Guolian Shares (603613) Commentary on Major Issues: Double Ten Doubled Transaction Volume Multiple Times Stable and Optimistic about Growth Prospects

Guolian Shares (603613) Commentary on Major Issues: “Double Ten” Doubled Transaction Volume Multiple Times Stable and Optimistic about Growth Prospects

According to the company’s WeChat public account, a lot of “Double 10” e-commerce festivals performed well in 2019, and the “Double 10” single-day collective procurement order reached 21.

5 ppm is 2 of the single day amount last year.

1 times.

  Comment: The performance of the “杭州夜网论坛Double 10″ E-commerce Festival in 2019 is outstanding, providing good support for gradual performance.

Finally, at 12:47, the total purchase order amount exceeded 10.

24.5 billion, more than last year ‘s “double 10” 10.

243 ppm; the end of the “Double 10” all day, this year’s single-day collective procurement orders reached 21.

5 ppm is 2 of the single day amount last year.

1 time, create greater glories.

Annual revenue for 2018 was 36.

7 trillion, 19 double 10 orders accounted for 59% of last year’s revenue, we judge that 19 years of performance and continued high growth.

The industry space is far more than 100 billion, and the ceiling is far from touching.

Benefiting from the increase in Internet penetration, policy support and the gradual development of corporate e-commerce habits, the scale of commodity B2B e-commerce transactions has maintained rapid development, and the industry’s compound growth rate has approached 30%.

According to our rough calculations, the potential market space of the three platforms, Tuduodu, Weiduodu, and Boduoduo, is far more than 100 billion yuan. If the potential expansion categories are considered, the company’s B2B e-commerce trading market has more room.

The company’s growth logic is smooth, and sustained high growth can be expected.

First, the three major parts of the company previously established have achieved high-speed development, and the logic of cross-category development has gradually been realized. The listing and investment in the establishment of more paper and more fat, the expansion of new commodity categories can be expected; second, three majorThe proportion of some multi-platform transactions in the market of the commodity industry is still very low, with a penetration rate of about 2%, and there is still a lot of potential for improvement. Third, the active membership of Guolian Resource Network has a very high conversion rate to multi-platform trading members.big space.

In addition, new innovative business development is also expected to open up new growth space.

Investment suggestion: We maintain our forecast that the company’s net profit attributable to its mother for 2019-2021 will be 1.

4.4 billion, 2.

18 billion, 3.

2.7 billion, corresponding to PE is 65 times, 43 times, 30 times, with reference to comparable company forecasts, given to the company in January 2020 comprehensively.

1x PEG, target city size is 120 trillion, maintain target price of 85.

1 yuan, maintaining the “strong push” level.

Risk warning: market competition is intensified; new varieties are less developed than expected.

CICC: may there be some rules for the science and technology board?

CICC: may there be some rules for the science and technology board?

CICC: may there be some rules for the science and technology board?

  Original: Wang Hanfeng, Li Qiusuo, comprehensive media reports and latest developments. We have counted 14 possible institutional constructions of the science and technology board. We believe that the launch of the science and technology board will have some financial pressure on the A-share market, but its impact will be relatively limited and more market-orientedThe system may make the pricing of new shares more fundamental.

  The draft of the science and technology board rules is about to be released. Are other areas worth looking forward to?

  At the end of 2018, the China Securities Regulatory Commission and the Shanghai Stock Exchange deployed the science and technology board as the first task in the construction of the capital market.

According to the Xinhuanet report[1], the general direction of the draft of the Science and Technology Innovation Board Rules has been finalized, and some details are being finalized. It is just around the corner for public comments.

At the end of 2018, we released the first article “Several Prejudgments on the Science and Technology Board” of the Science and Technology Board series. Comprehensive media reports on the latest progress of the Science and Technology Board. We have the following details about the Science and Technology Board.Expectations in respect of the registration system: the focus of ownership of information verification or transfer to the exchange, the rhythm of issuance under the background of the registration system is also the focus of the secondary market.

Investor-introduction biology: Individual investor biology may consider both liquidity and stability needs.

Issuing system: an inquiry system arrangement aimed at implementing conventional marketization.

“Green Shoe” mechanism and strategic investors: If the inquiry mechanism is liberalized, the reduction mechanism 重庆耍耍网 may be more widely used.

IPO listing conditions: High-quality growth companies that are not yet profitable are permitted to be listed on the science and technology board.

Companies with the same shares and different rights are still trying to land on the science and technology board.

Trading mechanism: Continuous auction trading is imperative.

Market makers: Supplementary institutional arrangements to increase liquidity.

Limits on price changes: The existing limits on daily limits may be relaxed or cancelled.

Pioneer fluctuation regulation mechanism: to help investors invest rationally.

Number of shares per board: It is not excluded that the enterprise may set it by itself.

Suspension mechanism: gradually align with internationalization.

T + 0: It is expected to improve the lack of liquidity caused by the biological constraints of investors.

But whether it can be implemented still faces the uncertainty of confrontation.

Delisting mechanism: poor performance stocks, junk stocks or strict restrictions.

  Timetable, forecast of the scale of raised funds and the possible impact on the capital market. Timetable and market scale of the science and technology board: 1) The draft of the rules and regulations of the science and technology board may be issued recently; 2) The first batch of science and technology before the first half of 2019Listed companies on the Growth Enterprise Market; 3) It is estimated that there will be about 150 companies listed on the Science and Technology Innovation Board in 2019, roughly forecasting the scale of raised funds of 50-100 billion; 4) In the future, the Technology Innovation Board is expected to attract the smallest overseas companies orUnicorn company goes public.

  Possible impact on the capital market: Based on the above analysis, we believe that the short-to-medium term impact of the science and technology board on the capital market includes at least the following four aspects: 1) there is some financial pressure on the A-share market but the impact is relatively limited; 2) moreHigh-quality growth companies will be listed on the science and technology innovation board, which will increase the theme’s expectations and will also have a certain impact on capital diversion to existing companies; 3) Under market-oriented issuance expectations, participation through offline or strategic investors requires important fundamentalsInvesting instead of a simple “new” operation; 4) Venture capital companies and securities firms will benefit from the event-driven effect of the science and technology board, or may have periodic performance.

  In the long run, the launch and smooth development of the science and technology board is expected to make a positive contribution to rich capital market levels, try to improve capital market supervision, improve SME financing pressure, and promote technological innovation and economic transformation.

  [1] http://www.Xinhuanet.

com // fortune / 2019-01 / 16 / c_1210039059.

Source of html article This report is excerpted from: “Welcoming the Science and Technology Innovation Board (2): Counting the Possible Institutional Construction of Science and Technology Innovation Board” that was released on January 20, 2019. Wang Hanfeng CFA SAC Practice Certificate No .: S0080513080002 SFC CE Reference: AND454 SAC Practice Certificate Number: S0080513070004 SFC CE Reference: BDO991

Inspur Information (000977) 2019 Annual Results Preview Comment-High-speed Growth of Overlapping Performance

Inspur Information (000977) 2019 Annual Results Preview Comment-High-speed Growth of Overlapping Performance

The company has significant advantages as an absolute leader in servers, and it is the number one in the world.

The customization strategy of major customers is firm. With the continued recovery of demand in downstream industries, continued growth in the future is expected.

Slightly raised the forecast of net profit for mothers in 2019-21 to 9.



200,000 yuan, corresponding to PE 45x / 31x / 23x.

Increase target price by 39.

8 yuan, maintaining a “buy” rating for large customers, the pace of customization strategy is firm, and help the performance continue to grow at a high speed.

The company released the 2019 annual performance forecast, which is expected to achieve (recognized audit, the same below) net profit attributable to mothers in 20198.


88 ppm, an annual increase of 30% -50%, exceeding our previous expectations.

It is estimated that net profit deducted from non-attributed mothers will be realized7.

2.9 billion-8.

610,000 yuan, an increase of 18 in ten years.

86% -40.

34%, non-recurring gains and losses mainly come from the growth of distribution income.

Among them, in Q4 the company achieved net profit attributable to its mother 3.


71 ppm, an increase of 17 in ten years.

36% -63.

54%; In Q4, the net profit after deducting non-return to mothers was 2.


9.2 billion, previously -4% to 44%, basically in line with expectations.

Reporting the facts, the company used the JDM agile innovation model to open up the conversion of “demand, research and development, production, and delivery”, integrated the supply and demand business chain, and is committed to advancing the customization strategy of major Internet customers: On the revenue side, short videos (headlines, vibrato,The fast-growing second-tier and third-tier Internet vendors, represented by the outbreak of demand, helped boost revenue growth and achieve double-digit growth against the overall situation of the industry; on the profit side, the scale effect of the scale customization strategy was more significant, boostingThe company’s comprehensive profit margin continued to increase.

The internal and external inflection points are superimposed, and a new round of high growth starts.

From the external dimensions of industry supply and demand, we can see that either the capital expenditures of Internet vendors represented by Tencent or the revenue growth of upstream core component suppliers represented by INTEL have shown a clear recovery.

Looking ahead to 2020, with the recovery of downstream demand and the upgrade of upstream architecture, the overall demand of the server industry is expected to move towards the inflection point, and the trend will continue the large growth cycle.

At the company’s internal level, we believe that the company’s JDM innovative cooperation model is maturing. It is expected that it will fully cover Internet customers in the future, overlapping with the continuous drive of “AI + 5G”, and optimistic about the company’s future city share to further increase.

At the same time, the company is currently vigorously developing overseas business. The company has significant advantages in terms of delivery timelines, complete machine technology, and financial strength.

At present, the company has covered more than 120 countries and regions, and overseas business has become the company’s current focus. It is expected that the revenue share will increase significantly in the next few years.

The rights issue was successfully approved, and the optimization of asset structure was smoothly advanced.

It is said that the company’s announcement on January 16, 2020, the company’s share placement plan was approved by the Securities and Futures Commission, approved the company’s placement of 154,710,260 new shares to the original shareholders, the conversion of the increased share capital, etc., actually caused the total share capital to change, the corresponding adjustment can be madeissue number.

Due to the mismatch pressure of the upstream and downstream accounting periods of the company’s cash flow budget (upstream payments are first, and downstream collections are later), there is a certain amount of capital occupation. The purpose of allotment is to increase capital and reduce the asset-liability 北京夜网 ratio to support customer orders.Acquire and expand business scale.

After the approval of the upcoming rights issue plan, it is expected to land in the spring of 2020. The completion of the rights issue will be the basis for the subsequent expansion of business scale.

Risk factors: Reduced demand from domestic Internet vendors and less-than-expected overseas business expansion.

Investment suggestion: The company has significant advantages as an absolute leader in servers, and the sword refers to the number one in the world.

The customization strategy of major customers is firm. With the continued recovery of demand in downstream industries, continued growth in the future is expected.
Slightly raised the forecast of net profit for mothers in 2019-21 to 9.22/13.


20 trillion (previous forecast 8).



42ppm), corresponding to PE 45x / 31x / 23x.

Raise target price to 39.

80 yuan, maintain “Buy” rating.

Why is it easy to cough in autumn?Teach you symptom removal

Why is it easy to cough in autumn?Teach you symptom removal
Editor’s note: “Physical health is the capital of the revolution.” However, in changing lives, everyone is often busy with work and eager to entertain, but ignores the treasure of feng shui, physical health.In fact, we usually pay attention to it and prevent it early, and health is right around us.People’s Health Network has launched the “Healthy Knowledge” column, which is designed to collect and sort out the health knowledge that you usually ignore, to be your health think tank, to work with you to the end!Why is it easy to cough in autumn?Autumn is the season of high cough, so it is often asked, why is it easy to cough when autumn is not cold and hot, and it is refreshing?There are three reasons. One is that in the fall, “dry evil” is commanded, and the lungs are “happy and dry”.Think about whether people often feel dry and itchy in the autumn, which is the effect of “dryness”.In addition, in the hot summer, people sweat excessively, and it is easy to hurt and exhaust gas. If you do not pay attention to the conditioning of the physique, the righteousness has not yet recovered, and it is in the season of autumn and dryness.Second, autumn is prone to allergic diseases.There are many types of absorbent allergens floating in the air in autumn, with high density and large quantities. For example, the pollen period of northern herbaceous plants and artemisia plants in the body is mostly in early autumn, and seed pollen mostly appears in late autumn. Under the action of allergens,Allergic rhinitis, cough, hypertension and other diseases are most likely to recur.Third, the climate is suddenly cold and hot in autumn, and the temperature difference between morning and night is large, which is easy to catch a cold.A cold is an important cause of cough and chronic cough after a cold, especially patients with chronic respiratory diseases such as chronic bronchitis, chronic complications, lung disease, pulmonary fibrosis, etc., are most likely to be repeatedly exacerbated by the cold.Some coughs require a doctor to look out for symptoms.Cough accompanied by fever, coughing with yellowish green sputum or purulent sputum.There may be a lung infection.2.Cough with shortness of breath and chest tightness.There may be diseases such as asthma 成都桑拿网 and pulmonary interstitial disease.3.Cough with blood in sputum.Diseases such as tumors, bronchiectasis, lung infections, and tuberculosis need to be ruled out.4.Cough with chest pain.Diseases such as pulmonary embolism and pleurisy need to be ruled out.Watch out for cough sounds 1.Accompanied by hoarseness or barking cough.It is more common in vocal cords or larynx dilatations and tumors, and requires early treatment.2.A metal tone coughs.More common in mediastinal tumors, aortic aneurysms or lung cancer.3.Deep cough-like inspiratory roars at the end of the cough.More common in children with pertussis.Watch your cough time.The cough did not heal for 3 weeks.General cold cough, acute nasopharyngitis cough can be cured within three weeks.2.Repeated attacks or exacerbation of a strong cough.In general, recurrent coughs in spring and autumn are mostly allergic coughs, which may develop bronchial compression, and must be standardized treatment under the treatment of a doctor.3.Chronic cough during repeated midnight sleep.Cough due to cough variant hypertension and heart disease should be ruled out.There are three types of autumn cough, symptomatic removal of autumn and winter season, more and more people cough around.Chinese medicine believes that these are exogenous coughs caused by wind cold and dryness.Exogenous cough is mainly divided into wind-cold attack lung syndrome, wind-heat offense lung syndrome and wind-dryness injury lung syndrome. According to the theory of traditional Chinese medicine health, dietary therapy, cupping, scraping and other traditional Chinese medicine special treatments are very effective in relieving different exogenous cough.You may wish to “seat the right seat” and find your own treatment.Wind and cold attack lung syndrome.This type of symptom manifests as symptoms of cough sound, white cough, thin sputum, runny nose, headache, aversion to cold and fever, etc. When the initial symptoms are not serious, you can massage acupoints such as acupoints, ruler, and Feishu.The specific method is: take the column defect (crossing the tiger’s mouth with the left and right hands, pressing the index finger of one hand on the radial styloid process of the other hand, the depression where the index finger reaches), the ruler (elbow, the radial recess of the elbow horizontal stripes)Feishu (located under the spinous process of the third thoracic spine on the back of the human body, with two fingers wide on the left and right sides), rub with the thumb and abdomen about 50 times clockwise, and then use the thumb and abdomen for about 20 times.If the cough and sputum are heavy, you can go to the hospital and ask the doctor to take the above three points for cupping.Drink hot water and rest after cupping.Wind fever commits lung syndrome.It is characterized by frequent cough, unpleasant cough, thick or yellowish sputum, accompanied by yellowish nose, thirst, headache and hot body.For a small amount of yellow sticky phlegm in the initial cough, you can take Chinese herbal tea with evacuated wind and heat, and relieve lungs and cough.The specific formula is: take 10 grams of mulberry leaves, 10 grams of wild chrysanthemums, 6 grams of coriander leaves, 10 grams of bellflower, put the above medicine in a tea cup with boiling water, and soak 10?Ready for 15 minutes.If you use this method 3?After 5 days, the symptoms can not be relieved. Chinese medicines such as cold and clearing heat granules, Sangjuyin granules, Yinqiaosan granules can be added.It can also be used to cure the scraping method. The specific method is: use a scraping plate (thinking of buffalo horns), centering on the spine, and adjoining each side 1.5 inches, from Dazhui to Spleen Shu, focusing on Dazhui Throat, Feishu and Dumai.Scraping is based on the skin’s redness and heat, and it is not necessary to obtain a salamander for a few parts that are not salamander.Wind-drying injury lung syndrome.Fengzao cough is more dry and cough without sputum, or less and sticky sputum, difficult to cough, or bloodshot sputum, accompanied by dry throat and dry mouth and nose.Dry cough of the evil criminal, food therapy is a good choice. If you have a dry cough without phlegm at the beginning of the cough, with dry throat and sore throat, you can take Wu Jue Yin (100 grams of pear, 20 grams of oatmeal, 10 grams of odon, 10 grams of longan, Lotus root 20 grams, honey, add the above medicine to the pot and cook for 30?45 minutes, take soup for tea replacement), can also eat steamed pears Chuanbei (400 grams of Snow Pear, 5 grams of Chuan Fritillary, 10 grams of Lily, 5 grams of rock sugar, cut snow pear to the pedicle, dig out the heart of Sydney,Put Chuanbei powder, lily and rock sugar in the inside of Sydney, cover the pedicle, put in a bowl, and steam over 30?45 minutes).Should I eat food easily in the autumn?1. Garlic Garlic can sterilize and has a good effect on relieving cough.Especially for children who can not take medicine for cough, they should use garlic for food therapy.The specific is to use the amount of garlic instead of one garlic, chop cleanly and chop, and then soak in cold water for 10 hours, and add sugar.This garlic decoction can treat ordinary children with cough, and also has a certain effect on children with whooping cough.In addition, you can cook garlic and orange together to clear the heat and relieve cough.2. Rock sugar rock sugar can clear heat and reduce phlegm. It is also unique for alleviating cough. Many Chinese medicinal materials will add rock sugar to both adjust the taste and expel phlegm and cough. Many Chinese medicine prescriptions for cough contain the taste of rock sugar.Here we must pay attention to the sugar, other types of sugar does not have the effect of cough and phlegm.Brown sugar can remove blood stasis, white sugar can clear heat and remove fire, and rock sugar can reduce phlegm and cough.3. Pears Pears have the effect of resolving phlegm and clearing the lungs and nourishing the lungs, especially Sydney.Rock sugar also has a cough suppressing effect. Rock sugar Sydney is a particularly delicious soup for reducing phlegm and cough, which is loved by people.In addition, pears can also be boiled in pure water, which is very convenient for coughing and even vocal occupations, such as teachers, hosts, lecturers, etc.4, oranges can also relieve cough, especially kumquats, kumquats have the effect of treating whooping cough, so children with whooping cough can use kumquat to decoction and drink, or kumquat to make orange cakes with rock sugar, Which is delicious and can relieve cough, is loved by children.However, if you eat too many oranges, you may get angry. You should still pay attention to the amount.5, celery celery is very crisp and refreshing. People who eat meat eat some celery, which can clear away heat and flatten the liver, and have a certain therapeutic effect on a cough that is fiery.The best way of celery is to stir fry, it is very refreshing and can stimulate people’s appetite.To prevent cough, you need to be accustomed to wearing clothes to take with you. The early autumn is often cold in the morning and evening, and it is hot at noon. If you go out in the morning to wear a moderate “thick coat”, it will be too hot or sweaty at noon.It is said to wear two coats when it is cold in the morning and evening after the autumn, and the brakes can increase or decrease the clothes at any time according to the outdoor temperature change, which is helpful to prevent the cough caused by the cold.Patients with spleen deficiency should be cautious and cool in autumn and dry and evil in season, so the general food and nutrition in autumn is called “reducing xin and increasing acid”, and eat more sour and sweet fruits and vegetables.However, it should be remembered that eating fruits and vegetables in autumn should be moderate and not eaten like summer.The folk saying that “autumn melon has bad belly” means to continue to eat a large amount of melons after the beginning of autumn, which may easily cause gastrointestinal diseases.In particular, patients with spleen deficiency should pay special attention to protecting the spleen and stomach, not only be cautious and cold, but also develop a good habit of dressing without umbilical cords and sleeping to cover the belly.Chinese medicine believes that the spleen and lungs are a mother-child relationship, and only strong temperament can lead to strong lungs.It is important to remember that the hypoallergenic autumn is the period of high pollen in plants, especially in windy and dry weather, where the pollen concentration in the air is higher.For patients with allergic rhinitis, allergic cough, and allergic hypertension, it is best not to play in an environment with overgrown and wild flowers.Allergic diseases have a characteristic. Once an allergic attack has occurred, re-exposure to similar allergens will definitely recur.Don’t have the fluke of “may be all right this year.”Patients with unclear allergens can go to the hospital for allergen testing to identify allergens and prevent allergies.(People’s Health Network is integrated from China Traditional Chinese Medicine Daily, Life Times, Family Doctor Online) ☆ Recommended reading ☆ Fitness, are you doing it right?Six erroneous exercises to accelerate agingBathroom stains 咋 Remove the bath before washing the organs before entering the winterWhat to eat during the frost season?One orange is equal to 5 medicines!Eat oranges like this in autumn, cut the peppers with hot hands, cut the onions and shed tears?”Offensive strategy” After that, the elderly remembered that the four gold rankings can also help Baihui Taichong with moving toes. What are the health care “God assists” in autumn?Recommended 5 bowls of emollients

Yaoji Technology (002605): Epidemic spawns surge in traffic and invisible champion of leisure mobile games

Yaoji Technology (002605): Epidemic spawns surge in traffic and invisible champion of leisure mobile games

The company is a leader in the field of poker cards. It has been cultivating for 25 years and produces 600 million pairs per year.

Based on the traditional main business, after years of exploration, it began to deeply cultivate leisure sports games and integrate upstream and downstream resources to develop a “big entertainment” strategy.

The epidemic triggered the rise of the “housing economy”, and the leisure mobile games also experienced a surge in traffic during the Spring Festival.

The company has obvious advantages in chess and card games, and it is expected that it will have a more definite performance this year.

Three core products, go hand in hand, and have a steady stream of income.

The company currently has three game products, namely the Yu Wan game platform (similar to the QQ game lobby, which contains 10 games, including fishing, mahjong, and landlords. It was established in 2013.

At present, there are millions of monthly activities, ten million monthly running water, and the average online user time is about 30 minutes.) Yaoji Fishing (single product app, Wu Mengda endorsement, launched at the beginning of 18, monthly flow of ten million), and Xiaomei Landlord(Single product app, launched in early 2018, 19-year test period, IOS is officially launched this year, and cooperates with headlines. The model is mainly suitable for advertising monetization; during the Spring Festival, the download platform tops for about ten days, and the two platforms include Android and IOS with more than one million daily activities).
Games will become the main focus of the company in the future, and it is expected to contribute more than 90% of profits.

The main business is stable, and the “ant market” runs out of the invisible giant.

The annual consumption of Chinese playing cards is about 5 billion. It is mainly produced by six leading companies including Yao Ji, Wanshengda, and Three A.

With a production capacity of nearly 700 million pairs, Yao Kee is the largest domestic manufacturer of playing 深圳spa会所 cards.

The appearance is relatively stable, and dealers have a strong acceptance of price increases.

We believe that the market concentration will continue to increase. Through the development of new markets and the unit price of product upgrades, the company will continue to expand the main business of traditional poker cards, and at the same time promote the use of the 55th card of poker to conduct diversion publicity for company games or other businesses.As a leading player in the poker industry, the long-term performance remains stable.

Integrating upstream and downstream resources, we will further develop leisure sports games in the future.

The poker business is a good offline diversion channel, which can be used to guide chess and card games through offline poker QR codes.

The company merged with Chengye 武汉夜生活 Technology, a mobile game company for leisure sports. It continued to expand in product reorganization and update, and accurately captured customers. It strived to increase the profitability and ARPPU value. It will test new leisure games in the future, and will invest in overseas BINGO games.Influential big fish competitions, actively explore domestic and foreign markets, and deepen leisure sports games.

Maintain “Highly Recommended-A” rating.

Based on the traditional main business of fine and strong poker, the company began to deepen leisure sports games after years of exploration, which will help the company integrate upstream and downstream resources to develop a “big entertainment” strategy. It is estimated that the company’s net profit in 19-21 will be 4.

1, 6.

2, 7.

0 ppm, with a 10-year increase of 215%, 51%, and 14%. The current PE is 25x corresponding to 20 years, maintaining the “strong recommendation-A”.

Risk Warning: Poker Card Sales Continue to Decline; Major Changes in Mobile Game Regulatory Policy

Shandong Gold (600547) Company Comments: Improved performance growth, profit expected to usher in second half

Shandong Gold (600547) Company Comments: Improved performance growth, profit expected to usher in second half

Event: The company released a number of 2019 interim reports, and the company achieved operating income of 311.

9.5 billion, an increase of 19 years.

89%; net profit attributable to mother 6.

65 ppm, an increase of ten years.


The corresponding EPS is 0.

30 yuan / share, the company’s performance basically meets market expectations.

  Gold business profit growth report Tier 1 company gold business income 56.

500 million, an annual increase of 8%; a gross profit of 25.

7 trillion, an annual increase of 14.


In terms of output, the company produced mineral gold in the first half of 1919.

51 tons, an increase of 5 in ten years.


In terms of gross profit margin, the company’s gold business gross profit margin was 45 in the first half of the year.

6%, an increase of 2 per year.

Five averages, we judge that the gross profit margin of the gold business is mainly due to the rise in gold prices.

  In the first half of 19, the average price of gold in the first period reached 289.

6 yuan / gram, up 5 before.


  Reported corporate expenses have increased.

In the first half of 19, the company’s overseas subsidiaries’ export tariffs increased, and the tax and surcharges were reported accordingly1.

2.9 billion.

In addition, the company strengthened R & D investment and increased R & D expenses by 1.

4.8 billion.

  Monetary policy is gradually loosening, and the price of gold is expected to increase in the interest rate cut cycle. At the August 19 meeting, the Federal Reserve cut interest rates for the first time in nearly 10 years, and as early as the March 19 economic outlook, it will already have 20 years of economic growth.The growth rate was reduced to 1.



As the stimulus effect of tax cuts weakens and trade conflicts further intensify, it is highly probable that the economic growth of the United States will continue to fall.

If the U.S. economy experiences an unexpected downturn, it cannot be ruled out that monetary policy will be significantly loosened again, and the price of gold will increase.

  The price of gold continues to hit a new high, and the company’s performance in the second half of the year is expected to increase significantly. The price of gold in the second half of 19 will hit a new high. The average price of gold in August has reached 345 yuan / gram.

According to our calculations, for every 10 yuan / g increase in gold price, the company’s annual profit increases by 2.

5.8 billion.

If the gold price 苏州桑拿网 maintains the current price or continues to rise, the company’s performance is expected to achieve substantial growth in the second half of the year.

  Earnings forecast and rating: Considering that the price of gold only started to grow significantly in May, and that prices are expected to continue to grow.

  We adjusted the company’s profit forecast for 2019-2021 to 19.

100 million, 25.

400 million and 25.700 million (previous value was 22.

700 million, 19.

800 million and 17.

800 million), EPS is 0.

62 yuan, 0.

82 yuan and 0.

83 yuan.

  Corresponds to the closing price of 39 on August 30.

88 yuan, the company’s dynamic PE in 19-21 is 65 times, 49 times and 48 times, maintaining the “Buy” rating.

  Risk reminder: the risk of falling resource prices and the risk that mine output is less than expected.

Daily limit resumes: The two cities continue to take strong financial concepts across the afternoon

Daily limit resumes: The two cities continue to take strong financial concepts across the afternoon

The policy is bland but the market is restless?

Investing without looking at policies is like blindfolding. Come to Sina Finance University, listen to Miss Dong read the news and understand the market.

  Sina Finance News on February 20th, the broad market opened slightly higher. After the opening, the index once surged, the index rose more than 1%, and then quickly fell back. The Shanghai stock index once turned green, and the liquor stocks rose strongly.Picking up again, the brokerage sector collectively rose.

In the afternoon, the three major indexes rose collectively, the Shanghai index rose back to 3000 points, the index rose by more than 2%, and the brokerage sector exploded strongly. In general, the multiple A-share sectors continued to rise and market funds were active.Breaking trillions.

The final close, the Shanghai stock index was 3030.

15 points, up 1.

84%, with a turnover of 4,137.

6.1 billion yuan (the turnover of the previous trading day was 3,813.

3.1 billion); Shencheng Index reported 11509.

09 points, up 2.

43%, with a turnover of 6546.

6.5 billion yuan (the turnover of the previous trading day was 6574.

8.4 billion);

74 points, up 2.

twenty one%.

  From the surface of the disk, securities, miniLED, insurance and other sectors are at the top of the list, while influenza, animal vaccines, and masks are at the top of the list.

  First, the daily limit data today, Shanghai and 杭州夜网 Shenzhen daily limit of 123 (covering new stocks and ST-class), one daily limit, an increase of 3274 stocks, 70 flat, down 531 stocks.

  Second, the attractions sector: 1, securities Tianfeng Securities, Hongta Securities, Guojin Securities, Huaan Securities, Oriental Fortune and other daily limit of nearly 10 shares.

  2. HNA is a part of HNA Innovation, HNA Holdings, HNA investment daily limit, and HNA Technology are up.

  On the surface of the news, market rumors said that the Hainan Provincial Government, where the headquarters of HNA Group Co., Ltd. (hereinafter referred to as “HNA Group”) is located, is negotiating to take over the highly resistive HNA Group and dispose of its aviation assets.

Earlier this morning, an executive of HNA Group denied the rumor. He said that the rumors did not mean that he had never learned about the takeover, replacement or reorganization of HNA Group.

In the afternoon, people familiar with the matter: HNA-related rumors are incorrect, and they have been working hard. No matter which solution is used, it is in the direction that is beneficial to HNA and the enterprise.

  Third, today’s daily limit stock analysis Today’s daily limit stock analysis Name rise Current price daily limit analysis HNA Innovation 10

27% 2.

04 Hainan 0 HNA Investment 10.

13% 2.

61 Hainan 0 Tong Portugal shares 10.

11% 3.

92 white wine 0 Jinlong Electromechanical 10.

11% 5.

01 GEM shell 15 Zhengdan shares 10.

11% 5.

23 folding screen 5 sunrise east 10.

07% 7.

54 net red economy 0 Baichuan shares 10.

07% 6.

34 lithium iron phosphate 0 electronic city 10.

07% 4.92 Real Estate 4 Kodak Clean Energy 10.

06% 5.

47 lithium batteries 1 Kuangda Technology 10.

06% 3.

83 Tesla 0 Wanshun new material 10.

05% 6.

13ST plate 0 forging smart 10.

05% 6.

24 military industry 1 Stone links 10.

05% 8.

43 solid waste treatment 0 red star development 10.

05% 8.

76 lithium batteries 6 Jia Wei Xinneng 10.

05% 4.

6 Photovoltaic 0 Wisdom Songde 10.

05% 7.

12 results pre-increased 4 Xiuqiang shares 10.

04% 12.

49 Tesla 0 Huaan Securities 10.

04% 8 Securities 0 National Gold Securities 10.

04% 11.

18 brokers 3 Hekang Xinneng 10.

04% 2.

85 charging piles 0 Tiansheng new materials 10.

04% 6.

25 results pre-increased 0 great wisdom 10.

03% 9.

54 FinTech 0 Huifa Food 10.

03% 16.

45 quick frozen meat 1 new Cape 10.

03% 13.

27 Online Education 0 Green Court Investment 10.

03% 10.

2 Diversified Finance 0 Huaxin Shares 10.

03% 14.

59 brokerage firms 1 Sony Power 10.

03% 7.

57 diversified finance 2 Tongyi shares 10.

03% 19.

31 Huawei Industry Chain 0 Runxin Technology 10.03% 11.

635G0 Tianyin Electromechanical 10.

03% 21.

07 satellite navigation 0 Oriental Fortune 10.

03% 17.

34 Internet Finance 0 MMS Shares 10.

03% 21.

73 Huawei industry chain 0 red phase shares 10.

02% 18 Blockchain 2 Snowman Shares 10.

02% 9.

88 fuel cells 0 net up software 10.

02% 26.

57 ultra high definition videos 2 twin tower food 10.

02% 11.

53 artificial meat 5 grand blasting 10.

02% 31.

19 military industry 0 Haiqi Group 10.

02% 13.

29 Hainan 1 Tianlong Optoelectronics 10.

02% 6.

7 GEM restructuring loosened 0TCL technology 10.

02% 6.

7OLED0 Weitang Industrial 10.

02% 20.

76 Tesla 0 Mindong Electric Power 10.

02% 7.

25 wind power 0 Hualin Securities 10.

01% 15.

05 Securities 0 Xiangyou Technology 10.

01% 15.

05 Beidou Navigation 0 Huacan Optoelectronics 10.

01% 8.

35MiniLED8 Fengyuan shares 10.

01% 16.

92 lithium iron phosphate 0 Xiangdian shares 10.

01% 8.

68 wind power 0 Hite Hi-tech 10.

01% 19.

12 chips 0 deep Konka A10.

01% 10.55 chip 0 will communicate smoothly 10.

01% 56.

38 Cloud Office 1 Zhuoyi Technology 10.

01% 11.

76WiFi 60 Huaxi Securities 10.

01% 11.

87 Securities 0 Qisheng Technology 10.

01% 50.

57 new shares 1 Hongta Securities 10.

01% 20.

23 securities 1 gold transport laser 10.

00% 48.

49 laser 1 Yingjie Electric 10.

00% 78.

07 new shares 0 Star 10 semiconductors.

00% 57.

62 new shares 0 super map software 10.

00% 29.

47 domestic software 0 Rockchip 10.

00% 32.

88 new shares 0 flush flush 10.

00% 133.

61 Fintech 3 front-end software 10.

00% 78.

52 Internet Finance 0 Invic 10.

00% 39.

37 charging piles 0 German square 10.

00% 216.

12 lithium iron phosphate 0 Shuangfei shares 10.

00% 32.

01 new shares 0 refined research technology 10.

00% 136.

73 Tesla 3 Ashi Chuang 10.

00% 36.

3 targets 0 Beda Pharmaceuticals 10.

00% 82.

5 Medicine 14 Tongda shares 10.

00% 19.

47 GEM restructuring untied 0 Zitian Technology 10.

00% 25.85 Culture Media 0 Oteja 10.

00% 4.

62 Tesla 3 Agriculture Technology 10.

00% 31.

24 appliances 0 Duolun technology 10.

00% 7.

92 unmanned 0 0 Tamron shares 10.

00% 26.

18 Tesla 0 3D shares 10.

00% 19.

91 Rail Transit 2 Rainbow Shares 10.

00% 4.

51OLED0 HNA Holdings 10.

00% 1.

76 Hainan 3 trillion easy innovation 10.

00% 375.

24 chips 0 Fuhan micro 10.

00% 209.

46 chips 2 BYD 10.

00% 68.

1 new energy vehicle 6 compass 10.

00% 57.

33 Fintech 5 Jingsheng Electromechanical 10.

00% 27.

62 PV0 Junda shares 9.

99% 14.

75 auto parts 1 South China Futures 9.

99% 28.

62 new shares 0 Astronergy 9.

99% 26.

09 Yangtze River Delta integration 0 gold certificate shares 9.

99% 21.

91 Fintech 0 Huaxi shares 9.

99% 9.

8 Participating Securities Companies 1 Palm Reading Technology 9.

99% 18.

28 Knowledge Names 4 Shanghai Xiba 9.

99% 26.

32 sewage treatment 5 Kaizhong Precision 9.

99% 14.65 Tesla 0 Zhiyun shares 9.

98% 11.

13 Lithium battery 2 Siyuan Electric 9.

98% 15.

98 chip 3 Lehman Optoelectronics 9.

98% 10.

36Mini LED2 Saisheng Pharmaceutical Industry9.

98% 10.

14 Medicine 0 Deli shares 9.

98% 4.

96 glass 0 trillion Chi shares 9.

98% 4.

85 Mini LED0 and win shares 9.

97% 12.

68 lithium battery 0 初 灵 信息 9.

97% 16.

215G8 Jinyi Television 9.

97% 15.

33 Television Media 0 Hanshang Group 9.

97% 11.

03 new retail 6 Xiangtan electrification 9.

97% 10.

26 Charging piles 0 Guofeng Plastic Industry 9.

97% 6.

4OLED1 AVIC Sanxin 9.

97% 6.

29 military workers 0 Adir 9.

96% 9.

16 blockchain 1 core energy technology 9.

96% 8.

39 PV0 Kangsheng shares 9.

96% 2.

65 hydrogen fuel cells 1 Chang aluminum shares 9.

96% 4.

97 Tesla 0 dry photo photoelectric 9.

95% 7.

29LED3 Dongyi Risheng 9.

95% 6.

96 smart home 2 Tongfeng Electronics 9.

95% 4.2 passive components 0 Ruifeng Optoelectronics 9.

94% 7.

3 mini LED0 sea and land heavy industry 9.

93% 4.

43 Nuclear Power 0 Hongda Xingye 9.

92% 5.

21 Hydrogen Fuel Cell 5 Huaying Technology 9.

91% 2.

55 flexible screen 3 days rich energy 9.

91% 3.

55 Rare Earth Permanent Magnet 1 * ST BeiXun 5.

24% 2.

21ST plate 4ST Dongdian 5.

17% 1.

83ST plate 2 * ST Hehua 5.

09% 5.

37ST plate 1ST modern 5.

04% 2.

5ST plate 3 * ST power 4.

96% 7.

4ST plate 0ST Lawton 4.

96% 2.

96ST plate 0ST Aixu 4.

96% 11ST plate 0 * ST lotus 4.

88% 3.

01ST sector 0 fourth, yesterday’s daily limit stock performance today, yesterday’s daily limit stock performance today, the name of today’s price rise, the current price limit analysis yesterday opened the number of times Jinlong Mechanical and Electrical 10.

11% 5.

01 GEM Shell 2 Baichuan shares 10.

07% 6.

34 lithium iron phosphate 0 Kuangda Technology 10.

06% 3.

83 Tesla 0 forging smart 10.

05% 6.

24 military industry 1 Hekang new energy 10.

04% 2.

85 charging piles 0 Tiansheng new materials 10.

04% 6.

25 performance pre-increased 0 Huifa food 10.

03% 16.

45 Frozen Meat 1 Shinli Finance 10.03% 7.

57 diversified finance 2 Fengyuan shares 10.

01% 16.

92 lithium iron phosphate 0 Xiangdian shares 10.

01% 8.

68 wind power 0 British Vic 10.

00% 39.

37 charging piles 0 German square 10.

00% 216.

12 Lithium iron phosphate 0 Oteja 10.

00% 4.

62 Tesla 3 Agriculture Technology 10.

00% 31.

24 appliances 0 compass 10.

00% 57.

33 Fintech 5 South China Futures 9.

99% 28.

62 new shares 0 Kaizhong Precision 9.

99% 14.

65 Tesla 0 Zhiyun shares 9.

98% 11.

13 lithium batteries 2 and win shares 9.

97% 12.

68 lithium battery 0 Xiangtan electrification 9.

97% 10.

26 Charging piles 0 Changal shares 9.

96% 4.

97 Tesla 0 dry photo photoelectric 9.

95% 7.

29LED3 铜 峰 电子 9.

95% 4.

2 passive components 0 sea and land heavy industry 9.

93% 4.

43 Nuclear Power 0 China Television Media 9.

43% 17.

4 Ultra HD videos 0 Beibo shares 8.

87% 5.

03 photovoltaic 0 Shengyang shares 6.

68% 6.

07 lithium iron phosphate 0 Fulin Seiko 6.41% 12.

79 lithium iron phosphate 0 Ruida futures 6.

11% 38.

88 new shares 4 back to Tianxin Material 5.

78% 12.

08 Huawei industry chain 7 Chengmai Technology 5.

65% 288.

88 Huawei Industry Chain 2 * ST BeiXun 5.

24% 2.

21ST plate 4 * ST riverization 5.

09% 5.

37ST plate 1 Shengbang shares 4.

97% 341.

76 chip 7ST love Asahi 4.

96% 11ST sector 0 trillion new shares 4.

82% 2.

61 lithium battery 0 Zhongxin fluorine material 4.

74% 29.

4 Fluorochemical Industry 2 New Construction Co., Ltd. 4.

39% 4.

28 rail transit 0 Beijing Quanhua 4.

35% 18.

955G1 Wanxing Technology 3.

97% 85.

72 domestic software 1 Skyrim shares 3.

92% 9.

82 lithium iron phosphate 0 Sunri shares 3.

84% 15.

96 electric bikes 7 deep sunda A3.

37% 19 flexible screen 3 Sanfu shares 3.

34% 33.

43 hydrogen energy 0 Changshan Beiming 3.

29% 10.

36 Huawei Concepts 1 Golden Eagle Shares 3.

05% 7.

78 lithium iron phosphate

70% 113.

6 Domestic chips 4 Xinpeng shares 2.

58% 8.

36 Tesla 0 Cheng Yi Tong 2.49% 9.

48 medical devices 1 Anada 2.

45% 8.

37 lithium iron phosphate 1 Xinneng Taishan 2.

02% 5.

56 Supply Chain Finance 12ST Silver Billion 1.

83% 1.

67ST plate 4 China Wuyi 1.

36% 3.

72 oversold rebounds 4 Hangfa Technology 1.

09% 17.

68 Aerospace Defense 7 Yinbang shares 0.

80% 5.

01 Tesla 2 North Special Technology 0.

64% 9.

37 Tesla 7 Andre 0.

54% 38.

95 new retail 16 East Crystal Electronics 0.

54% 11.

2 Quartz crystals 2 Jidian shares 0.

51% 3.

97 wind power 7 Zhongtian Finance 0.

46% 4.

33 real estate 3 fast travel technology 0.

40% 20.

25 games 7 era new materials 0.

28% 7.

21 wind power 6 Qianjiang motorcycle 0.

17% 11.

68 lithium iron phosphate 1ST gold expensive 0.

00% 2.

48ST plate 1 Jingwei shares 0.

00% 2.

68 hydrogen fuel cell 0 Sai Teng shares -0.

04% 49.

8 wireless headphones 5 Zhongyuan new materials -0.

07% 13.

72 Nonferrous Metals 0 Invitum-0.

67% 4.

48 hydrogen fuel cells 3 Taijing Technology-0.77% 33.

4 passive components 2 Wansheng shares -0.

93% 17.

07 New Energy Vehicles 1 Coordinate Technology-0.

97% 8.

17 lithium iron phosphate 0 Nebula shares -1.

11% 16.

98 lithium battery 0 * ST Tianma-1.

12% 1.

77ST plate 9 Datang Telecom-1.

20% 10.

665G0 reached -1 when new.

27% 6.

23 robots 7 Yuebo Power-1.

37% 23.

03Auto Parts 1 Innovative Medical-1.

47% 6.

03 Private Hospital 0 Shengda Bio-1.

53% 50.

8 Feed 4 Sichuan Jiuzhou-1.

64% 5.

41 military 0 * ST Soling-1.

89% 5.

2ST plate 0 Huaying Agriculture-1.

92% 5.

61 agricultural planting 9 Sinochem Rock and Soil-2.

07% 3.

79 intends to acquire 1 Feilong shares -2.

14% 5.

95 auto parts 8 Juhua shares -2.

33% 7.

53 Fluorochemicals 10 Haley Bio-2.

57% 17.

81 Medicine 7 China Haiphong-2.

81% 30.

49 China Shipbuilding 7 Kangda New Materials -3.

20% 18.

13 chips 4 Wuhan Holdings -3.

37% 8.

6 Sewage treatment 7 Guanghua Technology-3.94% 14.

39 lithium iron phosphate 2 get equipment -4.

77% 40.

52 folding screen 0 essence pharmaceutical-5.

43% 6.

27 Medicine 0 Molding Technology-6.

79% 14.

54 Tesla 4

Yingliu (603308): Expense contraction releases profits and elasticity Two business enters harvest period

Yingliu (603308): Expense contraction releases profits and elasticity Two business enters harvest period

The company released three quarterly reports, with revenue for the first three quarters of 14.

2 ‰, an increase of 10 in ten years.

99%; net profit attributable to mother 1.

0.6 million yuan, an increase of 52 in ten years.

79%; net profit after deduction of 78.04 million yuan, an annual increase of 53.

41%, located in the center of the previous notice.

Cash flow improved substantially, and R & D expanded into a more segmented quarter, with Q3 revenue4.

70,000 yuan, an annual increase of 3.

15%; net profit attributable to mothers is 36.34 million yuan, an annual increase of 186.

2%; net profit after deduction of 25.99 million yuan, an annual increase of 366%.

The company strengthened cost control, Q3 sales, and management expense ratios were 2.

4%, 8.

06%, respectively reduced 北京spa会所 by 0 every year.

21, 5.


The company continued to maintain a high level of R & D investment, with R & D expenses in the first three quarters1.

48 ppm, an increase of 45 in ten years.

94%, mainly due to the disposal of high-temperature hot-end parts such as gas turbines and aero engine blades, nuclear power metal insulation technology; operating net cash flow.

190,000 yuan, an increase of 125 in ten years.

At 7%, cash flow improved significantly.

The two-machine business enters the harvest period and releases the elasticity of profit. The two-machine blades have the characteristics of high initial investment and long product development cycles, but they are resolved by customer-generated adhesion. In the first half of this year, the revenue in the aviation sector increased by 138.

36%, has gradually 南京夜网论坛 entered the harvest period.

At the same time, the conversion of nuclear power projects restarted, and the company’s nuclear power business is expected to return to the high growth channel.

At present, the company’s new business is gradually entering the harvest period, and the business scale is expected to increase rapidly. After the deep binding of customers, the cost growth trend and the elasticity of profit margins are prominent.

Profit forecast: For the time being, we will not consider the impact of the non-public offering of shares. It is estimated that the company’s revenue in 19-21 will be 1924/2313/2767 million yuan; the EPS will be 0.



65 yuan / share, corresponding PE is 41X / 21X / 15X.

Considering the stability of the company’s traditional business and the transition of new business into the harvest period, it is expected to significantly improve the company’s performance and valuation.

We maintain a reasonable value of 13.

2 yuan / share, maintain “Buy” rating.

Risk reminders: demand risk risk; export trade risk; exchange rate risk; depreciation stall costs and inventory accrual increase risk; new business progress expected risk.

Hengli Petrochemical (600346): Stronger Hengqiang Sees Competitiveness and Market Capability from Overseas Refinery Benchmarking

Hengli Petrochemical (600346): Stronger Hengqiang Sees Competitiveness and Market Capability from Overseas Refinery Benchmarking

Background to this report.

In the previous report, we combed Hengli Petrochemical’s competitive advantages as a domestic polyester leader company, refinery competition, profit calculation, etc., in this in-depth report, we focused on further refinement analysis of Hengli Petrochemicals in overseas refineries.The project’s international competitive advantage, as well as international assessment comparisons.

The strong one is Hengqiang, the first large-scale private refining and petrochemical project in China.

1) The project construction efficiency is high and the investment cost is 四川耍耍网 low.

In proportion to overseas petrochemical investment, with the same scale of production capacity, the investment capital expenditure of private refining and chemical industry can save at least 30%; 2) The scale advantage is obvious, and the technological process route is optimized.

Refining and chemical industry process technology has matured and perfected. Hengli passed the process of selecting the most suitable process route package, optimizing and enlarging production capacity, and giving full play to the advantages of scale.

With reference to domestic and foreign refineries of the same size, the main competitive advantages of Hengli Petrochemicals comparison are: 1) the relative proportion of traditional refinery personnel, and the maintenance costs increase due to aging equipment; 2) the essence of new overseas refineriesIn the above, under the same equipment and process, the investment cost of the same-scale production capacity is higher than that of Hengli Refining, and the corresponding depreciation is gradually increasing. At the same time, overseas refineries are still more oriented towards refined product income, and the economic value added is relatively lower; 3) andThe proportion of existing stock refineries, Hengli Refining and Chemicals through the enhancement of hydrogenation capacity, the maximum proportion of PX production and light hydrocarbon yield.

4) Complete facilities, complete logistics and public works.

Hengli Petrochemical’s own crude oil terminal, due to its unique coal index, strong hydrogenation capacity, low cost, and self-supplied power supply, has significantly reduced costs. At the same time, the refinery is also equipped with waste heat recovery and power generation devices, which reduces the overall efficiency.Material consumption.

According to our expectations, with reference to domestic and foreign refineries of the same size, the total operating cost of Hengli Petrochemical is estimated to be approximately 3.

3 US dollars / barrel, which is lower than 4 in traditional refineries.

$ 69 / barrel and 8 of new overseas refineries.

$ 76 / barrel.

Benchmark international high-quality companies and be optimistic about the company’s future market value.

For the evaluation system of benchmarking overseas companies, for progressive industries, the price-earnings ratio is often easily distorted due to breakthroughs in performance. From the perspective of market value space, we believe that for the market value space of refining, the following characteristics can have a large market value: 1) Asset sizeLarge volume; 2) Full industrial chain and stable profit; 3) Reasonable use of financial leverage; 4) Advanced production capacity and good growth.

We believe that Hengli Refining and Chemical will undergo the process from the realization of production capacity to the realization of performance, and then to the realization of competition. The competition is mainly reflected in the stability of profitability and the ability to obtain relative excess profits even in the cycle trough period, while the competitiveness is realized.The most space for future valuations.

Investment suggestion: Hengli Petrochemicals has the advantage of leading development, and relying on competition to break through the industry’s advanced production capacity upgrades, and change the industry ecology.

As subsequent projects under construction come into operation successively, the replacement will bring continuous growth to the company. We adjust 2019?
EPS Forecast 1 for 2021.

28 yuan, 1.

68 yuan and 2.

10 yuan (previous forecast was 1.)

27 yuan, 1.

64 yuan and 1.

96 yuan), corresponding PE is 11X, 9X and 7X, maintaining the “buy” level.

Risk reminder: Oil prices have fallen sharply, and the profits of the industrial chain have narrowed sharply; the boom of the refining and chemical industry has been highly reduced, and the operating rate of Hengli refining and chemical projects has fallen short of expectations; PTA and other projects under construction have been put into operation less than expected.

Tongling Nonferrous Metals (000630) Quarterly Report Review: Smelting Business Steadily Increases Oversized High-end Copper Foil Capacity

Tongling Nonferrous Metals (000630) Quarterly Report Review: 佛山桑拿网 Smelting Business Steadily Increases Oversized High-end Copper Foil Capacity
First, the event overview Tongling Nonferrous released the first quarter of 2019 report on the evening of April 29.The core company reported operating income of 231.77 ppm, an increase of 30 in ten years.75%; realize net profit attributable to mother 2.80 ppm, a 39-year increase of 39.38%. Second, the analysis and judgment of the falling prices dragged down the gross profit margin level, excluding the accumulation of reports of non-liquid assets loaded lightly, the company’s production and sales volume increased steadily.The price of sulfuric acid remained high in 2019Q1, and the average LME copper price fell by 10.71%, the average London spot gold price drops by 1 every year.92%, the company’s gross profit margin decreased by 0 compared to 2018Q1.55 units.The three fees and research and development expenses increased overall in advance12.25%, mainly affected by the increase in research and development costs and financial costs, the overall cost is controllable.In the reporting year, the company dealt with non-current assets, and the pressure on asset impairment losses during the current period was greatly reduced, which decreased by 82 every six months.36%; while suffering from the decrease in hedging profit, other comprehensive income decreased by 370.97%.The company’s non-attribution net profit increased by 55 in ten years.30%, endogenous profitability has increased. The smelting business grew steadily, or benefited from the recovery of copper prices, and the company’s resources and smelting business continued to grow.The company’s tungsten carbide copper production in 2018 increased by 3.92%, copper content of copper concentrate increased by 14.96%, copper processing increased by 4.78%, by-product sulfuric acid increased by 11.61%.Considering the rising optimism in the China-US trade negotiations and the expected expectations of a gradual economic stability relay, the macro expectations continue to improve, which is good for copper prices to rise.At the same time, the environmental protection pressure of sulfuric acid production is facing challenges, and the industry is expected to maintain prosperity in the future.The recovery of the copper industry and high profits of sulfuric acid are expected to drive the company’s performance to grow steadily. The production capacity of high-end copper foil continues to increase, opening up the space for increased performance. The company currently has 4 copper foil production capacities, including 2.25 Cobalt Standard Copper Foil, 1.75-inch lithium battery copper foil production capacity, including Tongling Copper Crown’s ultra-thin electronic copper foil project, the first phase of production capacity has been supplemented by 1 and has been put into production, and the company plans to start the production of 1.5 The construction of the second-stage and second-stage of the advanced advanced special electronic copper foil.The demand for high-end copper foil is expected to translate into increased energy density requirements for lithium batteries. At the same time, the company is expected to benefit from the capacity release of the copper foil business and gradually open up the company’s performance growth 西安耍耍网 space. Third, the investment proposal considers that the company’s smelting business is steadily growing, high-end copper foil production capacity is gradually released, the copper industry supply and demand structure is expected to improve margins, and the sulfuric acid price may maintain the boom. The company ‘s performance is expected to gradually open up growth space in the future.The return is 0.09/0.11/0.13 yuan, corresponding to the current sustainable PE is 27/22 / 19X.Considering that Tongling Nonferrous PB has a low quantile of 21% since 2016, some “recommended” grades. 4. Risks indicate that metal prices fell more than expected, the project construction and commissioning progress fell short of expectations, and downstream demand exceeded expectations.