Shao Neng (000601): Clean Energy Business Makes Full Forces; First Three Quarters Results Exceed Expectations

Shao Neng (000601): Clean Energy Business Makes Full Forces; First Three Quarters Results Exceed Expectations
Investment Highlights Event: The company released the first three quarter results forecast: It is expected that the first three quarters of 2019 will achieve net profit attributable to mothers.60-4.90 ‰, an increase of 71 in ten years.19% -82.35%; net profit attributable to mothers was achieved in the third quarter.06-1.3.6 billion, an increase of 64 in ten years.03% -110.36%. The hydropower + biomass power generation business is working together, and the first 四川耍耍网 three quarters of performance have maintained a high growth rate: 1) The water conditions of the company’s subordinate hydropower stations are relatively good, and the company has done a fine job of scientific management of water regime scientific dispatching to improve water energy insteadOptimization, therefore, the increase in the amount of hydropower generation, utilization hours is higher than the expansion, and the operating efficiency is greatly improved.2) In the first half of 2019, the company’s Xinfeng Xuneng Biomass Energy Expansion Project was put into production, and the company’s biomass power generation installed capacity increased by 60,000 kilowatts.Finally, the company’s installed capacity of biomass power generation is 180,000 kilowatts.In the first three quarters, the company’s biomass power generation enterprise has done a good job in production and management. The generating unit utilization hours are based on a higher industry average, and the offset has increased. The main “defense” of clean energy: Hydropower provides safety margins, and biomass power generation projects will be put into operation this year and next: 1) Hydropower business: The company operates 680,000 kilowatts of installed hydropower in hand, distributed in Guangdong and Hunan provinces, of which Guangdong Small HydropowerThe lowest electricity price is 0.4382 yuan / degree, Hunan electricity price is 0.Around 30 yuan / degree, both are significantly higher than the industry average; in the first half of 2019, due to the better impact of water conditions, the company’s hydropower utilization hours reached 2940 hours, far exceeding the national average of 1674 hours of hydropower utilization.2) Biomass power generation business: the company has put into operation a total of 180,000 kilowatts of installed biomass power generation capacity, and a total of 180,000 kilowatts of projects under construction + planned construction (concentrated in 2019 and 2020 for production).Fuel collection mode + combined heat and power + strong demand for power and other core competitive advantages, the utilization hours in 2018 reached 6,575 hours, which is 29% higher than the industry average.3) We make conservative estimates of the company’s biomass power generation projects in hand. In 2020, only two projects that are newly commissioned in 2019 are expected to provide incremental net profits.64-0.Above 800,000 yuan, the net profit scale of biomass business in 2018 increased by more than 100%. Green paper tableware main “offensive”: the price of degradable ecological paper tableware business has risen, contributing significantly to the growth of today’s and tomorrow’s performance: 1) According to data from Zhiyan Consulting and Industry Information Network, the market space of green paper tableware inNearly 25 billion U.S. dollars, and the company has multiple core competitive advantages such as scale effect + automation equipment + business collaboration, and the industry leader is expected to gradually improve its stability.2) We predict that 6.8After the first-phase project of such environmentally friendly paper tableware is put into production, the company’s production capacity will reach 10.8 digits / year, it is expected that the revenue of this business will reach 15.08 ppm, a measure of an increase of 286% in 2018; assuming that the automation of the production process can increase the net margin by 3 percentage points, the company’s environmental protection paper tableware business will achieve a net profit scale of 1.240,000 yuan, ranking increased by 517 in 2018.95%. Earnings forecast and investment rating: The company’s EPS for 19-21 is expected to be 0.55, 0.68, 0.76 yuan, corresponding PE is 11, 9, and 8 times. The company also has: 1) Dividends for value stocks: The company promises to increase the cash dividend ratio from 35% to 60% in the year 2019-2021, and it is expected that the company’s dividend rate in 2019It will exceed 5%, ranking first among all companies in the hydropower industry; 2) Valuation of cyclical stocks: corresponding to 11 times PE in 2019; 3) Growth rates of growth stocks: 北京夜网 97 and 2020 respectively.2%, 23.1%, therefore, we maintain the company’s “Buy” rating. Risk reminder: Macroeconomic downturn affects power demand, and there is a risk of downward price adjustments for hydropower and biomass compensation electricity prices, etc.

Xinquan shares (603179) company research: large space, clear shape, OEM growth can be expected under the trend of reducing costs

Xinquan shares (603179) company research: large space, clear shape, OEM growth can be expected under the trend of reducing costs

The industry is down, the cost of combining electrification + intelligence is increasing, and the proportion of traditional parts and components is declining.

The domestic wholesale vehicle sales volume will increase to 8 in 2019.

2%, industry competition is intensifying, and the proportion of traditional parts and components is declining.

1) The historical situation of the resumption. Joint venture brands have the highest market share in the down period of the industry. The guidance prices are all lower. During the period, the joint venture-independent price spread ranges from the highest 80,000 to 100,000 yuan, and the minimum is 40,000 无锡桑拿网 to 20,000 yuan.Cost reduction; 2) Under the trend of autonomous driving and electrification, the value of traditional configurations such as interior trim and powertrain will be squeezed. According to Deloitte’s calculations, the value of bicycles with traditional interior trim will account for 10% by 2025.

9% fluorinated to 10.

0% (-0.

9 PCT); 3) In terms of financial performance, the global EBIT rate of global interior suppliers in 2018 was only 5.

6%, the lowest profitability of the various sectors.

The industry will enter the cost-oriented era in the future, and the trend of domestic domestic suppliers to replace them is inevitable.

  The interior industry has ample space and a clear structure. Under the tide of localization, it is still an excellent track for breeding leaders.

1) Market capacity: In 2018, global car sales were 95.6 million units, of which global passenger cars and light commercial vehicles achieved sales of 86.01 million. Based on the value of bicycles of 1 million, the total market for interior parts of commercial vehicles, interiorsThe global market is close to one trillion.

2) Industry structure: At present, in the interior market of domestic joint venture car companies, except for Yanfeng interior, the rest of the German and American joint venture markets are basically divided by multinational leaders such as Virginia and Antonglin, and the industry structure is clear.

3) From the perspective of financial data, the production and depreciation and amortization of the interior decoration industry bring the proportion of income below 3%. The scale advantage does not bring obvious competitive advantages. Domestic players have cost advantages and growth opportunities.

  Import substitution is a mega trend, and the company has obvious cost advantages and broad growth space.

1) Overseas leaders currently regard the traditional interior decoration business as a source of cash flow, and the strategic focus has shifted to high barriers such as smart seat bays and ADAS, and high profit. The shortened research and development cycle has given the company a relatively low-end”The opportunity for the development of the traditional interior market.

2) In recent years, the fixed-point joint venture has been continuously decentralized, and local suppliers have become increasingly fixed-point.

For suppliers, it is more difficult to go from top to bottom. Once they switch to independent customers through joint venture customers, it means continuous remittance cycles, more alternating annual price reduction negotiations and higher response speed requirements.

The company started from commercial vehicles. Passenger car customers are mainly independent customers such as Geely. The company has a natural advantage in terms of annual bearing capacity and response speed.

The company has passed IATF16949 certification in 2017. In the future, the acceptance of local suppliers by OEMs will be gradually liberalized, and the biggest barriers to expanding joint venture customers are gradually being eliminated.

3) For overseas giants such as Yanfeng, Virginia, Antonglin, the company has obvious advantages in terms of profit margin, raw material ratio, labor cost, etc., which means that in the competition stage, the company has a space for price reduction and strong potential for future penetration.

  The project has sufficient reserves, and it is expected that the volume and price of products will rise in the future.

During 2017-2019H1, the value of the company’s products has steadily increased. The average sales price has increased from 579 yuan / piece to 763 yuan / piece. The sales structure has been continuously optimized.

At the same time, as of 2018, the company has a total of 47 R & D projects, batches, engineering, and product allocations at all stages. The project in hand has a reasonable echelon, and it is expected to continue to contribute performance in the future.

  At present, the company’s new / old projects have begun to gradually change. Depreciation and amortization have increased rapidly since 2018 (+ 80% per year). After new projects are gradually ramped up in the future, the company’s performance will usher in a new growth track.

  Investment suggestion: The profit attributable to the parent company is expected to be 2 in 19-21.

07, 2.

98, 3.

6.6 billion, corresponding to PE of 23.

3, 16.

2, 13.

2 times.

Optimistic about the company’s core advantages in R & D and cost control, it is expected to gradually cut into the supply chain of new OEM customers, grow into an industry giant, and maintain a “Buy” rating.

  Risk reminder: the risk that the upgrade and modification of the supporting models can be successfully cut in and the model sales are not up to expectations; the risk of raw material prices; the risks brought by the overall sales of automobiles

Great Wall Motor (601633): August sales against high growth equity incentives highlight long-term development confidence

Great Wall Motor (601633): August sales against high growth equity incentives highlight long-term development confidence
The company recently announced August sales, and the company achieved sales of 7 in August.20,000 vehicles, +9 in the past.52%; of which Haval / Wey / Pickup are sold separately 5.20,000 vehicles / 0.70,000 / 1.160,000, at least +17.04% /-31.2% / + 12.7%.The company’s recently announced stock and equity incentive budgets demonstrate its confidence in development. In August, sales increased against the market and F5 / F7 provided the main positive increase.The CIC announced that the sales volume of narrow passenger cars in August was 156.40,000, at least -9.9%; the company achieved sales of 7 in August.20,000 vehicles, +9 in the past.52%, sales growth rate is significantly higher than the industry; of which Haval / WEY / pickup sales of 5 respectively.20,000 vehicles / 0.70,000 / 1.160,000, at least +17.04% /-31.2% / + 12.7%.In terms of different models, Haval H6 / M6 achieved sales of 2 respectively.5/0.670,000 vehicles, at least -6% / + 62.6%.F5 / F7 sales were 1689/10036 units in the month, as Haval F5 / F7 were listed in October / November last year, providing a major positive increase. Equity incentives streamline the incentive mechanism and demonstrate the company’s confidence in long-term development.The company’s recently announced budget stock and stock budget incentive plan draft plans to grant total equity1 to 1,928 incentive objects including directors, executives and core personnel.8.5 billion shares, the grant price of the budget stock is 4.12 yuan per share, the exercise price of the stock budget is 8.23 yuan / share, the first approved supplementary stock and stock replenishment performance evaluation target, the dual evaluation target for net profit and total sales volume, further establish and improve the incentive mechanism, and fully mobilize the enthusiasm of the company’s directors, executives and core personnel, Interest binding, highlighting the company’s long-term development confidence. Expansion of production capacity against the market, looking forward to new platforms and new products, maintaining the level of “prudent increase”.At present, the Yongchuan factory is about to be completed and put into production. It mainly produces a new model of the Great Wall pickup truck. The Rizhao factory is under planning 合肥夜网 and construction.The company’s domestic overall plan for eight production bases, production capacity expansion against the market expansion, expansion of product categories to make up for shortcomings.Beginning in 2020, the company is expected to launch a new platform. It is expected that a number of new models will be launched. At the same time, the cooperation model with BMW is expected to be mass-produced in 2021. The product is expected to enter a new cycle.In the medium and long term, the company’s opening of the parts system, expedited product exports, fair incentives, and consistent benefits will all enhance the company’s medium and long-term competitiveness.It is expected that the company’s net profit attributable to its mother for 2019-2021 will be 42.1/65.2/69.900 million, maintain “prudent increase” rating. Risk warning: industry sales increase sharply; the company’s new car sales exceed expectations; cooperation with BMW is lower than expected

Panzhihua Iron and Vanadium Titanium (000629): Increase in vanadium price promotes company performance and maintains company “recommended” rating

Panzhihua Iron and Vanadium Titanium (000629): Increase in vanadium price promotes company performance 重庆桑拿 and maintains company “recommended” rating


Incident Pangang Vanadium Titanium announced its 2018 annual report.

Reported operating income of top companies 151.

60,000 yuan, an annual increase of 60.

7%; net profit attributable to shareholders of the listed company is 30.

90,000 yuan, an increase of 258 in ten years.

0%, corresponding to the previous EPS of 0.

36 yuan.

The company’s fourth-quarter operating income was 45.

0 million yuan, an increase of 15 in ten years.

6%; net profit attributable to mother 10.

4 trillion, a growth rate of about 440% in ten years.


Our analysis and judgment (1) The increase in vanadium price has helped the company’s performance to improve significantly. According to wind data, the average price of vanadium pentoxide (98% tablets, Sichuan) in 2018 was about 南京桑拿网 2.

70,000 yuan / ton, a 131% increase from the price in 2017; the company’s equivalent sales of vanadium pentoxide was about 2 in 2018.

3 For the first time, it grows about 20 per year.

2%; vanadium product gross margin 37.

2%, an increase of 14 per year.


The dual advantages of price and sales volume helped the company achieve its profitability expectations.

In addition, the company reported that higher selling expenses increased by approximately 34 due to rising sales of vanadium and titanium products.

6%; total R & D expenditure is 5.

400 million, accounting for about 3.

6%; reduced financial costs by approximately 29 due to reduced bill discounting.


The Yanjia Titanium Project is under construction for impairment.

10,000 yuan, resulting in the company’s assets impairment losses in 20182.

US $ 18 trillion (II) The company’s vanadium business still has potential for future development. The company plans to produce vanadium products (equivalent to vanadium pentoxide) in 20192.

1 cobalt, titanium slag 17.

5 for the first time; chlorinated titanium dioxide 2.

0 initial; sulfate titanium dioxide 22.

0 Preliminary revenue 144.

700 million.

The import ban on vanadium slag in 2018 has led to the supply of vanadium products; the downstream demand for vanadium products has reduced the profit of the steel industry, but rebar maintenance activities may increase demand for vanadium products.

During the implementation of the new national standard for rebar, steel plants in some regions were detected to replace the addition of vanadium products through other production processes.

If the sampling inspection is strengthened, it will directly lead to such companies to modify the process of adding vanadium products, so demand for vanadium products is expected to improve.

In addition, the steel industry downstream of vanadium products is in the peak construction season, and the floor space of newly started housing in the first two months of 2019 increased by 3 compared with the same period last year.

At 1%, demand is released, and destocking of steel products is gradually carried out, so the price of vanadium products will gradually stabilize and maintain a high level. This situation is conducive to the company’s vanadium product business development.In addition, the group’s subsidiary Xichang Steel Vanadium plans to inject its vanadium product processing business into the listed company at a suitable time in the future. If the injection is successful, the company’s control of vanadium product capacity is expected to exceed 4, thereby further strengthening the vanadium product business.


Investment suggestion The company is the leader of the domestic vanadium products industry. If Xichang Steel vanadium is successfully injected and the company’s vanadium product capacity exceeds 4,

The rise in vanadium prices in 2018 led the company to achieve profitability, and the ban on the entry of vanadium slag and the implementation of the new national standard for rebar may promote increased demand for vanadium products.

Taking into account that the relaxation of environmental protection and production restrictions this year may lead to the release of steel supplies, the prices of vanadium products may stabilize and maintain a high level of operation.

Therefore, we expect the company’s EPS for 2019-2020 to be 0.

42 yuan, 0.

40 yuan, corresponding to PE is 8.

76X, 9.

01X, and give “recommended” rating.


Risk prompts 1) The prices of vanadium and titanium have fallen; 2) The output of vanadium and titanium has fallen short of expectations; 3) The downstream demand has fallen short of expectations; 4) Changes in industry policies.

Xinhua International Review: Accelerating Digital Transformation in Response to the Epidemic

Xinhua International Review: Accelerating Digital Transformation in Response to the Epidemic
Xinhua News Agency, Beijing, February 25th, under the title: Accelerating Digital Transformation in Response to the Epidemic Examination, Xinhua News Agency reporter Yuyu Jinhua Under the new crown pneumonia epidemic, international media have noticed that China is accelerating digital transformation and responding to the epidemic.This will not only help improve China’s “immunity” of the economy and society, but also become a new source of growth for long-term economic development.  In the eyes of international media, China has already become the world’s largest application of digital technology: AFP reported8.How 500 Million Mobile Internet Consumers Save the Retail Industry, The New York Times reported that a Hema Xiansheng rider delivered food and hope to online customers in Wuhan, and the Spanish National newspaper reported that 50 million students resumed classes at NailThe “South China Morning Post” reported how a chain supermarket closed in the eighth or eighth line of stores implemented a digital hotline conversion . on one side are the cold streets and on the other side, the hot online clouds, so the “cold and hot” coexisting dramatic sceneIt is a reflection of the dynamism of the Chinese economy in a special period, and it also indicates that it has great potential to be developed.  Digital technologies and applications have played a multi-level and multi-dimensional role in China in the context of the new crown pneumonia epidemic.  First, the role of the digital economy is significant.Online retail, which did not exist during the SARS period in 2003, now accounts for more than a quarter of total retail sales of consumer goods.In addition to online retail, cloud office, learning, online movie viewing, exhibitions, online games, entertainment, and O2O takeaways all achieved explosive growth during the epidemic.  In itself, the widespread application of digital technology is effective for epidemic prevention.”On-code management” for mobile personnel has greatly improved management efficiency; AI algorithms and cloud computing have shortened the time for genetic analysis and CT image interpretation of suspected cases; applications such as online consultation and hot maps have facilitated patient visits; local governments andThe “digital epidemic prevention system” adopted by the enterprise has accelerated the rate of resumption of work while accurately preventing epidemics.  Third, the digital epidemic resistance has also achieved governance gains.And SARS indicators, the scale 成都桑拿网 of China’s economy, more mobile populations, and more demand structures put forward higher requirements for modern governance.With the power of digital, agile governance and refined governance become possible.For example, during the epidemic, “in-person approval” is provided, government services are provided through digital platforms, resumption of work is differentiated through epidemic maps such as “five-color maps”, and differentiated personnel management is performed through “three-color codes.”  Economic underpinnings, epidemic prevention, efficiency gains, and governance gains-During the epidemic, digitalization has strengthened China’s economic and social “immunity.”The replacement that made all this happen in a short time is the development of China’s digital infrastructure since SARS, the growth of the digital economy, 杭州桑拿网 and the replacement of many digital platform companies such as Alibaba and Tencent.  After the epidemic, for companies, digital strategies are no longer “optional” but “required”.This involves not only the digital transformation of production, logistics, and sales channels, but also the digital transformation of organizations and management that match it.For the general public, the significance of digitalization will not only be limited to online consumption and entertainment, but also include digital learning, communication, work and other internal digital lifestyles.For governments, digitalization has become a necessary part of the modernization of governance systems and capabilities.  Looking back on the history of global economic development, each crisis may become a catalyst for a new round of development. The oil crisis of the 1970s led to the rise of the Japanese automobile industry, and the global climate crisis catalyzed the development of the new energy industry.Crisis and development always go hand in hand. Because crisis brings change, change breeds development.  Change has happened.From the perspective of China’s economic development stage, the per capita national income has exceeded US $ 10,000, and the digital upgrade of the economy is a key step for China to move towards a high-income stage.Looking around the world, digital transformation will also become the breakthrough point of another international development competition after industrialization and informationization.Embrace digitization and speed up your running without hesitation.

UFIDA (600588): Cloud leader

UFIDA (600588): Cloud leader

Investment highlights Non-net profit growth of 82% in 2018.

The company disclosed its 2018 annual report. In 2018, the company realized operating income of 77.

30,000 yuan, an increase of 21 in ten years.

4%; net profit attributable to mother 6.

12 ppm, an increase of 57 in ten years.

3%; net profit attributable to non-attributed mothers 5.

32 ppm, an increase of 81 in ten years.


According to the company announcement, the main drivers of performance growth include: (1) The company continued to promote UFIDA in 2018.

0 strategy, accelerating the large-scale development of UFIDA cloud service business, promoting the effective growth of software business, maintaining the steady development of financial services business, and the healthy development of the company’s overall business; (2) the company effectively controlling the growth of cost expenses, the average growth of costs and operating expensesRevenue increased and operating efficiency improved significantly.

R & D investment continues to increase, and cloud business R & D investment is high.

(1) In 2018, the company’s R & D intake was 14.

86 ppm, a ten-year increase of 14.

5%, R & D budget accounts for 19% of operating income.

3%, the R & D expense ratio is 88%. Since 2014, the R & D expense ratio has been at a high level of 86% -88%.

Since 2015, the company’s R & D investment accounts for about 20% of its operating income. We believe that high R & D investment guarantees the company’s product advantages and technical barriers.

(2) The proportion of cloud business R & D investment in total R & D investment is high.

In 2018, the company’s cloud services business revenue was 20.

940 thousand yuan, the proportion of cloud 苏州夜网论坛 service business income to total operating income was 27.

2%, but cloud business R & D promotion accounted for 48% of the company’s total R & D investment.


Software business: Revenue grows 9% annually and has passed CMMI level 5.

The company’s software business revenue in 2018 was 55.

79 ppm, a ten-year increase of 8.


The company’s software products include NC series for large enterprises, U series for medium and large enterprises, and T series products for small and micro enterprises.

In 2018, the company officially passed the CMMI Level 5 certification, the highest level in the global software field, and has achieved world-leading software maturity and software project management capabilities.

Focus on cloud services business.

(1) Revenue increased by 73% year-on-year.

In 2018, the company’s cloud services business revenue was 20.

0.94 南京桑拿网 million yuan, an increase of 72 in ten years.


From 2016 to 2018, the company’s cloud service business revenue accounted for 7%, 19%, and 27% of the company’s total operating revenue, respectively. The proportion of cloud service business revenue in the company’s total turnover increased year by year.

(2) Cloud services are gradually assessing that the number of corporate customers has increased by 55%.

As of the end of 2018, UFIDA’s number of enterprise customers reached 467.

210,000, gradually expanding the number of corporate customers 36.

190,000, an increase of 55% a year.

(3) The evaluation rate of cloud services has gradually increased.In the first quarter of 2018, the company’s cloud services are expected to be implanted6.

35%, by the fourth quarter of 2018, the ratio of cloud services has increased to 7.


(4) Cloud ecology is progressing smoothly.

In 2018, the number of ecologically registered partners of UFIDA Market Mall exceeded 3,000, the number of ecological products and services on the shelves exceeded 4,500, and the cloud market cooperated with the cloud platform to release / list 45 cloud-converged products.

Financial services business grew 55%.

Financial services business mainly refers to financial cloud services and other financial services businesses.

We estimate that the company’s financial business income will be 12 in 2018.

440,000 yuan, an annual increase of 55%.

Among them, the payment service business realized revenue1.

55 ppm, an increase of 81 in ten years.


Revenue from Internet investment and financing information service business10.

880,000 yuan, an increase of 51 over the same period last year.


Earnings forecasts and investment advice.

We believe that the company’s software business is growing steadily.

The rapid growth of cloud service business, the gradual improvement of the estimated rate of cloud services, and the gradual improvement of the cloud ecosystem may bring greater performance drivers to the company in the future.

We estimate that the company’s net profit attributable to its parent in 2019-2021 will be 8.



81 trillion, EPS is 0.



54 yuan, corresponding PE is 98/76/62 times, maintain “Buy” rating.

risk warning.

Risks of technology updates and R & D; risks of increased competition within the cloud service business industry; risks of customer renewal rates falling short of expectations.

Zhongnan Construction (000961): High performance and equity incentives highlight business confidence

Zhongnan Construction (000961): High performance and equity incentives highlight business confidence

Event description The company released the 2019 semi-annual report, and achieved operating income of 233 in the first half of 2019.

200 million, an increase of 52% in ten years.

Net profit attributable to mother 13.

1 ‰, 42% increase in ten years, EPS (basic) 0.

35 yuan, an annual increase of 42%.

Incidents commented on the high growth of income and profits, and the excess of advance receipts will effectively guarantee the subsequent performance.

In the first half of 2019, the company achieved operating income of 233.

200 million, an increase of 52% in ten years.

Net profit attributable to mother 13.

100 million, an increase of 42% in ten years.

In terms of profitability, the company’s gross profit margin in the first half of 2019 was 19 due to differences in settlement structure.

91%, falling by 2 every year.

31pct, it is expected that more resources will be settled in the second half of the year.


In the first half of 2019, the company’s net interest rate was 5.

63%, a decline of 0 every year.

43pct, but still higher than 5 of the 2018 entry.


As of the end of June 2019, the company received advance accounts 1283.

300 million, an increase of 182 over the end of 2018.

10,000 yuan will effectively guarantee the later revenue and performance growth.

Positive sales, prudent land acquisition and abundant soil reserves.

The company achieved sales of 644 in the first half of 2019.

60,000 square meters, with sales of 811.

80,000 yuan, an average increase of 24% in ten years, the average sales price of 12,594 yuan / square meter, flat for many years.

According to the city classification, the company’s sales area in the first and second-tier cities accounted for 41%, and the sales amount accounted for 46%.

In terms of land acquisition, the company added 27 additional projects in the first half of 2019, reducing 53 each year, with a total land acquisition area of 420.

10,000 square meters, a year-on-year decline of about 63%, taking the total price of 269.

100 million US dollars, a year-on-year decline of about 45%, the average land price is about 6,406 yuan / square meter, an annual increase of 48%, mainly because in the first half of the year in Jinan, Hangzhou, Xiamen, Xi’an and other second-tier cities core locations increased resources.

In the first half of 2019, the company took caution.
In the first half of 2019, the total land price / sales amount ratio was 33%, compared with 76% in the same period last year, indicating that the company is cautious in obtaining land in the first half of 2019.

As of the end of June 2019, the company had a total of 325 projects in reserve, of which 32.14 million square meters were planned for development projects under construction and 13.09 million square meters were planned for projects not started.

Of the 45.23 million square meters of project resources that can be completed in the future, the area of first and second-tier cities accounts for about 39%, and the area of third- and fourth-tier cities accounts for about 61%.

The net interest rate improved and the financial structure was sound.

The company’s net debt ratio in 2019 was 185.

6%, a decline of 7 per year.

3pct, short cash debt ratio from 1 at the end of 2018.
13 increased to 1.

49. Risk protection capabilities have been further improved.
Investment advice: High performance and sales growth, equity incentives show confidence.

The company adheres to the high turnover model, and the sales and performance growth rate maintains a high level quickly. The company has ample soil reserves to meet the development needs of about 3 years, and deeply cultivates the Yangtze River Delta region, which helps to fully benefit from the national strategy of the Yangtze River Delta integration.In the new round of equity incentive plan, the exercise conditions are that the net profit attributable to the mother in 2019-2021 is approximately 39.



9 trillion, high incentive plan shows confidence in leading growth.

It is estimated that the EPS for 2019-2021 will be approximately 杭州桑拿网 1.

09, 1.

89, 2.

67 yuan, 85% growth rate, 73%, 41%, corresponding to PE of 6.

82, 3.

93, 2.

78 times, maintain “Buy” rating.

Risk Warning: 1.

There are certain uncertainties in industry normative policies and project settlement progress, or they may affect the sales performance of listed companies; 2.

Macroeconomic and liquidity fluctuations may have an impact on the company’s operations.

Jiechang Drive (603583): Linear drive, high-quality domestic manufacturers, high market potential

Jiechang Drive (603583): Linear drive, high-quality domestic manufacturers, high market potential

Event: The company released the 2018 performance forecast, and it is expected that net profit will be returned to the mother in 20182.


580,000 yuan, a 57% increase in ten years?
63%; net profit after deduction to mother 2.


54 ppm, 59% increase in ten years?
66%; of which Q4 single-quarter net profit is 0.


980,000 yuan, an increase of 87% in ten years?

The rapid growth of the company’s performance was mainly due to vigorous expansion of domestic and foreign markets, promotion of product innovation and upgrading, and expansion of sales scale.

Leader in the domestic linear drive industry, with continued high growth: The company’s main product is a linear drive system, consisting of push rods, lifting columns, supporting controllers and other parts. It is widely used in medical, smart office, smart home and other equipment intelligent control.
The main products can be divided into medical health care drive systems, smart office drive systems and smart home control systems according to application fields.

The company’s products are mainly direct sales and export sales. Under the background of the company’s vigorous expansion of overseas markets, overseas sales account for a relatively high proportion. In the first half of 2018, the company’s overseas sales accounted for 79%.

Against the background of the high prosperity of the industry, the company has achieved rapid development. From 2012 to 2017, the company’s revenue and performance compounded growth rates reached 50% and 65%.

The demand for linear actuators is strong, and the company has a bright future.

Linear drive is the core component of smart terminal motion control. High-end industries such as smart office, medical care, and smart home will drive the company’s rapid growth.

According to the data of “GLOBALACTUATOR MARKET” released by the world-renowned research company TECHNAVIO, the global linear actuator market size in 2015 was 16.

6 billion US dollars, is 杭州桑拿网 expected to grow to 23 by 2020.

200 million US dollars, annual compound strength is 6.

9%, the market prospect is good; North America’s linear drive market share accounts for the entire global 21.

8%, the Asia-Pacific region represented by China and India has growing demand for smart products.

At present, the company’s market share in medical health care, smart office, smart home and other fields is relatively small, and the future development prospects are broad.

Leading companies in core technology patents, equity incentives show confidence: The company is a domestic leader in linear drive systems, with 283 patents and 28 software copyrights, and its main product technologies are at the leading level in the industry.

At present, the company’s efforts to open up overseas markets such as North America have achieved initial results, and it is expected to seize more international leading market shares in the future.

On March 8 this year, the company first granted 91 people to expand stock incentives 162.

70,000 shares at a grant price of 20.

93 yuan / share, the performance evaluation target is the annual income of 2019-2021, the performance growth rate is not less than 30%, 20%.

Equity incentives are conducive to binding the company’s overall interests and show confidence in future development.

Investment suggestion: We expect the company’s revenue growth in 2018 and 2019 to be 62.

3%, 28.

9%, 31.

3%, net profit growth rate was 62.

0%, 25.

0%, 29.
4%, outstanding growth; for the first time to give an overweight-A investment rating, 6-month target price of 79.

5 yuan, equivalent to 30 times dynamic price-earnings ratio in 2019.

新西兰:无人机扰航频发 民航企业呼吁加强监管

新西兰:无人机扰航频发 民航企业呼吁加强监管
新西兰民航局6日发布的数据显示,2018年新西兰境内有至少25万架无人机在飞行,无人机对载人飞机袭扰案例正在大幅上升。民航企业就此呼吁加强对无人机的监管。­  据统计,2014至2018年5年中,无人机与载人飞机险些碰撞事故报告共36起,因无人机造成机场航班延误等案例更是不胜枚举。2018年发生10起险些碰撞事故,仅次于2015年的11起。­  奥克兰警官吉姆威尔逊说,任何一起抵近遭遇事故都可能酿成一个重大的航空悲剧。­  在新西兰,无人机不仅多,而且飞得高。2018年,奥克兰附近就发生一起大型无人机在400米高度与夜巡直升机险些碰撞案例。­  以新西兰航空公司和奥克兰机场为首的民航企业因此呼吁更加严厉的无人机相关立法和执法。根据现行法规,违规操作无人机可被罚款5000新西兰元(约合2.3万元人民币)。奥克兰机场则计划在跑道尽头安装专门探测无人机的雷达,以确保在方圆9公里和高度500米空域内随时监测到无人机。­  专业无人机运营商菲利普索拉里斯认为,无人机乱象主要是因为个人娱乐用户太多,其中包括很多外国游客和未成年人。他们随意飞行,根本不了解当地航空法规。­  目前,索拉上海夜网论坛里斯所在公司正致力于开发无人机空中交管系统,实质性的改进措施包括,要求对无人机操纵者的年龄和资质做出更明确限制,要求无人机制造商为空管部门提供内置定位标记,让空管人员随时知道周围所有无人机的位置和状态。(记者郭磊 卢怀谦) 原标题:新西兰:无人机扰航频发 民航企业呼吁加强监管无锡桑拿网

Zhaijia fights the epidemic and often drinks six medicine teas

Zhaijia fights the epidemic and often drinks six medicine teas
Lan Senlin, professor of internal medicine of the First Affiliated Hospital of Guangzhou University of Chinese Medicine, editor of Hua Hua, director of pediatrics: At home, people are often stressed, worried, and affect life and sleep; daily news on mobile phones and computers, people’s eyesDryness, neck and back pain; reduced exercise, irregular meals, and decreased immunity.In view of the discomfort caused by these conditions, it is recommended to take six kinds of herbal teas.American Ginseng Panax notoginseng tea enhances immunity 10 g American Panax Ginseng, 5 g Panax notoginseng tablets, 15 g red ganoderma tablets (fried with rice to reduce bitterness and astringency), 15 g astragalus, 3 cored red dates.Put the above medicinal materials together in a health pot, add 1 liter of water, and cook for 40 minutes to replace tea.The general health pot can be kept for 8 hours, and it can be re-fried once after drinking.If using a casserole, add water 1.5 liters, decocting for 30 minutes. After pouring out the medicinal juice, add 750 ml of boiling water to the medicinal residue and fry 500 ml of medicinal juice. The two frying solutions are mixed and stored in a thermos flask for insulation at any time.Recommended to drink 2 a week?3 days.This prescription supplements qi and blood, improves blood circulation, regulates the five internal organs, and is suitable for the general population to take to improve the body’s immune function and disease resistance.▲ Honeysuckle Scutellaria tea detoxifies Qingfei honeysuckle, Scutellaria baicalensis, Forsythia, 15 grams each of Lisianthus, Eustoma, Perilla leaves, Mulberry leaves, 10 grams each of Gongzhong, 25 grams of Radix Ginseng, 30 grams of Radix Isatidis, 30 grams of Astragalus root,5 grams of licorice (3 adults).Put the above medicinal materials into a casserole, add about 3 cm of clean water (with medicine pressed by hand), boil over high heat, boil over low heat for 30 minutes, and pour 3 portions.Adults take once a day, 8?12-year-old children halved, take 1 weekly?2 times is appropriate.The medicines of this prescription are combined to have the effects of clearing away heat and removing phlegm, detoxifying and clearing the lungs, dehumidifying and avoiding poison, and can be used to prevent epidemics of warm poisoning.▲ Huoxiang Peilan tea, phlegm and cough, Huoxiang, 6 grams of Pelan, 10 grams of Guangchen peel, brewed in boiling water.In this recipe, Huoxiang can aromatize turbidity, and stop vomiting, and release Jishu; Pelan has the effect of aromatizing dampness, refreshing the spleen and appetizing, and releasing Jishu; Chenpi is better produced in Guangdong, which is specially called “Guangchenpi”.It has the effects of regulating qi and strengthening the spleen, moistening phlegm, and can be used for the symptoms of abdominal distension, less vomiting and diarrhea, and more cough and sputum.Combined with three flavors, it can be aromatized and dampened, avoid pollution and turbidity, strengthen the spleen and appetite, relieve phlegm and relieve cough, and be suitable for patients with cold and dampness, spleen, lack of appetite and cough and sputum.▲ Dried chrysanthemum Dendrobium tea to raise liver and eyesight, 15 grams of wolfberry, 10 grams of chrysanthemum, and 10 grams of Dendrobium officinale (shredded).Wash the above herbs, put them into a casserole or health pot, add 1 liter of water, cook for half an hour, pour out, and substitute for tea.You can also directly place the medicinal materials in a thermos cup and brew with boiling water.The three flavors can be used to benefit the kidneys, nourish the liver and eyesight, nourish the lungs and relieve cough, nourish thirst, and quench thirst. It is very suitable for old computer users. Mobile phone users notice sour eyes, fatigue, and backache.This tea can also be used to dry the lungs, dry cough, fever and wounds, dry mouth and thirst, internal heat and thirst, as well as exhaustion and deficiency, waist and knee pain, dizziness, tinnitus, impotence and nocturnal emission, blood deficiency and chlorosis, blindness, etc.Adjuvant treatment of symptoms.▲ Scented Perilla Mint Tea Shugan Liqi Xiangfu, 5 grams of perilla leaves, 3 grams of mint, drink in boiling water.The incense has the functions of stagnation of liver and stagnation, widening qi, regulating menstrual and analgesic effects, and is often used for the symptoms of qi stagnation in liver qi, chest pain, stagnation of qi in spleen and stomach, and dysmenorrhea in menstruation.Perilla can sweat and dispel cold to relieve epidemics, and also can relieve qi and relieve vomiting. It is very suitable for the symptoms of wind chills accompanied by chest tightness and vomiting.Xuantong.Peppermint can evacuate wind and heat, clear the leader, clear the pharyngeal rash, and clear the liver.Combined 成都桑拿网 with the three flavors, it can relieve wind and disperse the wind, relieve liver and qi, and effectively alleviate the discomfort of “home” and “spring sleep”.▲ Children often drink prince Sanhua tea. Recently, many children are infected with new coronary pneumonia.At present, Chinese medicine believes that new crown pneumonia is part of the “plague” of Chinese medicine, and it has the characteristics of cold and damp condensation and heat.Lung and spleen deficiency are common in children, and the spleen and stomach are weak, causing endometriosis of the wet and turbid, and more prone to infection. In addition to fever, cough, chest tightness, bloating, nausea, vomiting and other symptoms of dampness.Therefore, the prevention of children focuses on strengthening the spleen and dampening the heat and stagnation.Recommend a herbal tea here.10 grams of Pseudostellaria 上海夜网论坛 heterophylla, honeysuckle, kapok, plumeria, hawthorn each, 3 grams of Divine Comedy.Add 3 bowls of water, boil for 20 minutes (you can add a little white sugar), leave it for 10 minutes, remove the residue and take the juice.30 ml for children under 1 year; 1?3 years old child, 50 ml each time; 3?Children 6 years old, 100 ml each time; 7?14 years old, 150 ml each time.Served twice a day, 3 consecutive days a week, 4 days off.Prince ginseng is good for nourishing the spleen and nourishing qi, and it is suitable for children to nourish the lungs and spleen; Kapok and plumeria are Lingnan medicinal materials, which have the same source of medicine and food, can clear away heat and dampness without hurting righteousness.Suitable for children to clear heat; Hawthorn, Divine Qu (Guangdong Divine Qu is particularly good) digestion and stagnation to help the spleen and stomach transport, to prevent phlegm and dampness.All the drugs work together to strengthen the spleen, dampen the heat, clear the heat and reduce stagnation, and are generally suitable for children to take prevention.▲