Hytera (002583): Intensive bids for projects at home and abroad gradually transform to growth

    Hytera (002583): Intensive bids for projects at home and abroad gradually transform to growth

    Event: Hytera announced on June 2 that the company won the bid for the base station expansion and network optimization project of the Nanjing Municipal Public Security Bureau’s 350 megabyte digital system system, and the bid amount was RMB 6,862.

    400,000 yuan.

    The project is mainly to expand the capacity and network optimization of the existing PDT digital integrated communication system of Nanjing Public Security Bureau, and provide corresponding software and platforms.

    Comments: 1. The huge scale of domestic broadband expansion is about to begin. The company is expected to expand its first-mover advantage and announce that Hytera has won the bid for the expansion of the base station and network optimization project of the 350 million digital transfer system of Nanjing Public Security Bureau.

    400,000 yuan, accounting for 0 of the company’s 2018 operating income.

    99%, it is expected that the contract budget will have a certain positive impact on the company’s future total revenue and operating profit.

    The current 350MHz Digital Integrated System (PDT) of Nanjing Public Security Bureau is provided by Hytera. The winning bid is the expansion and optimization of the existing network to build a wider and deeper PDT digital network for Nanjing Public Security Bureau., Nanjing Nanjing Public Security Bureau’s communication needs for daily police work, security of large-scale activities, important guard tasks, and emergency maintenance.

    Affected by domestic macroeconomic factors last year, the domestic constructive progress is improving and slowing down, and the company’s PDT business revenue growth has been suppressed to some extent.

    The successful release of the PDT expansion project of the Nanjing Public Security Bureau this time reflects that the upgrade of public security private network communications from analog to digital is continuing, and there is room for penetration of PDT in the national public security market.

    Hytera actively participates in the formulation of domestic and foreign industry standards, and currently has a domestic PDT market share of more than 60%.

    The strength is above the absolute leader in the PDT field, and the company is expected to replace the first-mover advantage in broadband construction.

    This year, the company will continue to promote the construction and application expansion of the domestic public security PDT network, and further expand the domestic market share in the public safety field.

    Broadband and narrowband convergence is the industry’s deterministic trend. In order to meet the needs of public security for informatization, the transformation communication system is gradually developing towards the system IP, business orientation, data broadband, and terminal multi-mode.

    Hytera has accumulated many years of research and development in the field of wide and narrow convergence. Through the expansion of broadband LTE technology, the construction of a domestic broadband LTE proprietary network has gradually started. Hytera is committed to taking advantage of the industry’s wind and achieving double growth in performance and estimates.

    2. The overseas market continues to make breakthroughs, and the company’s global competitiveness has greatly increased.Since 2019, the company has intensively won bids for overseas projects (including North America, Southeast Asia, Europe, South America and other regions) in excess of US $ 400 million.

    The company’s overseas sales are mainly TETRA’s built-in communication system equipment, and its gross profit margin is relatively high.

    The overseas market continued to make breakthroughs, and the expansion of cost control achieved initial results. The company’s performance is expected to continue to improve and maintain steady growth.

    Since the company acquired Sappro, Sappro and its subsidiaries have successively won major bids worldwide.

    The aim is to improve and fully reflect the integration effect of the company’s acquisition of Sepura; the reorganization also reflects the company’s strategic benefits of integration in the European and American markets.

    At the beginning of this year, the company won the bid for a public safety TETRA terminal equipment project in a country in Western Europe, the amount reached 1.

    1.3 billion US dollars, a good demonstration effect for the company’s expansion in the country and the entire European market, further confirming the improvement of the global competitiveness of the company’s TETRA products.

    With the completion of the acquisition and the continuous deepening of integration, the company’s product line is more complete and its advantages are complementary, which can more fully meet this demand in different scenarios for different customers, effectively improving the company’s overall competitiveness andThe market influence has truly achieved 1 + 1> 2.

    The company’s overall overseas revenue has mainly increased in Europe and the United States, developed regions such as the Middle East that started the construction of private networks earlier, and the countries along the “Belt and Road” have a relatively low revenue.

    However, through the increasing demand for private network communications equipment in emerging market countries, it is expected to enter the high-speed construction period in the future.

    Hytera has long-term cooperative relationships with policy banks such as China Development Bank and Guokou Bank, and has a deep understanding of overseas customers. The company plans to deploy emerging markets early in accordance with national policies, 杭州桑拿网 which effectively guarantees future business development.

    3. Focusing on the main channel of private network communication, transforming the company’s global leading private network equipment and solution provider from extensive growth to profitable growth, always focusing on the professional wireless communication field, with a complete range from analog, digital to wideband and narrowband integration.Private network product portfolio, mainly strategic government public safety departments, emergency communications for public utilities and industrial and commercial enterprises, command dispatching and daily work communications.

    In the future, the company will still focus on the main channel of the business, and by continuously expanding the market size and further controlling fees and increasing efficiency, it will realize a transition from extensive growth to profitable growth.

    Last year, the company’s OEM business grew rapidly, mainly due to the changing characteristics of the procurement cycle of the private network communications industry. In order to improve the efficiency of capacity utilization, the company’s scale of income changed.

    However, the company’s OEM is mainly concentrated in professional manufacturing and high-end optical modules, and its process accumulation also has a positive feedback effect on the company’s main business.

    In the future, it is expected that the business will continue to maintain stable growth and provide effective support for cash flow.

    In the first quarter of 2019, the company’s operating net cash flow3.

    09 million yuan, the group’s receivables are in good condition, benefiting from the company’s internal fine management, integration of the sales team, and continuous optimization of the staff structure; meanwhile, the company’s sales scale continues to expand, and the repayment management is more active.

    The company’s cash flow has gradually picked up. It is expected that through further expansion of the business, the company’s cash flow situation will further improve.

    4. The new cycle of private network broadband is about to start, and the company’s progress is the first to benefit. Maintaining the “Strongly Recommended-A” rating benefits from the two rounds of bonuses for domestic narrowband PDT private network construction and the development of the Belt and Road overseas emerging markets. Hytera PDT, DMR, TETRA Broadband and narrowband fusion products are expected to maintain rapid growth.

    Private networks have entered the era of broadband and narrowband integration, and demand for broadband data services has emerged.

    The company’s wide and narrowband fusion products are gradually maturing and integrate the industry’s leading advantages, which is expected to benefit first.

    The company’s revenue has continued to grow, its cost control has achieved initial results, and its operating efficiency has steadily improved, gradually transforming from extensive growth to expected growth.

    It is expected that the net profit attributable to mothers for 2019-2021 will be 7, respectively.00 ppm, 9.

    10,000 yuan, 11.

    78 million, corresponding to 22 PE in 2019-2021.

    2, 17.

    3 and 13.

    2 times, maintaining “strongly recommended-A” grade.

    Risk warning: Sino-US trade friction, business expansion is less than expected, cost control is less than expected

    Categories: yzneqeii

    Golden emblem wine (603919): Longshang Jiangnan famous Gansu regional leader

    Golden emblem wine (603919): “Longshang Jiangnan” famous Gansu regional leader
    The company’s 19Q3 revenue performance +70.4% / 878%, exceeding market expectations.After the company Q2 actively adjusted the market, Q3 achieved 杭州桑拿 significant results, achieved high revenue growth at a low base, structural upgrades and lower expense ratios to magnify performance flexibility.Looking into the future, against the background of the squeezed growth and differentiation of the liquor industry, the company’s most important thing is to take the revenue scale to the next level. The company proposes a five-year strategic plan and plans to achieve 3 billion revenue in 2023.The annual operating performance is deeply constrained, coexisting with pressure and motivation, reflecting the company’s long-term consideration and development decision. It is expected that the company will seize the potential for consumption upgrading in the province, increase the expansion of weak markets and further increase market share.Forecast 19-20 eps 0.72, 0.83 yuan, given 20 years 天津夜网 of 24X PE, target price of 20 yuan, for the first time covering the provisional “careful recommendation-A” rating. Third quarter 19 revenue performance +70.4% / 878%, exceeding market expectations.The company’s revenue for the first three quarters of 19 was 11.0.6 billion, previously +14.64%, net profit attributable to mother 1.6.3 billion, at least -1.9%, of which single-quarter revenue was 2 in the third quarter.9.2 billion, previously +70.38%, net profit attributable to mother 0.2.8 billion, previously + 878%, exceeding market expectations.3Q19 final advance receipts2.2.6 billion, previously +39.4%, channel payment is active, and the return situation is good, 19Q3 sales return4.1.6 billion, 113% per year, operating net cash flow is 0.7.7 billion, + 189% in the past. After Q2 took the initiative to adjust the market, Q3 achieved significant results and achieved high revenue growth at a low base.The company actively controlled the volume in the second quarter and adjusted the market, resulting in an improvement in Q2 revenue. The effect began to appear in the third quarter. The mid-autumn season was well sold, and the mid- to high-end products accelerated growth.-31%, the product structure upgrade was obvious, superimposed on the low base in the same period last year, Q3 revenue achieved a high growth of 70%. The upgrade of product structure promotes the increase of gross profit margin, and the decline in expense ratio amplifies the elasticity of performance.The company’s gross profit margin was 66 in 19Q3.06%, ten years +5.4%, mainly due to the upgrade of the product structure. Century Golden Emblem Samsung and above products accelerated growth and promoted the increase in gross profit margin.19Q3 sales expense ratio was 24.53% every year -2.33pct is expected to be the preliminary expense expenditure in the second quarter, and it will converge on the expense side in the third quarter.19Q3 management expense ratio (including research and development) 13.96% per year-6.1pct, mainly due to high income and thinning, taxes and surcharges13.03% every year -0.87 points.The gross profit margin increased and the supplementary expense ratio decreased, and Q3 net profit margin further increased.8 points to 9.45%. The growth rate in western Gansu and around Lanzhou is relatively fast. The growth in southeast Gansu has been steady, and the central part of Gansu has continued to improve.In terms of different regions, the province is still the main source of company revenue. In the first three quarters of 19 years, the proportion of income outside the province was 85% and 15%.Looking at the province, southeast Gansu and central Gansu are mature markets with a market share of more than 40%, and the revenue growth rate is relatively slow. Southeast Gansu’s revenue in the first three quarters of 19 doubled +3.2%, central Gansu decreased by -18%; Lanzhou and surrounding cities occupy about 1/3 of the land, and the income in the first three quarters of 19 maintained a steady increase, each time +15.3%; Western Gansu is a growth market, with a base number that achieved high growth of 55% in the first three quarters of 19, is a potential market for the company’s key development. The current city share is still replaceable, and it is expected to continue to maintain a high growth rate in the future.In the first three quarters of 19, the rate of + 66% per second outside the province was outstanding, mainly due to the expansion speed outside the province.In 19Q3, the number of dealers in and out of the province increased by 22/11 to 261/163. The five-year target pressure and motivation coexist, and we expect the company to seize the possibility of consumption upgrade in the province, increase intervention in weak markets, and further increase the city’s share.The current scale of the company’s revenue is still small (<2 billion). We believe that under the background of the squeezed growth and differentiation of the liquor industry, it is most important to take the revenue scale to the next level and accelerate the market share gain.This approach is beneficial to the company's long-term development.The company released the "Five-Year Plan" and "Remuneration Reward and Punishment Plan" in the middle of the year. It plans to achieve 3 billion revenue in 2023. At the same time, executive compensation is deeply tied to the operating performance in the next five years, which reflects the company's long-term consideration and development determination.In the end, the company continued to do basic work, further refine the market in the province, continue to promote "deep distribution", establish a "Wanshang alliance" system, strengthen the control of terminal stores, and at the same time establish a sound performance evaluation mechanism to stimulate employee motivation.We believe that the company's strategic goals are clear and the incentive mechanism is in place. The expansion of the previous years' layout has laid a good foundation for future development trends. Only considering that the current industry has entered squeezed growth and increased competition pressure, we look forward to the company's grasp of the province.The potential for domestic consumption upgrades, while increasing the expansion of weak markets, further increasing the city's share, while continuing to cultivate consumers outside the province, enhance brand power, and escort to achieve the five strategic goals. Investment suggestion: The fundamentals have improved month-on-month, and the long-term goals are clear. For the first time, it is temporarily assigned a "prudent recommendation-A" rating.After the company Q2 took the initiative to adjust the market, Q3 achieved significant results and achieved high growth at a low base to achieve its goals.Looking into the future, against the background of the squeezed growth and differentiation of the liquor industry, the company's most important thing is to take the revenue scale to the next level. The company proposes a five-year strategic plan and plans to achieve 3 billion revenue in 2023.The annual operating performance is deeply constrained, coexisting with pressure and motivation, reflecting the company's long-term consideration and development decision. It is expected that the company will seize the potential for consumption upgrading in the province, increase the expansion of weak markets and further increase market share.Forecast 19-20 eps 0.72, 0.83 yuan, given 20 years of 24X PE, target price of 20 yuan, for the first time covering the provisional "careful recommendation-A" rating. Risk warning: demand falls, competition in the province increases, and expansion outside the province is less than expected.

    Categories: mdildyu

    Gree Electric (000651): Mixed reform ready to go

    Gree Electric (000651): Mixed reform ready to go

    Gree Electric and Midea Group have always had a certain estimation gap.

    From the time of the Midea Group’s overall listing to the announcement of Gree Electric’s mixed reform, the average value of Gree PE (FY1) was 9.

    5 times, Midea Group’s PE (FY1) average is 12.

    8 times, Midea Group has an average estimated premium of 1 over Gree Electric.

    35 times.

    We believe that the long-term estimated difference between Midea and Gree is caused by several factors: (1) Corporate governance: Midea ‘s private enterprise attributes and Gree ‘s state-owned enterprise attributes are measured under governance risks, including methodological processes,Incentives, etc., may ultimately lead to higher operating efficiency.

    (2) Growth space: In addition to the air-conditioning business, 杭州桑拿 Midea Group is involved in the merger of household appliances such as ice washing, small appliances, and kitchen appliances, and is warped by the industry. A variety of businesses can reduce performance variability and avoid and avoid the ceiling of single-business growth space.limits.

    On the whole, Gree before the mixed reforms has made some efforts to optimize the governance structure in terms of weakening conventional attributes, equity incentives, and the binding of dealers’ interests.

    From the perspective of control rights, from the initial state-owned highly concentrated holding of state-owned assets to the conversion of equity reforms, additional issuances, and reductions, the Gree Group’s equity conversion has improved the fundamental attributes of Gree.

    From the perspective of executive incentives and the bundling of dealers’ interests, Gree Electric has only made a three-year equity incentive arrangement during the share reform since the listing, until 19Q3, plus the “self-motivation” of purchasing the company’s own shares.Chang Dongmingzhu’s shareholding ratio is also only 0.


    In addition, during the share reform, Gree dating the dealer-holding platform-Hebeihai Guarantee, bundled channel benefits once.

    The result of this mixed reform is that we believe it is a breakthrough in the optimization of the governance structure in a more fundamental sense.

    On December 2, 2019, the “share transfer agreement” signed by the company’s controlling shareholder Gree Group and Zhuhai Mingjun, the equity transfer agreement was fully implemented. Gree changed to no controlling shareholder and actual controller after the completion of the share transfer.

    Lianhe directly and indirectly held Zhuhai Mingjun shares through Gezhen Investment for 11.

    13%, which indirectly holds listed companies1.

    67% equity, shareholders benefit more through Zhuhai Mingjun, and there are certain commitment arrangements for dividends and equity incentives.

    In general, the mixed reform and Gao Capital have made a fundamental breakthrough in the governance structure of the original state-owned enterprises.

    From the perspective of diversification, Gree is also improving marginally.

    Gree’s current diversification is reflected in two dimensions: one is the development of the ToC terminal based on air conditioning, and the restart of diversification of home appliances.

    The second is the development of the ToB end based on strong manufacturing capabilities, and continuous progress in intelligent manufacturing and industrial products.

    At present, diversification has not made a greater contribution to the revenue and profit side, but we believe that in the era of inventory competition and systemic competition, manufacturers and distributors have the motivation and pressure to launch the entire category.Home appliances are expected to use the channel capital and network originally transformed by air conditioners to achieve greater rapid growth in recent years; and the expansion of B-side intelligent equipment is generated by Gree’s replacement of manufacturing genes. We believe that it is also expected to be used in industrial robots and CNC machine tools.And other high-end equipment fields.

    Profit forecast and estimation.

    We believe that the average suppression factor of Gree’s estimates has improved marginally. Among them: After the implementation of a mixed reform, the corporate governance structure is expected to be further optimized, and the estimated difference between it and the United States will be reduced.

    The second is that the company ‘s living appliances and smart equipment sectors are growing, and in the long term, it is expected to open up space for Gree’s diversification.

    We predict that EPS will be 4 in 19-21.

    78 yuan, 5.

    34 yuan and 6.

    06 yuan, combined with PE relative estimation and DCF discounted cash flow estimation, we give 2019 12-15xPE estimation, corresponding to a reasonable value range of 57.


    7 yuan, maintain the “preliminary market” rating.

    risk warning.

    Channel inventory risk, industry price war risk.

    Categories: 桑拿

    Guangri shares (600894): 2019H1 return to mother’s profit will increase 100% every year and will continue to increase market share

    Guangri shares (600894): 2019H1 return to mother’s profit will increase 100% every year and will continue to increase market share

    Event: The company recently released the first half of 2019 results: from January to June 2019, the operating income was 27.

    92 ppm, an increase of 12 in ten years.

    59%, net profit attributable to shareholders of listed companies.

    8.4 billion, an increase of 100 over the same period last year.


    The company expects that the proportion of net profit realized in the first three quarters of 2019 will increase in the same period last year, mainly due to the company’s expected increase in the investment income recognized by associates Hitachi Elevator in the first three quarters of 2019 compared with the same period last year.

    Comments: The company’s profit in the first half of 2019 mainly benefited from Hitachi’s investment income: the company mainly engaged in sales and maintenance of elevators and elevator parts, etc. According to business classification, in 2018, it achieved operating income of elevator parts, elevators, and intelligent manufacturing equipment, LED, logistics, packaging, installation and maintenance respectively accounted for 44.

    51%, 28.

    69%, 1.

    83%, 142%, 8.

    83%, 6.

    52%, 6.


    The H1 revenue growth in 2019 is mainly due to the increase in sales volume over the same period of the previous year.The rapid growth in the profit side is mainly due to the increase in investment income brought by Hitachi. The H1 investment income in 2018 was only 1.

    40,000 yuan, the investment income of 2019Q1 reached 2.

    6.4 billion, a significant increase.

    This is mainly due to the improvement in Hitachi’s operating conditions, while the head office sees revenue in 2019H127.

    9.2 billion (+12.

    59%), with a gross profit margin of 14.

    07%, ten-year average of 0.


    From the perspective of expenses, the management expenses, sales expenses, financial expenses, and R & D expenses are 0.

    8 (-1.

    63%), 1.

    81 (-4.

    4%), -0.


    16 (+31.


    From the balance sheet perspective, the company’s 2019Q1 inventory is 9.

    40,000 yuan, an increase of 23 in ten years.

    1%, mainly due to the growth of raw materials, the advance receipt was 6.

    71 ppm, an increase of 13 in ten years.

    5%, an increase of 5 from the previous month.


    Increased competition to further seize market share: The company’s national incremental elevator output growth in the first half of 2019 has increased rapidly, but at the same time the steel price division has remained at a high level in the past few years. Through price competition, first-tier brands have begun to seize the low-end market, Further squeezed the survival space of the second and third line elevator brands, the elevator market as a whole is facing breakthrough operating pressure.

    In terms of channels, dealers focus on the quality and quantity of annual authorized dealers. The number of annual authorized dealers has increased by more than 10%; strategic customer orders have reached a record high, which has increased by 81%. They have successfully signed a contract with Zhuhai Hengqin China-Portugal Business Center, Huichuan Technology Headquarters and other high-end projects.
    The company’s national marketing engineering service network for elevators has a total of 35 subsidiaries, 18 service centers, 40 offices and a growing dealer network.
    Performance benefits are logically deduced at completion.

    According to industry association data, the sales of the elevator industry in 2014-2018 were 71.

    4, 76, 78.

    6, 80.

    7,850,000 units, the growth rate in recent years has fallen to a number, mainly due to breakthroughs in the impact of real estate. The elevator market demand is mainly divided into three areas, including commercial housing, public building demand (government office buildings, business hotels, transportation,Medical, education, etc.), industrial buildings, of which commercial housing accounts for about 85% of the elevator market demand, so it has the greatest impact, and elevator manufacturing has a higher degree of standardization. Generally, the procurement body is started when the house is near completion, so elevator sales and completionThe relevance of the construction site is high. According to the National Bureau of Statistics, the growth rate (%) of the actual completed area from January to July 2019 is -11.

    3%, the decline is expected to shrink in the future. We believe that the completed end is still expected to see improvement in the second half of the year, from January to July, the elevator output reached 650,000 units, and increased by 4.

    6%, the growth of the new ladder market is expected to continue until 2020.

    Guangri Co., Ltd.’s elevator parts and components, and the average value of Hitachi’s investment income are conducive to this.

    Hitachi Elevator’s 2019H1 revenue reached 114.

    600 million, an annual increase of 28%, operating profit reached 12.

    600 million, an increase of 150% in ten years, and a net profit of 10.

    600 million, an increase of 153% in ten years.

    The rest of the business maintained stable development: The company has carried out a certain diversified layout. We expect that the main main businesses are expected to grow rapidly, and Songxing Electric is expected to grow rapidly.

    1. Songxing Electric has made certain achievements in cross-industry layout this year, mainly due to some intelligent detection equipment for high-speed rail. The undercarriage detection robot system of the EMU developed by the holding subsidiary Songxing Electric passed China in March this year.The final technical evaluation of the Railway Corporation is currently in the trial run of a combination of machine inspection and phase inspection for high-speed rail systems such as Shanghai Hongqiao EMU, Chengdu EMU, Sanya EMU, Zhengzhou EMU, and Guangzhou East EMU.

    2. LED business: to maintain steady development, the company is more cautious about the actual qualifications and collection requirements.

    3. Three-dimensional garage: The company has outstanding technical advantages and fierce competition. At present, this will maintain stable development.

    4. The maintenance business will have a rapid growth in recent years, and maintenance services are better and more profitable.

    Profitability forecast and estimation.

    We 佛山桑拿网 estimate that the company’s net profit attributable to shareholders of the parent company will be 4 in 19-21.

    77 (upgrade of profit due to Hitachi ‘s better-than-expected results), 6.

    67, 7.

    900 million, EPS is 0.

    55, 0.

    78, 0.

    92, corresponding to an estimated 15, 11, 9 times, and maintain an overweight rating.

    Risk Warning: Downstream Completion Ends Less Than Expected; Industry Price Wars Intensify

    Categories: 洗浴

    COSCO SHIPPING (601919): Outperformed expectations mainly driven by synergy

    COSCO SHIPPING (601919): Outperformed expectations mainly driven by synergy

    The results exceeded expectations, and profitability was further enhanced. COSCO Haikong released its third quarter results for 2019.

    In the first three quarters, the company achieved operating income of US $ 111.6 billion, an annual growth of 35.

    9%; net profit attributable to mother 北京桑拿会所 21.

    20,000 yuan, an increase of 145 in ten years.

    3%, exceeding our expectations; net profit attributable to non-attributed mothers was 18.

    900 million US dollars, the previous actual loss (the same period last year) 3.

    800 million).

    The increase in performance growth was mainly due to OOCL’s consolidation and synergy effects.

    In order to reflect the latest three quarterly results and potential synergistic contributions in the future, we have raised our earnings for 2019/2020/202112, respectively.

    4% / 10.

    3% / 8.

    7% to 27.



    600 million.

    Affected by the macroeconomic macro, trade frictions and low sulfur regulations, the uncertainty of the industry has increased and it is estimated that it will be under pressure.

    We are based on 1.


    9x 2019E PB, adjust target price to 5.


    3深圳桑拿网4 yuan, maintaining the “overweight” level.

      The market is weak, but the company’s container shipping business performed well in the first three quarters of 2019, and the company’s container shipping business achieved revenue of 1,068.

    600 million, an increase of 37.

    4%; freight volume was 19.1 million TEUs, an increase of 23.

    8%; Net profit 22.

    10,000 yuan, the same increase of 90.


    Among them, COSCO Shipping Container Lines achieved revenue of 725.

    4 trillion, the same increase of 9.

    6%; freight volume was 13.95 million TEUs, an increase of 1.

    7%; net profit 10.

    0 million yuan, an increase of 66.

    8%, bright growth and improved profitability.

      Due to trade friction and downward pressure on the global economy, the average change in the US-Western line of the SCFI index in the first three quarters was $ 1,566 / FEU, which was basically the same as the same period last year; the average price of the European line was $ 762 / TEU, and the stay time was 8.


    The average market performance of the company’s main container single-line revenue in the third quarter increased by a quarter-on-quarter.

    Subject to macro factors, we believe that market freight rates for short-term trunk routes are still under pressure.

      The terminal business contributed solid income. In the first three quarters of 2019, the company’s terminal business realized operating income67.7 trillion, the same increase of 29.

    7%; total tungsten at the container terminal business was 97.11 million TEUs, an increase of 9.

    0%, of which the holding terminal completed 20.17 million TEU, an increase of 18 per year.


    According to data from the Ministry of Transport, during the same period, the container throughput growth rate of coastal ports in the country was only 4%.

    3%, the company’s performance reached the industry average.

      Benefiting from the synergy agreement, the cost of single container continues to decline. Benefiting from the merger of OOCL, the company has gradually realized the synergy effect by optimizing the capacity distribution, improving operating efficiency and centralized procurement, and the cost of single container has shown a downward trend.

    In the first three quarters, the company’s container shipping business achieved an EBIT margin of 4%.

    9%, up 1 every year.

    46 units.

    Excluding the impact of OOCL’s consolidation, the company’s internal EBIT profit margin increased by 1.

    52 single to 4.


    Based on the influence of macro factors, the plate is estimated to be under pressure.

    We lowered our estimated multiple to 1.


    9x2019E PB (three-year average of the company’s history minus one standard deviation, BVPS 2.

    81 yuan, the former value is 2.


    4x 2019E PB), adjust target price to 5.


    34 yuan.

      Risk reminders: Natural disasters, deterioration of Sino-US trade relations, economic crisis, freight rates rise more than expected.

    Categories: 夜网

    Crack Group (603203): Automotive Electronics Helps Companies Open New Growth Space

    Crack Group (603203): Automotive Electronics Helps Companies Open New Growth Space

    Key points of investment Keep up with downstream needs. Continue to develop new products. The company keeps up with downstream development trends and customer needs, and continuously expands product lines and service ranges. It continuously develops new products. The 3D vacuum laminator developed can be used for 3D glass and OLED screen bonding.The technology waits for new products such as 3D glass volume downstream, laser spray soldering equipment, high-speed spray valve dispensing and other new products are in the prototype setting stage, and the micro-component rework equipment has also been placed in the prototype test.

    Hotbar hot press has successfully entered the Apple industry chain, and FPC welding of individual modules is completely used by the company’s equipment. The dispensing robot that the company plans to promote is expected to become a similar explosion, supporting the rapid development of the company’s performance.

    The layout of automotive electronics will open up new growth space. The company has entered the automotive electronics field for 18 years, supplying automatic assembly lines for various types of automotive blockchain ECUs. The production lines involve precision soldering, lock payment, dispensing, and laser marking., AOI detection and other processes, currently through the ECU, sensors, parking sensors and other electronic components of automatic assembly, assembly and other automated overall solution capabilities.

    The domestic automotive electronics market of 100 billion yuan has driven the demand for flexible automation equipment. The company has accumulated a certain amount of customer resources. It is expected to use the advantages of technology brands to open up the development space in the automotive electronics field.

    The repurchase of shares shows the company’s development confidence. The company intends to use its own funds of 20 million to 40 million yuan to repurchase the company’s shares in a concentrated bidding transaction, and the repurchased shares are used to reduce the company’s registered capital in accordance with the law.

    As of March 31, 2019, the company has cumulatively repurchased 608,106 shares, accounting for 0% of the company’s current total share capital.


    The lowest transaction price is 19.

    85 yuan / share, the highest price is 21.

    93 yuan / share, the total amount gradually paid is RMB 12.99 million, and the average price is 21.

    36 yuan / share, repurchasing and replacing the share capital shows that the company is full of confidence in the future development.

    Profit forecast and estimation We expect the company’s net profit attributable to the parent company to be 1 to 2018-2020.

    5.2 billion, 1.

    9.6 billion, 2.

    400 million, corresponding to EPS (the latest diluted) is divided into 0.

    96, 1.

    24, 1.

    54 yuan / share, corresponding to PE is 25 times, 20 times, 16 times, the company’s growth is 南京桑拿网 stable, comprehensive consideration of the company’s profitability, evaluation level and growth, and maintain a “buy” rating.

      Risks suggest that the downstream electronics manufacturing automation demand continues to deteriorate, and the automotive electronics sector is expanding less than expected.

    Categories: inseehmy

    Yuanlong Yatu (002878) in-depth analysis: Promotional product leader cuts into new media marketing to promote release of performance elasticity

    Yuanlong Yatu (002878) in-depth analysis: Promotional product leader cuts into new media marketing to promote release of performance elasticity

    The scale of the promotion industry exceeds 300 billion yuan, and the scale of competition is highly fragmented.

    Promotion and advertising are two of the brand’s most valuable marketing methods. In contrast to advertising, promotion directly affects sales conversion, with shorter conversion paths and more direct effects.

    With the increase of brand owners’ requirements for promotion, the promotion of promotional products has replaced the direct reduction method, and has the ability of both promotion and brand promotion to be favored by advertisers.

    According to statistics, the size of the domestic promotional products market reached 336 billion in 2018, and the market space is huge.

    As of 2019, there are more than 100,000 gift companies across the country, and the market structure is highly fragmented.

    Deeply cultivated the promotion industry for more than two decades, with solid fundamentals and continuous growth.

    The company was founded in 1998 and is the first listed company in the promotion industry.

    The company has strong planning and design and data capabilities, and can provide brand owners with a one-stop service for connecting and going offline, covering procurement, design and storage.

    It has more than 1,000 suppliers in the upstream and has a mature management system. In the downstream, it has formed long-term stable cooperative relationships with Fortune 500 companies in multiple industries such as Procter & Gamble and Nestle. In the long run, the company has become an integrated platform and integrated industryEndowment of resources.

    In the short term, in 2018, the company newly opened up customers in the financial industry and obtained the franchise business of the Winter Olympics in 2022, which has been the fundamental of steady growth.

    The acquisition of Qianma Network cuts into new media, or benefits from the development of new business formats to improve performance flexibility.

    The company acquired Qianma Network in 2018, cut into the advertising field from the promotion business, and opened the border of marketing services.

    Qianma Network started early in the field of new media. Through external cooperation and self-built MCN, it has rich KOL resources. Each of them has three big data platforms to help it accurately launch from the media. It has more than 100 companies including Tmall International and Red Star Macalline.The brand has established a cooperative relationship, integrated certain resource capabilities in the field of new media marketing, has a first-mover advantage, or benefits from the development of new media ecology and internal performance to release pressure on gambling pressure.

    Investment suggestion: The industry attribute of promotional items is “supply determines demand”, which more closely matches MCN’s operating logic. Considering that the company’s acquisition of Qianma can more effectively collaborate with online and future business, the business growth potential brought by it, we give 2020Estimated 30 times a year, given “overweight-A” rating.

    Risk Warning: The risk of MCN content supervision becoming severe, the risk of worsening 四川耍耍网 competition in the industry, and the expected effects of new media marketing.

    Categories: qtprkxthb

    PICC Assets 18 debt base fell more than 0.

    9% supports the December debt base drop list

    PICC Assets 18 debt base fell more than 0.

    9% supports the December debt base drop list

    Original title: 18 debt-based assets of PICC Assets fell more than 0.

    9% supports the December debt base drop list. Half the Sky China Business Network Beijing January 9 (Reporter Li Rongkangbo) In the last month of 2019, driven by the rising market in the A-share market, various types of fund products generally performed well.Among them, of the nearly 2780 bond funds that can obtain comparable data across the market, only 41 funds appeared in December, accounting for less than 2%.

    However, among the few replacement funds, the “half wall” of the PICC assets subsidiary products has only dropped by more than 0.

    9% have 18 products.

      In December, the reason why the PICC assets belonged to the debt base was a large-scale gain was related to the default event of Beida Founder Group Co., Ltd. (hereinafter referred to as “Founder Group”).

    The “19 Founder SCP002” could not repay the principal and interest in full and on time, which caused the interest of the Founder Group to be reduced. As a result, many bonds were also lowered in valuation.09 “.

      In addition to the debt base being severely exceeded, PICC Assets’ mixed PICC double-benefit A and PICC double-benefit C also performed poorly, falling by 0 in December.

    73%, 0.

    68%, from the three quarterly reports, the poor performance of these two mixed bases is most likely due to the careful judgment of the stock market missed the rise in December.

      PICC Assets has been qualified as a public fund manager for three years, but as of the end of the third quarter of 2019, the company’s management scale was only 280.

    28 trillion US dollars, and there is a phenomenon of excessive dependence on the size of money funds, the size of its currency funds is 208.

    8 billion yuan, accounting for nearly 75% of the total scale.

    Among non-cargo-based products, the size of bond funds is 61.

    US $ 5.1 billion. Excluding currency funds and bond funds, the scale of PICC assets attributable to equity funds is less than US $ 1 billion.

      In December, 18 debt-based funds fell more than 0.

    9% or wind data related to the Founder Group’s bond default shows that in December, PICC Assets replaced a total of 21 debt bases, accounting for half of the 41 debt bases in the market.

    Specifically, the PICC asset flag fell by more than zero.

    There are 18 debt bases with 9%, and 9 debt bases with a decline of more than 2%. PICC Xinsheng Pure Bond C is the company’s highest related debt base, with a decline of 3.

    55%, ranked second in the debt base list in December.

      According to the China Economic Network reporter’s query, the probability that PICC’s assets attributable to the debt base fell sharply in December was related to the founder group default event.

    On the evening of December 2, the Shanghai Clearing House issued a “Notice on Failure to Receive ’19 Founder SCP002 ‘Interest Payment Payment Funds”.

    The notice shows that December 2, 2019 is the interest payment date of Founder Group “19 Founder SCP002”.

    At the end of the last day, the interest payment and payment funds paid by Founder Group have not been received, and the issuer cannot perform the interest payment and payment for the bonds.

      According to the data, “19 Founder SCP002” is the second ultra short-term financing bond of Founder Group in 2019, and the principal and interest should be cashed on December 2.

    “19 Founder SCP002” was issued with a scale of USD 2 billion, a term of 270 days, and a coupon rate of 4.


      On the day of “19 Founder SCP002” breach of contract, United Credit Ratings immediately downgraded the Founder Group’s rating from AAA to A, and downgraded the outlook of the associated objects to alternatives.

    Affected by this, the valuation of several Founder Group bonds has fallen sharply. Among them, the “18 Founder 09″ was assessed at 102 yuan during the day on December 2 and adjusted to 30 on December 3.

    71 yuan, the adjusted assessment dropped 70%, and its rating was also downgraded from AAA to A.

      ”18 Founder 09” is a public issue of the 2018 corporate bonds (the first instalment) by Founder Group, which is a 5-year fixed-rate bond with a total size of US $ 3 billion. The interest payment method is simple interest and annual interest payment, and interest is paid once a year.On July 19, 2019, the first interest payment was completed.

    Whether this year can pay interest normally is still in doubt.

      China Economic Net reporter noticed that PICC’s assets belonged to multiple debt bases. On December 3, the net value dropped significantly.

    For example, PICC Xinsheng Pure Bond C, the net value of PICC Xinsheng Pure Bond A are respectively 1 on December 2.

    0339 yuan, 1.

    0376 yuan fell to 0.
    9599 yuan, 0.
    9634 yuan, the single-day decline reached 7 respectively.

    16%, 7.

    15%, PICC Xinyu enhanced A, PICC Xinyu enhanced C in a single day fell by 6.


    As PICC Furui’s 18-month 南京桑拿网 fixed opening is currently in a closed period, its net value is announced once a week. On December 6, the fund’s net value was increased from November 29 to 1.

    0246 yuan fell to 0.

    9714 yuan, a decrease of 5.


      The third quarterly report of the above-mentioned fund can be found. At the end of the third quarter, PICC Xinsheng Pure Bond C, PICC Xinyu Enhanced A / C and PICC Furui ‘s 18th largest open bond to be opened in 18 months decreased by “18 Founder 09”.”, The proportion of positions is 8 respectively.

    79%, 8.

    78%, 7.


      Although the Founder Group’s bond default event occurred 2 months after the third quarter, from the perspective of the net value performance of PICC assets belonging to multiple debt-based bases on December 3, the above-mentioned debt-based bases still most likely hold “18 Founder 0苏州夜网论坛9″.

    A PICC asset announcement also confirmed this point. On December 5, PICC Assets announced that it decided to hold “19 Founder SCP002” (stock code: 011900493) held by its own funds from December 3, 2019.

    IB), “18 Founder 09” (stock code: 143735.

    SH) Estimated adjustments are made in accordance with ChinaBond’s special estimated prices.

      PICC Xinsheng Pure Bond A / C, PICC Xinyu Enhanced A / C and PICC Furui’s 18-month fixed fund manager replaced Liang Ting, of which PICC Xinsheng Pure Debt A / C, PICC Furui 18 monthsKai Ting was independently steered by Liang Ting. Renbao Xinyu Enhanced A / C was steered by Liang Ting and Zhang Lihua.

      Liang Ting has been the investment manager of social security fund of Changsheng Fund Management Co., Ltd., deputy director of social security business management department, general manager of fixed income business department of Anbang Asset Management Co., Ltd., and general manager of portfolio management department.

    In November 2017, he joined the PICC Asset Management Fund Division as the Investment Director, and since August 9, 2018, he has been the Fund Manager.

      Two mixed bases in December cap in Q3 2019. The scale of equity products is less than 1 billion U.S. dollars. In addition to the 12-month large area of debt bases, PICC assets belong to two mixed bases and can also obtain positive returns. They are PICC double benefit C and PICC.Double interest A, the declines are 0.

    73%, 0.

    68%, although not too much, but mixed bases with a rise of more than 10% in December are everywhere, and the performance of the two mixed bases to which PICC Assets belongs is really poor.

      Both PICC Shuangli A and PICC Shuangli C were established in December 2017. From the perspective of the three quarterly reports, the fund has the value of bonds and light stocks in the direction of asset allocation.

    73%, bond positions accounted for 75% of net worth.


    Perhaps it was the cautious approach to the stock market that caused the fund to miss the December rally.

      In specific positions, the fund’s heavy storage stocks are extremely scattered, including insurance, banking, real estate and other large blue-chip stocks, as well as technology stocks, pharmaceutical stocks, brokerage stocks, etc.

    In terms of bonds, the fund mainly holds CDB bonds and credit bonds.

    It is worth noting that on December 3, the net value of PICC Double Profit A and PICC Double Profit C also decreased by 2 respectively.

    73%, 2.

    74%, but the Fund’s top five positions in the third quarter did not appear Founder Group subsidiary bonds, it is not yet determined whether the decline in net value on that day was related to the bond valuation reduction in the announcement.

      In fact, the performance of PICC Shuangli A and PICC Shuangli C every 12 months is not good. Judging from last year’s performance, they also entered the average level of similar funds in the same period and the Shanghai and Shenzhen 300 gains.

    The two funds mentioned above will increase by 5 in 2019.

    96%, 5.

    52%, while the average fund of the same period rose 32.

    00%, the Shanghai and Shenzhen 300 rose 33.


      As of the close of trading on December 31, 2019, the cumulative unit net value of PICC Double Profit A and PICC Double Profit C was 1, respectively.
    0586 yuan, 1.

    0492 yuan, just after the face value of the issue.
      PICC Assets is called “China PICC Asset Management Co., Ltd.” and was established in July 2003. It is a wholly-owned subsidiary of PICC Group Co., Ltd. and the first domestic insurance asset management company.

    On January 13, 2017, PICC Assets obtained the qualification of a public fund manager.

      Today, PICC Assets has been qualified as a public fund manager for three years, but its fund management scale has not risen but has fallen.

    Data from Tiantian Fund Network shows that the scale of PICC assets management reached an all-time high of 428 at the end of 2018.

    90ppm, but it quickly contracted after entering 2019. At the end of the first half of 2019, the company’s management scale shrank by 40% to 256 within half a year.

    9.8 billion yuan.

    Although there was some improvement in the third quarter of 2019, it only increased to 280.

    2.8 billion.

      From the perspective of subdivision types, the scale of PICC assets is overly dependent on currency products, while the scale of equity products is always at a disadvantage.

    As of the end of the third quarter of 2019, the scale of currency funds to which PICC Assets belonged was 208.

    8 billion yuan, accounting for nearly 75% of the total scale.

    Among non-cargo-based products, the size of bond funds is 61.

    US $ 5.1 billion. Excluding currency funds and bond funds, the size of PICC asset ownership equity funds at the end of the third quarter of 2019 was less than US $ 1 billion.

    Categories: cpdkqdia

    Tunnel Shares (600820) 2018 Annual Report Comments: Steady performance and financial health will fully benefit from integrated implementation, rail transit recycling and pipe corridor construction

    Tunnel Shares (600820) 2018 Annual Report Comments: Steady performance and financial health will fully benefit from integrated implementation, rail transit recycling and pipe corridor construction
    Investment Highlights: Incident: The company released its 2018 annual report and effectively achieved revenue of 372.6.6 billion, an increase of 18.21%, net profit attributable to mother 19.7.9 billion, an increase of 9.32%, achieving a deduction of 18.4.9 billion, an increase of 11.47%; performance has maintained a steady growth, and deep cultivation of the Yangtze River Delta is expected to fully benefit from integrated construction.Initial revenue / attribution growth rate was 18.21% (+8.9pp) / 9.32% (-0.2pp), and strive to maintain 8-10% in 2019, will maintain steady growth; transition Shanghai / Zhejiang / Shanghai revenue growth rate as high as 20% / 30% / 25% respectively, accounting for 57% / 14% / 5%The top three, accounting for 75% of the total.The company has been deeply cultivating the Yangtze River Delta for nearly 30 years, and has fully participated in the construction of integrated transportation infrastructure in Shanghai’s elevated roads, railways, airports, and railway stations. It has successfully built the first local rail transit line for Nanjing and many cities 南宁桑拿 in Hangzhou.Make full use of regional and professional advantages to tap more business potential in the integration of the Yangtze River Delta. The gross profit rate / fee rate has been declining, investment income has lowered income, operating cash flow has remained the same as the previous period, and debt ratio has increased.Report average gross margin 12.58% (+0.7pp), due to the rapid growth of some high-margin businesses, including: design business (YOY + 26.8%) gross profit margin 30.48%, leasing business (YOY + 551%) gross profit margin 92.7%; sales / management / finance / period rate 0.05% / 6.9% (-0.7pp) / 1.21% (-0.3pp) / 7.87% (-1.1pp); net investment income 8.1.7 billion (YOY-40%) accounted for 41% of net profit. The year-on-year extension is due to the increase in the disposal of long-term equity investment income and investment income of BOT / BT projects in the previous period;36% (-0.5pp), the profitability shifted slightly; the cash-to-cash ratio was 110.44% (+ 3pp) / 107.63% (+10.7pp), operating cash flow 15.3.9 billion was basically unchanged from the previous period, with a net investment cash flow of -41.5.7 billion (-130%) was due to increased investment in PPP projects and a reduction in equity transfers of BT companies, resulting in a net cash flow from financing.5.1 billion (+32.5.5 billion), issued bonds and increased loans; debt ratio 72.39% (+ 2pp); Leading regional construction companies have outstanding competitive advantages in the field of underground space construction and will fully benefit from track exchange restoration / pipe corridor construction.The company has a special level of general contracting for municipal construction, a level of general contracting for highway construction and mechanical and electrical construction, a level of multiple professional contracting, a comprehensive engineering design and a number of design professional qualifications. At present, the super-large diameter tunnel engineering projects of more than 14 meters have been completed.16 projects have been completed, nearly 100 projects have been integrated at home and abroad, and nearly 100 tunnel projects have been contracted. The track mileage will be gradually built up to 480km.The construction of the domestic largest diameter shield tunnel-Wuhan Sanyang Road tunnel project undertaken by the reporting axis was completed and opened to traffic, and the construction of Shanghai Rail Transit Line 14/15 and Nanjing Metro Line 5 and Hangzhou Metro Line 4 Phase II were started., Won the bid for the Shaoxing Smart Road Rapid System and Pipeline Survey Project (design), with an amount of nearly 300 million, all of which highlight the company’s industry leader; 7 new lines approved by the Development and Reform Commission since 2018H2, with a volume of 773.6 billion, including Shanghai (298.3 billion) and Hangzhou(95.5 billion), Suzhou (93.3 billion), and many other Yangtze River Delta projects. For the 13th Five-Year Plan, the pipeline corridor will start over 8,000km. We will replace the corresponding investment amount of more than 600 billion yuan, of which only the design fee is over 12 billion yuan (2% fee)Rate), the pipeline corridor only completed an investment of about 29.5 / 67.3 billion in 2016-2017, and construction accelerated.The company is expected to rely on the professional advantages of underground space design and construction to capture more market share in the subway / pipe corridor market; it will gradually undertake new business volume changes, which will show an improvement trend in the first quarter of 2019.Municipal / property / design business orders have grown rapidly, and rail delivery orders are expected to recover.The company’s new orders for Q1-Q4 increased by 49% /-7% / 39% /-36% respectively. Such new orders received 58.9 billion (YOY-9.74%), the growth rate in 2019Q1 is 9.53% MoM improvement.190 billion (+ 75% year-on-year) / 8.1 billion (+ 66% year-on-year) / 35 billion (+ 50% year-on-year), rapid growth, rail transit won the bid of 11.9 billion, a decrease of 38%, judging that the subway market was affected by 52Sudden shocks such as the number of documents and the Baotou subway stop event, new batches of subway projects will be released in the future, and the company’s rail delivery orders can be restored. The abundant PPP project reserves will continue to optimize the overall business structure and help the company’s transformation.The company undertook PPP orders of 13.9 billion / 14.9 billion / 12.5 billion in 2016-2018, and currently has 54 large and medium-sized investment projects under construction or operation. We believe that the gross margin of construction of PPP projects is higher than similar non-PPP projects.Profit forecast and investment rating: It is estimated that the company’s operating income from 2019 to 2021 will be 41.4 billion yuan and 461 yuan respectively.100 million, 514.8.4 billion; net profit attributable to mothers was 22.3.3 billion, 25.05 ppm and 27.96 ppm; EPS is 0.71 yuan, 0.8 yuan and 0.89 yuan, corresponding PE is 10 respectively.6X, 9.5X and 8.5 times.Covered for the first time and given a “Recommended” rating. Risk reminders: 1. Infrastructure investment falls short of expectations; 2. Market competition risks; 3. Overseas business risks.

    Categories: 按摩

    Guoyuan Securities (000728): Self-employment expansion and pressure on brokerage profit margins are the main performance drag

    Guoyuan Securities (000728): Self-employment expansion and pressure on brokerage profit margins are the main performance drag

    The 18-year performance was in line with expectations. The revenue of Guoyuan Securities for 18 years was -28% to 25.

    4 trillion, the net profit attributable to the mother for ten years -44% to 6.

    7ppm, ROAE half year in the reporting period -2.

    5ppt to 2.

    7%; 4Q18 net profit was +9% / + 255% to + 3%.

    400 million, mainly due to the sale of Huishang Bank’s equity 2.

    300 million investment income and investment bank income improved sequentially.

    In addition, the company’s business and management fee rate growth rate + 7ppt to 58%; its own assets leverage rate +0 per year.

    08x to 2.


    Development trend Brokerage income is falling faster than the industry, and profit margins are under significant pressure.

    The company’s 18-year brokerage income is -20% to 8 per year.

    300 million, while operating profit margin of -15ppt to 15% led to a decline in profits as high as 60% to 1.

    30,000 yuan, of which 1) the decline in stock-based transactions exceeded the industry (industry -18% vs.

    Company -28%), the market share is -0.

    11ppt to 0.

    75%; 2) The commission rate is relatively stable (+2.

    4% to 10,000.


    Proprietary business as a whole shows potential.

    The company’s self-operated income is -89% to 74.38 million yuan per year, and its profit is -111% to -64.81 million yuan for half a year.

    1) The total investment scale of the parent company 天津夜网 is 19.4 billion yuan, of which the ratio of bonds / stocks / funds / other assets is 73% / 1% / 6% / 19%, and the corresponding yield is about 2% /-65% /-5% / 0.5%; 2) For subsidiaries, the profit of Guoyuan’s equity investment business for the first half year was -75% to 30.47 million yuan, and the profit of Guoyuan Innovation Investment was 6% to 95.14 million for ten years.

    The proportion of credit business increased passively.

    Credit business income is -4 per year.

    5% to 9.

    5 ppm, the lowest profit -3.

    3% to 8.

    800 million, the decline is slower than the company as a whole, revenue contribution -2ppt to 38%.

    1) The credit business balance was -10% to USD 18.8 billion compared with the beginning of the year.

    04ppt to 1.

    2%, stock balance + 21% to 9.6 billion / market share +0.

    3ppt to 0.


    2) The balance of the repurchase impairment reserve at the end of the period reached 1.

    1.2 billion (accounting for stock balance?

    2%), the relative proportion of accrual in the comparable industry.
    The performance of investment banking is converging with the industry.
    The company’s investment bank income is -39% to 2.

    9 ppm, profit ten years -52% to 1.

    10,000 yuan: 1) Equity financing amount + 51% to 23.6 billion yuan / market share +1.

    1ppt to 1.

    9%; 2) The amount of debt financing is the same -35% to 7.3 billion / market share -0.

    1ppt to 0.


    Revenue from asset management business is -13% to 1.

    5 trillion, a profit of -29% to 90.13 million yuan in ten years, the proportion of income?

    Among them: the scale of asset management is -21% to 801 ppm compared with the beginning of the year.

    Earnings forecast is due to a 19-year increase in the stock market ADT to 600 billion and the company ‘s investment yield assumptions are raised. We raise the company ‘s 2019 / 20e profit forecast by 41% / 40% to 1.2 billion / 1.3 billion USD.

    Estimates and recommendations Companies currently sustainably correspond to 19e 1.

    3x P / B.

    Maintain neutral rating and target price of 11.

    18 yuan, corresponding to 19e 1.

    5x PBR and 12% growth space.

    The risk stock market has been less active; capital market reforms have fallen short of expectations.

    Categories: ujfxjob