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China Shenhua (601088)： Coal & Electricity Integration Long Continues High Percentage and High Dividend

China Shenhua (601088): Coal & Electricity Integration Long Continues High Percentage and High Dividend

Key points of investment: The company announced its 2018 annual report and realized operating income of 2641.

10,000 yuan, an increase of 6 in ten years.

2%; net profit 438.

67 ppm, 10-year average2.

6%; basic 杭州桑拿 income 2.

21 yuan.

Dividend plan: 10 out of 8.

8 yuan.

Ping An view: coal production, price stability: commercial coal output reached 2.

96.6 billion tons, an increase of 0 in ten years.

At 4%, Shendong Mining Area and Shenbao Mining Area maintained stable and increased production.

In terms of price, the average sales price is 429 yuan / ton (excluding tax), which increases by 0 every year.

9%.

The coal long-term association ratio reached 82%.

In 19th’s Boris Hiller, the Harwusu coal mine will return to normal, and the Nortel Shengli open-pit mine will increase its production capacity by 800 pieces.

Electricity installed capacity, utilization hours increased significantly: preliminary completion of electricity generation 2853.

200 million kWh, an increase of 8 in ten years.

5%; 2675 total electricity sales completed.

900 million kWh, an increase of 8 in ten years.

7%.

The total installed capacity reached 6,184.

90,000 kilowatts, an increase of 6 in ten years.

9%, of which the total installed capacity of coal-fired generating units is 5,999.

40,000 kilowatts.

The average utilization hours of coal-fired generating units is 4,877 hours, which was 516 hours higher than the national average.

Capacity and capacity have steadily increased: the turnover of its own railway transportation reached 283.9 billion ton-kilometres, surpassing growth by 4%.

0%; sales of coal in the port reached 2.

700 million tons, an annual increase of 4.

6%; expected freight volume1.

4.0 billion tons, an annual increase of 11.

4%.

From the perspective of operating income, railway, port and operating business revenues increased respectively.

2%, 7.

1% and 25.

9%.

According to the report baseline, the Hebei section of the newly-built Huangda Railway has been determined, and a special line for the Zhugata Coal Consolidation Station (capacity of 1,000 tons / year) of the Shenshuo Railway was opened.

The company’s radiating capacity for rail transportation has been further improved.

The amount of coal chemical industry has stabilized and the price has risen: the company has gradually expanded its sales 61.13 products are released for the first time, which decreases by 3 every year.

49%.

The price is affected by oil prices. Polypropylene has increased by 14% in ten years, and polyethylene has increased by 0%.

9%.

The cost of raw materials remained stable with a gross profit margin of 24.

9%, an increase of 4 over the previous year.

3 units.

Dividend payout ratio 39.

9%, dividend yield 4.

16%: The company intends to pay 0.

88 yuan / share (including tax), a total of 175.

30,000 yuan (including tax), accounting for 39% of net profit attributable to the mother.

9%, pre-estimated on March 23, divided by expenditure 4.

16%.

Investment suggestion: The task of reducing coal production capacity is basically completed, and the integration of coal and electricity + the long-term association is conducive to maintaining stable performance.

In 19 years, coal production capacity was restored, the increase in installed power capacity, the transportation sector continued to grow, and the chemical business remained stable.

Considering that the coal price will return to the green range, the future coal price may be slightly lower than 18 years, and the company’s EPS is expected to be 2 in 2019-2021.

32 yuan, 2.

38 yuan, 2.

44 yuan (previous forecast was 2 for 2019-2020).

47 yuan, 2.

52 yuan), the corresponding PE is 9 respectively.

1, 8.

9, 8.

7 times, maintain the company’s “recommended” rating.

Risk reminders: 1. The rapid development of new energy sources and the decline in economic growth affect the demand for coal and electricity; 2. The state may increase nuclear production, and if the increase is too high, it may cause supply to exceed demand, and the decline in coal prices will affect the company’s performance; 3. Inner Mongolia environmental protection inspection impacts on large open-pit mines such as Baorixile Open-pit Mine and Harwusu, resulting in a decline in self-produced coal production and a decline in operating income of the coal sector business, which has a certain impact on the company’s performance; 4. Inner Mongolia, Shaanxi, etc.Occurrence of safety accidents in the area, frequent safety inspections may affect the company’s production.

Ganneng (000899) semi-annual report comment： H1 return to mother’s net profit increased by 88% per second Q2 gross profit margin increased month-on-month look forward to the new progress of Fengdian Phase III

Ganneng (000899) semi-annual report comment: H1 return to mother’s net profit increased by 88% per second Q2 gross profit margin increased month-on-month look forward to the new progress of Fengdian Phase III
The company released its semi-annual report for 2019, with revenue of 12 in the first half of the year.6 trillion, an increase of 5 in ten years.46%, of which Q1 and Q2 are prolonged by 15 respectively.9%, minus 3.8%; gross profit margin 21.92%, compared to 12 in the same period last year.44%, of which Q1 and Q2 are 20% and 24% respectively; net profit attributable to mother 1.9 trillion, an increase of 88 a year.42%, of which Q1 and Q2 exceeded the added value of 275 respectively.4%, 33.31%, Q2 growth rate fell; deducted non-attributed net profit1.800 million, an increase of 97 in ten years.51%; EPS is 0.19 yuan / share, compared with 0 in the same period last year.1 yuan / share.In the first half of the year, the company’s performance increased significantly. The preliminary results were as follows: electricity growth, increased on-grid tariffs, and thermal coal prices. Jiangxi Hydropower has squeezed thermal power. It is reported that the company’s Q2 thermal power charge caused single-quarter revenue decline in the first half of the year. Jiangxi Province ‘s power demand maintained high growth. The province ‘s power consumption was 70.4 billion kWh, an increase of 7.54%, higher than the national 254 units.This year, Jiangxi Province has experienced a large compression, and the water supply from the reservoir is better.We estimate that the hydropower generation in Q1 and Q2 will increase by 24, respectively.8%, 28.4%, thermal power increased by 3 in ten years.6%, 1%, the growth rate of Q2 hydropower generation has been further increased. Overlapping the thermal power unit for maintenance, the growth rate of thermal power generation is obvious.In the first half of the year, the company’s total power generation was 35.500 million kilowatt hours, an increase of 2 per second.66%, of which, each time the amount of thermal power is slightly reduced, the second-generation power generation of Fengdian is 33.100 million kilowatt-hours, the market share of electricity is about 24.6%; Hydropower generation has exceeded previous growth, Julongtan Hydropower Plant1.500 million kilowatt-hours, Baozishi Hydropower Plant has zero power generation.900 million kilowatt hours.Combining the power generation situation in Jiangxi province, we judge that the company’s Q2 thermal power generation has improved and driven Q2 operating income replacement.In addition, in the first half of the year, the company’s basic tariff for coal-fired power generation including taxes was zero.RMB 4,143 / kWh, the same as last year. From April 1st, the tax rate was changed from 16% to 13%. As a result, the on-grid tariff of thermal power generation including taxes increased significantly, increasing the company’s operating income. Coal prices continued to decline moderately, hydropower was added, Q2 gross profit margin increased by 4pct, and performance continued to be repaired. Data from Jiangxi Development and Reform Commission showed that the average price of standard coal purchased by coal-fired power plants in Q1 province was 906 yuan per ton.Including taxes, freight) was 903 yuan / ton, down 147 yuan / ton from the same period of the previous year, and the price of thermal coal in Q2 decreased further than Q1. Based on the Jiangxi Electricity Coal Price Index, the index in the first half of the year showed a monthly downward trend.The gross profit margin of Q1 / Q2 company is 20% and 24%. We think it may be: ① the unit price of standard coal decreases and the fuel cost decreases; ② the on-grid electricity price excluding taxes increases greatly; ③ therefore, the gross profit margin of hydropower is generally high because there is no fuel costFor thermal power, the increase in its power generation share also increases the gross sales margin.We judge that the price of thermal coal will decrease in the second half of the year, and the company’s performance will promote continuous improvement under the condition that the utilization hours are guaranteed. The progress of Fengdian Phase III project was increased to 19.78%, the company is fully pushing forward the resumption of Fenggong Phase III as a wholly-owned project of the company. It will build a 2 × 1 million kilowatt ultra-supercritical coal-fired generating unit. At present, only one of the 49 supporting documents for resuming work is being processed.The 2019 semi-annual report discloses the project progress 19.78%, ranked 5th in the 2018 semi-annual report.72% of existing consensus progress.In March of this year, the project 南宁桑拿 was removed from the “blacklist”, and the biggest obstacle to resumption of work may have been removed. Earnings forecast: We expect the company’s net profit attributable to its mother to be 3 in 2019-2020.42, 3.72 trillion, EPS is 0.35, 0.38 yuan / share, maintain “Buy” rating. Risk reminder: resumption of work does not meet expectations, coal prices rise, power consumption does not meet expectations, electricity prices are reduced

Dawn Shares (002838) Third Quarterly Report Review： New Material Volume Is Immediately Optimistic for Enterprise Growth

Dawn Shares (002838) Third Quarterly Report Review: New Material Volume Is Immediately Optimistic for Enterprise Growth
Event: On October 30, 2019, the company announced the 2019 third quarter report: revenue 19 was achieved.9.4 billion, an increase of 148 every year.45%; net profit attributable to mothers1.27 ppm, a 44-year increase of 44.72%; Comments: 1. The company’s performance in the three quarters of 2019 will increase by 44 each year.72%, in line with our expectations. In the first three quarters of 2019, the company achieved operating income19.9.4 billion, a sharp increase of 148 previously.45%, net profit attributable to mother 1.27 ppm, a 44-year increase of 44.72%, which has exceeded last year’s highest performance; of which, in the third quarter of 2019, net profit attributable to mothers was zero.48 ppm, an increase of 0 per year.1.6 billion (+ 50%), an increase of 0 from the previous month.07 billion (+11.63%).The company’s third quarter report for 2019 and single-quarter revenue increased significantly, mainly due to the consolidation of Haier New Materials; the improvement in performance was mainly due to the contribution of Haier’s new materials consolidation (including the rebound in the gross margin of modified plastics) and the increase in TPV sales. 2, TPV volume continues to increase, import substitution, play a leading role At present, the company has TPV production capacity2.2 every year.As an ideal material to replace traditional thermosetting rubber materials, TPV has broad development prospects. The rise of domestic vehicles and the increase in the proportion of models 重庆耍耍网 using TPVs have steadily increased the penetration of TPVs in automobiles. It is estimated that by 2020, the total domestic car sales will be 32 million, corresponding to a total demand of 16 cars for TPV.However, the domestic TPV capacity is insufficient and mainly depends on imports.As the third largest TPV manufacturer in the world and the largest domestic manufacturer, Dawn will further expand the production and sales scale of TPV to form an import substitute.At the beginning of 2020, the company added another 1.1 electrostatic capacity, reaching 3.In terms of 3, further increase market share, give play to leading effects, and enhance profitability. 3. HNBR has been put into production smoothly and has begun to sell gradually; HPIBR used for TPIIR export to promote internal use basically depends on imports. The company 南京夜生活网 replaced the internal blank through the exchange of platform technology. The company put into production 1,000 tons of HNBR on March 26, 2019Trial production has been carried out. Currently, the equipment is operating stably and sales have gradually started.It is expected that the remaining 2000 tons of HNBR production capacity will be put into operation in 2020, and this product will contribute considerable performance. In addition, the company has also established an esterification platform to produce high-end TPUs. At present, the company already has TPU production capacity 1 production, bringing new points of performance growth; TPIIR is a substitute for thermosetting bromobutyl rubber. The application field is medical rubber plugs. The domestic demand is 35 billion, and the demand for raw materials is about 6.At present, the company’s new 2,000-ton TPIIR capacity is sufficient for production conditions. On October 22, 2019, Daun High Materials (Beijing) was registered and the export business started.The remaining 8,000 tons of TPIIR is expected to be put into production by the end of 2020, further improving profitability.Dawn is the first mass-produced TPIIR, and it is worth looking forward to replacing traditional rubber plug materials in the future. 4. The application for convertible bonds has been submitted to the total investment of the Daun Polymer New Material Project of the China Securities Regulatory Commission.600 million, including project investment 3.600 million (planned to use no more than 2 raised funds.US $ 600 million, with a total investment of US $ 100 million for repayment of loans and supplementary working capital (the proposed use of raised funds shall not exceed US $ 100 million). Among them, the implementation entity of Daun Polymer New Material Project is Qingdao Haier New Materials R & D Co., Ltd. (hereinafter referred to as “Haier New Materials”), a wholly-owned subsidiary of Daun Share Holding Co., Ltd. (hereinafter referred to as “haiAccept new materials “).Haier New Material’s existing plant was put into construction in 2001, and it is currently in full production. At the same time, the level of automation is not high, and warehouse turnover has reached expectations. The company plans to construct an annual output of 12 in Jiaozhou Economic and Technological Development Zone of Jiaozhou through the implementation of this project.The implementation of this project will further increase the company’s production capacity of modified plastics, meet the current capacity demand, and meet the company’s future business development needs. At present, the project environmental assessment report has been approved, and the application for convertible bonds has been submitted to the CSRC. 5. The convertible bond raising investment project optimizes the capital structure, reduces financial costs, and improves the company’s profitability. (1) The acquisition of Haier New Materials will increase the company’s financial expenses for the third quarter of 2019. The expansion of the company’s scale also requires supplementary liquidity. (2) Supply exceeds demand and expands the production capacity of modified plastics.Haier New Material’s existing production line is at full load. In addition, there are a large number of new products in high-efficiency engineering plastics and modified plastics, which need to replace new modern production lines. (3) Increase revenue and performance.The project construction period is 12 months.The company expects to achieve a maximum annual profit of 9,882 after the project is completed.190,000 yuan, the project’s financial internal rate of return is about 16.88% (after tax), the payback period is about 6.97 years (excluding construction period). 6, consolidated Qingdao Haier New Materials, opened a new layout of modified plastics in the field of home appliances. 2.5.8 billion shares acquired 80% of Qingdao Haier New Materials and have been consolidated since December 2018.Qingdao Haier New Materials is mainly engaged in engineering plastics, special plastics, plastic composite materials, chemical additives and other businesses. Its downstream customers are companies such as Haier Group. The company’s acquisition of the modified plastic supply system that entered Haier’s home appliance field is expected to form complementary productsTo form a new situation for coordinated development. 7. Investment rating and estimation: It is estimated that the net profit attributable to the mother in 2019/20/21 will be 1.87/2.44/3.30,000 yuan, PE is 31/23/19 times, given a “recommended” rating. 8. Risk warning: Downstream automotive market demand is falling, TPV expansion progress is not up to expectations, new capacity construction is not up to expectations, new capacity contributions are not up to expectations, raw material prices are changing, environmental protection policies are changing, and the economy is down substantially.

Luyin Ecology (002887)： The value of the first three quarters increased by 28.88% Small but Beautiful is getting bigger and stronger

Luyin Ecology (002887): The value of the first three quarters increased by 28.88% “Small but Beautiful” is getting bigger and stronger
Event company released the third quarter of 2019 report The first three quarters of 2019, the company achieved operating income5.16 ppm, an increase of 25 per year.37%; net profit attributable to mother 1.460,000 yuan, an increase of 28 in ten years.88%; EPS 0.70 yuan; ROE 8.11%.　　After years of accumulation, the “small but beautiful” is growing bigger and stronger. The company has formed a “wide network layout” in key regions across the country. In 19 years, the company ushered in a turning point in performance.In the first three quarters, the revenue increased by 10 in ten years.37%, net profit attributable to mother increased by 28 in ten years.88%, net profit after deducting non-attribution increased by 61.85%, outstanding performance; in the third quarter alone, the company achieved revenue1.3.3 billion (+18.62%), net profit attributable to mother 0.3.8 billion (+22.15%), deducting non-attributed net profit of 0.3.8 billion (+74.12%), performance growth in line with expectations.At the same time, the company has successively won Jinan (Jiyang), Beijing (Tongzhou Zhangjiawan) and Henan (Weihui) projects totaling over 800 million in the past three months, and currently has a maximum of 34 orders in hand.1.3 billion is the total amount of orders announced in 18 years.5.1 billion of 7.57 times, which lays a solid foundation for the company’s rapid development and stable growth in the next two to three years. The 19-year performance turning point has been transformed.In addition, the company prudently took orders during the rapid expansion process to ensure the project quality based on the expected repayment account period. At the same time, the old account was fully reorganized. While the performance increased, the company’s net operating cash flow in the first three quarters was basically unchanged from last year, Finishing gross margin of 40.78%, also 40 from the same period last year.91% was basically flat; net interest rate was 28.25%, ranking increased by 0 last year.47 units are commendable.　　Continuously consolidate the technical strength and gradually improve the management team. The core competitiveness highlights that the company has successfully created a complete industrial chain of “planning design-ecological restoration and landscaping technology research and development-engineering construction-operation and maintenance” as one.Strong driving force for the company’s development.In the first three quarters, the company invested 1771 in research and development.910,000 yuan, an increase of 47 per year.47%; more than 75% of the company has a bachelor’s degree or higher, and the number of technical teams accounts for nearly 20%; in 2019, the company obtained 1 national invention patent and 34 utility model patents; the company has obtained 6 national invention patents,There are 124 national patents granted.The technical advantage lies in that the company has strong core competitiveness in ecological restoration projects with difficult construction and high technical requirements. The company’s rich project experience and good accompanying reputation have an absolute advantage in the competition of high quality projects.In addition, Zhang Gongxin (Executive Vice 北京夜生活网 President), who has supplementary familiarity with water transport engineering operation technology and deep financial and financial knowledge, has served as Assistant Manager, Deputy Manager, Purchasing Management Manager, Cost Manager of Engineering Management Center of Vanke Real Estate Co., Ltd.After joining Fan Yan (Vice President) of the manager of the management department and Guo Xiaoqiang (Vice President), the former chairman of Tianjin University Municipal Landscape Construction and Development Co., Ltd. who has qualified as a senior engineer, the company has recently joined a new vice president, senior engineer, registeredConsulting engineer (investment), cost engineer, investment and construction project manager Zhang Huazhang, a team of strong executives to help the company go ocean, bringing unlimited possibilities for the company’s future development.　　8.Maintain “overweight” rating and maintain the company’s current cash in hand.1.5 billion, potential ammunition for the rapid landing of orders, steadily advancing escort.At the same time, the comprehensive credit line of the company’s bank is about 3 billion and convertible bonds have been issued7.12 ppm, the actual controller’s equity is not pledged, the high-quality asset status and the ability to overcome capital expansion provide a good guarantee for the company’s future capital operation and order landing, and also release the foundation for the company’s development and performance.As an ecological restoration, high-quality enterprise in landscaping, the development of endogenous development is clear. We expect the company to achieve operating income of 10 in 2019-2021.01, 15.41, 20.07 billion, net profit attributable to mothers was 2.13, 3.10, 4.11 trillion, EPS is 1.02, 1.49, 1.98 yuan, optimistic about the company’s long-term development, maintaining the “overweight” level.

Biotech (688177) New Shares Research Report： Biopharmaceutical Innovative Enterprise Approved for the First Domestic Adalimumab

Biotech (688177) New Shares Research Report: Biopharmaceutical Innovative Enterprise Approved for the First Domestic Adalimumab
Biopharmaceutical innovation companies have no profit during the R & D promotion period.Biotech was established in 2003. It is an innovative biopharmaceutical company focusing on drug research and development in the fields of tumors, autoimmune diseases, cardiovascular diseases and other diseases.The actual controllers of the company are Mr. Yi Xianzhong, Ms. Guan Yuzheng and Mr. Yi Liangyu, and the three are immediate family members, who together control the company through indirect shareholding.3111% equity. One of the company’s existing adalimumab biosimilars, BAT1406, was approved for marketing. Of the remaining major products in the pipeline for clinical research, three are biosimilars and six are innovative drugs.Biosimilars in the middle and late clinical stages: (1) Adalimumab BAT1406: the first domestically approved product with the brand name Glebli and is expected to be officially commercialized in early 2020.(2) Bevacizumab BAT1706: NSCLC indication, clinical phase III, is expected to be declared for marketing in 2020.(3) Tocilizumab BAT1806: Wind-like indications, clinical stage III, is expected to be declared for listing in 2021.Innovative drugs in the middle and late clinical stages: (1) Batifaban BAT2094: PCI perioperative antithrombotic, has been declared for production, and is expected to be approved for marketing in 2020.(2) BAT8001: ADC of HER2 target, advanced breast cancer indication, clinical stage III, single drug is expected to be listed in 2021.(3) BAT1306: PD-1 monoclonal antibody, combined with XELOX first-line treatment of EBV-related gastric cancer indications, clinical phase II, single-agent clinical phase II trial is expected to be completed in 2022. Deeply cultivated the autoimmune disease market and won the first domestic adalimumab biosimilar.The three major diseases of rheumatoid arthritis, ankylosing spondylitis and psoriasis have approximately 15 million patients and have not been effectively treated.For the first time in RA, the Chinese Medical Association Rheumatology Branch published research results on effective relieving alternatives for Chinese RA patients8.6%, a long way from the expected remission rate of more than 50%.In the past, due to low domestic awareness of rheumatoid disease, unsupported payment systems, and alternative pricing of competitors, the sales of TNFα biopharmaceuticals including adalimumab in China were not satisfactory. The overall market size in 2018Only about 2-30 billion.In the future, the quality of life will gradually increase, and the ability to pay will increase. With reference to the penetration rate of half of the United States (10%) and considering price reduction factors, we expect that the market is expected to achieve more than 10 times growth in the future, reaching 25 billion.The company’s BAT1406 (Geleb), the first domestically produced adalimumab biosimilar drug, was priced at 1,160 yuan / 40mg / branch, reducing the original research by about 10%, extrapolating all domestic indications for adalimumabAnkylosing spondylitis, rheumatoid arthritis, and psoriasis), trying to share a broad market for internal autoimmune diseases.In addition, the company’s BT1806, which is a similar biotoxin of tocilizumab, has entered clinical phase III and is expected to report production in 2021, forming a product echelon in the field of autoimmune diseases. Except for the field of self-immunity, the other three major late-clinical products are located in tumors and cardiovascular and cerebrovascular fields.(1) Bevacizumab biosimilar BAT1706: clinical phase III, trying to report production in 2020.(2) BAT8001: The first domestically-produced HER2-ADC in clinical phase III is expected to be reported in 2021.(3) Batifaban BAT2094: For PCI perioperative antithrombotic, it has been declared for production, and it is expected to be approved for listing in 2020. Fundraising 天津夜网 projects: The company intends to publicly issue no more than 60 million shares (without considering the over-allotment portion). The raised funds will be used for drug research and development, marketing network construction, and supplementary working capital after paying the issuance expenses. Profit forecast: We expect the company’s operating income for 2019-2021 to be 0.7, 50 and 200 million yuan, the growth rate was NA, 7042.86% and 300.00%; net profit attributable to mothers is -10.5, -9.05 and -11.2.6 billion, not yet profitable. Risk Warning: Adalimumab biosimilar drug Glelyx sells less than expected, risks of products under development failing to meet expectations, risks of failure to develop new drugs, interactions, risk of loss of core technical staff, failure to issue or delisting after listing(Long-term unprofitable) risks.

Zhejiang Meida (002677)： Growth momentum continues in weak markets, profitability is basically flat

Zhejiang Meida (002677): Growth momentum continues in weak markets, profitability is basically flat

The growth momentum in the weak market continued, and the profitability was basically flat. In the first three quarters of 2019, the company achieved total operating income11.

400 million (+22.

4%), gross profit 6.

0 million yuan (+25 compared with the same period last year).

1%), gross profit margin 52.

5% (+ 1% year-on-year.

1 pct), net profit attributable to mother 3.

0 million yuan (+23 compared with the same period last year).

1%), corresponding to a net interest rate of 26.

7% (+0 year-on-year.

2pct).

Q3 single quarter total revenue 4.

400 million (+18.

1%), gross profit 2.

200 million (+16 year-on-year.

5%), gross margin of 50.

8% (YoY-0.

7pct), net profit attributable to mother 1.

200 million (+20 compared to the same period last year).

4%), corresponding to a net interest rate of 27.

9% (+0 year-on-year.

5pct).

Overall, the completion of the real estate delivery cycle has continued to be sluggish after the extension of the delivery cycle. According to the National Bureau of Statistics data, the completion of commercial housing in the first three quarters of 2019 3

3.1 billion square meters (YoY-8.

5%), of which the third quarter was completed in a single quarter1.

01 billion square meters (YoY-0.

5%).

The penetration rate of integrated cookers in the context of weak demand for kitchen appliances has increased, achieving growth beyond the overall kitchen appliance industry, and the company continues to benefit as a segment leader.

Q3 single quarter expense control improved, advance receipts decreased slightly from the uplink, the company’s sales / management / R & D / financial expense ratios in the first three quarters of 2019 were 14 respectively.

0% / 4.

5% / 3.

1% /-0.

5% (+2 year-on-year.

6pct / -1.

8 points / +0.

5 points / -0.

1pc), in which the corresponding expense ratios in the third quarter were 10 respectively.

0% / 4.8% / 2.

5% / -0.

3% (-1% year-on-year.

4 points / -0.

2pct / +0.

2pct / +0.

1pct).

On the whole, the company ‘s gross profit margin improved in the first three quarters in the context of easing cost pressures. Costs decreased but the increase in profitability remained basically the same; Q3. Gross profit margin decreased in the third quarter compared with the previous quarter, but expenses were controlled and single quarter profitabilityIt’s basically flat.

At the same time, it will be terminated until the end of the 2019Q3 quarter.

7.8 billion (QoQ + 20.

0%, year-on-year.

7%) Dealers are still active in making payments.

Profit forecast and investment rating We believe that the kitchen appliance industry has determined the growth space in the long-term dimension. The industry characteristics of low penetration and high growth of integrated stoves give the company the opportunity to give full play to its first-mover advantage and help it enjoy the industry growth dividend;The recovery in demand from the centralized delivery of completed projects in the future will also benefit the industry and the company.

It is estimated that the company’s net profit attributable to the parent in 2019-2021 will be 4 respectively.

5, 5北京桑拿洗浴.

2, 5.

80,000 yuan, the annual growth rate was 19.

8%, 15.

0%, 12.

3%, the latest closing price corresponds to 19 in 2019 PE.

0x, taking into account the estimates of comparable companies and the growth rate of performance, give PE20 in 2019.

0x, corresponding to a reasonable value of 14.

0 yuan / share, maintaining the “overweight” rating.

Risks suggest that the real estate boom continues to decline; the expense and expense harvest is less than expected; and the industry competition pattern is deteriorating.

The new and changed registration system is the prelude to a new movement in the capital market

The new and changed registration system is the prelude to a new movement in the capital market

The recent big news of the Ma Fangye capital market is the non-Science and Technology Innovation Board and the registration system with the same frame. This big news also frequently sparked topics with representatives of the two members.

On March 3, Xiao Gang, a member of the National Committee of the Chinese People’s Political Consultative Conference and former chairman of the China Securities Regulatory Commission, stated at the CPPCC resident site that the Science and Technology Innovation Board is a fundamental institutional reform of the capital market and a major strategic layout to promote the development of the capital market.Implementation will be very important for the development of the market.

　　So, what new and changes will the registration system “important for market development” bring?

　　First, under the registration system, the capital market will gradually become a “booster” for China’s economic structural transformation and industrial upgrading, as well as an “incubator” for entrepreneurial innovation.

At the same time, with the development of the “two devices”, the old economy and the traditional economy will present a pleasing market-oriented clearing of superiority and inferiority.

What has broken through is the major progress of the new economic and financial supply-side structural reforms that we look forward to.

　　Looking at the successful experience of the global Nasdaq market, especially in the United States, we have discovered that it is only for the new economy and new economy companies that we have just seized the high-energy innovation capital that was formed under the Nasdaq registration system to “get on and get off.”Only after completing the incubation and boosting, did Apple, Google and other companies turn from small carrots to technology giants.

On the contrary, because the existing Chinese capital market has not implemented a registration system, BATJ, the peacocks representing the new economy, have no choice but to fly overseas.

Without the support of the new economy and the capital that the new economy enterprises deserve, the path of China’s economic structural transformation and industrial upgrading will go very hard and hard.

Therefore, the trial of the registration system on the science and technology board will accelerate the advantages and disadvantages of enterprises, and will be more conducive to the accelerated formation of new economic industry leaders.

　　In fact, under the registration system, participants in the market will undergo significant new changes, and the rules of the market will also change dramatically.

　　The innovative capital represented by VC, PE, etc. will enjoy the important development period brought by the era of equity investment.

At the same time there will be more smooth exit channels, more flexible exit deadlines and even imaginative returns.

　　For the securities firms, it will form a significant repulsion mechanism, that is, the securities firms in China must 南宁桑拿 become real investment banks, they must become professional and create value, and they must improve their ability and level of resource integration.

　　For law firms and accounting firms, more awe, more responsibilities and responsibilities must be achieved in signing the prospectus and conducting important audits on the accounting and auditing of the enterprise.

After all, the authenticity and preliminaryity of proprietary information disclosure is an important part of the registration system.

Therefore, while the supervisory agencies are clearly distinguished from the market boundaries, the responsibilities of the intermediary agencies will naturally increase.

　　For companies, IPOs will become easier and more efficient, and the sunshine and rain of receiving capital will be smoother. Of course, delisting will also become the norm.

At the same time, the process of eliminating the superiors and disadvantages of enterprises will also accelerate, and industry leaders such as unicorns will also accelerate their growth and expansion.

　　For investors, institutional investors led by funds will gradually expand the entire market, and their long-term investment and value investment concepts will gradually prevail.

At the same time, it will force institutional investors to transform into truly excellent asset management companies.

The investment path of a single retail investor will become increasingly severe, and its wealth will gradually have to be changed to be managed by professional funds or other wealth management companies.

　　In short, the pilot of the registration system will be a major event with predictive significance in China’s capital market.

As a new thing, the reform of the registration system will definitely have a gradual process, which requires more tolerance and understanding from the market.

However, all kinds of evidence show that the fundamental institutional reform of China’s capital market, represented by the registration system, must be “stable and steady.”

It can be imagined that the new and changed brought by the registration system is a prelude to a new movement of the Chinese capital market that is standardized, transparent, open, energetic and valuable.

Zhejiang Pharmaceutical (600216)： Capacity integration is expected to land in VE industry is expected to usher in a long upward cycle

Zhejiang Pharmaceutical (600216): Capacity integration is expected to land in VE industry is expected to usher in a long upward cycle

Investment summary: On May 25, 2019, the distribution of Nantec (the main part of Zhejiang Pharmaceuticals VE business) was officially announced. We expect that the delivery of the distribution will be completed by the end of June. After that, Nantec will stop production and maintenance to reach DSMProduction standards, we expect Nantex will need?
After 8 months of maintenance, the production capacity of the VE industry tends to be integrated.

In 2018, Zhejiang Medicine, Xinhecheng, DSM, BASF, Nent, and Beisha’s top six VE productions were 16,000 tons, 15,500 tons, 14,000 tons, 7,000 tons, 20,000 tons, and 4500 tons, respectively.

In the short term, if the production can be stopped for maintenance, it will affect the energy released by itself2, and because the interruption of intermediate supply affects downstream manufacturers, it is conservatively estimated that the capacity gap is at least 2, and the VE supply will be turned from loose to relatively tight.

In terms of prices, in 2017, due to environmental inspections and other reasons, VE experienced a cyclical market, but due to the ability to expand production to a low point, the price of VE is still hovering at a low level. There is currently no additional capacity.

With reference to the stable supply pattern from 2008 to 2013, we believe that VE is expected to usher in a new cycle of high prosperity, and the price is expected to return to 100 yuan / kg and coexist for a long time. It is still in the initial stage of price increase and there is huge room for price increase in the later period.
Zhejiang Medicine is the world’s second domestic leader in the VE field. It will significantly benefit from the profit elasticity brought by the long-term tightening of product prices by VE suppliers. According to calculations, the company’s VE (50% VE powder) production capacity is 30,000 tons., Every 10 yuan increase in VE price will increase net profit2.

5.6 billion.

As the current cooperation between Nent and DSM is still in the announcement stage, specific capacity integration will take time, so we will not consider the long-term impact of changes in the industry’s supply structure on VE prices.

At the current point in time, we expect the company to achieve operating income of 71 in 2019-2021.

3.7 billion, 75.

390,000 yuan, 79.

7.7 billion yuan; net profit attributable to mothers is 4.

5.9 billion, 5.

3.9 billion yuan and 7.

20 ppm; EPS is 0.

48 yuan, 0.

56 yuan and 0.

75 yuan, what is the current expected PE?
22X,?
1重庆耍耍网9X and?
14X, maintaining “Highly Recommended” rating.

Investment strategy: Grasp the investment opportunities for the orderly contraction of VE’s global production capacity.

Risk warning: industry capacity integration fails to meet expectations, VE price increase fails to meet expectations

Changan Automobile (000625)： Q4 or turning losses into independent improvement as the main driving force

Changan Automobile (000625): Q4 or turning losses into independent improvement as the main driving force
Q4 may turn around and become the main driving force for improvement. On January 31, the company announced the 19-year performance forecast, and it is expected to realize net profit attributable to mothers in -24?-29 billion US dollars, Q4 achieved net profit attributable to mother -2.4?2.6 ppm, 19 years of performance was slightly lower than expected due to compensation 佛山桑拿网 received from government subsidies.We believe that Changan Ford has not yet achieved a loss in the fourth quarter due to impairment and expense accrual, and Q4 investment income may continue to be negative.The company’s Q4 performance may turn a deficit. First of all, the performance of self-deduction is obviously improved, and sales and profits have increased.According to the company’s announcement, Q4 Company received a government grant of US $ 300 million, and we expect Q4 to make its own profit after deductions.Looking forward to 2020, Changan is autonomous and Changan Ford is in the predetermined model cycle. Sales and profits are expected to improve. EPS is expected to be -0 in 19-21.55, 0.71, 1.21 yuan, maintain “Buy” rating.　　The new product CS75 Plus has outstanding competitiveness, and Q4 Changan’s independent sales have greatly increased in 2019. Changan’s independent overall sales have been 850,000 units, each time -7.8%; Changan Ford’s overall sales were 18.40,000 units, at least -51.3%; Changan Mazda sales 13.40,000 units, at least -19.7%; Changan Group’s overall sales were 1.76 million units, -15.2%.The overall sales of ride-hailing in 2019 decreased by about 10%. Since the company did not launch new products in the first half of the year, the company gradually expanded sales and underperformed the industry. Changan’s autonomy is slightly better than the industry.In the fourth quarter of 2019, Changan’s independent sales increased by + 32%, Changan Ford’s sales increased by -20%, and Changan Mazda’s sales exceeded flat.Since September, Changan has independently launched a number of new models such as CS75plus, Auchan X7, CS55 plus, and sales and bicycle profitability have improved significantly.　　We think Changan’s independent sales growth rate is expected to exceed 20% in 2020.　　Ford Ruiji, Lincoln adventurer launched, Changan Ford sales are looking down. According to the company’s official website, on December 19, Changan Ford’s heavy-duty new car SUV Ruijie (replacement of the Tiger Tiger) was officially launched.There are three versions of the new car, which can be replaced by 2.0T four-wheel drive, the manufacturer’s guide price range is 18.98?twenty one.880,000 yuan.We think this model is reasonably priced and slightly lower than the competitive model. Is it expected that the long-term average sales volume will reach 4000?5000 units.On December 27, Changan Lincoln’s first domestic model, Corsair, started pre-sale, and the model was preset at 24.8?350,000 yuan, about 30,000 yuan cheaper to import MKC, we expect monthly average sales of 2,000?About 3000 units.According to the data from Auto House, in 2020, Changan Ford introduced the introduction of new vehicles such as the Explorer, Lincoln Flying Home, and Voyager. We believe that the conversion to new models will promote the improvement of sales and profits of Changan Ford.　　Reduce the reduction point, enter the new model cycle, and maintain the “buy” rating. In the short term, the company’s new energy subsidiary plans to mix and change, sell Changan PSA equity, reduce blood loss points, and bring about 3 billion fair value changes to the company.Initially, Changan has entered the new model cycle, and sales and performance have great flexibility.Taking into account that the government subsidy in 2019 is lower than expected, and excluding the non-recurring gain of 3 billion US dollars from the sale of PSA and new energy subsidiaries in 2020, we estimate that the net profit attributable to mothers in 19-21 is -26.6,34,580,000 yuan, corresponding to EPS-0.55, 0.71, 1.21 yuan.Comparable companies evaluate an average 四川耍耍网 of 19 times PE in 2020, considering the company’s performance change breakthrough, given the company 16 in 2020?17 times PE conversion, giving a 20-year target price of 11.36?12.07 yuan, maintain “Buy” rating.　　Risk reminder: Domestic passenger car sales fall short of expectations, new model sales fall short of expectations, the epidemic affects car sales, and hybrid improvements are not up to expectations.

Warm water is better than hot water

Warm water is better than hot water
Drinking hot water has been in China for thousands of years.”The Yellow Emperor’s Canon” has the record of “the soup liquid that cures the disease”, “Mencius” also has the expression “Drinking Soup in Winter”, and “Shu Wen Jie Zi” says “Soup, Heat”.The “soup” here is hot water.Wen Changlu, academic consultant of the Chinese Academy of Chinese Medicine, said that Chinese medicine advocates drinking hot water, especially in the cold winter.Water is the source of life and plays an important role in maintaining the physiological functions of the human body.However, it is cold and cold. If you often take cold water or cold drinks, it will easily lead to spleen and stomach dehydration and excessive humidity, which will affect the qi and blood operation. It will cause cold, cold hands, feet, and cold stomach.Cold physique.It is called hot water, which can balance the cold and cool nature of water, and initially reconcile the effects of yin and yang.In addition, warm drinking into the stomach can help the yang to develop, and it has the effect of warming the yang in the soil, which is beneficial to the rot of the stomach, and the spleen transports the valley to produce subtle nutrients, promote the digestion and absorption of the human body, blood circulation, metabolism, and so on.Wen Changlu said that people with debilitating constitution, spleen and stomach, kidney deficiency and impaired physiological functions, such as children, the elderly, women, etc., are suitable for drinking hot water.In addition to hot water, many warm foods can also be cold.For example, patients with colds and colds can drink hot water or hot ginger soup to speed up blood circulation, fight against viruses, and replenish water to help reduce fever and dispel wind and cold.Women with dysmenorrhea drink hot water, hot soup, hot brown sugar ginger tea, etc. during menstruation, which can relieve blood pain by promoting blood circulation.The promotion of drinking hot water does not mean that the hotter the water, the better. Some people like to drink hot water or freshly cooked porridge, soup, etc. These are all bad eating habits.Because 上海夜网论坛 too much diet or water can repeatedly stimulate the esophageal mucosa, causing chronic damage and inflammation.The World Health Organization’s International Cancer Research Agency has also proposed that excessive drinks may increase the risk of esophageal cancer, causing diets with temperatures above 65 degrees Celsius to be classified as carcinogen 2A.Proceeding, Wen Changlu suggests, available 35?45 seconds of water is best.Because the temperature of the human gastrointestinal tract is about 37.5?In 38 seconds, water close to the human body’s ambient temperature will make the initialization tract more comfortable.People who are afraid of cold can choose water with slightly higher temperature, but it is better not to exceed 50 tons.When it is called traditional Chinese medicine, most traditional Chinese medicine decoctions 杭州桑拿网 should also adopt the warm-serving method.Traditional Chinese medicine for the functions of removing wind and cold, warming and removing cold, or some traditional Chinese medicine decoctions such as tonics, promoting blood circulation and activating qi, etc., can use hot clothes to help medicine.Wen Changlu reminded that drinking hot water is beneficial to people with a debilitating constitution or a peaceful constitution, but it is usually a hot constitution that has symptoms such as dry mouth, dry throat, red eyes, fever, yellow urine, and dry stool.People, or people suffering from fever diseases, such as heat stroke, constipation, etc., are suitable for normal temperature water around 25 years old, so as not to aggravate symptoms.▲