Month: March 2020

CRRC (601766.

SH, 1766.

Hong Kong) 2019 Interim Results Review: Steady Growth Meets Expectations

CRRC (601766.

SH, 1766.

Hong Kong) 2019 Interim Results Review: Steady Growth Meets Expectations

Interim results have grown steadily, in line with expectations. CRRC announced its 2019 interim results and achieved operating income of 961 in the first half.

5 billion yuan, an increase of 11 in ten years.

4%; net profit attributable to mother is 47.

8 billion yuan, an increase of 16 in ten years.

2%, in line with expectations; budgeted return is 0.

17 yuan.

In the first half of the year, the company’s gross profit margin was 22.

5%, a decline of 0 per year.

8 averages; net margin is 5.

8%, rising by 0 every year.

1 average, remaining stable.

The railway and urban rail segments maintained a rapid growth rate, and the orders were full. The company’s railway equipment segment revenue was 538 in the first half of the year.

900 million, an increase of 20 in ten years.

3%; of which, locomotive / passenger / EMU / truck revenue changed by +11 respectively.

5% / + 187.

1% / + 21.

5% /-13.

2%; the high growth of passenger cars comes from the new product-powered centralized EMUs starting to settle income.

Urban rail revenue was 178.

200 million, an annual increase of 37.

7%; the prosperity of the urban rail market remains high, and the subsidence of urban rail metro vehicles is increasing.

  New industry income 208.

900 million, down by 0 every 四川耍耍网 year.


Strategic contraction of modern services revenue 35.

600 million, a decline of 52 every year.


In the first half of the year, the company’s new remote orders were 1302 trillion; orders in hand were 2770 trillion, an increase of 19% each year; full orders provided guarantee for subsequent revenue growth.

In the second half of the year, the bidding of EMUs, locomotives and trucks is expected to resume the decline in the bidding scale of the first half of the year.”Fuxing” EMU, high-power electric locomotives, railway wagons and other products as well as vehicle maintenance and other business tenders will be launched one after another.

The preliminary tender scale in 2019 is expected to maintain steady growth.

Continue to benefit from the boom cycle of railway equipment investment Railway equipment industry investment is still in a boom cycle.

Different from the high-growth logic of the main line of the EMU in 14-15, the main line of railway equipment in 19-20 is multi-business synergistic growth, and passenger transportation and maintenance and maintenance go hand in hand.

The number of tenders for locomotives and trucks is expected to continue to increase; the demand for EMUs, urban rail subways and other products will usher in a steady increase with the opening of the traffic; the demand for maintenance in the later cycle will maintain rapid growth.

The profit forecast and the company’s interim results are in line with expectations. We maintain our profit forecast unchanged, and the corresponding EPS for 19-21 is 0.45/0.


60 yuan.

Maintain the company’s A-share target price of 10.

19 yuan, maintaining the company’s H-share target price of 8.

0 Hong Kong dollars, maintaining the company’s A and H shares “overweight” rating.

Risk reminders: risks of changes in industry policies, risks of product price reductions, risks of unsuccessful new business development

Categories: XJhLVcC

Jinjia Co., Ltd. (002191): Performance in line with expectations, focus on the promotion of new tobacco and color box business

Jinjia Co., Ltd. (002191): Performance in line with expectations, focus on the promotion of new tobacco and color box business

[Event]The company released its 2019 Interim Report, reporting a series of realized revenue18.

65 ppm, an increase of 15 in ten years.

9%, net profit attributable to mothers4.

65 ppm, an increase of 22 in ten years.

64%, an increase of 25.

twenty four%.

By quarter, Q1 / Q2 revenues increased by 24.

1% / 7.

5%, net profit increased by 21.

8% / 23.


In addition, the report realized the first net cash flow from operating activities.

45 yuan, a decrease of 16 per year.


The company expects that the net profit attributable to mothers will increase by 20% -30% annually from January to September 2019.

[Comment]1) Performance is in line with expectations and profit growth is steady.

① Revenue: Cigarette production increased by 10 years in the first half of the year.

8%, but negative growth in the second quarter was zero.

Affected by this, the revenue of Cigarette Label 2019H1 will increase by 6 per year.


At the same time, it is expected that the company’s refined cigarette box revenue growth rate will also improve, which will affect the growth rate of the color box business in the first half of the year (+80.

64%); ② Cost: affected by the increase in the proportion of color box business, the gross profit margin decreased by 1.

0pct to 43.

0%, but in terms of business, the gross profit margin of the cigarette label business remained stable, while the gross profit margin of the color box business gradually increased6.

66 points to 32.

71%, the scale effect is revealed; ③ Expenses: Benefiting from the improvement of profitability of the color box business, the expense ratio increased during the period and decreased by 0.

7 points to 13.

0%, of which, the management expense ratio is reduced by 1.

7 points to 6.

2%, the financial expense ratio increases by 1pc to -0 every year.

2%; ④ Investment income: 2019H1 realized investment income of 49.38 million yuan, an annual increase of 67.

8 %%, of which Chongqing Hongsheng contributed 21.65 million yuan each year. From the equity ratio calculation, it is estimated that Shenren Packaging contributed 8.7 million yuan and Shanghai Rencai contributed 6.25 million yuan.

2) The large packaging strategy is advancing steadily, and the promulgation of electronic cigarette regulations is expected to accelerate the development of the industry.

① Large packaging: The company’s traditional main business is cigarette label packaging. It is expected that tobacco sales will remain stable in the short term to support the stability of the main business.

The accumulated design and production technology strength 北京夜网 in many years of operation are conducive to Jinjia’s realization of large packaging extensions, gift boxes, 3C packaging and other color box businesses have become new driving forces for performance-it is expected that 19 years of high revenue growth will release scale effects, Driving the overall profit growth.

In addition, Jinjia’s strategic cooperation with Yibin Licai Group is also expected to contribute to the performance in the second half of the year; ② New tobacco: The proposal for the regulation of electronic cigarettes will be released around October 2019 and will change the disorderly development of the new tobacco industryThe state and market share are concentrated on the leading players of standardized development, which is good for Jinjia Co., Ltd., which has deep cooperation with China Tobacco.

At the same time, the company’s own brand, foogo, was released in June and will contribute part of the performance increase in the second half of the year.
Earnings forecast and rating: Jinjia’s traditional main business maintains steady growth, and the development of e-cigarette and color box packaging markets opens up room for growth. It is expected that EPS for 2019-2021 will be 0.


84 yuan, maintaining the “recommended” level.

Risk reminders: segmentation of the prosperity of the tobacco industry; supervision of e-cigarettes; increased tobacco control.

Categories: 夜生活

Berry Gene (000710): Performance is basically in line with expected policies

Berry Gene (000710): Performance is basically in line with expected policies
Investment Highlights Event: The company announced the 2018 annual results and the 2019 Q1 results forecast: 2018 operating income is about 14.0 million yuan (+19.8%), net profit attributable to mother is about 2.700 million (+17.2%); Net profit attributable to mothers is expected to be approximately 1 in the first quarter of 2019.6 ppm-1.8 ppm (median 1.70,000 yuan), a ten-year growth of about 146% -170% (median 158%).The overall performance was basically in line with industry consensus expectations. The performance growth exceeded expectations, and the strategic adjustment brought broad space.The company’s 2018Q4 operating income was about 3.720,000 yuan (+ 4%), net profit attributable to mother is about 27 million yuan (-54%).The growth of the company’s revenue in 2018 mainly benefited from the improvement of domestic genetic testing industry policies, the overall liberalization of the second-born child policy and the enhancement of national health awareness, which led to increased market demand; the change of the cost method to the equity method resulted in approximately 40 million investment 北京夜网 interruptions.The company’s excellent early cancer diagnosis business development, investing heavily in Heraeus’s research and development of liver cancer diagnosis, has now become the country’s best leader in this field.The company’s net profit attributable to mothers increased significantly in the first quarter of 2019, mainly due to the $ 92 million generated by Berry’s respective Sunmi Holdings intending to raise funds by introducing new strategic investors?97 million yuan (median 95 million yuan) non-recurring income.The company’s net profit after deduction is about 7000.80 million yuan (median 75 million yuan), an annual increase of about 6%?22% (median 14%). Upstream and downstream integration for the future, the policy Dongfeng helps the development of the industry.The company has long been adhering to the development 成都桑拿网 philosophy of “internal and external development”, and has actively expanded the integration of high-quality assets in upstream and downstream of genetic testing.In 2018, the company divided by 20 million yuan to obtain Faith Medicine9.52% of the equity has entered the field of gene therapy with AAV as the carrier, and has also entered the consumer-level gene testing field by investing in Yuan Gene and Hefei Polygonum.As early as the 13th National People’s Congress, the state constipation proposed to vigorously promote prevention screening and early diagnosis and treatment.Early cancer cure rate can reach over 90%, while cancer detection rate is 3-4 times lower than before.In September 2018, the company released the results of pilot tests for early screening of liver cancer, which verified the reliability of the technology and is expected to improve the 200 billion market for advanced screening of advanced cancer.As the company completes the upstream and downstream layout of the gene therapy field, driven by industry policies, the company will usher in a broad development prospect in the future. Profit forecast and rating.We expect the company’s operating income growth rate to remain at about 30% in 2019-2020, the net profit growth rate attributable to mothers will be 64% and 24%, and the EPS will be 1 respectively.36 yuan, 1.68 yuan, corresponding to PE is 31 times, 25 times, maintaining the “buy” level. Risk reminder: the risk that the clinical progress of tumor varieties does not meet expectations; the risk of increased market competition.

Categories: RwabYalb

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.


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.


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.


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.


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.


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.


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.


  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.


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.


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.


7x 2019 / 2020e PE ratio.

Maintain Neutral rating and TP4.

31 yuan, corresponding to 6.


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.


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