Xia Chenglong appeared,Protect Yingzi behind。

“Aaron,They bully!”Yingzi cried aggrievedly,Trembling voice,It seems to be really bad。
“I rely on!”
Yuan Hua’s eyes widened,This is too good to be installed!
They just had some war of words just now,It’s like what they did to him?
“how,The bones are itching again?”Xia Chenglong looked at each other calmly,There was a cold murder in the voice。
“you,What do you want?”
Yuan Hua, who was frightened, asked subconsciously。
I found something wrong just after asking,He’s here for trouble,And this time I brought the family guard,Why are so many people afraid of a kid?
“Aaron, right,I underestimated you last time,Made me suffer so much,I want to find it back today。”
“Huh!”
With Yuan Hua’s words,The guards around leaned forward,Surround Xia Chenglong and Yingzi Tuan Tuan。
More than twenty,Strength is about the body,From this point of view,The Tujia’s power is indeed very powerful。
Even a vassal family,Can take it out casually。
But he will be afraid?

Jiang Yan guessed that Qin Feng might have something like this,But how can I not admit it?,Once admitted,No trouble in the future

Endless,This is something no one can change。
Qin Feng said casually:“If i have this thing,I will sell it to your boss,correct,How much can your boss pay,Let me buy it?”
“Fifty million。”That person said without thinking:“If you can take it out,We must be rewarded。”
“If any,I will definitely inform you。”Qin Feng said with a smile on his face,But his heart has already given this person an attribute,That’s why I can’t trade anymore。
As for how these people found him,Qin Feng is also very aware of the so-called auction,That is not reliable at all。
That’s when he didn’t want to rely too much on other people’s funds,This is what will sell something,But now it seems,This is also causing some trouble for myself。
But Qin Feng also knew,These people can’t help him,This is nothing。
That person also saw Qin Feng’s thoughts,He quickly said:“Mr. Qin Feng,If you are willing,We must thank you for this。”
“Ok,We will definitely care。”Qin Feng also said sincerely,But he pointed to the front and said:“I will go ahead and have a look,Is there hundreds of years of ginseng,I won’t delay you。”
immediately,Qin Feng and Jiang Yan also walked forward,That person is also a little worried,Because he saw Qin Feng’s attitude。
It’s just that Qin Feng is also rich and powerful for the time being,Where can I do it?
What can be done is to find someone to put some pressure on Qin Feng,But now who can I find to put pressure on Qin Feng?

Evincent doesn’t care either,Smile gently。

“It’s normal to be afraid of people like me,After all, I am in the eyes of others,Should be an out-and-out lunatic。”
Evincent continues to comfort Higgins。
“But I am not,I just want to perform an operation on this world。”
Evincent looked at Higgins sincerely and said:“This world has been diseased for too long,Why do rich people always come from those surnames?And why they can play the world,Some people have to crawl under their feet diligently,Let it trample?”
Higgins looks at Evincent,Opened his mouth,Still can’t make a sound。
Evincent still doesn’t care if Higgins speaks,He just talks to himself。
“It’s not difficult to see that you are a hard worker,But it is not difficult to see,Your talents and ambitions cannot be fully released!You can do much better than now,But that James suppresses you everywhere。”
Ivincent patted Higgins heavily on the shoulder,Squat down,Keep your eyes on Higgins。
“This may already be the norm in this world,You are working hard,You work hard to do everything well,But on the road to success,There is still no free ride you can take。All achievements will always belong to others,You are responsible for all accidents,It’s not fair,Even if you are already sitting in the manager’s office,Sat in your chair,But you still can’t change too much。Help me,Let us change the world together…”
Evincent looked at Higgins questioningly,And stretched out his hand to him。
Higgins stared at Ivincent for a long time,Finally put his hand in his hand。
————
Chapter Five Hundred and Five speech

It’s helpless to say,From“tay”MK650-8CThe first batch of data begins to be transferred,Time has passed for several years,However, it is limited by the domestic precision processing industry and material industry,COMAC“tay”650-8CEngine localization rate is still insufficient100%,Almost8%The materials and rough parts need to be from Rolls·Royce Imported,In accordance with current progress,After solving this、Also the hardest8%,Even if everything goes well, it almost still needs2Years or so。

Maybe someone wants to ask,Rolls·Royce did it all、I tried my best to teach you,It’s been several years,Why don’t you?Are you not studying hard or are you stupid?
It’s not a question of whether it is stupid,There is always a gradual process of learning and mastering——Roll the skin、Making dumplings looks easy, right?It looks like nothing more than a very simple pinch、Just one,But you can ask those students who can make dumplings,They learned from the beginning to really learn how to make a beautiful dumpling,How long did it take?
Wang Xiaodong smiled and shook his head,Some things he can’t explain too much,After all, Chen Geng’s identity is still a bit sensitive,Turn off the topic and ask Chen Geng:“correct,What happened to the American boss who came with you?”
“You are talking about Mr. Robinson?”Chen Geng’s surprised way:“What’s up with him?”
Wang Xiaodong smiled:“It’s no big deal,During this time, many comrades are hiding from this Mr. Robinson。”
understood!
Because of Frank·Robinson’s persistent desire to open the China General Aviation market,Make some comrades really unbearable,But this Frank·Robinson is not only a very wealthy foreign guest,And still Chen Geng’s friend,Besides hiding,There’s really no good way everyone。
After knowing that Chen Geng was coming to fly west,,Frank·Robinson’s troublesome comrade,It’s not good to come directly to yourself,Just put the attention on Wang Xiaodong’s head:Comrade Xiaodong,Can you tell Mr. Chen Geng,Let Mr. Chen persuade his American friend to stop tossing,It is impossible for us to open the general aviation market and3000Airspace below meters。
What else can Chen Geng do??
Of course, only promise to go back and persuade Frank·Robinson。
It’s Wang Xiaodong,because this,Can’t help but be curious about the U.S. general aviation market:“Mr. Chen,I heard that many Americans have private jets,U.S. airspace is open to private individuals,Is it real?”
“America will3000The airspace below meters is classified as general aviation airspace,And open to all general aircraft,”Chen Geng shook his head,Said:“but,Although the United States will3000General aviation airspace below meters is opened,But not unconditional、Unlimited open,Such as medium、Airspace within a few kilometers of a large airport,In order to ensure the normal take-off and landing of civil aviation aircraft,Will not be open to general aviation,You need to apply in advance if you want to go in,of course,The application process is simple、The approval process is also very fast,Basically get in touch with the tower,Then the tower will give you a reply——All civil aircrafts in the United States are forced to install automatic responders when they leave the factory.,Just fly together,Even if it’s ultra-low altitude flight,Automatic answering machine will also start,And will automatically contact the nearby air traffic control agency,The registration code of your aircraft、course、Information such as speed automatically appears on the computer of the nearby air traffic control agency;
Another example is some sensitive military、Near political setting,There will also be a no-fly zone for general aviation,But in general,Most airspace in the United States is open to general aviation,As long as you are3000Flying at altitudes below meters,Basically, you can fly as you want。”
“this is necessary,The airspace near the airport and the military base must not be passed by casually,Otherwise, what if you are taken by a foreign spy on a plane??”Wang Xiaodong nodded frequently,Feel eye-opener,I look forward to what Chen Geng will say next。
“As for the private jet,”Chen Geng said:“According to the Federal Aviation Administration1985Statistics for the year,In the U.S,The number of people with a civil aviation pilot license is approximately65Around ten thousand,If you put a business license、Except for civil airline scheduled flight pilot licenses and student pilot licenses,The number of people with a private pilot license for a fixed-wing aircraft is approximately22Million,If you add a sports and leisure flight license、For rotorcraft and glider flight licenses,The total number of people should have28Million。
of course,Having a private jet license does not mean that you have a private jet,Count as a big company、Business jets owned by large groups,The number of private jets in the United States is about20Around ten thousand。”

Hearing what Zhong Yefu said,The other three masters frowned。

Long Zhanye speaks loudly:“What good ideas does Brother Yehu have??”
Zhong Yeo nodded,Tao:“In order to be foolproof,Make sure our actions inside are smooth,I think among the four of us,There must be someone to stay,Keep the entrance,Lest outsiders come in and make trouble。Wait until we finish fighting the monster inside,Earned income,Naturally, we have to make a part of it,For the one who is outside。”
The voice has not fallen,Mo Wen just laughed,Tao:“This thing sounds good,No need to go in for adventure,There are also benefits。Who of you wants to stay outside??A rare opportunity!”
Fire Lotus giggled:“Since I’ve come,See you if you don’t go downBOSSTrue face,Isn’t it too boring?Who of you stay at the entrance of the cave?!I won’t stay。”
Mo Wen’s eyes rolled twice,Said with a smile:“Since Brother Long has already got a piece of equipment,Just stay and guard the gate for us。The rest of the opportunity is up to us to touch。”
When Long Zhanye heard this,,Anxious immediately,Roar:“That won’t work!In case the monster inside is powerful,You miss me,No one can handle it!”
At this moment,Zhong Yeo nodded too,Tao:“Not bad!Right now Brother Dragon is the strongest among us,He won’t end,The loss of the game is great。”
“Then let’s talk,Only let you Zhong Yefu stay??”The fire lotus god’s eyes flickered first,And then immediately returned to calmness,Lightly。
Zhong Yefu smiled,Tao:“I don’t care!If you really need someone to stay outside,It’s okay for me to stay。”
What he said,The other three are a little moved,Staring at him with piercing eyes。
Zhongye Fuken took the initiative to stay,Give the benefits of the next level to the other three,This is obviously a good gesture,By his temperament,Also did it。
Because this person is very conspiring,Not just want Chiyue equipment,I want to consolidate the relationship between these masters,Even if I left Chiyue Canyon,If these people still trust him,For him,I’m afraid that is what he wants most。
“Still not right!Zhong Yeo,Mingren don’t speak secret words,I just think you have too many eyes,Leave you out,The three of us go in,I feel a little worried!”The fire lotus god suddenly smiled and said without a smile。

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

Rongwei Securities: Active conversion of heavyweights to inject new momentum into the market

Rongwei Securities: Active conversion of heavyweights to inject new momentum into the market

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

  Original title: Rongwei Securities Liu Sishan: Hot spot conversion of heavyweights injects new momentum into the market Source: Rongwei Securities encountered cross-media effects and opened lower across the two cities. After the opening, large infrastructure, securities firms, and real estate sectors led the Shanghai Index to become popularHowever, then the index fell again. Looking at the market, individual stocks fell, the number of limit stops increased, technology stocks fell, the Shanghai index was relatively resilient, and the 杭州桑拿网 market turned red many times.

The final close, the Shanghai stock index was at 2987.

93 points, down 0.

83%; GEM Index closed at 2180.

7 points, down 4.

66%.

Small and medium plates closed 7591.

81 points, down 3.

67%.

  On the disk, the construction industry led the gains. China Metallurgical, Shandong Road and Bridge, Tengda Construction and other 13 stocks hit daily limit. At the same time, China Power Construction, China Construction Group, Honggao Creative and other stocks hit the daily limit.

In the real estate sector, the black peony rose for three consecutive days. SIHL, Xiangjiang Holdings, and Hefei Urban Construction set daily limits.

In the steel sector, Xinri Hengli has two daily limit plates, and Shagang shares daily limit.

  Technically, the Shanghai Index has continued to run above the 南京夜生活网 half-year line for several days, the overall moving average system has been repaired, and the market funds are still active.

Although the external disk has been weakening continuously, the Shanghai Stock Index has been continuously affected by too much, and the market has changed spots in time. Today, heavyweights such as infrastructure and real estate have suddenly become active, injecting new momentum into the market again.

  Comprehensive judgment, focus change, but the continuity needs to be tested by the market. After all, the demand for capital by weighted shares is the standard.

It is recommended to treat market changes rationally, and sell high and sell low.

Chinese Film (600977): The value of the long-term leader in the steady growth of non-net profit in the third quarter is prominent

Chinese Film (600977): The value of the long-term leader in the steady growth of non-net profit in the third quarter is prominent

Q3’s consolidation effect in Q18 led to the interruption of the quarter’s profit growth, and the net profit after deducting non-return to motherhood in the first three quarters of 19 achieved positive growth.

Revenue in the third quarter of 2019 was 18.

8.5 billion, down 18 a year.

15%, net profit attributable to mother is 1.

92 ppm, a drop of 69 per year.

62%; in the first three quarters, the company achieved revenue of 67.

2.7 billion, down 2 every year.

82%, realized net profit attributable to mother 8.

74 trillion, down 32 a year.

67%, the net profit after deducting non-attribution is 7.

83 ppm, an increase 合肥夜网 of 2 per year.

36%.

As the company’s Q3 2018 was included in China Film Barco’s consolidated investment income4.

54 ppm, so the profit growth rate in the third quarter of 19, but net profit after deducting non-attribution to achieve positive growth.

Production of film and television productions: The company has a wealth of film stocks, and there are a lot of movies to be released in the fourth quarter.

(1) Film production, the company produced a total of 6 films in the third quarter (at the box office 2).

6.7 billion), a total of 15 films produced in the first three quarters, gradually box office 60.

3.7 billion, accounting for 22 domestic box office in the same period.

2%, mainly contributed by “Wandering Earth”, the company ‘s merger or participation in the production of recently released film projects such as “Chinese Women’s Volleyball Team”, “Pioneer”, “Detective Chinatown 3”, “Island of Hope”, etc., we expect the company’s fourth quarter production businessPerformance will pick up.

Film projects under preparation include “The Starting Point of Red”, “The Autobots of China”, “Renbo Boat”, “34 Days”, “Counterattack”, “Kung Fu Tea”, “The Secret War of Capturing Drugs”, “Mom’s Magic Kid”, “Love You, Sunday “and so on.

(2) TV drama producer, “Locked Room” (26 episodes) produced by the company in the third quarter: “Father’s Prairie Mother’s River”, “People’s Republic of China (tentative name)”, “Black Lighthouse” produced or contributed by the companyMore than 30 TV series (web dramas), including “Dark Love, Orange Health Huainan”, “Dear, Where are you”, “Cranberry Dill”, “Crocodile and Toothpick Bird”, are progressing as planned.

Film distribution: The guarantee above the leader provides long-term driving force for performance.

In 19Q3, the company led or participated in the distribution of 123 domestic films, with a cumulative box office of 21.

21 trillion, accounting for 18 of the box office area of domestic films in the same period.

09%; issued 42 imported films, renewed box office 15.

51 ppm, accounting for 54 of the box office area of the country’s imported films during the same period.

62%.

In the first three quarters, the company led or participated in the distribution of 412 domestic films and gradually made a box office 102.

14 trillion, accounting for 38 of the box office area of domestically produced films.

78%; distribution of 110 imported films, 104 renewal box office.

6 trillion, accounting for 58 of the box office area of the country’s imported films during the same period.

twenty one%.

Ranked in the first half of 19, the company’s issuance business market box office accounted for a slight tilt.

Film screening: The National Day file is blessed, and the rebound of the film market in the fourth quarter will benefit the cinema line.

In the third quarter, the company’s affiliated controlled cinema lines and holding theaters achieved a total of box office 42.

1.8 billion, with a total of 12,120 moviegoers.

80,000 person-times.

In the first three quarters, the company’s controlling shareholding theaters and holding theaters achieved a total of 122 box office.4.7 billion, with a total of 33,686 moviegoers.

920,000 person-times.

As of the end of the third quarter, the company had 136 operating and holding theaters with 1,002 screens. The company’s 4 holding theater lines and 3 participating stock lines had a total of 2,920 theaters and 17,647 screens.

We believe that the box office performance of the National Day film market is better, which is conducive to increasing the revenue of cinema screenings.

profit prediction.

In 2019, the company will continue to deepen the comprehensive development of the entire film industry chain, lead the direction of Chinese film development, and promote domestic films to the world.

We expect the company’s EPS for 2019-2021 to be 0.

57 yuan, 0.

61 yuan and 0.

66 yuan.

With reference to the similar expected price-earnings ratio of comparable companies in the industry in 2019, considering the company’s comprehensive strength, complete industry chain, extensive brand influence, and rich team experience, we give the company 19 years 25
30 times, corresponding to a reasonable value range of 14.

25?
17.

10 yuan, given the market rating.

risk warning.

Changes in industrial policies, intensified market competition, illegal piracy, and film and television performance in 19 years were less 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.

06%.

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.

13%.

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.

2%).

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.

3%).

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.

16/160.

97/193.

15 billion, BVPS is 14.

86/17.

47/20.

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.

Ping An of China (601318) Annual Report Commentary: Ecological Technology Empowers Breeding of Big Risk Companies

Ping An of China (601318) Annual Report Commentary: Ecological Technology Empowers Breeding of Big Risk Companies

Event: The company released its 2018 annual report on March 13.

At the core of the report, the company achieved a net profit of 1,204.

5.2 billion, an annual increase of 20.

5%; net profit attributable to shareholders of the parent company 1,074.

4.0 billion, an annual increase of 20.

6%; operating profit attributable to shareholders of the parent company was 1,125.

7.3 billion, an annual increase of 18.

9%; operating ROE is 21.

9%, with an expected average ROE of 20.

9%.

Investment points: Ecological layout of individual customers, personal gold business has become the main force of core financial profits. In 2018, the company achieved operating income of 9,768.

3.2 billion, an annual increase of 9.

6%, operating profit for the same period was 1,125.

7.3 billion, an annual increase of 18.

9%.

Among them, the personal business grew by 31 each year.

1%, accounting for 78.

7% increase by 8.

A partnership has become the main source of profit contributed by the group’s core financial products.

The increase in the number of individual customers comes from the migration and migration of core financial services, and the average operating profit per passenger increased by 18%.

1%; usually rely on Internet users in the five major ecosystems of “financial services, medical and health services, car services, property services, and smart cities.” This part of the total number of customers reaches 35.

6%.

Heng Qiang, a strong life insurance business, has consolidated the leading insurance and insurance business as the most basic and business-contributing business segment of the Group. In 2018, the life and health insurance business achieved a net profit of 579 attributable to the mother.

1.4 billion, an annual increase of 62.

4%, accounting for 40% of the group’s total profit.

0% increased to 53.

9%.

From the perspective of scale premium, although the total number of new businesses in each channel is 1.

The highest growth rate of 2%, but benefited from the large-scale historical 杭州桑拿 policy renewal, the renewal business grows up to 32 per year.

8%.

According to the monthly premium income data released by the China Insurance Regulatory Commission, personal insurance increased by 10 in 2018.

9%, while the company still has 21.

The rapid growth of 1% far surpassed the insurance companies in the same industry.

Coupled with the steady growth of the property and casualty insurance business, the Group’s overall insurance business market share was reset18.

9%, followed closely by China Life (14.

2%) and PICC (13.

1%).

The technology business has entered the period of performance contribution, and the nascent fintech and medical technology businesses of several unicorns have achieved their operating profit of 67.7 ppm, an increase of 24 in ten years.

9%.

The company is divided into four stages 失败:重查 in this business layout. Among them, Lufax Holdings and Auto House have reached the final stage of profit contribution.In addition, several projects are in the early stages of setting up a platform.

According to the information disclosed in the annual report, Lufax has estimated that it has reached 39.4 billion U.S. dollars, Ping An Good Doctor has been listed on the Hong Kong Stock Exchange with a market value of about 6.6 billion U.S. dollars; Financial One Account and Ping An Medical Insurance Technology have completed one round and the first financing.Post-investment estimates are $ 7.5 billion and $ 8.8 billion.

The five companies in the group’s technology business total an estimated US $ 70 billion and appear on multiple “unicorn” lists.

Maintain “Recommended” rating and expect the company’s EPS for 2019-2021 to be 6, respectively.

44、7.

94 and 10.

44 yuan, the corresponding PB is 1.

70, 1.

41 and 1.

20 times.

Considering the company’s stable leading level in life and property insurance, the comprehensive ecological layout to divert the entire financial business, and the multi-stage layout of fintech and medical technology, the company maintains a “recommended” rating.

Risk Warning: The growth of premium income is lower than expected; regulatory policy changes.