / year, planned to be completed in 2021. Guangfeng is expected to increase sales in the next 2-3 years.

In the long run, we believe that behind the Japanese product cycle, there is a change in car consumption sentiment, long-term vehicles such as fuel-saving economy and low-maintenance maintenance have improved significantly. The trend of Japanese expansion in the future will become more and more significant.

[Passenger car]The new product cycle is about to start.

GAC Trumpchi has implemented large-scale destocking since 2019, and the current inventory is healthy.

In terms of sales, the Trumpchi brand climbed with the GS4 in December, and sales continued to pick up month-on-month.

In addition, the discount of the old GS4 has penetrated (about 20,000). After the new model is launched, the discount will be significantly narrowed, and there will be no discount in the short term, which is expected to drive a significant increase in the profitability of the Trumpchi brand.

Investment suggestion: With the gradual warming of the industry, it is recommended to focus on the high growth of the Japanese line of GAC Group and the repair of independent profitability.

Because the Air Force is optimistic about the company’s sales growth in the fourth quarter, the company’s net profit attributable to its mother for 2019-2021 is 77.

3, 104.

5, 133.

8 trillion down to 73.



30,000 yuan, EPS is 0.

72, 1.

02, 1.

27 yuan / share, continue to give a “buy” rating.

Risk warning: automobile production and sales, competitiveness of Japanese products, Chuanqi sales improvement is less than expected, etc.

Mingyang Intelligence (601615): High-performance growth of wind turbine delivery accelerated

Mingyang Intelligence (601615): High-performance growth of wind turbine delivery accelerated

The company released the third quarter report for 2019 and achieved revenue of 72 in the first three quarters.

100,000 yuan, an increase of 58 in ten years.

87%, net profit attributable to mothers5.

140,000 yuan, an increase of 98 in ten years.

59%, net profit after deduction is 4

470,000 yuan, an increase of 107 in ten years.


Revenue in the third quarter was 31.

95 ppm, an increase of 60 in ten years.

11%, an increase of 40 from the previous month.

81%, net profit attributable to mothers1.

80 ppm, a 59-year increase of 59.

04%, down 38% from the previous month.

98%, mainly due to the transfer income of more than 200 million power plants in the second quarter.

  The delivery of wind turbines is accelerated and the cost is well controlled: the company achieved a wind turbine revenue of 33 ppm and a gross profit margin of 18 in the first half of the year.

5%, the third quarter revenue increased by 40.

81%, the company’s fan delivery accelerated.

  The company’s overall gross margin in the third quarter was 22.

29%, a decrease of 0 from the second quarter.

32 averages. Due to the increase in the percentage of wind turbine revenue in the third quarter, the gross profit margin of wind turbines is expected to increase sequentially.

In the first three quarters, the company’s sales / management / R & D / financial expense ratios were 8 respectively.




09, for a total of 18.

68%, which decreases by 1 each year.




01 averages, a total decrease of 5.

24 units.

Expenses for the third quarter 15.

19%, down 6 from the previous month.

27 units.

  Too many orders in hand, leading offshore wind turbines: In the 深圳桑拿网 first half of the year, the company replenished 6 GW of bids and 12 GW of orders in hand, of which 2 was replenished at sea.

16GW, gradually ordering 4GW, the company has significant advantages in Guangdong offshore wind power location, the development of transfer offshore projects is accelerated, and order delivery will also be accelerated.

At the end of the third quarter, the company’s inventory was 24.

300 million, an increase of 68 at the end of the previous 18 years.45%, advance payment 30.

60,000 yuan, an increase of 64 over the end of 18 years.

01%, an increase of 26 over the previous 19 years.

53%, advance payment 5.

530,000 yuan, an increase of 137 over the end of 18 years.

21%, an increase of 138 over 19 years.


From the leading indicators of the balance sheet, it can be judged that the company’s 杭州夜网论坛 delivery is about to usher in high growth, and there is a sufficient response in the upstream supply chain.

  Relying on its own regional advantages and product advantages, the company’s market share has continued to increase in the upward cycle of the industry boom.

  Profit forecast: The company’s EPS for 2019-2021 is expected to be 0.

52, 0.

79 and 1.

00 yuan, given an overweight rating.

  Risk warning: wind power replenishment installed exceeds expectations, gross margin improvement exceeds expectations