Beijing Shougang issued a document to commemorate Ji Zhe’s exposure of antibiotics at Sino-Japanese Friendship Hospital

Beijing Shougang issued a document to commemorate Ji Zhe’s exposure of antibiotics at Sino-Japanese Friendship Hospital
The Beijing News News on the 5th, the Beijing Shougang Basketball Club issued a long article to commemorate Ji Zhe in its official blog, saying that “it will do its best to help Ji Zhe’s family to spend the hard time losing loved ones.”The following is the full text: Ji Zhe left.At 2:14 in the morning on December 5, 2019, the China-Japan Friendship Hospital, after stubbornly fighting lung cancer for more than a year, Ji Zhe left us.In 2007, Ji Zhe came to the Beijing Shougang men’s basketball team. He was not too tall at 2.02 meters, but his basic skills were solid. He quickly won the love and trust of everyone. He used his body to guard the restricted area of Beijing basketball.Whether in the trough of the team’s irregular staff, poor record, or in the team’s ambition, four years and three highlights, Ji Zhe has always been brave to use his mid-range shot, his three points, his rebound,Silently contributed all his energy to the team.For a long time, Ji Zhe was the one who was scolded the most by the head coach, and the one who loved the most.Never give up, always insist that this is his own creed, but also belongs to the spirit of Beijing basketball.Like everyone else on the team, he is willing to give everything for the team.He wasn’t the one with the charge and the huge halo above his head, but he was the one who stood firm and hit the last one who shouted “fire at me”.Basketball is a sport that requires passion and blood, and Ji Zhe transforms his passion and blood into hard work on the court.Since serving as the captain of the Shougang men’s basketball team, Ji Zhe, like his elder brother, has taken care of many players and guarded this team.Blood is thicker than water, Ji Zhe has always been an important member of the Shougang family.He was selflessly dedicated and gave his last light and heat to Beijing basketball.He is not a very expressive person, but his conscientiousness, meticulousness and low-key are popular.In many cases, Ji Zhe had his own pain, but he pressed himself, endured, and stayed, and only showed his smile to those around him.In August last year, Ji Zhe confirmed his illness and the club helped him travel to the United States for treatment.He didn’t tell the fans about his condition, and we are the same, because we all believe that this is a temporary difficulty, and he will return to the field one day after hard work.Family, friends and clubs do their best to accompany him to treatment.During the treatment, Ji Zhe kept in touch with the club and the team to show everyone his tenacious will and optimism to return to the arena. He said, “Brothers, wait for me.”Not long ago, Ji Zhe also said to his mother: “I want to go back to play.”But the disease was cruel and ruthless, and after a long period of treatment, Ji Zhe left us.We are as heartbroken as all fans, and I hope he can appear in the dormitory, cafeteria, court as before . Ji Zhe is gone, in another world he will love basketball as deeply as we are.His No. 51 jersey will always stay in the Shougang men’s basketball team, floating in the sky above the court, accompanying his loved ones and loved ones.Sorrowful, heart twisted.We will do our best to help Ji Zhe’s family spend the hard time losing loved ones.Ji Zhe is with us.There are also basketball companions in heaven.Editor Liu Jiani Source: Beijing Shougang Basketball Club

Lier Chemical (002258): The price of glufosinate continued to fall, and the 1H19 performance was in line with expectations

Lier Chemical (002258): The price of glufosinate continued to fall, and the 1H19 performance was in line with expectations

1H19 results are in line with our expected 1H19 results: revenue 20.

500 million, ten years +12.

68%; net profit attributable to mother 1.

6 trillion a year -38.

80%, blacks earn 0.

30 yuan, in line with expectations.

We believe that the 1H19 company’s revenue growth is mainly due to the expansion of the glufosinate production and the amount of flufenoxamine put into operation.

Previously the price of glufosinaldehyde decreased by 23% per degree, resulting in a decrease in gross profit margin2.

86PCT to 29.

twenty one%.

In terms of expense ratio, the sales expense ratio / management + R & D expense ratio / financial expense ratio were increased by 0 respectively.

02/2.

42/2.

07PCT, a crack in the increase; the increase in research and development costs is mainly due to the increase in the company’s investment in research and development, and the financial costs are caused by the increase in discount 成都桑拿网 indexes and exchange losses.

For subsidiaries, Jiangsu Qida’s net profit decreased by 14.
.

At 7%, the net profit of Lier Crop / Bide Biochemical increased by 2 respectively.

4% / 213%, we believe that the growth of Bide Biochemical’s profit growth is mainly due to insufficient supply of pentachlor doped, leading to the price increase of fluroxypyr.

The company expects the net profit attributable to the mother to be 1 to 9 months.

7-2.

9 trillion, corresponding to 3Q19 performance of 0.

07-1.

3.3 billion.

Development trend Supply expansion, export growth faster than expected, glufosinate price bottom shock.

The price of glufosinate has been 18 since October 18’s high.

75 million / ton, continued to drop to the current 11.

50,000 tons / ton.

We believe that the core reason is the expansion of supply. The 7,000-ton capacity of Lier Guang’an Base was put into operation in 4Q18, Shandong Yisheng’s capacity increased, and the industry’s periodic excess capacity.

In addition, in the export of glufosinate, the 1H19 industry exported a total of 4,025 tons, each 1% extension, of which India and the United States offset.

Looking forward to 2H19, we expect the price to fluctuate at the bottom, but at the same time, the downside is limited.

From the perspective of cost, the format technology currently widely used in China, we judge that the cost is more than 10 thousand tons / ton (excluding tax), so there is limited room for downward price.

Expansion + integrated support, Lier strengthened the leading position.

The company’s highest glufosinaldehyde formaldehyde expansion rate, plans to put one into production in Guang’an.

In addition, the company formulated an integrated layout of the industrial chain, and set up a subsidiary in cooperation with Sancaitang; at the same time, Guang’an Base MDP 1.

5Accelerated construction in the early stage is expected to be put into production within this year.

We believe that companies with an integrated industrial chain layout like Lier will benefit more from future industry competition.

Earnings Forecasts and Estimates Due to intensified competition in the glufosinate industry and accelerated price declines, we lower our net profit for 2019 and 2020 by 14% and 9% to 4.

200 million and 7.
10,000 yuan.
The current contradiction corresponds to 14 times the 2019 P / E ratio and 8 2020 P / E ratio.

We maintain our Outperform rating, but we lower our target price by 13% to 14 due to a higher-than-expected price reduction of glufosinate.

2 yuan, corresponding to 17 times the 2019 price-earnings ratio and 10 2020 price-earnings ratio, there is 25% upside from the current consensus.

Risks Guang’an put into production more than expected, the price of glufosinate decreased, and other environmental and safety risks.

Cibin Group (601636) Annual Report Commentary Report: Steady Growth of Glass Leader Awaits Completion and Recovery

Cibin Group (601636) Annual Report Commentary Report: Steady Growth of Glass Leader Awaits Completion and Recovery

The company’s glass leading performance has steadily increased. The company released its annual report. In 2018, the company achieved operating income of 83.

78 ppm, an increase of 10 in ten years.

46%; realized net profit attributable to mother 12.

08 million yuan, an increase of 5 in ten years.

69%.

The reported company produced a total of 101.91 million heavy cases of flat glass, which increased by 6.99 million heavy cases each year, mainly benefiting from the resumed production of Zhangzhou First Line, Changxing First Line, Liling Fifth Line and the production line in Malaysia; sales of 11.003 million heavy boxes of flat glass, an increase of at least 6.75 million heavy casesRate 100.

12%.

Glass supply and demand are both weak, waiting for completion and warming up. In 2018, glass prices showed a trend of opening up and going down. From the perspective of supply, the first three quarters of the glass production line resumed the impact of penetration. According to data from China Glass Futures Network, total recovery before OctoberProduction of 16 production lines, only 11 cold repair, plus 5 new construction, so the first three quarters of a net increase of 10 production lines, the supply pressure prevented.

From the perspective of demand, the main real estate market for glass is not optimistic. The gap between the new construction and completion growth rate remains the same. The second largest demand for glass in the automotive industry is also under pressure. Therefore, overall glass demand for 18 years is relatively weak.

Initially, although glass prices opened higher and lower, the price center was higher than 17 years.

In 18 years, the average national glass price reached 1644 yuan / ton, which was 111 yuan higher each year last year, supporting the company’s good performance. At the same time, we expect the land completion data in 19 years is expected to pick up, and the new construction area in 16-17 will grow faster.It will be completed in 2 years, so theoretically the annual completion data will improve, which will lead to an improvement in glass demand.

In terms of cost, the price of soda ash, the main raw material, has stabilized. In 2017, the price of soda ash changed due to supply-side reforms. The average price has gradually reached a high level of 2193 yuan / ton. After entering 18 years, the price has stabilized and the average price has gradually decreased.To 1917.

55 yuan, soda ash price steadily promoted the company’s gross profit margin level.

We believe that the readjustment of the Qibin Group into a qualitative change will gradually smooth the impact of changes in glass prices.

First of all, the company will continue to benefit from the main production capacity layout. The company’s flat glass is mainly sold to eastern and southern China, and local demand is better.

In addition, the company is improving the overall quality of flat glass. In recent years, the company has restructured the old production line for cold repair and technical improvement to improve the quality of ordinary glass. It has changed to a new production line. The Luzhou Qibin Project has successfully produced 2-19mm ultra-white glass.Commercial operations began in early 2019, and the construction of Fuling electronic glass project progressed in an orderly manner. It is expected to be completed in May 2019 to ignite and gradually achieve 北京夜网 differentiated competition.

The company will extend downstream and vigorously develop deep processing business. In addition to the existing energy-saving glass bases, the company also announced in the annual report that it will build a new Hunan energy-saving glass factory project and Guangdong Energy-saving Phase II expansion project, further strengthening its deep processing capabilities.

Finally, the overseas Malaysian market has been continuously explored, local logistics advantages have been introduced, and the company has gone global.

Investment suggestion: As the price of glass drops, the revenue for 19-20 will be 98.

37, 110.

2.7 billion down to 93.

92, 102.

8.4 billion, net profit attributable to mothers by 16.

53, 20.

04 trillion down to 13.

33, 14.

6.1 billion yuan, EPS is 0.

5, 0.

54 yuan, 武汉夜生活网 corresponding PE is 9X, 8X times, maintaining the “buy” level.

Risk warning: a large number of production lines resume production; real estate completion demand is further reduced; new construction projects are less than expected.

Three Six Six (601360): The layout of government and enterprise security business is worth looking forward to

Three Six Six (601360): The layout of government and enterprise security business is worth looking forward to

We recently studied 360 and exchanged information on the company’s current situation and future development.

The view is as follows: The advertising business will remain steady and increase.

Since 18 years, the company’s advertising revenue has shown a structural change. Traditional display and search advertising have declined. However, PC- and mobile-end information flow advertising has grown strongly, and its revenue share has increased. The trend is expected to continue in the future.

Since the first quarter of 19th, the growth rate of the overall advertising market has declined, and the company’s advertising business has also been affected to a certain extent. It is possible to maintain the current state in the future, but it is difficult to achieve large-scale growth in the industry.

杭州桑拿网 The gaming business will focus on head games.

Under the influence of supervision and other factors in 18 years, the follow-up will focus on the operation and agency of a game. In the past, it mainly used mobile games and page games, and then used the resources of 360PC.

The company has sufficient cash in hand and good operating cash flow.

In 19Q1, the company’s book cash exceeded 15 billion. In 18 years, its operating cash flow was close to 4 billion.

Currently, Dingzeng has raised 10.8 billion in the final review stage.

In the future, the company will exert its efforts on the C-end. This year will also be the first year of the government and enterprise market. The company will expand the government and enterprise security business in the future.

Qi Anxin previously had a deep binding with the company. In 2016, the company was its strategic shareholder, and 360 was licensed for free brand technology and data.

After the equity transfer of Qi Anxin is completed, the company enters the government and enterprise market and will expand its expenditures by 2B, 2G.

360’s advantages are mainly reflected in big data security. With the largest “white hat” legion in the Eastern Hemisphere, it pays more attention to threat-driven, security-driven and offensive and defensive capabilities.

The company has initially completed the construction of the organizational structure. The company will discuss cooperation with relatively large local governments. The focus is on seizing the big orders. The company first wins the government or city contract and gives it to the ecological company to do its core security business.

Company profit forecast and investment grade: We estimate that the company’s net profit for 2019-2021 will be 39, 43, and 51 trillion, respectively, and the corresponding EPS will be 0.

59, 0.

65 and 0.

75 yuan.

The current anniversary corresponds to a PE value of 37, 33 and 29 times in 2019-2021.

The first coverage was given a “Recommended” rating.

Risk warning: The advertising market is worse than expected, and the government and enterprise security business is worse than expected.

Zhongmin Energy (600163): Take 25.

The 400 million acquisition of Zhongmin Haidian’s 深圳桑拿网 gambling agreement promised a net profit of not less than 8 in 19-21.

300 million

Zhongmin Energy (600163): Take 25.

The 400 million acquisition of Zhongmin Haidian’s gambling agreement promised a net profit of not less than 8 in 19-21.

300 million

Event: The company issued a reorganization report, which disclosed the acquisition plan for acquiring 100% equity of Zhongmin Haidian.

Zhongmin Haidian’s transaction consideration is about 25.

40,000 yuan, about 2.

08 times PB.

According to the acquisition plan, the company will (1) issue shares and convertible bonds to acquire 100% equity of Zhongmin Haidian.

The trading price of Zhongmin Haidian’s 100% equity is about 25.

4 trillion, 12 than the book value on the benchmark date.

3 trillion added value 13.

1 ‰, value-added rate of 106.

81%, which is 2.

08x PB acquired Zhongmin Haidian.

The company will purchase the target through additional issuance and convertible bonds, of which the consideration will be paid by additional issuance.

4 ‰, the consideration paid by convertible bonds is about 2 ‰; the additional issue price is 3.

39 yuan / share, about 6 will be issued.

900 million shares; convertible bonds initially turned to 3.

39 yuan / share, the number of shares after the initial conversion price of approximately 59 million shares; after considering the conversion of convertible bonds, the company’s total share capital will increase from about 1 billion shares to about 17.

500 million shares.

(2) At the same time, the amount of matching funds raised through non-public issuance of convertible bonds shall not exceed 5.

600 million.

The bet agreement promises that the incremental net profit of Minhai Power in the year 19-21 will not be less than 8.

300 million.

According to the gambling agreement, Fujian Investment Group promises that if the transaction is completed within 2019, Zhongmin Haidian will gradually have a net profit of not less than about 8 in 19-21.

3 trillion; if the transaction is completed in 2020, Zhongmin Haidian will gradually increase its profit by no less than about 12 in 20-22.

400000000.

Avoid peer competition, and then continue to inject relevant power generation assets.

The company promises that after the completion of this major asset reorganization, any of the entities in Mintou Hydropower, Mintou Power, Mintou Pumped Storage, Ningde Mintou, and Xiapu Mindong will be put into listed companies gradually after meeting the injection conditions.
The profitability of Haidian Wind Power is good, and the net profit of Haidian’s first and second phases is expected to stabilize at 4.

About 500 million.

According to the Asset Evaluation Report, the average annual on-grid electricity generation of Haidian Phase I (with an installed capacity of 50MW) over a 20-year operating period is 20,266.

750,000 kWh, with an annual utilization hour of approximately 4053 hours; the second-generation Haidian Power Plant (with an installed capacity of 246MW) has an average annual electricity generation capacity of 111.409 million kilowatt-hours within an operating period of 20 years, and an annual utilization hour of approximately 4,529 hours.

85 yuan / kWh.

Zhongmin Haidian’s forecast net profit for the years 19-22 is 5,456.

05, 27,829.

84, 49,708.75, 46,249.

720,000 yuan, its net profit will remain at 4 after 2022.

About 500 million.

The total investment of Haidian Phase I and Phase II projects is approximately 8.

500 million, 44.

800 million, a total of about 53.

3 trillion; capital is approximately 1.

700 million, 9.

9 trillion, a total of about 11.

600 million; we take 4.

The 5 trillion-level profit margin is calculated on the rate of return of the Haidian Phase I and II projects, and the total rate of return on the project’s total investment is about 8.
.

44%, the return on project capital is about 38.

79%, Zhongmin Haidian’s offshore wind power has good profitability and the project yield is high.

The company’s existing onshore wind power under construction is initially put into operation. After the onshore and offshore wind power projects are fully put into operation, the net profit attributable to the mother is expected to reach 7.

600 million.

At present, the company’s projects under construction include four large-scale wind power projects in Damaoshan, Fuqing Matoushan, Fuqing Wangmushan, and Pingtan Qingfeng Phase II. According to feasibility studies, the net profit of these four projects after full production is aboutIs 1.

800 million; Zhongmin Haidian’s net profit is expected to stabilize at about 4 after full production.

About 500 million.

Based on the above feasibility study data, based on the company’s 2018 net profit attributable to mothers1.

Considering the completion of the acquisition of Zhongmin Haidian, the company is currently under construction of all onshore wind power and the offshore wind power is in full production, and the company’s net profit attributable to its parent is expected to reach 7.

600 million.

Profit forecast: Regardless of the acquisition, we expect the company’s net profit attributable to its parent to be 1 in 2019-2021.

7, 2.

97, 3.

07 trillion, the corresponding EPS is 0.

17, 0.

3, 0.

31 yuan / share.

Risk warning: transaction failure or adjustment, on-grid electricity price decline, project construction risk

Qixin Group (002301): Remote office welcomes development opportunities catalyzed by cloud video

Qixin Group (002301): Remote office welcomes development opportunities catalyzed by cloud video
Core Views The outbreak of the new crown pneumonia epidemic catalyzes the demand for telecommuting, accelerating the penetration of cloud video in various application areas such as office, medical, and education.Qixin Haoshitong’s products are leading in technology, large customer base and high stickiness.杭州夜网论坛 The products are widely used in rich scenarios such as government-enterprise meetings, smart party building, distance education, telemedicine, interactive recording and broadcasting, and promote the rapid development of the occupant industry.The company’s EPS for 2019-2021 is 0.37, 0.52, 0.67 yuan, maintain “Buy” rating. Epidemic prevention and control catalyzes the need for remote office work. After Cloud Video ushers in a good opportunity for development of the new coronary pneumonia epidemic, the Central Leading Group Meeting on New Coronavirus Infection and Pneumonia Epidemic Situation calls for appropriate extension of the Spring Festival holiday, adjustment of school opening hours, and support for online office and other measures.Reduce staff turnover.Epidemic prevention and control catalyzes the demand for telecommuting, and works together with platforms such as Yealink.com to provide users with free cloud video conferencing systems, accelerate the development of potential customers, and promote the penetration of cloud video in business office, remote education, telemedicine and other fields.Rapid improvement, the industry ushered in good development opportunities. Cloud video business leads the market share, and will increase investment projects to help increase competitiveness in the cloud video field. Cooperating subsidiary Yinpeng Cloud. Some GoodView products are widely used in government-enterprise meetings, smart party building, distance education, telemedicine, and interactive entry.Broadcasting and other scenarios, according to the company’s annual report, in 2018 Haoshitong has been highly recognized by more than 60,000 corporate customers in the global market. In 2018, Yinpeng Cloud Computing achieved revenue2.USD 9.3 billion, according to IDC data, it has the largest market share in the software video field for three consecutive years from 2016 to 2018, reaching 13% in 2018.Qixin Group will raise funds in 20199.600 million, of which 1.800 million will be used for “cloud video conference platform upgrade and business line expansion projects”, to optimize and upgrade the conference cloud platform’s client, operation support, service architecture and other aspects, expand the cloud video application field, and use steady increase projects to advance steadily.The company has gradually strengthened its leadership in the industry. The demand for office collection is relatively rigid. Under the sun collection policy, the actual medium-to-long-term high-growth cultural office supplies demand is rigid. We judge the epidemic situation or affect the procurement rhythm of the enterprise, but it has a limited impact on the expansion of procurement scale.The expected increase in demand must expand to the impact of the phased decline in purchases of other products on revenue.With the advancement of the National Sunshine Purchasing Policy, the growth in the number of customers and the development of procurement categories, the scale of the collective office collection and procurement business continues to expand and grow rapidly; the effect of scale has been released; the proportion of private-brand products has increased;The company’s profitability of office business is committed to steady improvement. The office business is expected to grow rapidly. Maintaining the “Buy” rating of the outbreak of the epidemic has spurred the demand for remote office work. The cloud video industry has ushered in a good opportunity for development. Haoshitong is trying to take advantage of the industry’s east wind to achieve high-speed development.The medium- and long-term growth of the business is high, and the profit forecast is raised. We estimate that the Qixin Group’s net profit attributable to its mothers will be 2 in 2019-2021.72, 3.80, 4.9.2 billion (previous value was 2.67/3.75/4.880,000 yuan), the corresponding EPS is 0.37, 0.52, 0.67 yuan.The segment valuation method is used to give the B2B office business 34-36 times the target PE and software business 41-43 times the target PE in 2020, corresponding to the target city size of 137.01-144.610,000 yuan, corresponding to a target price of 18.67?19.70 yuan, maintain “Buy” rating. Risk reminder: Customer development is less than expected, competition in the cloud video industry is intensified, and the risk of bad debts of accounts receivable.

AVIC Shen Fei (600760): China’s first naval and air force aviation construction backbone company

AVIC Shen Fei (600760): China’s first naval and air force aviation construction backbone company

As a conventional heavy fighter R & D company, the company directly benefited from the advanced 深圳桑拿按摩网 construction company of the navy and air force. It was a fighter manufacturer in the early days of New China.

From the J-5 series of the first generation fighter to the J-8 series of the second generation, and from the J-11B, J-15, and J-16 series of the third generation to the J-31 of the fourth generation, the company has been the Chinese Air Force.And Navy Aviation provide advanced fighter products.

The company will continue to benefit from the modernization of naval and air forces.

The J-16 multi-purpose fighter is in great demand and has a strong replacement space for the J-16, in addition to the outdated JH-7 series and the Qiang-5 series, and the Su-30MKK, which was transferred around 2000 and is nearing its life limit.There are also some J-7, J-8II in active service of the Air Force and Naval Air Force.

After 杭州桑拿网 refitting the J-16, these units redeployed a variety of operational forms, such as air interception, ground-to-sea attack, and anti-radiation, which were previously deployed as a single interceptor or ground attack mission.

It is estimated that the total market space of the J-16 is close to 200 billion yuan.

The F-15 carrier-based aircraft and the F-31 stealth fighter benefit from the development of naval aircraft carrier-based aviation. The replacement of the F-15 carrier-based aircraft in our army is similar to the US F / A-18E / F / G series.With the development of the military aircraft carrier fleet, the total market space is close to 220 billion yuan.

At present, the annual carrier and various related combat equipment are still in their infancy, and the growth of carrier-based aircraft can provide the company with considerable performance growth.

The naval aviation of the world’s major powers is in the midst of replacements of the third and fourth generations. The demand for the medium-sized four-generation stealth fighters is huge.

The total space of the J-31 market is about 180 billion yuan.

Investment suggestion AVIC Shen Fei, as an important domestic fighter manufacturer, considers the increase in company performance brought by the demand for fighter jets in the first army-wide remodeling, as well as the reform of military pricing mechanism and the reform of institutions and other policies.The price-earnings ratio is compared with military general assembly enterprises, considering the company’s growth and scarcity.

Taking PE as 40-55 times, calculated according to the estimated EPS in 2021, the corresponding two-year reasonable estimate is 36.

4-45.

5 yuan, an increase of 18.

6% -48.

3%, maintain BUY rating.

Risks suggest that the construction of the Air Force and the Navy may be less than expected, and the progress of the reform of military industry central enterprises may be less than expected. The above factors may cause the company’s performance to be less than expected.

Yutong Bus (600066): Sales and profit both rise to the top

Yutong Bus (600066): Sales and profit both rise to the top

Performance has grown steadily, 深圳桑拿网 and operating cash flow has improved.

The company’s Q3 achieved operating income of 84 million U.S. dollars, an increase of 14% for the year;

4 ‰, an annual increase of 10%; gross profit margin of 24.

14%, net interest rate 7.

78%, which decreases by 3 each year.

13 and 0.

17 units.

Cumulative revenue in the first three quarters was USD 1.3 billion, an annual increase of 11%; net profit attributable to mothers was USD 1.3 billion, an annual increase of 11%; gross and net profit margins were 0.

22 and up 0.

19 single; net operating cash flow of 1.6 billion, an annual increase of 224%.

The leading level is solid, showing strong cost control capabilities.

In the first three quarters, the cumulative sales volume was 40,000 units, an annual increase of 7%, of which large and medium-sized light passenger cars 夜来香体验网 increased by 2%, 12%, and 5%, respectively.

The company’s leading position is highly stable, and its market share is steadily increasing, which is the basis for excellent performance potential.

At the same time, the company has budgeted cost control capabilities, and its net interest rate has steadily increased in the first three quarters.

After August, the replacement of new energy buses with downhill replacements will have a significant impact on the company’s profitability.

The volume of export orders can be expected, which opens up the medium and long-term growth space.

The company is actively planning overseas markets. In Asia, Africa, Latin America and other regions with poor infrastructure and public transportation, the export demand for large and medium-sized buses has shown a growth trend. In Europe and the United States, new energy buses have gradually expanded their market share.Energy buses all have global competitive advantages, and exports are expected to accelerate in the future.

Investment suggestion: We estimate that the company’s net profit attributable to mothers in 2019 and 2020 will be US $ 2.5 billion and US $ 2.6 billion, respectively. The current overall corresponding dynamic estimates are 12, and 12 times, respectively. Maintain the “Buy” rating.

Risk warning: new energy supplements withdraw significantly; overseas export orders exceed expectations.

Linglong Tire (601966): Release of production capacity and falling costs help third-quarter results exceed expectations

Linglong Tire (601966): Release of production capacity and falling costs help third-quarter results exceed expectations

Pre-investment points: The company’s net profit attributable to its mother increased annually in the first three quarters.

38%, exceeding expectations.

The company released the report for the third quarter of 2019, and achieved operating income of 41 in Q3.

99 ppm, an increase of 10 in ten years.

43%; net profit attributable to mother 4.

890,000 yuan, an increase of 35 in ten years.

80%; gross margin 27.

52%, an annual increase of 4.

75 units; net interest rate 11.

65%, an annual increase of 2.

18 units.

The company achieved revenue of 125 in the first three quarters of 2019.

09 million yuan, an increase of 13 in ten years.

26%; realized net profit attributable to mother 12.

140,000 yuan, an increase of 37 in ten years.

38%; gross margin 26.

00%, net interest rate 9.

71%.

The growth rate of the company’s performance in Q3 and the first three quarters exceeded our expectations.

The release of overseas production capacity and the decline in raw material costs are preliminary results that exceed expectations.

According to the company announcement, Q1 2019 will produce 1574 tires.

220,000 articles, an increase of about 16 in ten years.

60%; 1470 tires sold.

500,000, an increase of about 10 in ten years.

85%; the average price of a single tire is 282.

81 yuan, basically 重庆耍耍网 the same as last year.

The company produced 4,480 tires in the first three quarters.

400,000 articles, an increase of about 10 in ten years.

94%; 4,228 tires sold.

250,000 articles, an increase of about 8 in ten years.

74%; the average price of a single tire is 293.

03 yuan, increased by 11 last year.

91 yuan.

Domestic car production and sales declined (the first three quarters of 2019 were 1814 respectively.

90,000 and 1837.

10,000 vehicles, down 11 every year.

4% and 10.

Under the unfavorable situation of 3%), the company’s tire production and sales and the average price of single tires have achieved good growth. We may be due to the third phase of the Thai plant’s full production capacity in the middle of the year, and export tires increased. The company announced that in the third quarter, the overall prices of the five main raw materials of natural rubber, synthetic rubber, carbon black, steel cord, and cord fabrics fell year by year.

70%, contributing to the high growth rate of quarterly performance.

Passenger car tires and the new Serbian plant will provide strong guarantees for continued higher growth in the future.

The company has started to provide main tires for first-class models of the FAW Jetta brand in the middle of this year. From the two models of VA3 that Jetta launched in September, the total sales of VS5 exceeded 1 that month.

10,000 vehicles to judge, in the future, the brand is selling well and exceeding the market’s expected probability deviation.

On August 26, the company announced a comprehensive strategic cooperation agreement with Geely Automobile Research Institute. The future supporting of Geely Automobile should be worth looking forward to.

Construction of the Serbian factory invested by the company has begun, and production is planned to be completed by the end of 2020, mainly for the European market.

Entering the huge market for passenger car tires (the annual sales of passenger cars in China is about 6 times that of commercial vehicles), and the completion and commissioning of a new plant in Europe and Serbia will provide the company with rapid development in the next few years, providing a lot of benefitsFoundation and guarantee.

Investment suggestion: The company ‘s performance in the first three quarters exceeds expectations, and as the industry gradually picks up and orders for passenger car tires are gradually released, performance growth may accelerate.

Therefore, we raised the company’s expected earnings forecast for 2019 to 2021 to 1.

36 yuan, 1.

66 yuan and 1.

87 yuan, corresponding to 15 net asset income.

6%, 17.

3% and 17.

6%.

Maintain “Buy-A” investment rating.

Risk warning: the recovery of automobile production and sales is lower than expected; the expansion of supporting new customers is lower than expected; the price of raw materials has risen sharply.

Fund Weekly Review: Super Qicheng Fund Growth Technology Net Fund Soars

Fund Weekly Review: Super Qicheng Fund Growth Technology Net Fund Soars

China Net Finance January 17 news The two cities adjusted sideways this week, but it is still difficult to stop the madness of technology stocks. The net value of technology-themed funds has skyrocketed, and this week, over 70% of funds have grown.

Among them, ordinary stock funds and hybrid funds increased by over 70%; tiered funds increased by over 60%; ETFs were mixed; enhanced index funds increased by over 60%; QDII funds were mixed; mixed FOFs increased by over 90%, only 40%Only decreased; bond funds increased by more than 80%; the yield of money funds fell significantly from last week.

  This week, ordinary stock funds and hybrid funds increased by over 70%.

Among them, China Resources Yuanta Information and Media Technology Co., Ltd. grew by 9%.

70%, the largest increase, Great Wall Jiujia’s innovative growth and flexible deployment of mixed growth9.

47%, Guolian An’s preferred industry mixed growth9.

38%, Guolianan Technology Power shares rose 9.

05%; Wanjia Select Mix fell 3.

27%, the largest decline, Wanjia macro timing and multiple strategies fell 3.

24%, Wanjia Ruixing Mixed fell 3.

05%, Wanjia Xinli fell 2.

84%.

  The grading fund rose by over 60%, and the overall increase in the theme B of technology and Internet theme was the largest, while the overall decline of the theme B of steel and coal theme 深圳桑拿网 was the largest.

Which rich country industry 4.

0B rises by 8.

19%, the largest increase, CSI Shenwan Electronics rating B increased by 7.

79%, Rich Country Mobile Internet B grew by 5.

99%, Penghua Internet B increased by 5.

84%; China Merchants Securities CSI Coal B fell by 5.

68%, the largest decline, Penghua Steel B fell by 5.

58%, Zhongrong Coal B fell by 5.

58%, Wells Fargo Coal B fell by 5.

twenty three%.

  ETFs are mixed.

Its China Security CSI All-Share Semiconductor ETF rose by 10.

73%, the largest increase, Cathay Pacific CES Semiconductor ETF increased by 10.

36%, Guolian An CSI refers to the semiconductor product and equipment ETF connection A rose 9.

78%, Guolian An CSI refers to the semiconductor product and equipment ETF connection C rose 9.

77%; Huitianfu CSI Energy ETF fell 南宁桑拿 2.

88%, the largest decline, the GF China Securities All-Share Energy ETF fell by 2.

At 71%, the Tim Fortune CSI State-owned Enterprises One Belt One Road ETF fell by 2.

At 31%, E Fund’s CSI State-owned Enterprises One Belt One Road ETF fell by 2.

28%.

  Enhanced index funds increased by over 60%.

Among them, the Changxin CSI 500 Index increased by 5.

36%, the largest increase, the rich country CSI high-end manufacturing index enhanced growth3.

47%, the theme index of CSI in the rich countries increased by 2.

88%, Huitianfu CSI Environmental Governance Index (LOF) C rose by 2.32%; Western China Securities CSI State-owned Enterprise Dividend Index increased by 1 and decreased.

28%, the largest decline, Qianhai Kaiyuan CSI Big Agricultural Index increased by 1 and fell.

At 01%, the CSI China Connect 100 China Sustainable Development Index enhanced A and dropped 0.

At 81%, the Xingquan Shanghai-Shenzhen 300 Index (LOF) C fell 0.

80%.

  QDII funds were mixed.

Among them, China Mobile Mobile Internet Hybrid (QDII) (USD cash / USD cash) increased by 4.

34%, the largest increase, the rich blue-chip select stocks rose 4.

19%, China Mobile Mobile Hybrid (QDII) (RMB) rose 3.

37%, on the investment in Morgan China’s biomedical hybrid growth3.

16%; Huabao oil and gas dropped by 3.

51%, the largest decline, E Fund’s crude oil C class RMB fell 3.

35%, Yi crude oil Class A RMB fell 3.

34%, Cathay Pacific fell 3.

27%.

  The hybrid FOF increased by over 90%, and only four declined.

Among them, NORD’s category selection (FOF) increased by 2.

36%, the largest increase, and China Merchants and Wyatt’s balanced pension three-year hybrid (FOF) increased by 1.

At 17%, Huaxia Pension’s holdings of mixed ownership (FOF) increased by 1 in 2050.

At 11%, Huaxia Pension increased its holding hybrid (FOF) A by three in 2045.

05%; Zhongrong Quantitative Selection FOF C dropped 0.

13%, the largest decline, Zhongrong Quantitative Selection FOF A fell 0.

12%, Qianhai Kaiyuan Yuyuan dropped 0.

At 09%, BOC Ankang’s prudent old-age pension target fell by 0 per year.

09%.

  Bond funds rose by over 80%.

Among them, Western China’s stable double-interest bond C rose by 1.

83%, the largest increase, the western region benefited from a stable double-interest bond A increased by 1.

82%, human security benefits are set to increase by three months.

At 72%, China Merchants Tianrong’s three-month initial bond issuance A has increased by 1.

62%; Hongta Red Earth Ruixiang Pure Bond C fell by 2.

08%, the largest decline, Ping An Huilong pure debt fell by 1.

85%, Haifutong convertible bonds preferred bonds decreased by 1.

54%, Xinyuan Hengxin Yield Enhancement Bonds fell by 1.

20%.

  The rate of return of money funds has dropped significantly from last week, and the average rate of return of money funds this week was 0.

048%. According to the data on January 16, only 48 currency funds have an annualized return of over 3% on the 7th, and only 32 currency funds have an income of more than 1 yuan per 10,000 funds, which is more than half of the previous number.