ZTE (000063): Continuous improvement in performance and 5G construction meet major opportunities

ZTE (000063): Continuous improvement in performance and 5G construction meet major opportunities

The main business resumed with stable and better performance.

The company’s total operating income for H1 in 2019 was 446.

09 million yuan, an increase of 13 in ten years.

12%; Realize net profit attributable to shareholders of listed companies.

71 ppm, an increase of 118 in ten years.

80%, the basic profit return is 0.

The 35 yuan is mainly due to the increase in the operating income of government and corporate affairs over the same period last year.

The company estimates that the first three quarters of net profit will be 3.8-4.6 billion, an annual increase of 152% -163%.

Continue to focus on the main business and develop steadily.

Operator network, government affairs, and consumer business continued to develop. The company’s H1 operator network operating income in 2019 was 324.

8.5 billion, an annual increase of 38.

19%, gross margin increased to 44.

73%, mainly due to the internal FDD system equipment and internal optical transmission products operating income and growth; government and corporate business operating income of 4.7 billion, an increase of 6.

02%, gross profit margin increased to 36.

95%, mainly due to the increase in operating income of international data center products, international optical transmission products, and international FDD system equipment.

Consumer business income 74.

2 billion, 35 from the previous decade.

41%, gross profit margin increased to 16.

48%.

Improve the layout at home and abroad and increase investment in research and development.

2019H1 company’s domestic market realized operating income of 274.

2.2 billion yuan, accounting for 61% of revenue.

47%.

Focus on key projects, improve customer satisfaction, maintain stable 4G market share and network layout, and at the same time do a good job of 5G layout, seize the opportunity of technological change through long-term technology accumulation and product competitiveness; the international market achieved operating income of 171.

8.7 billion yuan, accounting for 38% of revenue.

53%.

Adhere to the formulation of strategies, continue to focus on the telecommunications operator market, focus on high-quality core customers, and consolidate the existing market, strengthen 5G cooperation with mainstream operators, and continue to strengthen the breakthrough and layout of core products.

R & D expenses for the first half of the year 64.

700 million, an annual increase of 27.

89%, found R & D and investment in chips. At present, all 深圳spa会所 core communication chips are self-developed, and more than 100 types of chips have been gradually developed and successfully mass-produced, covering wireless network access, fixed network access, bearer, terminal and other fields.

Profit forecast and investment recommendations: Taking into account the company’s business recovery and investment income, the company’s profit forecast is raised. It is estimated that the net profit attributable to the mother for 2019-2021 will be 51.

2 billion, 6.3 billion, 79.

30,000 yuan, the current sustainable corresponding dynamic PE is 24 times, 19 times and 15 times, maintaining the “Buy” rating.

Risk warning: 5G is not progressing as expected; trade war risks.

Shenzhen Airport (000089) 2018 Annual Report Comments: High Q4 Costs Achieved Slightly Lower-than-Expected International Passengers Maintained High Growth Rates Optimistic about the Company’s Development Prospects

Shenzhen Airport (000089) 2018 Annual Report Comments: High Q4 Costs Achieved Slightly Lower-than-Expected International Passengers Maintained High Growth Rates Optimistic about the Company’s Development Prospects

The company released its 2018 annual report: 35 operating income.

99 ppm, a ten-year increase of 8.

4%, net profit attributable to mother 6.

68 ppm, an increase of ten years.

0%.

Performance was slightly lower than expected.

Looking at quarters: Q1-4 revenue was 8 respectively.

49, 9.

1, 9 and 9.

400 million, and the profit is 1.

6, 2.

1,2.

1 and 0.

9 ‰, the total operating cost of Q4 is high (1 qoq.

(700 million or 24%), the single-quarter profit replacement rate of 42% was the main reason for the lower-than-expected performance.

Operating costs increase by 12 per year.

95%, higher than revenue growth, resulting in slower growth in net profit.

1) Company operating costs26.

68 ppm, an increase of 12 in ten years.

95%, higher than revenue growth rate of 8.

4%, gross profit margin decreased by 3.

0 digits to 25.

9%, resulting in slower growth in net profit.

2) Operating cost increase 3.

0.6 billion, mainly from the total cost of the main aviation industry.

5.2 billion, an increase of 13 in ten years.

4% in increments of 2.

7.9 billion.

The statement notes show that the company’s total budget increased this year.

5.4 billion, an increase of 10 years.

0%, an increase of about 1.

100 million; transportation costs in the value-added aviation business were 78.32 million, an annual increase of 33.

5%, an increase of 19.65 million; the selling expenses decreased from 23.41 million to 8.46 million, a decrease of 15 million, mainly due to the increase in transportation passengers in 2018 and the incentives for wide-body aircraft investment in the calculation of operating costs.

The total incremental cost of the above items is about 1.

500 million, and other detailed costs such as marketing, maintenance, and security are expected to increase.

Business volume indicators are at the top, and internationalization is advancing rapidly.

The company completed 北京养生会所 a maximum of 35 landings.

60,000 sorties, passengers exploded 4,934.90,000 person-times, an increase of 4 per year.

6% and 8.

2%, passenger explosion growth ranked first in the top ten airports.

Initially, 15 new international passenger navigation cities were opened, of which 9 new intercontinental navigation points including London, Paris, and Zurich were newly opened, and 12 international passenger routes were encrypted.

International (including regional) passenger explosions reached 458.

40,000 person-times, an annual increase of 27.

4%, accounting for 7.

9 increased to 9.

3%.

The number of international passengers increased, and the number of newly opened intercontinental routes replaced the country’s number one. The number of international routes developed and the quality improved.

In the past 18 years, the company has completed 152 business outlets and brand upgrades.

The company’s air force announced that it would entrust the commercial resources of the T3 terminal to the Group’s wholly-owned subsidiary, Aviation City Operation Company, for operation management.

The commercial resource income is still owned by the company, and the company pays the entrusted management fee to the Aviation City Transport Management Company.

19-year guaranteed income 3.

4.4 billion yuan, and the basic entrusted management fee was 20.63 million yuan.

Commercial resources are entrusted to professional organizations to help the effective realization of the value of commercial resources.

The release in the summer and autumn season is obvious, and the international line is expected to maintain high growth.

In the summer and autumn of 19, the company’s growth rate was five years.

6%, of which the total international + regional growth rate is 21 at all times.

8%, a gradual growth rate since the 17th winter and spring, and the foundation for the company’s 19 years of continuous internationalization.

The company proposed in the annual report will accelerate the opening of intercontinental routes in key cities such as New York, San Francisco, and more than 8 new international routes in 2019, and strive to achieve 50 international routes as soon as possible.

Investment suggestions: 1) The company is in the period of potential release from the relocation of the international hub, the improvement of the competitive environment, the strategic period of overlapping of the three zones, and more importantly, the development of the main base airline company.

2) As a stable asset with long-term allocation value, Shenzhen-Hong Kong Stock Connect funds will quickly flow into Shenzhen Airport in 2019, and the shareholding ratio has increased from 3% at the beginning of the year to 9 at the end of March.

2%.

3) Taking into account the company’s subsequent commercial bidding progress and capital expenditure plan, we adjust our profit forecast and expect to achieve 8 in 2019-2021.

5.7 billion (previous forecast 9).

37, -8.

5%), 9.

96 (Origin 11.

13, -10.

5%) and 10.

400 million, corresponding to PE is 24, 21 and 20 times.

As the strategic target of the traffic moat, the airport is optimistic that the company is in the period of potential release, continues to promote internationalization, and new contracts for exit tax exemption may constitute a catalyst, and it is recommended to continue to pay attention to the company’s development.

Risk warning: The economy is down, the internationalization strategy is less than expected, and the non-aviation tendering is less than expected.

Yingfeng Environment (000967) Quarterly Comment: Net profit is increasing by 9 each year.3% employee shareholding + equity incentives highlight development confidence

Yingfeng Environment (000967) Quarterly Comment: Net profit is increasing by 9 each year.3% employee shareholding + equity incentives highlight development confidence
Focus on environmental protection, divest non-core businesses, and increase net profit by 9 per year.3% of the companies released the 2019 third quarter report: the company achieved operating income of 87 in the first three quarters.2.6 billion (previously -3.2%); achieve net profit of 9.820,000 yuan (ten years +9.3%), of which the net profit attributable to the parent company is 9.64 ppm. The increase in net profit is due to the company’s equipment sales and the 都市夜网 disposal of non-core business assets (upper wind and 100% equity of Ningxing Technology).1.5 billion.The company ‘s gross profit margin in the first three quarters increased short-term1.13 points, net operating cash flow -7.310,000 yuan (-19 in the same period last year.02 billion). The target 3 years is to deduct non-net profit of 5 billion. Employee shareholding + equity incentives highlight the company’s development confidence. The company announced that it plans to raise no more than 5.The $ 3.5 billion employee shareholding plan covers no more than 150 company executives and core technical backbones.At the same time, it is planned to grant 65.34 million stock budgets to 250 company executives and core backbones. The exercise conditions are to achieve a net profit of no less than 14,16 in 2019-2021, respectively.8,200,000 yuan, 南宁桑拿 the three-year performance totaled over 5 billion yuan, showing the company’s development confidence. Continue to consolidate the leading position of sanitation equipment, actively develop the sanitation operation and further waste disposal areas. The company’s equipment market share continues to lead, with an overall market share of over 20% in 2018. Sanitation operation services have been accelerating, and the total value of newly signed contracts in 2018 is 80. ppm, an increase of 80 in ten years.2%, ranked fourth in the top 100 of the South Division of Environmental Affairs.In terms of waste incineration, as of the end of 2018, the first phase of 4 projects in Lianjiang, Xiantao, Funan and Shouxian had been completed and put into operation.In the future, the company will focus on the field of napkin kitchenware waste treatment. Currently, it has won the food kitchenware projects in Huai’an, Jiangsu, Xiantao, Hubei, Foshan, Guangdong and other places. In September 2019, it won the bid for the kitchenware garbage treatment project in Lu’an.The field of disposal continues to expand. Benefiting from the high prosperity of the solid waste industry, with both capital and strength, maintaining the “Buy” rating is expected to the company’s EPS in 2019-2021 is 0.42, 0.52, 0.63 yuan / share, corresponding to PE at the latest closing price of 15 respectively.5, 12.5, 10.2 times, Yingfeng Environment is a leading domestic sanitation equipment company, quoting more and stronger equipment sales and industry-wide industrial chain layout advantages from its peers. The company’s compound growth rate will exceed 20% in 2019-2021.Value, corresponding to 8.A reasonable value of 31 yuan / share, benefiting from the high prosperity of the solid waste industry, the company has both capital and strength, and maintains a “buy” rating. Risk reminders: market competition intensifies; operation advancement fails to meet expectations; government investment scale declines.

Gu Jia Household (603816): Dealer holdings will further promote binding interests to help development

Gu Jia Household (603816): Dealer holdings will further promote binding interests to help development
Event: The company announced that some distributors plan to increase the company’s shareholding: The distributor increased the company’s 天津夜网 shares through the private equity fund of Shanghai Yingshui Investment Management Co., Ltd., which participated in the subscription. Opinion: Issue the plan of increasing the shareholding of dealers, bind the dealers in depth, and share the company’s development bonus.The company released a plan to increase the shareholding of the dealer. The dealer’s shareholding plan has a fund size of 120-200 million. This increase does not set a price range. The purchaser will determine the appropriate purchase price and time to buy it.The holding period is 6 months.The company’s well-known distributor benefits and development, and share the company’s development bonus with the distributor.The plan to increase the shareholding of dealers will fully mobilize the enthusiasm of dealers, deeply bind the interests of dealers, and strengthen the stability of the marketing team.Contribute to the improvement of the company’s channel quality and continuous development, and promote the company’s retail transformation.At the same time, it also shows the dealer’s confidence in the company’s long-term development. The sofa industry has high barriers and a stable competitive landscape.The competition pattern of the sofa industry has been stable in recent years. The two leading companies have established a stable level, and no new sofa leading company has appeared in the industry.Because of the variety of styles, materials, sizes, and colors of leisure sofas, SKUs are more than other furniture categories.Many SKU varieties have extremely high requirements on the supply chain, requiring companies to carry out further organizational management capabilities and alternative supply chain integration capabilities, using the height of the sofa industry’s competition barriers, it is difficult for new entrants to increase their scale and seize the market in a short time.The company has been in the sofa field for many years, has strong organizational management capabilities, outstanding front-end retail and integrated supply chain capabilities, and builds the company’s core competitiveness.High industry barriers and a stable competition pattern will help the company to further seize market share. Earnings forecast and estimation: EPS are expected to be 1 in 19-21.99, 2.39, 2.82 yuan, corresponding PE is 23X, 19X, 16X.Give “Buy” rating. Risk warning: raw material prices rise sharply, Sino-US trade friction escalates

Da Bei Nong (002385) Annual Report Comments: Industry downturn, poor performance, waiting for pig prices to increase

Da Bei Nong (002385) Annual Report Comments: Industry downturn, poor performance, waiting for pig prices to increase

Event: Dabeinong announced the 2018 annual report.

In 2018, the company achieved revenue of 193.

2 billion (+2.

99%); net profit attributable to mother 5.

07 billion (-59.

93%); 1 after deduction.

1.7 billion (-杭州桑拿88.

26%).

  Of which single quarter: company income 50.

84 billion (-5.

1%), net profit attributable to mother 0.

6.6 billion (-84.

4%), after deducting non-zero.

1.7 billion (-92%).

  The company expects the first quarter: expected 0 to 0.

40,000 yuan, a profit of 1 in the same period last year.

800 million.

  The feed business is under pressure.

In 2018, the overall downstream of feed was turbulent, the price of aquatic products was high and then low, the price of pigs was low and affected by non-pesticidal diseases, and the price of poultry rose from low due to shrinking stock.

In this environment, the feed sales volume of the entire industry has slightly shifted, and some varieties such as pig feed have been significantly decomposed. The company’s key products are pig feed front-end feed, which 成都桑拿网 interferes with the quantity and profit.

Highest sales 459.

75 inches (+3.

56%) of which pig feed was 374.

25 inches (+1.

38%), aquatic product 45.

44 baselines (+19.

34%), ruminant 30.

72 digits (+14.

41%), poultry feed 8.

51 benchmarks (-6.

12%).

Company feed income is 166.

700 million (+1.

66%), gross margin decreased by 3 units to 19.

45%, the gross profit margin of pig feed decreased by 3.

58 units.

  Pig farming expanded rapidly, and the downturn caused losses.

The company’s “pig raising business” has been implemented for 4 years, and Zhang Lizhong, the former head of the pig raising department, has continued to make rapid progress since taking over as president.However, the hog price gradually bottomed in 2018, and the average price was only 12.
.

7 yuan / kg; non-pesticidal outbreaks after August, further impact.

  In 2018, the company’s system totaled 1.68 million heads (113 holding subsidiaries).

130,000 heads, a year-on-year increase of 76%).

(Continued on the next page) However, it is estimated that due to the impact of diseases and other diseases, the productive biological assets will be changed from 1.

400 million to 0.

9.5 billion.

The company is expected to produce 230,000 sows at full capacity by the end of 2019; the target is to produce 5 to 6 million pigs by 2020.

Due to the increase in deposit costs during the rapid expansion process, we estimate that the cost of the company’s pig farming department is still relatively high at present.

6 billion.

  Seed business growth stagnates, waiting for policy changes.

The company’s seed business growth stagnated in 2018, with total sales of 1740.

650,000 kg (-31.

7%), of which the corn is stable, and the early growth of rice is significantly intensified due to double reform and fierce competition in the industry.

However, the company’s seed sector has a wealth of technology reserves, and its approval progress is leading. If there is a change in the subsequent genetic modification policy, it will bring huge opportunities for the company.

  Financial expenses have increased, and equity incentive expenses and investment income have significantly affected profits.

In 2018, the overall business of the company was not good, with a pressure gap. Accounts receivable increased by 28% every year without substantial increase in sales volume.

The credit environment tightened, and long-term and short-term borrowings increased by about 6.

500 million, resulting in financial expenses increased to 2.

5 billion (+ 57%).

The remaining non-recurring items affecting profits are mainly the provision of equity incentive expenses in the first quarter1.

200 million, and the rural credit interconnect in the third quarter6.

62% equity (before capital increase) price 3.

6.4 billion transfers, after-tax income increased by 2.

35 billion.

  Investment suggestion: In 2018, both pig feeds are under pressure and the company’s performance is not good.

However, the overall pig price is currently bullish, and the company is expected to encounter the upward trend of the pig industry in the later period, with the volume and profit increasing, and the feed business will also be supported.

In addition, the company’s seed business is generally sluggish at present, but there are opportunities for policy transformation in the future.

Overall, we believe that the company will seek to improve the situation in the future as the industry warms.

After adjustment, the company’s EPS is expected to be 0 from 2019 to 2021.

2, 0.

43 and 0.

49 yuan, corresponding to the closing price of PE 38 on April 23, 2019.

7 times, 18.

2 times and 16.

1x, maintaining the level of “prudent overweight”.

  Risk warning: animal disease, fluctuations in pig and poultry prices, changes in commodity prices, policy changes

Goodix Technology (603160): Annual report, Q1 performance exceeded expectations Optical fingerprint chip penetration accelerated

Goodix Technology (603160): Annual report, Q1 performance exceeded expectations Optical fingerprint chip penetration accelerated

A brief evaluation of performance in 2018, the company achieved total operating income of 37.

21 ppm, an increase of ten years.

08%; Net profit attributable to shareholders of listed companies.

420,000 yuan, at least -16.

29%; single quarter revenue in the fourth quarter of 201813.

56 billion, an annual increase of 64.

19%; net profit attributable to mother 4.

2.3 billion, previously + 240%.

2019Q1, revenue 12.

2.4 billion, ten years + 114%; net profit attributable to mother 4.

1.4 billion, ten years + 2039%.

Operating analysis The company’s revenue for 2018 was basically in line with expectations, but the net profit attributable to the parent exceeded expectations.

Initially 1) Comprehensive gross margin is 2 higher than our forecast.

5 points.

Among them, the touch chip still maintained a high gross profit margin (58%), exceeding our two expected replacements; the comprehensive gross profit margin of fingerprint chips also reached 51%, exceeding the expected 1.

5 units.

We estimate that the initial gross margin of the capacitive fingerprint chip exceeded our previous expectations.

2) Asset impairment losses were lower than our expectations.

The net profit attributable to mothers in Q1 2019 was much higher than expected.

Initially 1) Gross profit margin reached 61%.

Compared with only 41% in the first quarter of last year, mainly due to changes in product structure, the proportion of high-margin optical fingerprint chip revenue continued to increase.

2) The sales revenue and management expenses have increased relative to revenue, which has realized the improvement 天津夜网 of the company’s product competitiveness and management level.

Optimistic about the company’s future development strategy: 1) Capacitive touch field: The company launched OLED touch products, positioning the high-end OLED on cell market and entering Samsung’s supply chain.

And it has completed mass production of car-specific touch chips, which is expected to become a new growth point in the future.

2) Fingerprint recognition: In the first quarter of 2019, among the newly added devices, the under-screen fingerprint accounted for more than 15%; among the existing devices, the under-screen fingerprint accounted for only 1.
.

9%, the potential space is huge.

The company will continue to maintain above the optical fingerprint chip faucet.

Car-grade fingerprint products are in the research and development stage.

3) 3D 南宁桑拿 sensing and IoT platforms are expected to bring new growth points in the long run.

We believe that the company has a convenient layout in IoT, and the technology platform of Sensor + MCU + Security + Connectivity has a leading advantage in China.

Profit adjustment and investment recommendations Based on the company’s product competitiveness and gross margin assessment, we raise the company’s net profit attributable to its parent to 2019/2020 to 11.

32/13.

2 billion, an increase of 6.

5%, 13%.

With reference to the average evaluation of the semiconductor industry, the target price for the next 12 months is 128 yuan, corresponding to PE = 51x in 2019.

Risk warning: the expansion of optical fingerprint chips is not up to expectations; increased competition leads to drift in product gross margins

Good Mrs. (603848) Annual Report Review: Smart Home Rapid Development E-commerce Channels High Growth

Good Mrs. (603848) Annual Report Review: Smart Home Rapid Development E-commerce Channels High Growth

Net profit attributable to mothers increased by 27% in 2018, and performance was basically in line with expectations. Good wife realized revenue in 201813.

10 ‰, an increase of 18% in ten years; net profit attributable to mothers2.

61 trillion US dollars, an annual growth rate of 27%, basically in line with our growth rate expectations.

18Q1 / Q2 / Q3 / Q4 single-quarter revenue increased 33% / 13% / 13% / 17% year-on-year; net profit attributable to mothers increased by 54% / 57% / 13% / 9% in the single quarter.

We expect the company’s EPS for 2019-2021 to be 0 respectively.

79, 0.

99, 1.

24 yuan, maintaining the “overweight” level.

The smart home business has developed rapidly. The revenue from traditional drying products has slightly arranged the company to implement a dual-brand operation strategy. The “good wife” brand focuses on the drying sector. The “Keleni” brand cuts into the smart home market with AI smart locks and multi-product smart connection systems.

Breakdown of the company’s traditional clothes rack business revenue in 20186.

2% to 5.

USD 1.7 billion, of which sales decreased by 10% to 1.97 million units, the average price increased by 4%, affected by the optimization of product structure, gross profit margin increased by 0.

9pct to 43.

2%; smart home business performed well, with revenue growing 45 per year.

1% to 7.

US $ 6 billion, of which the sales volume of 天津夜网 smart drying racks increased by 38%, forcing the wholly-owned subsidiary of the smart door lock business to achieve revenue of 35 million yuan, the current profit is still slightly insufficient.

Well-known brand publicity and technology research and development, during which the expense rate slightly increased. The company continued to increase brand promotion and brand reputation building. In 2018, it organized activities such as the Chinese clothes drying festival and the Good Wife Festival to enhance brand awareness. In 2018, the sales expense ratio increased by 1.

0pct to 14%; improve product and technology innovation, increase research and development efforts of smart home products and intelligent control systems, until the end of 2018 the company gradually transformed into 371 effective patents, the current R & D expenditure increased.

8%, increase of management + R & D expense rate increased by 0.

5 points.

Net operating cash flow decreases by 4 per year.

8% to 2.

9 trillion, mainly due to the increase in stocking of smart home products.

The channel construction is very effective. The e-commerce channel high-growth company is focusing on the main business positioning of “smart home” and shifted to multi-scenario and multi-entry sales. By the end of 2018, the company had more than 800 dealers and a net increase of 697 specialty stores.It has more than 2200 stores and more than 30,000 terminal sales outlets. In 2018, it achieved 10 in offline channels.

23 ppm, an increase of 11% in ten years.

In addition, the company is also actively promoting the construction of e-commerce channels. In 2018, the e-commerce channels achieved revenue2.

800 million, an increase of 50 in ten years.

0%.

The follow-up company will use the strategy of “grab channels, enjoy traffic, and expand radiation” to build a multi-dimensional channel structure covering B-side and C-side, create a new retail model of all channels, and expand consumer coverage.

New businesses such as smart home products, smart clothes drying racks, and smart door locks are developing rapidly. In view of the improvement in the traditional drying business, we have slightly lowered our profit forecast. It is expected that the company’s net profit attributable to mothers in 2019-2021 will be 3.

2, 4.

0, 5.

0 million yuan (2019?
2020 original value 3.

3, 4.

100 million), EPS is 0.

79, 0.

99, 1.
24 yuan.
With reference to the 23 times PE value of the comparable company in 2019, considering the rapid development of the company’s smart home business, the ROE is higher than that of the comparable company, giving the company 30 in 2019?
32 times PE estimate, corresponding to a reasonable price range of 23.

70?
25.

28 yuan, maintaining the “overweight” level.

Risk warning: Real estate sales exceed expectations, and smart home business development is below expectations.

The daily limit or the daily limit depends on Tesla?New energy battery sector trend differentiation

The daily limit or the daily limit depends on Tesla?New energy battery sector trend differentiation
Tesla zooms in, battery-related industry chain is good!Come to Sina University of Finance and listen to the opening column of the Trading Day Financial Morning Post. Original title: Look at the daily limit of Tesla?New energy battery sector trend is extremely differentiated Source: Shanghai Securities News a word?The movement of the new energy battery sector was extremely differentiated, and the analyst had another news in the morning of a fierce operation of Tesla. The original fiery new energy vehicle sector experienced a huge earthquake.  On February 18, it was reported that the negotiations between Tesla and Ningde Times are in the follow-up stage. Tesla plans to use “cobalt-free” Ningde Times batteries in pure electric vehicles produced at Chinese factories.  As soon as this news came out, market investors were uproar.You know, in this round of bottoming rally since February 4, the strong performance of the new energy vehicle sector has contributed.Among them, cobalt resources-related stocks performed particularly well. Huayou Cobalt and Hanrui Cobalt had the largest average gains of more than 20% since February 4.Tesla’s news that the battery “excluded cobalt” at this time caused more or less influence on the industry.  In early trading today, the new energy battery sector was extremely differentiated.Positive stocks of lithium iron phosphate (LFP) battery-related stocks have further increased, and many stocks have broken out of the “single-point limit.”In the meantime, cobalt resources-related stocks suffered a severe setback, and Huayou Cobalt and Hanrui Cobalt closed their daily limits.  What is the difference between “with cobalt” and “without cobalt”?  Since the news of Tesla came out, the Merger Brokers Research Institute urgently followed up the research report and explained the difference between “with cobalt” and “no cobalt” in new energy batteries for investors’ reference.  Citic Construction Nonferrous Metals team pointed out that new energy vehicle batteries can be divided into two categories: ternary power batteries and lithium iron carbonate batteries.The ternary battery contains cobalt, and the lithium iron carbonate battery excludes cobalt.  The Guoxin Securities new energy team said that the existing cobalt-free battery solutions mainly have two directions: the first is the traditional lithium iron phosphate battery path, by improving the energy density of alternative cells and CTP, blade batteries and other technologies to reduce costsSynergy; the second new cobalt-free material battery.On July 9, 2019, Hive Energy, a subsidiary of Great Wall Motors, released cobalt-free materials and quaternary materials batteries.From the current perspective, the cobalt-free battery path of 南宁桑拿 lithium iron phosphate is more technologically mature.  Minsheng Securities’ new team said that lithium iron phosphate batteries and ternary power batteries are mainly different in cost and energy density: in terms of cost, compared with ternary, lithium iron phosphate has a clear cost advantage, which is conducive to reducing vehicle costs.Taking a square battery as an example, the current average price of lithium iron phosphate ternary cells is 0.58 yuan / Wh, 0.At 73 yuan / hour, the average price of lithium iron phosphate and ternary battery packs is 0.73 yuan / Wh, 0.88 yuan / Wh, the average price of lithium iron phosphate batteries and battery packs is about 21% and 17% lower than the three yuan.  In terms of energy density, improvements in the process structure can help increase the energy density of lithium iron phosphate 无锡夜网 batteries.The CTP battery pack introduced by Ningde Times can maximize the volume of traditional battery packs by 15% -20%.  How will it affect the cobalt and lithium carbonate industries?  The long-term impact of the cobalt industry is not significant CITIC believes that if the news is true, the short-term demand for cobalt may be affected, and the long-term impact is expected to be small.  Specifically, the cost of lithium iron phosphate batteries is lower than the cost of ternary batteries. Due to cost considerations, it is expected that the proportion of lithium iron phosphate batteries used in low-cost cars will increase, which may affect the short-term demand for cobalt.However, due to the performance advantages of ternary batteries, it is expected that ternary power batteries in new energy vehicles, especially high-end vehicles, will continue to be the mainstream. At present, the proportion of new energy vehicle production in automotive output will decrease, and the conversion of new energy vehicles in the future will continue to drive.In the long run, the demand for cobalt is considered to have little effect on the demand for cobalt.  Favorable lithium carbonate producer CITIC Construction Investment suggests focusing on lithium carbonate-related producers.  Ganfeng Lithium is one of the leading companies in the lithium industry and has existing lithium salt production capacity.One of which is lithium carbonate 4 oxide and lithium hydroxide 3.1 unit (5 indicators of capacity under construction). It is estimated that the output of lithium carbonate will be 2 in 2019.5-3, lithium carbonate production capacity can be further released in 2020.  Tianqi Lithium is one of the leading companies in the lithium industry, and now has lithium salt production capacity4.It is estimated that the production capacity of lithium carbonate is about 4, and the production capacity of lithium hydroxide is 0.5. The capacity of lithium carbonate under construction is 2, and the capacity of lithium hydroxide under construction is 4.8 digits.The company has the world’s lowest cost spodumene mine Thalesin lithium ore, and the cost advantage of lithium carbonate is obvious.  Yahua Group’s lithium carbonate production capacity is 0.6 (where battery level is 0.4)), existing lithium hydroxide production capacity1.2 samples (2 samples under construction).  Weihua’s existing lithium salt production capacity1.3 inches (of which lithium carbonate 1 additive, lithium hydroxide 0.3)), capacity under construction 2.7 (expected to be completed in the first half of 2020), and the total throughput will reach 4 (including lithium carbonate 2).5, lithium hydroxide 1.May). In November 2019, the company’s 75% -owned Jinchuan Oino Mining went into production. In 2020, the company’s lithium salt costs are expected to decline significantly.

After the refinancing loosened, the bank’s financial management funds can’t stand the funding and increase leverage?

After the refinancing loosened, the bank’s financial management funds can’t stand the funding and increase leverage?

Original title: After refinancing “unbundling”, the bank’s financial management funds can’t sit still!

“Financing plus leverage” participation in the increase in the end is not fragrant?

  Source: After the implementation of the new rules on refinancing by the Daily Economic News, some emerging listed companies that have launched a fixed increase plan act quickly and adjust their plans in accordance with the new rules.

Affected by this favorable situation, listed companies have continued to rise and fall daily. Among them, Gree Electric intends to subscribe for US $ 2 billion after Sanan Optoelectronics revised its growth plan, which can also continue to grow.

It is under this kind of money-making effect that the popular scene of “first-level hospitality and second-level paying bills” reproduces Dingzengjianghu.

  ”Daily Economic News” reporter noticed that in order to gain greater profits, the phenomenon of “allocation of funds plus leverage” in the fixed-income market again.

Recently, an intermediary released a small advertisement in a private equity group saying: “Recently, the fixed-income market has begun to heat up. For 6-month and 18-month tickets, we can provide leverage funding, the leverage ratio is 1: 1, one vote and one trial.Tip 6.

5%.

“After the refinancing new rules came into effect, some emerging listed companies that have launched a fixed increase plan acted quickly and adjusted the current plan in accordance with the new rules.

According to incomplete statistics from reporters, recently, there are no less than 30 listed companies including Shenyu Co., Ltd., Guanghong Technology, Kaipu 重庆耍耍网 Biotech, and Aonong Biotech. All of them have “overtime” to modify the fixed increase plan.Program.

  For example, Huaping shares replaced the original fixed-income plan with a lock-up period of 18 months for the subscribed shares, and at the same time, a 20% discount on the issue price; on the evening of February 19, Petty issued an announcement saying that the issue of the non-public offering of stock solutionsThe target, the price and pricing principles of the issued shares, the restricted sale period of the issued shares, etc. shall be adjusted. The issue price shall be adjusted to be no less than 80% of the average trading price of the company’s shares 20 trading days before the pricing reference date.

  In addition, Zhonghuan announced on the evening of February 19 that it adjusted the company’s non-public offering of A 淡水桑拿网 shares.

The adjusted issue target range is no more than 35 specific shareholders, and the issue price is not less than 80% of the company’s stock transaction average price 20 trading days before the pricing reference date. It cannot be transferred for 6 months from the end of the issue.

Raised funds not exceeding 5 billion U.S. dollars, intended for use in integrated circuits
12-inch semiconductor wafer production line project and supplementary working capital.

  San’an Optoelectronics also revised its fixed increase plan. According to the new refinancing rules, the pricing method was adjusted to not less than 80% of the company’s average stock trading price 20 trading days before the pricing reference date. Leading Gaoxin’s proposed subscription amount was US $ 5 billion.Gree Electric’s proposed subscription amount is US $ 2 billion; the lock-up period is adjusted as follows: Leader Gaoxin, the shares subscribed by Gree Electric cannot be transferred within 18 months from the end of the issuance; the total amount of funds raised from the issue does not exceed 7 billion, and the issue price is 17.

56 yuan / share.

The reporter noticed that Sanan Optoelectronics released the preliminary plan in early November 2019, and the issue pricing is now set on the resolution board’s decision day, and the price is set at 17.

56 yuan / share, while the company terminated on February 20 had previously been as high as 27.

55 yuan / share, which means that Miss Dong Hao throws 2 billion, and the proper profit is over 56%.

  Obviously yes, at the same time, some companies have thrown out the fixed increase plan according to the new regulations. For example, Jucan Optoelectronics disclosed the fixed increase plan on the evening of February 17, intending to issue 9 specific issues to the company ‘s actual controller, Pan Huarong.Fundraising does not exceed 6.

USD 3.0 billion, all of the specific issue objects are subscribed in cash, and the issue price is not less than 80% of the company’s stock transaction average price 20 trading days before the pricing reference date, and the lock-up period is set to 18 months.

  Some market participants believe that the introduction of the new policy on refinancing and the market-oriented issuance rules may promote the return of fixed-income investments, while guarantees, transaction agreements, and other gray measures will also be reduced, thus forming a series of consensus expectations for the fixed-income market.

Due to the further reduction of the fund gate information and holding period, the 6-month fixed increase instrument will become a cost-effective way to build positions in the equity investment process such as active equity and quantification. The 6-month fixed increase orThis year marks the peak of declaration.

  According to the private placement, companies that have cracks in the context of “deleveraging” will receive “blood transfusion” under the new refinancing rules, and small and medium listed companies will promote “full blood resurrection”.

The balance sheet of listed companies will be restored, asset quality will be improved, and a new round of balance sheet expansion will be entered.

In the medium and long term, this is definitely a favorable policy for small and medium-sized listed companies.

  It is against this background that a large number of investors participating in the fixed-income market believe that participating in fixed-increasing now is equivalent to a 20% discount to buy stocks, and large shareholders participate in storytelling, basically making steady profits without losing money.

Facing the temptation of arbitrage in the secondary and primary markets, a large number of investors decided to take a big bet and use leverage to allocate funds to participate in the fixed-income market.

As early as 2014, due to the booming growth stock market, some small and medium-sized stocks had high valuations. First, the arbitrage behavior in the secondary market has soared. There was a private equity boss who described the prestige at that time as “first-level invitations, second-level paying.”With similar market potential.

  The reporter noticed that recently, some intermediaries have released small advertisements with fixed funding in a private equity group, and there are also private equity consultants consulting related businesses.

The reporter consulted a little, and the other party actively added the reporter’s WeChat and told the reporter: “Recently the fixed-income market has begun to catch fire. For 6-month and 18-month tickets, we can provide leverage funding.

The reporter further explored, the intermediary told reporters that the current ratio of leveraged funds participating in the fixed increase is 1: 1, and the largest ratio is also so large.

In addition, the company has a shortage of funds called “insurance funds.”

As for the funding rate, the intermediary said that the 6-month period and the 18-month capital use cost are different, and 18-month is definitely more expensive.

In addition, the interest allocated is also closely related to the individual stocks that participate in it. At present, it is a one-voice, one-trial review, depending on the requirements of the inferior funds.

  Later, the intermediary also sent his business card to the reporter, which showed that the intermediary was an employee of a large domestic commercial bank.

The intermediary later told reporters that the fixed-increasing allocation business provided by their company was implemented by the bank’s wealth management subsidiary. Because of the new financial management regulations, the leverage of bank wealth management funds in participating in the equity market cannot exceed 1: 1.Participation is through an insurance asset management plan.
In addition, he also said that many investors are currently interested in the fixed-capital allocation business. Two orders were left that morning, and many investors are learning about this business.
  According to the reporter’s understanding, on September 28, 2018, the highly anticipated “Measures for the Supervision and Management of Commercial Banks’ Wealth Management Business” was officially released. It and the “New Rules for Asset Management” released in April 2018 jointly constituted the bank’s wealth management business to comply with.The regulatory needs of the market have once again focused on the “elephant” of bank wealth management.

For a long time in the past, major banks headed by China, Agriculture, Industry, Construction, and Communications could easily absorb a lot of public deposits and find very good investment projects.

With high-end and rigid payment, in more than ten years, bank financing has exceeded 28 trillion yuan.

  Since April 2018, in the tide of breaking the new rules for asset management that have just been fulfilled, bank financial management has had to face a major shock.

According to the data disclosed by the CBRC, the balance of non-guaranteed wealth management products of banks at the end of May 2018 was 22.

28 trillion, with a balance of 21 trillion at the end of June, and the scale and proportion of interbank financial management continued to decline.

The new financial management rules also continue the guiding principles of deleveraging in the financial industry. In terms of hierarchical leverage, swap banks issue hierarchical financial products; in terms of resistance leverage, the upper limit of debt ratio (total assets / net assets) and the “new asset management rules”Be consistent; Quantitatively, the leverage level of each open-end public offering wealth management product of a commercial bank shall not exceed 140%, and the leverage level of each closed-end public offering wealth management product shall not exceed 200%.

  What are the risks of leveraged funds participating in the fixed-income business?

Private equity ranking expert Liu Youhua told reporters that in the new refinancing regulations, the lock-up period and the lifting of the ban period have severely decreased, to a certain extent, significantly reducing the liquidity risk of fixed-income funds.

However, if leveraged funds participate in the fixed increase, at the same time that the returns are doubled, the risks are also doubled.

In addition, due to the impact of the lock-up period, due to the inability to liquidate some of the funds participating in the allocation, a large percentage of additional margin may be required, which will affect the normal operation of the fixed-income market to a certain extent.

  There are also private placements that although participating in a fixed increase with leveraged funds can amplify returns, it can also amplify risks.

The first is the uncertainty of the late trend of individual stocks participating in the fixed increase. If there is a deep decline before the ban is lifted, then this “good dream” that is stable and uncompensable may become a “bad dream” that dares not to wake up.

The first is to pay the interest on the funding, which will also eat away some of the profits.

COFCO Sugar (600737) In-depth Report: Hold on to the Upside Opportunity of Sugar Price Under Expected Production Reduction

COFCO Sugar (600737) In-depth Report: Hold on to the Upside Opportunity of Sugar Price Under Expected Production Reduction

Investment Highlights: Deserved leader in the sugar industry.

The company is a leading domestic sugar company, and its business scope includes homemade sugar, trading sugar, processed sugar and tomato sauce, which is an alternative basis for ensuring domestic sugar supply.

The company’s self-made sugar production capacity accounts for about 10% of the country’s production capacity, trade sugar accounts for half of the country’s trade volume, and the production capacity and trade volume convert sugar enterprises to the highest value.

With a capacity of 150 years / year for processing sugar in the port and a storage capacity of more than 200 tons, the tomato business is the largest in China.

The company’s major shareholder COFCO Group holds 51 shares.

53%, enjoying the upstream and downstream resources of the group.

The sugar cycle is expected to restart and industry opportunities are coming.

The sugar price has a significant mutation. The cycle of 5-6 years, the current decline in sugar prices has lasted for 2 years and 7 months, nearing the end, the sugar cycle gradually changed.

The demand for sugar is stable in the short-term and grows slowly in the long-term. The price is mainly at the supply side.

In terms of domestic supply, the area planted to sugarcane decreased from 1401 thousand points in 2016 to 1371 thousand points in 2017. The current ending stocks have been reduced to half of 2015. In addition to the current low sugar prices, it is predicted that the current domestic production will start to decrease and pushSugar prices are rising again.

According to the USDA’s forecast, global sugar production in 2019 is 17,892.

In June, it fell by 8 杭州夜网论坛 each year.

00%; of which sucrose yield was 13,910.

In September, it fell by 7 every year.

89%; beet sugar yield 3981.

In July, it fell by 8 every year.

41%.

Brazil, the main sugar producer, is forecast to decline by 24.

16%, India fell by 3.

61%, Thailand fell 3.

53%, the EU-27 fell by 12.

72%, the export volume of the main producing countries accounted for about half of the global export volume. The reduction in production in the main producing countries will affect the global sugar supply, and tighter supply will push the sugar price back up.

The company took advantage.

Over 90% of the company’s revenue comes from the sugar business, and its profit is directly linked to the price of sugar.

The company’s own production capacity exceeds 100 mm, accounting for about 10% of the country’s production capacity, far exceeding its peers.

The company traded 40 tons of sugar within ten years, and rationed an additional 160 tons, and the trade volume overlapped halfway.

The maximum amount of inventory is 35, which is the highest amount for sugar enterprises.

With the advantages of production capacity, trade volume, and inventory, the company can obtain the industry’s dividend to the greatest extent during the upward period of sugar prices.

In addition, the company has good financial data, leading the industry in terms of revenue and gross profit margin, excellent management of three fees, and sufficient cash flow.

Backed by COFCO, the company enjoys the advantages of sales channels and management methods.

Comprehensive analysis of the company’s qualifications is the best for listed sugar companies.

Investment suggestion: It is expected that the company’s annual income in 2019 and 2020 will be 0.

32 yuan and 0.

53 yuan, corresponding estimates are 29 times and 17 respectively.

5 times.

The company is the leader of sugar companies. It has the highest production capacity in the industry and half of the domestic trade volume. It will benefit significantly during the global capacity shift and the sugar cycle is up again. The company’s future performance is expected to improve significantly. The current scale is reasonable. Maintain a recommended rating.

Risk Warning: Climate change, sugar price increase, etc.