Huaneng International (600011): Rising volume and price drives revenue growth, high profits and losses of minority shareholders lead to performance growth

Huaneng International (600011): “Rising volume and price” drives revenue growth, high profits and losses of minority shareholders lead to performance growth

Highlights of the report The event describes the company’s 2018 annual report: In 2018, the company achieved operating income of 1698.

61 ppm, an increase of 11 years.

04% (restated, the same below); net profit attributable to shareholders of listed companies14.

3.9 billion, a decrease of 17 per year.

42%.

The event commented that “volume and price go up” drove revenue growth and offset the impact of high coal prices.

In 2018, the company’s operating income increased by 11 every year.

04%, mainly due to the company’s electricity, 天津夜网 electricity prices have achieved higher increases.

In 2018, benefiting from strong demand for electricity and the commissioning of some units, the company’s power generation increased by 10 years.

12%.

In addition, it may benefit from the narrowing of the electricity discount rate in the market and the national thermal power price increase on July 1, 2017. In 2018, the company’s average on-grid settlement electricity price increased by 1.
.

08%.

Although affected by high coal prices, the company’s operating costs increase by 11 per year.

06%, but from the perspective of gross profit, the company’s gross profit increased by 10 per year in 2018.

94%, reflecting the “increased volume and price” income growth partly offset the impact of high coal prices.

However, due to the high coal price, the company’s gross margin 北京夜网 extension in 2018 decreased slightly by zero.

01 averages.

The profit structure of the subsidiaries has changed, and the expected results have decreased.

With an increase in gross profit each year, the company’s performance increased and decreased 17.
.

42%, mainly due to the following reasons: 1. Period expenses increased.

Due to the increase in employee compensation, social insurance and education expenses, the company’s management expenses have been extended and increased2.

90 ‰; the increase in the amount of interest payments received, the increase in net exchange gains and losses, and the increase in financial expenses.

64 ppm; 2. The return on investment has decreased in ten years.

In 2018, the company’s subsidiary Hong Kong Energy was converted from a joint venture to a subsidiary, and other comprehensive alternatives that can be reclassified into profit or loss in the future are about 2.

70,000 yuan will be transferred to the investment loss on the purchase date.

In addition, the company suspected in 2017 that it had obtained investment income from the sale of financial assets1.

2.5 billion, and no related income in 2018.

3. The profit and loss of minority shareholders increased significantly.

The company’s minority shareholders’ profit and loss in 2018 increased by 7 every year.

1.8 billion, minority shareholders’ profits and losses accounted for 40% of net profit.

23%, mainly due to the poor profitability of high-equity subsidiaries and low-equity subsidiaries.

Investment suggestions and estimates: Based on the company’s latest financial data, we adjust the company’s profit forecast: irrespective of the impact of the reduction in conversion rate, we expect the company’s 2019-2021 performance to be 53.

2 billion, 59.

26 ppm and 82.

42 trillion, the corresponding EPS is 0.

34 yuan, 0.
38 yuan and 0.

53 yuan, corresponding to 19 for PE.
33 times, 17.

35 times and 12.

47 times, maintaining the company’s “Buy” rating.

Risk Warning: 1.

Coal prices do not meet expected risks; 2.

The policy advancement did not meet expected risks.

Categories: BqBKzim

Optics Valley Information (430161): Spatial Information Technology Business Rapidly Increases System Integration Capability Significantly Improved

Optics Valley Information (430161): Spatial Information Technology Business Rapidly Increases System Integration Capability Significantly Improved

Event: The company released the semi-annual report for 2019, which reported an operating income of 94.7 million yuan, an increase of 56 in the future.

23%, net profit attributable to mothers was 5.76 million yuan, an increase of 84 year-on-year.

03%.

There are two major reasons for the increase in revenue: (1) the space information technology business has maintained steady growth, and the revenue has increased by 897 million over the same period of the previous year; (2) the company’s system integration capabilities have been strengthened, and the service target has shifted from the department level to the city level.The magnitude of individual projects has changed, resulting in an absolute increase in the proportion of income in the current period of 26 million yuan in the same period last year.

Optics Valley Information: Professional information technology service and consulting service provider.

The company is a professional information technology service and consulting service provider. The products and services it provides mainly include space information technology services, big data technology services, and system integration technology services. The business revenue ratio in 2019 was 43.

6%, 26.

5%, 29.

9%, mainly for inclusive finance and Internet + agriculture.

The company will adhere to the 杭州桑拿洗浴会所 information-oriented, data-centric, upgrade the existing industry-oriented technology and market capabilities into city-level application service capabilities (platform-level business), and expand the government-oriented 3S application capabilities to the enterprise market, Especially in the large industrial fields (2B business) of power, petroleum, steel, chemical, etc.

Spatial information technology services: Stock services such as mapping and data services have grown steadily, supplementing planning consulting services to cater for policy guidance.

In summary of the report, in addition to the research and development and promotion of smart government affairs collaboration platform, OpenGIS cloud platform, space-time big data platform, OVIT mobile application platform, surveying and data services, and “smart surveying and mapping”, the company’s natural resources are developing well.In addition, it has focused on developing planning consulting services.

After March 2018, many new types of planning, such as land and space planning, multi-planned village planning, and urban renewal, have entered the historical stage. Scientific planning solutions, regional development layout, and industrial positioning require strong data acquisition.And analysis of governance capabilities.

Optical Valley Information has served in the field of spatial data for nearly five years. It has data service capabilities in surveying, mapping, Internet of Things, and Internet big data mining. It has served land and resources for more than ten years and can provide “investigation and confirmation, planning and evaluation.””Using and repairing, supervising and enforcing” information services for the entire business process, the “cloud GIS platform and big data platform” with its own intellectual property can efficiently and stably support the restructuring of natural resources and planning operations.

The company established the Optics Valley Information Space Planning Institute, and the Guangzhou Branch was established in early 2019, forming a team of nearly 30 planners.

Since May 2018, the company’s team of planners has served a wide range of regions in Guangdong Province, such as Guangzhou, Huizhou, Longchuan County, Shixing County, Jiaoling County, Lianping County, Dapu County, etc.Master planning, regulatory detailed planning, village planning, village remediation, land use planning and other businesses have been widely recognized by customers.

At the baseline of the report, space information technology services achieved operating income of 4,244.

09 million yuan, an increase of 26 in ten years.

79%, revenue accounted for 45%.

Big data technology services have achieved in-depth development in agriculture + finance + operators, and business income has increased by 107%.

The reports are connected in series, and the company’s big data platform has been further developed and applied in the agriculture, finance, and operator industries. In addition to the offline batch processing business in previous years, the report summarizes that big data applications in these three industries have matched the real-time nature of the business.Requirements, realizing stream-based real-time processing, combined with machine learning models, for automated and intelligent data processing, real-time monitoring, early warning and real-time analysis.

In 2019, the company used the business experience and informatization results accumulated in the agricultural field to develop the “Village Revitalization Public Service Platform” and “Nongshe Cloud” to provide effective services for agricultural subjects and become the mainstay of new agricultural operations.
The report summarizes that the company’s service business realized by big data technology achieved operating income of 2,912.

140,000 yuan, an increase of 106 in ten years.

86%.

System integration technology services are centered on integration and cross-border, with revenue growing 75% annually.

With the expansion of IT assets of governments, enterprises and institutions, application depth, data accumulation, system integration and technical services, and increasing with each passing day, the company has now realized planning and consulting, overall solution design, application development, system integration, operation and maintenance services, operationsThe full-process information service of the service has covered internal service industries including land and resources, finance, education, energy, medical care, and operators.

The report summarizes that based on the user’s actual demand scenario, the company integrates services and application innovation ecology on the cloud, establishes the link between the details of citizens’ lives and the development of smart cities, and has achieved significant progress and far-reaching market opportunities in the smart county business direction.

At the same time, the company created an integrated solution for operators based on short message sending and business data analysis, and opened up the “last mile” for customers. Focusing on the development of county-level financial media centers, it integrated news collection, intelligent processing, and unified storage.The multi-functional industry platform of big data analysis helps the development of traditional media and the construction of new types of integrated media.

The report totaled 2,584 operating income from the system integration technology service business.

07 million yuan, an increase of 74 in ten years.

64%.

R & D expenditure continued to increase, and R & D revenue accounted for 15%.

According to the semi-annual report, the company’s R & D expenditure for this period was 14.57 million yuan, an increase of 33 each year.

69%, R & D accounted for 15% of revenue, mainly due to the company’s continued increase in R & D expenditures on big data business, in order to form internal core competitiveness, transfer more R & D talents, rising R & D labor costs.

The company’s current gross profit margin is 39.

22%, a decrease of 9 per year.

03pct, profitability has improved.The company’s cash flow is tight. The net cash flow from operating activities in 2017-2019H1 was negative, which was -58.66 million yuan in 2019H1, a decrease of 1,382 compared with the same period last year.

The decrease of 980,000 yuan was due to the fact that the company’s contract size with the upstream and downstream settlement periods and the average level of projects undertaken in this period exceeded the same period last year.As a result, the cash paid to employees and paid for employees increased by 5.6 million yuan over the same period of the previous year.

Investment suggestion: All three major businesses of the company have entered a period of rapid growth and have better ability to continue operations.

Finally the latest, the company’s market size is 3.

2.5 billion, PE (ttm) 6.

3 times, it is recommended to pay attention.

Risk reminder: the risk of technology upgrading, the risk of technology being corrected and the loss of confidentiality, and the risk of brain drain.

Categories: 新闻

Beifang Huachuang (002371): Performance meets expected inventory and construction in progress instructions are good

Beifang Huachuang (002371): Performance meets expected inventory and construction in progress instructions are good

Investment Highlights Event: The company released the semi-annual report for 2019 on the evening of August 14, among which H1 in 2019 achieved operating income of 16.

55 ppm, an increase of 18 per year.

63%, net profit attributable to mother 1.

29 ppm, an increase of ten years8.

03%.

  The opinions are as follows: The performance is in line with expectations, and the domestic substitution of semiconductor process equipment by business is steadily advancing.

The company released the semi-annual report for 2019 on the evening of August 14, with operating income of 16.

55 ppm, an 18-year increase.

63%; net profit attributable to mother 1.

29 ppm, an increase of ten years8.

03%; in line with the Air Force’s performance report, including net profit after deduction of 2547.

50,000 yuan, 59 years ago.

69%, mainly government subsidies included in the current profit and loss1.

18 billion last year 0.

6.6 billion increase in impact.

By business: electronic process equipment income12.

47 ppm, an increase of 17 per year.

13%, of which (1) semiconductor process equipment business: etching machines, PVD, CVD, vertical furnaces, cleaning machines, etc. have successively entered domestic 8-inch and 12-inch integrated circuit memory chips, logic chips and specialty chip production lines, some productsEntered the world-class chip production line and advanced packaging production line; (2) Photovoltaic equipment business: Affected by the improvement of the domestic photovoltaic industry boom, photovoltaic cell process equipment and single crystal furnace business increased; (3) LED equipment business: the companyThe growth of LED equipment business was less than expected; the company’s other pan-semiconductor application business and vacuum heat treatment business maintained an overall stable development trend.

In addition, in the electronic component business, due to the increase in downstream demand and the promotion of new products, the overall growth of the component business22.

49%.

Looking at the increase in Q2 stocks by quarter, the construction in progress indicates the advancement of investment and investment projects: the company’s single quarter of 2019 Q2 achieved operating income of 9.

4.6 billion, an increase of 11% over the same period, an increase of 33.

6%, Q2 returns to the net profit of the mother is 1.

0.8 billion, a 10-year growth of 4.

2%, the second quarter revenue and performance 无锡桑拿网 growth have improved, we believe that the equipment company due to the issue of the confirmation of the order cycle revenue changes are relatively normal, from a longer perspective, the company’s revenue still maintains a high-speed growth.

Financial perspective: The reference company’s 2019Q2 inventory and accounts payable are 37.

44 and 1.

7.1 billion, an increase of 57% and 88% each year, mainly due to the increase in the company’s on-hand orders leading to increased stocking, and then gradually release cashing growth.

In addition, the construction in progress was 0 in the first half of the year.

9.5 billion, an increase of 94 over the beginning of the year.

02%, mainly due to the company ‘s non-public projects “High-precision Electronic Components Industrialization Base Expansion Project” and “High-end Integrated Circuit Equipment R & D and Industrialization Projects”, two projects have begun to advance.Chip production process technology generation, on the basis of 28 nanometers, to further realize the industrialization of 14 nanometer equipment, to achieve 5/7 nanometer equipment key technology research and development, to ensure long-term competitiveness.

Medium- and long-term prospects for customer technology and other advantages guarantee domestic replacement dividends: According to SEMI and our forecasts, the expansion of domestic wafer fabs in the next three years will drive semiconductor equipment to reach USD 152 billion in 2019, an increasing 78%.

8%, 214 billion yuan in 2020, a year-on-year increase of 40%, 2019-2020 is the critical volume of semiconductor equipment, domestically produced alternatives greet the best growth opportunities.

Among them, North China Chuang’s etching equipment, PVD, diffusion, cleaning machines and other multi-category products will enter the rapid volume phase. We estimate that the annual replacement scale is 1 billion to 2 billion + grade: (1) in terms of etching, etching equipment is localizedThe rate is lower than 15%. The company owns the leading domestic silicon dry etching equipment for integrated circuits, and will benefit from the 12-inch production line demand for integrated circuits such as logic chips, 3D NAND, and DRAM. PVD, Al pad PVD, AlN PVD, TSV PVD and other pitch magnetron sputtering PVD products, of which HardmaskPVD equipment for 28nm / 12 inch wafer production has become SMIC’s baseline equipment; (3) In terms of cleaning machines, the company acquired the United StatesAkrion silicon wafer cleaning equipment company, complete 8-12 inch single wafer cleaning machine product line.

The reorganization of the company’s product line is based on a large number of R & D. In Q1 2019, R & D investment1.

0.6 billion, an annual increase of 204%, mainly invested in 12-inch 14nm process etchers, PVD, ALD and other manufacturing equipment.

Investment suggestion: We are optimistic about Beifanghua Creation as a domestic semiconductor equipment leader in the future of domestic strategic opportunities and growth opportunities, maintaining 2019 and 2020 revenue 46.

2, 65.200 million, net profit attributable to mother 4.

00, 6.

140,000 yuan, PE is 67x, 43x, maintain “Buy” rating.

Risk warning: Technology research and development is less than expected, downstream expansion slows down, and Sino-US trade risks.

Categories: 夜网

He Ju invests in the army: hold fast for technology stocks to wait for cycle bull

He Ju invests in the army: hold fast for technology stocks to wait for “cycle bull”

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

  Original title: He Ju Invests in the Army: Hold on to technology stocks and wait for the “cycle cow” ⊙ Reporter Chen 玥 ○ Editor Wang Chengcheng has gone in 2019, but from the perspective of some professional investors, the Shanghai Stock Exchange Index 2441 is likely to become aThe beginning of the round structural slow bull.

Into 2020, this round of bull market has reached the second stage.

  Yu Jun, an executive partner of Heju Investment, believes that the slow bull market is divided into two phases: the first phase is the first half of 2019, and the market price structure is mainly based on the value consumer sector, supplemented by the technology growth sector.

The second stage entered the market of science and technology growth sector, electronics, computer, semiconductor chip and other industries one after another.

The third phase is a cyclical bull market, which may come sometime in mid-2020 or even later.

At this point, the market has entered a comprehensive bull market.

  ”Based on this judgment, technology stocks will remain the main battlefield in the first half of 2020.

Yu Jun said, but while keeping a close eye on technology stocks, keep in mind that cyclical stocks are the last big opportunity in this round of bull market and need to wait patiently.

  Where are the core assets of science and technology?

  After rising in the second half of 2019, the technology growth sector is just being replaced?

Yu Jun believes that in the first half of 2020, especially in the first quarter, the main battlefield of the market is the counter-cyclical industries and sectors that are growing in science and technology.

  ”Specifically, the first is 5G, including semiconductor chips, semiconductor equipment, communication equipment, 5G applications, etc.

Its core is the promotion of IoT application scenarios in the context of 5G, including intelligent driving and networking of new energy vehicles, industrial IoT, distributed photovoltaics, and ubiquitous smart grids.

“Yu Jun said that these major industries have reached an important point of transformation. 5G business will gradually be rolled out in 2020, and some application scenarios have also been launched.

In addition, these industries are currently relatively leading industries in the world. They have certain competitiveness and will become one of the core strengths of the “tech cow”.

  Another force that supports the “tech cow” lies in information innovation projects. Yu Jun believes that domestic computer software and hardware and system integration companies will usher in a great opportunity.

In addition, some industries and fields in the technology growth sector will perform, such as certain military industries and high-end equipment, new materials, media games, and so on.

  Cyclical stocks will usher in a full-blown market. The market is constantly evolving, and the “cycle bull” that is expected will appear in a specific form?

  ”When the CPI starts to decline and interest rates begin to decline substantially, and the economy continues to stabilize and improve, the overall market price of cyclical stocks will begin, which may be in mid-2020 or later.

Yu Jun said.

  He believes that there are many types of cyclical stocks. After years of de-capacity, the profit stability of many cement and chemical companies has greatly improved, and they have been regarded as value cyclical stocks.

Some industries are leading in scale and technology in the world, such as private large-scale refining, glass fiber, vitamins, etc., can be considered as growth cycle stocks.

“The triggers for the rise of different types of cyclical stocks are different and cannot be generalized.

According to Yu Jun, the main restructuring industry is still at the bottom of profit, and it is necessary to wait for the profit of relevant listed companies to improve.

Financial real estate, securities companies, and insurance have some room for growth. Due to increased concentration and business innovation, banks and real estate stocks may even have investment opportunities involved.

He also reminded that in the three stages of this round of bull market, 武汉夜生活网 the technology growth sector may be continuous, and it is necessary to pay attention to the long-term nature of high-quality growth stocks and the periodic opportunities of cyclical stocks.

Categories: HdRtxkD

Shimao (600823): Performance in line with expectations

Shimao (600823): Performance in line with expectations

The 1H19 results are in line with the expected 1H19 results announced by the company: operating income of US $ 12.8 billion, an increase of 6% in ten years; net profit attributable to mothers of US $ 1.6 billion, an increase of 10%, corresponding to zero profit.

42 yuan, in line with expectations.

The gross profit margin declined, and the decline in the profit and loss of minority shareholders led to a longer increase in net profit attributable to mothers.

The preliminary company’s real estate sales settlement income increased by 6% to US $ 12.1 billion annually. The settlement gross profit margin decreased by 11 percentage points to 28% compared to the same period last year. The gross profit after tax fell by 14% to 32 trillion, and the gross profit margin after tax decreased to25% (31% in the same period last year).

The minority shareholder’s profit and loss fell by 26% each year, leading to a 10-year growth of 10%.

Abundant cash in hand and low financing costs.

At the end of the period, the company’s net debt ratio decreased by 2 percentage points from the beginning of the year to 19%, and cash in hand increased earlier by 22% to $ 12.6 billion, equivalent to 2 of interest-bearing debt due within one year.

7 times (initial 2.

0 times).

In the early days, the company successively started with 3.

67%?
4.

65% of the coupon rate is gradually issued US $ 3.5 billion corporate bonds (3 years) and US $ 1 billion short-term financing bonds (maturity 366 days), and financing costs are low.

Development trend It is expected that the annual sales growth rate will exceed 10%.

The initial company’s sales area decreased by 34% to 570,000 square meters, and decreased by 24% to 122 trillion in the past year, which is equivalent to 41% of the sales target (company 南宁桑拿 plan).

We expect that the company’s push volume will increase significantly in the second half of the year, and the slenderness will continue to pick up sales. It is expected that the company will gradually achieve a sales target of 30 billion US dollars (estimated saleable value is expected to exceed 45 billion), corresponding to an 11% growth rate.

The ground end was significantly speeded up and soil reserves were abundant.

The first-tier companies successively increased their land reserves in Nanjing, Hangzhou, Kunming, and Zhangjiakou and increased their growth by 25% to 830,000 square meters (according to the land acquisition announcement). The land acquisition amount exceeded the 41% increase to the 47 budget, corresponding to the average land acquisition.The annual price increased by 13% to 5686 yuan / square 北京桑拿洗浴保健 meter, equivalent to 27% of the average sales price during the same period.

At the end of the period, the company’s total planned gross floor area was 16.04 million square meters (15.71 million square meters in the initial stage), which was equivalent to 11 times the sales area in 2019 (forecasted by CICC).

The company announced that it plans to acquire a 50% stake in Tianjin Zhongmin Aipu, which will increase the company’s soil storage by 800,000 square meters.

Earnings forecasts and estimates remain unchanged from 2019 / 2020e earnings forecasts.

The company is currently trading at 5.

4/4.

7x 2019 / 2020e PE ratio.

Maintain Neutral rating and TP4.

31 yuan, corresponding to 6.

0/5.

2x 2019 / 2020e target price-earnings ratio, 11% upside in the near future

Venture companies’ progress in launching the market fell short of expectations, and the de-allocation rate of key cities was below expectations.

Categories: 按摩

Huafa (600325): High-margin project enters carry-over period

Huafa (600325): High-margin project enters carry-over period

The company achieved operating income of 194 in the first three quarters of 2019.

3.8 billion, an annual increase of 48%; net profit attributable to mothers17.

3 ‰, an increase of 6 in ten years.

8%; EPS is 0.

82 yuan.

  The settlement gross profit increased, but the proportion of minority shareholders’ equity also rose, and sales reached a new high: the gross profit margin in the first three quarters was 34.

15%, an increase of 6 per year.

At 7pct, the higher settlement gross margin made up for the impact of higher investment income last year; the difference in revenue and profit growth rates was mainly due to increased income from consolidated cooperation projects, and the minority shareholders ‘profit and loss accounted for a year-on-year increase.

In terms of expense management and control, the scale of sales increased rapidly to a rate of sales management expenses maintained at 2.

96% low level.

In terms of sales, the first three quarters have exceeded the full year of last year, reaching 61 billion US dollars, and will increase by 51 in the future.

25%.

The total area of new construction started in the fourth quarter of last year and the first quarter of this year increased by 174%. It is expected that there will be a large number of new shipments at the end of the year, and the company is expected to exceed $ 80 billion.

  Land acquisition accelerated in the third quarter: 13 projects were added in the first three quarters, and 242 were added.

80,000 countries, a year-on-year increase of 72%, the equity land price is about 81.

4 trillion, the amount of land acquisition accounts for 21.

4%, down 6 a year.

8%, the company is too cautious in taking land.

From a single quarter perspective, in the third quarter, the effort to acquire land was significantly enhanced, and the construction area was supplemented by 144 in a single quarter.

80,000 countries, the amount of land acquisition rights 49.

600 million, 148% and 157% of the first half of the year.

In the third quarter, the company and Zhanjiang Investment have formed a consortium to jointly develop a new city of innovative industries, which will cover the construction of facilities such as headquarters, industrial incubation, and commercial complexes, with a total investment of nearly 16 billion yuan, and a total of 62 in the future.

50,000 flat soil storage, which will increase the scale and foundation of the company’s business.

  The effect of debt optimization has begun to show, and multiple financing channels are working: the company’s monetary funds increased by 33% to 253 compared with the beginning of the year.

8.6 billion, net debt ratio fell 32pct to 182.

7%; debt structure continued to optimize, short debt pressure 淡水桑拿网 replaced 1.

14. Stress is continuing to ease.

The company has accelerated the pace of financing since the second half of the year. Since July, it has raised more than US $ 7 billion in new short-term financing bonds, private placement bonds, and medium-term notes, and financing costs have remained low.

At present, both China Chengxin and United Ratings give the company an AAA credit rating. The company has been approved in the capital market. In addition to its state-owned enterprise attributes, the company will gradually support fundraising in a gradually tightening regulatory environment.

  Earnings forecast and rating: The company’s EPS for 2019-2020 is expected to be 1.

45 yuan, 1.

75 yuan, maintain “Buy” rating.

Categories: HdRtxkD

152 people in Italy infected with new crown virus have not found patient zero

152 杭州夜网论坛 people in Italy infected with new crown virus have not found “patient zero”

Xinhua News Agency, Rome, February 23 (Reporter Chen Zhanjie) The Italian government said on the 23rd that a total of 152 people in Italy have been confirmed to be infected with the new coronavirus, of which 3 died and 1 was cured and discharged.

The confirmed cases are mainly concentrated in four regions in the north of the country.

  Italy’s Minister of Citizenship Protection, Commissioner of the New Coronavirus Emergency Committee, Angelo Borelli, told the media on the 23rd that a person with a new coronavirus infected with a basic disease such as cancer died on the 23rd, killing the infected.Increased to 3 people.

Except for 3 cases of death and 1 cured and discharged, the remaining confirmed patients include 110 in Lombardy, 21 in Veneto, 9 in Emilia-Romagna, 北京夜网 and 6 in Piedmont, Lazio Region 2 people.

  No zero patient has been found in Italy. The Italian suspected by the pilot who returned from Shanghai and several Chinese who frequented the same café were negative.

  Concerning the development of the Italian epidemic, Italian Prime Minister Conte told the media that it is understandable, but panic is not necessary.

  In Italy, some cities and towns with at least one confirmed case have been closed by law.

These measures include prohibiting anyone from entering or leaving the closed town, but the internal movement of the town is not disturbed temporarily; suspension of party activities or meetings in public or private places; suspension of educational activities and related travel; closure of museums, offices, and other than pharmacies, food storesStores; restrict or suspend passenger and cargo transportation, etc.

Police and others are responsible for implementing the above measures and offenders will be prosecuted.

  Affected by the epidemic, the Venice Carnival and four Serie A football leagues in the northern region have been suspended.

Original title: Italy’s new crown virus infected rose to 152 people

Categories: RwabYalb

Jacques Technology (002409): Financial Audit Downgrade Performance, Seize Opportunities for Localization of Semiconductor Materials

Jacques Technology (002409): Financial Audit Downgrade Performance, Seize Opportunities for Localization of Semiconductor Materials
The company announced its 2018 annual report, revising the Air Force Performance Express forecast and realizing revenue of 15.470,000 yuan, an annual increase of 36.58%, before correction was 15.6.4 billion; net profit attributable to mothers1.3.3 billion, up 284 before.90%, 1 before correction.4.7 billion.The premise of the performance amendment is that Jiangsu Xianke’s benefit calculation method has changed from the book value of equity to the fair value calculation, with a confirmed amount of 4.7 million yuan and a difference of 13.1 million yuan, which affects the net profit attributable to the parent.At the same time, the expenses of Kemei Te and other expenses across accounting periods are adjusted on an accrual basis, with a difference of 319.60,000 yuan, affecting the mother’s net profit of 244.50,000 yuan.  Environmental protection, interference of the flame retardant plate is obvious.Affected by the domestic environmental protection policies in 2018, the subsidiary’s Xiangshui Jacques park was completely shut down and its revenue decreased by 64.3%, net profit drops 178 every year.66%; Jacques Marina is also affected by the suspension of production and rising raw material prices, and revenue has declined.85%, net profit drops 152 every year.twenty four%.Overall, the company’s flame retardants segment achieved revenue7.47 ppm, a decrease of 17 per year.24%, gross profit margin 19.49%, basically unchanged for one year.With the normalization of environmental protection policies, the marginal impact is gradually diminishing, and the profitability of the company’s flame retardant sector is also expected to recover.  Taking advantage of the synergistic effect, there is huge room for the localization of semiconductor materials.Comet achieved net profit after deduction for non-return to mothers in 20181.29 trillion, exceeding the performance commitment.Semiconductor chemical materials segment achieved revenue 2.7.4 billion, gross profit margin 42.87%.The 北京spa会所 company’s silicon fine powder segment achieved revenue1.4.3 billion, an increase of 21 every year.83%, the net profit after deduction of non-return to the mother was 22.34 million yuan, an excess of 101.56% fulfilled performance commitments.With the landing and maturity of domestic chip factories, the demand for localization of upstream semiconductor materials has become increasingly strong, and there is huge room for localization to replace it.  The development of LNG insulation composites has accelerated.In 2018, the company’s LNG insulation composite material achieved revenue of 3693 million, and it will increase by 226 in the future.48%, the company has successively passed the relevant certification of the French GTT company. As the only domestic company capable of producing LNG insulation materials, the company will gain 夜来香体验网 growth opportunities under the background of the continuous increase in domestic demand for imported LNG.  Profit forecast: Maintain the profit forecast and expect the company to realize net profit attributable to mothers in 2019-2021.93/3.88/4.78 ppm, corresponding to 28/21/17 times of PE, respectively, maintain “Buy” rating.  Risk warning: the risk of rising raw material prices and less-than-expected capacity release, and the progress of domestic semiconductor factory construction is gradually expected.

Categories: XJhLVcC

Changjiu Logistics (603569): 3Q19 results are in line with expectations. Focus on vehicle transportation market share to remain neutral.

Changjiu Logistics (603569): 3Q19 results are in line with expectations. Focus on vehicle transportation market share to remain neutral.
The 3Q19 results were basically in line with expectations. Longjiu Logistics released the 3Q19 results: single quarter revenue of 11.800 million (-12%), net profit attributable to mother 0.21 ppm (-21%), basically in line with expectations.In terms of ratio, gross profit margin increased by 5.3ppt to 13.1%, the net profit margin fell by 0.2ppt to 1.7%. The increase in gross profit margin was due to the low base that was not included in the Kazakhstan line subsidy last year, while the increase in net profit margin was due to the measurement change brought by the financial leasing business. The revenue increased from 7.6 million yuan in 3Q18 to 29.09 million yuan.yuan.At about 1H19, the net 杭州夜网 profit of returning mothers decreased by 72%, and the decline in the performance in the third quarter of 19 improved, but the pressure on the industry caused by automobile sales remained. From the perspective of cash flow, 3Q19 operating cash flow turned positive. Due to better freight collection, 3Q19 operating cash flow net inflow was zero.600 million in the second quarter of 19 net worth1.1 ppm and 3Q18 net reduction of 1.500 million turned positive. The development trend focuses on increasing the market share of the long-term logistics vehicle transportation.Changjiu Logistics is the leader of third-party vehicle logistics, with a current market share reduction of 12%. Since its comprehensive management in June 2018, Changjiu Logistics has more than 2,500 mid-axle vehicles (8-car), and the freight cost is lower than the market.In addition, the long-term logistics multimodal transport (public hot metal) capacity was transferred, and the scale of the transportation form was large. In 1H19, the long-term logistics multimodal transport shipments increased by 34% to 340,000, which accounted for the total shipments.Raised to 24%.It is expected that in small and medium-sized logistics companies, it has a long-term cost advantage and redundant transportation capacity. We expect that Long-term logistics will further increase its city share in the field of vehicle transportation in the future. Passenger car sales maintained a single-digit decline in September, but the operating pressure of OEMs in the second half of the year may continue to affect the transport side: since June, the decline in passenger car sales has narrowed to single-digits, and the decline in June-September is 4-8The percentage range fluctuates, but according to the forecast of the CICC Motor Group, the discount of 2H19 OEMs will still change. We believe that the pressure on the profitability of automobile companies will be replaced by the transportation side by reducing the freight of logistics companies. Earnings Forecast and Estimates As the ride-hailing market is worse than expected at the beginning of the year and the operating pressure of the OEMs has shifted to the transportation side, we have reduced the net profit for 2019/20 by 19% / 19% to 2 respectively.87/3.At 03 ppm, we maintain our neutral rating and maintain the target price of 10.00 yuan, corresponding to 19.5x 2019 P / E ratio and 18.5 times 2020 price-earnings ratio, 4 compared with the same period last year.9% downside.The advantage is now 10.51 yuan, corresponding to 20.5x 2019 P / E ratio and 19.4x 2020 price-earnings ratio. Risky stock pledge risk, auto stimulus policies fail to meet expectations, macroeconomic stall

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Joyson Electronics (600699) Semi-annual Report Review 2019: Car Safety Profit Improvement Orders Gradually Released

Joyson Electronics (600699) Semi-annual Report Review 2019: Car Safety Profit Improvement Orders Gradually Released

Company dynamics The company released the semi-annual report for 2019 and achieved operating income of 308 in the first half of the year.

2.7 billion, an increase of 36 per year.

20%, net profit attributable to mother 5.

1.4 billion, down 37 every year.

41%, deducting non-net profit 5.

7.2 billion, an annual increase of 25.

51%.

Matter comments The first half performance was in line with expectations, and the gross profit margin continued to increase. The company achieved total operating income of 153 in Q2.

9.6 billion, down by 1 every year.

61%, net profit attributable to mother 2.

3.6 billion, down 70 every year.

08%, deducting non-net profit 2.

8.2 billion, down 36 each year.

51%.

During the same period last year, the company recognized some non-recurring income during the acquisition of Takata assets, which led to a decline in the first half of the year.

The company’s gross profit margin continued to increase, with Q2 gross margin reaching 17.

45%, an increase of 3 per year.

22pct, which is an increase of 0 from the previous month.

30pct; 15 during the period.

01%, an increase of 1 over the same period last year.

98pct, of which the sales expense ratio, research and development expense ratio, and financial expense ratio increased by 0.

30pct, 1.

56 pieces, 0 pieces

29pct, the management expense rate decreased by 0.

18 points.

The integration of automotive safety system business is smooth, and the profitability continues to improve. After the acquisition of Takata Assets, the company continued to promote the integration of automotive safety system business, and its profitability 杭州夜网论坛 continued to improve.

In the first half of the year, the company’s automotive safety system business achieved operating income of 238.

5.6 billion, an annual increase of 50.

11%, meanwhile, profitability continued to improve, and gross margin growth increased.

31 points to 16.

68%.

Joy wins the safety of German, Japanese brand orders increased significantly, the company is expected to complete the goal of supplementary orders of 8 billion US dollars.

The automotive electronic system business has developed steadily, and orders in hand are expected to release the automotive electronic system business in the first half of the year to achieve operating income.

63 ppm, a 10-year increase2.

36%, and new orders received over 17.3 billion US dollars, the company’s orders in hand will be gradually released in the 杭州夜生活网 future.

In terms of smart cockpits, the company has started to supply inverter cockpit electronic products for BMW, Audi, Porsche, etc. For domestic and North-South Volkswagen and European Volkswagen, Audi’s supporting in-vehicle information systems will be mass-produced in the second half of 2019 and 2020 respectively.

In terms of new energy automotive electronics, the company’s newly developed on-board charging piles, PDU distribution boxes and high-voltage fast charging lines have also received production orders from major automakers.

The investment proposal estimates that the company’s net profit attributable to shareholders of the parent company from 2019 to 2021 will be 13 respectively.
4 billion, 15.
8.2 billion, 18.

5.5 billion yuan, corresponding to an EPS of 1.

03 yuan, 1.

22 yuan, 1.

43 yuan, corresponding PE is 14 times, 12 times, 10 times, maintaining the “overweight” level.

Risks indicate that downstream automobile sales are less than expected; risks of exchange rate fluctuations, etc.

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