Everbright Bank (601818) 2018 Annual Report Comments: New Strategy Opens and Structural Adjustments Continue

Everbright Bank (601818) 2018 Annual Report Comments: New Strategy Opens and Structural Adjustments Continue

Investment Highlights Everbright Bank announced its 2018 annual report on March 28, 2019, and initially achieved operating income of 1,102.

40,000 yuan, an increase of 20 in ten years.

0%, net profit attributable to the parent company is 336.

6 ppm, an increase of 6 in ten years.


The negative single-quarter profit growth in the fourth quarter was mainly caused by changes in the effective tax rate during the quarter, and gradually returned to the net profit of the mother.

7% is in the middle of the stock market.

Initially, the main driver of the company’s profit growth comes from NIM + 22bps, and net fee income increased.

9% and investment income / fair value changes increased by 13.9 billion US dollars, which is equivalent to cost control properly, cost and income exceeded 28.


The company’s maximum credit cost increased to 1.

54%, risk resistance replenishment ability is further enhanced.

Credit card issuance and transaction amount growth of more than 30% have resulted in +40 bank card fee income for middle income.


The initial reduction of table adjustments and potential resources for traditional deposit and loan business; the revenue structure was further optimized, and the proportion of fees and commission income continued to remain above 30%.

The daily average scaled down slightly (Yo-1).

3%, time point YoY6.

6%), the total assets of interbank and bond investment decreased by 5 shares compared with the end of the previous year, and debt-side deposits (average daily price of 8 year-on-year.

7%, point in time YoY13.

2%) positive growth, while peer-to-peer debt has been reduced.

In terms of credit investment, the real estate, leasing business and construction industries experienced rapid growth.

Defective rate 1.

59 was flat in the same period of last year, the write-off disposal accelerated, and the trend needs follow-up confirmation.

The company’s ending non-performing interest rate1.

59%, but unchanged from the end of last 西安耍耍网 year.

The Bohai Rim has grown rapidly, and the Yangtze River Delta has improved. The Pearl River Delta, Midwest, and Northeast China have stabilized and declined. At the same time, the non-performing balance of retail loans has grown rapidly.

The company’s annualized credit cost is 1.

54%, with a loan-to-lending ratio of 2 at the end of the period.

78% and provision coverage costs 175%.

The company’s 90-day overdue and bad scissors have all been closed, write-off disposal efforts (1.

(32% nearly doubled from last year).

However, the company has grown rapidly within three months after the due date, and changes in asset quality need to be observed.

We slightly adjusted the company’s EPS to 0 in 2019 and 2020.

70 yuan and 0.

76 yuan, the final net asset is expected to be 6 at the end of 2019.

09 yuan (excluding 武汉夜网论坛 dividends), calculated at the closing price of March 28, 2019, the corresponding PE for 2019 and 2020 is 5, respectively.

9 and 5.

4 times, corresponding to 0 at the end of 2019.67 times.

In 2018, the company proposed a new strategy of transforming into a “first-class wealth management bank”.

During the year, we saw changes in the company’s return to traditional business, promoting outlets, revenue, and technological transformation, and the results gradually appeared.

Considering the company’s first-mover advantage and accumulation in retail, especially asset management, and investment banking, we maintain our optimistic judgment on the improvement of company performance. In the future, we need to continue to observe the speed of asset quality improvement and the success of gradual strategic transformation.Hold rating.

Risk warning: asset quality fluctuates, conversion is less than expected

Linglong Tire (601966) Company Review: Equity Incentive Target Clear, Tire Leading Growth Expected

Linglong Tire (601966) Company Review: Equity Incentive Target Clear, Tire Leading Growth Expected

The company released the budget of the stock incentive plan for the 2019 budget: The number of additional shares proposed to supplement the 295 incentive objects within the company is 12,807,000 shares, accounting for 1 of the company’s share capital of 1,200,013,403 shares on the date of the announcement of the incentive plan.


The grant price of the stock is priced at 10.

38 yuan / share.

The budget stock authorized by this incentive plan will be adjusted in three stages: 1) The first stage starts from the first trading day after 12 months from the date of completion of the registration of grants to the last within 24 months of the date of completion of the registration of grantsAs of the day of a trading day, the cancellation ratio was increased by 30%; 2) The second and third periods were postponed for one year, respectively, and the cancellation ratio was 30% and 40%.

  Analyze and determine that the incentive plan has clear evaluation goals, corresponding to a 30% / 15% / 13% increase in performance in 19-21 years. The incentive plan will be implemented in three phases and three phases. The management method will be based on 2018 net profit.Net profit in 2021 is not less than 30%, 50% and 70% respectively, corresponding to 15-20 in 2019-2021.

4, 17.

7, 20.

US $ 1 trillion, with annual growth rates of 30 in ten years.

0%, 15.

4%, 13.


The company is currently at a stage of rapid business development. The expansion of supporting customers in the front-loading plants is better, and the replacement demand in the after-sales retail market is stable. We believe that the company’s performance in the next three years is likely to complete its assessment goals.

The company’s purpose of launching this equity incentive is to: 1) In order to further establish and improve the company’s long-term incentive mechanism to attract and retain outstanding talents.

2) Fully mobilize the enthusiasm of the company’s directors, senior managers and other key personnel to effectively combine the interests of shareholders, the company and the core team, so that all parties can pay attention to the company’s long-term development and promote the company’s market competitiveness andSustainable development capabilities.

The performance of Q1-Q3 in 2019 increased rapidly, and the cost advantage was significant.

100 million, an increase of 13 in ten years.

3%; net profit attributable to mother 12.

10,000 yuan, an increase of 37 in ten years.


The company’s rapid growth in performance has mainly benefited from: 1) smooth customer development and new orders driving revenue growth.

The company actively explored the sales market, improved product quality, and achieved 1,470 tire product sales in the third quarter of 2019.

50,000 articles, an increase of 10 in ten years.


2) Price advantage of raw materials guarantees high gross profit margin.

  2019Q1-Q3 company gross profit margin 26.

0%, 2019Q3 is as high as 27.

5%, far exceeding the industry average, indicating that the company has alternative bargaining power in the supply of important raw materials such 杭州夜网论坛 as rubber. In the third quarter of 2019, the overall prices of the five main raw materials of natural rubber, synthetic rubber, carbon black, steel cord, and cord fabric wereBy the drop.


3) Three rates are strictly controlled to ensure a high net interest rate.

2019Q1-Q3 company’s sales expense ratio, management expense ratio, research and development expense ratio are 6 respectively.

0%, 3.

0%, 4.

2%, three rates maintained at previous levels, refined management to improve operating efficiency, and reported that the company’s net interest rate has gradually increased.

7pp to 9.


  Supporting customers drive the retail market and drive long-term growth. The logical tire business is mainly divided into supporting (front-loading) and retail (back-market) markets. The company combines the supporting-pulling retail model to achieve two-way development: 1) in the supporting market, the companyBy improving the product series, upgrading product performance, optimizing product structure, and continuously improving product grades, the 2019H1 successfully matched the two main tires of FAW-VW Jetta, Changan Ford Fores, two Renault electric vehicle tires and FAW Red Flag L5 passenger car civilian version.Inflatable tires, etc.

After successfully entering the joint venture car company supply chain, the company is expected to continue to penetrate more products and develop more high-quality car company customers.2) In the retail market, the replacement demand stems from supporting equipment. After the supporting market achieves a breakthrough, the company’s retail market can grow for a long time. At the same time, the company upgrades its retail marketing strategy, deeply cultivates subdivided products, develops blank areas, and sinks channels.Both internal and external tire retail sales have increased by more than 10%.

  Investment recommendations The equity incentive assessment has clear targets, and the growth of scarce tire leaders can be expected.

In the global tire industry where the competition is relatively stable, the company is the first tire supplier in the domestic front-loading industry to penetrate the supply chain system of joint venture car companies, and has two core competitiveness: ① high-quality customer structure; ② significant cost advantages; retail marketRelying on the steady increase in the number of holdings, the company’s supporting retail sales will drive retail growth in the long run.

We maintain our profit forecast: The company is expected to achieve revenue of 176 in 2019-2021.


5, 232.

200 million, net profit attributable to mother 16.

1, 18.

7, 20.

700 million, EPS is 1.

34, 1.


72 yuan, corresponding to PE 15.

5, 13.

3, 12.

0 times.

Give the company 18 times target PE in 2019 and maintain target price of 24.

12 yuan to maintain the “overweight” level.

  Risks suggest the impact of changes in the price of rubber and other important raw materials on the gross profit level; new orders fell short of expectations; changes in the competitive landscape, external pressure from overseas tire giants, and price wars affecting the company’s profitability.

China Shenhua (601088): Cash Cow Advantage Highlights Upgrade to Outperform Industry

China Shenhua (601088): Cash Cow Advantage Highlights Upgrade to Outperform Industry

Opinion Focus Upgrade to Outperform Industry Investment Suggestion We raise China Shenhua-A / -H rating to outperform industry.

The reasons are as follows: Thermal coal prices are expected to rise in the fourth 武汉夜网论坛 quarter.

In the context of the continued improvement of mine safety and environmental protection and the gradual recovery of domestic coal demand, we believe that thermal coal prices are expected to rise in the winter season in the fourth quarter.

South African coal imports were at 2 last year.

The high level of 800 million tons is still up 8% year-on-year in the first eight months of this year. We think that the margins tend to fall, which is good for coal prices.

Initially, our judgment on the price prospects of thermal coal is also more optimistic than the market, mainly because coal is still the mainstay of energy in developing countries, and low prices are not conducive to the industry’s deleveraging and reinvestment.

  The integration of upstream and downstream business has obvious competitive advantages.

Shenhua has high-quality assets, low coal production costs, and integration of upstream and downstream. The ratio of long-term coal sales is close to 90%. Even if the price of coal changes, it will also help maintain a relatively stable profitability.

  The advantages of cash cows continue to emerge.

At the end of the second quarter of this year, the company’s net cash reached 811 trillion, accounting for 20% of its net assets.

Under the assumption that the annual average price of the port is 550-580 yuan / ton, we believe that the company’s free cash flow is still expected to reach 60.62 billion US dollars, which is equivalent to the current A / H market value of 16% / 21%.

If a 40% dividend payout ratio is assumed, the company’s net cash may exceed 2,000 trillion in three years, which is equivalent to 51% / 68% of the current A / H stock market value.

With such a large amount of accumulated cash, the company’s ROE is under pressure to reduce the efficiency of capital operations. Without large capital expenditures, increasing dividends is one of the effective measures to improve the efficiency of capital operations.

  What makes us different from the market?

The current company A / H shares correspond to 4.

1x / 3.

2x 2020eEV / EBITDA, Shenhua H shares are only 0.

8x 2020e P / B.

We believe that current estimates re-reflect the true asset value of Shenhua.

Even in the green range of coal prices, Shenhua’s earnings and cash flow are still strong, and the background of the decline in global interest rates highlights Shenhua’s long-term investment value.

  Potential catalyst: Coal prices may exceed expectations in the fourth quarter, and dividends have room for improvement.

  Earnings forecasts and estimates Maintain 2019/20 A-share earnings forecasts2.


32 yuan, H 杭州龙凤网 shares 2.


37 yuan.

  We believe that the company’s stable profit and cash flow in the current market environment have a special configuration value. We raise the A / H rating to outperform the industry, and raise the target price of A / H shares by 40% / 32% to 28 yuan / 25 HKD.Target price corresponds to 5.

7x 2020e EV / EBITDA and 42% growth space, H-share target price corresponds to 4.

7x 2020e EV / EBITDA and 50% growth space.

  Risky coal prices fell more than expected; dividends fell short of market expectations.

Polytech (688333): Leading company in metal 3D printing develops rapidly with industry’s Dongfeng-Special price report of Polytech

Polytech (688333): Leading company in metal 3D printing develops rapidly with industry’s Dongfeng-Special price report of Polytech
The report believes that the industry in which the integrated company is growing is fast and its products have cross-industry development capabilities. We believe that the upper limit of the PE valuation of Polytech is 40 times, and its error is more than 5 downstream, mainly concentrated in aviation.The average valuation of comparable companies in the aerospace field, so we believe that the lower limit of Polytech’s PE is 36 times, and the equivalent of Polytech’s estimated PE (36, 40) times, corresponding to the market value (24).84, 27.6) 100 million yuan, calculated based on 80 million shares, corresponding price setting (31.05, 34.5 yuan.  (1) Leading domestic 3D industry chain company.Involved in upstream, midstream and downstream to provide customers with solutions.Polytech’s business involves the upstream, midstream and downstream of the 3D printing industry chain. It is positioned to provide customers with comprehensive solutions and is in a period of rapid growth. R & D expenses account for nearly 10% of the revenue, and undergraduate and above employees account for nearly 50%The company is a typical technology-intensive enterprise.At present, Bolitech’s downstream customers are concentrated in the aerospace system. So far, customers have mainly purchased 3D printed products directly.  (2) The 3D printing industry has ushered in rapid development.From 2013 to 2017, the compound growth rate of the global additive market reached 24.76%, the Chinese market is growing faster than the global market, with huge development potential.According to 杭州桑拿 relevant statistical data, in the four years from 2013 to 2017, the incremental growth rate of the scale of the incremental additive manufacturing industry was as high as 51%, which is much higher than global data. Thanks to the maturity of metal 3D printing technology and the decline in costs,The metal 3D printing sub-industry has the fastest growth rate in the entire 3D printing industry. From 2013 to 2017, the compound growth rate of the global metal additive sales scale was 54.22%, the compound growth rate of global metal additive manufacturing equipment sales is 49.6%, the average is higher than the entire global 3D printing industry24.76% growth.  (3) Deeply plowing into the aerospace field, leading the industry integration.The United States is the main 3D printing market in the world, and the market share of domestic enterprises has decreased.In 2017, the global installed capacity of additive manufacturing equipment distribution, the United States’ largest share reached 35.9%, the enterprises are mainly distributed in Japan, Germany, China and other economic powers.At the same time, related companies are mostly foreign companies, and domestic companies’ market share has decreased.In the segmented field of 3D metal printing equipment, EOS is the absolute leader. By comparing the key technical indicators of Polytech and EOS similar products, we can judge that the difference between Polytech and the leading technology is narrowing. In some cases,The key indicators have been kept in parallel.  Estimate analysis and investment advice: It is estimated that the total income of Polytech will be 3 in 2019-2021.58,4.44 and 5.6.8 billion, net profit attributable to mothers is 0.69, 0.89 and 1.28 million US dollars, taking into account the estimates of comparable companies and the growth rate of the industry, we believe that the PE of Polytech is estimated to be (36, 40) times, corresponding to a market value of (24).84, 27.6) 100 million yuan, calculated based on 80 million shares, corresponding price setting (31.05, 34.5 yuan.  Risk warning: major changes in the 3D technology route; investment in the aerospace sector has fallen sharply.

Comprehensive News: South Korea and Japan’s New Crown Epidemic Continues to Strengthen Government’s Epidemic Prevention Measures

Comprehensive News: South Korea and Japan’s New Crown Epidemic Continues to Strengthen Government’s Epidemic Prevention Measures
Xinhua News Agency, Beijing, February 25th. Comprehensive Xinhua News Agency reporters reported: In recent days, South Korea and Japan’s new crown virus infection cases have continued to increase.The government aims to hold a meeting on the 25th to draw up a new epidemic prevention network, strengthen the epidemic prevention network, and prevent the epidemic from spreading further.The latest statistics released by the Korean Disease Management Division show that from 9 am to 6 pm local time on the 25th, there were 84 new cases of coronavirus infection, 2 deaths, and the number of confirmed cases gradually increased to 977.Of the new cases, 44 cases occurred in Daegu City and 23 cases occurred in Gyeongsangbuk-do region. The cumulative number of confirmed cases in these two regions reached 791.Daegu City and Cheongdo-gun, Gyeongsangbuk-do have been designated by the government as special infectious disease management areas.South Korea ‘s ruling party, the Common Democracy Party, the government, and the Blue House of the Presidential Palace, met on the 25th and decided to adopt 杭州桑拿网 “alternative blockade measures” against Daegu and Gyeongsangbuk-do to prevent the epidemic from spreading across the country.Later, Qingwatai made it clear that “blockade measures” did not refer to regional blockades that closed access routes, but gradually strengthened the construction of epidemic prevention networks to prevent community transmission as far as possible.South Korea ‘s Disease Management Headquarters ‘Central Epidemic Prevention Headquarters’ head, Jeong Eun-jeong, said at a press conference on the afternoon of the 25th that Daegu ‘s infections were mainly related to a church. At present, the epidemic prevention department has grasped the church ‘s list of churches in Daegu and is conducting investigations.Strengthen administrative measures in the special management areas of infectious diseases.The epidemic prevention 深圳桑拿网 department requires residents in the specially managed areas to minimize going out. It is recommended that people with fever or respiratory symptoms observe at home for 3 to 4 days, and do not go to school or work for the time being.The Japanese government held a meeting on the Prime Minister’s residence on the 25th to formulate the basic indicators for the prevention and control of the new coronavirus epidemic, and gradually achieved full efforts to prevent the increase in the speed of patients and control the spread of the epidemic across the country.At present, infected persons with unknown transmission routes have sporadically appeared in many regions of Japan, and small-scale cluster infections have also occurred in some regions.This guideline requires that in areas where patients continue to increase, in order to investigate the path of infection and narrow the scope of observation of close contacts, residents in the relevant areas are prevented from going out.In areas with a large increase in the number of infections, in order to ensure the treatment of critically ill patients, it is recommended that patients with mild symptoms rest at home.It is initially believed that the crowd should avoid going out when they have fever and other symptoms, and it is recommended that companies gather in public places where employees work remotely or work at peak shifts.Initially, although the recent large-scale gathering activities across the country will not be compulsorily banned, it is hoped that the event organizers will re-examine the necessity of the activities in the light of the epidemic situation.As of the 24th, 691 cases confirmed on the “Diamond Princess” cruise ship were counted internally, and the total number of confirmed cases in Japan reached 851.(Participating reporters: Lu Rui, Geng Xuepeng, Guo Dan)

Tower Group (002233) performance forecast comment: weather factors cause Q2 volume and price lower than expected 2019H2 demand is still expected to recover

Tower Group (002233) performance forecast comment: weather factors cause Q2 volume and price lower than expected 2019H2 demand is still expected to recover

Event: The company released an interim report for the year 019, and achieved revenue of 28 in 19H1.

59 trillion over five years.

68%, net profit attributable to mother 7.

10,000 yuan, 18 years average.

68%, of which 13 achieved revenue in the second quarter.

8 ‰, 23 years ago.

59%, net profit attributable to mother is 4.

25 ‰, an average of 13 in ten years.


  Opinion: Q2 volume and price fell, performance was slightly lower than expected.

In the first half of 19, the company achieved cement sales of 825.

In December, it grew by 4 per year.

38%, ahead of 杭州夜生活网 the increase in cement output in the first half of Guangdong Province (-2.

4%), but Q2 sales are about £ 445, at least about 45 inches per year.

We believe that the sales volume of Q2 was mainly affected by the continuous rainfall in Guangdong, especially in the eastern part of Guangdong. The slow progress of the construction of the project affected the demand for cement. However, due to the decrease in demand, the company’s cement price fell in the first half of the year.

25%, we estimate that the Q2 ex-factory price is about 310 yuan / ton, which is reduced by about 30 yuan / ton per second. At the same time, due to factors such as the standard vehicle load and environmental protection, the purchase price of cement auxiliary materials has risen, leading to an overall cost increase.The gross profit is about 100 yuan, 佛山桑拿网 at least about 10 yuan / ton for about ten years, and the profit level is obvious.

  Regional demand is supported, and demand for 2019H2 is expected to pick up.

We believe that in the first half of the year under the influence of rain weather, the demand growth in Guangdong was slightly lower than expected, but Guangdong Province1.

The 9 trillion infrastructure investment plan focusing on transportation networks will still boost regional demand. At the same time, the country has repeatedly repeated the role of infrastructure in counter-cyclical adjustments. As the weather improves in 2019H2, infrastructure and rural demand are gradually released.The two rail grinding stations are expected to be put into operation in the middle of the year, and the clinker kiln will eventually be put into operation. The expansion of production capacity will benefit the high prosperity of the region.

  The Guangdong-Hong Kong-Macao Greater Bay Area boosted medium demand.

According to our relevant statistics, the Guangdong-Hong Kong-Macao Greater Bay Area is no less in economic volume than the New York, San Francisco, and Tokyo Big Bay Areas, and has the potential to develop into a first-class Bay Area.We judge that infrastructure investment based on interconnection will become an important carrier for the construction of the Bay Area.

In the first quarter of Shenzhen, Dongguan’s Dawan District project has begun to focus on construction, indicating that related construction has accelerated, and the Tower Group Huizhou plant will benefit significantly.

At the same time, considering that Guangdong’s real estate has a low dependence on shed reform monetization (0.

63%), we believe that the local real estate market is affected by the tightening of this round of income tightening, and demand will remain stable in the medium and transform the continuous advancement of the construction of the Bay Area. The cement demand in South China will continue to grow steadily in the medium and long term;: Based on a more cautious forecast of the industry structure of the South China region and the company’s investment income, we lower the company’s net profit attributable to mothers to 16 in 2019-2020.

24 ppm and 18.

42 trillion, the corresponding EPS is 1.

36 (-0.

19) Yuan and 1.

55 (-0.

25) yuan; target price is reduced to 13.

6 yuan, maintain “Buy” rating.

  Risk warning: the scale of investment in fixed assets expands, production is less than expected, and the price of raw fuels rises sharply;

Shanghai Electric (601727): 2018 results are in line with expectations; pressure on gross profit margin but fan business is expected to grow

Shanghai Electric (601727): 2018 results are in line with expectations; pressure on gross profit margin but fan business is expected to grow

Performance review 2018 results are in line with expectations. Shanghai Electric announced 2018 results: operating income of 101.2 billion, an increase of 27%; net profit attributable to mothers, 3 billion, an increase of 13%.

Excluding one-off gains and losses such as government subsidies, the company’s core profit increased by 2% to 21 trillion per year, in line with expectations.

  Development Trend Thermal power and environmental protection equipment will drive revenue growth in 2018.

The company’s operating income increased rapidly by 27%, mainly due to 1) the company expected to resume growth before coal power tightened, and thermal power equipment revenue increased by more than 48%; 2) environmental equipment revenue increased by more than 78%.

The overall gross profit margin is under pressure, but the gross profit margin of wind power equipment has increased.

In 2018, the company’s overall gross profit margin fell by 2 ppt to 20%, mainly because the gross profit margin of elevator business and generator EPC business dropped significantly.

However, while the company’s wind power equipment business reduced its revenue by 6%, its gross profit margin dropped significantly by 5ppt to 16%, mainly due to the increase in the proportion of high gross profit offshore wind turbine sales (the company’s offshore wind turbine gross margin in 2018 was 24%).

  The expected revenue of wind power equipment in 2019 will increase both the gross profit and the development of nuclear power equipment.

The company’s wind turbine orders in hand reached 20.8 billion yuan in 2018, a year-on-year increase of 37%.

We expect the company’s wind turbine adjustment volume and revenue to increase significantly under the influence of the company’s reorganized order reserve and the rush to install wind power in 2019.

And scale effect is expected to pull the rules, which will further increase the gross profit margin.

Taking into account the national wind power installed capacity this year may reach 30GW and the company’s 5% market share, we raised the growth rate of wind turbine business in 2019 to 45% (corresponding to 1.

6GW), and raised the gross profit margin of the fan 3ppt to 18%.

In terms of nuclear power, considering the uncertainty in the growth rate of approval and development, we conservatively estimate that the company ‘s nuclear island revenue growth rate will be about 10% this year, and we look forward to positive policy support in the future.

In addition, the company stated that the preliminary problems in the research and development of nuclear power main pumps have been resolved, and it may be expected to expand its business in the future to increase its performance.

  The profit forecast takes into account the pressure on elevator, power plant EPC and other businesses. We lower our 2019e EPS forecast by 5% to RMB0.

18 yuan at the same time?
The 2020e EPS forecast is RMB 0.

18 yuan.

  Estimates and recommendations A / H shares of Shanghai Electric Corporation currently have a total of 19 years.


7x P / E.

We maintain the company’s A / H shares as neutral and recommended grades. At the same time, due to adjustments in earnings forecasts, we have reduced the company’s A / H shares target price by 10% to RMB 7.

30 yuan / HKD 4.

05 yuan, corresponding to 19 years 41.


3 times P / E, compared with current 18% / 38% upside.

  Risk projects were weaker than expected, financial costs rose, and gross profit margins fell.

Jizhong Energy (000937): Regional coal leaders continue to gain competitive advantage

Jizhong Energy (000937): Regional coal leaders continue to gain competitive advantage

This report reads: Jizhong Energy is backed by large shareholders, sitting on high-quality coal resources, enjoying location advantages and competitive advantages, and future development may benefit from the injection of high-quality coal assets of the group. It is worth long-term attention. It is covered for the first time and is given a “neutral”grade.

  Investment Highlights: The first coverage is given a “Neutral” rating.

Forecast 2019 EPS EPS 0.



18 yuan / share, combined with PE and PB estimation method, target price 3.

63 yuan, corresponding to 18 in 2019 PE.

2 times, the first coverage is given a “neutral” rating.

Deeply plowing the regional coal leaders in Hebei, with competitive advantages.

1) Backed by major shareholders, there is support for development.

The controlling shareholder is Hebei Jizhong Energy Group, the largest coal company in Hebei. In 2018, the coal output of the group was 8,100 yuan (9th in the country), and the revenue was 236.3 billion (5th in the country).

2) Coal resources are abundant and coal quality is excellent.

Jizhong Energy has abundant main coking coal, 1/3 coking coal, fat coal, gas coal and other resources. The coking coal produced has low ash, low sulfur, low phosphorus, moderate volatile content, strong sexual characteristics, and market competition.High force.

3) The location advantage is outstanding and the market demand is broad.

Coal resources are mainly distributed in the hinterland of the Bohai Rim Economic Circle, and transportation is very convenient.

In addition, coking, iron and steel, power generation and other downstream coal industries in the region are well developed and demand is broad.

The coal coking industry has benefited from supply-side reforms, and its performance has grown significantly.

Since the supply-side reform, the company’s coal production and sales volume has gradually rebounded, and the revenue of the coal sector has climbed to a five-year high of 176 in 2018.

200 million; coke business, the impact of de-capacity incorporated environmental protection and production restriction, the average increase in production, sales and prices, the compound revenue growth of the chemical sector in 2016-2018 37.

1%, the gross profit margin of the sector rose to a new high of 14.

9% (2018).

Long-term focus: injection of quality assets of the Group.

By the end of 2018, the company had 20 mines with total recoverable reserves of 6.

9.5 billion tons, with an approved production capacity 杭州桑拿网of 3270 tons, respectively accounting for 13%, 47%, and 52% of the group. The proportions are still replaceable, and assets are injected into the deposit space.

risk warning.

Uncertainty in asset injection, falling coal prices, macroeconomic and administrative intervention risks.

Peng Ding Holdings (002938): Product structure and solidification will affect the third quarter gross profit margins to grow rapidly in 2020

Peng Ding Holdings (002938): Product structure and solidification will affect the third quarter gross profit margins to grow rapidly in 2020
The company released third-quarter results: the third quarter achieved revenue of 79.98 ppm, a ten-year increase2.71%, net profit attributable to shareholders of the company10.92 ppm, 10-year average3.43%, net profit excluding non-recurring gains and losses.7 ppm, with a ten-year average of 0.84%.On January 9, 2019, it achieved revenue of 173.370,000 yuan, an increase of 0 in ten years.4%, net profit attributable to shareholders of the company.20,000 yuan, an increase of 8 in ten years.97%, net profit excluding non-recurring gains and losses.95 ppm, an increase of 10 in ten years.88%.Overall, the third quarter performance was slightly lower than market expectations. In the third quarter of the business analysis, the 杭州桑拿 gross profit margin decreased slightly, and the transfer of fixed assets and product structure were influential factors.The company’s single quarter gross profit margin was 24.38%, compared with 26 in the same period last year.55% has improved.Fixed assets increased by 9 in the third quarter.$ 800 million is the conversion of newly invested production line equipment. The effectiveness of these new equipment has not yet been fully realized. Transformation. Although Apple’s new machines have sold well this year, they are mainly reflected in the lower-priced iPhone11 and the higher-priced iPhone11 Pro And the performance of MAX is average, while the iPhone 11 on FPC and SLP stand-alone value compared to the high-end version of the revenue, profitability is lower than the high-end version of the product, thereby affecting the gross profit margin.With the overall growth of Apple’s mobile phone sales, the company’s product structure has been continuously optimized, and consumer electronics and computer boards have grown more, mainly benefiting from the growth in sales of Airpods, Apple Watch, and iPad. Apple’s new machine sales exceeded expectations, the fourth quarter profit growth is expected to return to growth, next year’s Apple 5G mobile phone implantation innovation year, the company actively benefits.Apple ‘s mobile phone sales this year exceeded expectations, and the industry chain has increased orders by 10%. The outlook for the fourth quarter is positive and optimistic. It is expected to return to growth. Apple will launch the iPhone SE2 in the first half of next year.Next year, Apple will integrate and innovate in 5G mobile phones. Beyond the millimeter-wave range, the value of SLP, FPC, MPI, and LCP single devices is expected to increase significantly, and the company is expected to benefit deeply. Apple Japan’s FPC supplier expects consumer electronics business, the company is expected to add the old material number + new material number.At present, Apple’s three major FPC suppliers in Japan (Chosen, Fujikura, and Sumitomo) account for about 50% of the total supply in Apple. Japanese FPC manufacturers are not enthusiastic in the field of consumer electronics and intend to scale.In addition to the new part number, the old part number is expected to be increased, and some are expected to be further improved to maintain steady growth. Investment advice predicts that the company’s net profit for 2019-2021 will be 30.5, 37.7 and 44.100 million, EPS is 1.32, 1.63, 1.At 91 yuan, the current price is 35.3, 28.6, 24.4 times.Maintain “Buy” rating, give 35 times estimate in 2020, target price in 2020 is 57.1 Yuan. Risks Apple’s iPhone sales have fallen, and the price of the industrial chain has fallen.

Depth-Company-CPIC (601601): Start-ups, new orders, weak investment growth and release of reserves to drive net profit growth

Depth * Company * CPIC (601601): Start-ups, new orders, weak growth rate, weak investment and reserve release drive net profit growth

The company released the 2019 first quarter report and achieved a net profit of 54.

80,000 yuan, an increase of 46 in ten years.

1%; CPIC Life achieved 928 in the first quarter of 2019.

500 million, a year-on-year growth rate of 2.

8%; CPIC Property & Casualty Insurance realized a premium income of 353.

7 ppm, an increase of 12 in ten years.


The growth rate of life insurance is slightly weak, and the business structure optimization is valued: 1) The company achieved a net profit of 54 in Q1 2019.

8 percent, an increase of 46 per year.

1%, preliminary release of overlapping reserves for the fair value of financial assets that can be sold for positive growth73.

0 ppm (45 years increase 45.

6%); 2) CPIC Life achieved 928 premium income in the first quarter of 2019.

500 million, a year-on-year growth rate of 2.

8%, life insurance growth rate is slightly weak, mainly due to the company’s individual insurance new orders business short-term pressure still exists.

The new order of CPIC Life Insurance in Q1 2019 achieved 174.

4 ‰, a decline of 13 per year.


Among them, an insurance new single-term delivery business realized 155.

200 million, an annual decrease of 18.

1%; 3) The structure continues to be optimized, and the renewal business is driving positive growth in premium income.

CPIC Life’s 2019Q1 renewal business achieved 686.

7 ppm, an increase of 11 in ten years.


The growth rate of property insurance business was stable, and the growth rate of auto insurance and non-vehicle insurance continued to differentiate: 1) CPIC P & C Insurance achieved a premium income of 353 in the first quarter of 2019.

7 ppm, an increase of 12 in ten years.

7%; 2) The insurance business realized premium income of 236.

500 million US dollars, an annual increase of 6.

3%; 3) Non-auto insurance business realized premium income 117.

1 ppm, an increase of 28 in ten years.

2%, non-car insurance growth rate continues to carry out auto insurance business, and continue to optimize the strategic layout of new business areas.

The recovery of the equity market has brought positive contributions to fair value: 1) The company’s annualized total investment return / net investment return in 2019Q1.

6% / 4.

4%; 2) Benefiting from the recovery of the equity market, fair value gains of 10 due to changes in the market value of transactional financial assets

70,000 yuan (2018Q1 is a loss of 8.

0 billion); AFS fair value contributes other comprehensive income.

8 trillion yuan, improving the magnitude of cracks, increasing by 1,945 深圳桑拿网 per year.


Investment recommendations The company’s life insurance business continues to transform its business structure, and the renewal will drive premium growth. It is expected that the premium rhythm in 2019 will continue to balance.6% / 3.

1% / 3.

2%, EV growth rate is 15.

0% / 15.

3% / 16.

7%, the PEV in 2019 is 0.

9. Maintain the overweight rating.

Risk reminders: The growth rate of insurance premiums for protection-type insurance products is lower than expected; the dual impact of market fluctuations on industry performance and estimates; and the uncertainty of insurance company investment caused by downward interest rates.