One to five,Where is such an easy victory。

Listened to this system,Xin Zhao directly opens the dark plane,Then extracted the corresponding information,Then Xin Zhao was dumbfounded。
According to the above assessment,Own attack can reach20,And Lena’s defense value is200,In other words, I have to attack at least ten times,Liu Chuang is almost the same,Even the weakest Qilin,Also have to attack twice。
And his defense value,you could say so60,Similar to Rui Mengmeng’s defense。
Such data,How to let him fight!
Chapter One Hundred Can’t admit
“Letter,You won’t persuade you!”Liu Chuang proudly raised his eyebrows towards Xin Zhao,Plus his big ugly face,Make Liu Chuang’s current expression look more wretched。
No way,In this Lianfeng system,Not only Xin Zhao,The attacks and defenses of the six people are displayed on it,Liu Chuang has the highest value,And Reina’s number is second。
of course,The above explained a sentence specifically for Lena,Say that Reina is normal,That is, the attack strength of launching non-radiation micro flares。
If Lena unlocked the gene lock directly,Even the earth can blow up,Not to mention a few people now。
Xin Zhao is thinking,Do you want to compare it again?。
“Xin Zhao,If you are attending once,Words of victory,Sister, I can ask you to make some excessive demands?”Lena looked at Xin Zhao with a serious face,Can’t help but tease。
Ha ha!
For Lena’s words,Xin Zhao has a ghost if he believes it!
Although Lena looks atmospheric,Even a little second,But she still has the tradition of Lieyang civilization in her bones,Now if Xin Zhao says something too much,,Lena will definitely not agree。
Besides, Lena also used some language skills,She only said that it can be mentioned,But I didn’t say that I would definitely agree.。
Yes or no!
“Xin Zhao,If we lose again this time,Never regret,how about it?”This is rose!
“me too,As long as you win,I can promise you to wear a maid costume!”Qilin looked bad when she saw Xin Zhao,Also took the opportunity to say。

but,Although my heart is like Mingjing,But Chen Geng did not dismantle Richard·Carpenter’s thoughts。

No matter what the Carpenter brothers and sisters think,Regardless of whether the Carpenter brothers and sisters are true to China’s history、Cultural interest is to cure Karen·Carpenter lied about anorexia nervosa,But one thing is certain,As long as these brothers and sisters are not stupid,Then throughout the treatment period,They must contribute their strength to the China-US relationship——Speak more bluntly,It’s that these brothers and sisters must do their best to help Huaxia say something nice。
that’s enough!
As two public figures with great influence in the United States、Superstar,As long as the Carpenter brothers and sisters can do some positive work for the relationship between the two countries,Chen Geng is willing to do his best to promote this……There has never been anything to pay without asking for return,Want to get something,Always bring something out。
After these brothers and sisters have said good things to China for a year or two,Even Karen·Carpenter’s anorexia nervosa is completely healed,Can they change their minds?
Of course it is possible to change,But this will affect their public image,To put it bluntly, it affects their income,The siblings don’t look like idiots,So what is certain is,Wait for the doctors from the Health Bureau to help Karen·After Carpenter cured her anorexia nervosa,The two brothers and sisters have a relationship with China“Reversing”Very unlikely。
But now?……
“Just a good thing,”Chen Geng nodded,Pretending to not understand the meaning of the two brothers and sisters:“Now China and the United States have officially established diplomatic relations,If you want to travel to China、go sightseeing,It should be quite simple?Just go to the China Embassy in the United States to apply for a tourist visa。”
Mr. Fernandez seems unwilling to do this for himself……
Chen Geng’s reaction did not surprise the Carpenter brothers and sisters.,Even in Richard·Carpenter thinks that Chen Geng’s reaction could not be more normal.:Mr. Fernandez has no friendship with himself,Why do people help themselves??Is it just because my brother and sister are stars??
Do not make jokes!
The star status of my siblings,For ordinary people, it may be superior、The existence that needs to look up,But for a rich man like Mr. Fernandez,Actually it’s nothing。
just,Although I was mentally prepared for Chen Geng’s refusal,But it’s a star anyway,Richard·Carpenter still has a little extravagance in his heart,I thought if I gave a hint,Will the other party enthusiastically offer to help their siblings??Now it seems,I really think too much。
“Mr. Fernandez,very sorry,What I just said was not all true,”Sister Karen·Carpenter glance,Richard·Carpenter gritted his teeth,Finally told the truth,Pointing at Karen·Carpenter says:“After the last Chrysler reception,Karen told me about you,We went to the hospital to check,Everything about my sister is as you said,and so……”
“So you hope to go to China with me this time,Please help Miss Karen from those doctors in China who are in charge of health work for the main leaders of the country?”Chen Geng“Suddenly realized”Richard·Carpenter asked。
“Yes。”Richard·Carpenter nodded heavily,At the same time looking forward to Chen Geng:“Mr. Fernandez,I invite you、I beg you to help my sister,She is not yet30year old……”
Speaking of which,Richard·Carpenter’s eyes are red。
Less than one30Year old woman,She is now,It should have been the most brilliant and beautiful age in her life,Like a flower just blooming,But this flower that just bloomed is about to die,Any normal person will feel sorry for it,Not to mention that this woman has a deep relationship with herself:She is her own sister、Best business partner,Richard·How can Carpenter not hurt?
Karen·Carpenter also feels。

Tian Lu flipped through the new mobile phone the salesman had brought,Key to debug each function,The salesperson kept in the ear like“fly”General“Buzzing”Keep recommending。

Brand mobile phones in various models and colors in front of you,Tian Lu struggled in her heart,Seems a little hesitant:Ye Xingkong,Who am I,It’s just a character that passersby meet,Why should I spend money to buy him,This money is not too much,But it’s not small, I’ll buy it or not?
The salesman kept pushing,“This is the latest model this year,And it’s a hit,Higher than previous pixels、Sharpness、Dozens of large capacityG,Very good……”
of course,Tian Lu is struggling between buying and not buying,Be careful:Forget it,Buy him,Friends,He will be paid in the future when he goes to work,I’m not sure I can spend money for me in the future,Come and go。
Don’t buy it,Also passable,It’s just why there is a weird feeling in my heart。Not paying back,Care a little bit,Who let him go to a big family、It’s another rich man who found a job。
Isn’t it a cheap idea?,Whatever,People,Who is not a layman,It’s not too much to have this kind of thought,Normal,Hum……
First64chapter Buy machine
Tian Lu in the dream bought a branded mobile phone for Ye Xingkong,Easy to contact。
Tian Lu standing by the counter holds the new mobile phone given by the salesman,Keep turning and inspecting,The expression frowned for a while,For a while, both sides of my mouth are beeping,I’m completely overwhelmed。
Unknowingly three to five minutes passed,The salesman sees Tian Lu not expressing opinions on buying or not,In a daze,A little impatient,So much tongue,The customers in front of me seem to ignore it,Not on the same channel at all,Yelled a few times:“Hey、Hey、This customer,Would you like to buy or not?”
Tian Lu thought it was a salesperson selling,Selectively filter out words,Until the salesman put his face close to Tian Lu,Re“Hey、Hey”Two beeps,My voice raised a little,He brought Tian Lu’s mindful thinking back to the status quo。
“Do you buy or not?”The salesman repeated。prior to,Keep introducing,Professional and dedicated attitude,Let Tian Lu couldn’t refuse,Arouse Tian Lu’s desire to buy。
“buy!”Tian Lu smiled exaggeratedly,A decisive beep to the salesman,A big deal。
The salesman quickly brought the packing box,Get the new phone on the counter,Billing into the computer,Then report the amount to Tian Lu。
Tian Lu turns on the phone,Mobile banking is popular nowadays,along with“Ding”A bang,Payment successful,QR code payment is simple and fast。
The salesman puts the packed mobile phone on Tian Lu’s packaging,Smiled and sent it to Tian Lu,The opposite of the expression at the beginning,Came a big turn。Businessmen change their faces very quickly。

“Mr. Xiang,Who is it?”Xing Rufeng looked at the Korean Xiang and asked。

Here,Only the relationship between Korean Xiang and Xiang Chen is the most familiar,I almost became a couple before,Xing Rufeng has many questions to know,Just because of my brother’s presence,Some words,Xing Rufeng doesn’t know how to speak。
After all, it’s his brother’s ex-boyfriend,If Xing Tao is present,Even if it doesn’t matter,I should feel quite uncomfortable。
“Who is he?”
Korean Xiang mutters to himself,Then smiled,Said:“By definition,We arevipif,he is the onevipmiddlevip!”
Han Yuxiang didn’t speak too clearly,But Xing Rufeng understands vaguely。
“National prefix?”
Subconsciously asked again,Then I can’t answer in Korean,Xing Rufeng made up the answer by himself。
It should be!Otherwise, how could so many big people call themselves?There are only people with the prefix of the country,To mobilize such actions。
“May have beenzhuatutu.retired!”
Han Yuxiang sighed,Shrugged helplessly。
“Korean team,There may be something I shouldn’t ask,But it’s not like that after all!You don’t mind,You and my brother?”
Xing Rufeng tentatively looked at Korean Xiang,He is usually the leader of Xing Tao,No matter how high the leader is, there are family members,It is false to say that you don’t care about Xing Tao’s personal problems,After all, he is about 30 years old,Being so alone is not the way,Besides, Xing Tao likes things in Korean,It’s no secret in each team,But these two people are always so unclear,My son is worried for his uncle。
Taking advantage of Xing Tao’s absence,Xing Rufeng also relied on his older identity,Courageously asked Korean Xiang。

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.

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.

Biyin Lefen (002832): The second phase of the employee stock plan launched a discount guarantee to grant shared growth dividends

Biyin Lefen (002832): The second phase of the employee stock plan launched a discount guarantee to grant shared growth dividends

Today, the company announced the second phase of the employee stock ownership plan budget. It plans to raise no more than 1 trillion, giving executives and core personnel a total of 900 shares at the average repurchase price.

The scope of the plan’s incentives has been further expanded compared to the previous period, and the share price is 25% off the current price. In addition, the chairman guarantees that the plan will further increase employee motivation.

We believe that the long-term sustained growth of mid- to high-end brands is the same store growth strength based on strong product strength.

By cooperating with global high-quality fabric suppliers and designers at home and abroad, the company makes full use of strong product power and perfect VIP service capabilities, and the same store’s growth strength gradually integrates its peers in a weak urban environment. It is expected that this year will continue to maintain 15-20% of theSame-store growth; At the same time, combined with optimization of store area and location expansion and incremental contribution from new brands, it is expected that this year’s extension will contribute to double-digit growth, so that revenue and net profit will increase by nearly 30% and 40%, respectively.

The existing company has a market value of 8.7 billion, corresponding to 19PE21X, the launch of employee stock ownership plans and share repurchases, sharing growth dividends with employees, showing development confidence, and maintaining a “strong recommendation-A” level.

The company announced the second phase of the employee stock ownership plan and budget, showing strong development confidence.

The second phase of the employee stock ownership plan is to raise no more than US $ 100 million, with a lock-up period of 12 months and a duration of no more than 24 months.

1) The stock repurchased by the company holding a special account to repurchase the stock price is the average repurchase price of 36.

37 yuan (as of May 10), a 25% discount from the current price.

2) The number of people covered by the plan does not exceed 900, of which 6 are supervisors. The scope of this incentive plan is further expanded than that of the previous period of 600.

3) The chairman promises to guarantee that if the final amount that can be allocated to employees is lower than the amount of the subscription amount instead of the amount after the repeated points, the chairman will make up the difference.

International planning and development capabilities and comprehensive VIP services build a good endogenous growth strength, supplemented by a variety of industry-oriented layouts mainly based on direct sales, which have become the core of the company’s differentiated competition and drive performance performance peers.

1) Endogenous and sustained high growth: The company focuses on R & D and fabric innovation to form product differentiation advantages.

At the 深圳桑拿网 same time, with the use of multi-series layouts, under the support of high-quality products and comprehensive VIP services, and the upgrade of channels such as location adjustment / expanding area / for boutiques and large-scale experience stores, the three major brands of the same series increased in 18-19-191.The speed is stable at about 15% -20%.

It is expected that the same store will maintain double-digit levels this year.

2) Epitaxy expands steadily.

The average net opening in 18 years was 112 to 764, an increase of over 17%, including 80 major brands and 30 new brands.

It is estimated that the main brand’s net opening scale in 19 years will be about 80, with a total of over 800; new brands will increase by 30-40, and the total is expected to reach 80.

Tourism and vacation brands are officially launched and are expected to be launched in 2020.

The company launched a new travel and vacation brand CARNAVAL DE VENISE (Venice) in early 18th. This series meets the core needs of the four major users of functionality, shooting effects, family wear, and fashion.The series is reduced by 40%.

The channel is mainly distributed in shopping malls and high-end department stores. Depending on the advantages of internal channels, it will open stores independently. It is expected that the number of stores will reach 80 by the end of 19th. It is still mainly incubating single-store operations. It is expected that after two years of cultivation, it will enter in 2020.The main expansion period has become a new growth point for the company’s performance.

Profit forecast and investment advice: In the context of consumption upgrade, brand owners have created high-quality differentiated tones to become entry tickets to enter the high-end market.

At present, the company’s commodity-side development capabilities are expanded and the foundation of the high-end market is expanded.

The strength of same store growth is gradually developing in the weak city environment. It is expected that this year will continue to maintain 15-20% same store growth. At the same time, combined with the expansion and optimization of store area and location and the incremental contribution of new brands, it is expected that this year’s extension is expected to contribute to the growth of China Shuangshuang chanceTen years of revenue and net profit will achieve nearly 30% and 40% growth, respectively.

Increase the EPS for 2019-2021 to 2.

26, 2.

85 and 3.

55 yuan forecast.

The current market value is 8.7 billion, corresponding to 21X and 17X for 2019PE / 2020PE, respectively. The estimates are not high. The company merged differentiated brand tonality, refined channel operations, and efficient internal control. High growth is expected to continue.

The launch of the employee stock ownership plan and share repurchases, sharing growth dividends with employees, showing development confidence, and maintaining a “strong recommendation-A” rating.
Risk reminder: Due to the domestic macroeconomic impact, the risk of high-end demand growth rapidly decreasing; the risk of the incubation of tourism and holiday series not meeting expectations.

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.

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.

AVIC Sunda (000043): Restructuring and transformation accelerate the pace of property leadership

AVIC Sunda (000043): Restructuring and transformation accelerate the pace of property leadership

The real estate business is gradually declining, and the property transition is clear: the nature of the current performance decline is: 1. Current investment income is reduced compared with the same period of last year; 2. Sun Company is bankrupted and liquidated, but at the same time we have also observed that the company’s current sales management expenses have decreased by nearly 40% To 3.

10,000 yuan.

Looking ahead, we expect that the scale of the company’s land business and settlement income will gradually occur in the future, but the growth of the company’s property management business will continue to rise in the 四川耍耍网 area of management, and the company’s property management revenue proportion and growth rate will continue to maintain.

  China Merchants Property Mergers Accelerate Frequently: The progress of the company’s mergers and acquisitions of China Merchants Property Reorganization during the year can be described as green lights, efficient and fast.

Starting from the company’s announcement at the end of April, the issue price was initially determined.

At the end of August, the company issued a plan of the board of directors, and the merger and acquisition plan involved capital29.

9 billion.

In the following nine months, the overall plan was immediately agreed to by the State-owned Assets Supervision and Administration Commission of the State Council. On the 19th, the CSRC decided to apply for replacement.

Finally, on October 22, the merger application was unconditionally approved by the China Securities Regulatory Commission Listed Company M & A and Reorganization Review Committee.

  Performance commitment is stable, and future growth is guaranteed: China Merchants Property’s net profit after deduction of non-performance during the performance commitment period 2019-2021 is not less than 1.

5.9 billion, 1.

8.9 billion, 2.

15 trillion; if the annual implementation is completed in 2020, the net profit after deduction of non-return will be no less than 1 in 2020-2022.

8.9 billion, 2.

1.5 billion, 2.

3.5 billion.

According to our calculations, according to the performance commitment plan for 19-21, the three-year performance growth rate is 12 respectively.

3%, 18.

9% and 13.

8%, such as the 20-22 year plan, assuming 19 years of performance to 1.

5.9 billion as the base, the three-year performance growth rate was 18.

9%, 13.

8% and 9.


The promised performance growth rate is fast and stable, which provides a good basis for the release of the performance of AVIC Sunda after the merger.

  Profit forecast and investment grade: We are long-term optimistic about the company’s business development capabilities and property operation capabilities.

EPS are expected to be 0 in 19-20.

32, 0.

38 yuan, maintain “Buy” rating.