Binhua shares (601678): the price of cyclopropane caustic soda is expected to develop in the future

Binhua shares (601678): the price of cyclopropane caustic soda is expected to develop in the future

The company announced its semi-annual report for 2019.

19H1 company achieved operating income of 30.

90 billion (-8.

46%), net profit attributable to mother 2.

50 billion (-45.

75%), net of non-attributed net profit2.

35 billion (-47.


Among them, Q2 deducted non-attributed net profit for a single quarter.

9.9 billion (previously -47%, -27% MoM).

The decline in the prices of cyclopropane and caustic soda increased the company’s performance.

Due to weak downstream demand, the prices of 19H1 cyclopropane and caustic soda continued to decline.

The average price of 19H1 cyclopropane is 8614 yuan / ton (excluding tax, the same below) (approximately -15%), the average price of Q2 is 8495 yuan / ton (becomes -14%, chain ratio -3%);(Membrane) average price of 665 yuan / ton (once-16%), the average price in the second quarter of 605 yuan / ton (previously -26%, -17% MoM).

At the same time, the company’s main raw materials, raw salt, and the price of raw coal fell, so the company’s performance declined.

At present, the profits of caustic soda and cyclopropane are both at a low level, and there is less room for further decline in the second half of the year.

The fluorine chemical and epichlorohydrin projects are progressing smoothly.

The company actively promotes the transition to fluorine fine chemicals.

The report summarizes that the company’s electronic-grade hydrofluoric acid operates stably, lithium hexafluorophosphate has replaced qualified products, and the R125 conversion to R32 project has been approved for record and has construction conditions.

Epichlorohydrin project put qualified products on July 3, and by the end of July it had sold 2927 tons, and realized a sales profit of 25.13 million yuan.

The C3C4 comprehensive utilization project will greatly enhance the company’s comprehensive competitive advantage.

The company plans to issue 2.4 billion convertible bonds to build a comprehensive C3C4 utilization project, which is the company’s main focus in the future.

The total investment in one phase was 63.

3.4 billion, constructing 6苏州夜网论坛0 access to PDH and 80 access to butbutane replacement units, with a total investment of 65 in the second phase.

5.7 billion yuan to build a combined ammonia, PVDF, cyclopropane / t-butanol unit.

The first-phase project provides the company with propylene raw materials, improves the anti-risk ability of cyclopropane, and provides diol and isobutane for the second-phase co-oxidation method; the second-phase project will make the company’s environmental protection pressure with a single single chlorohydrin method, and increase the scale of cyclopropaneAdvantage.
We forecast the company’s net profit attributable to mothers in 2019/2020/20215.



25 billion, EPS 0.



47 yuan, corresponding to the current price of PE 16.



3x, maintain “Buy” rating.

Risk reminder: cyclopropane, 无锡夜网 caustic soda prices fall, new project construction progress is less than expected

Lingyun (600480): Military-to-civilian benchmarking enterprise technology innovation accelerates company growth

Lingyun (600480): Military-南宁桑拿 to-civilian benchmarking enterprise technology innovation accelerates company growth

Report Summary: The military-to-civilian benchmarking enterprise affiliated to the Military Industry Group is a leading enterprise in mid-to-high-end auto parts.

The company was formerly a state-owned 333 factory producing high grenades, and successfully transformed from a staggered third-line arsenal to an internationally influential auto parts manufacturer: currently under the jurisdiction of 70 is located in Germany, Mexico, North America, Japan and IndonesiaMolecular companies in more than 30 domestic provinces, cities and regions, including 20 Sino-foreign joint ventures with Switzerland, the United States, South Korea and other joint ventures.

The company’s main products cover two major categories: automotive parts and municipal engineering plastic piping systems. In 2018H1, the company achieved operating income of 63.

USD 2.7 billion, of which auto parts and municipal engineering plastic piping systems accounted for 80% / 15% of revenue, respectively, with gross profit margins of 19 respectively.

67% and 19.

41%. It is expected that the net profit attributable to mothers will decrease by 70 to 90 million yuan by 2018, and by 20% -30% in one year.

Technology innovation drives the company to accelerate its growth, and the second half of the year will usher in a turning point in performance.

The company has higher technical advantages in the fields of high-strength steel, hot forming, and aluminum alloy. At the same time, following the development trend of lightweight, electric, intelligent, and networked industries, the company will shift resources to high-tech content and high-tech value-added projects and newThe energy sector is tilted, with emphasis on products such as thermoforming, battery boxes, battery cooling systems, and National Six Rail.

The company’s in-hand battery box orders are about to be mass-produced from 2019 to 2020, which will translate into a pick-up in the automotive industry, increased downstream customer dispatch volume, and volume 6 production in the country ‘s six regions. It is expected that the company will enter the second half of 2019.A new round of upward performance results.

Benefiting from the mixed reform of the military industry group, it may further inject high-quality assets.

In 2017, the asset securitization rate of the weapon industry group was only about 20%, which was far below the industry average. The weapon group is vigorously promoting the 苏州夜网论坛reform of mixed ownership to optimize the industrial structure and stimulate the vitality of the group.

The major shareholder of the company, Northern Lingyun, is a second-level subgroup of the Ordnance Group. Kiyide is a leading global supplier of car locks. As the sole listing platform of Northern Lingyun, the company is conducive to the securitization of high-quality assets of major shareholders.
Profit forecast and investment advice: It is estimated that from 2019 to 2021, the EPS under the current equity will be 0.

68 yuan, 0.

81 yuan and 0.

95 yuan, corresponding to the current expected PE of 15, 13, 11 times, covering for the first time, given a “buy” rating.

Risk warning: Passenger car sales are less than expected; new product mass production progress is less than expected.

China Merchants Shekou (001979) Semi-annual Report Comment: Scheduled short-term short-term adjustments with high probability to achieve sales targets

China Merchants Shekou (001979) Semi-annual Report Comment: Scheduled short-term short-term adjustments with high probability to achieve sales targets

Event: H1 company achieved operating income of 166 in 2019.

870,000 yuan, a decrease of 20 per year.

49%, net profit attributable to mother 48.

9.8 billion, a year-on-year decrease of 31.

17%, realized a net profit of 48.

3 ‰, a decrease of 21 per year.


Opinion: The decrease in revenue is mainly determined by the settlement, and the performance lock-in ratio has increased from the previous quarter, which provides room for subsequent settlement.

H1 company achieved operating income of 166 in 2019.

8.7 billion, a decrease of 20 per year.

49%, in terms of business, community development achieved revenue 124.

08 billion yuan, a decrease of 29 per year.

8%, gross profit margin decreased by 11 every year.

With 8 PCTs, the park’s development achieved revenue of 40.

08 million yuan, an increase of 31 every year.

3%, gross margin increased by 6 in the short term.

5 PCT, cruise business realized revenue 2.

7 ppm, gross margin decreased by 4.

2 PCT.

Among them, the revenue from community development business and gross profit margin both declined, mainly due to the decrease in the company’s settlement projects and the change in types.

In 2019, H1 company realized advance payment 895.

800 million, the performance lock-in rate reached 101%, a significant increase from the 68% at the end of 2018, providing space for subsequent performance settlement.

The company realized net profit attributable to mother 48.

98 ‰, a decrease of 31 per year.

17%, 90% of the equity of the mother.

6%, an increase of 12 from the previous month.

3 PCT.

Sales achieved rapid value-added growth, with an initial high probability of 200 billion yuan.

From January to June 19, the company’s cumulative sales area was 515.

230,000 square meters, an increase of 43 every year.

77%, the sales amount is 1011.

92 ppm, an increase of 34 per year.

75%, gradually selling average price 1.

960,000 / sqm, relatively stable.

According to the 2018 annual report, the company’s unsoiled soil storage is as high as 4217.

With 680,000 countries, the first and second line soil storage area accounts for 72% of the total. It is estimated that the company’s saleable value will be 350 billion in 2019. According to the company’s existing sales growth rate, the 19-year target of 200 billion will be gradually achieved.

Land acquisition was cautious in the first half of the year, and enthusiasm improved in July.

From January to June, the company gradually replenished 383.30,000 countries, a cumulative reduction of 49% a year, taking the average land price of 367.

5.9 billion, a decrease of 39% previously, and land acquisition was relatively conservative in the first half of the year.

From January to June, the cumulative average land acquisition price and land sales area ratios were 0.

74, 0.

36, all lower than the same period last year.

Since July, the company’s enthusiasm for land acquisition has improved. During the month, it added 1.53 million noodles to build the surface, which led to the gradual replenishment of soil reserves from January to July or the growth rate rose to -38%.

In terms 成都桑拿网 of land acquisition rights, from January to June, the company gradually increased its construction equity ratio to 42.

6%, a decrease of 17 PCT from the end of the previous year.

Operating cash flow continued to be positive and financing costs remained low.

The reporting company achieved a net operating cash flow of 60.

6.3 billion US dollars, continued positive net worth at the end of 18 years, net investment cash flow -94.

USD 6.5 billion was mainly due to the increase in advances paid to joint ventures, which echoed the decline in the proportion of companies taking land-based equity.

Report size The company used multiple financing channels to report and increase 8.5 billion corporate bonds, ultra short-term financing quotas, and approved 10 billion ABS for the final purchase of houses. The overall capital cost was controlled at 4.

91%, an increase of 0 in only ten years.

06PCT, keeping the industry low.

After the consolidation of the property sector, AVIC Sunda may achieve consolidation and strengthen the company’s property sector.

After AVIC Sunda restructures its investment properties, the company will directly and indirectly hold AVIC Sunda5.

4.3 billion shares (by then 51.

16%), becoming a subsidiary of AVIC Sunda Holdings, realizing an area under management of nearly 1.

At 500 million square meters, the company and AVIC Sunda Property Services support each other and coordinate with each other to promote the company’s comprehensive competitiveness.

The company has ample incentives for employees, and its share repurchases show confidence.

The company actively implements various forms of incentive mechanisms to improve the company’s operating management efficiency.

The Air Force Company released its first equity incentive plan in 2016, which provided equity incentives for executives. At the same time, the company launched an employee stock ownership plan to motivate employees and improve management efficiency.

In addition, the company began to implement project follow-up investment plans for directors, supervisors, and senior management in 2017 to achieve revenue sharing, risk sharing, and motivate the team.

In terms of repurchases, as of 2019, H1 companies will gradually repurchase1.

8.4 billion shares, accounting for total equity2.

33%, the payment amount does not exceed 400 million US dollars, and the implementation of the repurchase is completed.

Investment advice: The restricted pace and structure in the first half of the year have dragged down performance growth, but long-term optimism about the company’s resource value and subsequent growth.

The company is expected to have a saleable value of 350 billion yuan in 2019, and is expected to achieve a sales target of 200 billion yuan in 2019, and its performance will continue to grow rapidly.

The local surface has been relatively high for half a year, but the enthusiasm has significantly increased since 7 months. The company has a lot of land resources in the core area of the Guangdong-Hong Kong-Macao Greater Bay Area, which will benefit the medium and long-term as the construction of the Greater Bay Area progresses.

The integration of the property sector and BOC Sunda is progressing smoothly, and the business synergy effect will be significant in the future, which will help improve the company’s comprehensive competitiveness.

Based on this, we expect the company’s net profit for 2019-2020 to be approximately 195, respectively.

0 billion, 239.

300 million, corresponding to EPS of 2.

46, 3.

02 yuan, corresponding to PE is 8.

26X, 6.

73X, maintain “Buy” rating.

Risk warning: policy changes are less than expected, and house sales have increased significantly.

Lier Chemical (002258): Glyphosate Creates New Low and Broad Project

Lier Chemical (002258): Glyphosate Creates New Low and Broad Project

The company released its semi-annual report for 2019 and achieved revenue of 20.

53 ppm, an increase of 12 in ten years.

68%; Realize net profit attributable to mother 1.

60 ppm, a reduction of 38 per year.

80%; EPS0.

30 yuan.

At the same time, the company announced the January-September 2019 performance forecast, and expects to achieve net profit attributable to mothers1.

6.7 billion-2.

9.3 billion, down 60% -30% before.

The price of glufosinate continued to decline, and the prices of some raw materials rose, leading to a significant decline in performance.

The company achieved revenue of 20 in the first half of 19 years.

53 ppm, an increase of 12 in ten years.

68%, it is expected that some of the original pharmaceutical projects in the Guang’an base will gradually reach production in the fourth quarter of 2018, and the production and sales in the first half of 19 will continue to increase, and the revenue of other chemical materials will also increase significantly; the gross profit margin will be 29.

21%, a decrease of 2 per year.

86PCT, the reason is expected to be the rise in the price of some raw materials, the Guangan base put into operation to increase depreciation; sales costs 68.89 million yuan, a continuous increase13.

22%, administrative expenses 1.

06 ppm, an increase of 8 years.

89%, financial expenses of 50.13 million yuan, an increase of 641 throughout the year.

95%, R & D expenses 1.

33 ppm, a 107-year increase of 107.

66%; Period expenses 17.

21%, an increase of 4 per year.

51PCT; net interest rate 9.

52%, a decrease of 6 per year.


In the second quarter, a single quarter achieved revenue of 10.

3.5 billion, an increase of 1.

67%, an annual increase of 12.

87%; net profit attributable to mother is 87.28 million yuan, an increase of 20.

80%, a decrease of 39 per year.


Glyphosate formaldehyde hit a record low, and the construction of methyl dichloride will reduce production costs.

According to Zhuochuang data, the average price of glufosinate in the 杭州桑拿 first half of 19 was 14.

80 million / ton with a temporary interval of 24.

18%; Until August 19, the glufosinate drug reached 11 tons / ton, a record low.

The company’s Guang’an base grass ammonia formaldehyde workshop was put into trial production at the end of 18 years, and the production capacity will be gradually released, 1.

5 Fluoride intermediate methyl phosphorous dichloride production capacity has also begun construction in the first half of 19, is expected to reach production in June 20, after the production is expected to significantly reduce glufosinate cost.
The construction of 3,000 tons of L-glyphosate is expected to start in January 20, and production will be completed in January 22nd.
The company is currently the largest glufosinate pharmaceutical company in China. When Guangan glufosinate production capacity 青岛夜网 is completed, it will become the largest in the world. If the price of glufosinate rebounds, the company’s performance will be very flexible.

Guang’an Base’s original drug project resumed production, and each project continued to advance.

On November 22, 2018, an accident occurred in the distillation still in the workshop of the propionium fluchloride project (capacity of 1,000 tons) at Guang’an Base, and the production was resumed in May 19 after rectification. The 1,000-ton flurazole drug project is expected to be completed in 20 years Monthly production; the glufosinate project is expected to reach full production in October 19th.

At the same time, in order to continue to maintain the advanced technology and scale of glufosinate products, the company launched 1.

5Toluyl methyl dichloride, phosphorus-containing flame retardant, L-gluosinate production line and supporting engineering construction projects, of which methyl phosphorus dichloride project has begun construction.

In addition, the projects of the company’s subsidiaries are also moving forward.

Maintain “Highly Recommended-A” investment rating.

The company expects the company to achieve revenue of 45 to 20 years.

3.3 billion, 51.

6.8 billion and 59.

6.2 billion, realizing net profit attributable to mothers2.

44 billion, 3.

3.1 billion and 5.

8.6 billion, EPS is 0.

47 yuan, 0.

63 yuan and 1.

12 yuan, PE is 24 times, 18 times and 10 times respectively, glufosinate is currently at the bottom of the cycle, maintaining “strongly recommended-A” investment rating.

Risk warning: The risk of glufosinate formaldehyde’s continued downturn, and the risk of new projects not being built as expected.

Changan Automobile (000625): 19Q4 performance is expected to improve sequentially, expecting a new cycle in Ford

Changan Automobile (000625): 19Q4 performance is expected to improve sequentially, expecting a new cycle in Ford
Event: On January 31st, the company issued a 2019 performance forecast, which is expected to achieve net profit attributable to mothers in -29 billion?-24 billion, -526%?-453%.19Q4 is expected to return net profit to mother -2.4?2.6 billion, a month-on-month improvement over 19Q3. The initial decline in sales was the main reason for 厦门夜网 the decline in profits. Both sales and performance in 19Q4 improved on a sequential basis.Changzi / Changfu / Changma passenger cars sold 80 in 2019 respectively.9 (Every night -9.0%) / 18.4 (-51.5%) / 13.4 (-19.7%) million vehicles, sales reduction is the first priority for performance growth.In 19Q4, the new CS series such as CS75plus benefited from sales, and sales reached 24.70,000 vehicles, +24 per year.4%, +38.3%, quarterly growth rate turned positive; 19Q4 Changfu sales 5.50,000, at least -21.7%, +2 from the previous quarter.5%, in the future, with the climb of Ruiji, adventurers listed, sales are expected to continue to improve; 19Q4 Changma sales3.80,000, at least -0.1%, +8.9%, relatively robust.19Q4 is expected to return to profit -2.4?2.600 million, -4 from 19Q3.An increase of 2 million is also in line with the trend 武汉桑拿社 of sales growth. Participate in the T3 technology platform to improve technology and plan to expand PSA to focus on reducing losses.On January 17, Changan announced that it and the Weapon Group, Dongfeng, FAW, and Jiangning Development jointly invested 16 billion U.S. dollars to establish a T3 technology platform company to share new technology development such as new energy / intelligent networking / automobile electronics and enhance long-term competitiveness.  And at the beginning of the year, it signed an agreement with Baoneng Holdings to transfer 50% of Changan PSA’s equity. It is expected to complete industrial and commercial changes in 2020, further focus on the main business and reduce the proportion of business. Breakthrough change, strong autonomy + Ford cycle, maintain “prudent increase” rating.With the launch of Changfu ‘s new Sharp SUV, pre-sale of the first Lincoln-made SUV adventurer, Changan Ford sales and profits are expected to continue to improve.At the same time, new models such as the self-owned brand CS75plus continued to sell well, the PSA share allocation was repeatedly redeemed, and other mixed reform businesses continued to advance, and the company’s overall operating performance promoted continuous improvement.Taking into consideration the smooth divestment of Changan PSA and adjusting the company’s profit forecast in conjunction with the performance forecast, it is expected that the company’s net profit attributable to the parent in 19-21 will be -25.7/41.2/52.30,000 yuan, maintaining a “prudent increase” rating.  Risk reminder: Ford’s new car sales are not good, and the profit margin of the independent brand is lower than expected

Luyin Ecology (002887): Third-quarter results continue to grow; a series of orders increase significantly

Luyin Ecology (002887): Third-quarter results 杭州夜网论坛 continue to grow; a series of orders increase significantly
The company released the third quarter report for 2019, and the company achieved operating income in the first three quarters of 20195.160,000 yuan, an increase of 25 in ten years.37%; realize net profit attributable to shareholders of listed companies.460,000 yuan, an increase of 28 in ten years.88%.  Event Comment Third quarter results continued to grow.The company achieved revenue in the third quarter.33 ppm, an increase of 18 in ten years.75%, an increase of 45% over the same period last year.07pct; net profit attributable to mother 0.38 ppm, an increase of 22 in ten years.58%, a 48% increase over the same period last year.77pct. Bills receivable, the amount of inventory increased rapidly, and the asset-liability ratio continued to decline.As of the third quarter of 2019, the company’s bill receivable balance was zero.110,000 yuan, an increase of 245 over the beginning of the period.01%; inventory surplus is 6.3 billion yuan, an increase of 110 from the beginning of the period.14%, mainly due to the increase in the company’s reported scale of business.Company asset and liability accounting 18.82%, a decrease of 0 compared with the same period last year.31 points, down 2 from the 2019 Interim Report.78pct.In 2018, the company’s net cash flow from operating activities was -0.900 thousand yuan, the net cash flow of investment activities is 7.7.5 billion; 2019 Interim Report was -1.630,000 yuan, the net cash flow of investment activities is 0.8.2 billion; cash flow is fully healthy. Administrative expenses and financial expenses have declined.The company’s sales staff budget directly includes the sales expenses into the management expenses. In the first three quarters of 2019, the company’s management expenses were 9%.3%, a decline of 3 per year.32pct; the company has no short-term borrowings, bonds payable, long-term borrowings, reports expected interest expenses of 0, and realizes interest income of 020,000 yuan, financial expenses during the reporting period -3.88%, compared 北京桑拿 with 0 in the same period last year. The total amount of the reported total replenishment orders increased significantly.Since 2019, the company announced that it has added 8 new bids, which has doubled from the same period in 2018; the total amount of new bids was 29.17 ppm (including consortium), an increase of 547 over the same period in 201898%.  Investment recommendations We expect the company’s EPS for 2018-2020 to be 0.92\0.98\1.02, corresponding to the company’s closing price on October 31.02 yuan, the PE for 2018-2020 is 17 respectively.39\16.42\15.72. Maintain the “overweight” rating.  There are risks that the development of the repair business is worse than expected; competition in the garden business is intensifying and diverging; the risk of falling gross profit margin;

China Merchants Shekou (001979) 2019 Interim Results Review-Although the settlement suffered a trough, the Shekou model has grown steadily

China Merchants Shekou (001979) 2019 Interim Results Review-Although the settlement suffered a trough, the Shekou model has grown steadily

The company’s sales increased steadily, but the resources available for settlement were insufficient, which caused the current performance to continue to improve and decline.

The company achieved operating income of 166 in the first half of 2019.

9 trillion, down 20 a year.

5%, net profit of return to mother 48.

300 million, down 21 a year.


The core reason for the decline in the company’s performance is insufficient settlement, but only the accidental delivery gap. It is expected that the company’s performance will grow steadily.

Sales are growing at a high speed, and the payment is good.

The company achieved sales of 1011 in the first half of 2019.

9 trillion, a sharp increase of 34 in ten years.

8% received 510 in cash for selling goods and providing services.

30,000 yuan, an annual increase of 27.


In fact, in the first half of the year, the company’s sales volume was significantly smaller than in the second half, but the company has achieved more than half of its gradual sales task.

The company’s fund received at the end of the period reached 895.

8 trillion, an increase of nearly 300 trillion over the end of last year.

Adhere to the Shekou model and actively promote major projects.

The company actively promoted major projects and completed the preparation of land in Qianhai; the construction of the Mawan area was promoted; the development plan of Zhangzhou Shuangyu Island was clear; strategic projects in Changshu, Suzhou, Zhanjiang and other places also began construction and operation.

This way of focusing on large projects not only effectively controls the cost of land acquisition, guarantees profit margins, but also avoids short-term ups and downs in the land market.

The company reported a net operating cash inflow of 60%.

600 million.

Stable leverage and cost of capital.

The company’s net debt ratio reached 53 at the end of June.

0%, a slight increase from the end of last year, but still some of them are at the expected level.

The cost of the company’s headquarters’ comprehensive funds was not 4.

91%, compared with 4 at the end of last year.

85% rose slightly, but still had some previously significant advantages.

With the tightening of industry financing, we believe that the company’s capital advantage will be more significant and may consolidate the company’s competitiveness in land acquisition performance.

Risk warning: the company’s settlement rhythm is uncertain, and the completion of delivery exceeds the expected risk.

The value of the company’s resources is significant, and its sustainable operation is strong. It continues to be optimistic about the company.

The company focuses on the Guangdong-Hong Kong-Macao Greater Bay Area and has deployed 9 cities in the Bay Area. Most of its resources are concentrated in Shenzhen, including nearly ten million square meters of high-quality resources from the Qianhai Shekou Free Trade Zone to Baoan Airport New City.

A large number of deterministic resources ensure the sustainability of operations and attract the attention of long-term investors.

The company’s interim report shows 天津夜网 that China Life has held the company’s total share capital of at least 4.


We maintain the company 2019/2020/2021 2.



75 yuan / share profit forecast, NAV38.66 yuan / share.

We maintain the company 29.

The target price of 87 yuan / share, maintain the investment rating of “Buy”.

Longping High-tech (000998): The main business is in the adjustment period, and there is huge space for GM business

Longping High-tech (000998): The main business is in the adjustment period, and there is huge space for GM business
Incidents: (1) Two GM corn traits obtained biosafety certificates.On December 30, 2019, the Ministry of Agriculture announced that it plans to approve the submission of two GM corn traits, namely Dabeinong DBN9936 insect-resistant corn-transgenic (Bt Cry1Ab) insect-resistant corn, Ruifeng Biological and Zhejiang University double-antibodies (Longping, TsunyinRelated) 12-5 Maize-Cry1Ab2AjG10evo (EPSPS) transgenic insect-resistant glyphosate-resistant maize. Two varieties have successfully obtained the agricultural genetically modified organism safety certificate (production application) on January 21, 2020, with a validity of 5 years.(2) The company announced that it will report a loss for 2019.7-2.600 million, a profit of 7 in the same period last year.9 billion. Approved on schedule, the commercialization of genetically modified maize has been progressing smoothly, with rapid expansion achieved.The successful approval of the food company this time means that there is no suspense for the commercialization of genetically modified corn.Follow-up needs to follow up additional details of the variety approval method, the transfer of traits and the rhythm of variety approval.An optimistic estimate is that there may be products on the market in 2021.The promotion of transgenic corn is a major technological upgrade of the Chinese corn industry. Significant potential differences are trying to make transgenic corn seeds expand rapidly in China. Genetically modified technology “dual carriage” has abundant reserves.The dual-resistance trait of Ruifeng 125 approved this time matches the current domestic demand, and it has certain resistance to Spodoptera frugiperda.Long Ping holds Ruifeng 25.14% equity, the related party CITIC Agriculture holds 16.67% equity, deeply bound with 南宁桑拿 Ruifeng.From the perspective of Longping, in addition to Ruifeng, Hainan Longping, a wholly-owned subsidiary, also has a wealth of talents and genetically modified varieties, and has realized a “dual carriage” operation from the perspective of biotechnology. The main business is in the adjustment period, and we look forward to light loading in the future.The reasons for the pre-loss in 2019 are mainly (1) the cost of M & A Brazil’s Dow supporting loans, and the reduction of Dow Brazil’s reduction (a total of more than 2 billion in 2018); (2) non-recurring profit and loss projectsDecrease in the previous period (this income in 20184.400 million); (3) Affected by the downturn of the industry, the profit of the seed industry declined.The company’s 2018 performance commitment period has ended. Multiple mergers and acquisitions between 2016 and 2017 require running-in and combing, and hybrid rice, and the corn seed boom is not high.In general, with the release of genetically modified corn, the industry opens up space. We believe that after the adjustment period, the company will enter the market lightly and take advantage of it. Investment suggestion: The launch of genetically modified corn will benefit the seed sector in a comprehensive way. In the medium and long term, companies with both traits and seeds will be the first choice for success.The cross-corn market share of the Longping system ranks first in China, and it is expected that in the genetically modified era, traits and varieties will increase market share and consolidate the leading position.It is recommended to continue to focus on Longping Hi-Tech, as well as Dabeinong and Denghai seed industries in the same sector. Risk warnings: approval progress is not up to expectations, changes in agricultural product prices, policy changes, and trade conditions

China Merchants Bank (600036) 2019 Interim Results Express Commentary: Asset Quality Continues to Improve and Profit Growth Increases

China Merchants Bank (600036) 2019 Interim Results Express Commentary: Asset Quality Continues to Improve and Profit Growth Increases

Investment Highlights Net profit growth increased by 1.

77% to 13.


In the first half of the year, revenue increased by ten years.

65%, a growth rate of 2 lower than the first quarter.

49 averages, of which net interest income increases by 13 per year.

51%, non-interest income increased by 3.

The growth rate was 61%, a decrease from the first quarter. We expect the negative impact of the adjustment of wealth management business to continue.

The marginal improvement of the effective tax rate has formed a positive pull for the increase in net profit growth.

  Total assets exceeded the 7 trillion mark, loans grew rapidly, and deposits grew steadily.

Total asset expansion accelerated in the second quarter, and the quarterly growth rate increased further from the first quarter.

56% to 8.

67%, the scale exceeded 7 trillion for the first time, an increase of nearly 400 billion compared with the previous quarter.

In terms of credit, loans in the second quarter increased by 197.7 billion yuan, an increase of 5 billion yuan over the previous quarter, and loans continued to grow rapidly.

  In terms of asset quality, the non-performing ratio dropped significantly by 11bps to 1.

twenty four%.

Adverse consequences at the end of half a year1.

24%, a significant decrease of 11bps from the end of the previous quarter, and asset quality continued to improve.

We maintain our previous view. The company’s asset quality has been consolidated in the previous period, and the level of provision has tilted to a controversial safety pad for other joint-stock banks. In the future, credit costs will also be relatively stable due to the reduced generation rate. Savings on impairment will increase profits.Provide sufficient positive contributions.

  We maintain the Air Force’s profit forecast, with EPS expected to be 3 in 2019 and 2020 respectively.

63 yuan and 4.

16 yuan, the estimated net assets at the end of 2019 is 22.

78 yuan, calculated at the closing price of 2019-7-24, the corresponding PE for 2019 and 2020 is 10 respectively.

0, 8.

8 times, corresponding to 1 at the end of 2019.

60 times.

The company flexibly adjusted its business in the context of the economic downturn, focusing more on its focus, balancing risk pricing, 北京夜网 shifting its capabilities, and leading the industry in asset quality.

Considering that the company’s retail first-mover advantage continues and the strategic transformation of light banks continues to advance, we continue to be optimistic about the company’s subsequent development.

We maintain our prudent overweight rating on the company.

  Risk Warning: Asset quality fluctuates more than expected, middle income and scale expansion

Jiuyang shares (002242): Q3 growth momentum continues the future space is expected

Jiuyang shares (002242): Q3 growth momentum continues the future space is expected

Recently, the company disclosed the 2019 third quarter report: revenue, return to mother, deduction 62.

55 billion, 6.

18 billion, 5.

83 billion, +15 a year.

02%, +8.

54%, 25.

20%; corresponding to 2019Q3: income, return to mother, deduct 20.

6.8 billion, 2.

12 billion, 2.

5.0 billion, previously +14.

98%, + 6.

35%, +18.

68%; revenue performance was in line with expectations.

  I. Revenue analysis: Product R & D innovation, improved channel efficiency, accelerated export orders, and growth in 2019Q1-3 revenue62.

55 trillion, +15 for ten years.

02%; 2019Q3 revenue of 20.

68 ppm, ten years +14.


Product R & D innovation, improved channel efficiency, accelerated export orders, and the three aspects jointly led to the rapid growth of Jiuyang’s revenue.

  In terms of products, the company actively researches and develops new products. In the first half of the year, it launched self-cleaning broken wall soymilk machine K1S, K mini soymilk machine, Ksolo soymilk machine, and uncoated steam rice cooker S5.

In the third quarter, the company launched new models with initial advantages based on new categories, such as the hands-free wall-breaking machine Y1 and the steam rice cooker S3.

  In terms of channels, the company focused on promoting channel transformation and upgrading, building high-end commercial complex stores such as shopping malls, and promoting the volume of mid-to-high-end products; upgrading and remodeling of brand stores to optimize the consumer experience; testing new retail at the same time, and cooperating with Alibaba on “one-stock”Mode to reduce the cost of goods circulation.

  In terms of export, the company is 杭州夜网 good at excellent domestic supply chain management capabilities and can quickly accept orders from shark ninjas.

It is expected that future product innovation, improved channel efficiency and accelerated export sales will continue ahead of schedule, driving the company’s stable growth.

  2. Profit analysis: The gross profit margin increased slightly, and the sales expense ratio further improved the gross profit margin: 2019Q1-3 was 32.

34%, -0 per year.


2019Q3 is 32.

35%, ten years +1.


In general, the company’s gross profit margin has been stable at about 32% for a long time, and its ability to control operating costs is very strong.

  Expense ratio: 2019Q1-3 Sales, management and period total expenses14.

32%, 4.

07%, 21.

65%, twice -2.

01pct, +0.

76pct, -1.

26 points.Q3 single season 南京桑拿网 sales, management and period total expenses13.

32%, 4.

07%, 21.

07%, -0 per year.

91 points, +1.

18pct, +0.

02 points.

The decline in the sales expense ratio stemmed from the fact that the World Cup promotional expenses deposited in the same period of the past year can be driven by the improvement of efficiency after the adjustment of the channel is completed.

The increase in management expense ratio was mainly due to the increase in management staff salaries, travel expenses and equity incentive amortization.

  Net margin: 2019Q1-3 is 9.

71% for a year -0.

69pct to; 2019Q3 is 10.

04%, -0 per year.

71 points.

Combined with historical net interest rate data, this value falls within a reasonable range of fluctuations.

  The company’s export sales are not due to the ODM order acceptance and the gross profit margin has been slightly lowered but the net profit rate has increased. In the future, export orders are expected to maintain double growth and continue to contribute to EPS growth; the expense ratio will continue to improve with the expansion of revenue and efficiency; plus ShangkeNingjia (China) has integrated and advanced. In the first half of the year, handheld vacuum cleaners and steam mops have performed well in the cleaning field, and they are expected to turn a profit in the future.

Together, the overall profitability has risen steadily.

  3. Cash flow analysis: accounts receivable, the proportion of payables increased, and operating cash flow soared at the end of the period7.

0.8 billion, previously +21.

65%; accounts receivable 4.

81 trillion, ten years +114.

73%; payable 18.

45 billion, previously +91.


Net cash flow from operating activities in Q1-3 20199.

2.2 billion, previously +120.


  There are three reasons for the increase in inventory: (1) Complying with e-commerce enterprise regulations and stocking in order to cater for large-scale e-commerce activities at the end of the year; (2) SharkNinja related orders require the company to stock up in advance; (3) Cooperation with Ali “one stock” to change the inventory model.

  The increase in accounts receivable was mainly due to the increase in income; the increase in payables caused by the supply of bills payable by supply chain finance; the increase in net cash flow from operating activities was mainly related to the surge in cash received from sales of goods and the provision of labor services, while the net cashReduced project growth is limited.

  It is expected that the cash flow situation in the fourth quarter will gradually improve with the cooperation, and the efficiency of the supply chain and channel efficiency will gradually improve.

  4. Prospects: From R & D collaboration to supply chain integration, the space can be expected to look to the future. The biggest highlight of Jiuyang Co., Ltd. is that the Shark brand household cleaning and western kitchen appliances are dating to China, and SharkNinja continues to increase ODM order transferThe considerable increase brought by the company can be expected to continue rapid growth!

  This article estimates that the income for the years 19-21 will be 89.

2.5 billion, 99.

31 ppm and 113.

42 trillion, net profit attributable to mother is 9.

04 billion, 10.

6.7 billion and 12.

70 ppm, currently corresponding to PE18x, 15x, 13x; maintain “Buy” level.

  Risk reminder: New products are less than expected risks, industry competition intensifies risks, and raw material costs rise