Month: May 2020
Yao Jinbo: 58 cities are moving towards an era where service income is the mainstay
On May 8th, 58 antiques from the same city were held annually at the “58 Magic Day”.At the press conference, 58 Jincheng CEO Yao Jinbo said that 58 Tongcheng is moving from a platform based on traffic revenue to an era in which service revenue will dominate in the future.According to Yao Jinbo, after more than ten years of development, 58 City has become a company with stable income and profitability.In the last year, the internal BG-based in-depth industry separated the property, recruitment, and automobile businesses.58 The same city is moving from a platform based on traffic revenue to an era where service revenue will dominate in the future, with quality services to promote further growth of traffic.”In the past year, we have increased industry investment and integration in many areas of our main business. We have acquired the used car auction platform Uxinpai. We have also initiated the establishment of 58 Aifang with the World Bank, Tongce, etc.”Yao Jinbo introduced.At present, there are more than 4 billion talented talents in 58 cities. In 58 cities, Anjuke’s second-hand housing service platform covers more than 100,000 real estate brokerage companies nationwide and more than 1 million real estate brokers.The new house online service covers 640 cities across the country, with market shares in more than half of key cities.Yao Jinbo said that as an Internet technology company, he also vigorously develops technological innovation products such as AI, big data, and VR visualization. He hopes that new technologies such as video interviews, VR viewing, and VR viewing will develop better in the connection between merchants and users.The role.58 Data from the same city shows that the ProSense VR tool matrix replaces offline viewing, and a total of 7 million sets of Prospective VR panoramic views have been digitized.Users and brokers can talk to each other across the screen. The average click rate of the VR viewing remote control is 1.53 times, the average stay time is 6 times the average.During the epidemic period, the number of visits of Pro Sense VR users nationwide increased by 500% month-on-month.”This epidemic has accelerated the onlineization of all walks of life for at least three years. Today, almost all small and medium-sized enterprises, no matter you are in a big city, a small or medium city, or even a township, no one will doubt that they must move their business and businessCome to the Internet.”Yao Jinbo thinks.In addition to providing services in the city, 58 Tongcheng has also further focused on the sinking market and content services in the past year. It has launched two new brands-58 Tongzhen and 58 tribe, which has begun an attempt to commercialize.It is understood that during the epidemic, 58 cities announced six major support measures for 10 million merchants on the platform, including the recruitment of special positions for emergency positions, the establishment of special funding assistance policies, and online online tools such as VR / live broadcast, real estate business.Announcing the announcement of one billion support funds.Sauna, Ye Wang Chen Weicheng Editor Wang Jinyu Proofreading Li Shihui
No gender, they are all human angels in the world
Answer: All played.The first line is Audrey Hepburn, Ben Stiller, Cecilia Cheung; the second line is Juliet Binoche, Lin Xinru, Mao is not easy.They have all played nurse roles in film and television dramas.The International Nurses Day is held on May 12 each year to commemorate Florence Nightingale, the founder of the modern nursing discipline.This day is also of great significance to China. Today, 12 years ago, an earthquake gave medical workers time to celebrate the holiday and began to save lives, and this year’s epidemic made them the focus of everyone.Although not directly deciding life or death like a doctor, nurses are also silently guarding the recovery of everyone with their white clothes.The first line corresponds to the work stills.Audrey Hepburn played a nun in “Nun’s Biography”, and was later admitted to medical school as a nurse. After graduation, she was sent to serve in Columbia, Africa.Modern nurse uniforms evolved from nun uniforms, because many of the initial manual nursing jobs were nuns and monks.The nurse who also worked in the war also has the role of Juliet Binoche in “British Patient”. Because the lover and friend died in the war, she thought she was threatened with a curse, so she took the burned “British”The “patient” stayed in a house to avoid harm to more people.Lin Xinru also played a nurse in the TV series “Love and Rain”. When Japan invaded China, she let go of the life of the young lady and went to the battlefield hospital.The second line corresponds to the work stills.Ben Stiller is a male nurse in “Meet Your Father-in-law”.Since the Industrial Revolution, nursing work has been considered to have feminine qualities and should be occupied by women among nurses.But now there are redundant male nurses, and the identification of their gender traits is relatively one-sided.Singer Mao is not easy to play a male nurse in “Sha Hai”, he was a nurse before becoming a singer.The image of Cecilia Cheung’s nurse in “Star Wish” should be everyone’s expectation in peacetime.She is beautiful and kind. I look so pitiful and crying is beautiful. This kind of nurse image is believed to help patients get comfort both physically and psychologically.Numerous nurses are doing preparations and aftercare before and after doctors save the disease. Their contribution should be affirmed.Taking stock of movies and TV dramas related to medical care, we found that the literary and artistic works focusing on nurses are still going on, and we hope that more works will reflect their lives in the future and show their dedication to patients.Written by Wu Longzhen, proofread by Li Lijun
Li An mourns the “adult school”, calling his death a loss of film art
Director Li An was on the shooting scene of “Fantasy Rafting of Teenage School”. Sauna Night News (Reporter Li Yan) On April 30, according to Taiwan media, the adult actor Irfan Khan, who played the adult school in “Fantasy Rafting of the Teenage School,” died in Mumbai yesterday.Director Li An mourned that Yifan was a rare good actor and a rare gentleman.Working and socializing with him is the luck of life.Two years ago, when he heard that he was suffering from this disease, he greeted him. He said that he would face calmly and bravely.He is a person who loves life and art. His death is the loss of film art and the pain of his friends.May he rest in heaven.Miss him. >>> 54-year-old Indian actor Ilfan Khan died of illness and once starred in Ang Lee’s “Youth School” Irfan Khan played the adult school in “Fantasy Rafting of Youth School”. It is reported that Ilfan Khan has performed more than 100 Bollywood movies since the film, and later successfully transferred to Hollywood development, participated in many masterpieces including “Slumdog Millionaire” “Juvenile Fantasy Rafting” “Jurassic”World “etc.He suffered from endocrine adenocarcinoma in 2018 and was admitted to the hospital yesterday due to a colon infection. Unfortunately, he died in Mumbai Hospital at the age of 53.His public relations company confirmed the news and issued a statement: In the end of his life, he was accompanied by his favorite family and left the world in a loving environment to go to heaven.Sauna, Yewang Editor Li Yan Huang Jialing Proofreading Wang Xin
Semir Apparel (002563) Covers for the First Time: Children’s Wear Maintains High Growth
Core 厦门夜网 point of view Senma Clothing is a leading company in national casual wear and children’s wear. The company’s children’s wear business has maintained a high growth, and the casual business began to recover after adjustment in 2017.
It is estimated that Semir’s EPS for 2018-2020 will be 0.
84, giving Senma Clothing a 17-18 times PE estimate for 2019, the corresponding target expected range is 12.
14. The first coverage was given an “overweight” rating.
The trend of concentration of children’s clothing and casual clothing has shown that the leading children’s clothing industry and the casual clothing industry are presenting a “big industry, small company” layout.
According to data from China Industry Information Network, in 2017, the market share of leading companies in the domestic mid-range 北京spa会所 casual wear market accounted for only 1 of the total market.
According to Frost & Sullivan’s report, from 2013 to 2017, the CR5 of China’s children’s clothing industry was 6, respectively.
7%, an upward trend, but lower than the 23 in Japan during the same period.
9% and 28 in the United States.
We believe that in the next few years, the long-term survival of the fittest in children’s wear and casual wear will become more and more significant, and the concentration is expected to continue to increase.
Continuously optimized operations, brand, channel, and supply chain to comprehensively improve the product end: The company’s R & D and design investment is in the forefront of the apparel industry. In 2017, the company’s R & D expenses accounted for 3% of its revenue, exceeding the level.
Channel side: The number of children’s clothing stores opened steadily from 2012 to 2017, and the number of stores in 2018H1 reached 4,981; the number of casual clothing stores re-entered the growth track after adjustment in 2017.
The company continued to optimize the operating efficiency of its stores. In 2017, the revenue of single stores and franchised stores increased by 9 each.
Supply chain: Senma learns from Uniqlo in terms of standard products, strengthens cooperation with core suppliers, improves order reversal capabilities, and reduces costs; fast-reverse companies learn from Zara, continues to strengthen enterprise data management, and upgrades fast-reverse product supply chain systems.Reduce supply chain cycles.
The internationalization of children’s clothing business is accelerating. Outward mergers and acquisitions to strengthen the competitiveness of the company and the largest children’s clothing retailer in North America TCP agreement cooperation agreement, to obtain agency rights in China.
In the fourth quarter of 2018, the company completed the acquisition of Kidiliz, a European leader in children’s clothing, which improved the company’s layout in the field of high-end children’s clothing.
We believe that the acquisition of Kidiliz will strengthen the comprehensive capabilities of Semir’s children’s clothing business in international market operations, brand management, and global supply chain.
Leading children’s wear and casual wear, the first time coverage is given to the “overweight” rating. Sema Clothing is a leading casual wear and children’s wear leader. We are optimistic about the company’s increase in the market share of children’s wear.
It is estimated that Semir’s EPS for 2018-2020 will be 0.63, 0.
The average PE multiple of comparable companies in 2019 is 17 times. With reference to the evaluation of comparable companies, taking into account the industry structure and future growth of Semir, the PE estimates for 17-18 times of PE in 2019, the corresponding target interval is 12.
14 yuan, the first coverage given “overweight” rating.
Risk reminder: Macroeconomic downturn, competition for children’s clothing intensifies, and inventory backlog risks.
Huayu Mining (601020) Quarterly Report Comment: Performance Increases MoM, Ke Yue EIA Approved
Sales increased, silver prices rose, and third-quarter results increased sequentially. According to the company’s announcement, the company’s revenue in the first three quarters was 6.
5.6 billion, a year-on-year decrease of 24%; net profit attributable to mothers was 7485.
10,000 yuan, 60 per year.
The company achieved a net profit of 3579 in the third quarter.
50,000 yuan, an increase of 76% from the previous month, the first is: the company’s zinc concentrate sales of metal content 7504.
9 tons, an increase of 65% from the previous month; the sales volume of lead-antimony (containing silver) metal content was 5,792.
0 tons, an increase of 17% in ten years.
At the same time, lead prices rose by 1 in the third quarter.
9%, the price of silver rose by 15.
9% is another important factor for the increase in performance.
Ke Yue lead polymetallic ore mining environmental assessment has been approved, the company’s mining capacity is expected to significantly improve. According to the company ‘s September 27 announcement, the Ke Yue lead polymetallic ore mining engineering environment report in Tibet was approved.
After getting the EIA approval to get more mining warrants, the listed company will increase the mining scale to 40 tons of lead, zinc, antimony ore per year, which is 65% higher than the current mining capacity, and 62% annually.
Investment proposal According to the price of lead, zinc, silver and antimony, the company’s EPS is expected to be 0 in 2019-2021.
80 yuan, corresponding to the current expected PE of 39/15/12 times, considering that the company’s internal business profit is bottoming out; Talc Gold is expected to increase its revenue 北京夜网 by 78% after its production and the company’s profit is expected to increase by 178%; 2020The annual precious metal segment revenue accounts for nearly 50% of the total revenue (without considering price increases), or it will bring double improvement in performance and conversion.
The average PB of similar companies in the reference industry is 3.
5 times, the company is in the process of transformation PB to 3 times, the reasonable value is 11.
97 yuan / share.
It is expected that the performance evaluation of Huayu Mining in 2020 will be improved by leaps and bounds, and the PE of 15 times is far lower than that of comparable companies by an average of 26 times.
Risks remind that the production of Taluminum projects is less than expected; the prices of precious metals have changed dramatically.
Inspur Information (000977) In-depth Tracking Report-Expected Demand Inflection Point Adds 5G to Help Sword Point Globally
The company has significant advantages as an absolute leader in servers. The sword refers to the number one in the world. The inflection point of CAPEX in the downstream industry overlaps with the expected inflection point of the company’s rack due to rights issue.
It is predicted that the net profit attributable to mothers in 2019-21 will be 8 respectively.
4.2 billion, corresponding to PE 36x / 25x / 18x.
Give a target price of 30.
6 yuan, corresponding to 19/20 years of PE 45x / 32x, raised to “Buy”.
Company profile: The server industry is an absolute leader with rapid growth in performance.
Inspur Information is a large IT enterprise group with good overall software and hardware strength in China. It ranks among the top three in server sales worldwide and China’s first.
From 2014 to 2018, the company’s average annual compound revenue growth rate was 60%, and the net 杭州夜网论坛 average compound annual growth rate of its parent company was 18%.
The server market is 100 billion yuan, and the industry has ample growth momentum.
1) The server market scale is 100 billion.
In 2018, the global server market capacity reached 12 million units, with revenue of 75 billion US dollars, equivalent to RMB 520 billion.
China’s X86 server revenue is 17 billion U.S. dollars, growing 55% annually.
2) Cloud computing has become the core driving force for growth, and AI and 5G create new requirements.
According to Synergy data, in 2018, 40% of the world’s large data centers came from the United States, and China accounted for only 8%. In the long term, there is room for improvement several times.
In 2018, China’s GPU server market size was 13.
US $ 0.5 billion, an increase of 131% in ten years.
CAGR is 武汉夜网论坛 expected to reach 27% in the next five years.
3) The strength of both the brand and the white card, the company’s overall rapid improvement: 2019Q1 company’s global market wave market share increased rapidly, in order to (4.
7% → 6.
2%), budget amount (6.
4% → 7.
9%), 2022 is expected to hit the world number one.
4) The CapEx Q2 market is expected to rise, and the upstream chip architecture upgrade is expected to drive Q4 to pick up.
Building multiple barriers, the sword refers to the world’s number one.
1) Customer strategy: JDM + overseas expansion, opening up room for growth.
The company integrated the JDM (Joint Development and Production) model to achieve deep binding with large large customers, increasing research and development efficiency by 3-10 times and reducing the time to market for products by half; Inspur’s overseas business has a strong momentum of development.Revenue growth.
2) Scale effect: price advantage creates competitive barriers.
The cost ratio of the products to be allocated during the period was significantly higher than expected, and the sales scale was expanded in combination with price advantages.
As the scale of the company’s restructuring increased, the costs were further allocated during the period, and costs fell.
3) AI and edge computing servers improve overall profitability.
The company’s AI service market share exceeds 50%, and it is expected to continue high growth in the future; it will be the first to launch two edge computing servers, which will fully benefit from the development of edge computing in the future.
Risk factors: demand forecast of domestic Internet vendors, uncertainty in overseas trade policies.
Investment suggestion: It is predicted that the company’s net profit attributable to its mother in 2019-2021 will be 8.
42 trillion, the corresponding EPS is 0.68/0.
35 yuan, corresponding PE is 36x / 25x / 18x, the average PE of comparable companies in 2019/2020 is 53x / 49x.
Considering that the company is an absolute leader in the server field, and the industry has been fully and fully growing for a long period of time, the current estimation level is relatively inaccurate. Based on the industry’s comparable and PEG, we give a target price of 30.
6 yuan, corresponding to 19/20 years of PE 45x / 32x, raised to “Buy”.
Hudian shares (002463) company comment: 19-year performance forecast meets expectations 5G orders are abundant
I. Overview of the event Event: On December 16, the company released the 2019 annual performance forecast: net profit attributable to mother 11.
500 million to 12.
50,000 yuan, an annual increase of 101.
6% to 119.
Second, the analysis and judgment of the 19-year progress performance forecast is in line with expectations.
Expected Q4 single-quarter net profit attributable to mother 2.
99 ppm to 3.
99 ‰, an increase of 59 in ten years.
7% to 113.
4%, compared with -19.
8% to 7%.
The performance growth mainly benefited from: additional abundant 5G orders; continuous improvement in operations and increase in gross profit margin; continuous growth in scale effects and continuous improvement in profitability; low proportion of direct exports to the United States, and low impact from trade friction.
5G products are supplied in batches, corporate communication orders are full, and the market share of high-end products such as high-speed boards has increased to 1. 5G products have been supplied to major global communication equipment manufacturers in batches, and their business share has continued to increase.
As one of the 5G PCB core suppliers, the company will continue to benefit from 5G infrastructure trends, high-speed server and network equipment upgrades.
2. Demand for downstream high-speed servers, data storage, switches, and routers continues to grow. Due to the high signal transmission speed and signal requirements of high-speed boards used by servers, high-speed copper clad laminates are several times more expensive than ordinary copper clad laminates. It is expected that next year’s 5G scale infrastructureIt will drive the high-speed board volume and price to rise at the same time. After the technical renovation of the Qingying Plant and the Huangshi No. 1 Plant, the high-end PCB output will be effectively improved, and the market share will continue to increase.
At present, the high gross profit margin 14-38 layer corporate communication market board and office industrial equipment board are the main revenue sources of the company, and the revenue growth rate is fast, which effectively promotes the improvement of overall profitability.
The mid-to-high-end product structure has continued to be optimized. Huangshi Hushi has been successfully put into production, but domestic car sales have shrunk in the first three quarters. The mid-to-low-end auto plate product competition is fierce.Production efficiency has continued to improve, and the profitability of automotive panels has steadily increased, which will continue to benefit from ADAS and new energy vehicle policies.
In September, part of the production process of the Huangshi No. 2 Plant has begun trial operation. At present, the Huangshi Hushi automobile plate production line has been put into operation smoothly.
Huli Microelectronics continued to improve production efficiency and introduced new technologies.
Third, investment advice The company is a leading domestic telecommunications and automotive PCB supplier, which has long benefited from 5G infrastructure and automotive electronics trends.
It is expected that the EPS in 19/20/21 will be 0.
07 yuan, corresponding PE is 34X / 27X / 23X.
The reference SW printed circuit board industry PE is 苏州夜网论坛 estimated to be 40 times, maintaining the company’s “recommended” level.
4. Risk warning: 1. The production capacity is less than expected; 2. The gross profit margin is gradually increased due to the fierce competition in automobile boards;
Ou Feiguang (002456) 2019 Interim Report Review: Adversity Pan Ni is about to dawn
Event: On July 30, the company released a semi-annual report, and achieved operating income of 235 in the first half of 2019.
88 ppm, an increase of 29 in ten years.
21%, achieving net profit attributable to mother 0.
21 ppm, a ten-year average of 97.
18%, net profit of 62 non-returned mothers.
900,000 yuan, 99 years accumulated.
Key points of investment: Revenue has grown steadily, and adversity has shown its true character.
In the first half of this year, the global smartphone boom declined, and the company itself was in a turmoil brought about by financial pressure. With internal and external concerns, the company achieved 29.
It is not easy for 21% of revenue to exceed the growth rate, especially in the second quarter. In the context of Sino-US trade friction accelerating the breakdown of smartphones, the company was able to stop the trend in a timely manner, turning a profit into a single quarter, showing thatStrong ability to grow against the trend, this ability is the company’s most important reliance on the current breakthrough.
In terms of business, it has benefited from multiple innovative functions such as multi-camera, 3D camera, periscope camera and under-screen fingerprint recognition. The introduction of smart phones, the company’s optical products (camera module + lens) and biometric products have increased in volume at the same timeThe value of single products has also increased, and the revenue contributed by the scale business 2019H1 has increased by 41 each time.
66% and 99.
However, the company ‘s traditional main business, touch display, is affected by the penetration of incell / oncell and other panel factory-initiated solutions, which has intensified competition in the industry. Although the company strives to consolidate its industry integration through the advantages of the vertical industry chain platform, this business segment is still becoming the company“Bag”, the operating income of touch products in H1 2019 will be extended by 14 per year.
Short-term pressure on profitability.
The downstream industry enters the stage of stock gaming, and changes in technology paths lead to intensified industry competition and other factors, resulting in the company’s overall profitability being suppressed to a certain degree. The overall gross profit margin of the company in 2019H1 is only 10.
08%, a decrease of 5 compared with the same period last year.
Of the company’s three main businesses, only the biometrics business benefited from the increase in displacement of the fingerprint recognition module under the screen, and the gross profit margin increased.
At 45 pct, the profitability of the optical business and the touch module business was additionally divided, of which the touch module business was even more so, and the gross profit margin was almost half of the same period last year.
In the follow-up, the rebound in the downstream industry’s prosperity has driven the company’s product capacity to increase, and the overall gross profit margin has improved.
Dating strategic investors with original backgrounds is an urgent need.
The horizontal expansion of the company’s scale in the past few years has indeed helped to increase the company’s revenue and optimize the overall cost, but it is also buried in the “hidden worries” when many industries are down, such as higher equity pledge ratios and market orders.The pledge crisis brought about by the decline, the weak capital chain, high inventory, etc., are also the root of the company’s turbulence in the first half of this year. In 2018, the inventory impairment was significantly accrued, and the asset impairment in 2019H1 2
Shareholders with a fragile funding chain are seeking shareholders to seek appointments with strategic investors with a regular background. Until the end, the company has gradually received Nanchang Industrial Control, Nanchang Municipal Public and Nanchang Industry Alliance Investment totaling 2.5 billion US dollars in advance payment, which can to some extentAlleviate the company’s financial pressure. If the company’s operating activities are not to be interfered with in the future, considering the company’s industry leading position in smartphone cameras and under-screen fingerprint modules and the future of these two fields1?
Two years of positive trends, and years of channel advantages accumulated by downstream companies such as HMOV, the company is still expected to produce a satisfactory answer.
Earnings forecast and investment rating: Covered for the first time, giving overweight rating.
Affected by inventory impairment, the company’s performance in 2018 and 2019H1 significantly exceeded market expectations, but in the current smart phone field, under-screen fingerprint recognition is gradually emerging, and the camera module is in the bonus cycle from single camera to multiple camera.The core beneficiaries are worthy of continuous follow-up. Due to the principle of prudence, we predict that the overall accrual in 20193.
About 500 million, under this assumption, the company’s net profit for 2019-2021 is expected to be 7 respectively.
8.1 billion, 13.
2.6 billion, 17.
8.3 billion, the current sustainable corresponding PE is 29.
92 times, the full accrual of 2018 and 2019H1 is a real accident, and the problem of business structure level is also currently being resolved by the company.
It is expected that the market has undergone major adjustments in the past and development trends in related fields. If the subsequent integration progresses smoothly, the company still has a good investment space, covering it for the first time and giving an overweight rating.
Risk reminders: 1) The penetration of dual-camera 苏州夜网论坛 and multi-camera solutions is less than expected; 2) 3D and screen fingerprint module products have increased prices due to intensified competition; 3) funding, inventory, and the current relief of pledges and other issuesGet properly resolved.
New natural gas (603393): Asian and American energy performance steadily grows Xinjiang city gas business turns losses
Event: The company released the third quarter report of 2019.
The company achieved operating income of 17 in the first three quarters.
7.4 billion, an increase of 105 in ten years.
2%, net profit attributable to mother 2.
70,000 yuan, an increase of 116 in ten years.
5%, in line with Shen Wanwanyuan’s expectations.
Key points of investment: Asian and American energy performance has grown significantly, and Xinjiang’s urban gas business achieved profit in the third quarter.
The company achieved net profit attributable to its mother in the third quarter.
14 trillion, an increase of 0 compared to the same period in 2018.
920,000 yuan, an increase of 0 from the second quarter of 2019.
US $ 3.5 billion, mainly benefited from the growth of Asian and American energy performance (also with consolidation factors, only in September in 2018) and the profitability of Xinjiang’s urban gas business.
In the first half of the year, Asia-US Energy’s coal-bed methane volume and price rose, and revenue from January to June increased by 38 in the past ten years.
8%, net profit attributable to mothers increases by 64 each year.
According to the forecast for the third quarter results, Asia-American Energy’s revenue from January to September increased by 27%, while operating costs fell by 5%, helping the mother net profit increase by 83% to 5.
39 trillion, of which the net profit attributable to mothers was about 2 trillion in the third quarter, and the performance showed an accelerated release trend.
From this we calculated that the company’s Xinjiang city gas business realized a profit of about 10 million yuan in the third quarter and successfully realized a loss (the first quarter and the second quarter decreased by about 10 million and 3 million yuan, respectively).
Asian American Energy continued to supplement and phase out, and the cooling in winter is beneficial to the reduction and promotion of coalbed methane.
Asian and American Energy began to continue to add holes in the initial stage. Panzhuang Blockchain completed 22 holes in the first half of 2019. It is expected that the number will gradually increase in the third quarter.
In October last year, the Development and Reform Commission approved the coalbed methane development plan for the southern region of the Mabi Blockchain. The Mabi Blockchain has a design capacity of 1 billion cubic meters per year. It is a block of the Panzhuang Blockchain.During the construction period, the output is expected to increase rapidly from the fourth quarter.
Since October, the temperature of the north has fallen sharply before the heating season, leading to a rapid increase in natural gas demand. The average national market price of LNG has risen rapidly from around 3,000 yuan / ton at the end of September to around 3700 yuan / ton in late October.
In this context, the company has the advantage of saturated coalbed methane, and the rapid growth of the market’s LNG price is also expected to provide some support for the company’s substantial upward movement.
The national oil and gas pipeline network company was established soon, and unconventional gas mining companies are expected to benefit first.
With the continuous deepening of market-oriented reforms in the energy sector, national leaders have repeatedly stated their position since the early days of the oil and gas pipeline network independence, and directional policies have emerged frequently. We judge that the national oil and gas pipeline network company will establish a probability breakthrough this year.
After the establishment of the pipeline network company, the monopoly of the “three barrels of oil” in the field of natural gas supply and transportation will be broken. In the future, the upstream and downstream pricing mechanism of natural gas will gradually move towards marketization.
The overall minimum value of Asian American Energy CBM purity, the average value of the Panzhuang blockchain in 2018 was 1.
67 yuan / cubic meter, the price of the benchmark gate station in Shanxi Province is 1.
77 yuan / cubic meter (usually 20% higher in peak season).
CBM has 南京夜网 obvious advantages under market-based competition. After the long-term transmission pipeline network is fairly opened, it will try to achieve both volume and price increases.
In terms of location, the transition of the West-East Gas Pipeline to the Mabi Blockchain will directly benefit the subsequent release of the Mabi Blockchain.
Earnings forecast and estimation: Based on the progress of Asia-American energy capacity release, we maintain the company’s net profit forecast for the mother company for 2019-2021 to 4.
05 and 6.
Corresponding to the current expected PE is 13, 11 and 9 times.
Natural gas consumption continues to grow at a high rate. After the establishment of the National Oil and Gas Pipeline Company, it is expected to directly support the release of the company ‘s performance 北京会所体验网 and maintain a “Buy” rating.
Longji shares (601012) Interim report comments: Interim report high-growth silicon wafer production expansion speed-up module business is expected to become a new growth pole
Interim report high growth in the first half of 2019, the company achieved operating income of 141.100 million (+41.09%); net profit attributable to mother 20.100 million (+53.76%); net profit after deduction to mother 19.96 (+59.15%). The industrial chain has a good pattern, the rapid release of production capacity, and the cost reduction have brought about a rise in the company’s volume and profit. (1) The company’s single-crystal silicon wafers, components are relatively better alternatives to the current industry chain’s competitive landscape, demand is good and prices increase.stable.(2) Silicon wafers and component production capacity are being accelerated.The first phase of Chuxiong’s 10GW silicon wafers and Quzhou 5GW modules have all been put into production, and the current capacity under construction is also expected to further accelerate the release.(3) The company continued to improve the company’s profitability by tapping its cost potential. The non-silicon cost of silicon wafers fell in the first half of 201931.75%, non-silicon cost is a cost leader in the industry. Expense control ability was further strengthened, financial statements continued to be stable, cash flow improved significantly in the first half of the year, and the company’s period expense accounted for 8% of revenue.66%, reducing by 0 every year.27 units.At the end of the reporting period, the company’s assets and liabilities were restructured56.54%, a decrease of 1 from the end of 2018.04 averages.Net cash flow from operating activities of the company24.27 ppm, a 107-year increase.63%. The release of monocrystalline silicon wafer production capacity has accelerated, and the leader has further consolidated. According to the company’s “Product Capacity Planning for the Next Three Years (2019-2021),” the company plans to have silicon wafer, battery wafer, and module production capacity at the end of 2021 reaching 65GW, 20GW, and 30GW, of which siliconThe chip capacity is expected to reach 65GW by the end of 2020, which is one year ahead of the original planned time, further consolidating the company’s monocrystalline capacity advantage, and can fully enjoy the market product premium and scale effects. The overseas sales of modules increased rapidly, and the module business is expected to become a new growth 重庆耍耍网 pole. In the first half of the year, the company’s overseas sales of monocrystalline modules reached 2,423MW, an increase of 252%, accounting for 76% of the total external sales of monocrystalline modules.According to the company’s capacity planning, by the end of 2019, 2020, and 2021, the company’s battery capacity will reach 10, 15, 20GW, and the module capacity will reach 16, 25, and 30GW, respectively. At this point, the company will fully realize the transition from monocrystalline silicon to cells and components.The extension of the integrated single crystal full industry chain leader is about to take shape.In the future, the module business is expected to become the company’s new growth pole. We are optimistic about the company’s single crystal leading position and profitability, and maintain the “strongly recommended” 杭州桑拿 rating. As the company’s capacity release rate and profitability increase faster than expected, we expect the company’s net profit attributable to its mothers to be 46 in 2019-2021.59 (+14.6%) / 68.45 (+18.5%) / 87.1 (+30.8%) billion, corresponding to an EPS of 1.29 (+0.17) / 1.89 (+0.3) / 2.40 (+0.56) Yuan, maintaining the “highly recommended” level. Risk warning: photovoltaic replenishment installed is less than expected, monocrystalline wafer prices fall too fast