Category: 新闻

Note of Yinlun shares (002126): Thermal management orders continue to increase, which is expected to benefit from being able to meet the emission standards of China VI
Key points of investment: The company releases the 2019 results flash report The company releases the 2019 performance flash report, with total operating income of 53.700 million, an annual increase of 6.99%, net profit attributable to mother is 3.200 million, down 8 every year.29%. Ping An’s point of view: The fourth quarter improved compared with the previous month, and the pace of internationalization was stable: In 2019, the company achieved operating income of 53.700 million yuan, an increase of 6 over the same period in 2018.99%, net profit attributable to shareholders of listed companies.2 ppm, a decrease of 8 from the same period in 2018.29%. Among them, the fourth quarter revenue increased by 25% each year, an increase of 30% from the third quarter, which is larger than the same period last year.China’s auto output in 2019 is 2572.10,000 vehicles, down 7 every year.5%, the company ‘s revenue is better than the industry. The expansion is due to the expansion of new domestic customers, the development of new projects, the progressive internationalization strategy, the active expansion of the international market, and the increase of market share.Reasons for the decline in profits include rising labor costs, increased tariffs on exports to the US, and changes in customer and product mix. Newly obtained multiple thermal management orders and entered Japanese brands: The company obtained authorization for Dongfeng Nissan’s oil cooler project. The products of this project are expected to begin supply in July 2020. The internal life cycle is expected to invest 23.69 million yuan. This isThe company’s thermal management products entered the Japanese brand passenger car supporting system for the first time, which is of great significance.In January 2020, Zhejiang Yinzhili Automobile Heat Exchange System Co., Ltd., a wholly-owned subsidiary, obtained the authorization of Geely’s PMA-2 platform (SMART model) heat pump air-conditioning project. The project’s products are expected to begin bulk supply in 2022.Expected within 6.9.5 billion. In addition, it has obtained the authorization for the water-air cooler project of SAIC-GM passenger cars. The batch delivery is expected to start in October 2023. The life cycle is 6 years and it is expected to be about 2.0.5 billion. National VI emissions are expected to drive growth in tail gas treatment business: Domestic passenger cars began to implement National VI standards in some regions in July 2019, and heavy-duty diesel vehicles will all be converted to National VI emissions standards in July 2021. The company has EGR and SCR system productsIt is expected to further 杭州桑拿网 benefit from the National Six Standards. Investment suggestion: The company is a leader in the field of thermal management. Based on a wide range of customers in passenger cars and commercial vehicles, battery thermal management, electrical motor-controlled thermal management, and air-conditioning thermal management have been steadily supplied, and they have technical advantages in the field of exhaust gas treatment.At the same time, the company is actively making arrangements to open up multiple overseas markets.As the automotive industry is still in a downtrend, we adjust our profit forecast and expect that EPS for 2019-2021 will be 0.40, 0.50, 0.60 yuan (expected 2019-2021 performance forecast is 0.50, 0.59, 0.72 yuan), corresponding to 28.2, 22.7 and 19.0 times PE, maintaining the “recommended” level. Risk reminders: 1) The continued decline of the macro economy will lead to sluggish automobile consumption and it is difficult to guarantee company orders; 2) The epidemic situation is difficult to control globally, which will cause automobile sales to decrease, which will affect company orders and increase financial risks; 3) New energyCar sales were less than expected, which will cause damage to the company’s new energy related business.

Great Wall of China (000066) 2018 Annual Report and 2019 First Quarterly Report Comments: Performance Meets Expectations, Autonomous and Controllable Progress

Event: The company released an annual report for 18 years and achieved revenue of 100.

09 million yuan, an increase of 5 in ten years.

29%; realized net profit of 9.

870,000 yuan, an increase of 69 in ten years.

88%, attributable to the parent company’s net profit after deduction.

27 ppm, an increase of 25 in ten years.

91%, basically in line with expectations.

At the same time, the company released the first quarter report for 2019, and achieved 19 in 19Q1.

2 billion, a slight decrease of 0 a year.

49%; net profit attributable to mothers was 51.87 million yuan, a year-on-year decrease of 65.

76%.

Net profit after deducting non-steady growth, performance in line with expectations: Affected by the company’s strategic transformation and upgrading, revenue in 18 years increased slightly5.

From 3% to 100 ppm, in terms of business segments, the company’s strategic focus on high-tech electronics, power products and information security equipment and solutions increased.

68%, 12.

08% and -3.

23%, of which the information security machine and solution business experienced a decrease in revenue from major financial sectors.

The company’s overall gross profit margin and expense ratio remained basically stable, with a slight increase in gross profit margin of zero.

26 averages to 21.

93%, the expense rate increased slightly during the period.

41 up to 16.

69%, of which R & D costs have increased rapidly, increasing by 19.
.

8%, mainly in order to increase the strategic area layout and increase product competitiveness, the company increased research and 杭州桑拿 development investment.

The company’s net profit attributable to its parent increased by 70%, mainly due to the significant increase in non-recurring gains and losses recognized from the sale of transactional financial assets; the net profit after deduction of non-recurring growth was 25.

91%, basically in line with expectations.

Independent and controllable smooth progress: The company’s independent and controllable smooth progress: The company’s terminal and server products based on the Feiteng platform exchanged the first share in a key upgrade and replacement project in the country; implemented the “lighting project” and successfully entered the archives and financeKey industries, successfully implemented software migration based on PK architecture products in a number of key industries such as finance and medical care; successfully created multiple high-quality engineering projects, using ERP and other complex systems, large-scale systems, and integrated cloud computing, big data, artificial intelligence, etc.The innovation and application of cutting-edge technology is the core industry development ecosystem construction, forming a demonstration application project for upgrading and replacing in Changsha, Tianjin and other places.

The product performance of terminals and servers based on the Feiteng platform has maintained a leading position, and has been used in a number of important upgrade and replacement projects. It has been piloted in key industries and replaced market share.

Investment suggestion: Considering the deferred revenue recognition of the sales of CLP Tower and changes in accounting standards, lower the 19-year net profit forecast to 11.

92 million, raised 20-year net profit forecast to 11.

07 billion, while forecasting that the company’s net profit for the 21st year will be 9.

7.8 billion.

We are optimistic that the company will grow into a normal leader in the entire autonomous and controllable industry and maintain the “overweight” level.

Risk warning: M & A integration is less than expected, information security and autonomous controllable policies fall short of expectations, the company’s products cannot meet customer needs in a timely manner, and the overall market risk.

Huadian International (600027) Company Dynamic Comment: Underestimation of National Thermal Power Capital Expansion Enters Decline Period

Event: The company disclosed its semi-annual report for 2019, and the revenue in the first three quarters increased by 3 each year.

7% to $ 67.5 billion, and net profit attributable to mothers increased by 60% to $ 2.5 billion per year.

This comment is as follows: In the first three quarters, the amount of electricity generated on the grid increased by 2% annually.

1%, 4.

2%, power income maintained rapid growth.

1) Revenue growth in the first three quarters of the decade3.

7% to $ 67.5 billion.

The first three quarters of 2019 will gradually generate 1,582 electricity.

3.7 billion kWh, an increase of about 1 over the same period in 2018.

96%; 1,480 on-line power.

1.8 billion kWh, an increase of about 2 over the same period in 2018.

14%.

The annual growth of power generation and grid-connected power is primarily the power contribution of the Group’s newly commissioned units.

In the first three quarters of 2019, the Group’s market-based trading power was approximately 765.

3.2 billion kilowatt-hours, the proportion of trading electricity was 51.

70%, compared with 39 in the same period last year.

39%, an increase of 12 over the same period last year.

31 units.

In the first three quarters of 2019, the average on-grid electricity price of the Group was 413.

59 yuan / MWh, an increase of about 1 in ten years.

99%; It is estimated that the first three quarters of electricity revenue reached 362.

80 yuan / MWh, an annual increase of 4.

2%.

Based on electricity and electricity price data, it is estimated that electricity sales revenue in the first three quarters increased by 6.

4% to 537 ppm, other income (heating, coal sales, etc.) flipped 0.

7% to 13.8 billion yuan.

2) The income in the third quarter increased by 4 per year.

3% to 23.8 billion.

In the third quarter, the company’s online power supply decreased by 3 every year.

5% to 534.

8.2 billion kilowatt-hours; 364 kilowatt-hours of revenue.

07 yuan / MWh, an annual increase of 5.

3%.

It is estimated that the electricity sales revenue in the third quarter will increase by 1 every year.

6% to 1.95 million yuan, other income (heating, coal sales, etc.) increased by 18.
.

5% to $ 4.3 billion.

Electricity prices have risen, and the combined gross profit margin for the first three quarters was 12 from the same period last year.
7% rose to 13.
6%.

Considering that the first three quarters of electricity revenue increased by 4 per year.

2%, the rise in electricity prices is the main factor for the increase in comprehensive gross margin.

Major projects under construction have been intensively put into operation, with capital expenditures and financial costs falling.

The first three quarters of management expenses fell by 20% to 11.

200 million, the first is the impact of relocation compensation for coal companies in 2018.

Finance costs decrease by 3 every year.

6% to 3.9 billion US dollars, mainly because the company’s unit under construction has been intensively put into operation, the net cash of investment activities fell.

Investment income in the first three quarters decreased by 33% year-on-year to 5.

300 million US dollars, the 杭州夜网论坛 first is the impact of the decline in investment returns on coal mines.

Investment suggestion: Those who underestimate the national thermal power standard and maintain a highly recommended level.

Assume that Q4’s Internet connection power decreases by 3.

5%, it is expected that Huadian International’s net profit attributable to mothers in Q4 2019 will reach 3 respectively.

800 million, an increase of 123% in ten years.

The initial net profit attributable to mothers reached 28.

9 ‰, a 71% increase in ten years, PE reached 12 times in 19, and the current PB is 0.

83 times.

Assuming a 40% dividend payout ratio is maintained, the dividend yield reaches 3.

2%.

Risk warning: fuel costs may rise unexpectedly, etc.

Ping An of China (601318) 2019 Interim Report Review: Value Growth Slightly Exceeds Expected Daily Operational Performance Growth Stable

Event: Ping An announced its 2019 interim results.

In the first half of the year, net profit attributable to mothers was 9.77 million yuan, +68 a year.

1%, the mother’s operating profit of 7.35 million yuan, +23 throughout the year.

8%; new business value is 4.11 million yuan, +4 for the whole year.

7%; as of the first half of the year, net assets attributable to mothers were 6,253 trillion, an increase of 12 earlier.

4%; the embedded value of the group was US $ 111.3 billion, an increase of 11% earlier.

Annualized total / net investment income replaces 5.

5% / 4.

5%, rising by 1 every year.

5pct / 0.

5pct; preliminary quantitative index is 0.

75 yuan a year + 21%.

Comment: Life and health insurance business: The insurance structure has been further optimized, the value rate has been continuously improved, and the growth of NBV is in line with expectations.

In the context of changes in the external environment, Ping An actively adjusted its business structure and product strategy. Although the new single premium in the first half of the year continued the negative growth trend of last year, its new business value achieved a slight increase, only +4.

7%, the growth rate is more in line with expectations.

The first is to optimize the structure of insurance types and increase the potential of new business value rate.

Property insurance business: Affected by the macro-environment and the growth rate of business adjustment, the supervision tended to be severe and decreased, and the compensation rate increased, and the underwriting profit increased negatively.

In the first half of the year, the market share of property insurance business decreased compared to the beginning. In the first half of the year, in order to monitor the increase in the first half of the year, leading companies took compulsory measures to restrict business development in some regions.In the speed range, the growth rate of non-auto insurance short- and medium-term accidents and health insurance is still high. The growth rates of other insurance premiums affected by the adjustment of the insurance business have reversed and dropped from the previous year;Negative growth.

The high profit growth is mainly affected by non-daily factors. Unless the daily factors are eliminated and the growth rate is stable, the income from interest margins will decline.

In the first half of the year, the growth rate of Ping An’s insurance business surged, basically as follows: First, the expansion of Q1’s equity market contributed to the increased profitability of the total investment rate of return; second, in May this year, the financial department issued a pre-tax replacement of fees and commission expenses.The new policy highlights thickening profits.

Attributable operating profit has grown rapidly, and the structure of profit sources has remained relatively stable. Among them, the growth rate and proportion of interest income contribution contributed to a significant decline. Therefore, in response to the capital market fluctuations in 2018, the company actively reduced the level of interest margin.
The embedded value growth of life insurance business slightly exceeded expectations, and the return on embedded value operating profit was stable.

The embedded value of life insurance business in the first half of the year was 7,132 trillion, an increase of 16 earlier.

3%, slightly more than expected.

The factors affecting the impediment to the growth of embedded value are still investment income and consequence factors (one-off items that are not part of daily operating income), and the transfer of contributions is increasing at a positive rate.

Excluding daily operational factors and short-term changes in investment, the return on operating profit from embedded value in the life insurance business is reset.

2%, the growth rate is relatively stable, with an annualized growth rate of 28.

4%, which is an improvement from the last 31% growth rate last year. The reason is that the same as the remaining marginal growth rate is the goal of new business value growth.

Investment advice: After excluding daily factors and short-term investment changes, Ping An will still be able to realize operating profit in the first half of the year, and its embedded value will grow steadily. It has a first-mover advantage and a forward-looking vision in both debt- and asset-side businesses.

We expect 淡水桑拿网 China Ping An’s BPS to be 32 in 2019-2011.

88/36.

17/41.

59, EPS is 8.

96/12.

65/14.

87.

The possible embedded value of Ping An of China in the next 3 years is expected to be 65, 76 and 89 yuan, with a target price of 104 yuan in 2019, corresponding to a PEV of 1.

6 times, maintaining the “strong push” level. Risk reminder: New business growth pressures increase, equity markets fluctuate, and long and short interest rates continue to fall.

Desai Xiwei (002920): Performance in line with expectations Q2 single quarter improvement

Investment Highlights: Event: On July 14, Desai Xiwei released the 2019 Interim Results Forecast, and achieved a net profit of 9000 in the first half of the year.
110 million yuan, a gradual decline of 61.

66%?
68.

63%.

Although the performance in the first half of the year has improved, it is in line with expectations.

We published the weekly report “Interim Report Forward!” On July 8, 2019.

But is it enough to choose a high income statement?

》 Prediction: Desaixiwei’s 2019H1 operating income growth rate is expected to be 23.

7.4 billion, a year of -17%, the net profit attributable to mothers is estimated to be 94.68 million yuan, every -67%, just falls within the announced performance forecast range, the recent performance forecast results in line with our previous forecast.

In general, some provinces started to implement the National Sixth Standard on July 1st and other factors. The Q2 auto 武汉夜生活网 market continued to slump, and in April / May / June, the production of narrow passenger cars decreased by -18 respectively.

3% /-23.

2% /-17.

6%; and under the background of the downturn in the vehicle market, the pressure of Tier1 price reduction has not been eliminated, and the market believes that the company’s gross profit margin still has certain risks-so the market has certain expectations for the company’s Q2 single-quarter performance increase.

Q2 single-quarter net profit attributable to mothers has improved month-on-month. It is expected that Q2 single-quarter revenue will be higher than that of Q1, mainly due to a decrease in sales volume of supporting vehicles by 3 pct.

According to the company’s disclosed net profit attributable to the mother in the first half of the year, it can be estimated that the company achieved net profit attributable to mother at 4646 in Q2?
66.46 million yuan, -48%?
-63%, the net profit attributable to mothers is higher than the 43.54 million yuan realized in Q1, which is a 7% improvement from the previous quarter?
53%.

The reason why Q2 single-quarter net profit attributable to motherhood has improved month-on-month compared to Q1, we expect that a series of companies will reduce the sales of supporting vehicle models by 3pct: according to the statistics of Shenwan’s Desai Xiwei supporting vehicle sales database, Q1 2019The sales volume of supporting cars is -16 months.

50%, while 2019Q2 is expected to be -13 per month.

At 18%, the decline in supporting vehicle systems narrowed by 3 pct.

Corresponding income for 2019Q1 is 10.

It is estimated to be 12 billion in 2019Q2.

700 million, + 27% MoM.

In addition, the gross profit margin of Q2 to Q1 is expected to stabilize, and the increase in research and development expenses each quarter has the same effect on the change in net profit. It is expected that the new quota will replace about 10 million each quarter.

The decline in net profit of the company in the first half of the year was mainly affected by three factors.

(1) Downturn in the auto market: Desai Xiwei’s supporting car sales are expected to be 2.8 million in the first half of the year, -15% per year, and the corresponding revenue is expected to be 2.3 billion, becoming -21%.The interest rate is 25% and 2019H1 is expected to replace 20.

5%.

(3) R & D expenses are still increasing compared with the same period of last year: the company’s R & D expenses for 2019H1 are expected to be 2.

6 billion, which was 2000 million higher than before; as the company meets the needs of synchronous R & D with OEMs in new orders in 2018, we still have recruitment needs for application R & D personnel this year, and it is expected that R & D personnel will be by the end of the yearThe number will increase from 1903 in the initial period to 2003, and Q3 / Q4 R & D expenses will still increase, and it is expected to gradually be 600 million R & D expenses.

The company’s overall performance will change in the second half of the year, and the mass production of new products will gradually realize the growth logic of new business.

Since Q3 double 12.

New products such as 3-inch digital cockpit, T-BOX, 24GHz millimeter-wave radar, Q4 Volkswagen CRS orders are gradually mass-produced, Q2’s automatic parking system provided by Geely climbs up in the second half of the year, and the car market stabilizes and other factors. Single quarterRevenue is expected to reach normal levels; after the auto market rebounds, the vehicle sales discount rate will narrow, and the company’s gross profit margin will stabilize; after the high expenditure last year, the increase in the company’s R & D personnel this year will narrow, and the R & D expenses in the second half of the year are expected to be the same as last year or slightly.Growth-Due to the above three factors, we insist on the judgment in the March 18, 2019 in-depth report “Desai Xiwei: Super Strong Stocks with Changing Results”: The company’s performance is about to reverse in the second half of 2019.

Maintain earnings forecasts and ratings.

EPS is expected to be 0 in 2019-2021.

83 yuan, 1.

26 yuan, 2.
13 yuan, the current sustainable corresponding PE is 29/19/11 times, maintain “Buy” rating.

Shenzhen Jingyuan Yoga Club: Beibei

The undergraduate graduation committee has been in the yoga industry for four years, and has taught excellent detox yoga, slimming yoga, and meditation.

　　Yoga is the exercise of the body, the control of the mind, the way of life.

Enjoy the tranquility and sacred sound of asana combined with breathing exercise and meditation deep into my heart.

I just love yoga so much!

　　The undergraduate graduation committee has been in the yoga industry for four years, and has taught excellent detox yoga, slimming yoga, and meditation.

Co-authored and demonstrated “Parent-Child Yoga” and “Maternity Yoga” with the Gold Edition Publishing House.

Involved in various yoga books, such as “Whelan Yoga”, “Light on Yoga”, “The Beauty of Yoga”, “Pregnant Yoga” and so on.

　　Course style: I am a more rigorous teacher. I improve each member to different degrees according to his or her own situation.

It is required that everyone’s movements should be based on standards, and in the absence of injury, unless they reach their limits and break through themselves.

While practicing yoga, improve everyone’s physical condition and make everyone more healthy.

Baby learns to talk to parents

[Guidance]When the baby has reached the stage of dentistry, parents have begun to work hard on the baby’s language offensive.

But not all the words can be collected by the baby alone. In the process of teaching the baby to learn to talk, parents can’t help me.

Don’t help these “busy” parents!

One.

Too much to meet the baby’s requirements Performance: The baby pointed at the water glass, the mother immediately responded: “Baby, do you want to drink water?

Mom will get it for you.

“The baby doesn’t need to move his mouth.

Harm: The method of parents’ excessively satisfying the baby’s requirements makes the baby’s language development slow, because he does not need to speak, and the family can quickly understand his condition and meet his requirements, so the baby loses the opportunity to speak.

The correct way: When the parents find out that the baby wants to drink water from his behavior, you can give him an empty water glass. He holds the empty water glass and will try very hard to say “water” when he wants to get water.

two.

Talk to the baby in children’s language: “dirty on the ground”, “baby, eat and eat”, “time to sleep” and so on.

Harm: Talking with reduplicated words and children’s words is a manifestation of a specific stage of the baby’s language, but some parents think that the baby can only understand these children’s words or find it interesting, and also speak to the baby in the same language, which may delay the child’s transitionTo the stage of speaking the whole story.

Correct way: When the baby says with some hands, “Mother hugs.

“Mom should give the baby a warm hug, and said,” Mum is here to hug the baby.

“Use normal communication methods to minimize the time it takes for your baby to use overlapping words or children’s words.

three.

The best performance of repeating the baby’s mistake: the baby said “brother” as “蝈蝈”, parents repeated the baby’s wrong voice, and even next time when they encountered “brother”, the parents also said “蝈”蝈 “”.
Harm: If the parents learn the wrong best from the wrong, then the baby will get the wrong prompt, thinking that their best is right, and this wrong best may therefore be easily difficult to change.

Correct way: Don’t learn the best for your baby, but use the correct language to talk to your baby for a long time. Under the guidance of the correct voice, your baby’s best will gradually become correct.

These methods help your baby control the language easily: 1.

Patiently repeat the content of the talk, pay attention to the baby’s response; 2.

2. When talking with your baby, look into your baby’s eyes;

Speak clearly, pay attention to the softness of the tone; 4.

Use standard Mandarin with a slow and gentle tone; 5.

Ask some baby and adolescent questions and guide them to say the correct answers; 6.

Bring your baby more exposure to outside things and guide your baby to say the names of things; 7.

Praise your baby more, encourage your baby to express his or her needs in language, and make your baby feel that learning the language is a happy thing, and your baby will become motivated.

I heard my daughter tell a story

The daughters (twins) are two years old and love to hear stories.

One day I told them a story. I used heuristics to tell them to continue the story, as follows: Story 1: Mom: There is one in the forest . Daughter: Big wolf mother: It likes to eat . Daughter: Small animals 　　Mom: One day, the wolf was hungry, he went to find food, and he saw one . Daughter: The little wolf assigned little animals. Mom: The big wolf wanted to eat little animals, little wolf . Daughter: putThe wolf is locked in a cage. Mom: The little wolf . Daughter: fell into the trap dug by Uncle Hunter. Mom: What about the little animal?

　　Daughter: Guan Zi cage Mom: Where is the wolf?

　　Daughter: In the cage Mom: What about the small animals and the wolf in the cage?

　　Daughter: Mom killed it (big wolf).

　　Story 2: Mom: Ming Fanfan and Mom and Dad go . Daughter: Zoo, Mom: What car do we take?

　　Daughter: Bus No. 32 Mother: When I arrived at the zoo, I bought two tickets and went inside. There are . Daughter: Big Tiger Mom: Big Tiger in . Daughter: Cage Mom: Ming Fanfan saw the big tiger . 　　Daughter: Say Hello, Hello Mom: There are still in the cage . Daughter: Big Lion Mom: Big Lion . Daughter: Say Hello Hello Mom: Ming Fanfan said . Daughter: Hello Hello Mom: Big Tiger”Haw” screamed . Daughter: (opened in horror without talking, but very nervous) Mom: The big lion also shouted “Haw” . Daughter: (more scared) Mom: What do you do
　　Daughter: Mom took it (with a camera) and let Fanfan hug.