Hisense Home Appliances (000921): To consolidate Hisense Hitachi’s commitment to make full use of the development bonus of the central air-conditioning industry

Hisense Home Appliances 四川耍耍网 (000921): To consolidate Hisense Hitachi’s commitment to make full use of the development bonus of the central air-conditioning industry

Announcement Assignment Hisense Hitachi 0.

On the evening of March 5, 2019, Hisense Home Appliances announced that it was subject to Qingdao Hisense Hitachi Air Conditioning System Co., Ltd. (Hisense Hitachi), which was held by United Trade for RMB 25 million.

2% equity.

After the completion of the equity transfer, the company will hold Hisense Hitachi 49.

2% equity, while becoming its largest shareholder, also intends to split Hisense Hitachi into the company’s consolidated statement scope.

This move will help improve the company’s assets, income, and cash flow scale, and rely on the good profitability of Hisense’s central air-conditioning business to improve the company’s overall gross profit level.

Hisense Hitachi is the leader of the domestic central air-conditioning multi-connection market, and has contributed a lot of investment income to the company. Hisense Hitachi was established in 2003 by a joint investment of Hisense Group and Hitachi Air Conditioning in Qingdao.And the most promising sub-category.

According to “HVAC Central Air Conditioning” statistics, the multi-connected market size has reached 44.5 billion in 2018, and the industry’s compound growth rate has reached 18% in 2015-2018.

Relying on Hitachi’s advantages in technology, products, production and Hisense’s experience in domestic channel expansion management, Hisense Hitachi has developed into a domestic multi-connected market leader. The data of “HVAC” shows operators Hisense, Hitachi and YorkThe brand’s total retail sales share in the multi-connected market in 2018 was 19.

5%, second only to Daikin, ranking second in the multi-connected industry for many years, and has a solid market segmentation.

Based on the good growth of the multi-connect market and the stable position of Hisense Hitachi, the investment income contributed by Hisense Hitachi has become an important part of the company’s profitability.

Hisense Hitachi contributed investment income to the company from 2015 to 20173.

9.7 billion, 5.

7.1 billion, 7.

3.2 billion, accounting for 68%, 52%, 61% of the company’s net profit attributable to the parent (in 2017, net profit attributable to the parent excludes non-recurring gains and losses arising from the sale of the subsidiary Baohong Property).

If the consolidation is completed, the company is expected to fully benefit from the development bonus of the central air-conditioning multi-online market.

Investment suggestionsAlthough the downturn in the land cycle has caused the central air-conditioning market to grow sharply in 2018, but due to the continued penetration of households, we are still optimistic about the long-term development prospects of the central air-conditioning market.Will remain.

As the acquisition has not yet been completely completed, regardless of the impact of consolidation, we estimate that the company’s net profit attributable to the parent from 2018 to 2020 will be 14.

600 million, 16.

200 million, 18.

0 million.

The latest closing price corresponds to an estimated 8 in 2019.

7xPE is still lower than the average level of the home appliance industry at present, and it is estimated that there is room for repair.

However, under the influence of the real estate post-cycle, whether the company’s traditional white electricity business operation can be improved and the development of central air-conditioning business remains to be seen in the short term, giving the company a reasonable value11.

90 yuan / share, corresponding to an estimated 10xPE in 2019, maintaining the “overweight” rating.

Risks indicate that the penetration rate of central air-conditioning has fallen short of expectations; real estate sales have fallen; terminal consumption has continued to be weak.

U.S. and Taliban peace talks

U.S. and Taliban peace talks
The United States and the Taliban signed an agreement in Doha, Qatar, on February 29, agreeing to withdraw U.S. forces from Afghanistan in stages.However, the U.S. side also warned the Taliban that if they did not keep their promises, the U.S. side would resolutely abolish the agreement.  According to the Associated Press, the agreement does not ensure peace in Afghanistan.The Taliban promised they would not be armed by asylum and would not allow other attacks on the United States and its allies from Afghanistan.However, some U.S. officials are less convinced that the Taliban will keep its promises.  U.S. Secretary of State Mike Pompeo urged the Taliban at the signing ceremony: “Keep your promise, break with ‘Al Qaeda’ and continue to fight ‘Islamic State.’He said that the agreement is “a real test” and the US side will decide on the speed of withdrawal based on the actual actions of the Taliban.  ”If the Taliban abide by the agreement . (the US side) will begin to reduce its garrison in this regard, U.S. Secretary of Defense Mark Esper said in Kabul, Afghanistan.He warned that if the Taliban retaliates, the United States will “without hesitation” repeal 杭州桑拿 the agreement.  The United States and the Taliban began negotiations in Doha in October 2018. They approached an agreement in September last year, but were called off by US President Donald because the Taliban attack killed US soldiers.Negotiations resumed last December.  During the negotiations between the United States and the Taliban, the Afghan government suffered “hanging aside”.The Taliban identified the Afghan government as a “puppet” supported by the United States and refused to speak directly with the government.  Before the United States and the Taliban signed the agreement, Esper and North Atlantic Treaty Organization Secretary-General Jens Stoltenberg arrived in Afghanistan to meet with President Ashraf Ghani.Media and analysts believe that Esper and Stoltenberg’s trip is an attempt to appease the Afghan government.  The 北京夜网 U.S.-Taliban agreement opens the way for reconciliation dialogue within Afghanistan.However, the Associated Press analyzed that internal dialogue could be more difficult and complex than negotiations between the United States and the Taliban.  Reuters quoted Jason Campbell, an analyst at Rand Corporation, a US think tank, as saying that Afghanistan “if Afghan peace is to be achieved, the Afghans must solve the problem themselves.”  Esper also acknowledged that the US-Taliban agreement “is just the beginning.””The road ahead is uneven,” he said. “Afghan peace lasting requires patience and compromise by all.”A previous commitment promised to end the United States'” endless war “overseas.The Associated Press reports that the signing of a troop withdrawal agreement with the Taliban is an added bonus for seeking re-election this year.  The report quoted replacing the source as revealing that Pompeo said at a meeting of US envoys this week that the only reason he went to Qatar to attend the signing ceremony of the agreement was to insist on him.(Hui Xiaoshuang) (Xinhua News Agency special feature)

Hang Ke Technology (688006): Leading Lithium Battery Equipment Leader Has Large Growth Space

Hang Ke Technology (688006): Leading Lithium Battery Equipment Leader Has Large Growth Space

Lithium battery back-end equipment leader, continued high growth performance, fast receivable turnover, abundant cash in hand 1) The company’s main lithium battery production line back-end equipment, after 36 years of innovative technology accumulation, has become a first-class equipment manufacturer at home and abroad, domesticThe market share remains above 20%.

2) The company continues to grow rapidly, receivable turnover is fast, and cash on hand is abundant.

From 2016 to 2018, the company’s operating income and net profit attributable to the mother compounded growth rates were 64% and 79%; the average ROE was 26%; accounts receivable turnover days were approximately 40 days; until 2018, cash on hand was nearly 5 billionyuan.

Downstream is oriented towards power batteries and consumer batteries. Demand is both growth and sustainability. 1) Power batteries: Centralization and production are the general trend, and international leading battery factories are highly certain to expand production.

We estimate that the demand for back-end equipment corresponding to existing production expansion plans in China, Europe, North America and other regions is about 791-1106 billion yuan. Purchasing demand will increase by 33% per year from 2019 to 2021 (smooth calculation).

2) Consumer battery: 2020 and beyond is expected to take over the growth in demand for power battery equipment.

The 5G era will promote the gradual update of battery technology, and gradually replace and upgrade production equipment, including Nokia, Murata’s high-quality battery manufacturers have developed new battery technology, and some have introduced production equipment for mass production.

Internationalization of customers, diversification, and expansion of space transmission 1) Mainly from overseas top-tier battery manufacturers such as LG Chem, Samsung SDI, etc., to ensure payment recovery, profitability and growth; 2) Diversified layout, not exclusively bound to protectIndependence of technology and management; 3) Large development space, trying to enter the domestic first-tier battery manufacturer’s supply chain after the production capacity is in place.

Competitive landscape: Leading competitive advantages are constantly being amplified in rapid iterations. Lithium-ion equipment is a typical non-standard product. Battery manufacturers and equipment produce stable cooperation and rapid technological change.

Leading equipment manufacturers with sufficient technology accumulation and high-quality customer resources will continue to amplify their competitive advantages in the process of rapid disruption.

Hang Ke Technology has a very high market share in lithium battery back-end equipment.

Investment suggestions and estimates The company’s operating income for 19-21 is estimated to be 16/20/25 trillion USD, an increase of 42% / 29% / 24% per year; net profit attributable to mothers3.



30,000 yuan, a year-on-year increase of 29% / 34% / 27%, a compound growth rate of 30%; diluted EPS is 0.



57 yuan.

Give the company PE 32 and PS 7 times, with a reasonable market value of 14.35 billion to 15.8 北京夜网 billion in 2020 and a target price of 36-39 yuan for 6-12 months.

Risks suggest that the battery expansion project is less than expected; the withdrawal of new energy vehicles brings short-term demand pain; the risk of overcapacity in power batteries; the risk of new-generation battery technology replacement; 5G is weaker in catalyzing battery technology iteration.

The first banking science and technology equity fund was established and signed 10 investment institutions

The first “banking” science and technology equity fund was established and signed 10 investment institutions
Source: Economic Daily-China Economic Net Original title: The first domestic “banking” science and technology equity fund was established, and the first phase of cooperation was signed with 10 investment institutions. On September 3, China’s first bank was set up by the bank to focus on supporting the science and technology board.Private equity investment funds of listed companies-Bank of Communications Science and Technology Innovation Equity Investment Fund (referred to as Bank of Communications Science and Technology Innovation Fund) in Shanghai Antique Co., Ltd. in the first phase of the signing ceremony, 武汉夜网论坛 Lexin, etc. became the first 10 contracted investment institutions.  Bank of Communications President Ren Deqi attended the event and stated that in the future, the Bank will use the Bank of Communications Science and Technology Innovation Fund as a platform to pool the resources of the Group and provide comprehensive services for the construction of the Shanghai Science and Technology Innovation Center.In the process of expanding the development of “Made in China” to “Created in China” through innovation-driven, life-cycle-integrated financial services, we will share the innovation bonus with all shareholders and fully serve the higher-quality integrated development of the Yangtze River Delta.  According to reports, the Bank of Communications Science and Technology Innovation Fund was launched by Bank of Communications International and Bank of Communications Guoxin’s subsidiary companies in April this year. At present, it has completed the phased fundraising, and it is expected that the final management scale will reach US $ 1 billion., Suzhou Branch, Chongqing Branch, Shenzhen Branch jointly launched 4 regional sub-funds, with a total size of 400 million yuan.For example, Lexun participates in the Shenzhen regional sub-fund. The sub-fund takes the equity of unlisted companies in line with the strategic positioning of the science and technology board as the investment target. It mainly invests in high-end equipment, new-generation information technology, new energy, and biomedicine.Industry, new material industry, energy saving and environmental protection industry, etc., which have high growth, are an important part of Bank of Communications Technology Innovation Equity Sub-Fund.  ”This year, in response to the country’s call for encouraging consumption, Lexin launched a new consumption platform strategy, actively sought for more ecological partners in the field of science and technology innovation, and supported regional entrepreneurial innovation.”Lexin CEO Xiao Wenjie said,” The signing of this agreement also means that Lexin and Bank of Communications have launched comprehensive and in-depth cooperation. The two parties have also merged multiple projects in the areas of company business, asset management, and financial technology.”It is reported that Bank of Communications Kechuang Equity Investment Fund is the first private equity investment fund committed by Bank of Communications Group, and is the latest practice of Bank of Communications Group to give full play to the advantages of a license to promote the construction of wealth management banks.”(Economic Daily-China Economic Network reporter Qian Yan)

Jiajiayue (603708): Q3 results are solid and in line with expectations. Sales and management expense ratios have declined.

Jiajiayue (603708): Q3 results are solid and in line with expectations. Sales and management expense ratios have declined.

The event company announced the third quarter of 2019 report: 2019Q1-3 company achieved revenue 112.

6.5 billion, an annual increase of 17.

89%; net profit attributable to mothers3.

51 ppm, an increase of 16 in ten years.


Among them, Q3 alone achieved revenue of 4 billion yuan, an increase of 20 per year.

14%; net profit attributable to mothers1.

25 billion, an annual increase of 16.


A brief comment on the acceleration of revenue, solid performance, consistent with expectations, single-year Q3 company revenue growth for ten years.

14%, growth rate increased by 2.

01 pct, an increase of 3 from the previous month.

45 pct, Q3 income accelerated significantly.

The net profit attributable to the parent company of Q3 increased by 16 per year.

42%, performance increased steadily, in line with expectations.

Q3 company opened 13 new stores, divided by region, including 7 in Jiaodong area, 5 in other areas in Shandong, and 1 in Zhangjiakou area. The company encapsulates the channel layout in the advantageous areas of the east of Chuangjiao, and actively explores new markets in western Shandong and Zhangjiakou.There are 8 hypermarkets and 5 comprehensive supermarkets.

8 companies closed and adjusted 8 stores, of which only 1 closed due to unsatisfactory operation. The remaining stores were closed and adjusted mainly due to store relocation and contract termination.

In terms of contracted stores, Q3 has 13 new contracted stores, one of which is located in Lianyungang, Jiangsu Province. The company’s subsequent stores have gradually expanded to the northern Jiangsu area adjacent to Shandong.

As of the end of Q3, the company has a total of 763 stores, gradually updating 53 newly opened stores, and gradually closing and adjusting 22 stores.

The number of stores increased by 31.

The profitability remained stable, the expense ratio dropped, the integration was smooth, and the scale effect was strengthened.

07pct to 21.

52%, mainly affected by the wholesale of China Resources stores. During the period, the expense ratio decreased by 0 every year.

11 pct to 17.

18%, of which sales / management / financial expense ratios are -0.

33 / -0.

15 / + 0.

37 pct to 15.

23% / 2.

04% /-0.

09%, the decline in the sales and management expense ratio is expected to be in line with ① the rapid growth of the same store to dilute the expenses; ② consolidation of Qingdao Wiki after the consolidation.

The increase in financial expense ratio was mainly affected by the company’s deposit income and handling fees.

The aforesaid factors combined with the previous supplement of the subsidiaries completely caused an additional impact on expenses, and the Q1-3 company’s net profit margin decreased slightly by 0.

04pct to 3.

06%, profitability remains stable.

Q1-3 Company’s inventory turnover improved, and cash flow was stable and plentiful.

11 days, speed up by 1 every week.
56 days; the company’s net operating cash flow increased annually in the first three quarters.
38% to 7.

4.6 billion, of which single Q3 cash flow exceeded growth by 8.

31% to 4.

8.5 billion, the company’s cash flow is stable and abundant.

Investment suggestion: The company deeply cultivates Jiaodong with stable performance and smooth integration in Zhangjiakou. The follow-up stores are expected to continue to develop to Inner Mongolia and 成都桑拿网 Jiangsu.

At present, the construction of multiple logistics centers is advancing steadily, and the advantages of supply chain competition barriers have been strengthened.

The company’s external expansion has been steadily advancing, and its internal management mechanism has been continuously upgraded. We expect the company’s net profit attributable to its mothers to be 4 in 2019-2021.

9, 5.


700 million, corresponding to 31, 27, and 23 times the corresponding PE, maintaining the “buy” level.

Risk factors: Marginal consumer consumption trend declines; industry competition intensifies; cross-region, omni-channel business development is less than expected

QDII performance differentiation in August Hong Kong stocks and energy stocks declined

QDII performance differentiation in August Hong Kong stocks and energy stocks declined

Source: Morningstar Morningstar ‘s global major markets have continued to rise in demand for green hedges.
The three major US stock indexes all showed changes during the month. The S & P 500, the Nasdaq Composite, and the Nasdaq 100 closed down 3 respectively.

13%, 3.

98% and 3.


Judging from the 苏州夜网论坛 performance of the 11 GICS industry sectors, the existence of property, utilities and daily necessities sectors rose slightly. Healthcare, communications services, and information technology sectors recorded overall declines but performed slightly better than the S & P 500 index and energyThe performance was the worst.

  European stock markets fell across the board, Germany’s DAX, France’s CAC40 and FTSE 100 fell 3 respectively.

85%, 2.

15% and 6.

twenty four%.

In terms of emerging market stock indexes, in addition to the Shenzhen Component Index, it rose 0%.

Beyond 42%, the remaining indices have declined to varying degrees.

The KLCI fell by 2.

8%, the Indian Sensex30 index fell 0.

4%, Taiwan’s depreciation index fell by 1.

9%, the Shanghai index fell 1.

58%, the Hang Seng Index fell 7.


  In August, the U.S. Treasury bond was long and the short-end yield was significantly lower. The one-year Treasury yield fell 24bp to 1.

76%; 5-year government bond yields fell by 45bp to 1.

39%; 10-year yields fell 52bp to 1.

5%; 10-year and 1-year Treasury bonds have a spread of 26bp, which is 6bp wider than last month.

Negative yield national debt has swept Europe, Germany, France, Austria, Denmark, Belgium, Europe and other countries. The 10-year government bond yields are all negative.

  Under the fact that the global economic trend is uncertain, the price of gold has ushered in a wave of rising prices.

London spot gold prices closed at 1528.

$ 7 / GBP, a monthly increase of about 7.


23%, Shanghai gold spot AU99.

99 is also up 10 from last month.


International oil prices weakened again in August, and even the degree of US and Iran support oil prices to some extent, but it is difficult to further reduce the prospect of demand. Brent crude oil prices closed at 60.

43 US dollars / barrel, down 7 from last month.


  QDII fund performance “ice and fire two days” The QDII fund’s 8-month performance has clearly diverged due to different investment directions. The precious metals and real estate theme funds have enjoyed considerable returns, while the performance of funds in Chongcang Hong Kong and energy stocks have fallen sharply.

Judging from the average level of returns of various types of funds, the overall performance of global equity bond and global bond funds is even better, with respective growth.

29% and 2.

24%; Greater China stocks and emerging market stock funds were the worst performers, falling 2 respectively.

63% and 2.

In terms of “Northbound” funds, except for global bonds (USD hedging), Asian bonds and Asia-Pacific equity funds as a whole, all other categories recorded negative returns in August.
  In the context of the three major stock index declines, the other 19 US stock funds increased an average of 1.


The actively managed fund Castrol US Growth Stock (QDII) has a USD exchange rate and a RMB exchange rate of 3.

19% and 2.

The 43% increase led the same kind of gains, mainly due to the performance of heavy stocks Home Depot and MasterCard in August.

The remaining 17 tracking S & P 500 and Nasdaq 100 indexes and ETF-linked funds all achieved the performance of the interest rate underlying index, and 16 recorded positive returns.

  For global equity funds, all 13 funds separately counted recorded positive returns in August, with an average growth of 2.


Among them, GF Global Select Stocks (QDII) has a USD exchange rate of 6.

83% month-on-month increase is among the highest in its class.

A total of 25 Greater China equity funds have turned to Hong Kong stocks due to their major investment. Due to the poor performance of Hong Kong stocks in August, they fell, with an average decline of 2.


ICBC Credit Suisse Hong Kong Small and Medium Cap Stocks (QDII) is the only fund in this category to report gains, with USD and RMB exchange rates recording 2 respectively.

32% and 1.

With a 52% rise, the heavy stocks Shunyu Optics, Follett Glass, Xinyi Optics, Xinao Energy and Tsingtao Brewery all rose more than 10% in August.

Emerging market equity funds fell an average of 1 in July.

59%, respectively, the Southern BRIC Indexes (QDII), China Merchants Trademarks BRICS Index (QDII-LOF) and Xincheng BRICS Active Allocation (QDII-FOF-LOF) fell by 3.

59%, 2.

51% and 1.


The Asia-Pacific region does not include Japanese stock funds, which are slightly entered, divided by the average of the 7 funds that grew by 0.


Wealth of Asia Opportunity Stocks (QDII) and E Fund Asia Select Stocks (QDII) performed well, with net worth rising by 1.

43% and 1.


  In terms of industry stock funds, the 48 funds except statistics showed an average increase of 0.

27%, the top ten funds are mainly invested in the real estate industry, and GF’s US real estate index QDII has a US dollar share of 6.

68% monthly gains topped the list.

Equity funds that are mainly deployed in the healthcare sector also performed, and all of them received positive returns in August.

The performance of funds with energy sector as the main investment performance ranked the bottom of the industry stock funds, with an average decline of 6.


  In terms of equity-bond hybrid funds, the 38 global equity-bond hybrid funds, apart from the statistics, have grown on average.

At 29%, 20 funds received monthly returns of more than 3%.

Among them, the BOC USD Debt Bond (QDII) -USD and ICBC Global USD Bond A USD Cash (QDII) performed well, increasing by 4 respectively.

08% and 4.


The two Asian equity-bond hybrid funds included in the statistics dropped an average of 2 in August.

Among them, Morgan China Biopharmaceuticals (QDII) on the investment bank recorded a record of 12.

The 11% increase in net worth not only led the gains of its kind, but also the fund with the largest increase in August among all QDII funds.
The fund’s holdings of A shares accounted for a relatively high, more than 70%, and heavy stocks of Chinese medicine Mingkang, Antu Biological, Dashenlin, Tianyu shares and other medical biological stocks rose more than 20% in August.

The net value of 9 Greater China equity-bond hybrid funds rose by an average of 0 in August.

At 61%, Shanghai Morgan China Century Flexible Allocation Mixed RMB Exchange Rate (QDII) and Guofu Great China Select Hybrid QDII have achieved the highest gains, respectively, and each gained 3.

46% and 3.

34% monthly income.

  In terms of global bond funds, the 57 funds with separate statistics have an average return of 2.

24%, nearly 90% of funds recorded positive returns.

USD bonds are the best-performing category in this type of fund. BOC USD bond bonds (QDII)-USD, ICBC Global USD bond A USD cash (QDII) and E Fund’s short-term USD bond bonds (QDII) USD A.08%, 4.

04% and 3.

99% of the monthly income ranked third.

  In terms of commodity funds, benefiting from the strong upward trend of gold in August, the average increase of the net value of the four gold-themed funds was above 9%, and QDII-FOF increased by 10.

15% increase in net worth led the same.

Stuck by the continued downward trend in crude oil, the eight crude oil commodity funds continued their decline last month, and their collective losses in August fell by a maximum of 4%.


  ”Northbound” funds recorded an overall 0.

The 42% drop, except for global bonds (USD hedging), Asian bonds and Asia Pacific equity funds received positive returns overall, the rest of the categories closed down in August.

Among all the “Northbound” funds, the Global Bond (USD Hedge) Fund Morgan International Bond-PRC RMB Shares (Conversion) performed the best, with its net worth rising by 6 in August.


  Author: Morningstar Morningstar (China) Research Center, Qu Chen Chen

Anhuan Energy (601699): Rising performance without falling in line with expectations

Anhuan Energy (601699): Rising performance without falling in line with expectations

Event: The company recently announced the 2019 Interim Results Express Report, reporting and realizing operating income of 112.

6 ppm, a ten-year increase of 3.

7%; net profit attributable to mother 15.

0 million, corresponding to 0 EPS.

50 yuan / share, an annual increase of 8.


The report initially achieved the target of 2054 for raw coal production, 1672 for sales of commercial coal, and comprehensive replacement of 578 for commercial coal.

5 yuan / ton.

Comments: 1.

The output is forecasted, and production and operation continue to improve.

In 2019, the company’s raw coal production reached 2054, an annual increase of 3%. In addition to the commissioning of some integrated mines in 2018, the higher proportion of advanced mine production capacity is also an important factor.

If further consideration is given to the subsequent acquisition of Cilinshan Coal, the output is expected to increase by 600 or 15%, and the volume will be further expanded.


The British pound rose instead of falling, and the long-term association + bargaining power resisted fluctuations in the industry.

2019H company’s commercial coal purity is 579 yuan / ton, which rises by 2 yuan / ton a year.

Since Q2, the growth rate has been reduced from 16% to 13%, which is good for coal enterprises under the current supply and demand pattern.

In addition to this, the company’s long-term associations account for a relatively high proportion, and the relatively prominent bargaining power of the main major products is also an important reason.

From the perspective of steel 杭州桑拿网 plant costs, the use of injection coal / coke to produce molten iron steel has a 200-300 yuan / ton advantage over scrap steel.

In fact, although the price of injection coal has recently been reduced, considering the substitution of steel output, downstream steel prices must still be supported, and it is not necessary to be too pessimistic about the price of injection coal.


The continued improvement in performance is estimated to be due to the reduction of expenses.

According to the performance report, the net profit of the coal sector should be 16.

Around 0 trillion, the net profit per ton of coal is 90-100 yuan, which is 10-20 yuan / ton higher than the same period last year.

At present, the supply-side reform has entered a consolidation phase, and the burden industries such as the company’s integration of mining have basically cleared up, and the cost rebound has come to an end.

Since the beginning, the company’s decisive breakthrough in the reduction and reduction of expenses should be considered as the initial improvement of the latest interim report.


Profit forecast and investment rating.

The initial acquisition of Cilinshan Coal Industry was completed this year, and it is expected that net profit will be returned to mother 34 to 2019-2021.



800 million, a year-on-year growth rate of 31% / 7% / 1%.

The company’s historical burden was basically cleared, and there was clear upside for the outsourcing acquisition performance. Subsequent capital also tried to accelerate the icebreaking.

At present the company meets the corresponding 19-year EPS of only 6.

3 times PE and in a broken state, enter attackable, retreatable and defensive, maintaining the “strongly recommended -A” level.

Risk reminders: Macroeconomic downturn; security supervision relaxed; acquisition of assets blocked; the country’s improvement is less than expected; large impairment losses are accrued.

Perfect World (002624): The performance is in line with expectations.

Perfect World (002624): The performance is in line with expectations.

Event: The company released the third quarter report of 2019.

The company achieved operating income of 58 in the first three quarters of 2019.

12 ppm, an increase of 5 per year.

43%; Net profit 14.

76 ‰, an annual increase of 12%; net profit after excluding non-recurring gains and losses14.

20 ppm, an increase of 28 per year.

47%; basic return 1.

14 yuan.

Among them, the third quarter of the single quarter achieved operating income21.

56 ppm, an increase of 16 per year.

77%; Net profit 4.

55 ppm, a year-on-year decrease of 15%; net profit after excluding non-recurring gains and losses4.

47 ppm, an increase of 12 per year.


Investment points: Game products performed well and reserves were abundant. Q3 confirmed the revenue of two TV series.

The company launched the blockbuster mobile game “Perfect World” in the first half of the year. After the launch, the App Store best-seller ranking has been maintained in the top five for a long time, and has improved afterwards. It has basically remained within 30.Stay within the 20th place.

The company also has a large number of product reserves in the future. Among them, “My Origins” is expected to be launched on November 15th (TapTap has more than 420,000 reservations), “Dream Collection Cygnus” and “Xin Xiao Ao Jiang Hu” have already obtained version numbers.

In addition, there are many projects under development or testing: including “God of War”, “Magic Tower”, “Perfect World Motherboard”, “Torch Light” and other game products covering different alternatives and gameplay.

In terms of the company’s film and television business, from the beginning of 2019 to the present, the company produced “Little Girl Flowers Never Give Up”, “Youth Fight”, “While We Are Young”, “Building a Dream Love”, “God’s Little Seven” Season Three, “TV dramas such as July and An Sheng, and online dramas have been broadcasted one after another. Q3 “Old Tavern” and “Shanyue” have also started broadcasting and confirmed relevant income.

Changes in the scope of consolidation and the replacement of the third-party agency operation model on the right by the game have resulted in lower operating costs.

The company’s operating income in the first three quarters increased by 5 per year.

At the same time, 43%, operating costs have declined, mainly due to the company’s transfer of its affiliated circuit business in 2018, which will cause the consolidation scope to change in 2019.

Excluding the impact of the cinema business, the company’s game and film business revenues increased by 16 per year.


At the same time, the mobile games “Perfect World” and “Cloud Dream Four Seasons Song” launched by the company in the first half of the year both use authorized third-party agents to issue and operate. The company merges funds in a certain proportion according to the maximum player recharge and confirms the revenue, income and costBoth are relative concentrations.

Affected by the above factors, the company’s operating costs in the first half of 201919.

95 ‰, a decrease of 10 per year.


18Q3 disposal of equity income, single quarter net profit repeated every quarter.

In Q3, the company disposed a small share of Zulong (Tianjin) Technology Co., Ltd. and confirmed the non-recurring profit and loss after tax1.

1 ppm, there are no large non-recurring gains and losses in the third quarter of 2019, so the single quarter net profit has increased year by year, but after replacing non-recurring gains and losses, the single quarter net profit has increased by 12.


Operating cash flow improved significantly.

The company’s net cash flow from operating activities in the first three quarters was 8.

170,000 yuan, -4 in the same period in 2018.

US $ 8.3 billion; operating cash flow has greatly improved. Essentially, the newly launched games and the old game market have performed well, and the cash expenditures brought by the stable development of the film and television business have decreased.

Selling expenses rose sharply, and the main expense ratio rose slightly.

The company’s first three quarters of sales expenses 8.26 ppm, an increase of 17 per year.

21%, of which the third quarter quarter increased by 86 each quarter.

28%, the first major increase in sales expenses is that Q3’s new launch of “The Condor Heroes 2” has led to an increase in marketing expenses, and Q1-Q3 sales expenses have decreased 南京桑拿网 by 14.

21%, a further increase of 3.

25 units; management expenses 7.

72%, an overall decrease of 1 from 2018.

05 units; the main expense ratio totals 41.

26%, an increase of 1.

86 averages.

Investment rating and profit forecast: The company is the leading game manufacturer in China. Its business covers mobile games, terminal games and console games. It also has the ability to develop mobile games and large screen games.Game development potential.

The EPS is expected to be 1 in 2019-2020.

57 yuan / 1.

84 yuan.

According to the closing price of 28 on October 28.

78 yuan, corresponding to 18 for PE.

4 times and 15.

6 times, maintaining the company’s “overweight” rating.

Risk warning: policy supervision risks; game project market performance is less than expected; new game online progress 无锡桑拿网 is less than expected; industry development is less than expected

Cargo-based enhanced version of short-term debt funds to find out?

“Cargo-based enhanced version” of short-term debt funds to find out?

Source: Head of Investment 2 Original title: “Cargo-based enhanced version” of short-term debt funds

  What is a short-term debt fund?

What is the difference between short-term debt funds and money funds?

Is idle money financing a money fund or a short-term debt fund?

Let us talk to you in detail.

  What is a short-term debt fund?

  Short-term debt funds are a special type of pure debt fund products. Such pure debt funds mainly invest in bonds with term maturities and money market assets, and their portfolio duration is usually within 3 years.

  Because of the long-term return of the investment bond portfolio, it is called a short-term debt fund, which corresponds to a medium- and long-term pure bond fund.

  Following the length of the investment bond portfolio, it can be further divided into ultra short bonds, short bonds and short and medium bonds: ultra short bonds: bond portfolios generally have a duration of less than 270 days.

  Short-term debt: The duration of the bond portfolio is generally 0.

5-1 years.

  Short-term debt: The duration of the bond portfolio is 1-3 years.

  Short-term debt funds focus on the positioning of “currency enhancement” or “financial replacement”. Its overall returns are worse than those of medium and long-term pure bond funds, but slightly better than those of money funds.

  It is suitable for customers with low liquidity requirements and investment periods of 3-6 months.

  What is the difference between short-term debt funds and money funds?

  First, short-term debt funds have similar investment scopes as money funds, but short-term debt funds have a wider investment scope. They can invest in credit bonds with qualifications slightly lower than those of money funds, but with higher yields than money funds.

  Second, the average remaining maturity of short-term debt fund portfolios is more lenient. The remaining maturity of money fund portfolios is a maximum of 120 days, while short-term debt funds have no limit, and their duration is usually longer than that of money funds.

  Third, the short-term debt fund has the highest leverage ratio, the maximum leverage of the money fund is 120%, and the short-term debt fund can be up to 140%.

  Fourth, funds are estimated in different ways. Monetary funds are estimated using the amortized surplus method, while short-term debt funds are estimated using the market value method.

  Therefore, the investment risk and return of “short-term debt funds” are higher than those of currency funds and lower than those of ordinary bond funds, which are characterized by risks, high liquidity and stable returns.

  Buy cargo base or buy short debt?

  Whether it is a money fund or a short-term debt fund, they are relatively stable financial products. How to choose depends mainly on your requirements for liquidity and income.

  From the perspective of liquidity: unexpected expenditures may occur at any time in life, and some flexible funds are needed.

  The money fund is the best liquid investment tool in the market. The investment gate has low biology, no transaction fees, and high safety factor.

  Some of the goods-based orders that implement the fast redemption function have a daily fast withdrawal limit of 10,000, flexible withdrawals, and T + 0 real-time credit.

  Most short-term debt funds also support zero subscription fees, flexible trading, and refunds back to T + 1.

  However, the redemption is held for less than 7 days, but it is to be collected1.

5% high redemption fee!

  Generally, short-term debt funds can waive the redemption fee only after holding for 30 days after the ownership is confirmed.

  This is also to encourage investors to participate in short-term debt fund investments at least monthly.

  The money fund is indeed irreplaceable in financial accounting. In terms of liquidity, the money fund is even better.

  From the perspective of income: short-term debt funds do have a stronger yield than currency funds, and short-term debt funds have a slightly better return.

  Monetary Fund and Short-term Pure Bond Fund Index Yield Trends Since 2019 (Data 杭州夜网论坛 Source: Wind, as of December 18, 2019) In summary, if it is living expenses, pocket money and other funds that require high liquidity, currencyfund!

Arrange it!

  If it is a medium-to-long-term living security fund or wealth management fund, then you are worth having a short-term debt fund?

Makihara (002714): The growth momentum of production capacity is gratifying, and the leader tries to take the lead again

Makihara (002714): The growth momentum of production capacity is gratifying, and the leader tries to take the lead again

On the evening of August 26, the company released its semi-annual report for 2019.

At the core of the report, the company achieved sales revenue of 71.

60 ppm, a decrease of 29 per year.

87%; realized net profit attributable to mother -1.

5.6 billion, a decrease of 97 per year.

95%, net profit attributable to mother after deduction -2.

02 trillion, a year down 98.


  The volume of listings has grown rapidly, and cost advantages have helped to quickly turn losses into profits.

From January to June, the company’s total sales volume of pigs was 581.

500,000 heads, an increase of 22 in ten years.

58%, gross profit margin 4.

34%, of which 521 are commercial pigs.

820,000 heads, 59 piglets.

260,000, 0 breeding pigs.

420,000 heads.

The net profit attributable to the mother in the first quarter was -5.

400 million US dollars, thanks to the company’s excellent cost control advantage (the average profit of the company exceeded the average level of listed companies by 150-200 yuan), the second quarter will turn a profit and achieve net profit return to mother 3.

84 ppm, the government subsidy related to daily business activities in the first half of the year was 2.

120,000 yuan, net profit of the pig business in the first half after deducting this income is about -3.

6.8 billion yuan.

It is estimated that the annual production volume will be 11-12 million heads, which will increase slightly each year, and the cost will gradually decrease. The rising pig prices in the second half of the year will further improve the company’s profitability.

  The new capital expenditure and the growth of breeding pig production capacity are considerable, and the growth potential indicators will be published in 2020.

While doing a good job in the prevention and control of epidemic diseases, the company continued to maintain the construction of a supplementary scale. At the end of the second quarter, the company’s fixed assets increased and increased.

73%, a significant increase of 117 in the ten years of construction in progress.

27%, and a total growth of nearly 5%; productive biological assets reached 17.

68 ppm, an increase of 17 in ten years.

71%, an increase of 21% over the beginning of the period. The growth rate is among the forefront of listed companies, and consumable biological assets are also 3 compared with the beginning of the period.

66% increase, and in order to expand the production scale, the company began to replace a large number of reserve breeding pigs in July.

The company’s capacity-related indicators have shown good growth, and the growth potential of the volume of sales next year is worth looking forward to.

  Optimized cash management and improved management efficiency.

In the first half of the year, the company optimized the cycle management of accounts receivable, launched supply chain financing, and achieved a net cash flow from operating activities of 14.

1.1 billion US dollars, slightly improved; management efficiency 杭州桑拿网 increased, management costs decreased4.

45%, a decrease from the same period last year.

In the 17 units, the increase in sales expenses and financial expenses was limited, which had little effect on net profit.

According to the H1 listing and production capacity, it is estimated that the number of listings in 2019-2020 will reach 1150 and 14 million heads, respectively, and the average price for 2019-2021 will be raised to 18.

5, 22.
0, 19.
5 yuan / kg, performance forecast adjusted accordingly.

Estimated net profit attributable to mother is 74.

6, 149.

100 million, EPS is 3 respectively.


15 yuan, corresponding to the current total PE is 7.

45, 4.

24x, maintain “Buy” rating.

  Risk warning: swine fever and disease, fluctuations in raw material prices, pig slaughter volume not reaching expectations, 佛山桑拿网 etc.