at this time,I saw a shooting star burning with flames suddenly appeared from the distant sky,Cut the sky,Landed directly not far from Song Chen and the others,The huge shock caused by the meteorite awakened Song Chen and Zhao Yue who were still sleeping。

“what happened?earthquake?”
Zhao Yue stood up with a confused look,Looking at the crumbling wooden house,Hurriedly pulled Song Chen out,For fear of the wooden house collapsing,Causing them to be crushed under the ruins of the wooden house。
“This should be the vibration caused by the heavy object landing,Look over there,The dust rising to the sky,Did the meteorite land??”
Song Chen also looked inexplicably at the huge dust rising in the distance,Said doubtfully,The shock just now almost made him think it was an earthquake,It turned out to be just a meteorite landing。
“and many more,Meteorite landing?Qin Shihuang is still in power?Isn’t this the meteorite engraved with the dead Qin Hu??”
Song Chen suddenly flashed in his mind,Remembered the previous class,A record I saw in the book,It is said that one day,Meteorite landing,Some villagers found the words Dead Qin Zhe Hu on the meteorite,After the news reached Qin Shihuang Yingzheng,Ying Zheng furious,Baili,Regardless of gender,Kill all,land,All burned,Chidibaili,No grass grows,If it is really that meteorite,Song Chen feels he needs to run away。
“What meteorite?”
Zhao Yue looked at the panicked Song Chen with a dazed expression,Don’t understand why it’s just a meteorite,I made this fellow scared his face pale。
“If i expected,This meteorite is engraved with the words “Dead Qin Zhe Hu”,According to records,Qin Shihuang’s victory killed all creatures in a radius of a hundred li,Prevent information leakage,How far are we?”
Song Chen saw Zhao Yue’s puzzled eyes,Explained,Looking at the dust in the distance,Distance from oneself,It would be nice to have ten miles,In other words,The location of myself and others is also within this radius,and,This is Qin Shi Mingyue World,Maybe there are already trapped assassins to investigate the situation where the meteorite landed.,Thinking of this, Song Chen suddenly felt uncomfortable.,The desire to run is stronger。
“Is it within a hundred miles??Just rely on us two ordinary people,I’m afraid even if I start running now,Can’t go far。”
Zhao Yue said calmly,This is also true,With them two ordinary people,Really can’t go far,Maybe Qin Shihuang’s order to Yingzheng came down,Then is the death period of both of them。
“How do you say this luck,Really bad enough,no solution anymore,Brother Zhao,Let’s go,We leave this world,Have mercy on my inner strength cultivation method,Finally came to this world of high force value,result,Just because of the meteorite falling from the sky,Had to run away,Strength。”
Song Chen thought for a moment,Said helplessly,Although I am very reluctant to give up this world’s internal cultivation method,But my life is important,It’s just a rare encounter in a world I’m familiar with,Just to avoid danger,Have to leave,Make Song Chen feel very heavy,But helpless,After adjusting my mentality quickly,Take out the bronze wooden door,Pulling Zhao Yue with an unknown face,Next second,A white light flashed,The two disappeared in place。

They should be shooting small videos like Douyin,It’s rare to see such a handsome big brother and beautiful and elegant young lady,Not used as video material,It’s too wasteful。

but,These middle school students didn’t have the courage to come forward and start a conversation,Maybe in their imagination,The three sitting over there,Should be a person of great status,The status of these ordinary students is vastly different,As long as you can take a long shot,Enough to show off。
In fact,Except for these slightly naive students,Young people passing by this street,And the white-collar workers in the buildings nearby,I also noticed the three people sitting in the outdoor cafe。
Why did the three of them be so outstanding??The man is handsome,Just perfect body,But he still has a free and upright temperament on his body,Unforgettable。
And the two beautiful women sitting beside him,It can be described as stunning。
One is charming,A natural beauty,One is Bingqing Yujie,Jade beauty like a fairy descending the earth,Comes with an indescribable ascetic beauty。
No matter which one of these two beauties,Are even more beautiful than the big beauties on the movie screen,But also amorous,But they happened to be by the side of a man at the same time,And from the intimate actions of the two,I can’t tell which man’s girlfriend is.,or,Both are。
Soon,The side of this street,Seven or eight luxury sports cars have been parked。
These luxury sports cars have been driven from various places in the city one after another,Apparently someone broke the news through social networks,Said there are stunning beauties in this street。
Those wealthy sons and rich second generations who think they are a bit wealthy,One after another,Some made a special trip to take a look,How beautiful is the so-called stunning beauty,And almost everyone was not disappointed,The next step is for them to show their magic,I hope I can make an impression in the eyes of two big beauties.。
But it’s a pity,No matter how expensive the sports car appears,The roar of the engine blasted the streets loudly,It’s a pity that the three people sitting at the coffee table,But turned a blind eye,turn a deaf ear,Not affected at all。
now,Lu Menglin is lying in front of the laptop,Frowning,Staring at the computer screen,Already totally addicted。

wrong!Lu Menglin doesn’t study well either?He didn’t stay in school for a few days,This kid is now pretending to be a big tail wolf!

A few steps out,Lu Menglin suddenly turned around,Slap your head,Smiled:“mom,I almost forgot。Our two sessions are self-study,I took time off from the monitor。”
“So?How about you take me to your dorm!Let me organize it for you,Your child has never loved doing business since childhood,Live outside,It must be messy。”Mother Lu thought for a while,Said。
When Lu Menglin heard this,,Suddenly I was worried again。
402How long has the dormitory been unoccupied?,Take mom this time,Didn’t you wear it right away??
“Menglin,I remember your dorm phone number is6402,Your dormitory number is402Bar?”Mother Lu said with a smile。
As the saying goes,My mother is worried,Every detail of the outside of the son,Have been deeply imprinted in the mother’s heart,I don’t know how many times I have been thinking about it。
“Yes,Yes!”Lu Menglin smiled bitterly。
He wanted to find a separate dormitory to fool around,Now my mom can figure out the dormitory number,It looks like I can’t hide it。
Lu Menglin had to take his mother and say hello to the old man,And then entered the male dormitory。
Arrived402Dormitory entrance,Lu Menglin’s heart is swayed,Opened the door。
He planned to confess to his mother,Recent company affairs,I haven’t returned to the dormitory for a while。

2017 World Championship Xu Jiayu men’s 200m backstroke final match time live broadcast address_1

2017 World Championships Xu Jiayu men’s 200m backstroke final match time live broadcast address
On July 28th, Beijing time, the 15th day of the 2017 World Swimming Championships, five gold medals will be decided in the swimming arena, and Xu Jiayu will attack the men’s 200-meter backstroke gold medal.The following is the final live broadcast address of the Xu Jiayu men’s 200-meter backstroke at the 2017 World Championships.Xu Jiayu of Yitong, who scored 1 minute, 54 seconds and 79 seconds in the men’s 200-meter backstroke semifinals, ranked first in the semifinals and was 0 faster than the Olympic champion of the event, American star Murphy.14 seconds.He set a national record of 1 minute, 54 seconds and 03 in the National Swimming Championships this year, ranking second in the world rankings this year.  Russian player Lei Luofu traveled 1 minute 53 seconds 81, ranking first in the world ranking this year.It is expected that the title fight will start between Xu Jiayu, Lei Luofu, and Murphy. To win the championship, it may take 1 minute and 54 seconds to swim. This is not a small challenge for Xu Jiayu. Original title: The final time of the 200-meter backstroke in the 200-meter backstroke of the 2017 World Championships

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.


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

Tongwei (600438): The profit prospect of the bottom of the battery chip will be full

Tongwei (600438): The profit prospect of the bottom of the battery chip will be full
The company released the semi-annual report for 2019 and reported that the combined company’s revenue was attributed to net profit, and the net profit after deduction was 161.24, 14.51, 13.8.6 billion, an increase of 29 each year.39%, 58.01%, 55.69%.Performance continued to maintain high growth.The company has continued to increase in the field of advanced materials and high-efficiency battery chips, and has become a double leader in silicon materials and battery chips. It is expected that with the price of PERC batteries at the end of the third quarter and the bottom of the fourth quarter, the company’s battery profitability is expected to rebound, and with the capacity utilization rateThe year-on-year increase is continuously increasing, and it is expected that the amount of investment in the second half of the year will increase at least 10% from the first half.The company’s Baotou and Leshan total 6 injection of new silicon material capacity gradually released, the first half of the capacity released about 20%, it is expected that the second half of the production capacity will be fully released.We are optimistic about the company’s lean management level and excellent cost control ability, and maintain the “Highly Recommended-A” rating with a target price of 15.5-16 years old.5 yuan. Performance maintained high growth.In the first half of 2019, the company’s revenue was attributed to its net profit, and the net profit after deduction was 161.24, 14.51, 13.8.6 billion, an increase of 29 each year.39%, 58.01%, 55.69%.Among them, the income in the second quarter was attributed to net profit, and the net profit after deduction was 99.55, 9.60, 9.11 trillion, an increase of 37 each year.52%, 60.22%, 56.18%. Profitability Analysis.In the first half of the year, the company’s comprehensive gross profit margin was 22.01%, an annual increase of 2.44 per share, sales, management, and financial expense ratios are 2.70%, 6.50%, 2.11%, a decline of 0 per year.77, up 0.40, 1.For 08 shares per share, the increase in the financial expense ratio was mainly due to the conversion of solid-state construction projects into capitalization of index expenditures and the expansion of external financing.The overall decline in the company’s first half net profit was 9.05%, rising by 1 every year.57 units. Breakdown of business.In the first half of 2019, the company’s sales of silicon materials2.28 Initially, it grew by 162 per year.85%, with a price drop of 40-50%, still achieving 16.With a gross profit margin of 98%, it is one of the few companies in the industry that continues to maintain profitability.In the first half of the year, the company’s battery chip sales were about 6GW, an increase of 97% year-on-year, of which monocrystalline PERC4.4GW, polycrystalline 1.About 6GW.The company’s battery capacity utilization rate of the old line reached 110-120%, the new line 110%, and subsequently increased to 120%. Battery profitability is expected to bottom out in the third quarter, and silicon materials will be fully discharged.The price of PERC batteries has dropped significantly in the past two months, mainly due to the short-term internal demand not yet activated and the proliferation of PERC capacity. It is expected that prices will pick up at the end of the third quarter and the fourth quarter. Battery profitability is expected to bottom out.The capacity utilization rate of the completed 6gw monocrystalline cells has 合肥夜网 been increasing month by month, and it is expected that the amount of investment in the second half of the year will increase at least 10% from the first half.The company’s Baotou and Leshan totaled 6 new capacity to be gradually released. In the first half of the year, about 20% of the capacity was released. It is expected that the capacity will be fully released in the second half of the year. Investment suggestion: Maintain “Highly Recommended-A” rating, target price is 15.5-16 years old.5 yuan. Risk warning: domestic installed capacity is less than expected, overseas demand is less than expected, and battery prices are rising less than expected.

Yutong Bus (600066) Interim Review: Leading Leader Keeps Leading Position, Improves Research, Development, and Practices

Yutong Bus (600066) Interim Review: Leading Leader Keeps Leading Position, Improves Research, Development, and Practices

The performance increased against the trend, showing the leading style.

The company’s revenue in the first half of the year was 125 ppm, an increase of 4 per year.

06%; net profit attributable to mother 6.

8.3 billion, an increase of 10 in ten years.

78%; 5 after deduction.

2.2 billion, an annual increase of 0.


The company sold passenger cars in the first half of the year.

540,000 vehicles, an annual increase of 2.


According to the China Automobile Association, domestic sales of large and medium-sized passenger cars increased by 5 in the first half of the year.

9%, the company steadily topped the list of large and medium-sized buses, maintained its leading edge, and increased sales.

Outstanding cost control benefits The company’s profit margin has increased compared to the same period last year.

Short-term new energy buses will be affected by subsidy declines.

The supplementary transition period for new energy buses resumed and stopped for 8 months. It is expected that the effect of rush installation before the end of the transition period will be obvious, and it will also overdraw the sales of passenger cars in the coming months.

The short-term compensation for declines constitutes a growth rate for passenger car sales and profits, but we believe that outstanding companies can gradually increase profits with stronger cost control and increase share with stronger product power.

R & D and layout of high-end 佛山桑拿网 products, the overseas market has steadily advanced.

The company maintained R & D investment beyond the industry. In the first half of the year, the R & D expense was 800 million US dollars, an increase of 28% over the same period of the previous year.

Overseas high-end products are a magic weapon to open the company’s sales and profits.

Finally, in the first half of the year, the company gradually exported6.

70,000 passenger cars are exported to Europe, Africa, Latin America, Australia, Southeast Asia and other countries, with a sales network covering more than 70 years.

Among them, new energy buses have formed batch orders in many European countries, and significant achievements have been made in overseas markets.

Investment suggestion: We estimate the company’s net profit attributable to its mothers to be US $ 2.5 billion and US $ 2.6 billion in 2019 and 2020, respectively. The current overall corresponding dynamic estimates are 12 and 11 times, respectively.

Risk warning: New energy bus sales are lower than expected; cost reduction is lower than expected.

China Software (600536): Revenue Growth Exceeds Expectations, Encore Leadership Verification in the First Year!

China Software (600536): Revenue Growth Exceeds Expectations, Encore Leadership Verification in the First Year!

Event: The company released the first quarter report of 2019 with a net error of 1 in 2019Q1.

30,000 yuan, expected from the same period last year.

0.8 billion yuan; operating income is 10.

07 trillion, an increase of 78 over the same period last year.


The company’s revenue of the same caliber increased faster than apparent, and operating cash flow improved significantly.

In Q1 2019, the company achieved revenue of 10.

07 million yuan, an increase of 78 in ten years.

18%, deducting non-net formaldehyde 1.

500,000 yuan, non-intervention during the same period in 20171.

1.8 billion.

Taking into account the impact of Maipu Communication is no longer consolidated, the revenue scale of Maipu Communication in 2018 was 5.

2.4 billion, the company’s revenue of the same caliber is higher.

2019Q1 company gross profit margin 25.

52%, 2018Q1 gross margin was 31.

92%, the reason is that the industry solutions business accounted for a relatively high revenue, operating cash flow in 2019Q1 was -4.

550,000 yuan, -5 in 2018Q1.

7.3 billion US dollars, temporarily improved significantly, and improved margins even higher.

E-government business drove rapid revenue growth, and Enco’s industrialization was reconfirmed in the first year.

According to the company’s first quarter report, the reason for the rapid growth of the company’s revenue is that the industry solution business recognizes the sales revenue growth rate according to progress.

We believe that the increase mainly comes from the contribution of the e-government business in industry solutions. The company’s e-government business continues to improve the independent and controllable basic software ecology in the construction of a safe and reliable ecosystem, and promotes the integration of basic ecology, system ecology, and application ecology.

The company’s e-government business adapts to the strong demand for work. It is verified on the side that 2019 will be the first year of the industrialization of Encore. In terms of policy, Encore has risen to the national strategy. Technically, terminals and servers produced in the country have been fully replaced.Trade friction also shows that Encore is the only way for China’s science and technology. After the test phase, Encore will usher in a large-scale promotion.

The Kirin operating system has completed mutual authentication of mainstream cloud platforms, and domestic operating systems have entered a user accumulation period.

According to the public account of the winning software, the Kirin operating system has completed mutual authentication with the two domestic cloud service providers (Alibaba Cloud and Tencent Cloud), and Azure mutual authentication internationally.

With the advancement of Encore’s industrialization, national production terminals and servers will enter the user accumulation period, and the user base of domestic operating systems will evolve from few expectations to ten million.

The increase in the magnitude of users will inevitably lead to the evolution of the overall ecological environment of domestic operating systems, from the current “usable” stage to the “good use” stage of application modeling.

The coverage of localized computers will be given priority by the party and government agencies. The localization of eight major industries, including finance and electricity, is already under planning.

The promotion of party and government agencies will accelerate the penetration of the civilian market, and marketization is imminent.

Maintain “Buy” rating.

According to the company’s annual report disclosure business plan, we expect the company’s revenue for 2019-2021 to be 60.



8.4 billion, net profit attributable to mothers was 2.



56 billion, EBITDA is 4 respectively.


89/14.15 billion.

We use the EV / (ebitda + R & D cost) assessment method. Considering the large amount of R & D needs of the operating system adjustment and ecology, it is assumed that the company’s R & D investment compound growth will be 21% in 2018-2020, and the R & D expenditure in 2020 will reach 14.

72 billion, maintain “Buy” rating.

Risk warning: domestic technology has gradually evolved 北京夜网 to expectations; government investment in autonomous and controllable products has fallen short of expectations; key assumptions may have a risk of error.

China Power (600482): Military-civilian cooperation and steady growth to create a leading power forward

China Power (600482): Military-civilian cooperation and steady growth to create a leading power forward

The main points of the report describe China Power’s release of the first quarter report of 2019, and the report actually achieved revenue of 70%.

30 ppm, an increase of 24 in ten years.

70%; net profit attributable to mother 1.

78 ppm, an increase of 0 in ten years.


  Comment on the incident The coordinated development of military and civilian business and steady revenue growth.

The company’s revenue in Q1 2019 was 70.

30 trillion, a year-on-year growth rate of 24.

70%, mainly contributed by chemical power, offshore platforms and marine machinery.

Military products have the characteristics of high gross profit margin and year-end centralized delivery. The company’s civilian products business is in the market development period. The continuous increase in the proportion of civilian products has led to a decrease in reported gross profit margin and a decrease in the same period last year.

  The company continued to repurchase and restructure to safeguard the company’s value and shareholders’ equity.

The company continues to promote the repurchase and reorganization of its shareholding plan. In 2018, it repurchased a total 天津夜网 of about 400 million US dollars through centralized bidding with its own funds; this report may announce the amount of repurchase plans2.

500 million-5.

0 million yuan, as of March 31, the repurchase amount is about 2.

8.5 billion, accounting for about 0 of the company’s total share capital.


The use of the company’s cash bonus for the continuous implementation of the stock repurchase program will increase the yield. At the same time, the repurchase of shares will also help protect the company’s value and shareholders’ equity.

  The company has further promoted the military-civilian integration strategy, and “military to civilian” is expected to open the growth ceiling.

Affected by the relatively large market space of the military fine-molecule industry, the long-term growth of related companies has attracted more 北京夜生活网 attention, while the commercialization of military technology as an important direction for corporate growth has promoted new and medium-term performance growth points for the company.

The company continues to advance the company’s strategic positioning of “Military-oriented, military-civilian integration, advancing sea and land, and a step-by-step development of a military-to-civilian power equipment leader”. In the medium and long term, it is trying to open the ceiling for military products.

  Investment suggestion: The company’s military and civilian business will be developed in a coordinated manner, and the layout of the seven major power sectors will be clear.

It is estimated that the company’s net profit attributable to mothers in 2019-21 will be 15 respectively.

8.5 billion, 18.

9.8 billion, 22.

44 trillion, EPS is 0.

92 yuan, 1.

11 yuan, 1.

At 31 yuan, the corresponding PE is 26.

37 times, 22.

01 times, 18.

62 times, combined with the leading position of the company’s domestic ship power system, maintaining the “Buy” level.

  Risk Warning: 1.

The company’s military business orders were less than expected; 2.

The development of military-civilian integration business market was less than expected; 3.

The recovery of the civil ship industry was less than expected.

Xusheng shares (603305) company comment: Tesla’s Q2 production and sales surpassed expectations to advance the angle of attack

Xusheng shares (603305) company comment: Tesla’s Q2 production and sales surpassed expectations to advance the angle of attack

Event: Tesla announced the second quarter production and sales situation: In the second quarter of 2019, Tesla delivered 95,200 vehicles worldwide, exceeding the first quarter.

Among them, Model 3 produced 72,531 units and delivered 77,550 units; Model X and Model S produced 14,517 units and delivered 17,650 units.

Event comment: Tesla’s Q2 production and sales hit a record high, exceeding market expectations.

In 2019Q2, a total of 7 Model 3 was produced.

250,000无锡夜网 vehicles, an increase of 15 from the previous month.

2%, Model X & S produced a total of 1.

450,000 vehicles, an increase of 2 from the previous month.

6%, the overall output reached 8.

700,000 vehicles, an increase of 12 from the previous month.


In terms of delivery, Model 3 delivered a total of 7.

760,000, an increase of 52 from the previous month.

4%, Model X / S delivered a total of 1.

770,000 vehicles, an increase of 45 from the previous month.

9%, and the overall delivery volume reached 9.

520,000 vehicles, up 51 from the previous month.


In addition, the output and delivery of Tesla this time are higher than the 18Q3 8.

660,000 and 9.

07 thousand vehicles.

We believe that the preliminary results are as follows: 1) The orders in transit in the first quarter were gradually delivered.

2) 深圳spa会所 “Low-profile” X / S regression model, which helps X & S two models of production and sales: older than the “low-profile” version, the standard endurance version listed in April is equivalent but with better performance.

In addition, we expect the volume of Model S / X and Model 3 to reach 80,000 and 310,000 in 2019, respectively.

The domestic Model 3 is expected to be officially delivered by the end of the year, and the value of supporting bicycles may increase.

Since the prices and efficiency of some nearby parts and accessories will be regularly imported from the United States, we expect that some of the original US-made parts and components will be transferred to domestic suppliers.

For this reason, we expect that the value of Ascend’s bicycles supporting domestic Model 3 is expected to surpass the US version.

In addition, Musk has publicly stated that the Shanghai plant is expected to start in November, and the production capacity may exceed 1,000 vehicles by the end of the year.

Accelerate new customers, product expansion, and open up long-term growth space.

At present, the company has successfully developed new energy vehicle customers such as Weilai, Ningde Times, and other auto parts giants such as Eaton, Valeo-Siemens, etc .; and has actively penetrated into overseas high-end automobile manufacturers, and is committed to opening up new long-term growth space.

We expect that Ningde Times and other pre-development customers are expected to land next year, and other customers will strive to land in 20 years.

Converted debt + fixed increase, optimize production capacity and expand the new blue ocean.

The company’s convertible bonds raised funds are mainly used for the construction of the forging capacity of 5 million new energy vehicle chassis suspensions. The investment value of the bicycle is 1,000-2000 yuan.

Dingzeng plans to raise up to 12 million US dollars of precision casting and forging projects (4.

500 million) and automotive lightweight parts manufacturing projects (7.

500 million).

The former is a continuation of the company’s convertible bond project, and this year it plans to add 6.85 million pieces of annual production capacity.

Forging products are currently mainly overseas giants such as Rio Tinto Aluminum, Kenlian Aluminum, and Kobe, Japan, but the main domestic customers involved are traditional high-end cars, which are far from meeting the rapid growth of domestic new energy vehicles.
Therefore, the potential demand breakthrough of the company’s fund-raising products is expected to open up new long-term growth space.
Investment suggestion: Tesla’s localization is imminent, coupled with the arrival of new customers, the company’s performance is flexible; under the environment of lightweight new energy, the company is expected to rapidly develop the market under the name of Tesla; enter the field of chassis lightweight and add valueThick company performance.

It is estimated that the net profit attributable to the mother in 19-20 will be 3 respectively.


100 million yuan, corresponding to 0 EPS.

76, 1.

03 yuan / share, maintaining the “buy” rating risk warning: Tesla production and sales are less than expected, Tesla domestic progress is less than expected.