Musk finally fulfilled two years ago promise to release $ 35,000 Model 3 on Thursday

Musk finally 成都桑拿网 fulfilled two years ago promise to release $ 35,000 Model 3 on Thursday
On Thursday afternoon, GMT, Tesla finally fulfilled its promise two years ago by announcing the launch of the 35,000 USD model 3.The new 35,000-dollar priced car will now be a Type 3 low-profile version, with a range of 220 miles, a top speed of 130 mph, and an acceleration from 0 to 60 mph in only 5.6 seconds.  The new car released this time is much cheaper than the average price of $ 50,000 in September. Tesla CEO Musk believes that this new car sale is a good opportunity to enter the mainstream market.  At the same time, Tesla intends to shift to online sales, reducing the costs of operating physical stores and hiring sales staff.Musk said the former cost about 5% of the total cost.But he did not disclose how many employees Tesla will lay off or how many physical stores will be closed this time, only mentioning 杭州桑拿网 that this change is the only way for Tesla to become popular.  So how hard is it to produce a car?  When the Model 3 came out in 2016, it was ordered by 400,000 customers, resulting in limited production, high prices and other issues.Last year, the company began to reduce battery capacity, adjust manufacturing processes and other ways to reduce production costs to reach the price reached.Musk said the company made advance profits in the last two quarters of 2018, but expects to show up in the first three months of the year.  If you’ve ever thought about opening a Tesla store in a shopping mall, it must be very profitable, but the truth is that it doesn’t make money at all.  At least, the total revenue of these stores does not bring them together with the $ 35,000 Tesla Model 3.Since Musk announced in March 2016 that it will produce Model 3 with a production volume of $ 35,000, investors and many customers have been looking forward to the introduction of Model 3.  This new car launch will bring Tesla into a brand new car market that most customers can afford.At one time, Tesla was still very expensive for most people (the cheapest low-profile Tesla cost more than $ 40,000), but the current price of $ 35,000 is much more affordable than before.  But Tesla acknowledges that it won’t be profitable this quarter as previously said, which scares investors because it needs to lay off staff and make its physical business beat the long-term success that deserves attention.  As customers will no longer be able to test drive their cars, Tesla is revising its return policy to allow bicycle customers to return in a week’s time.Musk promises that customers can easily request a replacement.The shift to online sales channels also helps Tesla sell cars through dealers where state franchise laws exist.Besides, the Internet has been integrated into every aspect of people’s lives. “It’s 2019, and people just want to buy things online,” Musk said.Musk also announced that Tesla has launched a new version of the Model 3 Standard Range Plus, which will feature an upgraded interior that can reach speeds of up to 140 mph at 5 mph.It accelerates from 0 to 60 mph in 3 seconds and can move 240 miles before charging stops, starting at $ 37,000.

Xinfengming (603225) Interim Review: Results of the first half of the year fell back in the first half of the year

Xinfengming (603225) Interim Review: Results of the first half of the year fell back in the first half of the year

Event: The company released its semi-annual report for 2019, reporting that a series of companies realized operating income of 163.

3 percent, an increase of 13.

34%, achieving net profit attributable to shareholders of listed companies.

8.8 billion, down 27 each year.

56%, realizing net profit after deductions attributable to shareholders of listed companies5.

1.4 billion, down 34 every year.

11%, achieving EPS 0.

49 yuan; of which Q2 realized operating income of 86.

7 ppm, flat every year, achieving net profit3.

2.1 billion, down 41 a year.


Comments: 1. The decline in polyester filament boom and decline in H1 performance The company’s polyester filament production and sales performed well in the first half of the year. The newly-launched Zhongshi Phase II and Zhongxin Phase II projects started to contribute incremental growth in the first half of the year.For 182.

56 Gazette and 185.

In 1984, the annual growth rate was 29.

9% and 34.


However, due to the industry’s economic situation and fluctuations in raw material prices, the level of filament profitability has shifted significantly.

According to the price difference data we monitor, the average price differences of 19Q2 filament POY, FDY, DTY, and bottle flakes were 1151 yuan / ton, 1509 yuan / ton, 2484 yuan / ton, and 679 yuan / ton, respectively, which increased by 8 compared with Q1.

6%, -13.

5%, -5.

8% and -24%.

In terms of price trends, the price of filament in the first four months of this year was basically stable. Since May, the center of gravity of the upstream raw materials has rapidly decreased, and it has started to rise significantly in mid-June, but the monthly average price has still dropped significantly.

In terms of raw materials, the overall performance of PTA was relatively high in the first half of the year, and it clearly fell behind in May. With the rebound in crude oil prices and the concentration of maintenance in June, the increase exceeded the simultaneous increase of filament.

As the company’s raw material PTA mainly relies on external procurement, its profitability is partly eroded by PTA.

In the first half of the year, the company’s gross profit margins for POY / FDY / DTY products were 7 respectively.

4%, 11.

5% and 10.

9%, the level of the first half of 18 a year is obviously above the local level.

However, the company is vigorously promoting the construction of Dushan Energy’s 500-ton PTA project. By then, the company’s ability to resist fluctuations in raw material prices will be significantly enhanced.

2. The fundraising and investment project is progressing smoothly, the PTA project is about to be put into production, and the performance has ushered in new growth. Until the first half of the year, the company’s polyester filament production capacity has reached 370 tons.

In July, the first phase of Zhongyue Chemical Fiber was started at 深圳桑拿网 30 o’clock, and the second phase project is also expected to be put into production within the scheduled year; the progress of 26 DTY of China Stone Technology is slightly delayed, and it is expected that the texturing equipment will be fully in place by the end of the year;It will be put into production in the first quarter of 2020. By the end of 2020, the company’s filament production capacity is expected to exceed more than 500 mark.

In terms of raw materials, the company’s first phase of the 500-ton PTA project at Dushan Energy has entered the trial run stage, and is currently progressing smoothly. It is expected to start production at the end of September, and the second-phase project is also under active construction. According to the data disclosed by the interim report, the progress of the remaining 6 months has been completed. 12It is expected to be officially put into production in the third quarter of next year.

The company’s non-public issuance of shares has been reviewed and approved by the CSRC, and the company will replace the initial investment funds after the issuance is completed.

3. The pattern of the polyester filament industry is centralized, and the leading trend is obvious. The company is one of the leading domestic polyester filament companies. The product differentiation rate is high, and the production and sales remain strong.

Most of the company’s melt-spun polyester production lines have been put into operation in 10 years. The equipment has obvious advantages in late development. Production efficiency, operational stability and material consumption have always been at an advantage. At the same time, it has also been translated into product cost advantages.

In the first half of this year, domestic polyester filament production was relatively small, and the second half of this year will enter a period of concentrated production.

However, from the perspective of new production projects, it is mainly the participation of industry leaders that will continue to increase the concentration of the industry.
Constrained by the supply side of spinning equipment, the industry’s annual increase in production capacity of the package, there will basically be no short-term disorderly replenishment of production capacity, compared to the raw material side, the next 1-2 years, the competition pattern of filament is relatively better.
Investment suggestion: Assuming that the investment projects are put into production on schedule, we expect the company to achieve net profit attributable to shareholders of listed companies of 13 to 19-19.

5 billion, 20.

600 million and 22.

5 ppm, EPS (additional dilution is not considered for the time being) 1.

14 yuan, 1.

73 yuan and 1.

89 yuan, the current price corresponds to 19 times PE only 10 times, continue to strongly recommend.

Risk warning: The progress of projects under construction is less than expected, and international oil prices have changed significantly.

Poly Real Estate (600048): 2019 performance exceeds expectations and raises target price to 20 yuan

Poly Real Estate (600048): 2019 performance exceeds expectations and raises target price to 20 yuan

Event: The company released a performance report. In 2019, it realized total operating income of 235.5 billion yuan, an increase of 21% year-on-year; realized operating profit of 50.3 billion yuan, an increase of 41%; net profit attributable to shareholders of listed companies was 26.6 billion yuan, an increase of 41%; Realize basic benefits.


23 yuan, a year-on-year increase of 40%.

Comments: The carry-over of Q4 2019 is extremely positive, and the growth rate of profits has increased significantly in Q1-3 of 2019. The company’s total operating income, operating profit, and net profit attributable to mothers have increased by 18%, 29%, and 34%, among which Q2 performed the most beautifully.The growth rates of the three indicators were 23%, 43%, and 66%.

Q4 ushered in 四川耍耍网 the peak delivery period at the end of the year, and the company’s profit release accelerated again. The growth rates of the three indicators in the single quarter reached 24%, 54%, and 48%, respectively.

First of all, from the point of view of the carry-over calculation, we can see that the sale is plentiful, the carry-over is positive, and the scale of property management can be expected to expand-Poly Real Estate (600048.

(SH) Dynamic Tracking Report “clearly indicates that the company’s completion rhythm is preliminary (the area completed in Q1-3 in 2019 increased by 47%), showing a positive intention to carry forward, and the growth rate of total operating income in Q4 2019 will rise to 24% as scheduled.

In terms of preliminary profit performance, the growth rate of operating profit in the fourth quarter of 2019 (+ 54%) clearly exceeded the growth rate of total revenue (+ 24%). The resulting fourth quarter of 2018 accrued approximately $ 2.4 billionThe loss of asset value led to a reduction in the base number. If this factor is excluded, the adjusted growth rate of operating profit corresponding to the fourth quarter of 2019 will be about 33%.

In addition, in the fourth quarter of 2019, we expect the company’s on-balance sheet high average price items to be accounted for will lead to an increase in the settlement gross profit margin, and off-balance sheet items will meet the peak delivery and increase the proportion of their contribution to profits.

The growth rate of net profit attributable to mothers in Q4 2019 (+ 48%) is slightly lower than the growth rate of operating profits, or it may indicate that the minority shareholders’ profit and loss accounted for an increase compared to the 2018Q4 level (26%).

The overall performance growth exceeded market expectations, and the level of profit rose to the highest level since 2014. From the perspective of 2019, the company’s revenue has grown steadily, and the growth rate (+ 21%) is basically in line with the long-term completion target growth rate (+ 24%).
The net profit attributable to mothers was initially realized at US $ 26.6 billion, an increase of 41% year-on-year, exceeding market expectations (the net profit attributable to mothers in 2019 exceeded the WIND consensus forecast value of the results announcement day by 8%).

Adjusted operating profit margin, net profit margin attributable to mothers increased by 3.

One, one

6 to 21.

4%, 11.

3%, the average return on average net assets increased by 2.

2 to 18.

8%, the profit level rose to the highest level since 2014.

As of the third quarter of 2019, the company’s on-balance sheet advance receipts were approximately 3829 trillion. After taking into account the sales and carry-over amounts in the Q4 forecast table, it is conservatively estimated that the year-end advance receipts will be approximately 3250-3350 trillion, equivalent to the total turnover in 2019.140% of the revenue can fully cover our forecast of the company’s operating income in 2020, and the follow-up settlement guarantee is relatively high.

The land acquisition strategy turned positive in December, and gradually increased the proportion of soil reserves and equity to 70%. In December 2019, the company’s investment strategy turned positive, adding 28 projects in a single month, and the total land price reached 38.2 billion, compared with the three months of 9-11.The total land price is about 30.7 billion yuan. In December, 6.94 million countries were replenished with land reserve plans, compared with 7.05 million nations in the three months from September to November.

Because the company is cautious in acquiring land from January to November, it will increase the land reserve construction area by about 26.75 million countries after 2019, a decrease of 14% over the years; the total land price of additional land reserves will be about 1555 trillion, which will gradually decrease by 15%; the amount of land acquisition / sales amountThe ratio is about 34%, compared with 48% in 2018; the ratio of land acquisition area / sale area is about 86%, and the replenishment scale is smaller than the de-sale scale; the ratio of land acquisition price / average sales price is about 39%, which is basically the same as 2018Flat.

Calculated by area, the company’s new soil storage equity ratio was approximately 71%, an increase of 3pc from 2018; in terms of amount, the company’s new soil storage equity ratio was approximately 70%, an increase of 7pc from 2018.

+ 14% for the whole year of 2019, the scale is stable in the TOP5 industry, and the state-owned enterprise real estate TOP1 in 2019, the company achieved sales of 461.8 billion yuan, an increase of 14% year-on-year; realized a comprehensive sales area of 3213, an increase of 13%; the average sales price of about 14,788 yuan / square meter, An increase of 4% per year.

According to CRIC data, the company’s sales scale continues to remain in the industry’s TOP5 and central SOE real estate companies’ TOP1.

Considering that the company has sufficient land reserves and is mainly located in first-tier and second-tier cities, we expect that the scale of delivery and the level of dechemicalization will still be supported in 2020, and the sales amount may continue to maintain double-digit growth.

Estimates and ratings take into account that the company’s sales growth has picked up in December, and the land has turned to be positive. With reference to the 2019 performance report data, we raised the company’s forecasted net profit for 2019-2021 to 266,318,36.2 billion (originally 246).294, 32.4 billion), the corresponding forecast EPS is raised to 2.

23, 2.

67, 3.

04 yuan (was 2).

07, 2.

47, 2.

73 yuan).

The current sustainable corresponding companies predict that PE will be about 7 in 2019-2021.

0, 5.

8, 5.

1 time, the predicted index rate is about 4.

3%, 5.

2%, 5.9%, the estimated level is earlier than Vanke A. The average discount of China Merchants Shekou is more than 20%, which is attractive.

The company has deep resource reserves, excellent credit ability, medium-sized sales market share to increase the prospects and clarity, and high certainty that its performance will maintain stable growth.

The development of the two wings business has accelerated, and the property has been separated and listed, and subsequent scale expansion can be expected.

We maintain the company in July 2020.

5x forecast PE estimate, corresponding target price is raised to 20.

00 yuan, maintain “Buy” rating.

Risk warning: the real estate continues to improve, the company’s push to sell, the gross profit margin of sales is less than expected; the company’s completion, the settlement progress is less than expected.

Poly Real Estate (600048): 59% increase in interim results

Poly Real Estate (600048): 59% increase in interim results


Poly Development Announces 2019 Interim Results. Net profit in the first half of the year increased significantly59.

1% to 104 ppm (RMB, the same below), the strong performance growth was mainly due to the increase in profitability of settlement projects and the decrease in the proportion of minority shareholders’ equity.

The announced net profit in the first half of the year accounted for approximately 41 of our forecasted profit.

9% and market forecast of 44.


We maintain our forecasts and target prices.

Buy thoroughly.

Express results for the first half of 2019.

In the first half of 2019, Poly Development Revenue and Net Profit increased by 19 respectively.

5% to 711.

600 million and 59.

1% to 104 ppm.

The strong performance was mainly due to the increase in gross profit margin of settlement items and the increase in the proportion of profit attributable to shareholders.

As a result, operating profit margin and net profit margin increased by 3, respectively.

5 up to 24.

6% and 3.

6 up to 14.

The announced net profit in the first half of the year accounted for approximately 41 of our forecasted profit.

9% and market forecast of 44.

After the announcement of detailed results, the organic forecast earnings will be adjusted upwards.

Contract revenue in the first half increased by 17.


In the first half of 19, the company’s contract cash and area increased by 17 respectively.

3% to 2,526 trillion and above12.

6% to 16.37 million flats.

Despite the possibility of single-month sales growth in June to 5.

7%, but the 北京桑拿洗浴保健 company’s sales rankings still rose from fifth in 2018 to fourth in the first half of 2019.

We expect the annual budget for 2019 to reach $ 480 billion.

Therefore, as of June, the company’s contracted sales completed supplement 52.


We believe that Poly will be able to meet our sales forecast this year. Based on the 404.8 billion sales in 2018, it is expected to grow by 18 this year.


Discreet land acquisition.

According to Kerer data, Poly Development acquired 7.16 million square meters of land reserves in the first half of the year, with land expenditures of US $ 46.6 billion.

Land expenditures accounted for 18 of contracted sales over the same period.4%, reflecting the company’s cautious cautious attitude towards the current land market.

As of March 2019, the company owns 2.

With a land reserve of 300 million square meters, the current large amount of soil storage can realize its future development. The company also plans to complete the completion of 27.5 million square meters of properties in 2019, which is a 24% increase from the actual completion area of 22.17 million square meters in 2018. The profit growth is more predictable.
Maintain target price of 16.

43 yuan.

We maintain our 2019/20 profit forecasts at 247 ppm and 309 ppm.

However, we think the market will raise its forecast after the announcement of the interim results.

We maintain our target price of 16.

43 yuan, equivalent to 7.

9x 2019 P / E.

Buy thoroughly.

Neusoft Group (600718): Innovative business develops well, traditional business shows solid profits in the first quarter

Neusoft Group (600718): Innovative business develops well, traditional business shows solid profits in the first quarter

In the first quarter of 2019, revenue has regained momentum. Neusoft released its 2018 annual report and 2019 first quarterly report: 2018 annual revenue increased by 0%.

55% to 71.

700 million, profits can be reduced by 89.

6% to 1.

10,000 yuan.

Revenue in the first quarter of 2019 increased by 7 per year.

95% to 13.

3.5 billion, net profit 86% to 395 million every ten years.

The development trend predicts the steady growth of net profit after the impact of innovative business.

In the first quarter of 2019, after the impact of innovative business (Neusoft Medical, Neusoft Xikang, Neusoft Wanghai, Neusoft Ruichi, Ruisheng Property Insurance, etc.), net profit attributable to mothers of the same caliber increased by 22%, reflecting the stability of traditional businesses.

We believe that short-term profit pressure is expected to give Neusoft a long-term growth point.

Continuing the leading position in the medical industry and winning the bid for the national medical insurance information platform construction project.

According to IDC data, Neusoft has maintained the No. 1 market share in the medical IT market for eight consecutive years, and has accumulated a strong customer base in the industry.

As of 2018, Neusoft has served more than 100 customers of the Health and Medical Commission and more than 2,500 hospital customers, 上海夜网论坛 including nearly 500 tertiary hospitals. Regional information products have covered 29 prefecture-level cities in 7 provinces, and cloud HIS products have provided primary medical care.Institutions continue to penetrate.

The company recently won the first package of the medical insurance information platform (internal unified portal gateway), which has the significance of benchmarking demonstration, and is expected to gain an opportunity for the construction of the medical insurance information platform in the country later.

It is reported that the new business is developing well.

Neusoft Medical has covered more than 100 countries and regions around the world. In 2018, it released a variety of new products such as magnetic resonance information technology platforms.

Neusoft Xikang’s “Cloud Hospital Platform” has been launched in more than 20 cities including Ningbo and Shenyang. The platform-based telemedicine and health management business is worth looking forward to.

Neusoft Wanghai has covered nearly 3,000 hospital customers by the end of 2018, and has made breakthroughs in the landing of DRG, payment, and supply chain management.

Neusoft Ruichi promoted major projects of Wuxi connected car city-level demonstration applications, and was responsible for the construction of core network element V2X services.

During the year, Neusoft Ruichi has not released a new generation of mass-produced ADAS products, replacing many OEMs such as Dongfeng and FAW.

Earnings forecast We maintain our 2019 revenue forecast, lower our 2020 revenue forecast by 2%, and lower our 2019/20 net profit forecast by 7% and 1% to 4.

3.9 billion / 5.

700 million.

Estimated and recommended maintenance ratio, lowered target price by 5% to 18 yuan, based on 51 times 2019 price-earnings ratio.

The current expected transaction is 38 times P / E ratio in 2019, which corresponds to our target price still 33% growth space.

Increased risk innovation business investment; new business landed less than expected

GAC Group (601238): Independent short-term pressure joint venture keeps growing

GAC Group (601238): Independent short-term pressure joint venture keeps growing

The core point of view The sales volume of Guangben declined, and the retail side still 苏州夜网论坛 maintained positive growth.

Guangben sold 6 in October.

540,000 vehicles, 13 in ten years.

2%, in October last year, sales of Guangben increased by 9 year-on-year.

4% to 7.

50,000 units, a high base affects the sales growth rate in October; from January to October gradually sales volume of 63.

880,000 vehicles, an annual increase of 7.

2%, higher than the industry average growth rate.

From the perspective of the retail side, Guangben sold 6 in October.

80,000 vehicles, an increase of 1 each year.

1%, still maintained positive growth; January to October cumulative sales of 62.

90,000 vehicles, an annual increase of 7.

9%; of which, Accord sales 1.

930,000 vehicles, an annual increase of 4.

1%; Lingpai sales 1.

60,000 vehicles, an increase of 102% in ten years.

Guangben’s new electric vehicle concept VE-1 has recently been launched. Haoying, the first scheduled SUV, is expected to be launched at the end of November. Haoying is expected to boost Guangben’s sales in the fourth quarter.

  Guangfeng continued to maintain positive growth, and the launch of new models increased sales growth points.

Guangfeng sold 60,000 vehicles in October, an increase of 8 throughout the year.

1%; cumulative sales from January to October 55.

620,000 vehicles, an annual increase of 16.

5%, much higher than the industry average growth rate.

From the retail side, GAC Toyota sold 5 in October.

940 thousand vehicles, an increase of 0 in ten years.

3%; of which Ralink sells 2.

07 million vehicles, an annual increase of 7.

2%; Camry sales 1.

540,000 vehicles, ten years ago4.


Guangfeng ‘s new sedan model, Zhixuan, was officially launched in October, and sales are expected to continue to increase in the fourth quarter.

  The sales growth of GAC’s self-owned brands has expanded, and the new GS4 is expected to drive sales improvement after the listing.

GAC’s own brand sales in October 2.

950,000 vehicles, 12 MoM.

6%, 36 a year ago.

1%, the zoom range is increased by 13.

8 units; 30 cumulative sales from January to October.

670,000, 30 in the past ten years.

4%.  In October, GAC Trumpchi’s new GS8 model was officially launched, and the new generation GS4 is expected to be launched in mid-November.

GS4 is the core model of GAC’s independent brand. The new second-generation product uses the latest design language and 12 is applied 南宁桑拿 in the interior.

The 3-inch dual-screen display is equipped with a car version of WeChat, and the power system has also been improved. The new model is expected to drive sales improvement after it is launched.

  The financial forecast and investment recommendations are expected to be 0 for 2019-2021.

84, 1.

09, 1.

17 yuan, with reference to comparable companies’ estimates, giving the company 15 times PE in 2019 with a target price of 12.

6 yuan, maintain BUY rating.

  Risk Warning: Sales of GAC passenger cars, Guangfeng, Guangben, and Guangfeike are lower than expected risks, and the demand of the passenger car industry exceeds expected risks.

China Galaxy (601881) Semi-annual Report 2019 Review: Brokerage, Proprietary Business Makes Major Contribution to Net Profit

China Galaxy (601881) Semi-annual Report 2019 Review: 杭州夜网 Brokerage, Proprietary Business Makes Major Contribution to Net Profit

Brokerage and self-employed business income mainly contributed positively to net profit.

In the first half of 2019, the company’s operating income was 73.

68ppm, +71 per year.

09%; net profit attributable to shareholders of the parent company 25.

9.5 billion, +97.

93%; net profit deducted from non-mother 25.

8.9 billion yuan, +98 per year.


As of the end of the first half of 2019, the company’s total assets were 3106.

4.6 billion yuan, +23 from the end of 2018.

58%; equity attributable to shareholders is 681.

3.7 billion, +3 from the end of 2018.


At the end of the reporting period, the company’s leverage ratio was 3.

34 times, an increase of 0 from the end of 2018.

39 times.

The company’s first half performance growth was mainly contributed by brokerage, credit, and self-operated businesses.

During the reporting period, the company’s brokerage, investment bank, asset management, self-employment, and other business income accounted for 33% of revenue.

13%, 3.

46%, 4.

42%, 22.

12%, 28.

72%, 7.

44%, of which the net income of credit business and the proportion of net income of self-operated business shifted in proportion, respectively, in December 2018.

58 points, +19.

19 points.

Net income from the securities trading business increased significantly.

In the first half of 2019, the company realized a net income from brokerage business fees24.

4.1 billion, +23 a year.

78%, mainly due to the increase in the net income from the securities trading business.

Brokerage business includes agency securities business, leasing of seats in trading units, and sales of financial products.

During the reporting period, the company’s net income from securities business was 21.

5 billion yuan, +35 per year.


The self-operated business turned losses into profits.

In the first half of 2019, the company’s self-operated business realized net income (net investment income-investment income on joint ventures + gains and losses from changes in fair value) 21.

1.6 billion yuan in the same period in 2018, net income from self-operated business was -2.

2.9 billion US dollars, self-operated business realized losses, mainly due to the company’s scale control, effectively controlling the risk of stock investment business, increasing the size of fixed income quantitative investment business scale, interest rate derivative transactions and positions.During the reporting period, the company realized investment income from financial instruments10.

470,000 yuan, a loss from the same period last year (the first half of 2018, the company realized a financial instrument investment income of -0.

02ppm), the fair value gain or loss is 10.

6.9 billion yuan, +81 in ten years.


Net income from investment banking, credit and asset management business declined.

In the first half of 2019, the company achieved net income from investment banking fees2.

5.5 billion a year -23.

47%, mainly due to the decline in securities underwriting and financial consulting business income; the company achieved net income from asset management business 武汉夜生活网 fees3.

2.6 billion a year -14.

78%, mainly due to the decline in the size of targeted and specialized asset management; net interest income16.

3 billion a year -7.

10%, mainly due to the year-on-year decline in interest income from margin financing and securities lending, and the increase in overall expenditure.

Investment proposal: As of August 28, 2019, the company’s PB is about 1.

57 times, at a historical low.

It is predicted that in 2019 and 2020, the EPS will be 0.

46 yuan, 0.

48 yuan, the closing price corresponding to PE on August 28, 2019 were 22.

93 times, 21.

98 times, giving the company a cautious recommendation level.

risk warning.

The economy exceeded expectations, the stock market fell sharply, and the Sino-US trade friction worsened.

Adisseo (600299): Second quarter results increase fully growth Methionine prices are still at the bottom

Adisseo (600299): Second quarter results increase fully growth Methionine prices are still at the bottom

The company announced its semi-annual report for 2019, and Q2 results have increased.

2019H1 company realized operating income 53.

5.7 billion (-6.

83%), net profit attributable to mother 5.

34 billion (+9.

12%), deducting non-attributed net profit4.

8.4 billion (+0.

33%), gross profit margin is 35.

32% (+0.


Among them, Q2 deducts non-attributed net profit for a single quarter1.

9.7 billion (previously + 45%, -31% MoM).

Liquid 佛山桑拿网 egg sales increased, VA production was stable, and the gross profit of supporting functional products increased by 28% each year.

The company’s 19Q2 functional product revenue was 18.

9.5 billion (previously -6%, -5% from the previous month), gross profit 5.

5.3 billion (previously + 28%, -14% MoM), with a gross profit margin of 29.

18% (decade +7.

71pct, -2.


The price of methionine and VA was relatively high in the same period last year, but the company achieved profit growth through sales growth and cost control, including: Q2 liquid egg sales in China increased by 24%; VA’s medium- and long-term strategic cooperation projects were smoothly advanced, and the company was facing a shortage of materialsMaintain stable production.

Methionine prices are still at the bottom of history.

After the anti-dumping investigation of imported methionine by the sales department on April 10, the price of methionine rebounded slightly.

However, throughout June, Evonik’s new plant in Singapore 15 was put into production, and the price of methionine fell to the bottom of history again. The average price of solid eggs in 19Q2 was 18.

70 yuan / kg, the average price of liquid eggs is 15.

13 yuan / kg.

Sales of specialty products continued to grow, and gross profit margin remained high.

The company’s 19Q2 special product revenue was 5.

8.1 billion (previously + 3%, + 2% MoM), gross profit 2.

8.9 billion (previously + 5%, -2% MoM), with a gross profit margin of 49.

74% (decade +0.

95pct, -2 from the ring.


The sales of Q2’s main products continued to increase. The sales of enzyme preparations increased by more than 10% each year, and the sales of Hilary’s selenium continued to increase by 30%.

Although affected by the crisis of the US dairy industry and African swine fever, the gross profit margin was slightly higher than the previous month, but still maintained at a high level of about 50%.

Acquire the minority shareholders’ rights and interests of subsidiaries, establish a new compensation system, and demonstrate the confidence of major shareholders.

The company intends to purchase 15% equity of Blue Star Adisseo Nutrition Group Co., Ltd. held by the controlling shareholder in cash, which will help streamline the equity structure and increase performance.

In addition, the company’s board of directors adopted a new executive compensation plan to strengthen the relationship between executive compensation and market value, showing the company’s confidence in long-term development. We forecast the company’s net profit attributable to its mothers in 19/20/2111.


9.6 billion, EPS 0.



52 yuan, corresponding to the current price of PE 25.



3x, maintain “Buy” rating.

Risk warning: methionine, VA prices fall, aggravating epidemics in the livestock industry

Rifeng shares (002953) new shares inquiry report

Rifeng shares (002953) new shares inquiry report

Company profile The company is an independent research and development and professional manufacturing of rubber sheathed wires and cables. It is mainly engaged in the research and development, production and sales of electrical equipment and special equipment supporting cables. The products mainly include air-conditioning connecting line components, small household appliance wiring components, and special equipment cables.And other four categories of cables, and are widely used in household appliances, robots, wind power generation, 南京夜网论坛 marine engineering, port machinery, construction machinery, shipbuilding, power tools, instrumentation, computer communication control and other fields.

Company highlights (1) The company has established long-term cooperative relations with Midea Group, Gree Electric Appliances, Hisense Kelon, TCL Group, Oaks Air Conditioning and other home appliance giants, as well as domestic well-known equipment manufacturing companies such as Zhenhua Heavy Industry and Dahan Construction Machinery.Flexible towline cables, highly flexible cables for wind power generation, highly flexible cables for port cranes and loaders, and highly flexible cables for power tools, etc. have a series of high-tech, targeted product development and production capabilities.

(2) The company actively deploys overseas markets and has a stable quality level and product supply capabilities. Its products are exported to the United States, Britain, Germany, Central Asia and other countries and regions, and have accumulated Houston Cable in the United States and Cleveland in the United Kingdom.He Rou and many other quality foreign customer resources.

(3) After the raised capital investment project is put into operation, the company will expand the production scale of high-end equipment flexible cables and energy-saving appliances and environmental protection wiring components, and the company’s core competitiveness in special equipment cables and wiring components for home appliances will be further enhanced.

(4) Air-conditioning connection line components and small household electrical appliances have product quality advantages. The company has won the affirmation of many leading household appliance production companies in multiple bidding and supplier evaluations, and has been selected as aOne of the main qualified suppliers, accompanied by the establishment of a stable strategic cooperation relationship.

In terms of special equipment cables, the company’s construction elevator cables, towing cables, towline cables, port crane and loader cables and offshore engineering cables have reached the domestic advanced level in the high-end equipment flexible cable market.China has realized the localization of high-performance products and achieved a certain market share.

Tongce Medical (600763) in-depth research: future growth of oral leading companies is worth looking forward to

Tongce Medical (600763) in-depth research: future growth of oral leading companies is worth looking forward to
[Investment points]The company proactively takes the American hospital group HCA, the New York Presbyterian Hospital as an example, and the world’s outstanding medical service companies. It is involved in reform and reform, the general branch coordination, the integration of medical education, research, and the doctor group (backbone partner) platform.The company actively explored and cultivated medical services, college system training, etc., which enabled the company to achieve high-level sustainable development, and explored a distinctive development path based on customer trust. It is estimated that the annual oral market will reach 1250 trillion in 2020, and the CAGR will be about 12 in 2016-2020E.5%.With the increase of oral health awareness, the growth of national disposable income, orthodontics, dental implants and other high value-added businesses in the next three years or will drive the overall dental market growth of 20% -30%.Demand side: the population is aging, and children’s oral health needs are large; supply side: insufficient oral medical resources are being replenished quickly.In terms of policy, the state attaches great importance to medical treatment by the society, and has accelerated the practice of doctors in multiple points. It has also formulated the “Health Oral Action Plan (2019-2025)”. The company’s “general hospital + branch hospital” model is reproducible. Currently, it has formed three general hospitals, nearly 30 specialized hospitals and medical outlets.Stomatological hospitals have entered a period of performance growth from the incubation period. Better growth in diagnosis and treatment and a steady increase in customer unit prices have promoted the growth of performance. Qingchun, Xiaoshan, Chengbei, Pandong, Shaoxing Yuecheng, Ningbo Beilun and other new branches are expected to contribute profits;The channel sinks in an orderly manner. The planning goal is to build 100 branches in Zhejiang Province in 3-5 years. The first 10 branches will try to contribute revenue; the refined management costs can be controlled to promote the improvement of net profit margin.In addition, the assisted reproductive sector is ready to take off. In the strategic layout of the ophthalmology field, new growth points will be cultivated.The future growth of the company’s performance is worth looking forward to. [Investment suggestion]Considering that the dental industry is in a period of rapid growth, and that the dental hospitals and new dental hospitals under the company are growing better than expected, we expect that the net profit attributable to mothers will be 3 in 18/19/20.3/4.6/6.300 million yuan, the EPS is 1.03/1.44/1.97 yuan, corresponding PE is 60/43/31 times. We take 11.37% WACC and 3% perpetual expansion were DCF estimated, and the DCF estimate was 69.96 yuan.According to the company’s historical PE, in the relative estimation method, we follow 43 times PE with a target price of 61 in 2019.92 yuan.In the environment of increasing market prosperity, 南宁桑拿 we suggest that you can refer to the DCF estimation results.Six-month target price of 69.96 yuan, given a “buy” rating. [Risk reminder]The development rate of the oral industry is not up to expectations; the newly established branch lags behind the time lag; the “dandelion plan” is delayed;