Luoyang Molybdenum Industry (603993): Net profit attributable to mothers decreased by 10% in 19Q3

Luoyang Molybdenum Industry (603993): Net profit attributable to mothers decreased by 10% in 19Q3

According to 深圳桑拿网 the third quarter report, the company’s net profit attributable to mothers decreased by 10% in 19Q3. According to the third quarter report, the company achieved revenue of US $ 33.4 billion in the first three quarters, an increase of 66% year-on-year.; Net profit attributable to mothers was achieved in the first three quarters12.

4 ‰, a year-on-year decrease of 70%, and net profit attributable to mothers in the third quarter4.

400 million US dollars, down 10% from the previous month. The highest gain was mainly due to the decline in the prices of copper, cobalt, tungsten and other metals. The first three quarters achieved net operating cash flow of 1.4 billion U.S. dollars, a gradual decline of 83%.The month-on-month decrease of 147% was mainly due to the drop in copper and cobalt prices and the increase in the share of IMX 成都桑拿网 trade.

According to the third quarterly report, the company produced copper, cobalt, tungsten, molybdenum, ≤, gold, and phosphate fertilizer output in the first three quarters were 152280, 12611, 8135, 10897, 6422, and 0 respectively.

46,807,855 tons, short-term changes of 1%, -9%, 6%, -7%, 6%, -24%, -2%; in the third quarter, copper, cobalt, tungsten, molybdenum, ≦, gold, phosphate fertilizerThe output is 51401, 3582, 2444, 2940, 1921, 0 respectively.

02,266,030 tons, a month-on-month change of -4%, -15%, -21%, -32%, -30%, -91%, -4%, except for TFM shifting to “copper-rich and cobalt-poor” mining strategies, otherThe mines are facing increased output due to lower grades.

The company’s “Buy” rating is expected to be 0 for the company’s EPS in 19-21.



12 yuan / share, corresponding to the closing price of PE on October 29 is 41/35/29 times.

We continue our view of the April 4th in-depth report and maintain the reasonable value of A / H shares5.

The 45 yuan / share is unchanged. According to the current premium ratio of AH shares, it corresponds to the reasonable value of H shares4.

04 investment / share, the PE corresponding to A / H shares for 20 years is 55/36 times, maintaining the company’s A / H shares “Buy” rating.

Risks suggest that the macroeconomic downturn will cause metal prices to fall; operational risks brought by the political turmoil in the Democratic Republic of the Congo; large-scale trade business and inadequate risk control may cause damage; exchange rate changes may cause exchange losses.

Sanhua Intelligent Control (002050) 2019H1 Review: Steady Performance Increase in Home Appliance Business Cash Cows Zero Growth Main Force

Sanhua Intelligent Control (002050) 2019H1 Review: Steady Performance Increase in Home Appliance Business Cash Cows Zero Growth Main Force

A brief review of the results of the company’s 2019 semi-annual report. In the first half of 2019, revenue was realized.

3.1 billion, 6.

9.3 billion, 6.

4.2 billion, respectively +4.

3%, +2.

4%, -4.


Operating analysis results were in line with expectations, and gross profit margin improved month-on-month.

(1) Due to the rebound in the business of home appliances and auto zero, the slight increase in performance was in line with expectations, and the gross profit margin of H1 was 28.

3%, the second quarter gross profit margin reached 31.

1%, compared to 25 in Q1.

2% up 5.

9 points.

(2) The expenses are properly controlled, and the sales / management / R & D / financial expense ratios are 4 respectively.

5% / 5.

twenty four.

3% / 0.

2%, compared to 12.

5% up 1.

7 points.

Among 四川耍耍网 them, due to the continuous expenditure on heat pump technology, research and development expenses in the first half of the year increased by 21% to 2.

500 million, its expense ratio rose by 0.

6pct; the overhead cost ratio rose by 0 due to the labor cost exceeding.

8 points.

(3) Net operating cash flow is from the same period of the previous year.

8 million to 8 in 2019H1.

3 ppm (Q2 single quarter 5).

5 ppm), inventory decreased by 1 from 2018Q4.


(4) Domestic and foreign business revenues each account for half.

The main business of home appliances is “cash cows”, and refrigeration valves are the world leader.

The home appliance business stabilized. In the first half of the year, by deepening its binding with major customers, the refrigeration and air-conditioning electrical components business achieved revenue of 50 during the segmentation of demand for downstream industries such as air conditioners and refrigerators.

700 million, an increase of 3 every year.


Electronic expansion valves, four-way reversing valves, solenoid valves, micro-channel heat exchangers, Omega pumps and other products have steadily ranked first in the world.

The auto zero business is the main growth force, keeping an eye on the heavy volume impact of Model 3.

Leveraging the trend of EV thermal management, the company gradually developed from decentralized components to components and systems, and the revenue of the auto zero business in the first half of the year increased.
6% to 7.
6 ppm, gross margin increased by 10 in ten years.

7pct, the maximum bicycle value is nearly 5,000 yuan.

Entered Valeo, Mahler, Volkswagen, Mercedes-Benz, BMW, Volvo, GM, Geely, BYD, SAIC and other mainstream OEMs to exclusively supply Tesla Model 3 bicycles with thermal management components valued at about 2,000 yuan.

It is estimated that the output of 110,000 Model 3 will increase the company’s revenue by about 2.

3 trillion, 200,000 will be thickened4.

10,000 yuan.

It is expected that the company is expected to benefit from the volume of Tesla’s Shanghai plant at the end of the year.

Earnings forecast and investment recommendations The company’s net profit attributable to its parent in 2019-2021 is 13 respectively.



0.94 million yuan, up 2% / 2% / 1%, corresponding to 0 EPS.



54 yuan.

Give a target price of 13.

97 yuan, corresponding to the 2019 28x estimate, maintain the BUY rating.

Risks suggest that the automobile market is sluggish; the growth rate of the home appliance industry; the development of new energy vehicles is less than expected; the development of commercial refrigeration customers is less than expected; the market share of refrigeration products is reduced;

Goldwind Technology (002202): Profit turning point has reached the boom is expected to continue

Goldwind Technology (002202): Profit turning point has reached the boom is expected to continue
Core point of view After reducing investment income, single quarter results have achieved positive growth. The company released the third quarter report for 2019 and achieved revenue of 247 in the reporting period.350,000 yuan, an increase of 39% in ten years, net profit attributable to mother 15.91 trillion, a year-on-year decrease of 34%.Among them, net profit attributable to mothers was achieved in the third quarter.US $ 0.6 billion, a 54% decline over the 杭州桑拿 year, primarily due to the reporting of zero previous investment income.24 ppm, a decrease of 4 per year.950,000 yuan, if the investment income is deducted, the net profit attributable to the mother will be achieved in a single quarter.8.2 billion, previously + 3%.  The sales volume of wind turbines is running at a high level, and there are ample orders in hand. The boom is expected to continue. The company’s performance demonstration materials show that on January 9, 19, domestic wind power was open for tender.9GW, +108 per year.5%.  As of the end of the third quarter of 19, the company’s external sales capacity.245MW, total external orders in hand 22.8GW, + 25% per year, continuously refreshing historical records.Among them, a total of 15 signed contracts have pending orders.6GW, + 20% per year.According to the National 杭州夜网论坛 Energy Administration, the abandonment rate in the first half of 19 was 4.7%, a year-on-year decrease of 4 percentage points. The improvement of wind curtailment and restriction of wind power has led to the increase of wind power operators’ power generation and installation power, and the industry’s recovery has continued.  Tender prices rebounded and sales gross profit margin rebounded. According to the company’s performance presentation materials, the average bid price of various departments has continued to rise since 19 years, and the increase has continued to expand.  September 19, 2.The average bid price of 5MW-class units was 3898 yuan / kilowatt, an increase of 17% from the low point of August last year.Third quarter of 19, 3.The average bid prices of 0MW-class units were above 3700 yuan, reaching 3900 yuan / kw in September.The company’s third-quarter sales gross margin was 19.12%, an increase of 1 from the previous quarter.17 pct, the profit low has passed, and subsequent results are expected to continue to pick up.  The 19-21 results were 0.69 yuan / share, 1 yuan / share, 1.22 yuan / share We expect the company’s net profit attributable to the mother in 2019-2021 will be 29.28, 42.11, 51.44 trillion, the corresponding EPS is 0.69/1.00/1.22 yuan / share, the closing price of A shares on October 25 corresponding to PE were 17 respectively.92X / 12.46X / 10.20X, Hong Kong dollar against US dollar 0.Based on the exchange rate of 9033, the closing prices of Hong Kong stocks correspond to PE of 11.85X / 8.24X / 6.74X.The company is a domestic fan leader, giving the company A shares, 16X estimates of 2020 performance of H shares, 11X estimates, A shares reasonable value of 16 yuan / share, H shares reasonable value of 12.14 construction / share, continue to give the company a “buy” rating on H shares.  Risk reminder: the supplementary installed capacity is less than expected, the wind power operation business develops less than expected, the price of raw materials rises, and the risk of wind turbine price changes.

Li Yuanheng: High-growth lithium battery production equipment company raises money to expand industrial robot intelligent equipment business

Li Yuanheng: High-growth lithium battery production equipment company raises money to expand industrial robot intelligent equipment business

Key points of investment: The company is a fast-growing lithium battery equipment company, with the total controller holding 77 shares.


The company is one of the leading companies in the domestic lithium battery manufacturing equipment industry. Its main products are three serial port manufacturing equipment for cell assembly, battery testing and battery assembly in the lithium battery production process.

Before the issue, the actual controllers of the company, Zhou Junxiong and Lu Jiahong, held a total of 77 shares directly or indirectly.

09% (of which Zhou Junxiong indirectly held 66 through Li Yuanheng Investment, Hongbang Investment and Yirong Investment respectively.

84% / 4.

64% / 1.

67%, Lu Jiahong directly holds 3 shares.

93%), other institutions invested a total of 21 shares.

83%, the company’s director Gao Du Yixian, Gao Xuesong held a total of 1 shares.


The scale of revenue has expanded rapidly, and a number of financial indicators have taken the lead.

From 2016 to 2018, the company’s total revenue / net profit attributable 淡水桑拿网 to its mothers were respectively changed from 2.


1.3 billion to 6.


2.9 billion, CAGR reached 72% / 215%, lithium battery manufacturing equipment as the largest business (three consecutive years of revenue accounted for over 86%).

At the same time, it benefited from the increase in the main business gross profit margin (+11) brought about by the increase in the automation level of lithium battery manufacturing equipment in 2017.

10pct) and the period in which the cost of management dropped significantly in 2018 (-9.

67pct), the company’s net profit for two consecutive years far exceeded revenue growth.

Compared with previous comparable companies, the company’s R & D expense ratio, period expense ratio, accounts receivable turnover ratio and other financial indicators are at the leading level.

In 2018武汉夜网论坛, the company’s return to parent’s net interest rate / ROA was +8 over the same period last year.

61 / + 4.

40 marks.

The lithium battery business has developed rapidly, and funds have been raised to expand the manufacturing capabilities of industrial robots.

The core technology is relevant: the company has certain advantages in advanced motion control, sensing and measurement, modeling and simulation, industrial Internet and system reliability. Such key technologies are the company’s classified assembly, welding, forming, testing andCommon technology of measuring equipment.

The largest customer is strong: The company has achieved in-depth strategic cooperation with the global consumer lithium battery leader New Energy Technology (ATL). The company’s sales revenue from new energy technology in 2016-2018 was 1.



5.1 billion, accounting for 50% of revenue.

14% / 77.

29% / 66.

19%, according to the company’s prospectus, ATL consumer lithium battery replacement in 2017 reached 9.

300 million, with a global market share of 19%, ranking third.

The development of the field of power battery equipment: the company’s sales revenue to the Ningde era in 2018 was 64.38 million yuan, an increase of 99 from 32.27 million yuan in 2016.

5%; the company has entered the power supply system of Lishen and BYD, and has continuously developed its business in the field of power batteries.

Auto parts assembly and testing equipment continue to grow: The advantages of common technology are fully utilized, and the company’s auto parts production equipment maintains rapid growth. The 2016-2018 revenue CAGR was 47.

5%.Raising investment to expand industrial robot manufacturing capabilities: The company’s proposed investment project is the production of intelligent equipment for industrial robots (5.

670,000 yuan) and industrial robot intelligent equipment research and development center (1.

2.8 billion) project, the company uses its accumulated technical experience in the field of high-end special equipment to achieve horizontal expansion of general-purpose technology.

The company chooses to apply the listing rules with an estimated market value of not less than RMB 10 million and a net profit that is positive in the past two years and gradually does not exceed 50 million, and applies a valuation method combining comparable company PE estimation method and PEG estimation method.
The company’s existing business is still in a period of high-speed penetration. The lithium battery equipment business continues to increase its internal revenue in the core customer supply system and maintain better historical growth in other business ends. It can refer to the rapid development stage of comparable companies and combine PEG with the company’s future growth expectations The estimation method estimates existing businesses.

Risk reminder: The company’s proposed industrial robot intelligent equipment business is fiercely competitive, the company’s product expansion is blocked, and the company’s cooperation relationship with its largest customer ATL deteriorates.

China-smuggling and drug trafficking in China must be handled in accordance with Chinese law

China: Smuggling and Trafficking in China Must Be Handled According to Chinese Law

Xinhua News Agency, Beijing, January 16 (Reporter Hou Xiaochen) The Ministry of Foreign Affairs reported that on the 16th, Hua Chunying said on the 16th that a Canadian citizen, Schellenberg, was sentenced to death for drug smuggling, said that when the incident occurred in China, he must comply with Chinese lawTo handle this, China will not allow drug traffickers in any country to harm the lives of the Chinese people.

  At a regular press conference on the same day, a reporter asked: After Canadian citizen Schellenberg was sentenced to death by the Dalian Intermediate People’s Court for drug smuggling, Canadian leaders said that China would make a death sentence at will.

Canadian Foreign Minister Freeland has proposed that the death penalty be inhumane and inappropriate.

According to Canadian media reports, as early as 2003 and 2012, Schellenberg was sentenced by Canadian courts for possession of drugs and trafficking in drugs, respectively.

Many Canadian netizens believe that smuggling more than 200 tons of methamphetamine is a very serious crime, and the Canadian government should not provoke diplomatic troubles for such a serious drug dealer.

What is China’s comment?

  Hua Chunying said: I don’t know if the Canadian leaders can explain to their people how many lives will be taken by 222 kg of drugs?

How many families take away happiness?

If it is inhumane and inappropriate for Schellenberg to be sentenced to death for smuggling and drug trafficking 222, is it humane and appropriate to let more people take their lives with drugs?

  She said that the Chinese still have a fresh memory of the dangers of drugs after the Opium War of 1840 and will not allow drug dealers from any country to harm the lives of the Chinese people.

If Sherenberg is a drug smuggler in Canada, we will not care what Canada does.

But if this happened in China, it must be handled in accordance with Chinese law.

  The Chinese judiciary’s decision is just, and the Canadian leader’s observations about the position are too casual, which harms Canada’s image and credibility.

We hope that they respect the rule of law and China’s judicial sovereignty.

Hua Chunying 深圳SPA会所 said.

  In addition, in response to the statement by the foreign minister of the bribery that the Schellenberg case is not applicable to death, and that China has replaced such a rapid conclusion, Hua Chunying said that for socially serious crimes such as smuggling and drug trafficking, the international community ‘s consensus is to severely punish punishments.
The opinions of the Canadian people are also consistent, and the government is required to crack down further. This is the cherishment, respect and protection of people’s lives.

  Hua Chunying said that according to the information released by the relevant Chinese court, the shipment of more than 200 drugs smuggled by Schellenberg was originally planned to be shipped to Australia. Would the Australian side be willing to see the number of human trafficking to refugees?

  She 杭州夜生活网 said that the procedures for handling the Schellenberg case were strictly in accordance with the relevant provisions of the Criminal Procedure Law of the People’s Republic of China, and relevant legal procedures were initiated, and there were no procedural violations.

During the trial, the Dalian Intermediate People’s Court protected the rights of defense lawyers to read the papers according to law.

The court opened the case, formed a collegiate panel, and served the information in a combined manner, including the notice and the time and place of the hearing, all in accordance with the time limit stipulated in the Criminal Procedure Law of the People’s Republic of China.

Original Title: Ministry of Foreign Affairs: Smuggling and Trafficking in China Must Be Handled According to Chinese Law

Guoxuan High-tech (002074): Issuance of Convertible Bonds Continues Expansion and Captures Market

Guoxuan High-tech (002074): Issuance of Convertible Bonds Continues Expansion and Captures Market


The event company issued a public announcement of convertible corporate bond issuance, which totaled no more than 18.

5 billion yuan.


Our analysis and judgement issuance of convertible bonds has begun, and the capital structure is expected to be optimized.

On October 18, 2019, the 青岛夜网 company’s application for the issuance of convertible bonds was reviewed and approved by the issuance review committee of the China Securities Regulatory Commission.

On December 4, 2019, the company’s application for convertible bonds was approved by the China Securities Regulatory Commission.

The fund raised by the convertible bonds does not exceed 18.

500 million US dollars, 6-year issuance period, main body rating, debt rating over AA, high allocation value.

If a large proportion of convertible bonds is eventually converted into shares, it will help ease the company’s funding pressure, reduce financial leverage, and optimize the capital structure.

Continue to expand production to seize the market, and convertible bonds are expected to help projects land quickly.

At present, the company is accelerating the construction of the previous fund-raising projects. Among them, Nanjing Guoxuan “an annual output of 300 million Ah high specific energy lithium battery industrialization project” and Qingdao Guoxuan “an annual output of 2Gwh high specific energy lithium battery industrialization project””, Guoxuan Battery’s” 4GWh annual production of high specific energy lithium battery industrialization project “and other parts of the production line have been put into production in batches. After all the above projects are in production, the company’s total production capacity is expected to exceed 14GWh.

The convertible bonds are mainly used for power lithium-ion battery industrialization projects in Nanjing and Lujiang, and the raised funds will ensure the rapid implementation of the project.

Under the decline, the market for lithium iron phosphate recovered, and the market development effect was remarkable.

Lithium iron phosphate products are proportional to ternary materials, and their advantages are mainly reflected in safety and production costs. The cost-effectiveness of the post-compensation era is gradually emerging.

According to GGII statistics, the installed capacity of lithium iron phosphate battery in the first half of 2019 is about 7.

66GWh, a year-on-year growth of 23%, is still worth looking forward to in the future.

At present, the company has developed lithium iron phosphate cells with a single energy density exceeding 190Wh / kg, and has successfully industrialized to replace downstream customers such as JAC and Chery New Energy.

At the same time, the company continued to conduct multi-faceted discussions and cooperation on power lithium batteries with well-known international automobile companies and auto parts suppliers. In February and May 2019, the company cooperated with BOSCH and India’s Tata Company, and the products officially entered the international market.Market; in the field of energy storage, the company has become Huawei’s important supplier of energy storage batteries.


Investment recommendations We expect the company’s operating income to be 73 in 2019-2021.

2.1 billion, 93.

9 billion, 111.

8.6 billion yuan, EPS is 0.

62 yuan, 0.

79 yuan, 0.

97 yuan, corresponding to the current total PE of 20.

7 times, 16.

3 times, 13.

2 times.

As the company ‘s production capacity continues to increase and the lithium iron phosphate market is picking up, the company ‘s performance may accelerate its release. It is estimated that it has an advantage compared with comparable companies. For the first time, the company is given a “recommended” rating.


Risk warnings 1) Risks that demand is less than expected; 2) Risks that product prices fall sharply; 3) Risks that accounts receivable returns are less than expected.

Policy Dividend Includes Liquidity to Support Technology Growth

Policy Dividend Includes Liquidity to Support Technology Growth

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

  Original title: The strong style of technological growth is expected to continue □ Reporter Zhou Lulu On February 17, the three major A-share indexes rose across the board, the military sector led the rise, technology stocks broke out, and the GEM continued to hit a new high.

At the same time, there was a substantial net inflow of northbound funds.

  Analysts believe that the three major A-share indexes have rebounded since the first day of the market’s fall after the Spring Festival. The GEM Index has performed particularly well, even taking the lead in regaining its lost ground, and has set new closing highs in more than three years.

The new rules for refinancing have been implemented, policy dividends have pushed the market trend upwards, and the upward space for technology stock predictions has been further opened. The strong growth of technology is expected to continue, and at the same time, it will help A-share “technology bulls” to achieve stability and achieve long-term progress.

  The GEM made a strong attack on the 17th. The three major A-share indexes opened higher and higher, and the industry and concept sectors became popular across the board.

Wind data show that as of the close, the Shanghai Composite Index has increased by 2.

28% at 2983.

62 points; SZSE Component Index rose 2.

98% reported 11241.

50 points; GEM Index rose 3.

72% reported at 2146.

At 18 o’clock, it continued to set a new closing high in more than three years since December 2016.

Shanghai market turnover was 3670.

1.4 billion yuan, Shenzhen’s turnover was 5701.

8.9 billion yuan.

  As for the industry sector, 28 industries in Shenwan ‘s Tier 1 sector have grown across the board, and the defense industry sector has increased by 6.

The 35% increase led the rise; the technology-related sectors broke out in general, and the communications, electronics, and computer sectors rose by 5 respectively.

51%, 淡水桑拿网 4.

16%, 3.

The increase rate was 96%, which was the second to fourth place in the ranking of Shenwan’s first-level industry sector. The real estate industry, which had the smallest increase, increased by zero.


The Wind concept plate was red across the board, with the largest aircraft, aircraft carrier, and glyphosate concept plates rising the most, with an average increase of more than 7%; the smallest increase in the blood products concept plate rose by 0.


  While the market is rising strongly, there is a substantial net inflow of northbound funds.

According to Wind data, as of the closing of the A-share market on February 17, Northbound funds had a net inflow of 53 throughout the day.

6.3 billion yuan, of which, the net inflow of funds from the Shanghai Stock Connect was 32.

2.0 billion 北京夜网 yuan, the net inflow of funds from Shenzhen Stock Connect 21.

6.1 billion yuan.

At this point, since the opening of the new year, northbound funds have accumulated a net inflow of nearly 40 billion yuan.

  Dual benefits boost Analysts believe that behind the three major indexes joining hands on February 17, the dual benefits of the new rules of refinancing and the reduction of MLF bidding interest rates have been promoted.

  On February 14, the CSRC issued the revised “Administrative Measures for the Issuance of Securities by Listed Companies”, the “Administrative Measures for the Issuance of Securities by GEM Listed Companies”, and the “Implementation Rules for Listed Companies’ Non-public Issuance of Shares” (collectively referred to as “the new rules for refinancing”), The adjustment of some terms of the refinancing system mainly includes three aspects: first, streamlining issuance conditions and broadening the coverage of GEM refinancing services; second, optimizing non-public institutional arrangements to support listed companies to date strategic investors; third, appropriately extendingThe validity period of the approval document is convenient for listed companies to choose the issuance window.

  Analysts said that the new rules on refinancing will expand the coverage of refinancing of listed companies and increase the activity of the short-term market. The pre-growth style of pre-growth will continue. TMT, pharmaceutical biology and other early-stage research and development are committed to the direct benefit of large enterprises.

  The Founder Securities (rights) strategy team believes that the new regulations on refinancing are expected to grow technology-based enterprises to ease financing difficulties, expensive financing, and it is more favorable to obtain cheap and appropriate financing support, and this support is significantly better than other companies.

The new rules for refinancing will benefit brokers in the short term and growth in the long term.

  In the meantime, following the 7-day period in early February, the 14-day extended reverse repo operation rate was reduced by 10 basis points.
Then, the bidding interest rate for the new MLF operation in the early transition on February 17 was also reduced by 10 basis points.

Analysts said that the initial period often coincided with the peak of credit injection. At this time, the MLF’s bidding interest rate was lowered, and the boots led to the decline in loan interest rates, which had positive significance for reducing costs and steady growth.
  The CITIC Securities fixed income research team believes that the market ‘s recent adjustments to the benchmark interest rate for deposits have been improved and discussed. In the short term, it is based on the impact of hedging outbreaks. In the medium and long term, it is based on the fact that the cost of bank debt has increased and interest rates have been reduced for a long time.The benchmark interest rate on deposits is directly and directly effective in advancing the downlink of bank credit costs.
Although it is still worth discussing whether to adjust the benchmark interest rate for deposits, the general trend that guides the bank’s debt cost down may have been transformed, and this process is good for both stock and debt.

  The technology market is expected to continue to show a clear structural market since February, and technology stocks have become a highlight of this structural market.

With the implementation of new refinancing regulations, in the context of abundant liquidity, expansion brokers expect that the structural market triggered by the technology sector will promote continuity.

  Haitong Securities said that the bull market pattern will remain the same before 2020, but the pace has changed. The market still needs time to digest the impact of the new crown pneumonia on short-term fundamentals, and it requires patience while maintaining consensus.

At present, the market is still in a consolidation phase, with a pattern similar to the beginning of August to early December 2019.

In the context of loose liquidity, the market will have a structural market. This round of structural market will be dominated by technology.

  Ping An Securities expects that A shares will continue to be driven by policy dividends, and the upward space for technology stocks is estimated to be opened.

The technological market led by technology will continue, and currently it is more optimistic about emerging industries that benefit the most, such as the new energy automobile industry chain, 5G industry chain, cloud computing industry chain, biomedicine industry, electronics industry, media industry, etc .; at the inflection point of the epidemicAfter the arrival, focus on the industrial cycle sector to be repaired.

  The research team of the China National Securities Strategy pointed out that, based on history, the A-share market in February has the typical characteristics of “spring agitation”, and it is mainly based on the style of technology stocks.

The team reviewed (2009-2019) February in the 11 years. In addition to the 2016 A-share February, the other years of February received a comprehensive or structural improvement; in terms of market style, historicallyIn February, the A-share market was dominated by the TM technology growth market.

In terms of investment strategy, the team stated that at the current point in time, it still maintains the view that “counter-cyclical policies will restore investor pessimism, and technology is the main line of deployment.”

Focus on grasping the two main investment lines: First, dig deep into the main line of US stocks mapping and configuration in emerging industries, such as “Apple industry chain, electric vehicle industry chain, cloud games, safe and controllable”; second, benefit from the transformation of the primary and secondary marketsActive brokerage sector.

  The CITIC Securities strategy team said that the current trend of the incidence of the disease is positively changing, and the scale of the stable economic goals is constantly increasing. It is expected that there will be more relays in the future including currency, finance, short-term unconventional policies, and capital market reforms.

Resumption of work this week has entered a critical verification period, and the slow recovery can be expected with the full implementation of policies.

It is expected that enterprises will resume work one after another, and the expected economic repair will come to an end. Incremental allocation of funds to find “depressions” will repeat the relay with momentum funds.

Driven by policies and incremental liquidity, the market still has upward momentum.

Technology is still the first-line main line, and adjustment is the allocation opportunity.

From the perspective of risk-benefit ratio, the focus is on the rotation opportunities of securities firms, automobiles, real estate, upstream industrial products, building materials and banks.

McGmitter (002851) Interim Commentary: Electric Vehicle Business Explodes and High Growth Continues

McGmitter (002851) Interim Commentary: Electric Vehicle Business Explodes and High Growth Continues
Incident Description The company released its semi-annual report for 2019 and achieved revenue16.US $ 600 million, an annual increase of 61%; net profit attributable to shareholders of the parent company1.6.2 billion, an increase of 148% in ten years.The actual growth rate fell within the air force’s notice interval. Incident Review Revenue continued to grow at a high level and profitability remained stable.The company’s 2019H1 revenue maintained a rapid growth trend, and the main contributing factor was still the electric vehicle business.In terms of profitability, it is expected that the gross profit margin of the company in 2019H1 will decrease by 4 due to the price reduction and structural adjustment of some products.3pct; At the same time, due to the rapid expansion of sales scale, the company’s expense ratio was significantly reduced, and the company’s expense ratio during the 2019H1 period was 14.8%, an improvement of 4 per year.4pct.Taken together, the decline in gross profit margin and the thinning of the expense ratio offset the company’s final profit level. The company’s net profit attributable to shareholders of the parent company increased by 65% in 2019H1, which is basically the same as the revenue growth. The electric vehicle business was one of the main highlights in the first half of the year.In terms of business, the electric vehicle business has been one of the company’s main highlights in the past two 武汉夜生活网 years.The company’s core customer of electric vehicle business is still BAIC. According to the certification data, BAIC’s three main models of A0 and above were produced in the first half of this year.60,000 vehicles, an increase of over 300% in ten years.Under this influence, the company’s new energy and rail transit 2019H1 revenue increased by 239%, and the gross profit margin shifted from position 11.4pct, due to the pressure of price cuts in the industrial chain. Benefiting from high revenue growth, the subsidiary Shenzhen-driven 2019H1 achieved net profit of 0.670,000 yuan. It is expected that the annual performance commitment in the first half of the year has exceeded 90%.Looking ahead, it is expected that the company’s electric vehicle business will continue to grow rapidly, driven by the overall production growth of electric 深圳桑拿网 vehicles in the second half of the year. The continued business growth is still beautiful. Bathroom and automation products are under pressure.Except for electric vehicle products, the company’s other main product operations are slightly differentiated, and most of the majority of its products rely on the development of new markets and new customers, and still maintain a relatively good growth rate; after calculating the three major subsidiaries,The company’s 2019H1 revenue will grow by 38% annually.At the same time, the possibility of a small part of the product growth rate appears: 6pc, Yiyihe Bathroom is expected to complete about 34% of its performance commitments in the first half of the year; it is expected that smart bathrooms will resume growth in the second half of the year driven by the industry peak season, and is expected to achieve performance commitments;Industrial automation products have shown a flat or slight downward trend due to the decline in the overall manufacturing boom since this year. Maintaining the previous point of view, the company’s business line is weakly related to the macro. It is judged that it can maintain rapid growth in the short term with the support of electric vehicles and some electrical products. It is expected that the company’s net profit attributable to shareholders of the parent company in 2019 and 20203.5, 4.600 million, corresponding to PE is 26, 20 times.Maintain BUY rating. Risk Warning: 1. Electric vehicle electric control, intelligent bathroom in the second half of the year fell short of expectations; 2. Increased competition has led to higher-than-expected gross profit margins.

Oriental Fashion (603377): Off-site Project Steady Advancement of VR Model Expected to Reduce Costs

Oriental Fashion (603377): Off-site Project Steady Advancement of VR Model Expected to Reduce Costs

Event overview: The company released the third quarter report of 2019 and achieved revenue8.

5.5 billion, an annual increase of 5.

90%; net profit attributable to mother 1.

91 ppm, an increase of 0 in ten years.

02%; deduct non-net profit 1.

420,000 yuan, an increase of 88 in ten years.


In addition, the company announced that the second and third phases of the employee shareholding plan were postponed to 2020.


5; Amend the company’s articles of association, increase the scope of business to increase the management of car driver test sites, the management of certain public parking lots, and car rental.

  Analysis and judgment: Performance analysis: We analyze that the income growth mainly comes from aviation school training, etc .; the growth rate of net profit attributable to mothers is lower than the income growth rate, mainly due to: (1) increase in financial expenses (+ 59%); (2) decline in government subsidies; (3) The decrease in investment income by 65% was mainly due to the decrease in the purchase of wealth management products and the monopoly of Inner Mongolia companies under the equity method; the growth rate of non-net profit was higher, mainly due to: (1) the decline in government subsidies: mainly due to Beijing in 18The compensation for the demolition of the eastern part of the headquarters is about 40 million yuan; (2) The impact of minority shareholders’ equity has been reduced by more than 30 million yuan. We judge that it is mainly affected by Jinzhong Driving School.

  Business analysis: (1) Beijing Headquarters: We judge that the company ‘s enrollment performance has been affected by the release of Beijing ‘s demographic dividend in the past two years, and the population easing policy has affected the improvement of admissions performance.Mainly come from carts and motorcycles; (2) Expansion in different places: Beijing / Yunnan / Shijiazhuang / Jingzhou 2019 enrollment growth rate will be 10 respectively.

13% /-6.

87% / 1.

00% / 13.

06%, revenue growth was -2.

72% /-11.

13% / 36.

30% /-24.

79%; Shandong subsidiary started operations in the first half of the year, enrolling 635 students and earning 16.

580,000 yuan, Shandong Zibo Driving School is characterized by the company’s unique advantage in the examination room.

In our judgment, Yunnan and Shijiazhuang subsidiaries reduced losses from January to September; Wuhan subsidiaries are expected to open this year, and Chongqing subsidiaries are expected to open next year.

  The growth points of new business models that contribute to future achievements: (1) Aviation school: Eastern Fashion Airlines acquired 55% of Hairuo Tonghang in the first half of the year and developed pilot training. Currently it is mainly commercial licenses, and private license admissions will be launched next year; (2)VR intelligent driving training business: It can effectively reduce labor and energy costs, and the reorganization is conducive to the company’s breakthrough expansion. Currently, it has been expanded in urban areas such as Wangjing; (3) The main advantage of driving training is extended to the automotive aftermarket.

  Investment recommendations We judge that the growth rate of next year’s performance is expected to exceed one year. The main reasons are: (1) the cost reduction caused by VR; (2) the company’s bid for government procurement of test venue services will bring the company nearly 20 million yuan in revenue growth; (3)) Aviation school training, Shandong and Wuhan subsidiaries are expected to become new growth points, but may have little short-term profit contribution; (4) At present, some regions have successively introduced policies that require driving schools to have their own land to promote accelerated industry integration.

The company’s 19/20 / 21EPS is expected to be 0.



51 yuan, covering for the first time, give “overweight” rating.

Margin of safety refers to the increase in holding price range of 21 by major shareholders in July-September 2017.


33 yuan.

  Risk warnings increase the pressure on depreciation stalls; advancement of offsite 武汉夜生活网 projects is less than expected; systemic risks.

GEM down?

Recorded the biggest decline in January, northward capital continued to sell for 4 days

GEM down?
Recorded the biggest decline in January, northward capital continued to sell for 4 days

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  Original title: ChiNext is down?

The index recorded the largest decline in nearly January. After four consecutive days of northbound capital selling, a deep V reversal was staged yesterday. On Wednesday, the GEM continued its strength again, running at a low level throughout the day, and it fell even more in the afternoon.

66%, the largest one-day drop in the last month.

  On the whole, the counterweights of banks, real estate, steel and other sectors have strengthened against the trend, to a certain extent, they have an axial protective role, so the Shanghai Index has clearly resisted the downturn.

  In terms of trading, the A-share market continued to be hot, and the turnover of the two cities again exceeded 1 trillion yuan.

  Tumbled 4.


GEM recorded the biggest drop in the past month, and the turnover of the two cities broke one trillion. GEM continued its strong momentum on Wednesday.

  Market data shows that the two markets were relatively resistant to losses in the early morning on Wednesday. The Shanghai index once rose, and only the GEM fell through. The major indexes fell rapidly after 1:30 in the afternoon. The GEM experienced multiple rounds of declines, ending the closing, and the Shanghai Stock Index fell below 3000Integer mark, drop 0.

83%; SZSE Component Index plunged 3.

02%; SME index fell 3.


  The biggest decline was the GEM index.

Market data show that the index closed down more than 100 points, a big drop of 4.

66%, the largest one-day drop in the last month.

  The GEM turnover was 275.7 billion yuan, a significant decrease from the previous trading day.

  In the specific sectors, electronics, Internet, medicine and other popular sectors fell the most.

Ships, construction and other sectors have grown against the trend.

Real estate, steel, banks and other weighted sectors bucked the trend.

  In terms of concept stocks, the Air Force’s 5G concept, which has been leading the rise for several trading days, went out today, and the National Securities 5G Index plummeted 5.


  In terms of stocks, there were more than 100 stocks in the two cities, and the closing limit was the highest in the recent period.

  The decrease in inventory of the two cities with the highest turnover appeared.

Similar to yesterday, the turnover of Oriental Fortune, BOE A and ZTE also exceeded 10 billion.

However, all three of the above stocks fell sharply today, of which BOE A fell as much as 7.


  The continuous net sales of Beishang Funds gradually surpassed 20 billion yuan. Instead, before the market as a whole has shrunk sharply today, the capitals of Beishang Funds have shown continuous net sales.

  Data show that on Wednesday, Northbound Funds net sold 67 again.

2.7 billion US dollars, this is the fourth consecutive trading day for Beijing Capital’s funds to show a net sale, 4 days of net sales of 213.

8.4 billion.

  Under the shock of the continuous plunge of US stocks, the 合肥夜网 major Asian and Pacific stock markets fell again on Wednesday. On Tuesday, Eastern time, the three major US stock indexes closed down for the second consecutive day, of which the Dow fell 3.

15%. Following the plunge of more than 1,000 points on the previous trading day, the Dow fell another nearly 900 points, the lowest since October last year. The two consecutive days of declines caused the Dow to cause the cumulative increase of 3 months to be completely wiped out., Also has a significant impact on other global stock markets.

  Affected by this news, in addition to A shares on Wednesday, other major Asian and Pacific stock markets also fell significantly.

  Japanese stocks fell further, with the Nikkei 225 index falling 0 on Wednesday.

79%, the second consecutive trading day closed below the half-year line.  South Korean stocks, Singapore stocks, and Taiwan stocks also fell.

  Hong Kong stocks also continued to fall on Wednesday.

  What is the market outlook for A shares and overseas stock markets under the impact of the epidemic?

  Guangzheng Hang Seng’s strategic point of view is that as a whole, the focus of monetary policy will gradually shift to credit investment in the medium and long term, and it is recommended to focus on performance-supported targets in the medium term, and then continue to focus on the progress of the epidemic and related policies.

  Tianfeng Securities’ strategic point of view points out that data show that the fund’s issuance volume reached a new high in four years (2016 to date) last week. The agency ‘s February 19 report had put forward the following views: 1. From the historical situation,The high point is not a one-to-one correspondence with the market’s staged apex, it may also be the staged bottom of the market, and the issuance of explosive funds is obviously directional to the performance of the market before and after the point in time.

  2. The current boom in the fund market and the steady increase in stock accounts have actually changed the trend of household savings transfers and relocations: in the context of increasing individual stocks ‘rise and fall, and higher returns on equity public fund products,Residents are more worried about the fund entering the market instead of directly stock speculation.

  3. Looking forward, in the current macro-scale excess liquidity environment, it may continue to be maintained, at least until the counter-cyclical policies are fully implemented (loans and bonds are issued in large numbers), but the liquidity released in the previous period may be extended and the most lenientThe time may gradually pass, with the possible exception of a sharp rise in the index, but the individual stocks and themes in the technology sector may continue to be active.

  Huaxin Securities pointed out that the A-share market is expected to continue to be strong against the background that the Shanghai Index has not effectively fallen below the 5-day moving average. Although it may be possible to adjust the pressure due to continuous breakthroughs, the current structure of A-shares has started.The trend of the market, for investors’ top priority, continue to focus on the medium and long-term strategic allocation, ignore the short-term fluctuations of the index.

In terms of configuration, Huaxin Securities believes that although the pharmaceutical sector will directly benefit from the epidemic in the short term, the higher prosperity in the early stage will be relatively limited by the impact of the epidemic.
The 5G industry chain, the new energy vehicle industry chain, the media, and the computer sector are still working hard to become the main driving force for the rising market in the future.

  For overseas markets, Everbright Securities’ strategic view is that the completion of a round of “transition-rebound-structured” market changes in China’s A-share and Hong Kong stock markets around the Spring Festival will definitely provide a reference for the recent development of overseas markets.

The capital market will be continuously impacted before and during the rapid development of the epidemic.

The current fluctuations of global US stocks are also at this stage-the second major decline in US stocks on the 25th is related to the US CDC warning of the risk of the US domestic epidemic, and the decline in US stocks on the 25th is also due to this.

This also means that the current market evolution is mainly related to the epidemic situation, which has transformed into the deployment of epidemic prevention measures and the relative clarity of the epidemic situation (after more active detection, inspection and quarantine measures, the epidemic situation is no longer developed “under the water”State), there is also a high probability that market fluctuations will follow, and may even rebound due to policy drivers.

  Everbright Securities believes that there is an excessive and excessive panic over the short-term market volatility.

Take action to recognize that international investors have previously underestimated the development of the epidemic itself, as well as the risks of the epidemic and the impact of epidemic prevention measures on the global economy, and are currently raising it.

But at least, do n’t forget that the impact of the epidemic on the economy cannot escape the periodic rules, and at the same time, you cannot reuse the hedging effect of macro policies on the impact of the epidemic.

  Everbright Securities pointed out that the market is still in the process of reflecting the rapid upward movement of risk aversion, and the US stock market, which is estimated to be at a high level, repeats the risk of short-term centralized adjustment of the market for 1-2 weeks, which cannot be completely ruled out.

In the medium term, in addition to the volatility risk itself, the growth logic of the US stock market-the possibility of liquidity and the “complementary complementarity” of the economic foundation being overturned, and the core potential risk of the US stock market-upward corporate leverage cannot reach a sufficiently dangerous level(Although there is a trend of deterioration in the two structural dimensions of large and small enterprises and the industry).