Month: March 2020

Shanghai Environment (601200) 2019 Third Quarterly Report Review: Q3 Affected by Non-recurring Profit and Loss

Shanghai Environment (601200) 2019 Third Quarterly Report Review: Q3 Affected by Non-recurring Profit and Loss

Event: Shanghai Environment released the third quarter report of 2019, and achieved operating income of 21 in the first three quarters.

US $ 7.7 billion, an annual increase of 18.

68%, net profit attributable to mother 4.

4.1 billion, down 11 every year.

54%, net profit after deduction 4

3.2 billion, an annual increase of 16.


Opinion: In the third quarter, performance indicators were affected by non-recurring gains and losses, but cash flow increased significantly.

The company’s net profit after deduction for the first three quarters was 16.

The increase of 45% and the decrease of net profit were mainly affected by non-recurring gains and losses.

Gross profit 武汉夜生活网 margin for the first three quarters of 38.

94%, down 2 every year.

06 total; period expense rate 13.

62%, a slight decrease of 0 every year.

09 averages; net margin 23.

82%, a decline of 7 per year.

49 averages.

Among them, the third quarter realized operating income8.

5.5 billion US dollars, an annual increase of 37.

89%; gross margin 35.

54%, a decline of 3 per year.

26 samples; net profit attributable to mother1.

4.5 billion, down 33 every year.


The decrease in net profit in the third quarter was due to the recognition of the asset disposal gains of the Chengdu Luodai project in the same period last year.

5.1 billion yuan, this time there is no such.

Operating cash flow achieved in the first three quarters 8.

4.8 billion, an annual increase of 38.

61%; of which operating cash flow in the third quarter4.

4.9 billion, an annual increase of 57.

twenty one%.

The waste incineration treatment capacity ranks at the forefront of the industry, with nearly 80% of Shanghai’s end-of-life domestic waste disposal market share.

The company is one of the initial professional environmental protection enterprises in the domestic solid waste industry. It focuses on domestic waste and municipal sewage. It also focuses on hazardous waste medical waste, soil remediation, municipal sludge and solid waste recycling (food and kitchen waste and construction).Trash) and other emerging business areas.

The waste incineration treatment capacity ranks among the top in the industry, accounting for 4% of the country’s total treatment capacity.


Among them, Shanghai has nearly 80% of the domestic waste disposal market share.

As of the end of the first half of the year, the company invested in, constructed, and operated 25 domestic waste incineration power generation projects, mainly distributed in Shanghai, Chengdu, Qingdao, Weihai, Zhangzhou, Nanjing, Luoyang, Taiyuan and other places, of which there are 11 projects in operation;There are 5 domestic waste landfill projects and 6 garbage transfer stations.
Cumulative power generation in the first three quarters of 18.
3.7 billion degrees, an annual increase of 6.

22%, Internet access 15.

45 billion degrees, an annual increase of 6.


Major shareholders’ asset injection is expected.

The company’s controlling shareholder is Shanghai Urban Investment (Group) Co., Ltd., a state-owned large-scale enterprise group with a registered capital of 50 billion yuan.

In order to avoid peer competition, Shanghai Urban Investment has promised to inject the environmental category assets and businesses it controls into the company before the end of March 2020.

Investment advice: Maintain a cautious recommendation level.

It is expected that in 2019 and 2020, the EPS will be 0.

58 yuan, 0.

67 yuan, corresponding to 19 times and 16 times the corresponding PE, maintaining a cautious recommendation level.

risk warning.

Orders landed lower than expected, business expansion was lower than expected, and market competition intensified. Gross margin declined.

Strong government grants get some respite-ST company will take off cap

Strong government grants get respite for inclusion * ST company will take off cap

* ST two companies will “Uncap” Author: Zhu Wenbin by obtaining large government subsidies and other means, the two companies * ST companies in reverse after two consecutive years of respite, to achieve profitability, continue to perform, “Phoenix”s story.

  * ST Molong announced today that according to the standard unqualified audit report issued by the accounting firm, the company achieved main business income in 201729.

6.5 billion yuan, net profit 3803.

850,000 yuan, the owner’s equity attributable to shareholders of the listed company is 18.

7 billion yuan.

On March 29, the company submitted an application to the Shenzhen Stock Exchange for resuming the company’s stock delisting risk warning. At present, it has obtained the approval of the Shenzhen Stock Exchange. According to relevant regulations, the company’s shares were suspended for 1 day from the opening of the market on April 13.Trading resumed on the 1都市夜网6th and the delisting risk warning was cancelled.

  The data shows that * ST Molong’s audited net profit for 2015 and 2016 for two consecutive fiscal years was negative.

  * ST Molong has carbonized a number of specific measures in 2017 to eliminate the risk of delisting, adjust the product structure and increase product sales according to changes in market demand, take various measures to reduce production costs, increase market development efforts, and increaseInternal management reduces manufacturing costs and expenses.

The most important “specific measure” was a large government subsidy.

According to the announcement, * ST Molong received 15,627 government subsidies for the current profit and loss in 2017.

590,000, far exceeding the company’s net profit level last year.

  It is no coincidence.

It is also because in 2015 and 2016 that the net profit attributable to shareholders of listed companies was negative and the delisting risk early warning * ST East number that was implemented on April 27, 2017 was also announced today.The audited net profit was 3713.

730,000, turning losses into profits.

* After ST Dongshuo submitted the application for refund and delisting risk warning to the Shenzhen Stock Exchange on March 29, it was also approved by the Shenzhen Stock Exchange. The company’s stock trading resumed on April 16 and the delisting risk warning was resumed.

  During the delisting risk warning period, ST Dongshuo adopted a number of specific measures to respond, gradually and actively planned and promoted major events, encouraged the collection of receivable invoices, and destocking, but the most important alternative was to obtain large government subsidies.
According to the * ST East Number Announcement, in 2017, the company received government subsidies1.

35 billion, the budget is far more than the 3713 achieved last year.

730,000 yuan net profit level.

In addition, the company also realized a profit of 9709 through equity transfer and disposal of idle assets.

680,000 yuan, 5139 gains through debt forgiveness.

460,000 yuan.

Real Madrid Technology (603181) Research Briefing: The Advantages of Special Surfactant Leading Product Layout Gradually Highlight

Real Madrid Technology (603181) Research Briefing: The Advantages of Special Surfactant Leading Product Layout Gradually Highlight
First, first, analysis and judgment are complementary in size and diversity. R & D and innovation drive development. Since its establishment, the company has been focusing on the research, production, and sales of special surfactants. The current annual production capacity exceeds 20 tons and the number of product categories exceeds 1,300. It is a domestic production scale.One of the largest, most complete, and high-tech specialty surfactant manufacturers, its comprehensive strength ranks among the top in the country.In order to resolve the contradiction between stable supply in the upstream and downstream, the company implements 深圳桑拿网 the business strategy of “adjusting the structure of large varieties and making profits from small functional varieties”. The small variety segment continues to increase its volume, its sales share has steadily increased, and its profitability has continued to increase.In addition, the company has established a comprehensive research and development system based on the research and development center. Based on the twelve major plate products such as new material resins, silicones, lubricants and metalworking fluids, coatings, it has developed more than a thousand kinds of products.It has authorized 11 invention patents with an increase of 83, and has the advantages of continuous technological innovation and product development. Special surfactants are widely used in downstream applications, and the market is expanding. Although the surfactant industry started late, it has developed rapidly. Its downstream applications are very extensive, involving water treatment, coatings, construction, paints, daily chemicals, electronics, pesticides, chemical fiber and other industries., And is expanding into various cutting-edge fields, providing strong support for new materials, biology, energy, information and so on.According to statistics, the annual average growth rate of the total output of non-ionic surfactants from 2015 to 2017 was about 8.3%, it is estimated that by 2020, the global surfactant market will reach 42.7 billion US dollars, with a total market of about 2280.At present, the global market of the industry market is integrated by multinational companies, and the rapid expansion of internal companies. The raised funds are gradually released, new projects are expanded in the future. High-growth companies’ new projects are based on the development of high-end products and small varieties of products, and the existing “annual production”.7 Expected high-end functional surfactants (special polyethers, high-end synthetic esters) technological transformation project “is expected to be completed in December 2019;” annual production of 0.”Initial polyetheramine” will be put into production in March 2020.In addition, the company plans to invest 9.The 7 billion newly-built “Project with an Annual Output of 10 Contacts for New Materials Resins and Special Industrial Surfactants” will also be completed by December 2020.Putting new projects into production will lay a coexisting foundation for the company’s future growth.Second, the investment proposal estimates that the company’s EPS for 2019-2021 is 1.32 yuan, 1.68 yuan, 2.08 yuan, corresponding to PE is 11 times, 8.9 times, 7.1 times.With reference to the current average PE level of 26 times for other chemical products in SW, it is covered for the first time and given a “recommended” rating.Third, risk warning: New project advances less than expected; downstream demand is less than expected; raw material prices fluctuate significantly.

State Laojiao (000568): Seize the potential of the industry

State Laojiao (000568): Seize the potential of the industry

Matters: The company achieved 114 revenues in the first three quarters of 2019.

800 million, an annual increase of 23.

9%, net profit attributable to parent company.

0 million yuan, an increase of 38 in ten years.

0%, of which Q3 achieved revenue of 34.

600 million, an annual increase of 21.

9%; net profit attributable to mother 10.

$ 5 million annual growth of 35.


In line with expected investment perspectives: Seizing the high-end potential, Guojiao ranked among the top 10 billion single products.

In 19 years, the state treasury closely followed the pace of price increase for competitive products. Wholesale increased from about 700 yuan at the beginning of the year to about 780 yuan at the beginning of the year.

Looking forward to 2020, in terms of price, multiple measures such as controlling fees and increasing the settlement price will be used to ensure that the price will increase and reflect the value of the brand. In terms of sales volume, new markets such as East China and South China have great potential. According to wine industry experts, the company plans to achieve sales in 2020.The caliber target is 13 billion, with a growth rate of 30% in ten years, continuing the trend of high growth.

  Waist products performed well, and Luzhou Laojiao accelerated its revival.

In the first three quarters, Special Songs has repeatedly raised prices and rationalized the price system. By increasing investment in brand promotion and consumer tasting, it has maintained a rapid growth. In the new year of stock ageing wine, more rationalization stages, Ming is expected to speed up.
  The third-quarter advance receipts performed well and the cash flow statement was beautiful.

At the end of the third quarter, advance receipts increased by 200 million from the previous month. Initially, the price increase was expected to be deep, and dealers were active in making payments.

Q3 returns 34.

600 million, an annual increase of 21.

8%, which is similar to the growth rate of income, and the net cash flow from operating activities is 16.

4 trillion, beautiful performance.

  During the period, the expense ratio was basically stable. The increase in gross profit margin and the decrease in the supplementary business tax rate promoted the increase in net profit margin.

Q3 gross profit margin was 84.

2%, an increase of 2 over the same period last year.

8pct, Guojiao, special song and other settlement 北京SPA会所 prices continue to rise and the structure of the focus of low-end wine brands is leading the improvement.

Q3 sales rate is 30.

8%, a decline of 0 per year.

6pct, related to the optimization of national cellar cost structure.

Q3 Management expense ratio (including R & D expenses) 6.

2%, a decrease of 0 from last year.

2 points, basically stable, business tax and surcharge ratio 9.

9%, a decrease of 2pct previously, a net margin increase significantly increased 2pct to 29.

9%, resulting in faster growth in performance than revenue.

  Investment suggestion: In 2019, the company will seize the high-end potential, make full use of the high and mid-range strengths, and have achieved good results.

Looking forward to 2020, the company will continue to return to the top three in the industry and realize the dual-brand revival efforts of Guojiao and Luzhou Laojiao.

It is expected that the company’s revenue will increase by 24% / 19% / 17% in 19-21 years; net profit will increase by 38% / 25% / 21%; the corresponding PE will be 26/21/17 times and maintain the “recommended” rating.

  Risk warning: Macro fluctuations exceed expectations, food safety issues

Nangang Iron & Steel Co., Ltd. (600282) 2019 Third Quarterly Report Review: Product Price Sustained and Sustained Profitability Replaces Industry

Nangang Iron & Steel Co., Ltd. (600282) 2019 Third Quarterly Report Review: Product Price Sustained and Sustained Profitability Replaces Industry

The robustness of the company’s performance in the first three quarters of this year stemmed from the increase in production and sales and the replacement of product prices. The decline in its profit was significantly smaller than the industry average.

The company is currently estimated to be in a recession, giving it a target price of 4 at 6 times PE estimates in 2019.

19 yuan, maintain “Buy” rating.

The company’s growth in the first three quarters was relatively small, showing more resistance to interference.

The company achieved revenue of 367 in the first three quarters.

3.1 billion, an increase of 9 previously.

18%; net profit attributable to mother 23.

7.5 billion, down 30 previously.


The company’s Q3 single quarter realized operating income of 126.

3.6 billion, an annual increase of 5.

13%, realizing net profit attributable to mother 5.

3.4 billion, exceeding the actual value of 53.


On the whole, the overall decline of the company’s performance was significantly smaller than the industry average, showing the expected anti-destructiveness.

The output growth is obvious, and it is expected to smoothly achieve this year’s operating goals.

The company’s output increased significantly in the first three quarters of this year, achieving 827 crude steel output.

02 for the first time, growing by 7 per year.

10%; realized steel output of 756.

09 for the first time, with an annual increase of 7.


The output of pig iron, crude steel, and steel products completed 77%, 78%, and 80% of the annual plan respectively.

The company is expected to successfully achieve its output target this year.

The long-term performance advantage is mainly due to the sufficient price of products and the increase in production and sales.

In the context of the overall growth rate of steel prices, the company’s revenue in the first three quarters has still achieved steady growth, mainly due to the reasonable price of products and the continuous increase in production and sales.

With the continuous optimization of the company’s product structure, the company’s product prices as a whole have shown stronger resistance to recession.

In the first three quarters of the company’s leading products, the average minimum excluding tax for the first three quarters was 4,188 yuan / ton, an increase of 1 per year.

04%, while the plate price index fell 8 in the same period.

5%, the company’s performance is significantly stronger than the industry average.

The minority equity is settled soon, and profitability is expected to improve significantly.

In April this year, the company announced that Nanjing Steel United, the controlling shareholder, acquired the relevant shares of Nangang Development and Jinjiang Furnace held by Jianxin Investment. The company plans to acquire Nangang Development and Jinjiang by issuing shares to Nanjing Steel United.料 料 38。 Each 38.

72% equity, of which Nangang Development is the company’s operating entity, and Jinjiang Furnace Charge is mainly responsible for sintering, coking and other transformations.

After the completion of the acquisition, the company’s performance is expected to increase.

Risk factors: The supply side releases more than expected; terminal demand exceeds the expected range; asset restructuring falls short of expectations.

Investment advice: The overall profit base of the industry this year exceeds last year, and the price of iron ore has risen significantly, which has significantly increased the cost of raw materials for steel companies.

However, the actual price of converted iron ore has fallen, and it is expected that the company’s fourth quarter profitability will usher in a certain improvement.

We maintain the company’s EPS forecast for 2019-21 of 0.


76 杭州夜网论坛 yuan.

The company is a leading domestic heavy plate company, and has obvious anti-cyclical ability in the industry’s down cycle. Based on 6 times the PE in 2019, it is given a target price of 4.

19 yuan, maintain “Buy” rating.

Huadian International (600027): Net profit attributable to mothers increased by 294 in 2018.

16% profitability continues to be repaired

Huadian International (600027): Net profit attributable to mothers increased by 294 in 2018.

16% profitability continues to be repaired

Event: On March 28, Huadian 杭州夜网 International announced its 2018 annual report, and the company achieved operating income of 883 in 2018.

6.5 billion, an increase of 11 in ten years.

84%, net profit attributable to mothers16.

950,000 yuan, an increase of 294 in ten years.

16%; the company’s ROE reached 3 in 2018.

65%, an increase of 2 per year.

63 units.

Comments: Operating income increased by 11 in ten years.

84%, the number of coal machine utilization hours increased. The company completed 2,098 power generation in 2018.

5.4 billion kWh, an increase of about 9 compared with the same period in 2017.

46%, the previous average on-grid price was 407.

27 yuan / MWh, an increase of 8 per year.

At 89 yuan / MWh, both volume and price rose to achieve the company’s revenue11.

84% growth.

Among them, Q4 2018 achieved revenue of 240.

51 ‰, a year-on-year growth of 15%, single-quarter revenue growth rate is only slightly lower than Q1, in Q4 the company’s power generation in 546.

6.3 billion kWh, an increase of 10.

39%, the average on-grid price in the fourth quarter was 412.

21 yuan / MWh, an increase of 9 per year.

76 yuan / MWh.

The utilization hours of coal-fired generating units increased. In 18 years, the average utilization hours of the company’s generating units were 4264 hours, with a longer growth of 273 hours. Among them, the coal-fired generating units had 4,849 hours, an increase of 347 hours.From 70 to 80 hours, only photovoltaic power utilization hours decreased by 115 hours.

Gross profit margin increased by 1.

81 units, fuel costs increase by 13 per year.


The company’s operating cost in 2018 was 774.

500 million, an increase of 9 in ten years.

58%, lower than the growth rate of operating income2.

The growth of 22 units of electricity and electricity prices has resisted the cost of some coal price increases, causing the company’s 18-year gross profit margin to reach 12.

35%, an increase of 1 from last year.

81 units.

Fuel costs in operating costs were 449.

80 ppm, an increase of 13 per year.

47%, the first is the increase in power generation leading to increased coal consumption and the impact of rising coal prices.

After calculation, the company’s unit price of standard coal into the furnace increased by 3.
05%, in 2019 coal supply and demand have been loose, coal prices have dropped significantly, pushing the company’s gross profit margin to continue to repair to a reasonable range.

Significant results have been achieved in reducing interest rates, and comprehensive financing costs rose by 0.
46 units.

The company’s interest rate reduction has achieved remarkable results. By the end of 2018, the company’s assets and liabilities had been restructured70.

40%, a decline of 3 per year.

92 units, with interest denial scale of 1175.

29 trillion, down 57 a year.

7.7 billion.

However, due to the tight liquidity in 2018, the company’s comprehensive financing costs increased by 0 every year.

46 averages, with interest payments up to 51 in 2018.

50 ppm, an increase of 2 per year.

7.5 billion yuan, with gradual easing of liquidity, and comprehensive financing costs in 19 years are expected to fall.

Total depreciation budget decreased by 2.

5.5 billion, asset depreciation has entered a downward cycle.

The peak of the company’s asset depreciation scale was in 2016, and the accumulated depreciation reached 100.

98 megabytes, but the impact of depreciation was stopped through the expiration of some components. Although the installed scale is still growing slightly, the depreciation scale has begun to enter a downward cycle. In 2017, the asset depreciation reached 99.

3.2 billion, down by 1 every year.

660,000 yuan, the accumulated depreciation of fixed assets in 2018 reached 96.

7.7 billion, down 2 from the previous year.

55 billion.

Profit forecast and estimation: The company is expected to realize net profit attributable to mothers from 2019 to 2021.

32 billion, 45.

9.4 billion and 48.

58 ppm, an 108-year increase.

33%, 30.

05% and 5.

75%, achieving an EPS of 0.

36 yuan, 0.

47 yuan and 0.

49 yuan, corresponding to PE is 12.

18, 9.

36 and 8.

85 times.

The company’s dividend rate over the years is about 40%, and 厦门夜网 it is expected that the cash dividend for 2019-2021 will be 0.

14, 0.

19 and 0.

20 yuan / share, corresponding to an integer of 3.

29%, 4.

27% and 4.

In 2019, coal prices began to fall, power supply and demand improved to continue to increase utilization hours, and the company’s profitability will continue to be repaired. As a national high-quality thermal power company, Huadian International has strong performance elasticity and is nearing the bottom. Maintaining a highly recommended rating.

Risk reminder: the risk of lowering electricity prices, the risk of a sharp rise in coal prices

Koboda (603786) New Shares Research Report: Headlight Control Leader Global Athletics

Koboda (603786) New Shares Research Report: Headlight Control Leader Global Athletics
Key points of investment: Koboda: Deep plowing the field of car light control, global competition.Keboda was established in Shanghai Zhangjiang Hi-Tech Park in 2003. Its core products cover automotive lighting control systems, motor control systems, energy management systems, and on-board electrical appliances and electronics.Le, Jaguar Land Rover, Ford, BMW, Renault and other global mainstream manufacturers supply chain systems are very high-quality and pure global automotive 深圳桑拿网 electronics suppliers. The control of the light source of the car is gradually intelligent, and the voice of the supplier is raised.The intelligent control of the headlights is the direction of the automotive lighting industry in the next few years and decades. It echoes the assisted driving technology, improves the driver’s driving experience, and the improvement of technical requirements further raises the voice of automotive suppliers.Koboda’s matrix LED main light source controller LLP is one of the most advanced vehicle light controllers currently available for mass production of FAW-Volkswagen and Volkswagen Group. Horizontal expansion, the field of execution control.Based on its significant advantages in the field of vehicle light control, Koboda has expanded its product category to small and medium-sized motor control systems. It has developed electronic fuel pump controllers and air-conditioning blower controllers for SAIC Volkswagen, both of which have achieved scale support and contributed core profits to the companygrowth point.We believe that the electronic trend of the execution end will be determined in the future, the overlapping control accuracy requirements will be repeated, and the industry has ample space for import substitution. Koboda: Future development is expected.The company’s IPO plans to issue no more than 40.1 million shares, and the raised funds are planned to be invested6.7 million LED light source controllers, fuel pump control systems, blower control systems and other main product capacity expansion, 1.Construction project of a new energy automotive electronics R & D center of 700 million US dollars. Earnings forecasts and investment advice.As the absolute leader of domestic vehicle light controllers, Koboda is a horizontal expansion motor control system, automotive electronics and electronics and other fields. It is deeply bound to the overall system, and its simultaneous research and development capabilities and mass production experience have been fully verified.We expect the EPS for 2019-2021 to be 1.33 yuan, 1.49 yuan, 1.69 yuan. Considering that the company is the leader of domestic car light controllers, the customers are of high quality, and the horizontal layout of future products and the space for customer development are broad. It is given 25-30 times PE in 2019, with a reasonable value range of 33.25-39 years old.90 yuan, it is recommended to purchase. 南宁桑拿 risk warning.The prosperity of the automotive industry fluctuated; the customer expansion of lighting control systems was slower than expected; the capacity expansion progress of the raised projects was lower than expected; and the customer dependency of the single system shifted.

Cold currents are here to give you gut care tips

Cold currents are here to give you gut care tips
Temperatures have dropped and people’s eating habits have changed due to weather changes.How to protect the health of the gut has become a topic of concern in this season when the stomach is relatively fragile.What factors can cause intestinal illness?What methods can help us prevent bowel disease?This tip takes you through.The large and small intestines are “gateways to the body” and constantly digest food and absorb nutrients, so the health of the intestine is vital to health.However, the “three highs and one low” problem is common in many people’s diets today, that is, high fat, high protein, high calories and low fiber.High-fat diets such as fast-food red meat continue to increase, vegetables and fruits are consumed less, and dietary fiber that helps digest and break down fats is lacking.Especially for young white-collar workers who need long-term sedentary and lack of exercise, it is easier to slow the intestinal motility, stimulate the bowel wall and cause defecation disorder, prolong the residence 西安耍耍网 time of toxins in the intestine, and cause a greater burden on the intestine.In addition, people’s emotions can also affect gut health.Stressful and busy work, frequent social entertainment, excessive mental stress, anxiety, depression, etc. may all lead to endocrine disorders and intestinal dysfunction.The influence of emotions on the intestines is reflected in two aspects: first, gastrointestinal dysfunction, such as anorexia can cause decreased appetite, nausea or bulimia; second, irritable bowel syndrome, such as diarrhea caused by stress, functional enteritis,Emotional depression can cause constipation and so on.What is more noteworthy is that in the past 30 years, the incidence of colorectal cancer has increased.Some experts say that colorectal cancer can be prevented, and the key lies in diet and exercise.Here are a few good habits to help you take care of your gut health.Rest your bowel regularly.Select a rest day every 10 days or so, and eat 70% full of vegetables and fruits, so that the intestines can be rested, which is conducive to emptying food residues in the intestines (if blood sugar is unstable, do not use this method).Order dinner.No matter how busy you are at work, take time to ensure that you have regular meals.Do not start work immediately after meals, appropriate activities, such as walking for 15 minutes.Don’t eat too much before going to bed.If you feel hungry after returning home from overtime, you can eat a fruit or a cup of warm milk. This will not cause extra burden on the intestines.Not partial.You can change your taste during breakfast, lunch and dinner. Fish, meat, eggs, vegetables, and fruits are complete, so that the intestines can absorb nutrients in a balanced way.Don’t stay up late.Develop a good habit of going to bed early and getting up early. If possible, you should go to bed at 10:30 in the evening. It is better to use hot water to bubble your feet before going to bed.Exercise regularly.Take an hour a day for physical exercise and exercise, such as swimming, jogging, playing ball, etc. The elderly can dance square dance and Tai Chi.

BYD (002594): The accumulation of new energy vehicles, openness and innovation lead the trend

BYD (002594): The accumulation of new energy vehicles, openness and innovation lead the trend

Key points of investment: The new energy automobile industry maintains high growth.

Affected by the weak economy, the cumulative sales of passenger cars nationwide totaled 2,235 in 2018.

10,000 vehicles in the past ten years 5.


Cumulative sales from January to May 2019 reached 818.

70,000 vehicles, down 11 every year.


Under the influence of car purchase subsidies and brand advantages on boosting new energy vehicles, new energy vehicle sales reached 125 in 2018.

60,000 vehicles, an increase of 61 over the same period last year.


From January to May 2019, new energy vehicle sales reached 47.

60,000 vehicles, an increase of 46 over the same period last year.

2%, continued to maintain a high growth rate.

  BYD is a leader in the new energy vehicle industry and has a complete new energy model system.

BYD is a leader in the new energy vehicle industry, and has ranked first in domestic sales of new energy vehicles for five consecutive years.

The company has introduced a number of top talents such as Iger. The design and chassis adjustment have been significantly improved, and the product power has been improved.

2018 is the start of the company’s new product cycle. The “Dynasty” series launched a number of new models, and the sales growth rate was significantly higher than the industry.

The company’s new energy vehicle product layout is complete, the brand continues to march toward high-end, and the new energy coupe “Han” will be launched in the future.

At the same time, e-mesh entered the A00 class car market.

  Implementation of the “open” strategy, the power battery and IGBT business reorganization and renewable period.

In the past two years, the company has changed its business thinking and broken the vertical integration model.

The non-dominant components were initially stripped off, and foreign procurement was opened.

At the same time, it will gradually supply external components such as power batteries and IGBT to provide new revenue growth points.

Power battery has the third largest development volume in the world in 18 years. In the future, the power battery business is expected to account for 50% of the company’s revenue, and it will actively promote the battery business to be separately listed and revalued.

And it is expected to increase the margin to improve cash flow and reduce financial costs.

  The cloud rail cloud bus business has entered the harvest period.

The company lasted for 5 years and gradually expanded by 5 billion, and successfully developed the rail transit products “cloud rail” and “yunba”.

The cost of the “cloud rail” is only 1/5 of the subway, and the construction cycle is only 1/3 of the subway, which meets the construction needs of third- and fourth-tier cities.

The “Yunba” review process is correct, and some projects have been formally implemented, with orders in hand amounting to tens of billions. It will continue to contribute steadily to operating revenue in the future.

  Covered for the first time, giving “overweight” rating.

Based on the company’s new energy passenger car sales are expected to continue to grow rapidly, the supplementary decline will have a short-term impact on the company’s gross profit margin, but the company can respond by “increasing sales + controlling costs + increasing the value of bicycles”.Revenue was 1485/1757/2053 billion and net profit was 28.

3/37/45 billion, corresponding to an EPS of 1.



65 yuan, currently expected to correspond to a 19/21 market surplus of 46/35/29 times.

Taking into account the new energy vehicle as a national key strategy, BYD is the leading pioneer of new energy vehicles and is expected to lead the industry for a long time. The company’s history is estimated to be 39 times that of the hub. In 2019, the company’s performance is in the adjustment stage due to the sharp withdrawal of new energy substitution policies.Due to the adjustment of the marginal expected attenuation of the compensation policy and the start of battery external business contribution, the company is expected to return to the growth channel. We believe that the reference value of the return in 2020 is 45 times PE in 2020, and the corresponding target price is 61 in 12 months.

2 yuan, the first 重庆耍耍网 coverage given “overweight” rating.

  risk warning.The industry’s business climate surpassed expectations, competition in the battery business intensified, segmentation fell short of expectations, growth in the photovoltaic business intensified, receivables collection risk, and cloud track cloud bus construction fell short of expectations.

ZTE (000063): Join hands with private towers to create 5G glory

ZTE (000063): Join hands with private towers to create 5G glory

This report reads: Recently, ZTE Corporation and Guodong Group signed a 5G strategic cooperation agreement, which is the icing on the cake for 5G industry applications.

Event: Recently, ZTE and Guodong Group signed a 5G strategic cooperation agreement. The two parties will conduct market and technical cooperation on 5G smart towers and other fields, and jointly conduct 5G smart towers nationwide.Edge computing services and other 5G related application research, project pilots, technology verification and 佛山桑拿网 development.

Comment: Maintain “overweight” rating and target price unchanged.

Maintain ZTE’s net profit attributable to mothers for 2019-2021 is 67.

6.2 billion, 81.

7.7 billion, 95.

41 trillion, EPS is 1.

61 yuan, 1.

95 yuan, 2.

28 yuan.

Maintain the company’s 25x PE in 2019 with a target price of 40.

25 yuan unchanged.

Strong and powerful help 5G shine.

Guodong Group is the leader of the domestic private information infrastructure integrated service industry, mainly engaged in the co-construction and sharing business of communication infrastructure such as railways.

The cooperation between ZTE and Guodong Group can further carry out cooperation based on 5G smart towers and 5G intelligent data centers across the country, adding icing on the cake for 5G IoT and edge computing applications.

The Sino-US trade war will only delay China’s 5杭州桑拿G-led progress, but will not change its upward trend.

China has a global leader in 5G end-to-end full industrial chain products. From the existing technical test indicators, domestic main equipment manufacturers are stronger than foreign countries.

In the 5G era, China will have more speaking power and pricing power, and will fully enjoy standard dividends and leading dividends. It is optimistic that major domestic equipment vendors are leading the development trend of the 5G industry. ZTE space is still difficult to overcome.

ZTE’s market share in the 5G era is expected to exceed expectations.

At present, the communication index has fallen back to the beginning of February 20th, which is quite high. After China Mobile announces the 5G trial commercialization and the theme fermentation of trial licenses, ZTE will be the first to benefit from the leading equipment industry chain.

At the same time, the Sino-U.S. Trade war will help ZTE ‘s domestic 5G market share exceed expectations. For ZTE, which is basically negative in foreign business net profit, its performance is also expected to exceed expectations.

risk warning.

Vicious competition leads to sluggish net profit growth, uncertainty exists in Sino-US trade war