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Vanke A (000002) company research: Land acquisition and release performance slightly exceeded expectations

Vanke A (000002) company research: Land acquisition and release performance slightly exceeded expectations

Event: The company released the third quarter report for 2019, and the first three quarters achieved revenue of US $ 233.9 billion, an increase of 27 year-on-year.

2%, net profit attributable to mother 182.

40,000 yuan, an increase of 30 in ten years.

4%, the overall slightly exceeded market expectations.

Achieved a budget of 475.6 billion yuan, an annual increase of 10.

2%, sales area of 30.62 million countries, an increase of 5 in ten years.


Sold and outstanding resources are sufficient, and long-term performance can be expected to increase rapidly.

The company has currently sold an outstanding amount of 6362.

4 ppm, covering 2 of the 18-year settlement amount.

2 times.

The area completed in the first three quarters was 16.4 million countries, accounting for 53 of the previous completion targets.

3%, 59 in the same period last year.


The target completion rate for the past three years is 105% -142%.

The average settlement price in the first three quarters is 1.

46 million per square meter, an increase of 12% in ten years.

According to estimates, the company’s settlement area is expected to be 25.33 million square meters this year, corresponding to a 29% increase in settlement income.

Take the rhythm of the land freely, actively cover the first and second lines, the equity ratio rebounded.

In the first half of the year, the company’s total new land price / sales amount was 30%, and the ratio rose to 65% in the third quarter.

And in the third quarter, the average premium rate of 四川耍耍网 Baicheng residential land was 11.

75%, far lower than 20 in the first half.

2%, showing that the company’s land acquisition rhythm is more forward-looking.

The company continued to plow into the first and second tier cities, and the land prices of the first and second tier equity in the newly added soil reserves accounted for 81%.

The newly-added land reserve equity area accounted for 72.

1%, compared with 54 in the same period last year.

There is a contradiction in 1%.

Adequate saleable resources, better-than-expected new starts, and steady sales growth.

The company currently sells about 1.

1.5 billion cubic meters, covering 18 years of sales area2.

72 times, sufficient soil reserves.

3609 Universal is planned to start in 2019, and 4,992 is expected to start in 2018.

8 universal rankings dropped 27.


In the first three quarters of 2019, new construction area of 3240 was common, accounting for 90% of the previous target, and higher than the target completion rate of 73% in the same period last year.

It is expected that the annual sales volume will grow by 10%.

The overall gross profit margin increased, and the level of leverage declined.

The company ‘s comprehensive gross profit margin from January to September was 36%, surpassing the increase of 1.23 units; of which the gross profit margin for real estate business settlement was 27.

6%, a slight decrease of 0 every year.

2 units; three fees accounted for 8.

0%, a decrease of 0 per year.

9 units; net interest rate 12.

8%, 0 per year.

4 units.

Net aldehyde rate is 50.

4%, a decline of 0 per year.

8 units.

Maintain “Buy” rating.

We estimate the company’s operating income from 2019 to 2021 will be 385 billion US dollars / 482.8 billion US dollars / 591.4 billion US dollars, net profit attributable to mothers will be 42.6 billion US dollars / 51.8 billion US dollars / 61.7 billion US dollars, and EPS is 3.

77 yuan / 4.

58 yuan / 5.

46 yuan, the current corresponding PE is 6.

9 times / 5.

7 times / 4.

8 times.

Target price of 32.

0 yuan (corresponding to 8.

5 times PE).

Risk warning: the company’s completion and settlement are less than expected, the settlement gross margin is less than expected, the new business expansion has not met expectations for a long time, and the financing tightening has exceeded expectations.

Weichai Power (000338) Annual Report 2018 Review: Performance Exceeds Expectation, Profitability Steady and Rising

Weichai Power (000338) Annual Report 2018 Review: Performance Exceeds Expectation, Profitability Steady and Rising

This report reads: The performance is slightly better than expected, the profitability of the engine business and Shaanxi Heavy Truck has improved significantly, and the fuel cell layout opens up new long-term growth opportunities for the company.

Investment Highlights: Raise the target price to 13 yuan and maintain the “overweight” rating.

Considering the increase in the profitability of the engine business and Shaanxi Heavy Duty Truck, the EPS for 2019-2021 is raised to 1.

14 (+0.

05) / 1.

26 (+0.

05) / 1.

38 yuan, given in November 2019.

4x PE with a target price from 12.

32 was raised to 13 yuan.

The performance growth was slightly higher than expected, and the engine 杭州夜网论坛 business led the growth.

The company’s 2018 revenue was 159.3 billion US dollars (ten years + 5%), net profit attributable to mothers was 8.7 billion US dollars (above + 27%), net profit attributable to non-mothers was US $ 8 billion (+ 24% per year), and financial expensesIs 0.

800 million (previous year-87%).

The engine business’s profit contribution is about US $ 6.1 billion (+ 26% per year, accounting for 70% of net profit attributable to mothers), and its profit contribution is expected to be US $ 6.8 / 7.5 billion in 2019/20.

It is estimated that BAIC Foton (including Foton Daimler’s 2018 purchase value of USD 7.2 billion, + 9% per year) will start supporting the company’s high-horsepower products (high unit price and high profit) in 2018, which is the main factor for the company’s engine business profit improvementImprovement of consolidated financial expenses, net profit margin of consolidated statements from 6.

1% increased to 7.


Shaanxi Heavy Vehicle (51% owned by Weichai) has a net profit of US $ 1.2 billion (ten years + 78%). It is estimated that its net profit for 2019/20 will be 10/100 billion (originally expected to be 500 million / 500 million).

Increased bicycle revenue due to the trend of heavy-duty trucks (33 in 2018).

40,000 yuan a year ago + 5%), combined with the improvement of internal operations, in 2018 Shaanxi Heavy Industry’s net interest rate increased by 0.

91 points to 2.


As the penetration of high-horsepower products matures, its marginal effect on profit improvement is expected to decline in 2019/20.

Fuel cell layout leads the industry, opening up new long-term growth space for the company.

After cooperating with Ballard, according to the announcement of Vrsai in March 2019, it will conduct fuel cell related transactions with Weichai Power (expected to not exceed 45 million yuan).

Risk warning: The sales volume of the heavy truck industry is lower than expected, and the impairment of goodwill exceeds 重庆耍耍网 expectations.

Hengrui Pharmaceutical (600276) Q3 2019 Quarterly Report Review: The Company’s Performance Exceeds Expected Revenue and Accelerates Chain Performance

Hengrui Pharmaceutical (600276) Q3 2019 Quarterly Report Review: The Company’s Performance Exceeds Expected Revenue and Accelerates Chain Performance

Company performance Today, the company announced the 2019 third quarter report, revenue exceeded expectations, the volume of new drugs in line with expectations, and generic drugs accelerated slightly.

Realized income 169.

500 million, 36% a year; net profit attributable to mother is 37.

4 trillion, about 28 a year.

3%; deduction for non-return to mother 35.

4 ‰, 27 per year.

3%; budget benefit is about 0.

84 yuan.

  Opinions The company’s performance exceeded expectations, its revenue accelerated over the previous quarter, and its Q3 single-quarter performance was impressive. Newly approved tumor types and contrast agent varieties were rapidly increasing: the company achieved an increase in revenue of approximately 36%.

01%, Q3 quarterly revenue growth rate of about 47% per quarter, we expect to be related to the sales of new batches of tumors, contrast agents, some generic drugs, new batches of tumors such as PD-1, pirlotinib, 19K, albuminPaclitaxel, etc.

  In addition, the contrast media segment is expected to grow rapidly in the first three quarters (previously expected to exceed 40%).

As a result, other varieties as a whole have maintained steady growth. It is expected that apatinib will be the same as last year, and dexmedetomidine will receive a slight decline in the impact of volume purchases.

The gross profit margin is about 87.

2%, a year rose 0.

6%; sales expense ratio is about 36.

4%, about 0 in a year.

9%; R & D expenses are about 28.

9.9 billion, a previous growth rate of about 武汉夜生活 66.


  When this round of innovative pharmaceutical and medical insurance negotiations breaks through, it is expected that the company will have heavy varieties in the catalogue: this round of medical insurance negotiations is expected to replace more than 150 varieties, and it is expected that preliminary results will be announced in November.

The company, pirlotinib, 19K is expected to become a potential transitional alternative, and is expected to negotiate a price cut into the medical insurance catalog.

The current monthly amount of pirlotinib is about 2.

50,000 yuan, the donation policy is the “3 + 3” plan; the price of a single 19K winning bid is the lowest in the country at about 3680 yuan per support.

After the negotiated price reduction is classified as medical insurance, the performance is expected to grow rapidly next year, especially 19K is a long-acting dosage form instead of a short-acting dosage form, and the growth rate is expected to be higher.

  R & D costs continue to increase, and early clinical potential varieties and overseas clinics are worth looking forward to: R & D expenses in the first three quarters are about 28.

9.9 billion yuan, accounting for 17.

1%, 67% a year.

The proportion of R & D expenditure increased, and Q1 / Q2 / Q3 supplemented about 6.

6 billion, 8.

200 million, 14 billion.

Recently, the company’s SHR0302 has been approved by the FDA clinical, SHR1702, SHR1701 and other clinical approvals have been obtained. PD-1 combined with apatinib FDA has entered phase III clinical trials. PD-L1 combined with IL-15 has received CDE clinical approval.

We expect that there will be no shortage of new drugs in the new clinical varieties. It is recommended to pay attention to the clinical progress of new drugs such as IL-17, PD-L1 / TGFβ in domestic clinical practice, and the progress of first-line clinical programs of PD-1 combined with apatinib liver cancer overseas.

  Earnings forecast and investment recommendations take into account the company ‘s concentrated listing and sales contribution of innovative drugs, and domestic and international high-quality generic drugs have been approved, and the performance has grown steadily. We maintain the company ‘s “Buy” rating.

We expect EPS to be 1 in 2019-2021.



00 yuan, the corresponding PE is 69.


5 times.

  Risks suggest uncertainty in the procurement of generic drugs.

There is uncertainty in the progress of subsequent development of innovative drugs.

There is uncertainty about the clinical and approval of overseas generic drugs and innovative drugs.

The impact of zero tariff on anticancer drugs entering China is uncertain.

There are uncertainties in changes in items such as prepayment, investment income, and non-operating expenses.

There were changes in the end.

There were changes in the end.

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  [Main Fund]The GEM plunged, the capital staged a big retreat, and there was a change in the end. These stocks were robbed by the main source: Data treasure original Xie Yilan Electronics industry’s main fund has the largest net capital.

  On February 26, the Shanghai Index fell 0.

83%, the ChiNext Index plunged 4.

66%, the main funds net 471 throughout the day.

6.9 billion yuan, the fund has been in a net replacement state for 4 consecutive trading days.

Among them, the main small and medium-sized board net replacement of 144.

With a net capital of $ 8.2 billion, GEM’s main funds can be 114.

6.8 billion, the main fund of Shanghai and Shenzhen 300 constituents net replacement 113.

6.1 billion yuan.

  Among the 28 first-level industries to which Shen Wan belongs, the industries with the highest increase rate today are architectural decoration and real estate, with an increase rate of 3.

91%, 2.


The industries with the largest declines were electronics and computers, with a decline of 6.

71%, 4.


  In terms of industry capital flow, today there were 6 major industry net inflows of capital. The scale of the main capital inflows of the construction and decoration industry ranked first, with a net inflow of funds throughout the day10.

9.4 billion yuan, followed by the real estate industry, with a net inflow of funds of 4.

300 million yuan.

  There are 22 industries with the main net income of funds. The net income of the main funds of the electronics industry ranks first in scale, and the net use of funds is 145 throughout the day.

8.4 billion, followed by the pharmaceutical and biological industry, with a net worth of 54.

3.7 billion yuan.

  The net inflow of stocks exceeding 100 million yuan today saw an average increase of more than 5%. Looking at the stocks, a total of 23 stocks had a net inflow of more than 100 million yuan in main funds, and a net inflow of NetSuite Technology’s 3 main funds.

With a net inflow of US $ 0.9 billion, China Netcom followed closely with China Unicom, with net inflows of 2 throughout the day.

8.7 billion, 2.

700 million; the net inflow of funds throughout the day also allows new hopes, such as China Communications Construction.

  In terms of leading performance, stocks with net inflow of funds exceeding 100 million yuan increased by an average of 5 today.

39%, outperformed the broader market. The daily limit was Kaiying Network (right protection), China Metallurgical, Gaohong and so on.

The stocks with resistance to decline have four-dimensional maps, etc., with declines of 4 respectively.


  From the perspective of the industry, among the stocks allowed by the above-mentioned net inflow of funds, the industries that ranked first were communications, construction and decoration, and computer industries. There were 5, 4, and 3 listed stocks.

  The net net of main funds allows individual stocks to be replaced by BOE A’s main net funds.

3.5 billion US dollars, the largest net funds; followed by TCL Technology, Central shares, the net cash was 9 respectively.

0.8 billion, 8.

9.9 billion yuan.

  Late-stage funds rushed to raise these stocks. Late-stage main funds were a net replacement of 143.

2.8 billion, of which the small and medium board can be 33.

9.6 billion, GEM suffered 31.8.3 billion yuan.

  From the data of the capital flows of individual stocks, there were two stocks with net inflows of more than 50 million at the end of the year. The total net inflows of funds at the end of two stocks, such as NavInfo, Liyuan Information, and Shanghai Electric Power Co.

3.5 billion, 0.

7.6 billion, 0.

4.9 billion; BOE A, San’an Optoelectronics, Zhaoyi Innovation and other stocks totaled the largest net amount of funds in late trading.

  STAR Semiconductor closed on February 26 before the continuous inflow of main funds. A total of 32 stocks continued to have a net inflow of main funds for more than 5 trading days. The largest number of consecutive inflows was StarSemiconductor, which has 14 consecutive shares.Net inflows on the trading day; the number of consecutive days of net inflows is Dalian Shengya, Rockchip, 深圳桑拿网 etc., and the main funds flowed into 13 consecutive days and 12 consecutive days.

  In terms of overall performance, during the continuous inflow of main funds, there were a total of 31 individual stocks that increased, including Star Semiconductor, Rockchip, Xiangdian, etc., which increased by 279.

83%, 214.

09%, 77.


The leading decliners were Yinglian, with declines of 4 respectively.


During the period of continuous capital inflows into the stocks, the ratio of performance to the Shanghai index gradually increased, and 28 outperformed the broader market.

  In terms of performance, the main funds have continuously flowed into the stocks. Four stocks have announced the annual report performance report. The higher net profit growth is Taoli Bread, Shanghai Pudong Development Bank, an increase of 6.

37%, 5.


A total of 18 announcements of last year’s results were announced. Looking at the types of performance announcements, there were 6 advances and 2 earnings.

  Disclaimer: All information content of DataBao does not constitute investment advice. Securities are risky and investment should be cautious.

Lin Yang Energy (601222): Annual Report Meets Expected Results Steady Growth

Lin Yang Energy (601222): Annual Report Meets Expected Results Steady Growth

The event company recently announced its annual report and achieved revenue of 40 in 2018.

17 ppm, an increase of 11 in ten years.

94%, realized net profit attributable to mother 7.

61 ppm, an increase of 10 in ten years.

86%, net profit of non-attributed mothers7.

44 ppm, an increase of 9 in ten years.

59%; At the same time, the first quarter report of 2019 was released to achieve revenue of 6.

950,000 yuan, an increase of 19 in ten years.

08%, realized net profit attributable to mother 1.

55 ppm, a five-year increase of 5.

63%, realizing net profit deduction for non-attribution1.

49 ppm, a five-year increase of 5.


The smart power distribution business has developed steadily, grasping the potential of the ubiquitous industry. Smart segment revenue in 201814.

32 ppm, a decrease of 22 per year.

53%, mainly due to the bidding and reorganization of the State Grid, but the company ranked first in the number and amount of bids for the State Grid, South Grid, and local power.

30,000 yuan; the total amount of bids in the South Network is about 2.

6.8 billion yuan.

With regard to the development of overseas smart electricity business, it effectively promoted the strategy of major customers and comprehensively explored the global market. In 2018, it achieved overseas sales of US $ 38.05 million and orders in hand of US $ 48 million.

In 2019, the company will seize the ubiquitous industrial potential and develop a full range of applications including the integration of modular intelligent terminals, energy routers, energy controllers, and intelligent power distribution terminals in the field of distribution and power consumption, and build new intelligent terminals as the core.For the grid and user-side system solution provider, this year’s smart power distribution sector is worth looking forward to the stable operation of 杭州桑拿网 photovoltaic power stations. The EPC business has made a breakthrough and the company upgraded its installed capacity by about 1 at the end of 2018.

5 GW, realized electricity tariff income13.

30 ppm, an increase of 21 per year.

16%. While independently developing, constructing and operating generators, the company has formed strategic partnerships with state-owned enterprises and state-owned enterprises such as CGNPC, China Power Construction, China Energy Construction, China Tongjian, Datang, Huawei, and State Grid E-commerce to promote internal photovoltaics.The close cooperation relationship between EPC and overseas photovoltaic business actively expands new business models and profit models.

At the core of the report, the company’s EPC system integration business achieved a breakthrough and achieved revenue10.

1.3 billion 杭州桑拿 in 2016, growing every year.

63%, it can be expected that in the future, the company will continue to provide more strategic large customers with targeted development, construction, and operation of classified photovoltaic power generation, comprehensively promote the company’s EPC system integration business at home and abroad, and promote continued growth in performance.

N-type battery module business improvement progress company, N-type battery business improvement progress, N-type high-efficiency battery mass production average conversion efficiency> 21.

8%, double-sided factor> 85%, first year attenuation rate is less than 1%, obtained product certifications such as TüV Rheinland and CQC, and has entered into state-owned enterprises such as CGNPC, CLP Power, Datang, and French ENGIE and Middle East ACWA, Singapore SUNSEAP and other qualified suppliers list.

The company has started the technology upgrade of N-type battery TopCON. After the upgrade, the average conversion efficiency of the battery can reach 23%, and the competitiveness of N-type battery modules will be enhanced.

Profit forecast and investment rating: The company’s 19-20 year performance was originally expected to be 10 respectively.

81, 12.

US $ 2.4 billion. Due to the longer-than-expected introduction of domestic photovoltaic electricity prices in 2019 or the impact on the domestic generator EPC business, the 19-21 year results are now adjusted to 10 respectively.

31, 12.

11, 14.

400,000 yuan, corresponding to 0 EPS.

58, 0.

69, 0.

82 yuan, the corresponding PE is 9 respectively.34, 7.

96, 6.

69 times, maintain “Buy” rating.

Tai Chi (002368): Revenue growth continues to increase, multi-point layout waits for performance release

Tai Chi (002368): Revenue growth continues to increase, multi-point layout waits for performance release

Event: 45 in the first three quarters.

84 ppm, an 18-year increase.

02%, net profit attributable to mother 7676.

310,000 yuan, an annual increase of 9.

58%, deducting non-net profit 6033.

08 million yuan, a decrease of 13.


Key points of investment Revenue growth is increasing rapidly in the quarter, expanding market expansion and project development: Q3 achieved revenue of 15.

71 ppm, an increase of 32 in ten years.

27%, 5470 net profit attributable to mother.

480,000 yuan, an increase of 10 in ten years.

60%, deducting non-net profit 4492.

690,000 yuan, a decrease of 10 a year.


The company’s Q1, Q2, and Q3 single-quarter revenue growth rates were 9 respectively.

44%, 14.

34%, 32.

27%, the growth rate continues to increase quarter by quarter.

Gross profit margin for the first three quarters of 23.

89%, an increase of 2 each year.

92 points.

In terms of expense ratio, the sales expense ratio, management expense ratio and research and development expense ratio increased by 1 in the first three quarters.

10pct, 0.

53pct, 0.

98pct, mainly because the company increased market expansion sales staff and increased investment in research and development projects.

Promote the construction of industrial Internet services: At the beginning of 2018, the company reorganized and integrated the business related to enterprise informatization services according to strategic development needs, and established a new Enterprise Business Group (EBG).The needs of the intelligent transformation of industrial enterprise users, integrating the overall resources and reserves of the company and Huidian Technology, established a new industrial Internet strategy, that is, to become a leading industrial Internet solution provider and operator.

The company issues convertible corporate bonds and will recover 6.

$ 7.9 billion industrial internet service 杭州夜网 platform construction project.

In 2018, the company and Huaneng won the bid for a typical demonstration project of an international-level industrial Internet platform for the process industry. At present, preliminary construction has been completed.

Winning the bid to cancel the provincial border toll station project in Yunnan Province: the company continues to 1.

After winning 500 million US dollars in bidding for the “Ministry-level Project of Highway Tolling System Reconstruction Project” of the Road Network Monitoring and Emergency Disposal Center of the Ministry of Transport, in recent days, the province has again won the bid to cancel the network security part of the highway toll station (provincial center) in Yunnan Province and gradually meetThe toll road networked toll system is securely constructed, and the provincial system is connected to the network for safe access to ensure the overall network security of the networked toll system.

Localization construction is accelerating, waiting for the release of results next year: during the reporting period, the People’s Congress Jincang and Inspur Cloud, Fansoft, Huawei completed product mutual certification. Until now, the People’s Congress Jincang has won the bid with Loongson, Feiteng, UFIDA, Puhua,Kirin, Taiji, Zhongfu Information, Kingdee, Fansoft, Inspur and other internal integrated enterprises have completed mutual certification of product compatibility and completed a relatively complete domestic software and hardware ecosystem.

The company issues convertible corporate bonds and will allocate 2.

1.9 billion US dollars of independently controllable key technology and product research and development and industrialization projects.

As an independent and controllable overall unit of China Electronics Technology Corporation, the company focuses on cloud computing, system integration and the layout of major software applications, middleware, and databases based on autonomous systems under the conditions of autonomous controllability, accelerating the research and industry of these businesses.Into.

Next year, there will be heavy volume of independent controllability. The company will integrate the multi-point layout of the industry, and the performance can be expected.

Profit forecast and investment grade: The company’s net profit for 2019-2021 is expected to be 3 respectively.

8.2 billion, 5.38 billion and 7.

5.5 billion, EPS is 0.



82 yuan, the current price corresponds to 34/24/17 times PE, next year the company is expected to achieve high-speed growth in independent controllable business, and further cooperation with Huawei to achieve complementary advantages and coordinated development.

The company is about to usher in an inflection point in its transformation, and its profit is expected to accelerate its release.

Risk warning: The government cloud market is progressing more than expected; the safe and reliable market is lower than expected.

Guolian shares (603613) 2019 third quarter report notice comment: performance slightly exceeds expectations, high growth can continue to be expected

Guolian shares (603613) 2019 third quarter report notice comment: performance slightly exceeds expectations, high growth can continue to be expected

The company issued a 3 quarter report notice, the first three quarters achieved a net profit of 95.3 million?
99.3 million yuan, a further increase of 55.


16%, realized non-net profit of 92.5 million yuan?
96.5杭州夜生活网 million yuan, an increase of 51.



  Comment: The performance was slightly higher than expected, and the commodity trading business grew rapidly.

The company achieved a net profit of 95.3 million in the first three quarters?
99.3 million yuan, an annual increase of 55.


16%, realized non-net profit of 92.5 million yuan?
96.5 million yuan, an annual increase of 51.


72%; realized revenue of 4 billion?
4.2 billion yuan, an annual increase of 70.


52%, single-quarter revenue growth in the third quarter showed an accelerating trend. We expect that this will be mainly driven by the rapid growth of the commodity trading business.

“Double 10” transaction volume doubles every year, thus achieving growth beyond guarantee.

A lot of “Double 10” e-commerce festivals performed well in 2019, providing good support for gradual performance.

The termination of “Double 10” ended all day, and the single-day collective procurement order reached 21.

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

1 time, create greater glories.

Annual revenue for 2018 was 36.

700 million, “double 10” orders accounted for 59% of last year’s revenue, we judge that the 19-year performance achieved sustained high growth.

Firmly optimistic about the company’s growth prospects.

The company has a vast industry space. According to our calculations, the growth space far exceeds 100 billion yuan.

At the same time, the company ‘s growth logic is smooth, and the three logics support high-speed growth. First, the three major parts of the company that were previously established have achieved high-speed development, and the logic of cross-category development has been gradually realized.Expansion of new commodity categories is expected; second, the majority of the three platforms’ transaction scale still accounts for a very small proportion of the market where the commodity is located, with a penetration rate of about 2%, and there is still a lot of potential for improvement; third, active members of Guolian Resource NetworkThe conversion rate of trading members to many platforms is still affordable.

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 66 times, 44 times, and 29 times the PE, with reference to comparable companies predicting zero in 2020.

9 times PEG, taking 无锡桑拿网into account the company’s rapid business growth, increased penetration and category expansion are expected to bring the company a large-scale market space, given a certain estimated premium, comprehensively given the company in January 2020.
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.

Long Mang Baili (002601): 1Q19 Titanium Dioxide Sales Innovative High Chlorination Project Helps Performance Growth

Long Mang Baili (002601): 1Q19 Titanium Dioxide Sales Innovative High Chlorination Project Helps Performance Growth
The company’s recent situation Longman Baili released titanium dioxide sales data. It is expected that in March 2019, the sales volume of titanium dioxide will be 73,546 tons, which will continue to increase by 607 tons.In March, 160,596 tons of titanium dioxide were gradually sold, an increase of 14,742 tons per year, and an annual increase of 10.11%. Comment on the high operating rate and better demand, the sales of titanium dioxide in 1Q19 continued to increase by 10.1%.Affected by the peak production of industrial enterprises in autumn and winter, from November 15, 2017 to March 15, 2018, the company’s Jiaozuo base sulfuric acid titanium dioxide production line limited production by 30%, resulting in a decrease in 1Q18 titanium dioxide production;High, coupled with better downstream demand, pushed up sales in 1Q19 by 10.11% to 16.06. Low inventory replenishment orders increased, pushing the price of titanium dioxide to rebound.Due to the decrease in the demand for titanium dioxide prices in the off-season in 4Q18, the company’s and downstream customers’ titanium dioxide inventories are at low levels after the Spring Festival. With the recovery of downstream stocking demand, titanium dioxide prices have ushered in a rebound. Since the Spring Festival, the company has raised the titanium dioxide prices twice, of whichThe price of titanium dioxide with sulfuric acid method is gradually increased by RMB 1,000 / ton for domestic customers and gradually increased by USD 200 / ton for international customers.According to Baichuan Information, the company’s current titanium dioxide market price is 16,800 yuan / ton, which is 6 higher than the bottom price before the Spring Festival.3%, but prices are still down 6 from the same period last year.7%.At present, the company’s inventory is still low, and demand season is expected to continue to support the price of titanium dioxide. 20 The initial production of chlorinated titanium dioxide will contribute to the increase in profits.The company 20 expects the chlorinated titanium dioxide project to progress steadily and is expected to be put into production in 2Q19. The expansion of the production capacity of chlorinated titanium dioxide 南京桑拿网 will optimize the company’s product structure and enhance competitiveness. At the same time, increasing the production capacity release will help the company’s performance growth.The company plans to use the titanium concentrate resources in the Panxi area to build a 30 titanium chloride slag project, which can fully meet the second phase of 20 titanium chloride white powder production. The construction of the titanium chloride slag project will further improve the company’s industrial chain and reduce production costs. It is estimated to maintain the 2019/20 profit forecast1.26/1.41 yuan / share.As the industry estimates the hub moves upwards, the target price is raised by 13.6% to 20 yuan, compared with 21 previously.5% growth space, target price corresponding to 16/14 times 2019/20 P / E ratio, maintain the recommended rating. Risk: The price of titanium dioxide has dropped, and the progress of the 20-ton chloride titanium dioxide project has been lower than expected.

Wanhua Chemical (600309): Analysis of the Growth of New Materials

Wanhua Chemical (600309): Analysis of the Growth of New Materials

We believe that the new materials business is the most important aspect of Wanhua’s future. Through analysis of Wanhua’s own accumulation, correlation and industry development trends, we believe that Wanhua’s new materials business will enter a rapid growth period.

The core point of view is the rapid accumulation of its own reserves: Wanhua and overseas leader rankings are still in the catch-up period. The advantage of the catch-up period is that the success rate of R & D yields is higher.

Wanhua has continued to invest in research and development for a long time, and from 16 years on, both the research and development costs, the number of patent applications, and the proportion of patents representing materials in the future, such as materials, coatings, special chemicals and functional chemicals, are rapidly increasing.

At the same time, Wanhua’s sales department has been further strengthened at the same time. Therefore, we believe that Wanhua’s large investment in technology and marketing will enable Wanhua to get closer to overseas participation more quickly.

The industrial foundation is gradually complete: Wanhua has gradually completed the supporting of basic chemical products through investment in petrochemical projects in recent years.

Unlike the market, which is more concerned about the profitability of the project, we believe that the significance of Wanhua’s construction of petrochemical projects is to provide the necessary conditions for the high-end development of Wanhua’s new materials, which is also the common connection of overseas leading new materials companies.

And through comparative analysis, the overall cost of polishing Wanhua can be far lower than that of overseas leading companies, which has built a strong cost advantage for future alternative competition in the field of new materials.

The period of development potential is coming: due to the weakening global demand, the general growth rate of various fields such as automobiles has decreased or even decreased. Although the overall disadvantage is not good for the chemical industry, we believe that the poor macro environment will make the downstream supply chain more open, which has obviousThe cost competitiveness of Wanhua will increase.

At the same time, during the downturn of the industry, it is easier for overseas competitors to choose shrinking measures such as layoffs, reduce expenses, and split assets. The accompanying 成都桑拿网 loss of customers and staff layoffs easily become development opportunities for aggressive enterprises like Wanhua.

Financial Forecast and Investment Suggestions We forecast the company’s total EPS to be 3 in 19-21.

80, 3.

60 and 4.

24 yuan, according to the company’s 19 times 19 times price-earnings ratio, raise the target price to 53.

23 yuan (origin target price 49.

20 yuan), maintain BUY rating.

Risks prompt macroeconomic risks, risks of crude oil price fluctuations, risks of new project progress, breakthroughs in MDI industry barriers

Huadian International (600027) 2019 performance forecast and business data review-volume and price rise, performance doubles, estimated marginal safety margin

Huadian International (600027) 2019 performance forecast and business data review-volume and price rise, performance doubles, estimated marginal safety margin

The company’s power generation in 2019 increased by ten years.

8%, the on-grid tariff including tax increases by 1 every year.

2%, forecasting the expected growth rate of 90-110%, in line with expectations.

Looking forward to 2020, we believe that the price of electricity in the thermal power industry is nearing the end of its release, and the downward trend in coal prices has driven the company’s ROE to continue.

The company is estimated to be at the bottom of history with a clear margin of safety.

Maintain the company’s “Buy” rating and target price of 4.

90 yuan.

In 2019, electricity and electricity prices will rise, and performance will increase by 90-110%.

The company released the 2019 performance forecast and operating data announcement.

The power generation in 2019 is 2151.

100 million kWh, an increase of 1 in ten years.

8%; average on-grid electricity price is 414.

5 yuan / MWh, an increase of 1 in ten years.


In 2019, the company notices that the net profit of returning mothers will increase by 15上海夜网论坛%.


0 billion, reaching about 32.


300 million, a growth rate of 90-110% in ten years.

In terms of quarters, the company’s net profit attributable to the parent in the single quarter of 2019Q4 is estimated7.


1 ppm, 2 of 18Q4 a year.

300 million increased by 230-382%.

With reference to the company’s operating data, we estimate that the company’s provision for impairment in 2019Q4 is about 7-8 trillion, and 2018Q4 is 1.


Electricity prices will increase slightly in 2019 and are expected to stabilize in 2020.

The company’s tax-included on-grid tariffs will increase by 1 in 2019.

2%, considering the reduction of 3 units in April 2019, excluding the increase in tax electricity prices.

The initial market power accounted for 53.

7%, at least 10% in 2018

1 unit.

Under the “benchmark + floating” electricity price mechanism launched in 2020, it is expected that the company’s market power share will continue to increase.

However, referring to the results of the 2020 long-term association charge transaction in Guangdong, Jiangsu, Anhui and other places, the overall discount rate for electricity consumption is expected to be stable.

Therefore, the decline of the company’s comprehensive electricity price in 2020 is expected to be within 1-2%, and the impact on the company’s profits can be covered by a slight decline in coal prices.

Coal prices are expected to fall by about 4% in 2019, and it is optimistic that costs will continue to be saved in 2020.

In 2019, Qinhuangdao Port’s 5,500 kcal coal price exceeded about 10% of the decline. Considering the company’s long-term association and spot ratio, we predict that the company’s unit price of tax-free coal in 2019 will fall by about 30 yuan / ton or 4%.

Under the expectation that coal supply and demand will continue to be loosened in 2020, we expect the coal price hub to continue to decline, driving the company’s ROE to further repair.
Risk factors: The electricity price fell more than expected, the coal price fell less than expected, and the electricity amount fell short of expectations.
Investment suggestion: According to the company’s latest announcement data, we update the electricity price change forecast for 2020/2021 to -1.

7% /-0.

4%, online electricity can be predicted to change to +3.

9% / + 1.

0%, the short-term change in coal prices is predicted to be -3.

0% /-3.

0%, updated 2019-2021 performance forecast to 33.



6 trillion, converted EPS forecast is 0.



47 yuan.

The company’s current corresponding P / E is 11/8/8 times, and the corresponding P / B in 2019 is 0.

79 times (after excluding the impact of perpetual debt).

Maintain “Buy” rating and target price of 4.

90 yuan.