Ping An’s net profit in the first quarter increased steadily by 32.

5% technology sector value will gradually show

Ping An’s net profit in the first quarter increased steadily by 32.

5% technology sector value will gradually show

Ping An’s net profit in the first quarter grew steadily32.

5%, the tech sector will gradually realize the value of China Business Network Author: Luo Jia April 26, 2018, a quarter of China Ping An “report card” released data show that China’s Ping An to achieve net profit attributable to shareholders was 257.

02 trillion, an annual increase of 11.

5%; if calculated in accordance with the accounting standards before the amendment, Ping An’s net profit attributable to shareholders of the parent company reached 305.

4.8 billion yuan, an increase of 32.


Against the background of the vertical growth of the entire industry in the first quarter, Ping An’s performance was still solid and growing well.

  In addition, on the occasion of the 30th anniversary of the establishment of the company, Ping An continued to increase its efforts to reward shareholders, and proposed to distribute the company’s 30th anniversary special dividend in units of cash.

20 yuan, the dividend budget reaches 36.

5.6 billion yuan.

  Guotai Junan analysts said that due to the impact of policies and new accounting calculation methods, the insurance industry’s business income improved in the first quarter of 2018, but the second quarter began to transform the improvement of business structure.The overall return to value growth of the industry will bring sustained growth in the value of listed insurance companies.

  The author noticed that on the day when Ping An released its quarterly results today, the market rumored that the party secretary and chairman of Ping An would be changed, which would then lead to a gradual change in Ping An.

Carry out Ping An’s timely announcement statement to advocate rumors, and seriously condemn such malicious rumors.

The person allegedly analyzed and called that it was not ruled out that the short-seller released false information and thus made a profit.

  Steady growth of core financial business New business value growth is better than market expectations In terms of core financial business indicators, thanks to the steady growth of renewal premiums, in the first quarter, Ping An Life and Health Insurance business scaled 2,305 premiums.

$ 8.5 billion, an increase of 24 per year.

9%; new business value is 198.

US $ 9.7 billion, a slight decrease from the same period last year, but the value of new business is reset at 30.

2%, an increase of 3 per year.

0 averages.

In response to this situation, analysts said that the decline in the value of new business is due to the high base of the same period last year, which depends on the appointment of new calculation methods. It is expected that the growth rate of new business value will resume from the second quarter.
  It is reported that starting from the second quarter, Ping An Life Insurance began to focus on promoting long-term protection products, targeting the needs of different groups of customers, and building and continuously improving the “basic + mid-range + mid-to-high-end” hierarchical and full-coverage guarantee system,, High-value, high-quality multi-type guaranteed products, helping agents to increase productivity and income.

At the same time, Ping An Life will continue to explore the use of AI technology in the areas of customer operations, team management, and customer service to provide new momentum for continued business growth.

  In addition, Ping An Property & Casualty Business achieved premium income of 632.

1.7 billion, an annual increase of 17.

8%, the comprehensive cost rate is 95.

9%, continued to grow the industry; banking retail business transformation has achieved significant, retail customer assets increased by 9 as 北京夜生活网 compared to the earlier period.

2%, the balance of retail deposits increased by 13 compared with the beginning of the year.


  China Merchants Bank analysts believe that through the tax deferred endowment insurance pilot and the financial industry’s opening to the outside world, it is expected to increase the value of five alternative new business growth rates of listed insurance companies; meanwhile, the current valuation of insurance stocks is at an absolute bottomThe fundamentals will significantly improve after entering the second quarter, and the late-stage insurance stocks will have a higher allocation value. Ping An of China is the key recommendation.

  Ping An Good Doctor is about to enter the harvesting period and reorganize the technology sector. Under the guidance of the “finance + technology” strategy, Ping 合肥夜网 An has continuously created mature technology applications and exported services to the society. The merger has hatched including Lufax, Good Doctor, and Financial One.Accounts, the four “unicorns” inside Ping An Medical Insurance.

  It is worth mentioning that Ping An Good Doctor will be listed on the Hong Kong Stock Exchange on May 4th. This will be the successful listing of the “Unicorn” that Ping An Group was the first to incubate independently.

It is reported that Ping An Good Doctor issued 50 shares for the first time.


80 construction, according to this calculation, the proposed scale of financing is 81.

3-87.US $ 700 million (approximately RMB6.5-7 billion), with an estimated range of between US $ 7 billion-75.

  In addition, the lucrative power of the much-watched Lujin Holdings continued to increase, and the asset management scale at the end of the period reached 4,429.

4.3 billion; personal loan business continued to leverage product and channel advantages and managed loan balances of 3,038.

26 trillion, an earlier increase of 5.

3%; financial institutions and government financial services continued to grow, with inter-agency transactions reaching 11,499.

6.1 billion yuan.

  In addition, various “exclusive beast” businesses have also continued to develop rapidly.

Financial OneAccount has successively introduced leading technologies such as smart bank cloud, smart insurance cloud, and smart investment cloud to the market. Among them, smart insurance cloud has signed contracts with 23 insurance companies.

As of the end of March 2018, Financial OneAccount had provided one-stop fintech solutions to 478 banks and more than 1,970 non-bank financial institutions, and the number of financial institutions’ risk control inquiries exceeded 1 in the first quarter.

800 million people.

In addition, Ping An Medical Insurance Technology medical service platform covers more than 200 cities and 2,200 hospitals. The “City One Account” APP has been launched in 38 cities.

  As Goldman Sachs stated in the Air Force research report, Ping An ‘s spending on technology over the past years has transformed into better support for core businesses, bringing high returns and high prospects for future business growth. Investors should create Ping An ‘s technology for business creation.The value is taken into account in the assessment.

Enjie (002812): Shanghai Enjie consolidated performance commitments

Enjie (002812): Shanghai Enjie consolidated performance commitments

Investment Highlights: The company released its 2018 annual report: the report consolidated and the company realized operating income24.

5.7 billion (+16.

2%), net profit attributable to mother 5.

180,000 yuan (+40 compared with the same period last year).

8%), the performance was in line with expectations.

Due to the fact that the listed company completed the actual controller Shanghai Enjie 90, a multiple wet splitting company, on July 21.

For the purchase of 08% equity, the annual data is calculated after adjusting for 17 years.

Shanghai Enjie achieved consolidation and successfully fulfilled its performance promises.

Shanghai Enjie is mainly engaged in wet process scale. Due to the continuous increase in sales of new energy vehicles and the rapid increase in the ternary battery penetration rate, the demand for wet process scale is continuously expanding, and the pressure of product prices facing the replacement industry is falling.Expansion and technological upgrading, the cost side continued to be optimized at the same time, and under the circumstances of other gradual profit growth of other wet alternative companies, the company still maintained high profitability.

Shanghai Enjie Wet Dispersion Revenue in 201813.

28 ppm, an increase of 48 in ten years.

6%, net profit 6.

3.8 billion, net profit after deduction 5.

8.5 billion, more than 5.

5.5 billion performance commitment.

Shanghai Enjie’s net profit attributable to shareholders of listed companies.

76 ppm (of which the net profit from January to July was 2.

72 ppm, based on the proportion of equity purchased from the ultimate controlling party53.

After a gradual adjustment of 86%, the net profit attributable to the mother is 1.

4.7 billion; Net profit from August to December was 3.

66 ppm, based on the company’s actual purchase of Shanghai Enjie’s equity ratio of 90.

08% credited to net profit attributable to mother is 3.

2.9 billion).

The global leader in wet laws and regulations has been further 南京夜网 improved, and overseas customers have promoted accelerated volume.

As of the end of 2018, Shanghai Enjie’s wet-dispersed production capacity was 1.3 billion square meters, with a replacement volume of 4.

6.8 billion square meters, the global budget market accounts for 14% of the market share, and China’s wet segmentation market accounts for 45% market share.

Maximize production capacity and market share. The world’s largest, global leaders merge.

The company’s downstream covers mainstream power battery companies. In addition to domestic high-quality customers such as CATL, Guoxuan Hi-Tech, BYD, Funeng, Lishen, overseas customers such as LG Chem, Samsung, and Panasonic continue to develop supply chains. It is expected that overseas high-end products will accelerate in 2019.Heavy volume.
As overseas customers have higher requirements for product quality and product prices are more than 50% higher than domestic prices, an increase in the proportion of overseas customers is conducive to weakening the negative impact of the continuous downward price decline.

In order to further meet the growing demand of downstream customers, the company plans to complete the construction and commissioning of 20 production lines by the end of 2019, and the capacity scale is expected to reach 2.8 billion flats in 2020, further expanding its leading advantages.

Fundamental progress in the main business, the focus of the future shift to the field of consumer goods.

The main business of listed companies is the leading companies in the packaging industry, mainly supporting tobacco. In the past two years, due to intensified competition in the industry, the prices of major products have fallen, raw material prices have increased, and merger and acquisition costs have increased.

420,000 yuan, an average of 73 in ten years.


The company’s raised projects will expand the capacity of aseptic packaging and specialty paper, and focus on the fast-growing consumer goods sector. It is expected to return to the growth track in the future.

Investment suggestion: Maintain the “overweight” rating, maintain 2019-20, and add a profit forecast for 2021. It is expected that net profit will be returned to the mother in 2019-21.

40, 11.

33, 15.7.2 billion, EPS 1.

77, 2.

39, 3.

32 yuan, PE 31X, 23X, 16X.

Risk reminder: release of production capacity exceeds expectations, intensified competition in the industry leads to sharp fluctuations in product prices

Foster (603806): The improvement of photovoltaic film structure drives the growth of improved performance. The new material has gradually maintained its overweight level.

Foster (603806): The improvement of photovoltaic film structure drives the growth of improved performance. The new material has gradually maintained its “overweight” level.
Investment Highlights: Company Announcement: The company achieved operating income in the first half of 佛山桑拿网 201929.800 million, an increase of 36 over the same period last year.08%; Net profit attributable to shareholders of listed companies.9.8 billion, an increase of 77 over the same period last year.23%; net non-recurring profit or loss attributable to shareholders of listed companies3.40,000 yuan, an increase of 56 over the same period last year.69%.Performance was slightly higher than expected.  The product structure continued to improve, and the single-season film sales volume in Q1 2019 hit a record high.In the first half of the year, the company sold photovoltaic films.5.5 billion square meters, an increase of 29 in ten years.77%, a total of 2 backplane sales.4.6 billion square meters, an increase of 30 in ten years.41%.In the first half of the year, the company’s film product structure continued to improve, bringing an average price increase of 7% in the first half of the year, and the film gross profit margin reached 19.21%, an increase of 1.46pct, and sales increased by 30%, benefiting from the rise in volume and price, photovoltaic film achieved revenue of 26.98 ‰, a year-on-year increase of 32%, benefiting from the improvement of the product structure; in addition, backplane prices continued to fall, and the average price in the first half of the year decreased by 14 compared with the same period of the previous year.5%, gross margin blood pressure 4.06pct to 17.41%, total backboard income 2.75 ppm, an increase of 7% per year.  The income of new materials has gradually increased, and the industrialization of photosensitive dry film has accelerated.In the first half of the year, the company’s electronic material products realized revenue of 25.59 million yuan, compared with 29.36 million yuan last year, mainly from sales of photosensitive dry film products.In addition, the company plans to raise 1.1 billion US dollars for the expansion by issuing convertible bonds2.500 million square meters of white EVA film technical transformation, 200 million square meters of POE packaging film and 2.The 1.6 billion square meter photosensitive dry film project has been approved by the China Securities Regulatory Commission’s Audit Committee. We believe that the company will increase the expansion of high-end EVA film products and continue to develop new material business layout, including photosensitive dry filmsAluminum-plastic composite film, FCCL products, etc.It is expected that the follow-up will become a new profit growth point.  Leading EVA companies, white EVA and POE film can help improve the structure, and the layout of new materials business has gradually increased.Maintain profit forecast. It is estimated that the net profit attributable to shareholders of the parent company in 2019-2021 will be 7 respectively.93, 9.15, 11.10,000 yuan, the full diluted earnings per share were 1.52, 1.75 and 2.11 yuan, corresponding to PE is 26, 23 and 19 times, maintaining the “overweight” level.

Chenguang Stationery (603899): Q3 sales revenue is beautiful and the two wings continue to grow rapidly

Chenguang Stationery (603899): Q3 sales revenue is beautiful and the two wings continue to grow rapidly

Event: The company released the third quarter report for 19 years, and achieved pre-tax income of 79 in the first three quarters.

50,000 yuan, an increase of 29 in ten years.

8%, net profit attributable to mother 8.

0 million yuan, an increase of 28 in ten years.

4%, realizing net profit deducted from non-mother 7.

60,000 yuan, an increase of 32 in ten years.

9%; revenue in the third quarter alone was 31.

1 ppm, an increase of 33 in ten years.

0%, net profit attributable to mother 3.

30,000 yuan, an annual increase of 32.


Traditional business is steadily advancing, new business continues to grow at a high rate: the company ‘s third-quarter revenue growth has accelerated, and we believe that the better growth of Q3 benefited from the financial consolidation of Anshuo in May.We expect that the profit margin of Klippu business will continue to improve; the life museum business (including Jiumu) plans to gradually open about 100 new Jiumu stores in 19 years, and the rapid growth of franchise stores is mainly due to the company’s opening of the franchise model in 2018.Related, we believe that the rapid expansion of the number of stores has proven the successful operation and reproducibility of the Jiumu model. It is expected that the increase in the number of stores and the expansion of the scale in the future will increase the growth momentum in the next 3-5 years.

Q3 gross profit margin increased significantly: the company’s gross profit margin in the first three quarters of 26.

8%, increase by 1 every year.

33pct, net interest rate 10.

2%, 0 per year.

07pct, Q3 gross margin 27.

7%, an increase of 2 per year.

49pct, net interest rate 10.

9%, gross profit increase in the third quarter We judge mainly benefit from expected tax cuts.

The expense ratio is generally stable, and the selling expense ratio is slightly reduced: the company’s selling expense ratio was 8 in the first three quarters.

8% (one year-0.

34pct), the management expense ratio is 5.

8% (decade +0.

72pct), financial expense ratio -0.

1% (basically flat), the increase in the company’s management expense rate was mainly due to increased investment in research and development and financial consolidation.

Profit forecast and rating: As a leading manufacturer in the stationery 杭州桑拿网 industry, the company has obvious channel advantages, high brand awareness, and new businesses such as Klip and boutique cultural and creative companies will drive the company’s rapid growth. We expect the company’s net profit attributable to mothers to be 10 to 20 years respectively.

3, 12.

9 trillion, a year-on-year growth rate of 27.

6%, 25.

3%, corresponding to PE is 44 times, 35 times, refer to comparable companies for 19 years 43?
45 times the PE variable, corresponding to a reasonable value interval of 48.


4 yuan (corresponding to PS 4).

0 times, 4.

2 times). As a leader in the stationery industry, the company has high barriers to traditional main businesses, good business model ROE and cash flow, and better growth of new businesses, so it must have a premium and give it a “big city” rating.

杭州桑拿 Risk reminder: New business growth is lower than expected, and traditional business growth is declining.

Gemdale Group (600383): Beautiful sales performance and three fees affect short-term results release

Gemdale Group (600383): Beautiful sales performance and three fees affect short-term results release
The scale of assets continued to expand, and the net interest rate declined slightly.As 南京桑拿网 of September 30, 2019, the company’s total asset size was 3,216.92 ppm, an increase of 22 over the same period last year.82%; the net assets attributable to shareholders of listed companies is 491.08 million yuan, an increase of 12 over the same period last year.77%.In the first three quarters of 2019, the company’s gross profit margin was 41.75%, an increase of 0 over the same period last year.36 averages; net margin is 19.50%, a decrease of 3 over the same period last year.51 units. In the first three quarters, operating income grew steadily, and profit growth was significantly expected.As of September 30, 2019, the company achieved operating income of 425.32 ppm, an increase of 26 over the same period last year.91%, the main reason for the increase in operating income is the increase in sales area; net profit attributable to the parent company of listed companies was 54.25 trillion, an increase of 3 over the same period last year.41%; Realized improved returns.2 yuan, an increase of 3 over the same period last year.45%. The proportion of the three fees increased significantly, affecting the release of profits.Total operating costs for the first three quarters of 2019 reached 342.20,000 yuan, the benchmark increased by 30 in the same period last year.67%, higher than the growth rate of operating income26.91%. The three expenses accounted for 10.12%, ranking increased by 2 in the same period last year.69 units.Among them, selling expenses are 11.00 ppm, an increase of 85 per year.38%, mainly due to the increase in promotion costs; management costs were 26.400,000 yuan, an increase of 20 in ten years.92%; financial expenses are 5.64 ppm, a year-on-year increase of -2.RMB 860,000 was mainly due to the increase in interest expenses. Asset interest rates remained stable and net interest rates fell.As of September 30, 2019, the company’s asset-liability ratio was 76.42%, a slight decrease of 0 compared with the same period last year.05 averages.The company is very effective in controlling the net debt ratio, and the net debt in the first three quarters of 2019 replaced 60.15%, a decrease of about 5 in the same period last year.4 units. The sales amount increased by 33.7%, continued to push sales in the fourth quarter to promote sales.On January 9, 2019, the company’s cumulative contracted area reached 710.30,000 square meters, an increase of 22 in the same period last year.44%; the gradual signing amount reached 1418.4 ‰, an increase of 33 per year.70%.The company expects to launch more than 60 projects in Guangdong, Beijing, Shandong, Zhejiang and other places in the fourth quarter of 2019. Investment suggestion: Maintain the rating of “Long-term Market”.We estimate that net profit attributable to mothers will be 100 in 2019 and 2020, respectively.5.5 billion, 121.66 ppm, corresponding to EPS of 2.23 yuan, 2.69 yuan.As of November 1, the company closed at 12.21 yuan, corresponding to PE in 2019 and 2020 at 5.48 times and 4.53 times.The company we measured has an RNAV of at least 28.32 yuan, the current budget is about 60% off the previous RNAV.We give the company 7-8 XPE estimates for 2019, corresponding to a reasonable value range of 15.59-17.82 yuan. Risk warning: the company’s settlement is less than expected; industry fundamentals are down.

Beijing Urban Construction (600266): Superior integration of resources for urban construction and housing

Beijing Urban Construction (600266): Superior integration of resources for urban construction and housing

Core Views Beijing Urban Construction Group’s official website disclosed that on the morning of November 7, the Beijing Municipal Party Committee and Municipal Government reorganized the merger and reorganization of four municipal management enterprises, announcing the implementation of the merger and reorganization of Urban Construction Group and Zhuozhu Group, and the free transfer of state-owned assets of Beijing Zhuozhu Group.Transferred to Beijing Urban Construction Group.

Beijing Urban Construction, as a listed platform that undertakes the Group’s primary and secondary development, and a pioneer enterprise in Beijing’s shed reform, gradually integrates and undertakes total high-quality resources, and strengthens the primary and secondary development market resource endowment.

Increase EPS for 2019-2021 to 1.

02, 1.


27 yuan, maintaining the “overweight” level.

  The first-level development resources are abundant, and the consolidation of Beijing’s interior shed reform leader district. Beijing Zhuhai General Group was established in 1992 and is one of the construction leaders of the Beijing State-owned Assets Supervision and Administration Commission.

There are 8 first-level development projects in 2019Q1 (mainly located in Beijing and Tianjin), involving a reconstruction area of about 39.9 million square meters. The planned total investment is 132.6 billion yuan, the investment has been completed 45.7 billion yuan, and the income has been gradually realized., Gross profit 9.

5 billion.

Beijing Urban Construction is a listed company that undertakes the first- and second-tier development of the group and a pioneer enterprise in Beijing’s shed reform. There are 8 hand-shed renovation projects in 2019H1 with a total construction area of 6.88 million square meters and a planned total investment of 1034 megabytes. It is expected to be integrated after the reconstruction is completed.We will consolidate high-quality resources, consolidate the leading zoning reform in Beijing, and contribute to stable income while activating the linkage space.

  Beijing-Tianjin secondary development is expected to be the icing on the cake. In total, land development business is mainly Beijing affordable housing and commercial housing, which are mainly located in Beijing and Tianjin. In 2018, the land business achieved revenue of 12.9 billion (guaranteed housing 22).

500 million + commercial housing 106.

100 million), previously +66.

4%, sales of commercial real estate achieved 77.

600 million, +76 a year.


As of the first quarter of 2019, the total construction area of residential housing under construction was 125.

10,000 square meters, the total construction area of commercial housing under construction is 119.

40,000 square meters, commercial housing land reserve 73.

70,000 flat.

At the end of 2018, Beijing’s unfinished construction project reserves of about 4.5 million square meters. The integration of the group brought the company’s resources in the Beijing-Tianjin area to integrate resources.

  Equity investment has driven high growth, and investment and expansion efforts have increased. The revenue for the first three quarters of Beijing’s urban construction revenue was +38.

8% to 106.

600 million, net profit attributable to mother + 168 for ten years.

0% to 18.

The increase in performance was attributable to the increase in the carry-over of development business and the recognition of the revenue from the Huairou shed reform project.

800 million fair value change income, holding the listed company’s stock equity method to calculate investment income8.

4 billion.

The first three 杭州桑拿 quarters of development business achieved sales area of 49.

30,000 flats, -9 a year.

4%; realized sales amount of 100.

200 million, previously +9.

4%; supplementary soil storage 45.

50,000 square meters, +96 a year.


The company’s investment in investment has been strengthened, and the company’s sales are expected to continue to grow steadily.

  Primary and secondary development + diversification of equity investment, maintaining the “overweight” rating company’s third quarterly report is expected to continue growing growth, long-term net profit is expected to continue, we expect that the high growth in equity distribution investment will continue, and increase the return to motherhood in 2019-2021.Net profit to 19.

2, 21.7, 23.

900 million (previous value was 15.

4, 18.

0, 21.

1), corresponding EPS is 1.

02, 1.


27 yuan.

  Refer to comparable companies for July 2019.

2 times PE estimate, we believe that after the reorganization is completed, the company’s first- and second-level resource endowment advantages will gradually develop and grow in the regional market, with growth expectations and a 2019 PE valuation of 8.


5 times, target price 8.


69 yuan (previous value was 10.


76 yuan), maintaining the “overweight” level.

  Risk reminders: The scale of first-tier cities is strict; the first-level development and shed reforms increase the pressure on the capital chain; changes in the fair value of financial assets lead to increased performance; group reorganization and resource integration are uncertain.

Sun Paper (002078) 2018 Annual Report Comments: 18-year performance meets expectations Internationalization layout accelerates construction of cost advantage

Sun Paper (002078) 2018 Annual Report Comments: 18-year performance meets expectations Internationalization layout accelerates construction of cost advantage

The company released an 18-year annual report: 18-year revenue 217.

6.8 billion, a previous appreciation of 15.

21%, net profit attributable to mother 22.

3.8 billion, an increase of 10 in ten years.

54%; 18Q4 single-quarter revenue of 56.

5.9 billion, an increase of 9 in ten years.

06%, net profit attributable to mother 4.

36 trillion, down 32 a year.

92%, performance is in line with expectations.

Paper prices fell and overlapping costs were high, and the company’s fourth-quarter performance was under pressure: Affected by the acceleration of demand-side growth and increased production capacity, paper prices continued to fall from 18Q2 to the end of 18, according to Zhuochuang Information.The prices of copperplate, offset, and cardboard paper from the high point dropped about 21%, 16%, and 26% respectively. Despite the new capacity contribution, the continuous decline in paper prices accompanied the company’s Q4 revenue growth rate.

From the profit side, due to the impact of the raw material inventory cycle, the actual pulp price cost of the company in 18Q4 is relatively high, so the profit side of Q4 is under pressure.

Regarding dissolving pulp, according to wind statistics, the average price of dissolving pulp in 18Q4 increased slightly by about 63 yuan / ton from Q3, and the profit of dissolving pulp business was stable.

In terms of sales volume, the company’s sales of machine-made paper increased by 297 in 18 years, an increase of 6 per year.

45%; 103% increase in pulp sales, an annual increase of 27.


The report pointed out that the company’s 20 initial special papers, 30 oriented chemical pulp, 80 high-end cardboard projects, 50 new and new fiber raw materials projects have been put into production, driving the company’s pulp sales to continue to grow.

In addition, the company announced in July 18 that it plans to build a 120-scale papermaking project in Laos. We believe that the commissioning of this project in the future is expected to further enrich the company’s product structure and help the company integrate the leader of comprehensive paper companies.

In 18 years, the gross profit margin decreased quarter by quarter. In the future, the proportion of self-supply of converted raw materials continued to increase, and the price increase of cultural paper was gradually implemented. The company’s profitability per ton of paper increased.

45%, down 2 every year.

58pct, of which 18Q4 single quarter gross margin of 17.

33%, down 5 from 18Q3.

81 points.

We think the company’s quarterly decline in gross profit margin in 18 years was mainly due to the decline in paper prices and the relatively high cost of raw materials.

As the company’s new fiber raw 上海夜网论坛 material project reaches production and the natural high-yield biomass fiber project is gradually put into operation, the company’s self-supply ratio of raw materials will further increase, and its cost advantage will become more prominent.

In addition, the price increase of 19Q1 cultural paper has gradually come into effect, and the supply and demand of cultural paper and the competition pattern are relatively better. We judge the profitability of the company’s main paper industry to promote marginal repair.

Profit forecast and investment advice: The company is a leader in cultural paper, with clear capacity planning and high degree of integration of raw materials. It has been a strong growth driver. We maintain the company’s net profit forecast for 19-20 years21.


7.8 billion, a new forecast of 21 years of net profit 28.

20 trillion, the corresponding EPS is 0.



09 yuan, the current sustainable corresponding PE is 9X / 8X / 6X, maintaining the “overweight” level.

Risk warning: the risk of large fluctuations in raw material prices; the demand of the paper industry is less than expected.

Sany Heavy Industry Co., Ltd. (600031): Acquiring Group Financial Assets to Give Full Play to Synergy

Sany Heavy Industry Co., Ltd. (600031): Acquiring Group Financial Assets to Give Full Play to Synergy

The company issued an announcement: It intends to use its own funds to acquire Sany Automobile Finance Co., Ltd. 91 held by the controlling shareholder Sany Group.

43% equity, the corresponding asset valuation is RMB 42.

21 trillion, the proposed transaction amount is RMB 39.

8 billion.

SANY Auto Finance is one of the 25 auto finance companies in the country. It mainly provides financial services to the construction machinery industry and is the first auto finance company in China’s construction machinery industry.

According to the company announcement, since 2016, Sany Auto Finance’s operating income has stabilized at 2.


500 million US dollars, and basically from the top to the net net income; but the change in net profit penetrates, which is essentially a breakthrough in asset impairment losses; the net profit rate has always remained above 30%.

In 2019, Sany Automobile’s financial asset impairment losses are equivalent, due to net profit expectations, to 2017 and 2018.

As of October 2019, the total assets of Sany Auto Finance were approximately 97.

500,000 yuan, asset-liability ratio of 70.


According to the company’s announcement, the incremental debt balances of Sany Heavy Industry in 2017, 2018苏州夜网论坛 and 2019H1 with repurchase obligations were 13 respectively.

1.4 billion, 19.

1.4 billion and 32.

24 ppm, reflecting Sany’s continuous increase in sales through Sany Auto Finance.

  SANY Auto Finance will issue loans and advance funds from 56 in 2019.

2 billion to 91.

39 trillion, an increase of 62.

63%, we judge the first is that under the high prosperity of the construction machinery industry, the business of Sany Group has developed rapidly.

  The Group promises that if the net receivables of Sany Auto Finance suffer losses due to the risk of repayment, the Group will make up for a part of the losses and reduce the financial risks of listed companies acquiring Sany Auto Finance.

The quality of construction machinery products is relatively high, and customers often purchase through financing.

According 深圳SPA会所 to the company’s announcement, the interest expenses paid by Sany Heavy Industry to Sany Auto Finance in 2017, 2018 and 2019H1 were 550 respectively.

40,000 yuan, 16.

70,000 yuan and 90,000 yuan.

Due to the problem of related party transactions between listed companies and the group, compared with the scale of Sany Heavy Industry’s income or Sany’s auto finance interest income, the scale of the transactions is very low.

An IPO will effectively reduce the scale of connected transactions, while SANY Elderly can provide distributors and customers with a package of products, services, and financing, and form complementary advantages, reduce financing costs, enhance product and service competitiveness, and improveProfitability, driving the company to transform to “manufacturing + services”.

SANY Auto Finance started from the domestic market and gradually expanded its business to the United States, Germany, Singapore, India, Brazil, South Africa, Saudi Arabia and other places, and further developed in depth. It established a unified global management and coordinated support for corporate financial development.Plate space layout.

The company’s acquisition of Sany Automotive Finance will promote the company’s internationalization process, help establish and improve financing channels for the overseas sales of individual products, promote the financial support needed for overseas construction machinery sales, and effectively reduce the company’s and customers’ overseas financing costs.

We maintain our profit forecast and expect the company’s net profit for 2019-2021 to be 112.



19 trillion, excluding further conversion of convertible bonds, the corresponding EPS for 2019-2021 is 1.



70 yuan / share, the corresponding PE is 12.


7/9.5x (2019/12/11), maintaining the rating of “Prudent Overweight”.

Risk warning: The sales volume of construction machinery is lower than expected, and the export business is lower than expected.

Brokerage ETF volume and price Qi Fei rose 6% in a single day, turnover exceeded 1.4 billion, a record high

Brokerage ETF volume and price Qi Fei rose 6% in a single day, turnover exceeded 1.4 billion, a record high

After the stagnation, the A-share market ushered in a huge rally on February 20 and returned to the upward trajectory. The Shanghai Index successfully stood at the 3,000-point mark, and the turnover of the Shanghai and Shenzhen markets exceeded two trillion yuan for two consecutive trading days.

On the same day, the daily limit of more than 100 stocks in the Shanghai and Shenzhen stock markets, the brokerage sector benefited from multiple positive performances. It was amazing. Oriental Fortune, Tianfeng Securities, Guojin Securities, and other brokerage stocks had daily limit, brokerage ETF, trading code 512000, floor price.Soared 5.

97% closed at 1.

012 yuan, the single-day turnover reached 14.

9.1 billion hit a record high, and at the same time ranked the top three ETF turnover in all industries in Shanghai and Shenzhen on the same day.

  It is worth mentioning that the liquidity of securities brokers’ ETFs has always been excellent, and it has been a long-term leader in all industry ETFs.

Since 2020, as of February 20, the average daily turnover of brokerage ETFs is as high as 6.

8.9 billion yuan, which is one of the two most active ETFs in Shanghai and Shenzhen during the same period.

  According to the latest data released by the Shanghai Stock Exchange on February 19, the latest fund share of the securities firm ETF reached 89.

9.4 billion shares, according to the latest ETF of the securities firm ETF on February 19th.

At 9,499 yuan, the latest expansion of the brokerage ETF on the day reached 85.

4.3 billion, is one of the two largest industry ETFs in Shanghai and Shenzhen.

  As a specimen of margin financing and securities lending, the brokerage ETF’s single-day financing purchase amount exceeded USD 100 million on February 19, and the brokerage ETF’s financing balance reached 6 on the same day.

1.8 billion, exceeding the 600 million mark for two consecutive days.

The brokerage ETF ‘s net financing surplus increased by 1 in the last 30 trading days.

8.1 billion, an increase of 41%.

  Public information shows that the brokerage ETF is an investment tool that accurately points to the brokerage sector. The brokerage ETF and its linked funds, A share code 006098, C allocation code 007531, track the CSI All-Share Securities Company Index, index code 399975, which covers the market.All the brokerage stocks that have been listed for more than half a year, a total of 44, 60% of which are concentrated in the top ten leading A-share brokers, sharing the long-term value of Hengqiang, the strongest broker, and the remaining 40%, taking into account the high flexibility of small and medium-sized brokers’ performance, Providing investors with one-click trading of 44 securities companies’ A shares of efficient investment tools.

In addition, investors without on-site securities accounts can purchase and redeem the Class A shares and Class C shares of the brokerage ETF linked fund on the online sales agency platform 7 * 24, which can be purchased at a minimum of 10 yuan, which is convenient and efficient.

  Recently, Chief Strategy Analyst Wang Sheng of Shenwan Hongyuan Institute and Xu Yanshan of the non-bank group stated that starting in 2019, the next three years will be the cycle of improving the prosperity of the securities industry.

Shen Wan pointed out that after the new regulations for refinancing are formulated, the relaxation 深圳桑拿网 of regulatory policies will significantly promote the promotion of the scale of the entire refinancing business.

As a core capital intermediary for equity financing, securities firms will benefit directly and continue to benefit.

The net profit growth rate of A-share listed securities firms in 2019 is expected to be 73%, and the expected net profit growth rate in 2020 is 27%.

If A-shares maintain their current level of activity, coupled with the implementation of a series of stimulus policies for investment banking, derivatives and other innovative businesses, it will promote the performance of the securities industry.

  Shen Wan concluded that the current short-term catalysis of the refinancing New Deal for the brokerage sector in the current medium-term industry’s positive background depends more on the investment 武汉夜生活网 opportunities of the brokerage sector under the combined punch of capital market reform.
  It is worth mentioning that the brokerage ETF is just one of the “net red” industry ETF products that Huabao Fund belongs to.

The explosive fund-Technology Leader ETF (Technology ETF), which was released in the second half of last year, has a trading code of 515000. Now it has firmly locked in the top position of domestic technology ETFs. Until February 18, the latest scale exceeded 128.100 million yuan.

On February 20, the technology ETF rose another 3 in the market.

13%, closed at 1.

549 yuan, the closing price also hit a new high since the technology ETF listed in August 2019.

In addition, Huabao Fund’s bank ETF, trading code 512800, has been very hot on the market since this year, with a single day trading on February 20th.

1.8 billion hit a new high since the listing, and it ranks among the largest domestic bank ETFs with a scale of more than 3 billion.

BYD (002594): 19H2 bottomed profit is still optimistic about the high growth of the industry

BYD (002594): 19H2 bottomed profit is still optimistic about the high growth of the industry

Event: The company announced the third quarter report for 2019. In Q1-3, the company achieved revenues of 93.8 billion (ten years +5).

4%), net profit attributable to mother 15.

700 million (previously +3.


Of which 19Q3 achieved revenues of 31.6 billion (ten years-9).

2%), net profit attributable to mother 1.

200 million (decade -88.

6%), in line with the announcement range of the Air Force Interim Report.

At the same 武汉夜网论坛 time, the company foresees a net profit of return to the mother for ten years in 19 years.


7.4 billion, corresponding to a single quarter profit of Q4.


4.0 billion, performance under pressure.

1, three quarterly analysis:

Revenue and profit: 19Q3 realized revenue of 31.6 billion (ten years -9.

2%), net profit attributable to mother 1.

200 million (decade -88.

6%), in line with the scope of the Air Force Interim Report; b.

Gross profit margin: Q3 overall gross profit margin 13.

9%, a decrease of 1 from Q2.

4 points, mainly due to the decline of subsidies for new energy vehicles; c.

Three rates: sales expense rate 3.

3%, a decrease of 1 per year.

1pct, the chain ratio is reduced by 0.

6pct; management expense ratio 3.

4%, increasing by 0 every year.

8pct, lower than the chain.

2pct, financial expense ratio 1.

6%, reduced by 0 every year.

8pct, which is an increase of 0 from the previous month.

7 points, the overall three rates show a downward trend; d.

R & D expenses: Q3 R & D expenses13.

4 billion, New Year’s Eve 4.

5%, an increase of 11.

8%, corresponding to R & D expense ratio 4.

2%, relatively stable; 2. H2 in 19 was a double bottom of industry sales and profits. Short-term pressure will not change the judgment of the industry’s long-term high growth.

Affected by the substantial and significant contraction in the second half of the year, the new energy passenger vehicles showed a horizontal trend from July to September. Judging from the existing terminal sales and feedback, the industry sales in the fourth quarter are still under pressure, and it is even possibleContinue negative growth.

We believe that the industry is currently in the short-term sales and profit double bottom range. In the future, the high growth of the new energy automobile industry is still optimistic, due to: a.
From the perspective of the supply side, the concentrated assessment of double points in 2020 is only restricted. The industry needs to complete the sales of new energy passenger cars from 1.7 to 1.8 million.At the same time, the double-point review draft for 2021-2024 has also been launched, and the national planning goal has always been to follow the achievement of 5 million new energy vehicles by 2025; b.
Considering the product and demand side, the domestic production of the Tesla Model 3 explosion model started large-scale production. At the same time, luxury brands such as Audi, Mercedes-Benz and BMW successively launched electric vehicles, gradually driving consumer perception and adopting technological progress.With the cost reduction, the defects of electric vehicles are gradually being improved, and the cost advantages will gradually be highlighted. The new models will be gradually launched and driven by explosive cars, and the demand for ToC is expected to rise.

Risk warning: New energy vehicle sales fall short of expectations, commercial vehicles, cloud rail business development fall short of expectations