Month: April 2020

The senior officials of the China Finance Office explained the information of the Central Economic Work Conference

The senior officials of the China Finance Office explained the information of the Central Economic Work Conference

Source: Two days after the Shanghai Economic News Central Economic Work Conference ended, senior officials from the China Finance Office and the ministries and commissions appeared in the same venue today. Explaining the spirit of the conference, did they find some important information?

　　This morning, the 2019-2020 China Economic Annual Conference hosted by the China International Economic Exchange Center was held in Beijing.

Han Wenxiu, deputy director of the Office of the Central Finance and Economic Commission, and Ning Jizhen, deputy director of the National Development and Reform Commission, interpreted the spirit of the Central Economic Work Conference at the meeting.

　　Highlights of Han Wenxiu’s interpretation: 1.
Building a well-off society in an all-round way is the country’s overall goal, and each locality must complete it according to its own reality.

　　He said that building a well-off society in an all-round way is the overall goal of the country, and the situation varies greatly from place to place. It is necessary to complete the established goals and tasks of building a well-off society in accordance with one’s own reality.

For example, by 2020, GDP will double from 2010. This is national, and does not require every region to double.

　　2.
It is necessary to keep the macro-leverage ratio basically stable and compact the responsibilities of all parties.

　　He said that the current budget financial system is generally stable and capable of mitigating various risks.

We need to keep the macro-leverage ratio basically stable, and we must compact the responsibilities of all parties, including the respective responsibilities of the supervisory department, the main body of the enterprise, and the local government, and resolutely keep the bottom line where systemic risks do not occur.

　　3.
China’s opening to the outside world will open more candidates.

　　He said that the door of China’s opening to the outside world will be wider and wider, and will continue to move in a wider range and in a deeper direction, and strive to promote reform, innovation and development with openness.

　　4.
To maintain a moderate economic growth, prices are basically stable.

　　He said that to ensure the successful completion of a well-off society in an all-round way, it is necessary to keep the economic operation in a reasonable range, including maintaining moderate economic growth, basically stable prices, sufficient employment, and basically balanced international balance of payments. The relevant quantitative targets will be in March next year.The upper level is clear.

　　Key points of Ning Jizhen’s interpretation: 1.
The current economy is stable and improving, and the long-term trend has not changed. Ning Jiyi said that the long-term economic stability is improving, and the long-term trend has not changed.

At present, macro accumulation has accumulated effective methods and methods. In the face of new challenges, we have the ability and conditions to continue to overcome difficulties.

　　He pointed out that since the reform and opening up, more material and technological foundations have gradually accumulated, there are super-large-scale market advantages and domestic demand potential, huge human capital and talent resources, and the demographic dividend still exists.

In addition, the improvement of the quality of elementary elements has potential, which is also the potential for progressive breakthrough development in the future.

　　2.
To ensure the reasonable growth of the economy and the steady improvement of the quality, he pointed out that next year will be the final year to build a 南京夜网 well-off society and the 13th Five-Year Plan. It is very important to do well in economic work.

It is necessary to keep the economic operation within a reasonable range, to ensure a reasonable increase in the volume of the economy and a steady improvement in quality.

The economic operation is in a reasonable range, including efforts to achieve high-quality, high-speed growth at medium and high speeds, as well as the continuous expansion of employment, the overall stability of prices, the simultaneous increase of residents’ income, and the gradual improvement of the ecological environment.

　　Deputy Minister of Commerce Yu Jianhua: Deputy Minister of Commerce and Deputy Representative of International Trade Negotiator Yu Jianhua to accelerate the construction of Hainan Free Trade Port said at the meeting that it is necessary to create a new highland of open innovation and 深圳桑拿网 create an open highland with a leading and exemplary role through institutional innovation.Promote the autonomy of scale reform of the Pilot Free Trade Zone, form more achievements in institutional innovation, continue to do replication and promotion, deepen the research on policies and institutional systems, accelerate the construction of Hainan Free Trade Port, and build advanced manufacturing industries through national economic development zones.To help stabilize and enhance the industrial chain, and promote the construction of border cooperation zones and cross-border cooperation zones.

　　Chen Yulu, deputy governor of the central bank: steadily expand the exchange of capital projects and increase the degree of free use of the renminbiPrudent monetary policy, while maintaining the macro-leverage ratio and the overall health and stability of the financial system, solidly and continuously announced the conventional liberalization measures announced, and steadily expanding the convertibility of capital accounts, increasing the degree of free use of the renminbi, and striving to achieve further development of the financial industryOpen to the outside world at a high level.

　　However, he said that the degree of financial openness should keep the risk bottom line and match the financial supervision ability.

International experience shows that expanding the opening up of the financial industry must match the depth and breadth of the economy’s opening up to the outside world, adapt to the affordability of domestic financial markets, and match financial supervision and financial legal system building.

Only when supervision is in place can financial liberalization be able to implement the good role of promoting reform and development.

　　He also said that by dating business products of overseas financial institutions, optimizing the allocation of resources globally, increasing the effective supply of finance, he can make good use of the modern financial system with highly adaptive competition and inclusiveness, and improve the operating efficiency of the economic and financial industry.To better support the expansion of domestic demand and the development of strategic emerging industries, and to further optimize the economic structure.

More experienced and professional long-term investors who come to China to invest in China can also improve the market structure, which is dominated by indirect financing, increase the proportion of direct financing and equity financing, and optimize the structure of the financial system.

　　In addition, he mentioned that currently China’s A-shares, government bonds, policy financial bonds and other assets have been divided into Mingsheng, FTSE Russell, S & P Dow Jones, Bloomberg Barclays and other internationally important stock bond indexes.Investors pay more attention to the Chinese market, and international capital inflows are increasing.

In the first three quarters of 2019, foreign investors increased their net holdings of domestic bonds and stocks by about $ 90 billion.

Tianhong shares (002419) company quarterly comment： 3Q19 revenue appreciation2.

1% profit drops 21% optimistic about leading long-term growth

Tianhong shares (002419) company quarterly comment: 3Q19 revenue appreciation2.

1% profit drops 21% optimistic about leading long-term growth

The company released the 2019 third quarter report on October 25.

The first three quarters of 2019 achieved revenue of 140.

75 ppm, an increase of ten years.

75%; net profit attributable to mother 6.

52 ppm, a decrease of 3 per year.

15%, deducting non-net profit 5.

61 ppm, a decrease of 4 per year.

86%.

The diluted EPS is 0.

54 yuan; expected average return on net assets is 9.

84%, net operating cash flow3.

6.6 billion.

Brief comments and investment recommendations.

The company’s revenue in the third quarter of 2019 increased by 2 every year.

1%, every 20% of net profit attributable to mother.

75%, excluding the impact of real estate and Junshang Center stores closing, it is estimated that 3Q19 profit fell by 14.

18%, we judge that profit elasticity decreased mainly due to a high base and new stores.

Large stores opened in 3Q19, Songrui, 2 Aqua City, 5 contracted, and 1 Yingtan opened in October. We expect to open about 10 new stores in 2019.

1. The first three quarters of revenue increased by 1.

75% to 140.

75 ppm, gross margin increased by 1 in ten years.

32pct to 28.

56%.

Among them, 1-3Q revenue growth was -0.

8% / 4.

6% / 2.

1%, excluding the impact of real estate and Junshang Center stores closing, 1-3Q revenue increased by 1.
.

6% / 6.

4% / 6.

6%, same-store growth rate -2.

8% / 1.

3% / 0.

9%, comprehensive gross margin increased by 1.

7/1.

83/0.
32pct.
In the first three quarters of the region, East China and Central China New District, the same store maintained rapid growth, and gross profit increased respectively.

17% and 8.

27%, total profit increased by 109.

36% and 27.

65%; same-store revenue in the old three quarters of South China increased slightly by zero.

47%, estimated to increase 2 in 3Q19.

47% improvement from the previous quarter. We judge that it mainly benefited from the growth of supermarket format.

In terms of division, shopping malls and supermarkets grew better. The same-store revenue of shopping malls declined slightly in the first three quarters, and gross profit and profit maximization increased respectively.

8% and 59.

19%; same-store revenue in the first half of the supermarket increased by 9.

2%, gross profit and profit maximization increased respectively.

61% and 13.

44%.

2. 2 new stores opened in 3Q19, 333 stores at the end of the period (85 large stores), and 5 large stores were signed.

① Opening stores: In the third quarter, the company continued to expand its store network and opened two new stores (the first community living center Songrui Rainbow and Aqua City Rainbow Shopping Center), an independent supermarket and 23 convenience stores. It opened in Jiangxi in October.Opened Yingtan Tianhong Shopping Center; ②Closed: 11 convenience stores closed in 3Q19; ③Signed: Signed 5 shopping malls and department store projects and 5 independent supermarket projects in the third quarter.

At the end of the third quarter of 2019, the company has settled in 26 cities in 8 provinces / cities in Guangdong, Jiangxi, Hunan, Fujian, Jiangsu, Zhejiang, Beijing, and Sichuan, and operates a total of 16 shopping mall-type stores (including franchise and management output 5)), 69 department store stores (including 3 franchisees), 84 supermarket stores (including 10 independent supermarkets), 164 convenience stores, with a total area of more than 3.22 million square meters3, the expense ratio increased during the period 1-3Q19 1.
.

73pct to 22.

73%, mainly due to the increase in sales expense ratio.

Among them, the sales expense ratio of the 3Q19 company increased by 1.

76 up to 20.

59%, the management expense rate increases by 0 every year.

2 up to 2.

21%, financial income decreased by 2.01 million yuan to 2.29 million yuan; the final 3Q overall period expense ratio increased by 2 to 25.

16%.

4. In the first three quarters, the net profit attributable to the mother was downgraded.

15% to 6.

52 ppm, excluding the impact of real estate and Junshang Center stores closing, the estimated profit increased by 0.

68%.

In the third quarter, net non-operating income increased by 5.36 million yuan, and profit growth decreased by 22.

68% to 1.

92 ppm, effective tax rate decreased by 2.

56 averages to 21.

77%.

In the first three quarters, the net profit of the mother company was downgraded.

15% to 6.

5.2 billion yuan, of which 1-3Q growth rate is 5 each.

25% / 1.

1% /-20.
75%, after excluding the impact of real estate and Junshang Center store closures, the growth rate of 1-3Q was 9% / 2 each.

34% /-14.
18%, we judge that profit elasticity decreased mainly due to a high base and new stores.

Maintain judgment of the company.

The company started a comprehensive transformation in 2013, with incentives at all levels and full coverage of incentives; building core competitiveness around digital, experiential, and supply chains, leading the industry’s development and innovation, with integrated output capabilities; rich store stores, speeding up store openings, and innovative management outputMode, the efficiency and gross profit margin of sub-new districts are closer to mature regions.

Through continuous intensive cultivation and cultivation of internal skills, the company’s overall 深圳桑拿网 performance is guaranteed to grow steadily, and its peers will follow.

Update profit forecast.

Assuming that the real estate revenue confirmed in 2019 is the same as 2018, the net profit is expected to be 9-2019.

5.7 billion, 10.

5.6 billion, 11.

97 ppm, a five-year increase of 5.

8%, 10.

3%, 13.

3%, of which the main retail business net profit was 8 each.

9.1 billion, 10.

310,000 yuan, 11.

97 ppm, an increase of ten years6.

3%, 15.

7%, 16.

1%.

Considering that the company is one of the leading department stores, it is one of the few retail enterprises that realizes business format adjustment and transformation and upgrading through endogenous innovation. It has the ability and opportunity to promote industry integration. It can give a certain estimated premium to 2019.Retail main business profit is 16-18 times PE, plus real estate net profit in 2019 is 0.

66 ppm, corresponding to a reasonable value range of 11.

93-13.

42 yuan, maintain the “preliminary market” rating.

risk warning.

Outward expansion exceeded expectations; new store incubation period lengthened; real estate project sales were lower than expected; increased competition risks.

Leverage funds to increase funds northward to increase warehouses in 2020, incremental funds are expected to exceed one trillion

Leverage funds to increase funds northward to increase warehouses in 2020, incremental funds are expected to exceed one trillion

Since December, A shares have experienced volatile growth, and leveraged funds-financing balances have also increased in successive days.

Choice data shows that as of December 12, the financing balance has increased for nine consecutive trading days, a total increase of 162.

2.2 billion.

The layout of Beishang ‘s funds was earlier. As of December 12, Beishang ‘s funds had a net inflow for 21 consecutive trading days, with a total net inflow of 763.

2.6 billion.

Regarding the incremental funds in 2020, the institution expressed optimism that the incremental funds in the A-share market in 2020 will exceed 1 trillion US dollars.

　　□ Wu Yuhua, a reporter of the newspaper, has raised positions for 9 consecutive trading days. Since December, the investors have increased positions for 9 consecutive trading days.

　　Choice data shows that as of December 12, the balance of the two financial services was reported at 9815.

6.3 billion yuan, with financing balance reported at 9682.

20ppm, a new high in the past 8 months, and the balance of margin trading was reported at 133.

4.3 billion yuan.

The financing surplus has continued to increase positions since December, and the positions have been increased by 162 in the first 9 trading days.

2.2 billion.

Since this year, the financing surplus has gradually increased by 2192.

3.9 billion yuan.

　　From the perspective of the financing preferences of financing customers, in the 9 trading days from December 2nd to 12th, Choice data showed that among 28 industries in the Shenwan Tier 1, financing customers had increased their positions in 19 industry sectors.Among them, the technology sector is most favored by financing customers. The electronics, computer, and communications industries have the highest net purchases during the period, with net purchases of 53 respectively.

3.4 billion, 38.

9.4 billion, 12.

34 trillion, these three industries were increased by financing customers to more than 100 trillion.

From the perspective of the recent market mainline, the technology sector has been active in turn, and it is also the most active sector in the market.

In addition, there are 9 industry sectors that have suffered from capital passenger lightening. Among them, the net sales of steel, household appliances, and public utilities industries are the highest, and net sales are 2 respectively.

0.8 billion yuan, 2.

2 billion yuan, 1.

7.1 billion yuan.

　　From the perspective of individual stocks, technology stocks are clearly favored by financing customers.

During the 9 trading days from December 2nd to 12th, the top 10 stocks that the financing customer added to the warehouse were Tongfang, China Software, ZTE, Crystal Optoelectronics, Muyuan, Lianchuang Electronics, Wingtech, Vanke A, Great Wall of China, Tongfu Microelectronics, net purchases during the period were 7 respectively.

2.6 billion, 4.

7.2 billion, 3.

8 billion, 3.

5.7 billion, 3.

09 billion, 3.

03 billion, 2.

7.7 billion, 2.

6.5 billion, 2.

6.3 billion, 2.

4.4 billion.

It can be seen that among the top ten stocks of financing customers to increase their positions, technology stocks account for 8 seats.

　　From the perspective of the increase during the period, the financing customers increased their positions significantly, and Lianchuang Electronics increased by 28 during the period.83%, Tongfu Microelectronics rose 25% during the period.

29%, Crystal Optoelectronics period rose 24.

79%, Tongfang shares, China Software, China Great Wall rose over 10% during the period.

　　Kitakami funds increased positions by 76.3 billion in 21 trading days. When financing customers continued to increase positions, Kitakami funds continued to increase positions at the same time.

　　Choice data shows that, as of December 12, Beijing’s funds had a net inflow of 21 consecutive trading days, and the cumulative net inflow of 21 trading days reached 763.

260,000 yuan, of which the net inflow of Shanghai Stock Connect funds was 326.

1.6 billion yuan, the net inflow of Shenzhen Stock Connect funds 437.

09 billion.

Since the beginning of this year, the net inflow of funds to the north has gradually increased to 3145.

350,000 yuan, of which the net inflow of funds through the Shanghai Stock Connect was 1360.

The net inflow of funds from Shenzhen Stock Exchange was US $ 3.4 billion.

01 billion.

　　Judging from the continuous net inflow of funds to the north during the 21 trading days from November 26 to December 12, the lowest point of the Shanghai Stock Exchange Index closing period was 2871 on November 29.

98 points, the highest point is 2933 on November 19.

99 points, which means that the northbound funds are concentrated at 2900 points on the 21st trading day. At the same time, the Shanghai Stock Exchange Index has shrunk in 9 trading days, but this market environment will not affect the northbound funds.Continue to increase the rhythm of positions.

　　From the direction of the capital increase of Kitakami Capital, when the net inflow for 21 consecutive trading days, the selection data showed that Kitakami Capital has added 865 stocks, and 26 of them have exceeded 50 million shares.

During the period, the top stocks in the stock market were BOE A, Baosteel, TCL Group, Zijin Mining, and Luoyang Molybdenum, respectively.

3.3 billion shares, 2.

3.7 billion shares, 2.

10 billion shares, 1.

5.1 billion shares, 1.

03 billion shares, you can see the northbound funds to consumption, cyclical stocks have significantly increased positions.

In addition, it is expected that the traditional white horse stocks — Maotai, Guizhou, Ping 杭州夜网论坛 An of China, Midea Group, Gree Electric Appliances, Hengrui Medicine, Wuliangye, etc. also carried out warehouse operations.

　　For the technology stocks that have been active in the recent market, Kitakami Capital has significantly increased its positions. In these 21 trading days, the top stocks held by Kitakami Capital to increase the outstanding shares are Weil, Wolong Electric Drive, and Panwei.Network, Sai Teng, Red Flag Chain, Precision Measurement Electronics, Cibin Group, and Beijing Capital have increased their holdings by more than 2% of the outstanding shares. Among them, Weir and Wolong Electric Drive have increased their holdings by 3 respectively.

77%, 3.

39%, we can see that it is mainly technology stocks.

　　It can be said that in the 21-day increase in capital of Beijing Capital, there are both traditionally favored large-cap stocks. For technology stocks with active markets, Beijing Capital has also significantly increased its positions.

　　Wang Yi, chief strategy analyst of Great Wall Securities, said that it is unknown whether there will be any expansion plans for MSCI in 2020, but he is still optimistic about the subsequent net inflow trend.

　　Zhang Qiyao, chief strategy analyst of Guosheng Securities, said that at present, the internationalization of China’s capital market is still advancing at full speed, and the channels for international capital to continue to expand, and Chinese assets have significant advantages in both returns and spreads.There is a considerable long-term unilateral inflow.

　　In 2020, the incremental funds are expected to exceed one trillion yuan. As of December 12, leveraged funds have accumulated 2192 positions.

3.9 billion US dollars, northward funds have accumulated 3145.

3.5 billion US dollars, the incremental funds from financing customers and northward funds have exceeded 530 billion US dollars.

　　2020 is coming. For the incremental funds of the market in 2020, the institution is not expected to be short. Incremental funds from foreign countries, insurance and household savings will flow in.

　　Huatai Securities estimates that the scale of overseas incremental funds in 2020 is expected to be approximately 288.5 billion to 3847 billion U.S. dollars; the scale of insurance funds in 2020 is expected to reach approximately 259.5 billion to 408 billion; the scale of incremental funds for protection in 2020 is approximately 152.2 billionUSD 2666.6 billion; Asset management of commercial bank wealth management subsidiaries in 2020 is expected to bring about USD 100 billion of incremental funds; 2020, the size of newly-established partial equity funds of public offering funds is expected to reach 480 billion to 520 billion.

Essence Securities expects that A shares are expected to usher in over 1 next year.

Long-term incremental funds of more than 2 trillion US dollars, allocation needs and policy support are the main reasons for pushing long-term funds into the city.

　　CITIC Securities said that industrial capital will usher in an inflection point in the medium term, and the initiative of foreign capital inflows will increase, and it is expected to become the main source of incremental funds for A shares.

　　Haitong Securities said that in 2020, the net inflow of stock market funds is expected to exceed 1 trillion.

Capital inflows are: 1. Retail funds are expected to flow into 600 billion yuan, and leveraged funds are expected to flow into 400 billion yuan.

2. Public funds are expected to inflow 110 billion yuan, and private equity funds are expected to inflow 60 billion yuan.3. Banking wealth management is expected to flow into 157 billion yuan, brokerage asset management to 90 billion yuan, and trust to 215 billion yuan.

4. Insurance funds are expected to flow into 600 billion yuan.

5. Foreign inflows are expected to reach 300 billion yuan.

Capital investment is: IPO is expected to increase by 300 billion US dollars, industrial capital reduction is expected to increase by 300 billion US dollars, the total taxes and fees generated are expected to exceed 400 billion US dollars, and fund accounts are expected to increase by 436 billion US dollars.

On the whole, 2020 is similar to 2014, and the net inflow of stock funds is about 1.

1 trillion yuan.
　　In the case that incremental funds are expected, for the 2020 A-share market, CITIC Securities said that in 2020 A-shares will enter the second phase of this 3-5 year bull market that will start in 2019.

In the context of macroeconomic victory, capital market reform, and corporate profitability, A shares are struggling to usher in a “well-off bull” for 2-3 years.

Fussenmei (002818) 2018 Annual Report Comment： Performance is in line with Express Express’s self-operated store to provide stable blood-forming capabilities

Fussenmei (002818) 2018 Annual Report Comment: Performance is in line with Express Express’s self-operated store to provide stable blood-forming capabilities

In 2018, the company’s revenue increased by 12 in ten years.

97%, net profit attributable to mothers increases by 12.
.

89% of companies announced their 2018 annual report: operating income in 201814.

21 ppm, an increase of 12 in ten years.

97%; net profit attributable to mother 7.

35 ppm, an increase of 12 in ten years.

89%, net profit of non-attributed mothers7.

1.9 billion, an increase of 13 in ten years.

95%.

The performance is in 南京夜网论坛line with the company’s previous performance bulletin.

The company plans to distribute a cash dividend of 5 per 10 shares.

00 yuan, the capital reserve will be increased by 7 shares for every 10 shares.

In terms of single quarter breakdown, the company achieved operating income in the fourth quarter of 20183.

46 ppm, an increase of 14 in ten years.

94%; net profit attributable to mothers1.

71 ppm, an 18-year increase.

30%.

Comprehensive gross profit margin increased by 1.

14 averages, during which the expense ratio decreased by 0.

The company’s consolidated gross profit margin for the year 2001 was 70.

08%, an increase of 1 over the same period last year.

14 units.

Company expenses in 20183.

53%, a decrease of 0 from the same period last year.

01 single, of which sales / management / financial expense ratios are 0.

13% / 3.

79% /-0.

38%, a change of -0 over the same period last year.

03/0.

34 / -0.

32 units.

The self-operated stores provide stable hematopoietic capabilities, and the regional competitive advantage is relatively strong. The company has deeply cultivated the Chengdu area. The existing self-operated stores have a better reputation in the regional market, providing stable blood-making capabilities for the company’s subsequent operations.

In the reporting year, the company’s Xindu Phase II store officially opened in March 18, and the company’s “Fusenmeijia Paradise” complex project is under construction, with progress completed by the end of the reporting period35.

87%, the company estimates that the project investment scale in 19 years will not exceed 300 million yuan.

It is expected that the completion of the project will further consolidate the company’s competitive advantage in the regional market.

In addition, the company’s real estate sales business recognized part of its revenue for 18 years, which increased its performance for the year.

We have raised our profit forecast, and we have certain guarantees to maintain the “overweight” rating company’s ability to control expenses, and there is a tendency to improve operating efficiency in order to increase the latest share capital after the increase4.
With 4.5 billion shares as the benchmark, we raised our forecast for the company’s fully diluted EPS for 19-20 to 1.
12/1.

20 yuan (previously was 1.)

08/1.

19 yuan), add 21-year forecast1.北京夜网

24 yuan, the company’s regional competitive advantage is maximized and stable, maintaining the “overweight” level.

Risk reminder: The business area is widely concentrated, and preferential policies can be changed.

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

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.

Tonghua Dongbao (600867)： Insulin product income picks up and waits for Ganjing to be approved

Tonghua Dongbao (600867): Insulin product income picks up and waits for Ganjing to be approved
Investment Highlights Performance Summary: The company achieved revenue in 2019H114.400 million (-2%); net profit attributable to mother 5.300 million (-1%), net profit after deduction 53 (+ 1%), operating cash flow 5.80,000 yuan (+27.3%), basically in line with expectations. Performance was basically in line with expectations, and income from insulin products recovered. The company achieved revenue 7 in Q2 2019.200 million (-3.2%), net profit attributable to mother 2.600 million (-1.5%), basically in line with expectations. From the income point of view: 2019H1 recombinant human insulin APIs and injection products income of about 11.700 million 四川耍耍网 (+7.8%), which shows that the influence of channel overstocking has been gradually eliminated, and the growth rate is picking up; in conversion, the revenue share of this segment has increased compared with the same period last year.5pp, indicating that the company’s main business is rapidly concentrating on biological products. From the perspective of profitability: 1) The gross profit margin of the first half of 2019 increased by 1 due to the increase in the proportion of income from insulin products.2pp; 2) The sales expense ratio and the management expense ratio remained the same as the same period of the previous year, and many were stable. Immediate approval for insulin glargine is coming, and the company has ushered in a positive inflection point. Insulin glargine is a long-acting basal insulin, with a global market size of US $ 12.5 billion in 2018, and is the largest variety of three-generation insulin. The company’s insulin glargine was reported to be produced in 2017. It is currently in the review stage of the Chinese People’s Procuratorate and is expected to be approved for listing in the fourth quarter of 2019. At present, the industry trend is that the third-generation insulin replaces the second-generation varieties. The company’s second-generation insulin is the industry’s leading variety, and the third-generation insulin glargine is a strategic blockbuster product. After listing, it will be shared with the second-generation channels to form a synergistic effect.Cost is expected to drive the company into a turning point in growth. All-round distribution of hypoglycemic varieties, the strongest diabetes drug echelon in China is gradually emerging. The company is actively deploying other products in the field of diabetes, and has a rich research and development reserve. 1) Third-generation insulin: insulin glargine (reported for production), insulin aspart (reported for supplementation), insulin aspart 30 and 50 (in phase 3 clinical trials), insulin detemir and insulin lispro (clinical trial preparation stage), A combination of super fast-acting insulin and insulin-based meals (reported for clinical trials in the first half of 2020). 2) GLP-1 agonists: liraglutide (in phase III clinical) and dulatin (preclinical research); 3) oral hypoglycemic agent: reglinide and its metformin compound preparation, amberTragliptin acid, sitagliptin, and its combination with metformin and englitazone are at different stages of development.On the whole, the company has formed the highest complete diabetes drug echelon in China, becoming the company’s customer base and a strong sales team, and continued growth is expected. Profit forecast and rating. It is estimated that the net profit attributable to mothers in 2019-2021 will be 1 billion and 11 respectively.9 trillion and 14.200 million, net profit attributable to mothers will remain at 19 in the next three years.1% composite strength.Maintain “Buy” rating. Risk reminder: the risk of insulin glargine listing is not up to expectations, the research and development progress is not up to expectations, and the risk of the expected progress of the Treasure Biotech Innovation Board.

Changshu Bank (601128)： 2018 Results Express Commentary： Give Buy Rating

Changshu Bank (601128): 2018 Results Express Commentary: Give Buy Rating

Event: On March 4th, Changshu Bank released the 2018 performance report, and the company achieved operating income of 58 in 2018.

0 ‰, +16 for ten years.

2%; net profit attributable to mother 14.

9 trillion, ten years +18.

1%.

The performance growth rate has improved, and the scale factor contributes to the performance growth.

In 2018, Changshu Bank’s operating income was 58.

0 ‰, +16 for ten years.

2% (2018Q3: 18).

3%; 2017: 11.

7%); net profit attributable to mother 14.

9 trillion, ten years +18.

1% (2018Q3: 25.

3%; 2017: 21.

5%), the growth rate ranks fourth among 22 banks that have issued quick results, and ranks first among rural commercial banks.

In the first three quarters, the net profit attributable to mothers was +25 for ten years.

3%.

Among them, the average balance of interest-earning assets and the contribution rate of net interest margin to performance were 56.

9%, 4.

2%, scale expansion is the main reason for performance growth.

The highest loan growth rate remained high and the capital adequacy ratio increased.

At the end of 2018, the total asset size of Changshu Bank was US $ 166.7 billion, +14 per year.

3% (Q3 2018: 15.

7%; 2017: 12.

2%), at the end of 2018, the loan budget was 92.8 billion yuan, +19 per year.

3% (Q3 2018: 21.

7%), the growth rate remains at about 20%.

At the end of the third quarter of 2018, the capital adequacy ratio, tier 1 capital adequacy ratio, and core tier 1 capital adequacy ratio were 14 respectively.

84%, 10.

08%, 10.

03%, an increase of 0 from the end of the first half.

31, 0.

32, 0.

31 units.

Changshu Bank has sufficient capital, which provides strong support for business expansion.

The NPL ratio continued to decline, and the provision coverage ratio increased significantly.

By the end of 2018, Changshu Bank had zero implantation.

97% (Q3 2018: 1.00%; 2017: 1.

14%).

NPL ratio has continued to decline since 2016, with NPLs at 9.
.

One million yuan (2018Q3: 9).

1.6 billion), a decrease of 0 from the end of the third quarter.

1.6 billion a year.

4% (2018Q3: -0.

6%).

Provision coverage ratio increased significantly to 450% (Q3 2018: 407%; 2017: 326%).

Changshu Bank’s NPL ratio in 2018 was second only to Ningbo Bank (0.

78%), asset quality is constantly optimized, and at the same time, the risk resistance capability is continuously improved.

In addition, focus on loans decreases by -12 per year.

7% (the third quarter of 2018), the decline in loans overdue for more than 90 days expanded, and its NPL ratio is expected to further 北京夜生活网 decline.

Investment suggestions: The expansion of bank loans in Changshu brings sustained and rapid growth in performance; the non-performing ratio has continued to decline, provisions have increased significantly, and asset quality has a transmission advantage.

It is estimated that the net profit attributable to the mother in 19/20 will be 17 respectively.

0% / 15.

8%, corresponding to BVPS6.

22/6.

84 yuan, the current price of 1.

27/1.

15 times PB.

Target price for 2019 is 9.

9 yuan, corresponding to 1.

6 times PB, 26% of the current price space, give a “buy” rating.

Risk reminders: the risk of macroeconomic downturn; the policy risk of strict supervision; the credit risk; the market risk.

Shengnong Development (002299)： The industry’s high prosperity supply is still scarce

Shengnong Development (002299): The industry’s high prosperity supply is still scarce

On the evening of August 9, the company released its 2019 semi-annual report.

In the first half of 2019, the company’s operating income was 65.

5.4 billion, an annual increase of 29.

27%; net profit attributable to shareholders of listed companies is 16.

53 trillion, an increase of 393 in ten years.

40%; net non-recurring profit or loss attributable to shareholders of the listed company is 16.

360,000 yuan, an increase of 437 in ten years.

67%.

The company expects that the range of net profit attributable to shareholders of listed companies from January to September 2019 will be 24.

50-25.

50 ppm, with an increase of 204.

59% -217.

02%.

Our analysis and judgment are high in the industry. The company’s performance has grown. The company’s main business is broiler breeding, broiler slaughtering and processing, and food deep processing.

In terms of distribution business, the poultry breeding and processing business in 2019H1 benefited from the industry recovery, and the average price of chicken products rose by 25%.

02%, achieving operating income of 44.

21 ppm, an increase of 21 in ten years.

85%, accounting for 67.

45%, gross margin is 30.

64%, an increase of 19 over the same period last year.

62%; Food processing business achieved operating income of 17H17.

900,000 yuan, an increase of 43 in ten years.

67%, accounting for 27.

31%, gross margin is 31.

78%, an increase of 10 over the same period last year.

98 points.

Sales increased by 33.

31%, the average product price increased by 7 in ten years.

68%.

In terms of quarters, 2019Q1 / Q2 companies’ operating income was 30.

84/34.

70 ppm, an increase of 31 in ten years.

17% / 27.

64%; net profit attributable to mothers is 6.

53/10.

00 ppm, an increase of 414 in ten years.

14% / 380.

75%. The duration of the supply shortage, the demand is gradually increasing, and the domestic white feather broiler market continues to be in short supply, demand is rigid, the industry boom continues to rise, and the price of white feather broiler chickens is on the rise.

In terms of prices, according to Boya data, the price range for 2019H1 chicken comprehensive products is 11.

45-12.

80 yuan / kg, which began to improve in June after reaching a stage high in May; the price range for chickens was 8.

12-10.

68 yuan / kg, also fell after May; the price range of chicken seedlings fluctuated, the price range was 3.

81-9.

76 yuan / kg, chicken seedling prices rose to 9 in May.

After 杭州夜网 76 yuan / kg fell sharply in June, the average price in June was only 3.

81 yuan / kg, the average price rose to 4 in July.

3 yuan / kg.

In terms of introduction, according to Boya data, the total number of updates in 2019Q1 is about 25.

50,000 sets, the number of updates in 2019Q2 is about 25.

50,000 sets, varieties are AA / Ross, Cobb and Hubbard.

The 2019H1 update totals approximately 510,000 units, an increase of 51 per year.

2%.

On the demand side, under the swine fever epidemic in Africa, the decline in domestic pig inventory has continued to expand, pork supply is shrinking, and white feather broiler chickens can increase animal protein supply. We expect chicken consumer demand to pick up.

In terms of improved profitability and effective profitability of fee control, the gross profit margin of the company in 2019H1 was 31.

70%, an increase of 17 per year.

83 points; net margin is 25.

63%, an increase of 19 per year.

10pct.

In terms of quarters, the gross profit margins of the companies in Q1 / Q2 2019 were 28.

69% / 34.

37%, the net interest rate is 22.

04% / 28.

82%.

In terms of period expenses, 2019H1 company’s selling expenses are 1.

71 ppm, a ten-year increase of 8.

01%, selling expenses 2.

60%, reducing by 0 every year.

51pct; management fee is 0.

79 ppm, a ten-year increase of 8.

87%, administrative expenses 1.

21%; financial expenses are 0.

0.94 million yuan, a decrease of 16.

86%, financial expenses1.

43%, a reduction of 0 per year.

79 points.

Investment suggestion: We expect the company’s operating income to be 143 in 2019-2020.03 ppm and 160.

42 ppm, an increase of 23 per year.

87% and 12.

16%; net profit is 28.

6.1 billion and 25.

62 trillion, 90 years of growth were 90.

09% and -10.

47%, EPS is 2 respectively.

31 yuan / share and 2.

07 yuan / share, the company’s total market value of 35.8 billion, the corresponding P / E is 12 respectively.

5x and 14.

0x, maintaining the “overweight” level.

Risk reminder: chicken meat price fluctuation risk; raw material price fluctuation risk; risk of epidemic disease.

Yingqu Technology (002925)： FDA Approves PMI to Sell IQOS Electronic Cigarette Industry in the US

Yingqu Technology (002925): FDA Approves PMI to Sell IQOS Electronic Cigarette Industry in the US
This report reads: FDA allows IQOS to enter the US market, and the electronic cigarette industry has ushered in important progress. As a core supplier of IQOS, the company has achieved performance repairs in its precision plastic parts business. The FDA approved PMI to sell IQOS in the United States, and the company directly benefited as a core supplier, maintaining a target price of 73.66 yuan, maintaining the “overweight” level.On April 30, the US Food and Drug Administration (FDA) formally approved Philip Morris (PMI) to sell heating tobacco equipment 深圳spa会所 IQOS in the United States. As the core supplier of precision plastic parts, the company directly benefited from the rapid growth of new users in the US market., IQOS3.0 Channel demand for new products.We maintain our performance forecast and expect an operating income of 36 in 2019-2021.6.3 billion / 45.7.1 billion / 56.9 billion, with a net profit of 10.2.1 billion / 12.3.1 billion / 14.7.2 billion with an EPS of 2.23 yuan / 2.69 yuan / 3.21 yuan, maintaining a target price of 73.66 yuan, corresponding to 33 times PE in 2019, maintain the “overweight” rating. The FDA acknowledges that IQOS is beneficial for protecting public health.After a series of scientific evaluations, the FDA believes that IQOS can greatly reduce the harmful substances in traditional cigarettes. For example, butyraldehyde is 89% -95% lower than conventional cigarettes, and formaldehyde is 66% -91% lower than traditional cigarettes. However, the nicotine content of IQOS is veryClose to traditional cigarettes, smokers can smoothly switch from traditional cigarettes to IQOS electronic cigarettes without sacrificing user experience.This also proves from the side, why 70% of IQOS’s 10.4 million users worldwide have completely converted to loyal consumers and no longer use traditional cigarettes. As the core supplier of IQOS, the precision plastic parts business ushers in the opportunity for performance recovery.Thanks IQOS3.0 New products ramp up in 2019Q1, 2.The 4p old model was destocked, and the company’s e-cigarette business decreased in 2018, but we believe that the entry of IQOS into the US market will effectively boost market demand. PMI has established IQOS offline physical retail stores in multiple cities in the United States. The company has adopted highly customizedThe deep binding of the product and PMI helps to directly benefit from the 佛山桑拿网 promotion of new users after IQOS enters the US market, 3.0 Demand for new product channels. Catalyst: PMI accelerates the construction of IQOS offline retail stores in the U.S. Market

Foster (603806)： Performance is in line with expectations

Foster (603806): Performance is in line with expectations
Event: The company announced its 2018 annual report and achieved revenue of 48.100,000 yuan, the same increase of 4.90%; net profit attributable to mother 7.51 trillion, with an increase of 28.38%, net of non-attributed net profit4.310,000 yuan, down 20.80%; EPS 1.44 yuan, ROE 14.31%.Among them, 2018Q4 achieved revenue of 13.9.9 billion yuan, an increase of 17.99%; net profit attributable to mother 4.04 trillion, with an increase of 87.85%, deducting non-attributed net profit1.30 trillion, down 38.28%; EPS 0.77 yuan, ROE 7.55%.The profit distribution plan is distributed to all shareholders at every 10 shares4.50 yuan (including tax). The increase in molecular weight of EVA film and the optimization of the product structure have led to an increase in unit price. The gross profit of flat flat has remained flat. New investment projects in white EVA and PO film have improved profitability.In 2018, EVA film revenue reached 41.5.3 billion, an increase of 6.84%; gross profit margin 19.14%, down by 1.23%.Although the 2018H1 EVA film implantation is affected by the photovoltaic “531 New Deal”, the magnitude is 1.02%, but due to the recovery of the domestic market and the support of 武汉夜生活网 overseas demand in the second half of the year, EVA film replaced 5.8.1 billion pings, an increase of 0.61%; 2018 EVA film single flat price / gross profit is about 7.15/1.37 yuan / square meter, ten years +6.19% /-0.At 22%, the price of Shanping increased and the gross profit of Shanping was basically the same. The company’s photovoltaic film product structure continued to be optimized, especially in the second half of the year. The demand for high-efficiency modules in the conversion market increased rapidly.Demand for POE film (high unit price) is strong, and sales volume has increased compared to the same period last year.At least, the company’s total scale of not more than 1.1 billion US dollars of convertible bonds was replaced, and the funds raised will be used to invest in white EVA, POE film and photosensitive dry film 杭州桑拿网 projects. After the project is put into production, it will further optimize the product structure, enhance scale effects, and increase profitability. The new materials business is progressing smoothly.In 2018, the preliminary sales of photosensitive dry film were 774.550,000 square meters, an increase of 386 in ten years.At 37%, the company ‘s first-phase mass production capacity of photosensitive dry film has begun production at the end of the fourth quarter. At present, there are a large number of customer orders and the capacity continues to climb. The aluminum-plastic composite film products have successfully achieved mass production.Successfully introduced 3C battery customers; structural adhesives successfully completed customer introduction and achieved mass production and sales, and seized core customers in subdivided fields; FCCL continued to complete product improvement and client testing. Investment suggestion: Net profit is expected to be achieved in 2019-2021 respectively6.38, 7.44、8.780,000 yuan, at least -15.01%, +16.61%, +17.92% (after deducting the impact of the P3 factory area demolition compensation, the net profit in 2019 increased by 29.47%), the current sustainable corresponding PE for three years is 27, 23, 20 times, maintaining the “overweight” level. Risk alert event: PV supplementary installations and policies were less than expected, and new material business development was less than expected.